---

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

                     A S I A   P A C I F I C

          Monday, October 30, 2023, Vol. 26, No. 217

                           Headlines



A U S T R A L I A

AFG 2020-1NC: S&P Affirms BB+ (sf) Rating on Class E Notes
BLUESTONE CBA 2015: Fitch Affirms 'Bsf' Rating on Class F Bonds
BRITE ADVISORS: Federal Court Freezes Funds and Assets
EASTERN MORNING: Second Creditors' Meeting Set for Nov. 1
FREIGHTSHIFT PTY: First Creditors' Meeting Set for Nov. 1

MASON PLACE: First Creditors' Meeting Set for Nov. 2
SARA LEE: More Than 40 Interested Buyers for Iconic Dessert Brand
TULLY PARK: First Creditors' Meeting Set for Nov. 1
WOK N TALK: First Creditors' Meeting Set for Nov. 1
[*] AUSTRALIA: Construction Industry Hit Hard as Insolvencies Soar



C H I N A

CHINA EVERGRANDE: Creditors Who Opposed Liquidation Now Undecided
CHINA EVERGRANDE: Talks With Creditors Ahead of Wind-Up Hearing
[*] CHINA: Cabinet Curbs Debt Growth in 12 "High Risk" Regions
[*] CHINA: Xi Looking for Someone to Blame for Property Bust


I N D I A

AGH WIRES: CARE Keeps D Debt Ratings in Not Cooperating Category
ARPEE ENERGY: CARE Keeps D Debt Rating in Not Cooperating
BBT ELEVATED: CARE Keeps D Debt Rating in Not Cooperating Category
BEEPEE ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating
BHAGIRATH DAIRY: CARE Keeps D Debt Rating in Not Cooperating

BOSHAN DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
COMBINE DIAMONDS: CARE Keeps D Debt Rating in Not Cooperating
DHANVRIDHI COMMERCIAL: CARE Keeps D Ratings in Not Cooperating
EAGLE STEELS: CARE Keeps D Debt Ratings in Not Cooperating
GAYATRI SEA: CARE Keeps D Debt Ratings in Not Cooperating

GREEN VATIKA: CARE Keeps D Debt Rating in Not Cooperating Category
INDIA CLEANTECH: Fitch Affirms 'BB-' Rating on $334MM Sr. Sec Notes
INDUSTRIAL PERFORATION: CARE Cuts Rating on INR10cr ST Loan to D
ISHWAR GINNING: CARE Keeps D Debt Rating in Not Cooperating
ISHWAR OIL: CARE Keeps D Debt Rating in Not Cooperating Category

LATA EXPORT: CARE Keeps D Debt Ratings in Not Cooperating Category
MALPANI COTTONS: CARE Keeps C Debt Rating in Not Cooperating
MS SAWA: CARE Keeps D Debt Rating in Not Cooperating Category
P. M. COT: CARE Keeps D Debt Rating in Not Cooperating Category
RAMESHWAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating

RATNAGARBHA AGRO: CARE Keeps D Debt Rating in Not Cooperating
RMS HOTELS: CARE Lowers Rating on INR25cr LT Loan to D
S.G. POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating
SALASAR AUTOCRAFTS: CARE Keeps C Debt Rating in Not Cooperating
SARA SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating

SKYPOINT MULTITRADE: CARE Keeps D Debt Ratings in Not Cooperating
UNDERWATER SERVICES: CARE Keeps C Debt Rating in Not Cooperating
UNITED COTTON: CARE Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

A.R.K HOLDINGS: Court to Hear Wind-Up Petition on Nov. 24
FFPG HOLDINGS: Creditors' Proofs of Debt Due on Nov. 20
GILLI CAFE: Creditors' Proofs of Debt Due on Nov. 20
GRANNY GREEN: Creditors' Proofs of Debt Due on Nov. 17
KITCHENS DIRECT: Placed In Liquidation

UNIVERSAL TRANSPORT: Court to Hear Wind-Up Petition on Nov. 24


S I N G A P O R E

ANASFA PTE: Court to Hear Wind-Up Petition on Nov. 3
ASIA CHINA: Creditors' Proofs of Debt Due on Nov. 27
FLASH COFFEE: Creditors' Meeting Set for November 8
RICH EAST: Commences Wind-Up Proceedings
SCCP EM: Creditors' Proofs of Debt Due on Nov. 27


                           - - - - -


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

AFG 2020-1NC: S&P Affirms BB+ (sf) Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings raised its rating on the class B notes issued by
Perpetual Corporate Trust Ltd. as trustee for AFG 2020-1NC Trust in
respect of Series 2020-1NC. At the same time, S&P affirmed its
ratings on five other classes of notes. The transaction is a
securitization of nonconforming and prime residential mortgages
originated by AFG Securities Pty Ltd. (AFG).

The raised rating reflects increasing credit support and a
declining expectation of losses as the pool loan-to-value ratio
decreases. As of Sept. 30, 2023, the pool has a balance of about
A$119 million and a pool factor of about 23.8%. The pool's
weighted-average loan-to-value ratio is 60.6% and weighted-average
seasoning is 50.9 months.

Over the past 12 months, arrears have been trending up, in line
with Standard & Poor's Performance Index (SPIN) for nonconforming
loans. As of Sept. 30, 2023, loans more than 30 days in arrears
make up 4.40% of the pool, of which 0.83% is more than 90 days in
arrears.

S&P said, "For the lower-rated note tranches, we have not raised
our ratings on the class C, class D, and class E notes to a level
that models alone support. This is due to the borrower
concentration in the pool. The largest 10 borrowers make up about
13% of the pool. Arrears increased in the pool in recent months,
and we believe they could stay at these levels, given higher
interest rates and cost-of-living pressures. We view the
lower-rated notes to be more susceptible to borrower concentration
risk and arrears movements.

"We believe the credit support is sufficient to withstand the
stresses we apply. This credit comprises note subordination for all
rated notes as well as mortgage insurance covering about 8% of the
loans in the portfolio. In addition, there is a retention mechanism
and an amortization mechanism under which a retention amount and an
amortization amount, respectively, are built from any excess
spread."

The various mechanisms to support liquidity within the
transactions, including an amortizing liquidity facility and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest. Additionally, any excess spread
is trapped in a yield reserve.

S&P's ratings also reflect the availability of an extraordinary
expense reserve, funded at closing by AFG, to cover extraordinary
expenses. The reserve will be topped up via excess spread, if
drawn.

  Rating Raised

  AFG 2020-1NC Trust in respect of Series 2020-1NC

  Class B: to AAA (sf) from AA (sf)

  Ratings Affirmed

  AFG 2020-1NC Trust in respect of Series 2020-1NC

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class C: AA- (sf)
  Class D: BBB+ (sf)
  Class E: BB+ (sf)


BLUESTONE CBA 2015: Fitch Affirms 'Bsf' Rating on Class F Bonds
---------------------------------------------------------------
Fitch Ratings has affirmed six classes of Bluestone CBA Warehouse
Trust 2015's mortgage-backed pass-through floating-rate bonds. The
transaction is backed by a pool of first-ranking Australian
conforming and non-conforming residential full- and
low-documentation mortgage loans. All mortgages were originated by
Bluestone Group Pty Ltd and the notes were issued by Permanent
Custodians Limited in its capacity as trustee of Bluestone CBA
Warehouse Trust 2015.

   Entity/Debt         Rating          Prior
   -----------         ------          -----
Bluestone CBA
Warehouse Trust
2015

   A               LT AAAsf Affirmed   AAAsf
   B               LT AAsf  Affirmed   AAsf
   C               LT Asf   Affirmed   Asf
   D               LT BBBsf Affirmed   BBBsf
   E               LT BBsf  Affirmed   BBsf
   F               LT Bsf   Affirmed   Bsf

KEY RATING DRIVERS

Stable Asset Performance: End-August 30+ and 90+ day arrears were
7.1% and 5.5%, respectively, driven by the addition of portfolios
from transactions where the clean-up call option had been
exercised. This was above Fitch's 2Q23 Dinkum Non-Conforming RMBS
Index of 3.0% and 1.3%. There have been no additional realised
losses in the past 12 months. Its expectations of the pool's future
composition are based on a stressed proxy pool and historical data,
as the transaction has a revolving period. The proxy pool is shaped
by portfolio characteristics that impact foreclosure frequency
within the APAC Residential Mortgage Rating Criteria.

