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

                     A S I A   P A C I F I C

          Friday, November 10, 2023, Vol. 26, No. 226

                           Headlines



A U S T R A L I A

AI ENGLISH: Second Creditors' Meeting Set for Nov. 13
CAYENNE COAL: Nathan Tinkler Avoids Another Liquidation of Company
CHARLIE CHAN: Second Creditors' Meeting Set for Nov. 13
FARIBECH PTY: First Creditors' Meeting Set for Nov. 14
INFRABUILD AUSTRALIA: Fitch Affirms 'B-' LongTerm IDR, Outlook Neg.

LA TROBE FINANCIAL 2023-3: S&P Assigns B(sf) Rating to Cl. F Notes
MORNING STAR: Second Creditors' Meeting Set for Nov. 14
PANORAMA AUTO 2023-3: Fitch Assigns 'B+sf' Final Rating to F Notes
PEPPER PRIME 2023-1: S&P Assigns 'B (sf)' Rating to Class F Notes
REDZED TRUST 2022-3: Fitch Ups Rating on F Notes to B+sf

THOSE LOCAL: Second Creditors' Meeting Set for Nov. 13
TRITIUM: To Close Brisbane Factory; About 200 Jobs to Go
ZIP MASTER 2023-2: S&P Assigns B (sf) Rating to Class F Notes


C H I N A

COUNTRY GARDEN: Ping An Denies Reports it Will Take Over Debts


I N D I A

ALDER RESIDENCY: Ind-Ra Assigns BB+ NonConvertible Debts Rating
B.V.S. DISTILLERIES: CRISIL Keeps D Ratings in Not Cooperating
BAIT LOGITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
BEE JAY: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
BELL FINVEST: CARE Keeps D Debt Rating in Not Cooperating

BHAI KANHAIYA: CRISIL Keeps D Debt Ratings in Not Cooperating
BHASKAR SHRACHI: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
BHAVI CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
BLDE: Ind-Ra Corrects October 25, 2023 Rating Release
BLUE STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category

BOSTIN ENGINEERS: Ind-Ra Keeps D Loan Rating in Non-Cooperating
BRATTLE FOODS: Ind-Ra Keeps B+ Loan Rating in Non-Cooperating
BUSH TEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
C. J. CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
CEASAN GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating

CHEM STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category
CHHABRA ISPAT: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
CHINIWALAS PRIVATE: CRISIL Keeps D Ratings in Not Cooperating
CMT MECHANISED: Ind-Ra Assigns BB+ Loan Rating in Non-Cooperating
COASTAL CONSOLIDATED: CRISIL Keeps D Ratings in Not Cooperating

CREATIVE LOOMS: CRISIL Keeps D Debt Rating in Not Cooperating
CUBATIC INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
DINESH TEXTILE: Ind-Ra Keeps B+ Loan Rating in Non-Cooperating
DOSHION PRIVATE: Liquidation Process Case Summary
DV EXPORTS: Ind-Ra Keeps BB- Bank Loan Rating in Non-Cooperating

ELECTROTEKNICA: Ind-Ra Keeps B+ Rating in Non-Cooperating
GAUTAM TRADING: Ind-Ra Keeps B+ Loan Rating in Non-Cooperating
GG EXPORTS: Ind-Ra Withdraws BB+ Bank Loan Rating
GIE JEWELS': Ind-Ra Keeps BB+ Bank Loan Rating in Non-Cooperating
GOLDEN SHELTERS: CRISIL Withdraws D Rating on INR35cr Term Loan

GOOD-DAY FOODS: Liquidation Process Case Summary
GOPAL KRISHNA: Ind-Ra Keeps B Bank Loan Rating in Non-Cooperating
GR INFRASTRUCTURE: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
INABENSA BHARAT: Ind-Ra Keeps D Loan Rating in Non-Cooperating
INDIA MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating

J P SINGHAL: CARE Keeps D Debt Ratings in Not Cooperating
JYOTI ENTERPRISES: Ind-Ra Keeps B+ Loan Rating in Non-Cooperating
KALIKUND DEVELOPERS: Ind-Ra Keeps B+ Loan Rating in NonCooperating
KARTYA TEXTILES: Ind-Ra Affirms Bank Loan Rating to B+
KRUSHNA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating

LAKSHMINARASIMHA POULTRY: CRISIL Keeps C Ratings in Not Coop.
P. G. SILK: Liquidation Process Case Summary
PAS TRADING: CARE Keeps D Debt Ratings in Not Cooperating
RAIN BIRD: Voluntary Liquidation Process Case Summary
RAMESHWARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating

SADBHAV VIDARBHA: CARE Lowers Rating on INR514cr LT Loan to D
SCORPIO TELEVISION: Voluntary Liquidation Process Case Summary
SPRAY ALCANS: CRISIL Keeps D Debt Ratings in Not Cooperating
TERRA DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating

VEGGIECRAFT FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
ZEE ENTERTAINMENT: NCLAT Moves Insolvency Plea Hearing to Dec. 6


N E W   Z E A L A N D

BIO-KING LIMITED: Creditors' Proofs of Debt Due on Nov. 30
GORGEOUS TAUPO: Court to Hear Wind-Up Petition on Dec. 5
INCA WATT: Creditors' Proofs of Debt Due on Jan. 20
KIWI INNOVATIVE: Creditors' Proofs of Debt Due on Nov. 30
LADY DORA: Court to Hear Wind-Up Petition on Dec. 1

MEDIAWORKS NZ: Confirms Working With Goldman Sachs in Refinancing
SUPIE LTD: Creditors Vote for Liquidation


P H I L I P P I N E S

MFT GROUP: In Talks w/ Creditors for 5-Yr. Debt Restructuring Plan


S I N G A P O R E

CR PARTNER: Court Enters Wind-Up Order
FLASH TECH: Commences Wind-Up Proceedings
GOLDEN SUNRISE: Commences Wind-Up Proceedings
KANGFU INTERNATIONAL: Court Enters Wind-Up Order
STRAITS INC: Creditors' Proofs of Debt Due on Dec. 7

YOMA STRATEGIC: Net Loss Narrows to US$2.5MM in H1 Ended Sept. 30


T H A I L A N D

JKN GLOBAL: Miss Universe Owner Files for Bankruptcy in Thailand

                           - - - - -


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

AI ENGLISH: Second Creditors' Meeting Set for Nov. 13
-----------------------------------------------------
A second meeting of creditors in the proceedings of AI English Pty
Ltd has been set for Nov. 13, 2023 at 10:00 a.m. at the offices of
Pearce & Heers at Level 12, 127 Creek Street in Brisbane and via
virtual meeting technology.

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. 9, 2023 at 2:00 p.m.

Michael Dullaway and Mark Pearce of Pearce & Heers Insolvency
Accountants were appointed as administrators of the company on Oct.
9, 2023.


CAYENNE COAL: Nathan Tinkler Avoids Another Liquidation of Company
------------------------------------------------------------------
The Sydney Morning Herald reports that struggling mining magnate
Nathan Tinkler has narrowly avoided yet another business collapse
after striking a deal with coal giant Whitehaven over a
long-running legal dispute between him and the company.

According to SMH, Whitehaven had recently ratcheted up the pressure
on Mr. Tinkler's company Cayenne Coal by lodging a winding-up
action in the Federal Court seeking payment over Mr. Tinkler's
unsuccessful attempt to claim shares in the coal giant valued at
more than AUD175 million.

SMH relates that Whitehaven was seeking to have liquidators from
PwC appointed to the shell company that acts as a trustee for one
of Mr. Tinkler's other private companies on the grounds that it was
insolvent.

The stoush between the once-billionaire and coal behemoth dates to
the AUD5 billion merger between Whitehaven and Mr. Tinkler's Aston
Resources in 2012 and the coal giant's acquisition of Boardwalk
Resources.

According to the report, Mr. Tinkler in 2022 launched legal action
in the NSW Supreme Court seeking rights to 26.68 million shares in
Whitehaven he alleged were owed to his company as part of
"milestone" or "restricted" shares under the original agreement.

The court dismissed Cayenne's claim.

SMH says Cayenne had attempted to appeal against this decision, but
in March this year agreed to drop its case against Whitehaven and
other parties involved in the merger and to pay costs of its
aborted appeal. Those costs have, so far, been assessed at
AUD95,000.

Yet, the payments were not made, according to documents filed by
Whitehaven with the Federal Court. The case was expected to return
to court in February.

Neolaw principal Mark Popplewell, the lawyer for Cayenne Coal in
the Federal Court winding-up matter, said the proceeding had been
resolved between Cayenne and Whitehaven when contacted this week.

"The parties have agreed terms of dismissal, and Cayenne expects
dismissal to shortly occur."

Mr. Tinkler recently sold his mansion in Coffs Harbour for AUD25
million - a hefty discount on the AUD30 million sale price, SMH
relays.

The coal giant is keen to put the long-running dispute with Mr.
Tinkler behind it as it looks to address shareholder concerns
following a bruising experience at its annual meeting in October,
and an ongoing stoush with activist hedge fund Bell Rock over its
disclosure of its interests in Whitehaven shares.


CHARLIE CHAN: Second Creditors' Meeting Set for Nov. 13
-------------------------------------------------------
A second meeting of creditors in the proceedings of Charlie Chan
Group Pty Ltd has been set for Nov. 13, 2023 at 11:30 a.m. via
Microsoft Teams meeting.

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 4:00 p.m.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of the company on Oct. 20, 2023.


FARIBECH PTY: First Creditors' Meeting Set for Nov. 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of Faribech
Pty. Limited will be held on Nov. 14, 2023, at 11:30 a.m. virtually
via Microsoft Teams.

Dane Skinner of Raft Consulting was appointed as administrator of
the company on Nov. 2, 2023.


INFRABUILD AUSTRALIA: Fitch Affirms 'B-' LongTerm IDR, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed InfraBuild Australia Pty Ltd.'s
Long-Term Issuer Default Rating (IDR) at 'B-' with a Negative
Outlook. The senior secured rating is affirmed at 'B+' with a
Recovery Rating of 'RR2'. Fitch has also assigned an expected
rating of 'B+(EXP)'/'RR2' to InfraBuild's proposed USD350 million
senior secured notes. The final rating is contingent upon the
receipt of final documents conforming to information already
received.

The Negative Outlook reflects InfraBuild's exposure to heightened
liquidity risk if it is unable to access capital-market funding.
The company plans to use the proceeds of the USD350 million senior
secured notes to refinance its existing notes due October 2024. A
successful issuance could lead to the Outlook being revised to
Stable as this would provide evidence InfraBuild has restored its
access to capital, which would improve its financial flexibility.

If the issuance is successful, InfraBuild plans to use its USD350
million asset-backed term loan (ABTL) in escrow to fund a
distribution to GFG Alliance. An unsuccessful note issuance would
lead InfraBuild to refinance the existing notes with the ABTL and
Fitch does not expect any distributions to GFG Alliance. This would
lead to a deterioration in InfraBuild's financial flexibility and
limit its ability to withstand operational cash outflows or
distributions to GFG Alliance.

KEY RATING DRIVERS

Uncertain Capital-Market Access: Fitch believes InfraBuild's plan
to issue the USD350 million in senior secured notes to refinance
its existing USD325 million in notes is exposed to execution risk.
The company has not accessed the bond market or bank debt since the
issuance of the initial secured notes in 2019, but it has procured
the USD350 million ABTL from Blackrock and Silver Point. Fitch
believes InfraBuild's constrained market access has been caused by
its linkage to GFG Alliance. The successful note issuance will
reduce the uncertainty over the company's financial flexibility.

