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

                     A S I A   P A C I F I C

          Thursday, November 9, 2023, Vol. 26, No. 225

                           Headlines



A U S T R A L I A

APA INFRASTRUCTURE: S&P Assigns 'BB+' Rating on EUR500MM Sub Notes
ATARI ENTERPRISES: First Creditors' Meeting Set for Nov. 13
EXPERT WEALTH: Second Creditors' Meeting Set for Nov. 13
GCB CONSTRUCTIONS: Placed in Liquidation, Owes AUD47 Million
IC TRUST 2022-1: Moody's Upgrades Rating on Class C Notes to Ba3

LIGNOR LIMITED: First Creditors' Meeting Set for Nov. 13
PEACOCK & PEONY: First Creditors' Meeting Set for Nov. 14
SIMSAI CONSTRUCTION: First Creditors' Meeting Set for Nov. 13
STRATEGIX PROPERTY: Liquidators Flag Payments for Investigation


C A M B O D I A

NAGACORP LTD: S&P Affirms 'B' Long-Term Issuer Credit Rating


C H I N A

CHINA: Lending Billions to Countries in Financial Trouble
CHINDATA GROUP: Moody's Confirms 'Ba2' CFR, Outlook Negative
COUNTRY GARDEN: Ping An Asked to Take Major Stake in Developer


I N D I A

ADVAITH BIO: ICRA Keeps D Debt Ratings in Not Cooperating
APOLLO CONVEYOR: CRISIL Keeps D Debt Ratings in Not Cooperating
AYURSUNDRA HOSPITALS: CRISIL Keeps D Ratings in Not Cooperating
BALA BALAJEE: CRISIL Keeps D Debt Ratings in Not Cooperating
BANGALORE BLUES: CRISIL Keeps C Debt Rating in Not Cooperating

BEST FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
BOCHEM HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating
CHANDITALA BLUE: ICRA Keeps C Debt Rating in Not Cooperating
CHEMTROLS SAMIL: CRISIL Raises Rating on INR8cr Cash Loan to B-
ENVISION SCIENTIFIC: CRISIL Withdraws D Rating on INR39.94cr Loan

GREENLAND MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
HIRANYA BUILDERS: ICRA Keeps D Debt Ratings in Not Cooperating
ISHWAR OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
J.R. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
LB COTTON: CRISIL Lowers Rating on INR5cr Cash Loan to D

MAHAVIR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
RAMKY INFRA: CRISIL Keeps C Debt Ratings in Not Cooperating
UMA RANI: ICRA Keeps C+ Debt Ratings in Not Cooperating Category
V.S. BUILDCON: CRISIL Keeps D Debt Rating in Not Cooperating
VARAHA LAKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating

VERA INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category
VIJAY MAHIENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating
WESTERN LUMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
YASH JEWELLERY: CRISIL Keeps D Debt Ratings in Not Cooperating


N E W   Z E A L A N D

BIO-KING LIMITED: Creditors' Proofs of Debt Due on Nov. 30
DEEP CREEK: Creditors' Proofs of Debt Due on Dec. 15
INCA WATT: Creditors' Proofs of Debt Due on Jan. 20
MILK KITCHEN: Court to Hear Wind-Up Petition on Dec. 14
WHAMAKAU LIMITED: Court to Hear Wind-Up Petition on Nov. 16



P H I L I P P I N E S

CHELSEA LOGISTICS: Metrobank, PERAA Now Stockholders After Swap


S I N G A P O R E

BENUT TAN: Court to Hear Wind-Up Petition on Nov. 17
CR PARTNER: Creditors' Proofs of Debt Due on Dec. 7
TRACESAFE ASIA: Court Enters Wind-Up Order
UNILAZER HOLDINGS: Creditors' Proofs of Debt Due on Nov. 20
UNITED MOTORS: Commences Wind-Up Proceedings

WESTFORD SG: Placed in Provisional Liquidation


S O U T H   K O R E A

KOREA ELECTRIC: To Raise Power Prices for Big Firms, Sell Assets


V I E T N A M

ANZ BANK VIETNAM: Fitch Affirms 'BB' Foreign Curr. IDR, Outlook Pos
HSBC BANK VIETNAM: Fitch Affirms BB Foreign Curr. IDR, Outlook Pos.
STANDARD CHARTERED: Fitch Affirms BB Foreign Curr. IDR, Outlook Pos


X X X X X X X X

[*] More Companies in Asia Headed for Bankruptcy and Restructuring

                           - - - - -


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A U S T R A L I A
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APA INFRASTRUCTURE: S&P Assigns 'BB+' Rating on EUR500MM Sub Notes
------------------------------------------------------------------
S&P Global Ratings has assigned its 'BB+' long-term issue rating to
the EUR500 million subordinated notes issued by APA Infrastructure
Ltd. (APA; BBB/Stable/--).

APA, the financing arm of Australia-based APA Group, will use
issuance proceeds for general corporate purposes.

The following are the key points of S&P's assessment of the
proposed issuance:

-- S&P assesses the subordinated notes as having intermediate
equity content.

-- S&P rates the issuance two notches below its 'BBB' issuer
credit rating on APA to reflect the bond's subordination and
optional deferability of interest.

-- S&P expects APA's total hybrid issuances to comprise about 6%
of the group's total capitalization after the proposed issuance.

S&P said, "Our assessment of intermediate equity content is based
on our view that the notes meet our criteria in terms of
subordination, loss absorption, and cash preservation, with
optional coupon deferability throughout the life of the
instrument.

"Another key consideration in our assessment is APA's stated
intention to maintain the notes as a permanent feature of its
capital structure. This is even though the company has no legal
obligation to replace the notes. We also consider APA's record of
replacing hybrid instruments with instruments with similar or
stronger equity content, like it did in March 2018."

If APA deviates from its intention to retain these instruments as a
permanent part of its capital structure, except under limited
circumstances, it will adversely affect the equity content assigned
to the notes. Such a situation would lead S&P to revise its
assessment to no equity content on the notes such that S&P would
treat the notes in line with existing debt.

The proposed notes have a final maturity of 60 years, i.e., Nov. 9,
2083. However, they are redeemable on the first call date (Feb. 9,
2029) or any interest payment date thereafter. In our view, the
step-up increase of 25 basis points (bps) in year 10.25 and 100 bps
cumulatively in year 25.25, create an incentive to redeem the
instruments at the first call date.

Consequently, S&P will no longer recognize the notes as having
intermediate equity content after their first call date: Feb. 9,
2029. This is because the remaining period until economic maturity
would, by then, be less than 20 years.

KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

APA retains the option to defer interest payments throughout the
instrument's life. The instrument's documentation includes a clause
allowing the issuer and guarantor to defer interest payments on the
notes while continuing to pay a portion of distributions to
ordinary unitholders--referred to as "mandatory distributions." The
mandatory distribution amount is the minimum amount to ensure that
unitholders of the APA Investment Trust do not have an unfunded tax
liability under the Attribution Managed Investment Trust regime and
that the guarantor is not subject to tax on the net income of the
APA Investment Trust. In S&P's view, this feature alleviates any
incremental disincentive to defer interest payments on the notes.

KEY FACTORS IN OUR ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION

The proposed notes are deeply subordinated obligations of APA,
ranking only senior to equity.


ATARI ENTERPRISES: First Creditors' Meeting Set for Nov. 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Atari
Enterprises Pty Ltd (trading as "Freo Running Club", "Port
Fremantle Distilling Company", formerly trading as "Running With
Thieves" will be held on Nov. 13, 2023, at 10:00 a.m. at the
offices of BRI Ferrier WA at Unit 3, Level 1, 99-101 Francis Street
in Northbridge and via virtual meeting technology.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of the company on Nov. 1, 2023.



EXPERT WEALTH: Second Creditors' Meeting Set for Nov. 13
--------------------------------------------------------
A second meeting of creditors in the proceedings of Expert Wealth
Management Pty Ltd has been set for Nov. 13, 2023 at 11:00 a.m. at
the offices of Cor Cordis at Level 29, 360 Collins Street in
Melbourne and via Microsoft Teams video conference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 10, 2023 at 5:00 p.m.

Sam Kaso and Barry Wight of Cor Cordis were appointed as
administrators of the company on Oct. 6, 2023.


GCB CONSTRUCTIONS: Placed in Liquidation, Owes AUD47 Million
------------------------------------------------------------
The Courier Mail reports that after months of uncertainty about the
future of GCB Constructions and its hundreds of creditors, the
major Gold Coast building company has been wound up and placed into
liquidation.