Fitch uses three proxy pools based on various conforming
parameters. The 40% conforming proxy pool produced the highest
portfolio loss. The 'AAAsf' weighted-average foreclosure frequency
(WAFF) of 40.0% was driven by a Fitch-stressed weighted-average
(WA) unindexed loan/value ratio (LVR) of 72.9%, loans with an LVR
greater than 80% making up 28.7% of the portfolio, Fitch-stressed
non-conforming loans of 63.4%, investment loans of 36.5% and
interest-only loans of 14.1%, as well as Fitch-adjusted 30+ day
arrears of 13.1%. The 'AAAsf' WA recovery rate (WARR) of 51.9% was
driven by the stressed portfolio's WA indexed scheduled LVR of
74.1%. Arrears for all three pools were stressed to the portfolio
parameter, with the majority being stressed as 90+ day arrears.

Credit Enhancement Supports Ratings: Each tranche of rated notes
benefits from credit enhancement (CE) provided by the respective
subordinated notes and will revert to sequential paydown, building
up CE, if performance significantly deteriorates and triggers an
amortisation event or if the revolving period is not extended. The
rated notes pass Fitch's cash flow model stresses at their
respective ratings. Fitch excludes the payment of additional
interest on the class A to F notes in its rating assessment.

Low Operational and Servicing Risk: Bluestone is a non-bank lender
with extensive experience in originating, servicing and managing
its mortgage portfolio. Fitch undertook an operational review and
found that the operations of the originator and servicer were
comparable with market standards and that there were no material
changes that may affect Bluestone's ongoing ability to undertake
administration and collection activities.

Bluestone's collection timelines, policies, procedures and
origination practices are largely in line with those of other
lenders in Australia after considering the mix of conforming and
non-conforming borrowers, as evident from the transaction's
historical performance.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite interest rates increasing from May 2022 to June
2023. GDP growth in the year to June 2023 was 2.1% and unemployment
was 3.6% in September 2023. Fitch expects GDP growth to increase to
1.7% for the full year, before reducing to 1.5% in 2024, with
unemployment at 3.8%, increasing to 4.2% next year. This reflects
the expected impact on Australia's economy from the China property
downturn and lagged effects of tighter monetary policy on
consumption.

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in CE
and remaining loss-coverage levels available to the notes.
Decreased CE may make certain note ratings susceptible to negative
rating action, depending on the extent of the coverage decline.
Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible performance.

Notes: A / B / C / D / E / F

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Impact on note ratings of increased defaults:

Increase defaults by 15%: AA+sf / A+sf / A-sf / BBBsf / BBsf / Bsf

Increase defaults by 30%: A+sf / Asf / BBB+sf / BBB-sf / BB-sf /
less than Bsf

Impact on note ratings of decreased recoveries:

Recoveries decrease 15%: AA+sf / A+sf / A-sf / BBB-sf / B+sf / less
than Bsf

Recoveries decrease 30%: AAsf / Asf / BBBsf / BB-sf / less than Bsf
/ less than Bsf

Impact on note ratings of multiple factors:

Defaults increase 15%/recoveries decrease 15%: AAsf / Asf / BBBsf /
BBsf / Bsf / less than Bsf

Defaults increase 30%/recoveries decrease 30%: Asf / BBBsf / BBsf /
less than Bsf / less than Bsf / less than Bsf

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

The notes are constrained by the revolving pool concentration test
and cannot be upgraded.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or of the
origination files as part of its ongoing monitoring.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment of the asset portfolio information, but none
was made available to Fitch for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

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.

BRITE ADVISORS: Federal Court Freezes Funds and Assets
------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained interim orders from the Federal Court freezing the funds
and assets of Australian Financial Services licensee Brite Advisors
Pty Ltd (Brite).

ASIC's application for these orders was made because ASIC is
concerned that:

   * the current financial position of Brite is unknown, as Brite
     has failed to lodge with ASIC its financial statements and
     auditors report for the financial year ended June 30, 2022;
     and

   * the value of Brite's funds under management has not been
     reported by any entity within the Brite Group in an audited
     balance sheet since December 2019.

Brite and its related entities operate in multiple countries
(including the UK, US, Hong Kong, and Australia) providing
advisory, pension administration and asset management services.
Brite offers an investment platform (Brite Platform) to
self-invested personal pension providers, qualifying recognised
overseas pension schemes, and self-managed superannuation funds.

Justice Banks-Smith ordered that Brite be restrained from, among
other things:

   * removing property from Australia,

   * diminishing the value of any of its property,

   * incurring new liabilities, and

   * withdrawing or transferring any monies available in any
     account with any financial institution in Australia and
     elsewhere in which Brite has any legal or equitable interest.

ASIC sought the orders to help protect the beneficiaries of the
assets under management by Brite, including the beneficiaries of
those who have their pensions or superannuation funds invested on
the Brite Platform.

The orders are in place until a further hearing before the Court,
listed for Nov. 9, 2023.

Any person who is concerned that they have funds invested on the
Brite Platform can contact ASIC at
Brite.Investigation@asic.gov.au.

ASIC's investigation is ongoing.


EASTERN MORNING: Second Creditors' Meeting Set for Nov. 1
---------------------------------------------------------
A second meeting of creditors in the proceedings of Eastern Morning
Star Services Pty Ltd has been set for Nov. 1, 2023 at 11:00 a.m.
via video conference or telephone.

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. 30, 2023 at 4:00 p.m.

Glenn John Spooner and Daniel P Juratowitch of Cor Cordis were
appointed as administrators of the company on July 5, 2023.


FREIGHTSHIFT PTY: First Creditors' Meeting Set for Nov. 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Freightshift
Pty Ltd will be held on Nov. 1, 2023, at 10:00 a.m. via
teleconference facilities.

Domenico Alessandro Calabretta and Andrew Quinn of Mackay Goodwin
were appointed as administrators of the company on Oct. 20, 2023.


MASON PLACE: First Creditors' Meeting Set for Nov. 2
----------------------------------------------------
A first meeting of the creditors in the proceedings of Mason Place
Pty Ltd will be held on Nov. 2, 2023, at 10:30 a.m. at Suite 15,
Level 2, 25 Claremont Street at South Yarra and via virtual meeting
technology.

Craig Ivor Bolwell of Bolwell Corporate Advisory was appointed as
administrator of the company on Oct. 24, 2023.


SARA LEE: More Than 40 Interested Buyers for Iconic Dessert Brand
-----------------------------------------------------------------
News.com.au reports that after its shock collapse into
administration, it has been revealed that iconic dessert brand Sara
Lee may be saved, with news that more than 40 parties are
interested in buying the business.

Administrator Vaughan Strawbridge from FTI Consulting told The
Australian Financial Review that there has been "a huge amount of
interest in the business," news.com.au relays.

"It's been a good mix of local and international trade buyers,
local manufacturers that own their own brands. And we've also got a
good mix of financial investors who are interested as well,"
news.com.au quotes Mr. Strawbridge as saying.

He also confirmed that Sara Lee is currently continuing to trade,
with almost 200 staff still producing its sweet treats from its
factory in Lisarow, in regional NSW.

"Production will continue, people are still employed; importantly,
we will be paying the wages on time," Mr. Strawbridge said.

On October 17, after more than 50 years of selling family
favourites, including apple pies, cheesecakes and frozen chocolate
desserts, Sara Lee fell into voluntary administration.

According to news.com.au, Mr. Strawbridge said its problems were
largely due to inflation.

"There's no surprise that the cost of doing business has gone up
from raw materials, energy, logistics, and that's just all the
inflationary pressure," he said, notes the report. "They have price
increases that go through to customers and ultimately to end
consumers, and that has resulted in reduced level of sales."

Sara Lee was bought off global giant McCain Foods by New Zealand
private equity firm South Island Office in 2021 for an estimated
AUD95 million.