Addressing Refinancing Risk: Fitch expects the outstanding notes
maturing October 2024 to be refinanced through the issuance of the
new senior secured notes or by the ABTL in the escrow account. Both
transactions will address near-term refinancing risk. The ABTL
proceeds can be used to refinance the existing notes if InfraBuild
complies with the escrow release conditions, which was the case as
of end-September 2023. The ABTL was signed in May 2023 and has
first priority over InfraBuild's current assets, including its
receivables and inventory.

Dividend Recapitalisation: InfraBuild's plan to use its ABTL
proceeds to distribute USD350 million of cash to GFG Alliance, if
the senior secured note issuance is successful, will require the
consent of its ABTL lenders. Fitch believes the distribution will
be split across a dividend and a related-party loan. The
distribution will replace the previously planned USD600 million
acquisition of US-based Liberty Steel USA, an electric arc furnace
(EAF) long steel producer and GFG Alliance subsidiary.

The replacement of the acquisition with a distribution means that
InfraBuild's financial metrics will be weaker than Fitch previously
expected. Fitch forecasts the debt-funded distribution, in addition
to Fitch's forecast of significant declines in steel and scrap
prices, will cause EBITDA leverage to increase to 3.5x in the
financial year ending June 2024 (FY24) and 4.2x in FY25, from 2x in
FY23.

Liquidity to Remain Limited: Fitch expects the successful issuance
of the new notes and subsequent distribution to be neutral to
InfraBuild's liquidity position. Therefore, in the absence of
further debt issuance, InfraBuild will be reliant on operating cash
flows to fund its working-capital requirements and the USD20
million in amortisation payments associated with the ABTL.

Fitch expects the free cash flow (FCF) margin to be slightly
positive in FY25 and FY26, leading to limited liquidity headroom.
If the issuance of new notes is unsuccessful, liquidity will
temporarily improve, but Fitch believes medium-term liquidity risk
would be elevated.

Risk of Related-Party Transactions: InfraBuild did not acquire any
related-party entities in FY23, following its acquisition of US and
Polish recycling assets for AUD60 million in FY22. However, the
company has a history of related-party transactions, with the
proposed Liberty Steel acquisition as an example. While that did
not proceed, Fitch believes there is a risk that future
related-party transactions could have a negative impact on
liquidity.

Resilient Operational Performance: Fitch expects steel and scrap
prices to soften from their peak in FY22 and FY23, but for volume
growth to be supported by growing engineering and non-residential
construction. This is underpinned by InfraBuild's exposure to
long-term government infrastructure projects, which will offset
short-term weakness in residential construction. Fitch believes the
company's flexible operating cost model, driven by its EAF
facilities and cost pass-through pricing, will support margin
stability through the steel commodity cycle.

Market Leadership: InfraBuild is Australia's sole EAF steel
long-product manufacturer and operates the country's second-largest
ferrous and non-ferrous recycling business. Its strong market share
of 60%-64% in Australian long steel products has remained
relatively stable despite competition from imports. Demand for
InfraBuild's products is supported by its flexible operations,
reliable supply and broad product offerings compared with imports.
It is also well-protected amid the environmental issues that
blast-furnace steel producers currently face.

ESG - Governance Structure: InfraBuild has governance issues due to
Sanjeev Gupta's concentrated ownership, transactions with related
parties and affiliates, and private company status with three
independent board members out of seven.

DERIVATION SUMMARY

InfraBuild's business profile is comparable with that of
higher-rated peers such as Commercial Metals Company
(BB+/Positive). Commercial Metals and InfraBuild have flexible
operating structures due to their EAF production and vertically
integrated business models, reducing the volatility of their
profitability. However, InfraBuild's rating is driven by its weaker
liquidity and elevated refinancing risk.

KEY ASSUMPTIONS

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

- Declining steel and scrap prices over FY24-FY26, with around a
20%-25% peak to trough decline over the period

- Moderate volume growth of 1.5%-2.5% across the manufacturing and
distribution segments over FY24-FY26

- Fitch-adjusted EBITDA margin falling to around 6.5% in FY24, 5.5%
in FY25 and rising towards 6% in FY26 (FY23: 9.6% Fitch-adjusted or
11.4% excluding the impact from leases)

- Capex of around AUD300 million over FY24-FY26

- Issuance of USD350 million senior secured notes used to repay the
existing USD325 million senior secured notes

- Distribution to GFG Alliance of USD350 million in FY24, which is
contingent on the amendment of the ABTL's existing documentation

RECOVERY ANALYSIS

Key Recovery Rating Assumptions

The recovery analysis assumes that InfraBuild would be liquidated
in a bankruptcy as Fitch assumes this results in a higher return to
creditors. Fitch has assumed a 10% administrative claim.

Liquidation Approach

To calculate the liquidation value, Fitch uses an 80% advance rate
against the value of trade receivables. Fitch uses a 60% advance
rate against the value of inventory. This is higher than typical
advance rates as Fitch believes InfraBuild's steel inventory is
more easily valued and readily marketable. Fitch uses an 80%
advance rate against the value of property, plant and equipment.
Fitch believes this is reasonable as the fair market value of these
assets is considerably higher than the book value.

Fitch assumes that the proposed USD350 million senior secured note
issuance is successful and is used to refinance the existing USD325
million in notes and the USD350 million ABTL is released from
escrow.

The assumptions result in a recovery rate corresponding to an 'RR1'
Recovery Rating. However, Fitch assumes the ABTL facility is senior
in the recovery waterfall to the senior secured notes, which Fitch
treats as second-lien, capping the Recovery Rating on the senior
secured notes at 'RR2'. This translates into a two-notch uplift
from the IDR of 'B-' under its Corporates Recovery Ratings and
Instrument Ratings Criteria.

RATING SENSITIVITIES

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

- The Outlook may be revised to Stable if the proposed USD350
million note issuance successfully refinances the USD325 million
notes due October 2024

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

- Failure to demonstrate capital-market access in the near term

- Deterioration in liquidity, including a further weakening in the
FCF margin

LIQUIDITY AND DEBT STRUCTURE

Modest Liquidity: InfraBuild had readily available cash of AUD451
million at end-June 2023. In addition, the company had restricted
cash of AUD627 million, mostly related to the USD350 million ABTL
in escrow. Following the extension of the upsized AUD50 million
mortgage facility on its Mayfield property to October 2025,
near-term debt maturities mainly consist of the USD325 million
senior secured notes maturing October 2024.

InfraBuild's plan to refinance the senior secured notes with new
notes in November 2023 and use the ABTL to fund a distribution to
GFG Alliance, or use the ABTL to repay the existing senior secured
notes if the new note issuance is unsuccessful, will address the
near-term refinancing risk associated with the October 2024 notes.
Fitch does not expect a material improvement in liquidity in either
scenario and expect cash on hand and operating cash flows will
remain important to fund working-capital requirements.

ISSUER PROFILE

InfraBuild comprises the manufacturing, product mill, distribution
and recycling assets of the former Arrium Group that were taken
over by GFG Alliance in 2017. It is Australia's sole vertically
integrated manufacturer, processor and distributor of steel long
products, including reinforcing steel, supplying over 15,000 active
customers nationally.

ESG CONSIDERATIONS

InfraBuild has an ESG Relevance Score of '5' for Governance
Structure due to Sanjeev Gupta's concentrated ownership and the
fall in the proportion of independent directors on the board from
three out of six to three out of seven. This has a negative impact
on the credit profile, and is highly relevant to the rating,
resulting in an implicitly lower rating.

InfraBuild has an ESG Relevance Score of '4' for Group Structure
due to it being part of the complex GFG Alliance and the large
number of related-party transactions with affiliates, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt             Rating                 Recovery   Prior
   -----------             ------                 --------   -----
InfraBuild
Australia Pty Ltd.   LT IDR B-     Affirmed                  B-

   senior secured    LT     B+(EXP)Expected Rating   RR2

   senior secured    LT     B+      Affirmed         RR2     B+

LA TROBE FINANCIAL 2023-3: S&P Assigns B(sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven of the nine
classes of residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial
Capital Markets Trust 2023-3. La Trobe Financial Capital Markets
Trust 2023-3 is a securitization of nonconforming and prime
residential mortgages originated by La Trobe Financial Services Pty
Ltd. (La Trobe Financial).

The ratings reflect:

-- That the credit risk of the underlying collateral portfolio and
the credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination and excess spread. The assessment of credit risk
takes into account La Trobe Financial's underwriting standards and
approval process, and La Trobe Financial's servicing quality.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, an amortizing liquidity facility sized at 1.5% of the
note balance, the principal draw function, the yield reserve, the
retention amount built from excess spread before the call date, the
amortization amount built from excess spread after the call date or
upon a servicer default, and the provision of an extraordinary
expense reserve. All rating stresses are made on the basis that the
trust does not call the notes at or beyond the call date, and that
all rated notes must be fully redeemed via the principal waterfall
mechanism under the transaction documents.

-- That S&P also has factored into its ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets its criteria for insolvency remoteness.

-- The counterparty support provided by National Australia Bank
Ltd. as liquidity facility provider and Commonwealth Bank of
Australia as bank account provider. The transaction documents for
the liquidity facility and bank accounts include downgrade language
consistent with S&P's "Counterparty Risk Framework: Methodology And
Assumptions" criteria, published on March 8, 2019, that requires
the replacement of the counterparty or other remedy, should its
rating fall below the applicable rating.

  Ratings Assigned

  La Trobe Financial Capital Markets Trust 2023-3

  Class A-S, A$180.00 million: AAA (sf)
  Class A-L, A$720.00 million: AAA (sf)
  Class B, A$39.40 million: AA (sf)
  Class C, A$23.10 million: A (sf)
  Class D, A$15.90 million: BBB (sf)
  Class E, A$9.80 million: BB (sf)
  Class F, A$6.50 million: B (sf)
  Equity 1, A$2.80 million: Not rated
  Equity 2, A$2.50 million: Not rated

MORNING STAR: Second Creditors' Meeting Set for Nov. 14
-------------------------------------------------------
A second meeting of creditors in the proceedings of Morning Star
Gold N.L. has been set for Nov. 14, 2023 at 10:30 a.m. via
electronic means.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 13, 2023 at 5:00 p.m.

Liam William Paul Bellamy of RRI Advisory was appointed as
administrator of the company on Oct. 10, 2023.


PANORAMA AUTO 2023-3: Fitch Assigns 'B+sf' Final Rating to F Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to an upsized Panorama
Auto Trust 2023-3's pass-through floating-rate notes. The notes are
backed by a pool of first-ranking Australian automotive lease and
loan receivables originated by Angle Auto Finance Pty Ltd (AAF).
The notes were issued by Perpetual Corporate Trust Limited as
trustee for Panorama Auto Trust 2023-3.

AAF was formed in June 2021 through a joint venture between
Cerberus Capital Management, L.P. (80%) and Deutsche Bank AG,
Sydney Branch (20%). In March 2022, AAF completed the acquisition
of Westpac Banking Corporation's (WBC, A+/Stable/F1) motor vehicle
dealer finance and novated leasing business.

The acquisition included front book origination relationships with
dealer groups and novated leasing introducers, as well as the
majority of the business's employees in the areas of sales and
distribution, credit, underwriting and risk. Origination processes,
underwriting policies and procedures, and collections processes are
consistent with those that were in place at WBC.