Creditors rejected a last-ditch bid from GCB managing director
Trent Clark to keep control of the family company via a deed of
company arrangement.

GCB entered administration on July 26, just one day after it had
its building licence suspended. David Stimpson and Adam Kersey of
SV Partners have been appointed as administrators of the embattled
construction company.

GCB owed more than AUD47 million to suppliers, subcontractors,
lenders, staff and the tax office when it went into voluntary
administration, according to SV Partners.

Construction of more than 500 apartments were left in limbo in the
collapse.

GCB Constructions was a Gold Coast building company.



IC TRUST 2022-1: Moody's Upgrades Rating on Class C Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded ratings on five classes of
notes issued by two IC Trust ABS.

The affected ratings are as follows:

Issuer: IC Trust 2021-2

Class B Notes, Upgraded to Baa1 (sf); previously on Apr 5, 2023
Upgraded to Baa3 (sf)

Class C Notes, Upgraded to Ba1 (sf); previously on Apr 5, 2023
Upgraded to Ba3 (sf)

Issuer: IC Trust 2022-1

Class A Notes, Upgraded to A2 (sf); previously on Oct 11, 2022
Definitive Rating Assigned A3 (sf)

Class B Notes, Upgraded to Baa3 (sf); previously on May 2, 2023
Upgraded to Ba1 (sf)

Class C Notes, Upgraded to Ba3 (sf); previously on May 2, 2023
Upgraded to B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the collateral performance to
date.

IC Trust 2021-2

Following the October 2023 payment date, the credit enhancement
available for the Class B and Class C Notes has increased to 33.5%
and 21.7%, respectively, from 27.8% and 15% at the time of the last
rating action for these notes in April 2023.

As of end-September, 14.6% of the outstanding pool was 30-plus day
delinquent, and 7.4% was 90-plus day delinquent. The portfolio has
incurred 4.2% of gross losses to date. The net losses were 4.0%,
which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 15.2% as
a percentage of the current portfolio balance (equivalent to 9.9%
of the original portfolio balance). Moody's has also maintained the
Aaa portfolio credit enhancement (PCE) at 48%.

IC Trust 2022-1

Following the October 2023 payment date, the credit enhancement
available for the Class A Notes has increased to 36%, from 23.8% at
deal close. The credit enhancement available to  the Class B and
Class C Notes has increased to 28.6% and 17.6%, respectively, from
23.1% and 14.2% at the time of the last rating action for these
notes in May 2023.

As of end-September, 12.6% of the outstanding pool was 30-plus day
delinquent, and 8.0% was 90-plus day delinquent. The portfolio has
incurred 2.2% of gross losses to date. The net losses were 2.1%,
which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has updated its expected default assumption at 15.8% as a
percentage of the current portfolio balance (equivalent to 12.6% of
the original portfolio balance) from 19.3% as a percentage of the
current portfolio balance (equivalent to 15.8% of the original
portfolio balance) at the time of  the last rating action in May
2023. Moody's has maintained the Aaa PCE at 48%.

Moody's analysis has also considered various scenarios involving
higher mean default rates, higher index rate on the notes, and
lower recovery rate to evaluate the resiliency of the note
ratings.

The transactions are cash securitisations of consumer and
commercial auto loan receivables extended to non-conforming
borrowers in Australia originated by Fin One Pty Ltd and Finance
One Commercial Pty Ltd, referred to collectively as Fin One.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, (2) an increase in the notes' available
credit enhancement, and (3) a decrease in operational risk of Fin
One.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, (3) an increase in operational risk of Fin One, and
(4) a deterioration in the credit quality of the transaction
counterparties.

LIGNOR LIMITED: First Creditors' Meeting Set for Nov. 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Lignor
Limited will be held on Nov. 13, 2023, at 10:00 a.m. via video
conference only.

Richard Albarran, Kathleen Vouris and Aaron Dominish of Hall
Chadwick were appointed as administrators of the company on Oct.
31, 2023.


PEACOCK & PEONY: First Creditors' Meeting Set for Nov. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Peacock &
Peony Pty Ltd will be held on Nov. 14, 2023, at 10:00 a.m. at the
offices of Mcleods Accounting at Level 9, 300 Adelaide Street in
Brisbane.

Bill Karageozis of Mcleods Accounting was appointed as
administrator of the company on Nov. 2, 2023.


SIMSAI CONSTRUCTION: First Creditors' Meeting Set for Nov. 13
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Simsai
Construction Group Pty Ltd will be held on Nov. 13, 2023, at 11:00
a.m. at the offices of Cliftons Perth at Parmelia House, 191 St
Georges Terrace in Perth.

Thomas Birch and Jeremy Joseph Nipps of Cor Cordis were appointed
as administrators of the company on Nov. 1, 2023.


STRATEGIX PROPERTY: Liquidators Flag Payments for Investigation
---------------------------------------------------------------
The West Australian reports that a series of payments by
consultancy Strategix Property Group - a business linked to
collapsed builder City Residence - have attracted the scrutiny of
liquidators.

Strategix went under in July, with Mackay Goodwin's Domenic
Calabretta handed control of the business.





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C A M B O D I A
===============

NAGACORP LTD: S&P Affirms 'B' Long-Term Issuer Credit Rating
------------------------------------------------------------
On Nov. 7, 2023, S&P Global Ratings affirmed its 'B' long-term
issuer credit ratings on NagaCorp Ltd. (Naga), as well as its 'B'
issue rating on the company's senior unsecured notes. At the same
time, S&P removed the ratings from CreditWatch, where they were
placed with negative implications on June 14, 2023. The outlook on
the issuer credit rating is negative.

The negative outlook on Naga reflects the limited cash buffer as
the company seeks to address the July 2024 maturity. It also
reflects the lack of visibility over the funding strategy for its
operations and discretionary spending thereafter.

S&P said, "We believe Naga has improved the likelihood of repaying
the maturing debt next year. On Oct. 17, 2023, Naga entered into a
loan agreement of up to US$80 million with Chen Lip Keong Capital
Ltd.--an associate of Tan Sri Dr. Chen Lip Keong, the founder of
Naga. Assuming free operating cash flows of US$145 million-US$175
million for the last three months of 2023 and the first six months
of 2024, with muted spending, we believe the company could
accumulate sufficient cash to address the US$472 million maturity
in July 2024.

"Naga's cash buffer remains thin. We estimate Naga's cash balance
to be US$445 million-US$475 million as of June 30, 2024, from a
US$298 million cash balance as of Sept. 30, 2023. Assuming full
drawdown of the US$80 million shareholder facility, Naga would only
have a cash balance of US$50 million-US$80 million after the debt
repayment.

"Naga has made a strong effort to accumulate cash. It has scaled
back capital expenditure (capex) and announced zero cash dividends.
Nevertheless, its operational recovery has been slower than we
expected, post pandemic. We expect 2023 EBITDA to be only 43%-47%
of pre-pandemic levels, i.e., year ended Dec. 31, 2019. Despite the
shareholder loan, we see little room for operational missteps,
which could jeopardize the cash accumulation.

"Naga's pace of operational recovery will be long and difficult, in
our view. We do not expect the company's EBITDA to return to
pre-pandemic levels for the time being. Macroeconomic headwinds may
weigh on operational recovery. Furthermore, the large amount of
business that Chinese junket operators had contributed to the VIP
(referral) segment has diminished. This segment historically
accounted for 70% of gross gaming revenue. We estimate 2024 EBITDA
will be 55%-59% of pre-pandemic levels.

"Low visibility on Naga's funding plans for Naga3 capex and cash
dividends. We expect the company to resume its usual 60% dividend
payout policy and Naga3 capex after the debt repayment. The
upcoming spending plan is material relative to Naga's reduced
operating cash flow generation ability, in our view. With an
estimated cash balance of US$50 million-US$80 million after debt
repayment, we believe the company's thin liquidity buffer could
persist.

"The negative outlook on Naga reflects the limited cash buffer as
the company seeks to address the July 2024 maturity. It also
reflects the lack of visibility over the funding strategy for its
operations, and its discretionary spending thereafter.

"We could lower the rating if we believe Naga's cash buffer will
not be sufficient to support operations following debt maturity.
Insufficient cash balance could be due to weaker operations as a
result of macroeconomic headwinds, and higher capex and dividends
than we expect.

"We could revise the outlook to stable if we believe the company
has the capability to maintain sufficient cash buffer after
maturity while managing future capex and shareholder returns with
operating cash flows."




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

CHINA: Lending Billions to Countries in Financial Trouble
---------------------------------------------------------
The New York Times reports that after lending $1.3 trillion to
developing countries, mainly for big-ticket infrastructure
projects, China has shifted its focus to bailing out many of those
same countries from piles of debt.