Its annual sales are about AUD122 million, with the bulk coming
from the frozen desserts channel.

Accoring to news.com.au, Mr. Strawbridge said that
higher-than-expected costs following its acquisition were also to
blame for its financial woes.

"It has had to set up its head office function and back office. A
lot of functions have been extracted out of the old McCain
business, including logistics providers and cold storage. Those
costs have been higher than first anticipated," he said.

The Lismore floods, which destroyed its ice-cream factory resulting
in lost sales and additional costs to re-establish supply, also
played a role in its decline, the report adds.

Mr. Strawbridge said he was continuing to confirm its unsecured
creditor position, with the first meeting of creditors to occurred
Oct. 27.


TULLY PARK: First Creditors' Meeting Set for Nov. 1
---------------------------------------------------
A first meeting of the creditors in the proceedings of Tully Park
Pty Ltd will be held on Nov. 1, 2023, at 3:00 p.m. at the offices
of Mackay Goodwin at Level 12, 20 Bridge Street in Sydney and via
virtual meeting technology.

Edwin Narayan and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of the company on Oct. 20, 2023.


WOK N TALK: First Creditors' Meeting Set for Nov. 1
---------------------------------------------------
A first meeting of the creditors in the proceedings of Wok N Talk
Pty Ltd will be held on Nov. 1, 2023, at 11:00 a.m. at the offices
of Greengate Advisory at Suite 32.02, Level 32, 31 Market Street in
Sydney and via Zoom platform.

Patrick Loi and John Chand of Greengate Advisory were appointed as
administrators of the company on Oct. 23, 2023.


[*] AUSTRALIA: Construction Industry Hit Hard as Insolvencies Soar
------------------------------------------------------------------
News.com.au reports that the number of business insolvencies surged
to its highest level since 2015 in the three months to September
30, with construction industry collapses leading the way.

The data, from the Australian Securities and Investments Commission
(ASIC) shows that 2,486 businesses hit the wall during the last
quarter, news.com.au discloses.

It's the largest number of insolvencies reported in a single
quarter since the December 2015 quarter, when 2499 businesses
collapsed, says the report.

Of the collapses in the September quarter, 783 of them - or 31 per
cent - were in the construction industry, news.com.au notes.

For the same quarter in 2022, 605 construction firms failed, while
the September quarter of 2021 booked just 238 construction
failures.

Liquidator Nicholas Crouch, from insolvency firm Crouch Amirbeaggi,
told news.com.au that he was "not surprised" that insolvencies in
the construction sector had leapt over the past two years.

He said the hundreds of billions in Covid-19 stimulus pumped into
the economy by the Australian government helped prop up struggling
business and resulted in long delays between an insolvent event and
liquidators being called in, as business owners tried to hang on.

During Covid, the government relaxed the threshold for creditors to
issue statutory demands for payment and the time frames for
businesses to respond to statutory demands for payment.

Directors were also released from any personal liability for
trading while insolvent during that time, and insolvencies fell
dramatically.

Mr. Crouch described the size of the pandemic stimulus as "bad
economic management" and said that the government "got it wrong,"
news.com.au relays.vHe said that the higher interest rate
environment meant it was unlikely that the pain was over for the
building sector.

"Construction is getting totally hammered by interest rates," he
told news.com.au.

Mr. Crouch added that when the relaxed rules and added stimulus
during Covid combined with "historic low interest rates that were
out of kilter with the real level of economic distress" the uptick
in insolvencies was inevitable.

"You can't have zero per cent interest rates and not expect
consequences. You can't have too much sugar and not expect a
crash."

According to news.com.au, the ASIC data shows that the number of
construction firms that went into external administration in the
September quarter was more than double that of any other industry,
and 27 per cent higher than in the June quarter.

CEO of credit­reporting agency CreditorWatch, Patrick Coghlan,
told news.com.au that construction industry insolvencies had now
surged above pre-Covid levels.

News.com.au relates that Mr. Coghlan said that builders had been
"hammered from multiple fronts" including supply chain issues and
inflation affecting the cost and availability of materials, labour
shortages affecting the cost and availability of labour and high
interest rates affecting demand for construction projects.

A squeeze on the margins of small to medium residential builders
working to fixed rate contracts had also played a role.

Mr. Coghlan told news.com.au that he expected the overall number of
business insolvencies to continue to increase, along with those in
the construction sector.

CreditorWatch's monthly Business Risk Index forecasts that business
failures are likely to continue to rise over the next 12 months,
from the current rate of 4.5 per cent to 5.8 per cent.

"Let's see what happens if there's another interest rate rise next
month," he said.

Over the past year, news.com.au has reported on dozens of building
industry collapses.

Snowdon Developments, Probuild, Porter Davis and Hotondo Homes are
among some of the biggest construction firms to have failed.




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

CHINA EVERGRANDE: Creditors Who Opposed Liquidation Now Undecided
-----------------------------------------------------------------
Bloomberg News reports that a group of China Evergrande Group
creditors is still considering whether it will oppose a request to
liquidate the developer at a Hong Kong court hearing today, Oct.
30, opening up more risks for the company at the heart of the
nation's property debt crisis.

The so-called ad-hoc bloc of bondholders has yet to decide whether
or not it will speak out against the attempt to wind-up the
distressed builder, according to a person familiar with the matter
who requested anonymity discussing private matters, Bloomberg
relates.

It had previously expressed opposition in the court to the lawsuit
seeking liquidation. But a shock move changed the picture last
month, when Evergrande scrapped creditor meetings at the
last-minute and said it would reassess its restructuring proposals.
The ad-hoc creditors - who hold more than US$6 billion of the
builder's about US$19 billion of offshore notes - responded that
they were "left in the dark," Bloomberg relays.

Any liquidation of Evergrande could further rattle China's property
sector as it reels from a slump in sales, lack of homebuyer
confidence and liquidity woes, according to Bloomberg. The current
uncertainty contrasts with last year, when the ad-hoc group's legal
representative asked for a two-month adjournment - one of several
that were ultimately granted - saying it opposed the petition. At
that time, the creditors thought they had a better chance of
getting paid with a restructuring plan.

If they were to reverse that stance, it could raise the risk of the
judge ordering a winding up, Bloomberg says. Companies that have
been granted adjournments in such cases in Hong Kong have often
been able to show investor support. Other developers that failed to
demonstrate that have been wound up. In such cases, the court would
appoint a liquidator to seize control from directors and
management, and seek money for creditors from existing assets.

Bloomberg says the Evergrande hearing will be before Judge Linda
Chan, an experienced judge known for handling insolvency cases.
Another option before her, in addition to either another
adjournment or winding up, could be to dismiss the lawsuit.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2023, China Evergrande Group, the second largest real estate
developer in China, and certain of its affiliates sought creditor
protection in the United States under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.


CHINA EVERGRANDE: Talks With Creditors Ahead of Wind-Up Hearing
---------------------------------------------------------------
Bloomberg News reports that China Evergrande Group held talks last
week with creditors who had opposed its restructuring plan, people
familiar with the matter said, as pressure grows on the developer
to show progress on its overhaul before a court hearing today, Oct.
30 that could result in liquidation.

Bloomberg relates that representatives of Evergrande told some
investors about the discussions with the creditors who are part of
the so-called "Class C" group, the people said, asking not to be
identified as the matter is private. Details of the talks weren't
available.   

According to Bloomberg, the group has been one of the major
roadblocks to any restructuring, which would be among China's
biggest ever with implications for banks, trusts and millions of
home owners. The bloc is the second-biggest creditor class overall
with some $15 billion of claims. And it's the larger of two groups
that didn't provide sufficient backing for Evergrande's plan based
on the builder's latest public disclosures on the matter in April.


Bloomberg says the clock is ticking on Evergrande, the world's most
indebted developer with about CNY2.39 trillion ($327 billion) of
total liabilities. It faces a winding-up hearing in Hong Kong on
Oct. 30, where it needs to present "concrete" restructuring
progress to help avoid the once-unthinkable risk of a liquidation.
The fate of Evergrande and even bigger peer Country Garden Holdings
Co. - deemed in default for the first time ever last week - is of
broader significance to an economy where the property market and
related industries account for about 20% of gross domestic
product.