   Entity/Debt           Rating             Prior
   -----------           ------             -----
Panorama Auto
Trust 2023-3

   Commission
   AU3FN0081873      LT AAAsf  New Rating   AAA(EXP)sf
   A AU3FN0081790    LT AAAsf  New Rating   AAA(EXP)sf
   B AU3FN0081808    LT AA+sf  New Rating   AA(EXP)sf
   C AU3FN0081816    LT A+sf   New Rating   A(EXP)sf
   D AU3FN0081824    LT BBB+sf New Rating   BBB(EXP)sf
   E AU3FN0081832    LT BB+sf  New Rating   BB(EXP)sf
   F AU3FN0081840    LT B+sf   New Rating   B(EXP)sf
   G1 AU3FN0081857   LT NRsf   New Rating   NR(EXP)sf
   G2                LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The total collateral pool at the 22 October 2023 cut-off date was
AUD1.25 billion, an increase from AUD750.0 million. The pool
consisted of 30,116 receivables. The final ratings on the class B,
C, D, E and F notes are one notch higher than the expected ratings,
due to a decrease in margins on all rated notes. Credit enhancement
on the rated notes remains unchanged.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples for each
sub-pool of novated leases, consumer loans and commercial loans.
Its base-case gross-loss expectations and 'AAAsf' default multiples
are as follows:

Novated: 1.00% (7.5x)

Consumer: 3.00% (5.5x)

Commercial: 2.75% (6.0x)

The recovery base case is 35.0%, with a 'AAAsf' recovery haircut of
50.0% across all sub-pools. The weighted-average (WA) base-case
default assumption was 2.0% and the 'AAAsf' default multiple was
6.1x.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite interest rates
increasing from May 2022 to June 2023. GDP growth in the year to
June 2023 was 2.1% and unemployment was 3.6% in September 2023.
Fitch expects GDP growth to moderate to 1.7% for the full year
before slowing to 1.5% in 2024, with unemployment at 3.8%
increasing to 4.2% next year.

This reflects the expected impact on Australia's economy from the
China property downturn in 2024 and lagged effects of tighter
monetary policy on consumption.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, and will amortise in line with an amortisation
schedule. Its repayment limits the availability of excess spread to
cover losses, as it ranks senior in the interest waterfall, above
the class B to F notes.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The class A to F notes
will receive principal repayments pro rata upon satisfaction of
stepdown criteria. The percentage of credit enhancement provided by
the G1 and G2 notes will increase as the A to F notes amortise.

Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing. All notes have passed their relevant rating
stresses.

Low Operational and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
back-up servicing arrangements. The nominated back-up servicer is
Perpetual Corporate Trust. Fitch undertook an operational and file
review and found that the operations of the originator and servicer
were comparable with those of other auto lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 57.5% of the portfolio by loan count has
balloon amounts payable at maturity.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

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

Downside Sensitivities

Note: Commission / A / B / C / D / E / F

Ratings: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / B+sf

Rating Sensitivity to Increased Default Rates

Increase defaults by 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BB+sf / B+sf

Increase defaults by 25%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BBsf / Bsf

Increase defaults by 50%: AA+sf / AA-sf / Asf / BBBsf / BB+sf /
B+sf / CCCsf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BB+sf / B+sf

Recoveries decrease 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf
/ B+sf

Recoveries decrease 50%: AA+sf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ Bsf

Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates

Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf / AAsf
/ Asf / BBBsf / BBsf / Bsf

Defaults increase 25%/recoveries decrease 25%: AA+sf / AA+sf / A+sf
/ BBB+sf / BBB-sf / BB-sf / B-sf

Defaults increase 50%/recoveries decrease 50%: AA-sf / A+sf / A-sf
/ BBB-sf / BBsf / Bsf / NRsf

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

Economic conditions, loan performance and credit losses that are
better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.

Upgrade Sensitivities

The commission and class A notes are at the highest level on
Fitch's scale and cannot be upgraded.

Note: B / C / D / E / F

Rating: AA+sf / A+sf / BBB+sf / BB+sf / B+sf

Reduce defaults by 10% and increase recoveries by 10%: AA+sf /
AA-sf / A-sf / BBB-sf / BBsf

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

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

ESG CONSIDERATIONS

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

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

The ratings reflect:

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

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

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

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

  Ratings Assigned

  Pepper Prime 2023-1 Trust

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


REDZED TRUST 2022-3: Fitch Ups Rating on F Notes to B+sf
--------------------------------------------------------
Fitch Ratings has upgraded four note classes and affirmed another
three from RedZed Trust Series 2022-3.

The transaction is backed by first-ranking Australian conforming
and non-conforming full- and low-documentation mortgage loans
originated by RedZed Lending Solutions Pty Limited. The notes were
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the series.

The upgrades are supported by the build-up of credit enhancement
(CE) since the closing of the transaction.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
RedZed Trust
Series 2022-3

   A-1 AU3FN0072773   LT AAAsf  Affirmed   AAAsf
   A-2 AU3FN0072781   LT AAAsf  Affirmed   AAAsf
   B AU3FN0072799     LT AA+sf  Upgrade    AAsf
   C AU3FN0072807     LT A+sf   Upgrade    Asf
   D AU3FN0072815     LT BBB+sf Upgrade    BBBsf
   E AU3FN0072823     LT BBsf   Affirmed   BBsf
   F AU3FN0072831     LT B+sf   Upgrade    Bsf

KEY RATING DRIVERS

Deteriorating Asset Performance, but Sufficient CE to Support
Ratings: The transaction's 30+ day arrears at end-September 2023
were 4.09%, above Fitch's 2Q23 Dinkum Non-Conforming Index arrears
of 2.99%. However, the 90+ day arrears of 0.82% was below the
index's 1.34%. Loans in hardship are not included in arrears. The
transaction's high arrears levels are a result of consecutive
interest rate rises in the past year followed by the higher cost of
living, which have put pressure on borrowers' repayment capacity.

Performance has deteriorated, but credit enhancement (CE) has built
up and the notes have sufficient subordination to support the
respective ratings. Increases in property prices also provide
protection against significant losses if foreclosures were to
increase significantly. There has been no loss reported for the
transaction since closing.

The 'AAAsf' weighted-average foreclosure frequency (WAFF) of 17.8%
is driven by the weighted-average (WA) unindexed current loan/value
ratio (LVR) of 63.6%, low-documentation loans making up 88.1% of
the pool, self-employed borrowers accounting for 94.5% and, under
Fitch's methodology, non-conforming and investment loans forming
10.4% and 39.2%, respectively. Fitch has also treated the loans in
hardships as being in arrears.

The 'AAAsf' WA recovery rate (WARR) of 60.0% is driven by the
portfolio's WA indexed scheduled LVR of 66.2%.

Liquidity Risk Mitigated: Structural features include retention and
amortisation amounts that redirect excess income to repay note
principal and a liquidity facility sized at 1.5% of the invested
note balance (excluding class G), with a floor of AUD750,000; this
is sufficient to mitigate payment interruption risk for both the
affirmed and upgraded notes.

The transaction is currently paying sequentially, building up
subordination, until all pro-rata triggers are met. The pro-rata
paydown is expected to begin in December 2024. The trust has
arrears and charge-off triggers in place, which support the
transaction by ensuring a switch to sequential pay down of notes
should the performance of receivables deteriorate. During the
pro-rata period, the amount allocated to the most junior notes (G1
and G2) is paid to the preceding notes (paid in order from F to A1)
and do not receive principal until invested amount of all other
notes is zero, hence, subordination will continue being built up.

Low Operational and Servicing Risk: RedZed was established in 2006
and is an experienced specialist lender for self-employed
borrowers. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with
market standards.

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

RATING SENSITIVITIES

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

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

Downgrade Sensitivity

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

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Notes: Class A1 / A2 / B / C / D / E / F

Current rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBsf /
B+sf

Increase defaults by 15%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BB-sf / B+sf

Increase defaults by 30%: AAAsf / AAAsf / AA-sf / Asf / BBBsf / Bsf
/ Bsf

Reduce recoveries by 15%: AAAsf / AAAsf / AAsf / A-sf / BBB-sf /
Bsf / Bsf

Reduce recoveries by 30%: AAAsf / AAAsf / A+sf / BBB+sf / BB-sf / /
Less than Bsf / Less than Bsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AA-sf / BBB+sf / BB+sf / Less than Bsf / Less than Bsf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / A-sf / BBB-sf / Bsf / Less than Bsf / Less than Bsf

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

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch 's
baseline scenario or sufficient build-up of credit enhancement that
would fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

The class A1 and A2 notes are at the highest level on Fitch's scale
and cannot be upgraded. Therefore, upgrade sensitivity stresses are
not relevant.

Upgrade Sensitivity

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

Current rating: AA+sf / A+sf / BBB+sf / BBsf / B+sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf /
AA+sf / A+sf / BBB+sf / BBBsf

DATA ADEQUACY

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

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

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

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

ESG CONSIDERATIONS

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

THOSE LOCAL: Second Creditors' Meeting Set for Nov. 13
------------------------------------------------------
A second meeting of creditors in the proceedings of Those Local
Guys Pty Ltd has been set for Nov. 13, 2023 at 11:00 a.m. virtually
from SV Partners at 22 Market Street in Brisbane.

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

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

Terrence John Rose and Adam Peter Kersey of SV Partners were
appointed as administrators of the company on Oct. 9, 2023.


TRITIUM: To Close Brisbane Factory; About 200 Jobs to Go
--------------------------------------------------------
Australian Financial Review reports that cash-strapped
fast-charging company Tritium will close its Brisbane factory and
consolidate its operations in the United States to save itself.

After months of being rebuffed by state and federal governments to
help inject more equity into the company to avoid being kicked off
the Nasdaq, Tritium announced the changes to be profitable next
year.

But it appears Tritium has yet to find a new strategic investor to
help the company turn around its finances before it faces a
potential de-listing on the Nasdaq, AFR relates.

According to AFR, Tritium chief executive Jane Hunter said it was
necessary to close the factory - which will result in the loss of
about 200 jobs - and cut costs.

"This transition is aligned with the company's plan to be
profitable in 2024," AFR quotes Ms. Hunter as saying in a
statement. "The implementation of this plan, including the closure
of the Brisbane factory and consolidating our manufacturing
operations in Tennessee, supports the ongoing market
competitiveness and positioning of the company as a world leader in
its category."

Tritium said it would keep its 200-strong research and development
team and testing facilities in Brisbane.

Tritium - which listed on the Nasdaq with a $2 billion "double
unicorn" valuation in 2021 - has struggled to raise capital while
building a second factory in the US, according to AFR.

The Nasdaq last month issued Tritium with a show-cause notice after
its shares spent more than 30 days valued under $1, AFR recalls.

Tritium shares are at US$0.20, with the company's market valuation
at US$33.1 million (AUD51 million).

Ms. Hunter told The Australian Financial Review earlier this month
the closure of the Brisbane factory was an option as it searched
for a new strategic investor.

Key investor and coal baron Brian Flannery said earlier this month
the Brisbane-based company should have made that decision a year
ago.

"They should have bitten the bullet and moved to the United States
earlier and kept an R&D [research and development] centre in
Brisbane," he said, notes the report. "They have to shut the
Brisbane factory, that's what they have to do."

AFR says the fate of Tritium and its Brisbane factory, where staff
numbers have dropped from 600 to 400, comes at a challenging time
for Australia's manufacturing industry.

The Albanese government has a policy to build up local players in
the low-emissions space through its $15 billion National
Reconstruction Fund, but high energy and labour costs, and skills
shortages, are hurting firms.

Prime Minister Anthony Albanese and other ministers have regularly
mentioned Tritium - as recently as last month - as a success story
in Australian clean energy manufacturing, exporting world-leading
technology.

But discussions between Tritium management and federal and
Queensland government senior officials on potential support yielded
no results.

Federal Industry Minister Ed Husic said the government would be
reluctant to bail out Tritium while the company looked at its
options.

AFR adds that Tritium's major shareholder and non-executive
director, Trevor St Baker, criticised the lack of government
support for the company despite the numerous photo opportunities
that federal and state politicians have seized on to champion
Australian engineering and job creation in manufacturing.

"The photo opportunities create the illusion that these governments
have contributed to facilitating Tritium's success and the
consequential massive engineering and manufacturing job creation in
Tritium's Brisbane operations. But this is far from reality," he
said.