The New York Times relates that the initial loans were mostly part
of the Belt and Road Initiative, which Xi Jinping, China's top
leader, started in 2013 to build stronger transportation,
communications and political links in more than 150 countries.

But now the two main Chinese state banks that provided most of the
infrastructure loans have reduced their new lending, the report
says. Rescue loans climbed to 58 percent of China's lending to low-
and middle-income countries in 2021 from 5 percent in 2013,
according to a new report from AidData, a research institute at
William and Mary, a university in Williamsburg, Va., that compiles
comprehensive information about Chinese development financing.

"Beijing is navigating an unfamiliar and uncomfortable role - as
the world's largest official debt collector," the institute wrote.


While the Belt and Road Initiative bought geopolitical clout for
Beijing and helped finance economically useful projects, Chinese
loans were also used to build expensive projects that have not
spurred economic growth and have loaded countries with debt they
are now unable to repay, according to The New York Times.

Unpaid debts to China are part of billions owed by developing
countries to other nations, to the International Monetary Fund and
to private lenders. Unsustainable debt has been a longstanding
problem for poorer nations. But recent economic shocks caused by
the Covid pandemic and a global surge in energy and food prices
from the Russian invasion of Ukraine have made the current cycle
especially acute.


CHINDATA GROUP: Moody's Confirms 'Ba2' CFR, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 corporate family
rating of Chindata Group Holdings Limited with a negative outlook.
Previously, the ratings were on review for downgrade. This action
concludes the review for downgrade that Moody's initiated on August
15, 2023.                  

"The rating confirmation reflects Chindata's sufficient funding
sources for its planned privatization, supported by cash
contribution from its sponsor Bain Capital, and solid revenue and
earnings growth prospects underpinned by its long-term hyperscale
contracts with large tenants. Moody's therefore expect the company
to be able to gradually reduce its financial leverage post
privatization," says Shawn Xiong, a Moody's Vice President and
Senior Analyst.

"The negative outlook reflects Moody's expectation that the
company's leverage and its debt burden will rise meaningfully, as
well as reduced transparency as a result of the partially
debt-funded privatization," adds Xiong.

RATINGS RATIONALE

On October 19, 2023, Chindata announced that it would hold an
extraordinary general meeting of shareholders on December 4, 2023,
to vote on the proposal to authorize and approve the previously
announced privatization plan involving its sponsor, Bain Capital
and other investors. Given the overwhelming majority voting power
held by Bain Capital and other investors in the company, Moody's
believes it to be highly likely that the privatization transaction
will succeed.

The transaction will be funded through a combination of (1) cash
contribution from Bain Capital and Keppel Funds; (2) debt financing
from committed $1.65 billion Term Loan facilities provided by
Shanghai Pudong Development Bank Co., Ltd. Lujiazui Sub-branch and
Industrial Bank Co., Ltd. Shanghai Branch; (3) as well as an equity
rollover by some of the existing shareholders.

Consequently, Moody's expects Chindata to draw down around $1.24
billion from the Term Loan facilities and use around $740 million
to purchase the company's remaining common stock held by
non-rollover shareholders and $500 million to fully repay its
existing senior secured loan.

As such, Chindata's liquidity position will be adequate after the
privatization is consummated. The company has a cash balance of
RMB4.9 billion as of June 2023 and committed $1.65 billion Term
Loan credit facilities, which will be supplemented by cash flow
from operations, expected cash contributions from Bain Capital and
Keppel Funds and expected project financing. These sources will be
sufficient to cover its privatization costs, planned capital
spending and maturing loans over the next 12-18 months.

Moody's expects Chindata's debt burden to increase meaningfully,
driven by the expected additional $740 million debt associated with
the privatization transaction as well as ongoing project financing
required to fund the company's data center expansion.

The rating agency forecasts Chindata's net debt leverage, as
measured by Moody's-adjusted net debt-to-EBITDA, to increase to
5.1x-5.5x on a pro forma basis for 2023, before gradually
deleveraging primarily driven by earnings growth as the company
continues to expand its data center portfolio. Moody's expects
Chindata's leverage to improve gradually towards 4.0x-4.5x over the
next 12-18 months.

This is despite Moody's forecast for Chindata's revenue to grow
between 30%-40% over the next 12-18 months, driven primarily by the
addition of new data centers and increasing utilization of its
existing data centers. The company's revenue rose 53% and 60% for
the first half 2023 and full-year 2022, respectively.

Moody's also forecasts the company's adjusted EBITDA margin will
remain stable at 48%-49% over the next 12-18 months, supported by
stable average utilization rates and active operating cost
control.

The privatization will also reduce Chindata's transparency because
it will cease to be a publicly listed company and will no longer be
obligated to disclose financial data regularly.

Chindata's Ba2 CFR reflects the (1) solid demand prospects for data
center assets in China; (2) long-term hyperscale contracts with
large tenants that entail highly predictable revenue streams; and
(3) the company's adequate liquidity position.

The company's rating is constrained by (1) its expected elevated
leverage and less transparent reporting as a result of
privatization; (2) its relatively small scale in terms of asset
value; (3) its substantial tenant and sector concentration; and (4)
its expansionary capital spending plan, which leads to negative
free cash flow and few alternate uses for data center assets.

ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS

Chindata is exposed to ESG risks such as physical climate risks and
carbon transition due to the energy-intensive nature of data center
operations.  It also reflects the company's exposure to substantial
tenant and sectoral concentration, with ByteDance Ltd. accounting
for 86% of its total revenue in 2022.

The company's governance reflects its (1) concentrated ownership by
Bain Capital entities, (2) increased leverage as a result of its
partially debt-funded privatization transaction and (3) less
transparent reporting as a private company.

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

The negative outlook reflects Moody's expectation that Chindata's
leverage and its debt burden will meaningfully increase as a result
of the privatization.

The rating outlook could return to stable if the company can
sustain its strong revenue and earnings growth and remains
committed to reducing its debt leverage.    

Credit metrics that could indicate such a scenario include: the
company's net debt / EBITDA remaining below 5.0x, and its fixed
charge coverage staying above 2.5x, all on a sustained basis.

Conversely, Moody's could downgrade the rating if (1) Chindata
fails to deleverage; (2) its sponsor engages in further debt-funded
acquisitions or distributions; (3) the company fails to disclose
quality information in a timely manner; (4) a meaningful
deterioration occurs in the company's operating metrics, including
declines in lease rates and the EBITDA margin falling below 40%;
(5) a material increase occurs in the company's development
exposure without adequate committed preleasing, and due to sizeable
acquisitions.

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

Established in 2015 and headquartered in Beijing, China, Chindata
owns, develops and operates mission-critical data centers that are
leased to large cloud operators, technology companies and corporate
clients. As of the end of June 2023, Chindata operated 27 data
centers in APAC with a gross asset value of RMB26.4 billion.

COUNTRY GARDEN: Ping An Asked to Take Major Stake in Developer
--------------------------------------------------------------
Reuters reports that Chinese authorities have asked Ping An
Insurance Group to take a controlling stake in embattled Country
Garden, the nation's biggest private property developer, four
people familiar with the plan said.

China's State Council, which is headed by Premier Li Qiang, has
instructed the local government of Guangdong province, where both
companies are based, to help arrange a rescue of Country Garden by
Ping An, said two of the sources who have direct knowledge of the
matter, Reuters relates.

A spokesperson for Ping An said the company had not been approached
by the government and denied the information reported by Reuters.

Ping An has "not been asked by (the) Government to takeover Country
Garden. We categorically deny this story. It is untrue," the
company said in a statement.

Reuters says the insurer, which vies with China Life for the title
of the country's biggest insurance group by market value, declined
to make its founder and chairman, Ma Mingzhe, available for an
interview. Ma, who also uses the English first name Peter, did not
respond to an emailed Reuters request for comment.

China's State Council Information Office and the Guangdong local
government did not respond to requests for comment. Country Garden
declined to comment.

A state-engineered rescue of Country Garden by Ping An would be one
of the most significant interventions to date by authorities to
support the cash-squeezed and highly indebted property sector,
which accounts for one-quarter of China's economic activity and has
sparked fears of a broader financial crisis, according to Reuters.

Reuters relates that authorities are keen that any risks posed by
Country Garden's liquidity problems should not spill over to the
wider economy, said three of the sources.

While in China companies can rarely ignore a request from the
central government, the three sources said Ping An has been asked
to come up with details of the plan and will have leeway to
negotiate terms of any deal.

Talks between authorities and core Ping An leaders began in late
August and are still at an early stage, said two of them.