Evergrande said two weeks ago that it's revising the terms of its
restructuring plan without giving details, after scrapping creditor
meetings at the last-minute in September and saying it would need
to reassess its proposals.

The developer said in April that those holding more than 30% of
class C debt had endorsed its debt plan, Bloomberg recalls. That
figure was far below the 75% needed from each creditor class to
implement a restructuring through what's known as a scheme of
arrangement. Evergrande has listed the class C debt claims without
directly disclosing the creditors' identity.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2023, China Evergrande Group, the second largest real estate
developer in China, and certain of its affiliates sought creditor
protection in the United States under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery Journey.

[*] CHINA: Cabinet Curbs Debt Growth in 12 "High Risk" Regions
--------------------------------------------------------------
Reuters reports that China's cabinet has restricted the ability of
local governments in 12 heavily indebted regions to take on new
debt and placed limits on what new state-funded projects they can
launch, three sources with knowledge of the matter said.

Reuters relates that the 12 regions, which cover a wide swathe of
the nation, will only be allowed to take on specified projects,
such as those approved by the central government, the sources said.
Other projects, such new railway stations and power plants, will
not be permitted.

The sources were citing a cabinet document dated late September
that was delivered to local governments and state lenders this
month.

The order also specifies that debt growth of local government
financing vehicles (LGFVs) should not be higher than average loan
growth rates of the corporate sector in the province where the
LGFVs are located, two of the sources said, Reuters relays.

The move by China's cabinet, or the State Council, to contain local
government debt has not been previously reported.

The State Council did not reply to a Reuters' request for comment.

According to Reuters, the measures reflect an effort by China's
government to balance the need to defuse local government debt
risks while pumping money into major infrastructure projects to
stimulate the country's flagging economy.

In practice, that means increasing debt at the national level while
attempting to lower debt at the local level. On Oct. 24, China
approved an additional CNY1 trillion ($137 billion) sovereign bond
issue to support the economy, Reuters notes.

According to the new order from the State Council, local
governments will only be permitted to take on debt to fund major
projects approved by the state council as well as a few types of
projects in key areas. Those projects include the redevelopment of
urban neighbourhoods and building affordable housing, two of the
sources said.

Reuters say te 12 regions were previously identified as areas with
"high risks" of defaulting on debt obligations. They were 7
provinces, including Liaoning and Jilin on the border with North
Korea as well as Guizhou and Yunnan in the southwest, three
autonomous regions and Tianjin and Chongqing cities, Reuters
discloses.

Repayment of debt due this year and 2024 by the regions will be
prioritised, and debt extensions and new bank loans to replace
existing loans will be allowed, the document said, according to two
of the sources.

All three sources declined to be identified as the policies were
confidential, Reuters notes.

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

The crash in property prices and a cash crunch have left developers
in no shape to buy more land, traditionally a key source of local
government revenue. Land sales in January-September were down
almost 20 percent from the year-ago period.

Local government debt loads are far higher than at the central
government level, the report notes.

While central government debt is only 21% OF GDP, local debt
reached CNY92 trillion ($12.58 trillion), or 76% of the country's
economic output in 2022, up from 62.2% in 2019, Reuters notes. The
massive piles of debt highlights local governments' financial
stress, fuelling concerns of a systemic financial crisis.

Part of that is debt issued by LGFVs, which cities use to raise
money for infrastructure projects, often at the urging of the
central government when it needs to boost economic growth.

China's Politburo, a top decision-making body of the ruling
Communist Party, said in late July said it would announce a basket
of measures to reduce local government debt risks, but no detailed
plans have been officially unveiled yet, Reuters adds.


[*] CHINA: Xi Looking for Someone to Blame for Property Bust
------------------------------------------------------------
The Wall Street Journal reports that with China's property bust
threatening to sink the country's economic recovery, Xi Jinping is
looking for someone to blame.

After putting the billionaire founder of Evergrande, a heavily
indebted property firm, under investigation for possible crimes,
Beijing is expanding its probes to include bankers and financial
institutions that facilitated developers' risky behavior, the
Journal says.

Among those under scrutiny: a former head of Bank of China, one of
the country's biggest lenders, the report says. While meeting with
senior officials last month, Xi made it clear he wants no stone
left unturned when it comes to disciplining a real-estate industry
that at its peak made up as much as a quarter of China's economy.

The Journal relates that Xi indicated at the meeting that he could
tolerate slower growth as a result of the property slowdown, people
familiar with the matter said. But anticorruption must be carried
through to the end, he added.




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

AGH WIRES: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of AGH Wires
Private Limited (AWPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.73       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.16       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 14,
2022, placed the rating(s) of AWPL under the 'issuer
non-cooperating' category as AWPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AWPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 30, 2023, September 9, 2023, September
19, 2023.

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

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

AGH Wires Private Limited was incorporated in July 2011 and is
engaged in the business of manufacturing aluminium and copper
enamelled wires which are used in generators, transformers, air
conditioners, audio devices, watches, microphones etc.


ARPEE ENERGY: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arpee
Energy Minerals Private Limited (AEMPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale & Key Rating Drivers

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

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

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

Arpee Energy Minerals Private Limited (AEMPL) was incorporated in
March 2006 by Mr. Praveen Kumar Agarwal and Mr. Raman Mehra. The
company is engaged in the business of coal trading. The company
procures its trading material from Central coalfields limited,
Bihar foundry & castings ltd etc. and sells the same to various
industries like steel, power etc. The day-to-day affairs of the
company are looked after by Mr. Praveen Kumar Agarwal (Director)
with adequate support from other director Mr. Raman Mehra and a
team of experienced personnel.


BBT ELEVATED: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BBT
Elevated Road Private Limited (BERPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      135.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 21,
2022, placed the rating(s) of BERPL under the 'issuer
non-cooperating' category as BERPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. BERPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 8, 2023, August 17,
2023, August 27, 2023.

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

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

BBT Elevated Road Private Limited (BERPL), incorporated in February
2014, promoted by Riverbank Holdings Pvt. Ltd (RHPL, 90% stake) and
Larsen & Toubro Ltd (L&T, 10% stake), as a Special Purpose Vehicle
(SPV) to undertake the construction, operation and maintenance of
an elevated road of 7.4 Km between Jinzira Bazar and Batanagar on
Budge Budge Trunk Road (BBTR) in Kolkata, West Bengal on Public
Private Partnership (PPP) model and Design, Build, Operate and
Transfer (DBFOT) – Toll basis under Jawaharlal Nehru National
Urban Renewal Mission (JnNURM). The total project cost of INR336.25
crore is being financed at a debt equity ratio of 0.65:1. The
Concession Agreement (CA) was executed between BBT (Concessionaire)
and Kolkata Metropolitan Development Authority (KMDA) on May 28,
2014 for a concession period of 32 years from the appointed date.


BEEPEE ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Beepee
Enterprise Private Limited (BEPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.18       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 29,
2022, placed the rating(s) of BEPL under the 'issuer
non-cooperating' category as BEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 15, 2023, August 25, 2023, September 4,
2023.

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

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

BEPL was incorporated in 2003 and promoted by Poddar family.
Company is manufacturer, supplier and exporter of linen i.e of bed
sheets, tablecloths, serviettes, chair covers, table linen, duvets,
mats and other customized linen etc. the product find its
application in textile and hospitality industry (Hotels, Hospital
and Airlines).


BHAGIRATH DAIRY: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhagirath
Dairy Private Limited (BDPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.60       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 23,
2022, placed the rating(s) of BDPL under the 'issuer
non-cooperating' category as BDPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BDPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 9, 2023, August 29, 2023, October 10,
2023.

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

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

Nagaur (Rajasthan) based Bhagirath Dairy Private Limited (BDPL) was
incorporated in 2012 by Mr Bhagirath Ram Choudhary along with his
family members. BDPL has commenced its operations from October,
2016. The company is engaged in the business of processing of milk
and milk products. The plant of the company is located at Luni
Tehsil, Jodhpur District (Rajasthan).