Headquartered in Murarrie, Queensland, Tritium designs and
manufactures proprietary hardware and software to create advanced
and reliable DC fast chargers for electric vehicles.  


ZIP MASTER 2023-2: S&P Assigns B (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master
Trust - Series 2023-2. Zip Master Trust - Series 2023-2 is a
securitization of a buy now, pay later line of credit receivables
to consumers originated by zipMoney Payments Pty Ltd. (Zip).

The ratings reflect the following factors:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that the portfolio has an initial
revolving period, which means further receivables may be assigned
to the series after the closing date.

-- S&P's view that the credit support provided to each class of
rated notes is commensurate with the ratings assigned. Credit
support is provided by subordination and excess spread, if any.

-- S&P's expectation that the various mechanisms to support
liquidity within the series, including a series-specific liquidity
facility, mitigates disruption risks to senior fees and ensures
timely payment of interest on the rated notes.

-- The transaction documents include downgrade language consistent
with S&P's counterparty criteria that requires the replacement of
the bank account provider and liquidity facility provider should
our rating on the providers fall below the applicable rating.

-- The legal structure of the master trust is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

  Ratings Assigned

  Zip Master Trust – Series 2023-2

  Class A1, A$150,000,000: AAA (sf)
  Class A2, A$27,750,000: AAA (sf)
  Class B, A$20,250,000: AA (sf)
  Class C, A$21,000,000: A (sf)
  Class D, A$29,250,000: BBB (sf)
  Class E, A$18,750,000: BB (sf)
  Class F, A$18,000,000: B (sf)
  Class G, A$15,000,000: Not rated




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

COUNTRY GARDEN: Ping An Denies Reports it Will Take Over Debts
--------------------------------------------------------------
South China Morning Post reports that Ping An Insurance (Group) has
denied a Reuters report citing sources that Beijing has asked it to
take over Country Garden Holdings and assume its mountain of debts.
The nation's biggest insurer also said it no longer held any stake
in the distressed developer.

"The company has never received any relevant proposals or requests
from any relevant governmental authorities [or] agencies, and the
company has no transaction plan or discussion in connection
therewith," it said in a Hong Kong stock exchange filing on Nov. 8,
the Post relays. "As of today, the company does not hold any shares
of Country Garden Holdings."

The Reuters report was "completely untrue", the insurer said,
adding that the clarification could prevent shareholders and
potential investors from being misled, according to the Post.

The Post says Country Garden defaulted late last month after
failing to pay a US$15.4 million interest on a dollar-denominated
bond, shortly after it warned investors it was facing a liquidity
crunch and would miss servicing its offshore debts.

Country Garden had CNY257.9 billion (US$35.4 billion) of
interest-bearing debt on June 30, according to its latest interim
report. About CNY119 billion of them were in foreign currencies,
including US dollar and Hong Kong dollar, mostly in senior notes
and corporate bonds. Its total liabilities stood at CNY1.3 trillion
yuan versus CNY1.43 trillion at the end of 2022, the Post
discloses.

The latest filing suggests the Ping An group may have sold its
stake in the troubled Foshan-based developer over the past three
months. The insurer, through its asset management unit in Hong
Kong, last reported owning a 4.99 per cent stake in Country Garden
on August 11, according to its stock exchange disclosure.

Chinese authorities have asked Ping An to take a controlling stake
in Country Garden, Reuters reported on Nov. 8, citing four people
familiar with the plan, the Post relays. The State Council, headed
by Premier Li Qiang, instructed the Guangdong provincial government
to help arrange the rescue, it reported.

The report sent Ping An Insurance tumbling by 5.4 per cent to
HK$38.50 in Hong Kong trading on Nov. 8, while Country Garden
surged 12.2 per cent to HK$0.83, the Post notes.

                        About Country Garden

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

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

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



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

ALDER RESIDENCY: Ind-Ra Assigns BB+ NonConvertible Debts Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Alder Residency
Private Limited's (ARPL) proposed non-convertible debentures (NCDs)
as follows:

-- INR6.20 bil. Proposed NCDs* assigned with Provisional IND
     BB+/Stable rating.

*The rating is provisional and pending execution of documents as
detailed in Annexure I. The final rating, upon the receipt of the
executed documents consistent with the draft documents, shall be
assigned within 90 days from the date of issuance of the
instrument. The provisional rating may be extended by another 90
days, subject to Ind-Ra's policy, if the execution of the documents
is pending. In the absence of the documentation considered while
assigning the provisional rating, the agency would not have
assigned any rating to the proposed instrument.

ANALYTICAL APPROACH: Ind-Ra has taken a standalone view of ARPL's
financial and operational profile, as it is a single project
special purpose vehicle (SPV), and has sufficient ring-fencing of
cash flows through escrow as well project monitoring mechanisms.

Key Rating Drivers

Liquidity Indicator - Stretched: At end-June 2023, the project had
one facility outstanding, which is being refinanced by a new
facility with repayments in FY26 and FY27. ARPL's cash balance at
end-June 2023 stood at INR82 million (FYE23: INR154 million).
Ind-Ra expects the project's operational surplus before taxes and
debt obligations to be around INR8,203 million over FY24-FY26.
Also, there will be an undisbursed limit of INR1,000 million
available for project development. Against this, Ind-Ra expects
ARPL to have an interest payment liability of INR1,863 million
(including any redemption premiums to achieve the requisite
internal rate of return) and a principal repayment of about
INR6,200 million over FY24-FY26. However, the leverage on the
project would be very high as the project is in its initial stages
of construction, with negative net debt/cash flow from operations
(CFO) on account of negative CFO of negative INR791 million in FY23
(FY22: negative INR1,680 million). The net debt/adjusted inventory
was around 1.20x for FY23 (FY22: 1.18x).

Financial Closure Yet to be Achieved: The balance cost of the
project is INR7,348 million (excluding interest), and the same is
to be tied up using a mixture of debt and sales. As on 30 September
2023, the project had receivables worth INR5,305 million from
selling an area, with about INR1,000 million being available from
the proposed debt tie-up.

However, after factoring in the proposed debt and the committed
receivables, Ind-Ra envisages that about 6% of the inventory needs
to be sold to achieve financial closure just for completing the
project. With the current sales run-rate, Ind-Ra expects the same
to be achieved within three-to-five months.

Yet to Obtain Partial Approvals; Project Execution Risk: The
project, consisting of 10 residential towers, admeasuring 0.68
million square feet (sf) of residential space, was launched in May
2022 for construction and sales. As on date, the project has been
developed till podium for one tower, till the fourth habitable
floor slab for another tower, at excavation stage for four towers,
and at land stage (unlaunched) for another four towers. At end-June
2023, ARPL had incurred about 24% of the overall development cost
(including 10% of the overall construction cost) of the project.
The management stated that it had received all the approvals for
the eight towers, and till the third floor for the remaining two
towers at end-September 2023. Apart from the 10 towers, the company
has to develop and hand over a tower for the economically weaker
sections to the authority to receive the occupancy certificate.

As per the management, only six towers have been launched for
sales, and the remaining towers are expected to be launched over
the next 12 months. While ARPL achieved reasonable sales rate, it
faces risks related to approvals and execution as it has not
completely received the commencement certificate and has yet to
achieve complete financial closure. Ind-Ra will continue to monitor
these aspects of the project.

High Geographical Concentration, Cyclicality and Regulatory Risk:
ARPL is a standalone project SPV, and hence heavily depends on one
micro market, Jogeshwari, in the Mumbai metropolitan region.
Additionally, the real estate industry remains highly cyclical with
volatile cash flows and is also exposed to a number of regulatory
requirements. Therefore, timely regulatory approvals remain
critical for the timely launch of its future projects/phase.

Reasonable Sales Performance: ARPL launched the project in May
2022. Till September 2023, the project sold more than 2,40,000 sf
for over INR7,000 million. In 1HFY24, the project witnessed sales
of about INR3,200 million. While the project is still at an early
stage of the development, it benefits from its reasonable sales
performance over the past three-to-four quarters. The project's
collections accounted for about 26% of the overall sales to date.

Association with Kalpataru Group: ARPL benefits from its
association with the Kalpataru group. Kalpataru, which is a reputed
brand name, especially in the Mumbai micro-market, lends some
financial flexibility to the project. The Kalpataru group has been
in the real estate business for over 50 years and has a presence in
nine cities. It has delivered over 110 projects across India, with
the total developed and delivered area surpassing 2.2 million sf.

Favorable Location: The project location is attractive, considering
the connectivity it offers both from Jogeshwari Vikhroli Link Road
(JVLR) and the Western Express Highway (WEH). It is in proximity to
the prime commercial and residential hub of Powai (about 5-6 km)
via the JVLR, and connects to the WEH in about five minutes (1-2
km). From the WEH, the central business district of Bandra Kurla
Complex can be reached in about 20-30 minutes, Andheri in about
5-10 minutes and Goregaon in about 10-20 minutes. It is also close
to the residential hubs of Goregaon, Powai and Andheri. Ind-Ra
expects the project to benefit from the upcoming metro developments
on the JVLR and the currently operational metro on the WEH.

Rating Sensitivities

Positive: The following factors could lead to an upgrade in the
rating:

-- higher-than-Ind-Ra-expected sales, realizations and
collections, leading to accelerated debt repayment while
maintaining net debt/ (CFO-finance cost) below 5x on a sustainable
basis

-- further improvement in the project level credit metrics along
with a sustained improvement in liquidity.

Negative: The following factors could lead to an upgrade in the
rating:

-- lower-than- Ind-Ra-expected project sales and collections,
leading to a decline in liquidity.

-- any unexpected cash outflow from the project towards the group
companies.

Company Profile

ARPL, an SPV, is developing project Kalpataru Vivant admeasuring
about 0.68 million sf located in Jogeshwari East in Mumbai. ARPL is
a wholly owned step-down subsidiary of Kalpataru Limited.



B.V.S. DISTILLERIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B.V.S.
Distilleries Private Limited (BVS) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          29         CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan           4.5       CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in 2011 and promoted by Mr. Bommadevara Venkata Subba
Rao, BDPL manufactures IMFL at its unit in Kankipadu, Andhra
Pradesh.


BAIT LOGITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bait Logitech
Private Limited (BLPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          6.6        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             5.5        CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in May 2010, BLPL provides logistics and liaison
services for the iron ore mining industry, and project and mining
consultancy services. It also fabricates heavy steel structures.
The company is promoted by Mr Brahma Nanda Mishra. It has a unit in
Tangi, Odisha.


BEE JAY: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bee Jay
Industrial Corporation's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND BB-/
Negative (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR200 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Negative/IND A4+
     (ISSUER NOT COOPERATING) rating.

Company Profile

Established as a partnership concern in 1996 by Mr. Devender Garg
and Mrs. Anju Garg, Bee Jay Industrial Corporation is engaged in
the trading of iron and steel products.



BELL FINVEST: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bell
Finvest (India) Limited (BFIL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      150.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CARE Ratings) had, vide its press release dated
March 23, 2020, placed the ratings of BFIL under the 'issuer
non-cooperating' category as BFIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BFIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 8, 2023.

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

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

Bell Finvest (India) Ltd (BFIL), incorporated in 2008, is RBI
registered NBFC-ND-Non-SI Company. The company provides term loans
and working capital loans to SME customers. Mr. Bhupesh Rathod is
the promoter and CEO of the company who looks after the operations
of the company. He is supported by his son Mr. Chirag Rathod,
Director, who looks after the financial operations of the company.

BHAI KANHAIYA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhai Kanhaiya
Sewa Society (BKSS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility     1.5         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.13        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              5.37        CRISIL D (Issuer Not
                                      Cooperating)

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

Formed in 1983, BKSS runs Radiant Institute of Engineering and
Technology and Homeopathic Medical College and Hospital in Abohar,
Punjab. The society is being currently chaired by Mr. Tara Singh
Ji.