Ping An has been asked to conduct due diligence on Country Garden,
two sources also said, adding that authorities understood the
insurer was a listed company answerable to shareholders, Reuters
relays.

A fifth person with knowledge of the matter said some talks between
Ping An and the Guangdong local government about a rescue of
Country Garden took place in September.

All sources declined to be identified due to the sensitivity of the
matter.

Discussions between Ping An and authorities are being led by
officials in the financial markets department of the People's Bank
of China (PBOC), which is the central bank, and include Country
Garden, said two sources, according to Reuters.

The National Financial Regulatory Administration (NFRA) is also
involved in the talks, they added.

Neither the PBOC nor the NFRA responded to Reuters requests for
comment.

Authorities want Ping An to take a stake of more than 50%,
according to one person with direct knowledge and one person
briefed on the plan, Reuters relays.

Country Garden's largest shareholder with a stake of about 52% is
Yang Huiyan, chairperson and daughter of a co-founder. Reuters was
not able to reach Yang for comment.

If Ping An were to become Country Garden's controlling shareholder,
authorities would like it to inject capital in stages to ease the
developer's liquidity problems, according to four sources.

The property developer last month missed a deadline to pay a $15
million coupon and the market has deemed it to be in default on its
offshore bonds which total some $11 billion, Reuters recalls.

Country Garden has said it expects to be unable to meet all of its
offshore debt obligations and hopes to seek a "holistic" solution
to its difficulties.

Chinese authorities are eager to make the proposed takeover a
possible template for other financially troubled developers, two of
the sources also said, adds Reuters.

                        About Country Garden

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

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

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



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

ADVAITH BIO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Advaith Bio Remedies in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Advaith Bio Remedies is a partnership firm based out of Bangalore
manufacturing herbal based products for pharmaceutical and cosmetic
industry. The company sells products for hair care, face care, baby
care in cosmetic segment and for diabetes, neurological, heart
diseases etc in pharmaceutical segment under the brand name BIO
CARE. It has its own research and development center and is closely
associated with laboratories in India like Bangalore Test House for
research and analysis to ensure high quality products. This ensures
sterilized raw material for highly sensitive Pharmaceutical and
Ayurveda formulations.

APOLLO CONVEYOR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apollo
Conveyor Private Limited (ACPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            1.15        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term
   Bank Loan Facility     2.95        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              7.90        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with ACPL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010, ACPL manufactures rubber conveyor belts for
industries such as steel, cement, mining, thermal power, and
fertiliser. Promoted and managed by Mr. Pravin Patel and his wife
Mrs. Sangeeta Patel, ACPL is based in Ahmedabad and commenced
commercial operations in October 2013.


AYURSUNDRA HOSPITALS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ayursundra
Hospitals (Guwahati) Private Limited (AHPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             0.4        CRISIL D (Issuer Not      
                                      Cooperating)

   Proposed Long Term      0.21       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               7.99       CRISIL D (Issuer Not      
                                      Cooperating)

   Term Loan               1.06       CRISIL D (Issuer Not      
                                      Cooperating)

   Term Loan               2.5        CRISIL D (Issuer Not      
                                      Cooperating)

   Term Loan               0.14       CRISIL D (Issuer Not      
                                      Cooperating)

   Term Loan              33.70       CRISIL D (Issuer Not      
                                      Cooperating)

CRISIL Ratings has been consistently following up with AHPL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

AHPL, incorporated in 2007, commenced commercial operations in
October 2010. It manages a diagnostic centre that provides
non-invasive diagnostic and other healthcare services in Guwahati.
AHPL has also been operating a 12-bed cardiac unit with an
intensive care facility since April 2012. The company is setting up
a multi-specialty hospital and rejuvenation centre, which is
expected to become operational by January 2016. It is promoted by
Mr. Simanta Das and Dr. Abhijit Hazarika.


BALA BALAJEE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bala Balajee
Textiles Limited (BBTL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         1.39        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           13           CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit       1.5         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Cash          6.64        CRISIL D (Issuer Not
   Credit Limit                       Cooperating)

   Term Loan             21.47        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with BBTL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

BBTL was set up in 2004 by Mr. Subba Rao Chitturi and his family
members. The company manufactures combed cotton yarn. Its spinning
unit is in West Godavari district in Andhra Pradesh.


BANGALORE BLUES: CRISIL Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bangalore
Blues Entertainment India Private Limited (BBEIPL) continue to be
'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Rating        -          CRISIL C (ISSUER NOT
                                      COOPERATING)

   Short Term Rating       -          CRISIL A4 (ISSUER NOT
                                      COOPERATING)

CRISIL Ratings has been consistently following up with BBEIPL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BBEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BBEIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BBEIPL continues to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 2012, BBEIPL, operates restaurants and pubs in
Bangalore and Chennai. The company is promoted by Mr.Srikanth
Upadhyay and Mrs.Vandana Upadhyay.


BEST FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Best Foods
Limited (BFL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Rating         -         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Short Term Rating        -         CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL Ratings has been consistently following up with BFL for
obtaining information through letter and email dated September 21,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in fiscal 2004, BFL, promoted by Mr Mohinder Pal
Jindal and his son, Mr Dinesh Gupta, mills and processes basmati
rice for the global and domestic markets. Processing units in
Karnal, Haryana; Hamidpur, Delhi; and Faridkot, Punjab, have total
rice milling capacity of 101 tonne per hour (tph) and sorting and
grading capacity of 149 tph.


BOCHEM HEALTHCARE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Bochem
Healthcare Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         6.72      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term          2.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short-term         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Bochem Healthcare Pvt Ltd (BHPL) is incorporated in the year 2013
in Ujjain, Madhya Pradesh. BHPL is engaged in the manufacture of
formulation in various dosage forms, ie, tablets, capsules and ORS
(General group) at its WHO GMP certified facility at Nagziri,
Ujjain. Mr. Sunil Kumar Jain is the promoter of the company.


CHANDITALA BLUE: ICRA Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Chanditala Blue Print in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]C; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         0.20      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in 2014, CBP is engaged in wholesale trading of
medicines. The partners have an experience of around two decades in
this line of business with its medical shop in Sonarpur, West
Bengal.

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

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

   Bank Guarantee           4.5       CRISIL A4 (Reaffirmed)  

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

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

The upgrade in the ratings reflects the improvement in the
operating margins in the first half of fiscal 2024 at around 11-12%
as compared to 7.85% in fiscal 2022. The operating margins are
further expected to sustain over the medium term. The improvement
in the margins is expected to lead to a stable financial risk
profile driven by steady accretion to reserves. Liquidity continues
to remain poor marked by high bank limit utilization, and tightly
matched cash accruals against repayment obligations. Liquidity is
expected to be supported through fund support from promoters in the
form of unsecured loans.

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

Key Rating Drivers & Detailed Description

Weakness:

* Stretched working capital cycle: : Operations are working capital
intensive as reflected in gross current assets of 450 days as on
March 31, 2023, driven by high receivables and inventory of 287 and
137 days, respectively. Debtor days are high as 80% of project
value is received on supply and the balance is received on
installation. Inventory is high as the company has to keep it to
cater the needs of the customers. Working capital cycle is expected
to remain stretched over the medium term and is supported by
creditors of 446 days as on March 31, 2023.

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

* Below average financial risk profile: The financial risk profile
of the company is marked with net worth of INR2.18 crores as of
31st March 2023 due to continued losses. The total outside
liabilities to adjusted net worth (TOL/ANW) has been high at 9.75
times due to reliance on external debt and creditors to support
working capital requirement. While the networth and capital
structure is expected to improve with steady accretion to reserves,
it would continue to remain below average over the medium term.
Debt protection measures remain weak with interest coverage of 1.02
and times in fiscal 2023. Sustained improvement in debt protection
measures with improved profitability remains a key sensitivity
factor.

Strengths:

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

Liquidity: Poor

Bank limit is fully utilised for the past twelve months ended July
2022, with instances of over utilisation. Cash accruals of
INR0.8-0.95 crore are expected to be tightly matched against the
repayments of around 0.6-0.65 and 0.2-0.25 crore in fiscal 2024 and
fiscal 2025 respectively. Liquidity would be supported through fund
support from promoters in the form of unsecured loans. Cash Balance
available as on March 2023 is INR1.95 crores.

Outlook: Stable

CRISIL Ratings believes CSIPL will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity Factors

Upward factors  

* Sustained improvement in revenue and profitability leading to
positive net cash accruals of above INR1 Crore.
* Improvement in working capital cycle and financial risk profile.