BOSHAN DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Boshan
Developers Private Limited (BDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 28,
2022, placed the rating(s) of BDPL under the 'issuer
non-cooperating' category as BDPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BDPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 14, 2023, August 24, 2023, September 3,
2023.

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

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

Established in the year 1996, BDPL is engaged in the business of
real estate development. Further from FY16, the company also
ventured into hospitality business and is managing a hotel at Goa.


COMBINE DIAMONDS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Combine
Diamonds Private Limited (CDPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       55.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 4,
2022, placed the rating(s) of CDPL under the 'issuer
non-cooperating' category as CDPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CDPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 20, 2023, August 30, 2023, September 9,
2023.

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

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

Combine Diamonds Private Ltd. (CDPL) is promoted by Mr. Dinesh
Shantilal Desai. CDPL is engaged in trading and processing of cut &
polished diamonds. The company is an export-oriented unit. The
company was initially established in 1998 as a proprietary concern
and later converted into closely held public limited company in the
year 2000. Later in 2016, the constitution changed to Private
Limited.

DHANVRIDHI COMMERCIAL: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dhanvridhi
Commercial Private Limited (DCPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Long Term/           1.63       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      4.87       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

DCPL was incorporated in November, 2005 by the Tantia family of
Kolkata, West Bengal. Initially, DCPL was engaged in trading of
materials required for railway wagons. Subsequently, from
FY2010-11, the company started manufacturing of railway wagons and
fabrication jobs on contract basis. The manufacturing facility of
the company is located at Baruipur, West Bengal with an installed
capacity of 1500 wagons.


EAGLE STEELS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Eagle
Steels Rolling Mills Private Limited (ESRMPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      8.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2022, placed the rating(s) of ESRMPL under the 'issuer
non-cooperating' category as ESRMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ESRMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 2, 2023, September
12, 2023, September 22, 2023.

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

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

Incorporated in June 2012, Eagle Steels Rolling Mills Private
Limited (ESRMPL) (erstwhile Eagle Steels, a partnership firm
established in 2001) is engaged in the manufacturing of structural
steel rolled products viz. beams, channels and angles, which find
application mainly in the power transmission, telecommunication,
wind power generation and construction industries respectively.
ESRMPL has its manufacturing plant located at Taloja, Maharashtra.

GAYATRI SEA: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gayatri
Sea Foods and Feeds Private Limited (GSFFPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 5,
2022, placed the rating(s) of GSFFPL under the 'issuer
non-cooperating' category as GSFFPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GSFFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 22, 2023, August 1, 2023,
August 11, 2023.

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

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

Gayatri Sea Foods & Feeds Private Limited (GSFFPL) was incorporated
on January 16, 2008 and has been promoted by Mr. Nerella Venkata
Mohan Rao based at Akiveedu, West Godavari district. The company is
engaged in trading of aqua feed and other aqua culture related
products. It is a dealer of Vietnam based company; Uni-President
Vietnam Co. Limited, for their aqua feed products in India. The
company supplies the feeds and other aquaculture products through a
sub-dealer network spread across West Godavari district as well as
directly to cultivators.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

Jharkhand based Green Vatika Constructions Pvt. Ltd. (GVCPL) was
incorporated in July 2012 by Mr. Rajesh Agarwal, Mr. Ajay Agarwal,
Mrs. Sumita Agarwal and Mrs. Sonam Agarwal. The company is engaged
in development of residential projects. The company has executed
only one residential project 'Daffodils' so far.


INDIA CLEANTECH: Fitch Affirms 'BB-' Rating on $334MM Sr. Sec Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed India Cleantech Energy's (ICEL) USD334
million senior secured notes due 2026 at 'BB-'. The Outlook is
Stable.

RATING RATIONALE

The rating on the notes reflects the credit profile of a restricted
group of 12 entities (Acme RG1) that are fully owned by Acme Solar
Holdings Private Limited, but the rating is notched down to reflect
risk related to the orphan issuance structure. Acme RG1 operates
solar generation assets with combined capacity of 450MW (or 605MWp)
in eight Indian states. ICEL is an orphan financing vehicle
incorporated in Mauritius that will be held by a trust to which
Acme Solar Holdings does not have equity or guarantee linkage.

The rating benefits from the fully contracted revenues of the
operating assets, whose counterparties include sovereign-owned
entities and distribution companies owned by various Indian states.
The rating is also supported by the adequate financial profile of
the restricted group. All of Acme RG1's capacity is under long-term
power purchase agreements (PPAs) with the majority (93% of
capacity) with tariffs fixed through the PPA terms, which extend
beyond the tenor of the US dollar notes.

Fitch considers the revenue from sovereign-owned utilities as fully
contracted revenue and apply the fully contracted project
threshold. The credit quality of sovereign-owned utilities does not
constrain the rating as Fitch treats the revenue exposure to these
utilities as the systemic risk of the sector.

While Fitch does not rate the state-owned utilities, Fitch believes
that a delay in payments by one of them would not necessarily lead
to a default of the transaction given diversification across
multiple counterparties. However, Fitch considers it prudent to
treat the revenue from these state utilities as merchant revenue
and apply the merchant project threshold. Therefore, Fitch applies
a revenue-based weighted-average threshold in determining the
rating.

KEY RATING DRIVERS

Experienced Contractors; Proven Technology: Operation Risk -
Midrange

Acme RG1 comprises polycrystalline solar projects, which is a
proven technology with long-established history. Fitch regards the
operation of this type of solar projects as straightforward and the
solar modules are provided by internationally known suppliers.
Operation and maintenance works are carried out by Acme Cleantech
Solutions Private Limited and its affiliate under 25-year
fixed-price contracts with 4% annual price escalation. Replacement
operators are readily available in the market.

The operation risk assessment is constrained to 'Midrange' as the
operating cost forecast is not validated by an independent
technical advisor and the operating record shows modest
variability.

Reasonable Forecast Spread, Adequate Operating Performance: Revenue
Risk (Volume) - Midrange

The energy yield forecast produced by third-party experts indicates
an overall P50/1-Year P90 spread of 7% leading to a 'Midrange'
assessment for revenue risk (volume). The portfolio has
capacity-weighted average life of about four years with all assets
operating for more than three years. Historical load factors
recorded by Acme RG1's portfolio exhibit low volatility from the
1-year P90 projections (about 2%). The curtailment risk is limited
in India given the "must-run" status of renewable energy projects.

Fixed Long-Term Prices for Almost All Contracts, Low Renewal Risk -
Revenue Risk (Price): Midrange

All of Acme RG1's capacity is under long-term PPAs, with 93% of
capacity under fixed-price contracts that extend beyond the tenor
of the US dollar notes, protecting the portfolio from merchant
price volatility. The revenue risk (price) is constrained to
'Midrange' because 7% of Acme RG1's capacity is exposed to the
national average power purchase cost (APPC), which is set annually.
However, the variable tariff will apply only in the financial year
ending March 2028 (FY28), which is after the maturity of the US
dollar notes.

The PPAs of Acme RG1's portfolio have capacity-weighted residual
life of about 20 years. Contracts with sovereign-owned utilities
account for 55% of alternative current (AC) capacity (or about 61%
of direct current (DC) capacity) of the restricted group's total
capacity while the remaining capacity is contracted with state
distribution companies.

Partially Amortised Bond, Manageable Refinancing Risk - Debt
Structure: Weaker

About 7% of the principal of the US dollar notes will be amortised
over the note life. The refinancing risk exposure is mitigated by a
mandatory cash sweep of about 19% of principal and a cash trap in
the final year. The refinancing risk of the remaining 68% of the
principal is mitigated by the remaining tenor of PPAs, which extend
beyond the notes' maturity, and the group's access to domestic
markets. The non-convertible debentures (NCDs) that entities in
Acme RG1 issued will be cross guaranteed by each of the entities.
ICEL used the proceeds from the US dollar notes to subscribe to the
rupee-denominated NCDs.