BHASKAR SHRACHI: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bhaskar Shrachi
Alloys Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR290 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D/Negative (ISSUER NOT
     COOPERATING) rating;

  -- INR 150 mil. Non-Fund Based Working Capital Limit maintained
      in non-cooperating category with IND D (ISSUER NOT
      COOPERATING) rating; and
   
  -- INR 192 mil. Term loan maintained in non-cooperating category
    
      with IND D/Negative(ISSUER NOT COOPERATING).

Company Profile

Bhaskar Shrachi Alloys was incorporated in 1995 by Sri Shrawan
Kumar Todi of Shrachi Group and Sri Krishna Kumar Rungta of Bhaskar
Group. The company manufactures ferro alloys, spheroidal graphite
cast iron inserts and billets.


BHAVI CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhavi
Creations (BC) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             5.5        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      4.5        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

BC is a proprietorship firm set up in 1970, by Mr Pritpal Singh.
The Delhi-based firm trades in various types of fabrics, including
cotton, denim, suiting and shirting.


BLDE: Ind-Ra Corrects October 25, 2023 Rating Release
-----------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies BLDE (Deemed to be
University)'s (BLDEU) rating published on October 25, 2023 to amend
the reason for the rating actions.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded BLDE (Deemed to
be University)'s (BLDEU) bank facility to 'IND BB'/Negative/'IND
A4+' from 'IND A-'/Stable/IND A2+ while migrating them to the
non-cooperating category. The ratings will now appear as IND BB
(ISSUER NOT COOPERATING)/Negative/IND A4+ (ISSUER NOT COOPERATING).


The detailed rating action is:

-- INR1.50 bil. Fund based working capital* downgraded and
     migrated to Issuer Not Cooperating category with IND BB
     (ISSUER NOT COOPERATING)/ Negative /IND A4+ (ISSUER NOT
     COOPERATING) rating.

*includes sub limit of letter of credit and bank guarantee

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

The rating has been downgraded and migrated to the non-cooperating
category due to the lack of timely and updated information by
BLDEU. Furthermore, the downgrade factors an earlier instance of
non-cooperation by BLDEU with Ind-Ra between December 2021 and
August 2022.

Key Rating Drivers

The rating actions are in accordance with Ind-Ra's Guidelines on
What Constitutes Non-Cooperation.  As per the guidelines, timely,
transparent and accurate accounting statements reporting to the
agency is considered by Ind-Ra to be indicative of robust
governance. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information' and in the
absence of timely and relevant information from the issuer, its
ratings may be moved to the Issuer Not Cooperating category and may
result in a downward rating action.

BLDEU did not participate in the rating exercise despite continuous
requests and follow-ups by the agency by emails and phone calls.

Company Profile

BLDE (Deemed to be University) was established as a deemed
university under section 3 of the UGC Act, 1956. BLDEU registered
under the Karnataka Societies Registration act, 1960. BLDEU manages
a college - Shri B. M. Patil Medical College and two hospitals
general hospital with 1,188 beds and super specialty hospital with
150 beds.

Shri B. M. Patil Medical College offers UG Programme MBBS (with an
annual intake of 200 students), PG Programmes in 23 disciplines, PG
Super Specialty Programme in Urology (M.Ch.), DM Cardiology and
Ph.D Programme in 22 disciplines and Innovative courses like
Fellowship, Diploma and Certificate Courses in Medical and Allied
Sciences.




BLUE STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Blue Star
Construction Co. (BSCC; a part of the Blue Star group) continues to
be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              9         CRISIL D (Issuer Not
                                      Cooperating)

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of BSCC and its group company,
Blue Star Building Materials Pvt Ltd (BSBMPL). That's because the
two entities, together referred to as the Blue Star group, have
strong financial and operational linkages and a common management.

The Blue Star group is promoted by Navi Mumbai-based Mr Pandurang
Thakur and family. BSCC, set up as a partnership firm in 1978,
constructs and maintains roads. BSBMPL, incorporated in 1996,
manufactures and lays paver blocks.


BOSTIN ENGINEERS: Ind-Ra Keeps D Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bostin Engineers
Pvt Limited's instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D/Negative (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR 89 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND D (ISSUER NOT   
     COOPERATING) rating;

-- INR 60 mil. Fund Based Working Capital limit maintained in
     non-cooperating category with IND D/Negative (ISSUER NOT
     COOPERATING) rating; and
     
-- INR 4.96 bil. Term loan maintained in non-cooperating category

     with IND D/Negative (ISSUER NOT COOPERATING) rating.     
Company Profile

Incorporated in 1990, Bostin Engineers is a design, engineering and
manufacturing entity for boiler pressure parts and other customized
products for the power industry. It has a manufacturing facility in
West Bengal.



BRATTLE FOODS: Ind-Ra Keeps B+ Loan Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Brattle Foods
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B+/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR 430.5 bil. Term loan due on Apr 30 2023 maintained in non-
     cooperating category with IND B+/Negative (ISSUER NOT
     COOPERATING) rating.
  
Company Profile

BFPL is in the business of leasing the assets on long-term
operating leases to the Future Group companies, Future Supply Chain
Solutions and Future Retail Limited. BFPL is a 100% subsidiary of
Syntex Trading & Agency Private Limited.


BUSH TEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bush Tea
Company Private Limited (BTCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit           20           CRISIL D (Issuer Not
                                      Cooperating)

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

Bush Tea was acquired by the current promoter, Mr Sanjay Prakash
Bansal, in 2009. Prior to the acquisition, the company exported
conventional tea to the US, the UK, and Gulf countries, but now
mostly trades in conventional tea in the domestic market. It also
trades in a small proportion of organic tea. Bush Tea procures
equal amounts of tea from both auction houses and private players
and blends it at its warehouse. The company sells tea mostly to
players such as Tata Global Beverages Pvt Ltd, Jalpaiguri Tea
Company and local players.


C. J. CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of C. J.
Corporation (CJC) continue to remain in the 'Issuer Not
Cooperating' category.

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

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 1,
2022, placed the rating(s) of CJC under the 'issuer
non-cooperating' category as CJC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CJC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 17, 2023, September 27, 2023, October
7, 2023.

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

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

C.J Corporation (CJC) is a partnership firm, established in March
2003, by promoters of Alok group i.e., Jiwrajka family, Mr Mahendra
Chirawawala & Mr Aditya Chirawawala (holding the remaining
proportion equally between them). It is primarily engaged in
manufacturing of Corrugated Boxes and Textile tubes. It also
manufactures some specialized products like corrugated pallets,
container assembly, etc. The manufacturing plant is located at
Silvassa.


CEASAN GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ceasan Glass
Private Limited (CGPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.5         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            5.5         CRISIL D (Issuer Not
                                      Cooperating)

   Funded Interest        1.94        CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Long Term Loan        12.1         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     2.46        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital        2.5         CRISIL D (Issuer Not
   Term Loan                          Cooperating)

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

CGPL was set up in 2007 by Mr. C H V N Raghurama Gupta. Based in
Ongole, Andhra Pradesh, the company manufactures figured,
patterned, or wired glass.


CHEM STAR: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Chem Star
International Private Limited (CIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              5         CRISIL D (Issuer Not
                                      Cooperating)

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

CIPL, set up in 2011, trades in shrimp. The Nellore (Andhra
Pradesh)-based company has been promoted by Mr Shaik Mahaboob and
his family members.


CHHABRA ISPAT: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Chhabra Ispat
Pvt Limited's instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND BB/Negative (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR 3.25 mil. Term loan Non-Fund Based Working Capital Limit
     due on June 30, 2021 maintained in non-cooperating category
     with IND BB/Negative (ISSUER NOT COOPERATING) rating;

-- INR 136.75 bil. Non-Fund Based Working Capital Limit
     maintained in non-cooperating category with IND A4+ (ISSUER  
     NOT COOPERATING) rating; and

-- INR 200 mil. Fund Based Working Capital Limit maintained in   
     non-cooperating category with IND BB/Negative (ISSUER NOT
     COOPERATING) rating.    
    
Company Profile

Incorporated in 2005, Chhabra Ispat is a Burdwan, West Bengal based
MS billets manufacturer.



CHINIWALAS PRIVATE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chiniwalas
Private Limited (CPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          6          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            11.65       CRISIL D (Issuer Not
                                      Cooperating)

   Rupee Term Loan         2.2        CRISIL D (Issuer Not
                                      Cooperating)

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

CPL was set up in 1990, at Pune, by the promoter, Mr Taher
Chiniwala and his family. The company engineers and installs
aluminium and glass doors and windows, claddings and facades, and
sets up clean rooms.


CMT MECHANISED: Ind-Ra Assigns BB+ Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated CMT Mechanised System
Private Limited's (CMT) bank facilities are:

-- INR170 mil. Fund-based facilities assigned with IND
     BB+/Stable/IND A4+ rating;

-- INR150 mil. Non-fund-based facilities assigned with IND A4+
     rating;

-- INR80 mil. Term loan due on March 31, 2031 assigned with
     IND BB+/Stable rating;

-- INR420 mil. Proposed term loan assigned with IND BB+/Stable
     rating;

-- INR110 mil. Proposed fund-based facilities assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR70 mil. Proposed non-fund-based facilities assigned with
     IND A4+ rating.

Key Rating Drivers

The rating reflects CMT's medium scale of operations, with its
revenue increasing to INR1,742.78 million in FY23 (FY22: INR859.80
million), led by an improved order execution and a healthy order
book in hand. During 1HFY24, the company's revenue stood at INR700
million. The company had orders worth INR417 million in hand as of
September 2023. In FY24, Ind-Ra expects the revenue to remain in
line with that in 1HFY24.

CMT has high customer concentration, with 100% of revenue coming
from a single customer. However, this risk is mitigated some extent
given its strong counterparty, i.e. the railways department.

Liquidity Indicator - Stretched: CMT does not have any capital
market exposure and relies on a single bank to meet its funding
requirements. The company plans to incur a capex of INR195 million
in FY24 to purchase a new manufacturing shed, which would be funded
through a term loan of INR138 million and the promoter contribution
of INR57 million. Also, the company has repayment obligations of
INR12.40 million and INR23.70 million in FY24 and FY25,
respectively. CMT's cash flow from operations turned to positive
INR17.88 million in FY23 (FY22: negative INR0.79 million), due to
favorable changes in the working capital. However, its free cash
flow remained negative INR119.10 million in FY23 (FY22: negative
INR17.19 million), due to the capex undertaken by the company. The
cash and cash equivalents stood at INR1.08 million at FYE23 (FYE22:
INR14.04 million). CMT's average maximum monthly utilization of the
fund-based limits was 53.48% and that of the non-fund-based limits
was 64.15% during the 12 months ended September 2023. The net
working capital cycle deteriorated to 66 days in FY23 (FY22: 44),
on account of an increase in debtor days to 153 (99) following a
delay in payments from the railway department. However, CMT
received advances of INR286 million during FY23 to meet its working
capital requirements.

CMT has comfortable credit metrics, despite its gross interest
coverage (operating EBITDA/gross interest expense) falling to
10.41x in FY23 (FY22: 19.72x) and the net leverage (adjusted net
debt/operating EBITDAR) increasing to 1.29x (0.91x), due to an
increase in the interest expenses to INR9.04 million (INR3.15
million) following a rise in its total debt to INR106.73 million
(INR56.26 million). Ind-Ra expects the credit metrics to decline in
FY24, owning to an increase in long-term debt by INR138 million for
purchasing a new manufacturing shed.  

CMT's EBITDA margins remained healthy but declined to 5.41% in FY23
(FY22: 7.22%), owing to a proportionate increase in the operating
expenses and a decrease in the sales of its high-margin products.
Its return on capital employed stood at 25.50% in FY23 (FY22:
20.8%). Till 3MFY24, the company booked EBITDA margin of 8% (EBITDA
of INR35.70 million). The agency expects the company's margin to
remain at the similar levels in FY24.