Downward factors   

* A further decline in the revenues or continued weakness in
operating profitability leading to cash accruals of less than INR50
lakhs
* Any further debt funded capital expenditure or stretched working
capital cycle affecting the financial risk profile and liquidity

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


ENVISION SCIENTIFIC: CRISIL Withdraws D Rating on INR39.94cr Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Envision Scientific Private Limited (EP) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            22.86       CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit            10          CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit             4.25       CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

   Long Term Loan         39.94       CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Long Term      1.38       CRISIL D/Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)

   Working Capital         1.57       CRISIL D/Issuer Not
   Term Loan                          Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with EP for
obtaining information through letter and email dated August 7,
2023, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EP. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on EP is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
continued the ratings on the bank facilities of EP to 'CRISIL D
Issuer Not Cooperating'.

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


GREENLAND MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Greenland
Motors in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         1.55      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term–       14.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
  
As part of its process and in accordance with its rating agreement
with Greenland Motors, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

GLM is an authorised dealer of Maruti Suzuki India Limited (MSIL)
and is involved in the sale of new cars, servicing of vehicles,
sales of spare parts, and sales and purchase of pre-owned cars. The
firm has three sales and service outlets in Allahabad, Pratapgarh
and Kaushambi in Uttar Pradesh.


HIRANYA BUILDERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Hiranya Builders Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        13.54      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         0.96      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category
  
As part of its process and in accordance with its rating agreement
with Hiranya Builders Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Hiranya Builders Private Limited was incorporated as a Private
Limited Company in 2009 at Manipal, Karnataka. The company
currently operates in the real estate and hospitality sectors, and
has recently built a four-star hotel—Country Inn & Suites—
operated by the Carlson Group. The hotel is has started operations
in November 2015. It consists of seven floors with a builtup area
of ~58,000 sq. ft., spread across 54 rooms, two large banquet halls
and other premium amenities customary to the nature of such hotels.
In addition, HBPL has also recently completed a housing project -
Hiranya Dhama - with 95 units. The project has been completed and
has witnessed ~93% bookings till May 2017.


ISHWAR OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Ishwar Oil Mill in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        13.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         0.51      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Ishwar Oil Mill (IOM) was incorporated in 2012 by Mr. Ashok Gamdha
and Mr. Ramesh Gamdha as a partnership firm and is engaged in
manufacturing of edible cottonseed oil and cottonseed oil cake as
well as trading of cotton bales. The firm markets crude cottonseed
oil in loose form to bulk dealers and cottonseed oil cake as cattle
feed to dairies. IOM operates from its plant located in Rajkot,
Gujarat with a total installed capacity of crushing ~113 MT of
cottonseeds per day.


J.R. FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of J.R. Foods Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.30      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         9.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-Term        35.75      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Incorporated in 1993, J R Foods Limited (JRFL) promoted by Mr. J.K.
Kothari refines edible oil from crude palm oil (CPO), rice bran and
other edible vegetable oil. Apart from refinery, the company has
solvent extraction plants, however, they are under-utilized. The
company's manufacturing facility is located on
Villupuram-Pondicherry national highway in Tamil Nadu. The refinery
capacity is 300MTPD and solvent extraction capacity is 400TPD. The
key revenue generating segment of the company is oil refinery which
constituted around 95% of the total operating revenues in FY2018.


LB COTTON: CRISIL Lowers Rating on INR5cr Cash Loan to D
--------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
LB Cotton Industries LLP (LCIL) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The
rating action is based on the delinquency reported in the bank
facilities of the firm.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING)

   Term Loan             3          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with LCIL for
obtaining information through letters and emails dated February 22,
2021, August 13, 2021, August 24, 2022 and October 15, 2022 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LCIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LCIL
is consistent with 'Assessing Information Adequacy Risk'.

Set up in 2011 as a limited liability partnership firm by Mr
Dharmendra Pande and his family, LCIL gins and presses cotton and
extracts oil from cotton seeds. The firm also trades in de-oiled
cakes, cotton seeds, and cotton seed oil. Unit in Dharmabad,
Maharashtra, has ginning and pressing capacity of 200 bale per
day.


MAHAVIR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahavir
Enterprises (ME; part of Mahavir group) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4.1        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             9.9        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with ME for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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


RAMKY INFRA: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ramky
Infrastructure Ltd (RIL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         33.23       CRISIL C (Issuer Not
                                      Cooperating)

   Bank Guarantee         52.59       CRISIL C (Issuer Not
                                      Cooperating)

   Bank Guarantee        475          CRISIL C (Issuer Not
                                      Cooperating)

   Bank Guarantee^        98.83       CRISIL C (Issuer Not
                                      Cooperating)

   Bank Guarantee        189          CRISIL C (Issuer Not
                                      Cooperating)

   Cash Credit            98          CRISIL C (Issuer Not
                                      Cooperating)

   Cash Credit            30.47       CRISIL C (Issuer Not
                                      Cooperating)

   Cash Credit            12          CRISIL C (Issuer Not
                                      Cooperating)

   Letter of Credit       25          CRISIL C (Issuer Not
                                      Cooperating)

   Working Capital       147          CRISIL C (Issuer Not
   Loan                               Cooperating)

   Working Capital        45.7        CRISIL C (Issuer Not
   Loan                               Cooperating)

   Working Capital         8          CRISIL C (Issuer Not
   Loan                               Cooperating)

CRISIL Ratings has been consistently following up with RIL for
obtaining information through letters and email dated June 27,
2022, July 8, 2022, July 20, 2022 and July 25, 2022, August 23,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RIL , which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RIL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, the rating on bank facilities of RIL
continues to be 'CRISIL C Issuer Not Cooperating'.

Analytical Approach

CRISIL Ratings has considered standalone business and financial
risk profiles of RIL. CRISIL Ratings has also moderately combined
the business and financial risk profiles of RIL with its
subsidiaries to the extent of support requirement.

RIL, the flagship company of the Ramky group, was incorporated as
Ramky Engineers Pvt Ltd in 1994 to provide civil and environmental
engineering consultancy services. In 1998, it started executing
civil and environmental engineering, procurement, and construction
projects, primarily in the water and waste-water sector.
Subsequently, it expanded into road, building, irrigation, and
industrial construction. In 2003, the company got its present name
and was thereafter reconstituted as a public limited company. RIL
principally operates in two business segments: construction (under
RIL) and development (under SPVs). In the development business, the
group constructs roads under built-operate-transfer (BOT modes,
industrial parks, special economic zones, and bus terminals.


UMA RANI: ICRA Keeps C+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Uma Rani Agrotech Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]C+/[ICRA]A4;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.25      [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         3.15      [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short Term-        0.25      [ICRA]A4 ISSUER NOT
   Non Fund Based               COOPERATING; Rating continues
   Others                       to remain under 'Issuer Not
                                Cooperating' category

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

Established in 2010, URAPL is engaged in milling of par boiled
rice; and has an installed production capacity of 28,800 MTPA of
rice. The rice mill started commercial production from February
2014. The company's rice milling facility is located in the Birbhum
district of West Bengal.

V.S. BUILDCON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V.S. Buildcon
(VS) continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with VS for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2008 in Ghaziabad as a partnership firm between Mr Varun
Chaudhary, his father, Mr Subhash Chaudhary, and his wife, Ms Reenu
Chaudhary, VS undertakes civil construction work, mainly road and
irrigation projects, for government departments.


VARAHA LAKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Varaha
Lakshmi Narasimha Swamy Educational Trust (VLN) continue to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              1         CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          11         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with VLN for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007 by Mr. K V Satyanarayana, VLN runs two
educational institutions in Visakhapatnam (Andhra Pradesh),
offering graduate and post-graduate courses in engineering and
management.


VERA INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term rating for the bank facilities of Vera
India Limited in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Vera India Limited (VIL) was incorporated in July 2013 with Mrs.
Sita Rani, Mr. Vijay Kumar and Mr. Rakesh Kumar as its promoters.
The company began operations in August 2013 and is engaged in
trading of tea, cotton and mustard seeds, cakes and oil. The
company operates out of its office situated at Muktsar, Punjab, in
the same area as the group's other manufacturing companies- Vijay
Oil Mills and Vijay Agro Foods Pvt Ltd. The plant has a built-up
area of ~ 1 acre. The finished goods for trading are procured from
the group companies- Vijay Oil Mills (mustard oil and cakes) and
Vijay Agro Foods (tea). The products are sold through distributors
under the brand name of 'VERA' to customers across Punjab, HP, J&K,
Delhi, Haryana and other parts of North India.