The NCDs benefit from the usual protective structural features,
including a standard cash distribution waterfall, distribution
lock-up at 1.3x the 12-month backward-looking debt service coverage
ratio (DSCR) and cash lock-up in the final year of the bond tenor.
The restricted group will maintain a debt service reserve account
but not a major maintenance reserve account.

The US dollar noteholders benefit from a 100% share pledge by ICEL
and charge over all assets of ICEL excluding its rupee-denominated
NCDs. ICEL, which is the holder of the rupee NCDs issued by
operating entities within the restricted group, benefits from a
standard security package, including charge over movable and
immovable assets, and a pledge over a 51% stake in the restricted
group entities. This provides the noteholders with only indirect
access to the NCDs' security package, but this is a common issuance
structure adopted by several other Fitch-rated transactions.

Debt structure is assessed as 'Weaker' due to combination of
substantial bullet repayment, orphan issuance structure, and its
partial exposure to rupee depreciation up to a contracted strike
price in relation to the 40% remaining principal hedged using
options. However, holders of the NCDs will provide a redemption
premium to cover any funding shortfall between the forex spot at
inception and strike price, which will mitigate the risk to
bondholders.

Notched Down on Orphan SPV Issuance Structure

Fitch believes that the orphan SPV issuer provides lesser
protection to the offshore US dollar noteholders in the case of a
failure of a hedge counterparty and termination of hedge agreements
before the notes mature. The sponsor is not legally obligated to
replace hedge counterparties or allowed to cover all of the
additional costs associated with these events, including the early
termination amount payable to defaulting hedge counterparties.

Fitch believes that notching down the rating is warranted to
reflect the lower protection to US dollar noteholders on account of
the issuance structure.

Financial Profile

Fitch assumes that the US dollar bond will be refinanced upon
maturity by another debt that will amortise across the remaining
PPA terms. Fitch focuses on the average annual DSCR over the
refinancing period given the largely bullet structure of the bond.

Fitch's rating case results in an average annual DSCR of 1.32x over
the refinancing period.

PEER GROUP

Fitch views Acme RG1 as comparable with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1, senior secured notes: BB+/Stable).
Both are pure solar portfolios with moderate gaps in P50/1-year P90
projections and 100% of capacity contracted under fixed-price PPAs
for the full bond tenor with either sovereign or state-owned
utilities. Both restricted groups have large bullet payments at
maturity. AGEL RG 1, however, benefits from direct issuance and a
stronger financial profile, justifying rating Acme RG1's notes at
two notches lower than AGEL RG1.

India Green Power Holdings (ReNew RG1, senior secured notes:
BB-/Stable) has similar orphan issuance and debt structure to that
of Acme RG1, with large bullet repayments at maturity. ReNew RG1
has a stronger financial profile than Acme RG1, but the latter has
a stronger portfolio configuration (100% solar portfolio) as Renew
RG1 comprises a mix of wind and solar projects. Acme RG1 also has
stronger counterparties, while close to 80% of Renew RG1's capacity
is contracted with state distribution companies. Combined, their
similar credit profiles are justified, in its view.

RATING SENSITIVITIES

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

- Average annual DSCR across refinance period drops below 1.30x
persistently

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

- Average annual DSCR across refinance period increases above 1.35x
persistently

CREDIT UPDATE

Acme RG1's overall energy output in FY23 was about 1% lower than in
the prior year and the one-year- P90 forecast (with 0.7% per annum
degradation). According to management, lower generation during the
year was mainly due to lower irradiation in FY23. There was also a
transformer issue with one of the projects, which was insured. Five
projects with capacity of 180MW reported performance in FY23 that
was better than the one-year P90 estimate, although this was offset
by underperformance at other assets.

Portfolio EBITDA margin remained above 90% in FY23, consistent with
the prior year.

Acme RG1's receivable position improved materially to under 80 days
in FY23 after deteriorating to 107 days in FY22. Sovereign-owned
entities' payables remained flat at under 50 days over the last
four years on an aggregate basis, while state distribution
companies cleared a large amount of dues. The RG has been paid
largely on time by state utilities in Gujarat, Uttar Pradesh,
Odisha, Madhya Pradesh, Bihar and Chhattisgarh. Telangana's payable
days for one of the RG's 50MW projects also fell by 40%. According
to the management, the receivable days for the billed revenue were
around 48 days at FYE23.

FINANCIAL ANALYSIS

Fitch assumes that the US dollar bond will be refinanced upon
maturity by another debt that will amortise across the remaining
PPA terms. Fitch focuses on the average annual DSCR over the
refinancing period given the largely bullet structure of the bond.

Fitch's base case assumes P50 generation, a 5% production haircut,
0.5% of annual degradation and 11.4% refinancing interest rate,
which results in an average annual DSCR of 1.48x during the
refinancing period.

Fitch's rating case further assumes one-year P90 generation, a 5%
production haircut, 0.7% of annual degradation, a 10% stress on
management's operating expense forecast and a 11.4% refinancing
interest rate. Its rating case results in an average annual DSCR of
1.32x.

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
   -----------              ------           -----
India Cleantech
Energy

   India Cleantech
   Energy/Project
   Revenues - First
   Lien/1 LT             LT BB-  Affirmed    BB-

INDUSTRIAL PERFORATION: CARE Cuts Rating on INR10cr ST Loan to D
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Industrial Perforation (India) Private Limited (IPIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

   Short Term Bank      10.00      CARE D; ISSUER NOT COOPERATING;

   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 15,
2022, placed the rating(s) of IPIPL under the 'issuer
non-cooperating' category as IPIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. IPIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 1, 2023, August 11,
2023, August 21, 2023 and October 12, 2023.

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

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

The rating assigned to the bank facilities of IPIPL have been
revised on account of delays in debt servicing recognized from
Audit report of FY22, available from registrar of the companies.

Industrial Perforation (India) Private Limited (IPIPL) was
initially set up as a partnership firm, "Industrial Perforation" in
1981 by two friends Shri Ashis Kumar Saha and Smt. Alpana Kundu of
Kolkata, West Bengal. Subsequently, the firm was reconstituted as
Private Limited Company in 1991 with its name changed to the
current one. Since inception, IPIPL has been engaged in
manufacturing and supply of steel cable trays, power transmission
cable trays, earthling materials and accessories for power
transmission and distribution companies. The company primarily
focuses on specialty cable trays, which are designed as per the
customer's specifications and are largely order-driven. The
manufacturing facilities of IPIPL is located in Kolkata (unit-I at
Dum Dum R.N. Guha Road and Unit-II at Ganganagar, Katakhal) with an
aggregate installed capacity of 16,000 MTPA.


ISHWAR GINNING: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ishwar
Ginning Private Limited (IGPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 7,
2022, placed the rating(s) of IGPL under the 'issuer
non-cooperating' category as IGPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. IGPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 24, 2023, August 3, 2023, August 13, 2023.

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

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

Incorporated in 2015, Rajkot (Gujarat) based, Ishwar Ginning
Private Limited (IGPL) is promoted by Mr Rameshbhai Gamdha and Mr
Ashokbhai Gamdha with an objective of manufacturing of cotton bales
and cotton seeds. Mr Rameshbhai Gamdha and Mr Ashokbhai Gamdha are
also partners in Ishwar Oil Industries and Ishwar Oil Mill which
are into manufacturing of cotton oil and cotton oil cake.


ISHWAR OIL: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ishwar Oil
Industries (IOI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.53       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 7,
2022, placed the rating(s) of IOI under the 'issuer
non-cooperating' category as IOI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. IOI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 24, 2023, August 3, 2023, August 13, 2023.

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

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

Rajkot (Gujarat) based Ishwar Oil Industries (IOI) was established
on 11th November 2013 by Mr. Rameshbhai Gamdha, Mr. Jadavbhai
Gamdha and Mr. Ketanbhai Gamdha. IOI is a partnership firm engaged
in manufacturing of cotton seed cake and trading of all
agricultural produce. However, the commercial operation commenced
from November, 2014. The day-to-day operations are managed by Mr.
Rameshbhai Gamdha and he has experience of more than a decade in
this industry. The firm procures cotton seeds from traders and
cotton ginning units, and undertakes processing on the same, while
the finished products are sold to oil refining companies and
industrial users.