The rating is also supported by the promoters nearly three decades
of experience in manufacturing industrial products for railway
compartments and furnishing of railway coaches, leading to
established relationships with suppliers.

Rating Sensitivities

Positive: Sustainability in the operating profits, while achieving
higher scale of operations and an improvement in the liquidity
position and the credit metrics, all on a sustained basis, could
lead to a positive rating action.

Negative:  Any significant decline in the scale of operations,
leading to deterioration in the liquidity position and the overall
credit metrics with the net leverage rising above 4.5x, on a
sustained basis, could lead to a negative rating action.

Company Profile

CMT was incorporated in 2019 after dissolving the existing
partnership firm M/s. Century Machine Tools, which was formed in
1995. The company manufactures and supplies parts for coachwork in
railway running stock, including interior furnishing, such as
furbishing, refurbishing of rail coaches. Its factory is in
Vadodara, Gujarat. Hansa Patel and Mani Patel are promoters of the
company.



COASTAL CONSOLIDATED: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Coastal
Consolidated Structures Private Limited (CCSPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          20         CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee           9         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             15         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit              2         CRISIL D (Issuer Not
                                      Cooperating)

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

CCSPL, established in 1996 by Mr M V Ranga Prasad and family,
undertakes civil works such as excavation works, dredging, road and
ports work. It is headquartered in Vijayawada (Andhra Pradesh).


CREATIVE LOOMS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Creative Looms
and Crafts Private Limited (CLCPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          18         CRISIL D (Issuer Not
                                      Cooperating)

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

Creative Looms and Craft Private Limited (CLCPL) was incorporated
in 1983 by Mr. Rishabh Singh and Mrs. Gaeta Singh. The company is
engaged in trading of handicrafts products and furniture. Company
operates through two retail outlets in New Delhi (one each at
Dwarka and Connaught Place).


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

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

   Overdraft Facility       2.5       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Bank            8         CRISIL D (Issuer Not
   Guarantee                          Cooperating)

   Proposed Long Term      12.5       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

CIPPL was set up in 2012 to pursue opportunities in the Real
Estate, Infrastructure & Power sectors is based out of Hyderabad
and is focused on executing large civil & urban projects such as
roads, highways, ports, railway lines etc. The company is promoted
by T S Babu, KRS Prasad and T Subba Lakshmi.


DINESH TEXTILE: Ind-Ra Keeps B+ Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dinesh Textile
Mills's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating actions are:

-- INR40 mil. Fund Based Working Capital Limit maintained in  
     non-cooperating category with IND B+/Negative (ISSUER NOT   
     COOPERATING) rating;

-- INR2.5 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating; and

-- INR11.69 bil. Term loan maintained in non-cooperating
     category with IND B+/Negative (ISSUER NOT COOPERATING)
     rating.
   
Company Profile

DTM is a partnership firm incorporated in 2012 by A.S. Dinesh and
S. Jayanthi. The company manufactures garments and exports them to
European countries.


DOSHION PRIVATE: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Doshion Private Limited
A-806, Sankalp Iconic Tower, Iscon Ambli Road,
        Ahmedabad-380054 Gujarat

Liquidation Commencement Date: October 3, 2023

Court: National Company Law Tribunal
       Division Bench-I, Ahmedabad

Liquidator: Mr. Bijay Murmuria
            Sumedha Management Solutions Private Limited
     8B, Middleton Street,
            6A, Geetanjali Apartments,
            Kolkata, West Bengal, India 700071
            Email: info@sumdehamanagement.com
                   ip.doshionpvtltd@gmail.com

Last date for
submission of claims: November 8, 2023


DV EXPORTS: Ind-Ra Keeps BB- Bank Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained D.V. Exports
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB-/Negative (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating action is:

-- INR190 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Negative(ISSUER NOT  
     COOPERATING).

Company Profile

D.V. Exports is engaged in the trading of cotton yarn and cotton
bales.


ELECTROTEKNICA: Ind-Ra Keeps B+ Rating in Non-Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Electroteknica
Switchgears Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND B+/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR 15 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with B+/Negative (ISSUER NOT  
     COOPERATING) rating; and

-- INR 50 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category  with IND A4 (ISSUER NOT
     COOPERATING).

Company Profile

Incorporated in 1989 in Kolkata, Electroteknica Switchgears
manufactures switchgears.



GAUTAM TRADING: Ind-Ra Keeps B+ Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gautam Trading
Company's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating actions are:

-- INR 250 mil. Fund Based  Working Capital Limit maintained in  
     non-cooperating category with IND B+/Negative IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR 18.8 mil. Term loan due on Dec 31, 2020 maintained in non-
     cooperating category with IND B+/Negative (ISSUER NOT
     COOPERATING) rating.
    
Company Profile

Gautam Trading Company is a proprietorship firm, involved in the
trading of whole spices, oil seeds and agro commodities.


GG EXPORTS: Ind-Ra Withdraws BB+ Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained G.G. Exports
bank facilities in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR1.0 bil. Fund-based working capital limits maintained in
     non-cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

*Maintained at 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
because G.G. Exports did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
emails and phone calls, and has not provided information pertaining
to the audited financials, interim financials, management
certificate and bank limit utilizations. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender and
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer
provide analytical and rating coverage for the company.

Company Profile

Formed in 2010, G.G. Exports is a partnership firm that is wholly
owned and managed by the Zadaphia family. The firm is engaged in
the cutting and polishing of 0.01-3.00-carat-sized diamonds. The
firm has a manufacturing facility in Surat, Gujarat, which has a
monthly capacity of 15,000-20,000 carats and a registered office in
Mumbai, Maharashtra.


GIE JEWELS': Ind-Ra Keeps BB+ Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gie Jewels'
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating actions are:

-- INR 100 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB+/Negative / IND
     A4+ (ISSUER NOT COOPERATING) rating; and
  
-- INR 25.23 bil. Term loan maintained in non-cooperating
     category with IND BB+/Negative (ISSUER NOT COOPERATING)
     rating.
         
Company Profile

Established in 2011, Gie Jewels is a partnership concern that
manufactures ornaments and jewelry from gold, silver and
semiprecious stones.


GOLDEN SHELTERS: CRISIL Withdraws D Rating on INR35cr Term Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Golden Shelters Private
Limited (GSPL; part of the GS group) to 'CRISIL D/CRISIL D/Issuer
not cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of GSPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of GSPL
from 'CRISIL D/CRISIL D Issuer Not Cooperating to 'CRISIL D/CRISIL
D'. The rating action is in line with CRISIL Ratings' policy on
withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Overdraft Facility      10      CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan               35      CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan                5      CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GSPL and Prajit Foundation Pvt Ltd
(PFPL). That's because the two companies, collectively referred to
as the GS group, are in the same line of business and have common
promoters.

Incorporated in 2002, GSPL conducts wellness courses at its centre
in Chittor district, Andhra Pradesh. The company started leasing
out commercial real estate space in fiscal 2013.

PFPL, incorporated in 2001, conducts yoga, meditation, and wellness
courses. It started operations in 2008.


GOOD-DAY FOODS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Good-Day Foods Private Limited
        A-61/62, Road No. 22 Wagle Indl. Estate
        Thane, MH-400604

Liquidation Commencement Date: October 5, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Jeetendra Rajpal Daryani
     B-504, Atlantis, Hiranandani Gardens,
            Mian Street, Powai, Mumbai-400706
            Email: nikhil564@yahoo.com
                   liq.gooddayfoods@gmail.com

Last date for
submission of claims: November 4, 2023

GOPAL KRISHNA: Ind-Ra Keeps B Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gopal Krishna
Rice Mills instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND B/Negative(ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR 70 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND B/Negative/IND A4 (ISSUER  

     NOT COOPERATING) rating.

Company Profile

Gopal Krishna Rice Mills is a partnership entity engaged in rice
milling and sorting.



GR INFRASTRUCTURE: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained G.R.
Infrastructure Private Ltd.'s instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND BB/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR 25 mil.  Non-Fund Based Working Capital Limit maintained  
     in non-cooperating category with IND BB/Negative/IND  
     A4+ (ISSUER NOT COOPERATING) rating;

-- INR 40 mil. Cash Credit maintained in non-cooperating category

     with IND BB/Negative (ISSUER NOT COOPERATING) rating; and

-- INR 418.3 bil. Term loan maintained in non-cooperating
     category with IND BB/Negative (ISSUER NOT COOPERATING)
     rating.
    
Company Profile

Established in 2005, G.R. Infrastructure provides crane and
equipment on a rental basis in India.



INABENSA BHARAT: Ind-Ra Keeps D Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Inabensa Bharat
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR 150 mil. Fund Based Working Capital Limit rating
     maintained in non-cooperating category with IND D/Negative /
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR 50 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND D/Negative/IND D (ISSUER
     NOT COOPERATING) rating.
  
Company Profile

Incorporated in September 2002, Inabensa Bharat is engaged in the
execution of transmission and distribution projects, and trading
activities for group entities.


INDIA MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of India Mega
Agro Anaj Limited (IMAAL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            53.3        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            40          CRISIL D (Issuer Not
                                      Cooperating)

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

   Proposed Long Term      2.75       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               5          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               3.54       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               5          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               3.41       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               7          CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in June 2010 and promoted by Mr. Ajaykumar Baheti, Mr.
Radheshyam Maniyar, and their family, IMAAL is a mega food
processing company that mills rice, flour, and pulses, processes
cattle feed, and operates an oil mill and refinery. Operations at
the solvent extraction plant and biscuit manufacturing unit
commence its operation during the first-half of fiscal 2018.
Manufacturing and processing units are located in Nanded,
Maharashtra, spread over 50 acres.


J P SINGHAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of J P
Singhal & Company (JPSC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          15.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 27,
2022, placed the rating(s) of JPSC under the 'issuer
non-cooperating' category as JPSC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JPSC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 12, 2023, September 22, 2023, October
2, 2023.

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

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

JPSC was established in December, 1982 as proprietorship firm by
Mrs. Kamaladevi Singhal which was later on reconstituted as
partnership firm in November 2013. Presently, JPS is managed by
four partners namely Mr. Jai Prakash Singhal, Mr. Narendra Kumar
Singhal, Mr. Dinesh Kumar Singhal and Mr. Madanlal Singhal. JPS is
engaged into providing services such as conducting seismic surveys,
bunk accommodation, catering, equipment supply, manpower supply and
housekeeping service. JPSC is also engaged into trading of
stationery, hardware products, electronic products, gaming
equipment, sports and gym items etc.


JYOTI ENTERPRISES: Ind-Ra Keeps B+ Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jyoti
Enterprises instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND B+/Negative (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR 40 mil Fund Based Working Capital Limit maintained in non-

     cooperating category with IND B+/Negative (ISSUER NOT
     COOPERATING) rating; and

-- INR 60 mil. Fund/Non-Fund Based Working Capital Limit   
     maintained in non-cooperating category IND A4 (ISSUER NOT
     COOPERATING) rating.
      
Company Profile

Jyoti Enterprises was incorporated in 1990 by Mr. Jai Prakash Goyal
as a proprietorship concern. It trades mild steel and heavy steel
plates and other structural items such as angles and channels.



KALIKUND DEVELOPERS: Ind-Ra Keeps B+ Loan Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kalikund
Developers instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND B+/Negative(ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR 295 mil. Term loan due on Oct 31, 2018 maintained in non-
     cooperating category with IND B+/Negative (ISSUER NOT
     COOPERATING) rating.

Company Profile

KD is a registered partnership firm constituted in 2007 for the
construction of residential towers. The firm is promoted by Naresh
R Mehta.