VIJAY MAHIENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijay
Mahiendra Spinntex Private Limited (VMSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         0.85        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            5.00        CRISIL D (Issuer Not
                                      Cooperating)


   Proposed Long Term     1.06        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Proposed Long Term     0.45        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Standby Line           0.75        CRISIL D (Issuer Not
   of Credit                          Cooperating)

   Term Loan             20.49        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with VMSPL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012 VMSPL manufactures grey yarn and grey fabric.
Its manufacturing facility is in Tirupur (Tamil Nadu). The company
is promoted by Mr. P Duraisamy, Mr. P Shanmugasundaram and Mr. P
Subramaniam.


WESTERN LUMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Western
Lumbers (WL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Funded Interest         6.25       CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Letter of Credit       15          CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital        25          CRISIL D (Issuer Not
   Term Loan                          Cooperating)

CRISIL Ratings has been consistently following up with WL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its ratings, CRISIL Ratings has combined the
financial risk profiles of WL and Farouk Sodagar Darvesh & Co Pvt
Ltd (FSD). The entities, together referred to as the Darvesh group,
are managed by the same promoter family and trade in similar
products. There have been instances of financial transactions
between them. They share infrastructure, and procurement, finance,
and management teams.

The Darvesh group was founded by the Miya Ahmed Darvesh family in
1909. Trading in timber is its main business. The group started
trading in steel bars in 2003, but discontinued the business in
2012 because of slowdown in the end-user industry (real estate).


YASH JEWELLERY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Yash
Jewellery Private Limited (YJPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Corporate Loan          95         CRISIL D (Issuer Not
                                      Cooperating)

   Corporate Loan          24.3       CRISIL D (Issuer Not
                                      Cooperating)

   Funded Interest          4.93      CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Packing Credit          20         CRISIL D (Issuer Not
                                      Cooperating)

   Post Shipment Credit    30         CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital         41.77      CRISIL D (Issuer Not
   Demand Loan                        Cooperating)

CRISIL Ratings has been consistently following up with YJPL for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Yash, Dynamix Chains
Manufacturing Pvt Ltd (Dynamix Chains; rated 'CRISIL D /CRISIL D'),
Say India Jewellers Pvt Ltd (Say India; 'CRISIL A4'), Lily
Jewellery Pvt Ltd (Lily; 'CRISIL B-/Stable'), Rolly Jewellery Pvt
Ltd (Rolly; 'CRISIL B-/Stable'), Dania Oro Jewellery Pvt Ltd (Dania
Oro; 'CRISIL B-/Stable/CRISIL A4'), Jewel America Inc (Jewel
America), and Barjon Inc (Barjon). This is because all these
companies, collectively referred to as the Yash group, are under a
common promoter group, in the same line of business, and have
operational linkages and fungible cash flows.

YJPL, incorporated in 2006, is promoted by the Mumbai-based Mr.
Pramod Goenka. The company exports diamond-studded gold jewellery.




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

BIO-KING LIMITED: Creditors' Proofs of Debt Due on Nov. 30
----------------------------------------------------------
Creditors of Bio-King Limited are required to file their proofs of
debt by Nov. 30, 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 on Nov. 2, 2023.


DEEP CREEK: Creditors' Proofs of Debt Due on Dec. 15
----------------------------------------------------
Creditors of Deep Creek Brewing Operations Limited and Moonshine
Retail Limited are required to file their proofs of debt by Dec.
15, 2023, to be included in the company's dividend distribution.

Deep Creek Brewing Operations Limited commenced wind-up proceedings
on Oct. 31, 2023.
Moonshine Retail Limited commenced wind-up proceedings on Nov. 3,
2023.

The company's liquidators are:

          Derek Ah Sam
          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu
          Auckland 0651


INCA WATT: Creditors' Proofs of Debt Due on Jan. 20
---------------------------------------------------
Creditors of Inca Watt Limited are required to file their proofs of
debt by Jan. 20, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 2, 2023.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland)
          PO Box 3678
          Auckland 1140


MILK KITCHEN: Court to Hear Wind-Up Petition on Dec. 14
-------------------------------------------------------
A petition to wind up the operations of Milk Kitchen Limited will
be heard before the High Court at Napier on Dec. 14, 2023, at 2:15
p.m.

Tempest Litigation Funders Limited filed the petition against the
company on Oct. 24, 2023.

The Petitioner's solicitor is:

          Kelly Cocks
          16 Piermark Drive
          Albany
          Auckland


WHAMAKAU LIMITED: Court to Hear Wind-Up Petition on Nov. 16
-----------------------------------------------------------
A petition to wind up the operations of Whamakau Limited will be
heard before the High Court at Dunedin on Nov. 16, 2023, at 11:45
a.m.

Billington Transport Limited filed the petition against the company
on Aug. 31, 2023.

The Petitioner's solicitor is:

          Kerry Moran Dowling
          Sumpter Moore
          5 Eden Street
          Milton 9220




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

CHELSEA LOGISTICS: Metrobank, PERAA Now Stockholders After Swap
---------------------------------------------------------------
Bilyonaryo.com reports that the Ty family and a major private
school retirement fund are now stockholders of Duterte crony Dennis
Uy's loss-making shipping firm after a PHP233.33 million
debt-for-equity swap.

According to Bilyonaryo.com, Metropolitan Bank & Trust Co.
(Metrobank) of the Ty family now owns 3.25 percent of Chelsea
Logistics and Infrastructure Holdings after converting PHP221.88
million of its loans into equity.

The Private Education Retirement Annuity Association Fund (PERAA
Fund) also converted PHP11.6 million of its PHP26.6 million loan to
Chelsea which is equivalent to .17 percent share in the company.

Metrobank and PERAA hold the second and third largest ownership
stakes in Chelsea, trailing behind Udenna, Dennis Uy's holding
company, with 72.5 percent share.

Chelsea set the conversion rate at PHP3 per share or nearly triple
its current market price of PHP1.30.

Bilyonaryo.com relates that Chelsea said the conversion would save
PHP16.4 million a year in interest expenses pegged at seven percent
per annum.

This debt conversion will empower Chelsea to leverage its
internally-generated capital to cover operational expenses,
particularly addressing mandatory drydocking and repair costs for
its vessels, the report says. Such financial flexibility will
secure the continuity of its operations and facilitate recovery
from the ongoing Covid-19 crisis.

However, it's important to note that the converted loans represent
only a fraction of Chelsea's total debt, which stood at PHP10.32
billion as of the end of 2022, Bilyonaryo.com states.

Punongbayan and Araullo Grant Thornton (P&A) have raised concerns
about Chelsea's significant borrowings, which have exposed the
company to escalating liquidity risks, adds Bilyonaryo.com.

                      About Chelsea Logistics

Chelsea Logistics & Infrastructure Holdings Corp operates as a
holding company. The Company, through its subsidiaries, provides
marine shipping services. Chelsea Logistics & Infrastructure
Holdings transports passengers, cargos, petroleum, oil, chemicals,
and other bulk products. Chelsea Logistics & Infrastructure
Holdings serves customers in Philippines.

Chelsea has piled up PHP11.1 billion in losses from 2018 to 2022.
Its capital deficit has ballooned to PHP9.5 billion which is nearly
equivalent to its total bank loans of PHP10.32 billion,
Bilyonaryo.com discloses.



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

BENUT TAN: Court to Hear Wind-Up Petition on Nov. 17
----------------------------------------------------
A petition to wind up the operations of Benut Tan Brothers
Agricultural Trading Pte Ltd will be heard before the High Court of
Singapore on Nov. 17, 2023, at 10:00 a.m.

Woon Brothers Investments Pte Ltd filed the petition against the
company on Sept. 29, 2023.

The Petitioner's solicitors are:

          Justicius Law Corporation
          133 New Bridge Road
          #08-08 Chinatown Point
          Singapore 059413


CR PARTNER: Creditors' Proofs of Debt Due on Dec. 7
---------------------------------------------------
Creditors of CR Partner Asia Pacific Pte. Ltd. are required to file
their proofs of debt by Dec. 7, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 27, 2023.

The company's liquidators are:

          Mr. Don M Ho
          Mr. David Ho
          c/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


TRACESAFE ASIA: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Oct. 27, 2023, to
wind up the operations of Tracesafe Asia Pacific Pte. Ltd.

Ong Hwee Teng (Wang Huiting) filed the petition against the
company.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


UNILAZER HOLDINGS: Creditors' Proofs of Debt Due on Nov. 20
-----------------------------------------------------------
Creditors of Unilazer Holdings Pte. Ltd. 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. 31, 2023.