LATA EXPORT: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lata
Export Apparels Private Limited (LEAPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 14,
2022, placed the rating(s) of LEAPL under the 'issuer
non-cooperating' category as LEAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. LEAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 30, 2023, September 9,
2023, September 19, 2023.

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

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

Incorporated in 1996 by the Karthikeyan family, Lata Exports
Apparels Private Limited (LEAPL) is engaged into manufacturing of
ready-made garments and uniforms for men, women and children. LEAPL
has its manufacturing facility at Bhiwandi.


MALPANI COTTONS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Malpani
Cottons Private Limited (MCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 6,
2022, placed the rating(s) of MCPL under the 'issuer
non-cooperating' category as MCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MCPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 23, 2023, August 2, 2023, August 12, 2023.

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

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

Malpani Cottons Private Limited (MCPL) was incorporated in the year
2005 by Mrs. Mohini Devi, Mr. Mukesh Malpani and Mr. Manish
Malpani. The company is engaged in trading of cotton bales and
lint. However, the company also undertakes processing of Kapas to
produce cotton bales, and processing of cotton seeds to produce
cotton seed oil & cotton seed oil cake through its sister concern
Sri Siddhi Vinayak Industries. MCPL's unit is located at Adilabad,
Telangana. The key raw material, kappas is procured from local
traders/farmers while, MCPL markets its products across various
states.


MS SAWA: CARE Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MS Sawa
Clay and Minerals Private Limited (MSCMPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.27       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 22,
2022, placed the rating(s) of MSCMPL under the 'issuer
non-cooperating' category as MSCMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MSCMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 8, 2023, August 18,
2023, October 10, 2023.

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

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

Chittorgarh (Rajasthan) based M S Sawa Clay & Minerals Private
Limited (MSCMPL) was incorporated in 2012. The company is managed
by Mrs. Tamana Begam along with her sons, Mr. Juned Khan, Javed
Khan and Mr. Saeed Khan. The project of MSCMPL is completed in
April 2016 and started commercial operation. The company will
purchase silica sand and kaolin from its group company, Progressive
and Popular Minerals Private Limited (PPMPL). PPMPL has eight mines
on lease having mineral reserve of red ochre, silica sand and china
clay spread across Chittorgarh region. Further, it has two clay
washing plant and two grinding powder plants for processing of
minerals to produce more finesse products and minerals which find
its applications in various industries.


P. M. COT: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P. M. Cot
Fibers (PMCF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.11       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 7,
2022, placed the rating(s) of PMCF under the 'issuer
non-cooperating' category as PMCF had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PMCF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 24, 2023, August 3, 2023, August 13, 2023.

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

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

Barwani (Madhya Pradesh) based PMCF was formed in April 2014 as a
partnership firm by three partners with unequal profit and loss
sharing agreement between them to undertake green field project in
the field cotton ginning & pressing of cotton bales and cotton
seeds. PMCF operates from its sole manufacturing facility located
in Barwani (Madhya Pradesh) with proposed installed capacity of
25,000 MTPA for cotton bales.


RAMESHWAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rameshwar
Cottex (RC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.54       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

Rajkot (Gujarat) based RC is a partnership firm promoted by Mr.
Pravin L Nakum, Mr. Kailash L Nakum and Mrs. Manjula K Nakum in
August 2015. The Firm is engaged in cotton ginning and pressing to
produce cotton bales and cotton seeds and also trading of raw
cotton. Firm has also started Oil milling from April 2018. The
manufacturing unit of the firm is located at Rajkot (Gujarat) and
operates with an installed capacity of 54 Metric Tonnes per day as
on March 31, 2018.


RATNAGARBHA AGRO: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ratnagarbha
Agro Private Limited (RAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.99       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 13,
2022, placed the rating(s) of RAPL under the 'issuer
non-cooperating' category as RAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 29, 2023, September 8, 2023, September
18, 2023.

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

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

Hardoi (U.P) based Ratnagarbha Agro Private Limited (RAPL) was
incorporated in February, 2007 by Mr. Shri Kishan Agrawal and his
son Mr. Ram Kishan Agrawal. However, the company started its
commercial operations in October 2013. RAPL is engaged in
processing of wheat into refined flour (Maida), Suji and flour
(Atta).


RMS HOTELS: CARE Lowers Rating on INR25cr LT Loan to D
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
RMS Hotels & Resorts India Private Limited (RMS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           25.00       CARE D Revised from CARE BB;
   Bank Facilities                 Stable


Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of RMS
takes into consideration the delay in debt servicing of term
loans.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delay/default free track of 90 days.
* Infusion of funds by promoters to improve the liquidity
position.

Analytical approach: Standalone.

Detailed description of the key rating drivers:

Key weaknesses

* Delay in debt servicing: As per the banker's feedback, the
company has defaulted in the repayment of term loan for the month
of September 2023.

Liquidity: Poor

The company has poor liquidity position as marked by delays in
payment of interest and instalment for term loans.

Bareilly, Uttar Pradesh based, RMS Hotels & Resorts (India) private
Limited (RMS) was incorporated in 2019 as a private limited
company. The company is currently being managed by Mr. Mehttab
Siddiqui (Managing Director) and his wife Mrs. Reshma Siddiqui. RMS
is embarked upon setting up a 5 star category Hotel- Radisson
Bareilly Airport. The Company has a tie-up with known international
hotel chain 'Radisson Hotel Group' owned by HNA Group. The hotel
has 70 guest rooms (1 presidential Suite, 26 junior suite 43
executive rooms. The hotel premises also features a AC banquet hall
attached to swimming pool areas, open lawn, Gym, Salon, two
restaurants, board room and Saloon on land area of 5, 026 sq.mtrs.
The promoters are planning to increase the number of rooms by 63
guest rooms (3 presidential suite, 6 junior suite and 54 executive
room) aggregating to total hotel inventory of 132 guest rooms,
winter garden with area of 20,000 sq. ft., speciality restaurant, 2
AC banquet hall with capacity of 4,000 pax and car parking area.


S.G. POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S.G.
Polyplast Private Limited (SPPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank     15.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 14,
2022, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 30, 2023, September 9, 2023, September
19, 2023.

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

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

S. G. Polyplast Private Limited (SPPL), incorporated on April 15,
2009 at Delhi by Mr. Ajit Kumar Gupta carry out the trading of
resins, polymers and other plastic raw materials. However, in the
year July 2014 the company was taken over by the Jindal Group been
promoted by Mr. Dalip Jindal along with his wife Mrs. Shaloo
Jindal. The company is engaged in import of pulses (Red Lentils,
Chickpeas, Green Peas, Yellow Peas, Pigeon Peas, Black Matpe, Green
Moong and Lentils) from countries like Singapore, China, Canada,
Australia, New Zealand and Russia. SPPL sells its product mostly in
the domestic market through a network of wholesale dealers and
brokers.


SALASAR AUTOCRAFTS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Salasar
Autocrafts Private Limited (SAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.75       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 29,
2022, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 15, 2023, August 25, 2023, September 4,
2023.

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

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

Incorporated in the February 2017 as a private limited company,
Salasar Autocrafts Private Limited (SAPL) is an authorized dealer
of Mahindra and Mahindra Ltd. (Mahindra) and is engaged in the
business of trading and servicing the passenger vehicles of
Mahindra along with sale of spare parts. SAPL was incorporated in
February 2017 and commenced its operations in August 2017. SAPL has
1 showroom located at Thane spread over 3500 sq ft. & 2 workshops
at Thane & Bhiwandi.

SARA SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sara
Spintex India Private Limited (SSIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      36.36       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 26,
2022, placed the rating(s) of SSIPL under the 'issuer
non-cooperating' category as SSIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SSIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 12, 2023, August 22,
2023, October 10, 2023.

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

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

SSIPL was incorporated in the year March 2011; however, commenced
with the commercial production from April 2013. The company is
engaged in business of manufacturing of cotton yarn of various
types like ring spurn yarns, slub yarn and core spun yarn.


SKYPOINT MULTITRADE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Skypoint
Multitrade Private Limited (SMPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.48       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     10.05       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2022, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 2, 2023, September 12, 2023, September
22, 2023.