KARTYA TEXTILES: Ind-Ra Affirms Bank Loan Rating to B+
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kartya Textiles
Private Limited's (KTPL) bank facilities at IND B+. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits affirmed with IND B+/Stable/IND
     A4 rating;

-- INR400 mil. Term loans due on October 2033 affirmed with IND
     B+/Stable rating;

-- INR50 mil. Fund-based limits assigned with IND B+/Stable/IND
     A4 rating; and

-- INR33 mil. Term loans due on August 2033 assigned with IND
     B+/Stable.

Ind-Ra has factored in the support provided to KTPL by its group
company, Kartya Constructions Private Limited (KCPL), to arrive at
the ratings. KCPL has extended a corporate guarantee towards KTPL's
bank debt as working capital limits and infused INR164 million as
equity.

Key Rating Drivers

The ratings reflect the nascent stage of operations of KTPL, which
commenced operations in mid-August 2023. Although its operations
were scheduled to begin from April 2023, it was delayed by more
than four months, due to a delay in the arrival of machinery from
Japan that was vital for yarn production. Ind-Ra expects the scale
of operations to remain small and its revenue to be lower than
projected in FY24, due to the time overrun. Besides, the machinery
needs to be run for close to 500 hours before achieving the optimum
utilization for producing desired quality of yarn that would occur
only in November 2023.

In terms of cost overruns, KTPL witnessed 4% cost overrun with
total project outlay of INR650 million (projected: INR625 million),
due to higher construction cost. The additional cost of the capex
was met through the promoter funding.

Ind-Ra expects EBITDA margins to remain modest in FY24 as the
optimum utilization of the spinning mill will only be achieved
November 2023 onwards and the credit metrics would likely remain
weak in light of its interest costs of INR45 million-55 million
annually, owing to high interest rate of 12.15% on the term loans
and the cash credit facility.

Liquidity Indicator - Stretched: KTPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The company has debt repayments of
INR12 million and INR28.2 million in FY24 and FY25, respectively.
The agency expects its liquidity to remain stretched, due to high
interest costs annually. The company would meet its working capital
requirements through fund-based working capital limits of INR150
million that was sanctioned and utilized 9.4% till August 2023.

The rating, however, is supported by the unit's automation
processes, such as speed frame to ring frame automation and
automatic bale plucking in the blow room, which should help reduce
the labor cost.

Rating Sensitivities

Negative: Any delays in achieving stable operating performance,
resulting in lower-than-expected scale of operations and the credit
metrics and/or deterioration in liquidity, could be negative for
the rating.

Positive: The achievement of stable operating profitability with an
improvement in liquidity and the interest coverage remaining above
1.4x will be positive for the ratings.

Company Profile

KTPL was incorporated in October 2021 with the objective of
manufacturing cotton yarn of 20 and 30 count. The company completed
the construction of its spinning mill in Madurai with a capacity of
9120 spindles in mid-August 2023 and had its first full month of
operations in September 2023.

KRUSHNA ENTERPRISES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Krushna
Enterprises (SKE; part of Maa Kalika group) continues to be 'CRISIL
D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              4         CRISIL D (Issuer Not
                                      Cooperating)

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SKE, Kohenoor Industries
(KI), Maa Kalika Bhandar (MKB), and Dwarikamayee Bhandar (DB). The
firms, together referred to as the Maa Kalika group, are under a
common management with common customer and supplier base. Moreover,
the promoters treat the four entities as one single group for
funding and support.

The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr Pawan Kumar Jajodia and his son, Mr Jay Jajodia.


LAKSHMINARASIMHA POULTRY: CRISIL Keeps C Ratings in Not Coop.
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Lakshminarasimha Poultry Farms Private Limited (SLNP; part of the
Sri Lakshmi Narasimha group) continue to be 'CRISIL C Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           23.53        CRISIL C (Issuer Not
                                      Cooperating)

   Long Term Loan        17.5         CRISIL C (Issuer Not
                                      Cooperating)

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SLNP and K.J.L. Poultries
Pvt Ltd (KJL), together referred to as the Sri Lakshmi Narasimha
group. This is because both the companies are under a common
management and have considerable operational and business synergies
with each other.

Set up in 2004, SLNP is engaged in the poultry business. SLNP is
promoted by Mr. Satyanarayana Raju and his family members. Set up
in 2011, KJL is also engaged in the poultry business. KJL is also
promoted by Mr.


P. G. SILK: Liquidation Process Case Summary
--------------------------------------------
Debtor: P.G. Silk Mills Private Limited
Shop No. C-1004, Gopal Chamber,
        Salabatpura, Ring Road,
        Surat, Gujarat-395006

Liquidation Commencement Date: September 27, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Mr. Suhas Dinkar Bhattbhatt
     520, Grand K-10, Behind Atlantis K-10,
            Opp. Honest Restaurant,
            Near Genda Circle,
            Vadodara, Gujarat, 390007
            Email: cirp.pgsml@gmail.com
                   cssuhasb@gmail.com

Last date for
submission of claims: October 27, 2023

PAS TRADING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of PAS
Trading House (PTH) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.94       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          19.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2022, placed the rating(s) of PTH under the 'issuer
non-cooperating' category as PTH had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PTH
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 17, 2023, October 19, 2023, October 25,
2023.

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

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

PAS Trading House (PAS) was established in 2015 as a partnership
firm by Mr. Sunil Khanna, Mrs. Alka Khanna and Mr. Puranjay Khanna.
PAS Trading House is engaged in trading of various grades of paper
such as coated wood free paper, printing paper, label paper,
speciality paper, packaging paper, etc. which are 100% domestically
supplied to the local printers, publishers, label manufacturers,
packaging industries, traders & wholesalers which are majorly based
in Maharashtra, Madhya Pradesh and Gujarat and it finds its
application in pharma industry, FMCG goods industry, barcode
industry, packaging industry and beer manufacturing industry.


RAIN BIRD: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Rain Bird Products and Services Private Limited
2nd Floor, VEN Business Centre,
        Survey No. 135/1 Banner-Pashan Link Road Pune
        Pune, Maharashtra-411021, India

Liquidation Commencement Date: September 30, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Shashikant Shravan Dhamne
     10, Shreeban, Opp. Police Ground,
            F.C. Road, Shivajinagar,
            Pune-411016, Maharashtra
            Email: ssdhamne@yahoo.co.in
            Telephone No: 020-25665551

Last date for
submission of claims: October 30, 2023

RAMESHWARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Rameshwaram Cotton Mills (RCM) continue to remain in the 'Issuer
Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 7,
2022, placed the rating(s) of RCM under the 'issuer
non-cooperating' category as RCM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RCM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 23, 2023, September 2, 2023, September
12, 2023.

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

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

Aurangabad (Maharashtra) based Rameshwaram Cotton Mills (RCM) was
incorporated in December 31, 2015 by Mr. Ravikumar Rameshwar Garg
and Mr. Girdharilal Rameshwar Garg with an objective to set up
green field project for cotton ginning and pressing at Melasangem,
Andhra Pradesh. RCM envisaged total project cost of INR4.88 crore
towards the project which was envisaged to be funded through term
loan of INR3.25 crore and remaining of INR1.63 crore through
unsecured loans and share capital.


SADBHAV VIDARBHA: CARE Lowers Rating on INR514cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sadbhav Vidarbha Highway Limited (SVHL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      514.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Negative

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 3, 2022,
placed the rating of SVHL under the 'issuer non-cooperating'
category as SVHL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SVHL continues
to be non-cooperating despite repeated requests for submission of
information through e-mails dated June 19, 2023, June 29, 2023 and
July 9, 2023 and numerous phone calls.

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

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

The rating has been revised on account of delays and default in the
debt servicing obligations as recognised from publicly available
information i.e. Audit Report of FY22 (updated from Registrar of
Companies) along with non-availability of requisite information.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers

At the time of last rating on August 3, 2022, the following were
the rating strengths and weaknesses (Updated basis the publicly
available information):

Key Weaknesses

* Delay in debt and interest servicing obligations: There have been
delays/defaults in servicing of its interest and repayment
obligations as reported in Audit Report of FY22 (updated from
Registrar of Companies).

* Inordinate delay in project execution increasing risk of
annuities deduction and cost overrun: SVHL is exposed to inherent
construction risk attached to build-operate-transfer (BOT) road
projects. SVHL had received appointed date on May 21, 2018, and the
project was scheduled to be completed by October 27, 2019. However,
against this, the actual project progress as on July 31, 2021,
stood at 74% with no major work done in last one year. This
significant slowdown in project execution is mainly on account of
funding challenges owing deterioration in the credit profile of
sponsor, impact of Covid-19 and various other hindrances.
Inordinate delay in project execution leads to increased risk of
cost overrun and levy of damages and deduction in annuities by
NHAI. In order to improve the project progress SIPL has infused
entire balance equity commitments during Q1FY22. The company has
applied for EOT for shifting project milestone- 3 to April 30,
2021, and SCOD to March 31, 2022, citing various reasons attributed
to authority for the delayed execution. However, as on September
30, 2021, EOT is yet to be approved by NHAI. Receipt of EOT without
further delay shall be crucial from credit perspective.

* Weakening credit profile of SEL and SIPL: Sadbhav Infrastructure
Projects Limited (SIPL; rated CARE B/CARE A4 (Credit Watch with
Negative Implications); ISSUER NOT COOPERATING) is the sponsor and
Sadbhav Engineering Limited (SEL) is the EPC contractor for SVHL.
SEL and SIPL have experience of successfully constructing,
operating and maintaining BOT projects for more than a decade.
However, credit profile of both SEL and SIPL have weakened on
account of steady decline in scale of operations and stretched
liquidity position driven by high GCA days depicting weak execution
capabilities. The liquidity position of SEL and SIPL remained
stretched despite raising substantial long-term funds in H1FY22.
SIPL raised INR991 crore in Q1FY22 through sale of InvIT units and
asset backed long term debt. Nevertheless, sustained delay in
scaling up of operations owing to large proportion of slow-moving
order book, stretched current assets levels and cost overrun in
ongoing HAM projects have outweighed the fund-raising benefits
resulting in stretched liquidity evinced by near full utilization
of fund-based limits on prolonged basis. Sadbhav group has also
entered into stake sale agreement of Maharashtra Border Check Post
Network Ltd with Adani group, envisages receipt of arbitration
claims and planned stake sale proceeds of its HAM assets to tide
over liquidity constraints.

* Inherent O&M risk: Although inflation indexed O&M annuity partly
mitigates O&M risk, projects would still face the risk of sharp
increase in O&M cost due to more than envisaged wear and tear and
aggressive bidding in O&M cost.

* Inherent interest rate risk: SVHL is exposed to interest rate
risk since the project debt is envisaged to be sanctioned with a
floating rate of interest which is reset periodically. The interest
rate risk is partially mitigated on account of receipt of the
interest annuity at the applicable bank rate + 300 bps. However,
there is a likelihood of a lag between the reductions in the bank
rate and the lending rate to the company. Consequently, it may
result in a temporary variability on the cash flow available for
debt servicing.

Key Strengths

* Assured cash flow due to annuity nature of the revenue stream
linked to inflation indexed O&M annuity and bank rate linked
interest annuity during operational phase: During operational
phase, cash flow is assured in the form of annuity payments from
NHAI on semi-annual basis covering 60% of the project completion
cost along with interest at 'bank rate plus 3%' on reducing balance
and inflation indexed O&M annuity. Further, BPC and O&M cost shall
be inflation indexed (through a Price Index Multiple [PIM]), which
is the weighted average of Wholesale Price Index (WPI) and Consumer
Price Index (CPI) in the ratio of 70:30. Inflation indexed BPC
protects the developers against price escalation to an extent.

* Low counterparty credit risk: Incorporated by the Government of
India (GoI) under an Act of Parliament as a statutory body, NHAI
functions as the nodal agency for development, maintenance and
management of the national highways in the country. The outlook on
NHAI reflects the outlook on the sovereign, whose direct and
indirect support continues to be the key rating driver.