The company's liquidator is:

          Mr. Amran Bin Robani
          Bestar Consulting Pte. Ltd.
          23 New Industrial Road
          #04-08 Solstice Business Center
          Singapore 536209


UNITED MOTORS: Commences Wind-Up Proceedings
--------------------------------------------
Members of United Motors Impex Private Limited on Oct. 30, 2023,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Mdm Goh Hwee Cheng
          10 Jalan Besar
          #15-06 Sim Lim Tower
          Singapore 208787


WESTFORD SG: Placed in Provisional Liquidation
----------------------------------------------
Ms Ellyn Tan Huixian of Mazars Consulting on Oct. 26, 2023, was
appointed as provisional liquidator of Westford SG Pte. Ltd.



=====================
S O U T H   K O R E A
=====================

KOREA ELECTRIC: To Raise Power Prices for Big Firms, Sell Assets
----------------------------------------------------------------
Yonhap News Agency reports that the state-run Korea Electric Power
Corp. (KEPCO), the dominant electricity supplier in the nation,
said Nov. 8 it will increase power prices for big companies and
sell some of its assets as it is struggling with mounting losses.

KEPCO said, however, it will freeze electricity prices for
households and small and medium-sized firms amid concerns about
high inflation, Yonhap relates.

The new rates, effective Nov. 9, will increase the average cost by
KRW10.6 (US$.01) per kilowatt-hour (kWh) for "large-capacity"
industrial uses, the company said in a statement.

According to Yonhap, Kim Dong-cheol, chief executive of KEPCO, told
reporters that the company "deeply apologizes for the burden caused
by the electricity rate hike. KEPCO will continue to implement
bone-crushing self-rescue measures."

"The debt of KEPCO, which currently exceeds KRW200 trillion, is not
just a crisis for KEPCO but a threat to the entire electricity
industry," Yonhap quotes Mr. Kim as saying.

Yonhap says the company has been under pressure to increase
electricity prices as it has suffered accumulated deficits of KRW47
trillion.

The company earlier raised the electricity rates by 5.3 percent
on-year for households in the second quarter, or KRW8 per kilowatt
hour (kWh), following a 13.1 won increase per kWh in the first
quarter.

As part of its cost-cutting measures, KEPCO has additionally
disclosed its plans to offload assets, which will include
properties and stakes, Yonhap relates.

According to Yonhap, KEPCO will sell 20 percent of the stake in its
wholly owned subsidiary KEPCO KDN Co., an ICT service provider, as
well as its entire share of 38 percent in the Philippines'
Calatagan solar energy project.

The company added it will also sell its 640,000-square-meter plot
in northern Seoul, including its education and training facility.

Additional cost-cutting measures involve optimizing the
organizational structure by merging similar divisions and
downsizing the workforce by 700 employees by 2026, Yonhap adds.

The latest self-rescue measures came on top of the previous plan
announced in May to save KRW25 trillion over the next five years,
Yonhap notes.

                            About KEPCO

Korea Electric Power Corporation (KEPCO) is an integrated electric
utility company, transmitting and distributing substantially all of
the electricity in South Korea.  Korea Electric Power Corporation
was founded in 1961 and is headquartered in Naju, South Korea.




=============
V I E T N A M
=============

ANZ BANK VIETNAM: Fitch Affirms 'BB' Foreign Curr. IDR, Outlook Pos
-------------------------------------------------------------------
Fitch Ratings has affirmed ANZ Bank (Vietnam) Limited's (ANZVL)
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' and
Long-Term Local-Currency IDR at 'BBB-'. The Outlook on the ratings
is Positive.

KEY RATING DRIVERS

Country Ceiling Caps Ratings: ANZVL's Long-Term Foreign-Currency
IDR is underpinned by its Shareholder Support Rating (SSR) of 'bb',
which reflects the strong credit profile and capacity of 100%
parent, Australia and New Zealand Banking Group Limited (ANZ,
A+/Stable/a+), to support ANZVL. Nevertheless, Fitch believes that
these factors are offset by heightened transfer and convertibility
risks in Vietnam (BB/Positive), as reflected in the 'BB' Country
Ceiling.

The Positive Outlook mirrors that on the sovereign, reflecting a
potentially higher Country Ceiling should the sovereign rating be
upgraded. Fitch has not assigned a Viability Rating to ANZVL, given
the significantly high operational linkages with its parent that
render a standalone assessment not meaningful.

Lower Risk of Local-Currency Repayment: ANZVL's Long-Term
Local-Currency IDR is two notches above Vietnam's sovereign rating,
reflecting its view that the sovereign is less likely to impose
restrictions on the parent's support for ANZVL's local-currency
obligations, even if the sovereign comes under distress.

RATING SENSITIVITIES

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

A downgrade in the sovereign rating is likely to lead to a similar
revision in the bank's SSR and IDRs, given the Country Ceiling
constraints.

Fitch may also downgrades the bank's ratings if Fitch sees changes
in ANZ's ability or propensity to extend extraordinary support in a
timely manner. This could occur if there is a significant reduction
in ANZ's stake in the bank, or a multiple-notch downgrade of ANZ's
ratings, the likelihood of which Fitch considers to be remote in
the near term.

A downgrade in the Long-Term Local-Currency IDR may result in a
similar downward revision of its Short-Term Local-Currency IDR.
Meanwhile, it would require at least four notches of downgrade in
the Long-Term Foreign-Currency IDR to result in a downgrade of the
Short-Term Foreign-Currency IDR - a scenario that is unlikely to
occur in the near term.

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

An upgrade of Vietnam's sovereign rating and Country Ceiling is
likely to lead to a similar revision in the bank's SSR and
Long-Term IDRs, provided the parent's ability and propensity to
support the bank remain unchanged.

An upgrade of the Long-Term Local-Currency IDR may result in a
similar upward revision of its Short-Term Local-Currency IDR.
Meanwhile, it would require at least two notches of upgrade in the
Long-Term Foreign-Currency IDR to result in an upgrade in its
Short-Term Foreign-Currency IDR.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

ANZVL's ratings are linked to Vietnam's sovereign and ANZ's
ratings.

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
   -----------                     ------           -----
ANZ Bank
(Vietnam)
Limited         LT IDR              BB   Affirmed   BB
                ST IDR              B    Affirmed   B
                LC LT IDR           BBB- Affirmed   BBB-
                LC ST IDR           F3   Affirmed   F3
                Shareholder Support bb   Affirmed   bb

HSBC BANK VIETNAM: Fitch Affirms BB Foreign Curr. IDR, Outlook Pos.
-------------------------------------------------------------------
Fitch Ratings has affirmed HSBC Bank (Vietnam) Ltd.'s (HSBCV)
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB', and
Long-Term Local-Currency IDR at 'BBB-'. The Outlook on the ratings
is Positive.

KEY RATING DRIVERS

Shareholder Support Underpins Ratings: HSBCV's Long-Term IDRs are
driven by its expectation of support from its 100% parent, The
Hongkong and Shanghai Banking Corporation Limited (HKSB,
AA-/Stable/a+), in times of need. This is also indicated in its
Shareholder Support Rating (SSR) of 'bb'. The rating considers
HSBCV's growing strategic importance to the group as the bank reaps
benefits from Vietnam's robust economic growth, as well as its
highly integrated operations with that of its parent.

Nevertheless, Fitch believes that the propensity of the parent to
support the entity is capped by the transfer and convertibility
risks in Vietnam, as indicated by the Country Ceiling of 'BB'.
Fitch uses HKSB's Viability Rating (VR) instead of the IDR as the
anchor rating for shareholder support, as Fitch believes HSBCV is
unlikely to benefit from the parent's qualifying junior debt
buffers as it is not a material entity under the group's resolution
framework.

Lower Local-Currency Repayment Risks: HSBCV's Long-Term
Local-Currency IDR is two notches above Vietnam's sovereign rating,
reflecting its belief of a lower likelihood of the sovereign
restricting parental support for HSBCV's local-currency obligations
relative to foreign ones, even if the sovereign is in distress. The
Positive Outlook on the IDRs mirrors that on the sovereign, as the
ratings are likely to be upgraded if the country's sovereign rating
and Country Ceiling are upgraded.

Strategically Important Subsidiary: Vietnam is an important growth
market to HSBC and Fitch expects HSBCV to be a key beneficiary of
sustained trade and FDI inflows into the country, helped by the
bank's strong global franchise. HSBCV's contribution to its
parent's balance sheet and revenue is modest at around 1%, but
Fitch believes that this is likely to increase over time on the
bank's strong revenue and balance sheet growth prospects.

RATING SENSITIVITIES

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

Any revision in the Country Ceiling, sovereign rating or Outlook on
Vietnam is likely to lead to similar revisions in its Long-Term
IDRs and Outlook for HSBCV.