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

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

Incorporated in 2011 by Mr. Masiar Rahaman and Mr. Mijanur Rahaman,
Skypoint Multitrade Private Limited (SMPL, erstwhile Skypoint
Mercantile Private Limited) is engaged in trading of various
agro-commodities like basmati rice, boiled rice, parboiled rice,
raw rice, chana dal, moong dal, soya beans, raw cashew-nuts, yellow
corn, etc.


UNDERWATER SERVICES: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Underwater
Services Company Limited (USCL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       49.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE had, vide its press release dated April 6, 2018, placed the
rating of USCL under the 'issuer non-cooperating' category as USCL
had failed to provide information for monitoring of the rating.
USCL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 11, 2023 and
phone calls.

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

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

The ratings have been revised on account of non-availability of
substantial information from the company. The rating also takes
into consideration deterioration in performance during FY22.
Additionally, the credit profile of the promoter company Samson
Maritime Ltd has also weakened which could potentially have a
bearing on the credit profile of USCL.

Underwater Services Company Ltd. (USCL) is a wholly owned
subsidiary of Samson Maritime Ltd. (SML). The company was
originally a partnership firm formed in 1970 as the first
commercial diving company in India. Initially, the company provided
hull cleaning, hull inspection plus underwater repairs to merchant
shipping vessels. Later, the company expanded into Single Point
Mooring (SPM) maintenance, offshore diving including saturation and
mixed gas, plus salvage and wreck removal, becoming the first
Indian member of the International Salvage Union. Presently, USCL
is engaged in providing services for operations and maintenance of
SPM terminals and diving projects. As per last available data with
CARE, USCL maintained 11 out of the total 15 outsourced operational
SPM installations in the country. The fleet profile of SML includes
5 PSVs (Platform Supply Vessels), 8 SPM maintenance vessels (6
deployed to its subsidiary – USCL) and the remaining
tugs/support/utility vessels.


UNITED COTTON: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of United
Cotton Extract Private Limited (UCEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.49       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 3,
2022, placed the rating(s) of UCEPL under the 'issuer
non-cooperating' category as UCEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. UCEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 29, 2023, September 8,
2023, October 11, 2023.

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

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

United Cotton Extract Private Limited (UCEPL) was incorporated in
2007 by Mr. Ghansham M. Bafna, Mr. Naseem M. Yaqub and Mr. Upendra
V. Mehta and is engaged in cotton ginning & pressing (since 2008)
and processing of cotton seeds to produce cotton seed oil and oil
cake since (since 2011). Its plant is located at Malegaon, Nasik.




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

A.R.K HOLDINGS: Court to Hear Wind-Up Petition on Nov. 24
---------------------------------------------------------
A petition to wind up the operations of A.R.K Holdings NZ Limited
will be heard before the High Court at Auckland on Nov. 24, 2023,
at 10:00 a.m.

New Zealand Transport Agency filed the petition against the company
on Oct. 4, 2023.

The Petitioner's solicitor is:

          Michael David Arthur
          Chapman Tripp
          Level 34, 15 Customs Street West
          Auckland


FFPG HOLDINGS: Creditors' Proofs of Debt Due on Nov. 20
-------------------------------------------------------
Creditors of FFPG Holdings 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. 20, 2023.

The company's liquidators are:

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


GILLI CAFE: Creditors' Proofs of Debt Due on Nov. 20
----------------------------------------------------
Creditors of Gilli Cafe UOA Limited are required to file their
proofs of debt by Nov. 20, 2023, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators of the company on Oct. 20,
2023.


GRANNY GREEN: Creditors' Proofs of Debt Due on Nov. 17
------------------------------------------------------
Creditors of Granny Green (NZ) Limited, Granny Green (NZ)
Production Limited and Granny Green Franchise Limited are required
to file their proofs of debt by Nov. 17, 2023, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 19, 2023.

The company's liquidators are:

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


KITCHENS DIRECT: Placed In Liquidation
--------------------------------------
Stuff.co.nz reports that a long-running Timaru kitchen business has
been placed into liquidation, along with three other companies
linked to it, but the man behind them says creditors and customers
will be looked after.

Kitchens Direct (NZ) Ltd, which traded as Kitchens Direct, began in
1970 and was involved in the design, manufacture and installation
of kitchens in Timaru.

It was put into liquidation earlier this month, along with Kitchen
Direct Appliances Ltd, Kitchens Direct IP Holdings Ltd and Kitchen
Direct Franchising Ltd, Stuff discloses.

The director and a shareholder of all three companies, Karl Te
Raki, told The Timaru Herald he would ensure creditors were paid
and customer issues were resolved, Stuff relays.

"After 30 years being self-employed, it felt like time to move on
to new opportunities," he said on Friday, notes the report. "The
liquidator is following his process to wind up the businesses. That
can take time, but as he completes that process, I will be making
sure that creditors are fully paid and that any outstanding
customer issues are resolved."

In his first liquidator's report, Mohammed Jan of Liquidation
Management said the three entities were placed into liquidation by
shareholder resolution on October 10, Stuff reports.

Stuff relates that Jan said the director, Te Raki, told him the
companies had failed because of a variety of factors.

Those factors included a "steady loss of customers over the years,
an increase in material and labour costs/shortages, profit margins
not achieved, profit plagued by debts, suppliers stopping credit
due to non-payment and the ongoing effects of Covid-19".

"The director tried to restructure the operations, including
refinancing the loans, but was unsuccessful," Jan's report said.
"Further, substantial drawings by the shareholders affected the
business's cashflow."

He said that after seeking professional advice, the shareholders
had resolved to place the three companies into liquidation, Stuff
rlays.

The first liquidator's report for Kitchens Direct (NZ) Ltd listed
73 creditors including banks, Inland Revenue, ACC, and a range of
businesses and customers, Stuff discloses.

Of those, the report listed the known amount owed to creditors as
NZD302,873. There was a list of known creditors to whom the amount
owed was not yet known.

According to the statement of affairs, in the first report, the
company has assets with a book value of NZD247,577.

Jan warned those numbers could change as more information became
available, Stuff adds.


UNIVERSAL TRANSPORT: Court to Hear Wind-Up Petition on Nov. 24
--------------------------------------------------------------
A petition to wind up the operations of Universal Transport Limited
will be heard before the High Court at Auckland on Nov. 24, 2023,
at 10:00 a.m.

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

The Petitioner's solicitor is:

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




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

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

Winston Sheila Asha filed the petition against the company on
Oct. 6, 2023.

The Petitioner's solicitors are:

          A.W. Law LLC
          133 New Bridge Road
          #12-07 Chinatown Point
          Singapore 05941


ASIA CHINA: Creditors' Proofs of Debt Due on Nov. 27
----------------------------------------------------
Creditors of Asia China Trading and Investment Pte. Ltd. are
required to file their proofs of debt by Nov. 27, 2023, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Oon Su Sun
          c/o 182 Cecil Street
          #30-01 Frasers Tower
          Singapore 069547


FLASH COFFEE: Creditors' Meeting Set for November 8
---------------------------------------------------
Flash Coffee Pte Ltd will hold a meeting for its creditors on Nov.
8, 2023, at 3:00 p.m., via Zoom.

Agenda of the meeting includes:

   a. receiving a statement of the Company's affairs together with

      a list of creditors and the estimated amounts of their
      claims;

   b. to appointing liquidator(s);

   c. to appoint a committee of inspection of not more than
      5 members, if thought fit; and

   d. any other business.


RICH EAST: Commences Wind-Up Proceedings
----------------------------------------
Members of Rich East Trading Pte Ltd, on Oct. 19, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Seah Chee Wei
          c/o 60 Paya Lebar Road
          #04-23 Paya Lebar Square
          Singapore 409051


SCCP EM: Creditors' Proofs of Debt Due on Nov. 27
-------------------------------------------------
Creditors of SCCP EM Holdings Pte. Ltd. are required to file their
proofs of debt by Nov. 27, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 19, 2023.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961



                           *********


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

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

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

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

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



                *** End of Transmission ***