HKSB's VR is seven notches above Vietnam's Country Ceiling. There
will need to be a very substantial reduction in its assessment of
HKSB's ability or propensity to support HSBCV before the
subsidiary's support-driven rating is affected. Fitch sees this as
unlikely in the near to medium term.

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

The bank's ratings are currently constrained by Vietnam's sovereign
rating and Country Ceiling. An upward revision in the sovereign
rating and Country Ceiling would be likely to lead to a
corresponding revision in the bank's IDRs, assuming the parent's
ability and propensity to support the bank remain intact.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

HSBCV's ratings are linked to Vietnam's sovereign rating and HKSB's
ratings.

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
   -----------                      ------           -----
HSBC Bank
(Vietnam) Ltd.   LT IDR              BB   Affirmed   BB
                 ST IDR              B    Affirmed   B
                 LC LT IDR           BBB- Affirmed   BBB-
                 LC ST IDR           F3   Affirmed   F3
                 Shareholder Support bb   Affirmed   bb

STANDARD CHARTERED: Fitch Affirms BB Foreign Curr. IDR, Outlook Pos
-------------------------------------------------------------------
Fitch Ratings has affirmed Standard Chartered Bank (Vietnam)
Limited's (SCBVL) Long-Term Foreign Currency Issuer Default Rating
(IDR) at 'BB' and Long-Term Local Currency IDR at 'BBB-'. The
Outlook is Positive.

KEY RATING DRIVERS

Ratings Capped by Country Ceiling: SCBVL's Long-Term
Foreign-Currency IDR is driven by its expectation of support from
its parent, Standard Chartered Bank (Singapore) Limited (SCBS)
(A+/Stable/a), in times of need. Fitch believes the parent has
strong propensity to support the wholly owned entity, given the
shared branding, highly integrated operations and the bank's
growing strategic importance to the group.

Nevertheless, Fitch believes SCBS's propensity to support the bank
is currently constrained by transfer and convertibility risks in
Vietnam, indicated by its Country Ceiling of 'BB'. The Positive
Outlook on the ratings mirrors that of the sovereign, underscoring
the likelihood that the ratings are likely to be upgraded if the
country's sovereign rating and Country Ceiling are upgraded. Fitch
has not assigned a Viability Rating to SCBVL since the highly
integrated operations render standalone assessment significantly
less meaningful.

Lower Local-Currency Repayment Risks: The bank's Long-Term
Local-Currency IDR is two notches above Vietnam's sovereign rating,
reflecting its belief of a lower likelihood of the sovereign
restricting parental support for SCBVL's local-currency obligations
relative to foreign ones even if the sovereign is under distress.

Capital, Funding Supported by Parent: SCBVL received a USD60
million Tier 2 capital injection from its parent in September 2023,
following a USD120 million infusion in August 2021. This
underscores the group's commitment towards the bank and Fitch
expects the parent to remain forthcoming in supporting the bank's
robust growth aspirations. Its funding profile also benefits from
its strong parental linkages, allowing it to attract inflows of
deposits from its institutional clients from the region over the
years.

RATING SENSITIVITIES

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

A downgrade of Vietnam's sovereign rating and Country Ceiling is
likely to lead to a downgrade of the Shareholder Support Rating
(SSR) and IDRs.

Fitch may also downgrades the ratings upon a significant reduction
in SCBS's ability and propensity to support its subsidiary.
However, Fitch sees this scenario as unlikely in the near term,
given SCBVL's growing role in the group as well as the six-notch
gap between the parent's Viability Rating and Vietnam's Country
Ceiling.

A downgrade of the Long-Term Local-Currency IDR may result in a
downgrade of the Short-Term Local-Currency IDR. Meanwhile, it would
require at least a four-notch downgrade of the Long-Term
Foreign-Currency IDR to result in a downgrade of the Short-Term
Foreign-Currency IDR, a scenario that is unlikely to occur in the
near term.

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

An upward revision of the sovereign rating and Country Ceiling is
likely to lead to a corresponding upgrade in the bank's SSR and
IDRs, assuming the parent's ability and propensity to support the
bank remain intact.

An upgrade of the Long-Term Local-Currency IDR may result in a
similar upward revision of the Short-Term Local-Currency IDR. It
would require at least a two-notch upgrade of the Long-Term
Foreign-Currency IDR to result in an upgrade of the Short-Term
Foreign-Currency IDR.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

SCBVL's ratings are linked to Vietnam's sovereign rating and SCBS's
ratings.

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
   -----------                         ------           -----
Standard Chartered
Bank (Vietnam)
Limited             LT IDR              BB   Affirmed   BB
                    ST IDR              B    Affirmed   B
                    LC LT IDR           BBB- Affirmed   BBB-
                    LC ST IDR           F3   Affirmed   F3
                    Shareholder Support bb   Affirmed   bb



===============
X X X X X X X X
===============

[*] More Companies in Asia Headed for Bankruptcy and Restructuring
------------------------------------------------------------------
The Straits Times reports that persistently high interest rates are
putting stress on corporate balance sheets and leaving increasing
numbers of firms in Singapore and across the region at risk of
bankruptcy, according to a new report and experts.

ST relates that the report noted that high interest rates have
created an unfavourable borrowing environment, operational
challenges and dented consumer spending.

These have resulted in a broad-based increase in distressed
companies, unlike previous cycles in Asia where the pain was
concentrated in specific industries such as the shipping and oil
sectors.

The report from global consultants AlixPartners noted that Asia's
restructuring market is expected to heat up over the rest of this
year and into 2024 with financial players expecting a tougher
period ahead, ST relays.

The global environment is expected to remain challenging or
deteriorate as inflationary pressures dent corporate profits and
cash flow while loans will be refinanced at much higher rates, it
added.

Large companies and banks are becoming more risk-averse due to the
global economic headwinds and will struggle to find solutions to
boost profitability amid the higher interest costs, the report, as
cited by ST, said.

"We are definitely seeing an increase in inquiries.

"As companies are forced to refinance their debt at higher interest
rates, many marginal companies are finding themselves with stressed
balance sheets and constrained liquidity," ST quotes Michael Haftl,
a Singapore-based partner at AlixPartners, as saying.

ST relates that Terence Chan, senior research fellow at credit
rating firm S&P Global Ratings, said that more companies could turn
cash-flow negative, a situation when a company uses more cash than
it brings in.

"Amid record-high global leverage, a trifecta of rising defaults,
higher return thresholds and more cautious lending will challenge
borrowers over the next two years," Chan said, adding that
Asia-Pacific corporates are the most vulnerable.

Home builders and developers, leisure and sports, and transport
sectors will fare worse if credit access becomes more restrictive
and interest spread further increases, he added, ST relays.

According to ST, Mr. Haftl said boards should be preparing to head
off trouble.

"It's important to get ahead of liquidity crunches and not wait
until the company is out of cash. Turnaround professionals can be
much more effective when there is sufficient time to take action."

The Law Ministry data showed 24 companies in Singapore were wound
up from January to August this year compared with 159 for the same
period in 2022, ST discloses.

However, individual bankruptcy applications rose to 2,617 from
January to August, compared with 2,403 for the same period in
2022.

Court orders that declared individuals bankrupt stood at 753 from
January to August, compared with 679 for all of 2022.

Many restructuring jobs involve companies in the cryptocurrency
space, Mr. Haftl said, noting that many professionals are also busy
with work related to neighbouring countries and Asia, according to
ST.

"Singapore has made significant efforts in positioning itself as a
restructuring hub with growing traction in the past few years and
it serves as an important forum for restructuring professionals and
activities in the region," he added.

Mr. Haftl noted that a broad range of industries locally and
regionally have hit trouble, with companies and industries that are
asset-and debt-heavy the most prone to downturns.

"We have seen stress across real estate, industrials, construction
and consumer. We also expect to see another round of stress in the
airline business, as the stronger and weaker players diverge."

In contrast, non-discretionary industries appear to be faring
better, including healthcare, food and beverage and lower priced
retailers and grocers. High interest rates are also cushioning some
financial services firms, Mr. Haftl, as cited by ST, added.

According to ST, Deloitte estimated that a conservative US$707
billion of non-performing loans (NPLs) were held by banks across
the Asia-Pacific at the end of 2022.

Total NPLs in Singapore stood at around US$18 billion at the end of
2022, against $27 billion at end-2020.

ST adds that Deloitte said the NPL exposures of major Singapore
banks were generally manageable, but warned that a number of risks
and uncertainties in the global economy could put this under
pressure.



                           *********


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 ***