Liquidity: Poor

SVHL's liquidity is poor due to ongoing delays in debt servicing
and inordinate delay in project execution leading to increase in
interest during construction and reliance on the sponsor till
stabilization of revenue streams.

SVHL, a special purpose vehicle (SPV) incorporated and owned by
SIPL has entered into 17.50-year concession agreement (CA)
(including construction period of 910 days from appointed date)
with NHAI for the design, build, finance, operate and transfer
(DBFOT) of 66.88 km of road on hybrid annuity basis. The project
under consideration aims at four laning of the WarangaMahagaon
Section from Km 253.700 to Km 320.580 Km (i.e. approximate length
of 66.88 km) of NH-361 in the State of Maharashtra. The project
includes augmentation of the existing two lanes into four lanes.
The total cost of the project is INR1071.00 crore being funded
through promoter's contribution of INR129.00 crore, term debt of
INR514.00 crore and grant from NHAI of INR428 crore.


SCORPIO TELEVISION: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Scorpio Television India Private Limited
Star House, Urmi Estate,
        95 Ganpatrao Kadam Marg,
        Lower Parel (W), Mumbai - 400013

Liquidation Commencement Date: October 3, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Ms. Kala Agarwal
     801, Embassy Centre,
            Jamnalal Bajaj Road,
            Nariman Point, Mumbai 400021
            Email:pcskalaagarwal@gmail.com
            Mobile: 07021597117

Last date for
submission of claims: November 1, 2023


SPRAY ALCANS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Spray Alcans
(SA) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.5         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.1         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              5.2         CRISIL D (Issuer Not
                                      Cooperating)

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

Set up in March 2015 as a partnership firm by Ms. Ashu Goel and her
son, Mr. Aayush Goel, SA purchased an existing aluminium can
manufacturing unit in Dehradun in November 2015 and commenced
operations from February 2016.


TERRA DEVELOPERS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Terra
Developers (TD) continues to be 'CRISIL D Issuer Not Cooperating'.

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

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

TD was formed as a partnership firm in 2013. The firm is currently
developing a residential project called 'Terra Heritage' at Bhiwadi
(Rajasthan).


V3S INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V3S Infratech
Limited (V3S) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         11.61       CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            34.38       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               7.01       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with V3S 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 V3S, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on V3S
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
V3S continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

V3S was incorporated in 2003, promoted by the Kurele family. The
company develops real estate commercial and residential projects
and also undertakes construction activities. It is owned by Mr.
Yogendra Chandra Kurele, his son Mr. Chanchal Kurele and his wife
Mrs. Manjulata Kurele.


VEGGIECRAFT FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Veggiecraft
Food Private Limited (VFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan          7.5        CRISIL D (Issuer Not
                                      Cooperating)

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

VFPL, promoted by Mr Chander Prakash Chabra, Ms Karuna Rawat, Mr
Param Dhanot, and Mr Kunal Malik in 2014, harvests, processes,
stores, packs, and cans mushrooms, and has a dairy plant in
Mathura, Uttar Pradesh.


ZEE ENTERTAINMENT: NCLAT Moves Insolvency Plea Hearing to Dec. 6
----------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) on Nov. 8 adjourned its hearing to December 6 over
the plea of IDBI Bank seeking to initiate insolvency proceedings
against Zee Entertainment. A three-member NCLAT bench deferred the
hearing after the counsel appearing in the matter sought an
adjournment to complete the pleadings.

According to ET, IDBI Bank in its plea has challenged the order of
the Mumbai bench of the National Company Law Tribunal (NCLT),
which, on May 19, 2023, had set aside the insolvency plea against
the media major, observing that it was barred under Section 10A of
the Insolvency & Bankruptcy Code (IBC).

In its order, the NCLT bench had said that ZEEL, which was the
corporate guarantor for the loan availed by Siti Networks -- the
principal borrower of IDBI Bank -- has committed a default.

However, the default was committed during the timeline specified
under section 10A of the IBC, ET relays.

Section 10A mandates no application for initiation of a corporate
insolvency resolution process (CIRP) can be filed against any
debtor by any financial and operational creditor for any default
arising on or after March 25, 2020, for a period of one year.

This was a special provision inserted by the government in IBC to
help the companies after the economic activities had resumed
post-lockdown in phases.

According to ET, the NCLT said Section 10A bars absolutely and
forever, the filing of any application under Sections 7, 9 and 10
of the Code, for defaults committed on or after March 25, 2020, up
to March 25, 2021.

Siti Networks has taken a loan of INR150 crore for a working
capital facility and as per the agreement, it has to maintain a
Debt Service Reserve Account (DSRA), ET relays.

In DSRA, a credit balance equal to two quarters of interest on
working capital was required to be maintained by Siti Networks at
all times till the repayment. However, there was a default.

On March 5, 2021, IDBI Bank invoked the guarantee provided by ZEEL
and called to pay INR61.97 crore with further interest from
February 18, 2021. It claimed an amount of INR149.60 crore in
default.

ZEE is merging with Culver Max Entertainment (earlier known as Sony
Pictures Networks India), for which it has been given a go ahead by
a NCLT bench from Mumbai. This has also been challenged by IDBI
Bank in a separate petition.

Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.




=====================
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 of the company on Nov. 2,
2023.



GORGEOUS TAUPO: Court to Hear Wind-Up Petition on Dec. 5
--------------------------------------------------------
A petition to wind up the operations of Gorgeous Taupo Limited will
be heard before the High Court at Rotorua on Dec. 5, 2023, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 2, 2023.

The Petitioner's solicitor is:

          Timothy Saunders
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


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  
          PO Box 3678
          Auckland 1140


KIWI INNOVATIVE: Creditors' Proofs of Debt Due on Nov. 30
---------------------------------------------------------
Creditors of Kiwi Innovative Food Limited and Stevenson Consulting
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 Wellington appointed Janet Sprosen and Leon
Francis Bowker of KPMG as liquidators of the company on Oct. 31,
2023.


LADY DORA: Court to Hear Wind-Up Petition on Dec. 1
---------------------------------------------------
A petition to wind up the operations of Lady Dora Fruits & Veges
Limited will be heard before the High Court at Auckland on Dec. 1,
2023, at 10:00 a.m.

Fresh Direct Limited filed the petition against the company on Oct.
5, 2023.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          Level 19, 191 Queen Street
          Auckland


MEDIAWORKS NZ: Confirms Working With Goldman Sachs in Refinancing
-----------------------------------------------------------------
Stuff.co.nz reports that MediaWorks has confirmed they are working
with Goldman Sachs "in connection with its ongoing refinancing
discussions".

"The Board is not considering an imminent sale of MediaWorks in
whole or part. MediaWorks is entirely focussed on delivering
outstanding results for its customers, audiences and employees,"
Stuff quotes a spokesperson as saying.

The company owns radio stations such as More FM, The Rock, The Edge
and The Sound, as well as an outdoor advertising business.

On Nov. 9, CEO Wendy Palmer sent out a message to staff, sighted by
Stuff, that said: "another day, another media story about us -
speculating that we are about to be sold in full or part".

"I know this continued media speculation is unsettling, and we are
doing what we can to shut down the rumour mill . . . If you have
any concerns please get in touch."

According to Stuff, MediaWorks' annual report revealed in October
that there was "material uncertainty which may cast significant
doubt" about the company's ability to continue as a going concern.


The annual report shows that the MediaWorks group suffered a loss
of NZD125.9 million in the year to December 31, 2022, compared to a
NZD4.9 million loss the year before, Stuff discloses.

Its assets fell from NZD264.7 million to NZD140.6 million. It had
negative working capital of NZD19.4 million, from negative NZD2.2
million a year earlier and cash balances of NZD12.7 million, from
NZD13.7 million in 2021.

But the reports also noted that the business had had to amend its
banking covenants for the June and September quarters, and the
September covenants were waived.

In a statement at the time, MediaWorks said shareholders and
management had "every confidence" in the future of the business,
Stuff recalls.

Throughout this year, the company introduced several cost-saving
measures, including the discontinuation of the talk radio station
Today FM.

Simultaneously, the former CEO Cam Wallace stepped down and Palmer
was appointed.

MediaWorks NZ Limited -- http://www.mediaworks.co.nz/-- through
its subsidiaries, operates in the television and radio broadcasting
sectors in New Zealand.  It operates the TV3 television network,
which primarily offers news, current affairs, and sports programs,
as well as entertainment programs; and C4, a free-to-air music
channel.


SUPIE LTD: Creditors Vote for Liquidation
-----------------------------------------
BusinessDesk reports that creditors of failed online grocery
business Supie voted in favor of liquidation at a watershed meeting
on Nov. 9.

BusinessDesk counted 14 people in two meetings about the company
held Nov. 9, despite 100 chairs laid out at PwC's Auckland central
office.

Seven creditors with debts valued at NZD39,671 voted in favor of
Supie Limited's liquidation, with one creditor abstaining,
according to BusinessDesk.

Initial estimates by PwC when the company was in administration put
total debts at about NZD3 million.

Supie Ltd was an Auckland-based independent virtual supermarket.

Richard Nacey and Stephen White of PwC were appointed joint and
several Voluntary Administrators of Supie Ltd, Bevie Ltd, and
Workerly Ltd on Oct. 30, 2023.




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

MFT GROUP: In Talks w/ Creditors for 5-Yr. Debt Restructuring Plan
------------------------------------------------------------------
Bilyonaryo.com reports that the MFT Group of Companies, led by its
CEO Maria Francesca "Mica" Tan, has initiated negotiations with its
creditors to secure consensus on a five-year restructuring plan.

Atty. Estrella Elamparo, legal counsel for MFT, has attributed the
substantial financial challenges faced by the Philippine hospital
system amid the pandemic as a driving force for select Foundry
shareholders to explore debt repayment restructuring, according to
Bilyonaryo.com.

MFT secures funding from the Foundry, where Ms. Tan is also a
co-founder.

Bilyonaryo.com relates that the Foundry's shareholders collectively
constitute a pool of creditors dedicated to raising additional
capital for MFT and its various ventures, with the understanding
that compensation will be facilitated upon reimbursements from
MFT.

According to the report, Ms. Elamparo has detailed the proposed
plan, which entails the repayment of debt with interest over a
five-year horizon. While a majority of creditors have expressed
their consent, a minority remains undecided.

She emphasized that the Foundry/MFT creditors are knowledgeable and
have profited from the arrangement over the past nine years, with
many seeing substantial returns.

"In all the nine years of MFT's operations, they have consistently
reported successful financial cycles each year. However, like many
other enterprises, MFT has suffered financially, which has
disrupted the scheduled repayments," Ms. Elamparo further
explained.

While acknowledging the unfortunate situation, Ms. Elamparo
expressed optimism for MFT's recovery as the economy improves,
Bilyonaryo.com relays. Ms. Tan is actively reaching out to partners
and shareholders to resolve misunderstandings and aims for a
peaceful resolution.

Bilyonaryo.com adds that Ms. Elamparo has also accused some
creditors of the MFT/Foundry of employing tactics to expedite the
return of their investments rather than seeking amicable or legal
resolutions.

"These creditors are well-educated and, I must emphasize, have
benefited from this arrangement, earning significant returns over
the past nine years through loans provided to Foundry shareholders.
The transactions have always been at arm's length, and many
creditors have realized considerable profits," she pointed out.

MFT Group is a private equity firm.




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

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

Birgitta Hildegard Von Dresky filed the petition against the
company.

The company's liquidators are:

          Don Ho Mun-Tuke
          Ho Chjuen Meng David Donald
          DHA+PAC
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


FLASH TECH: Commences Wind-Up Proceedings
-----------------------------------------
Members of Flash Tech Pte Ltd, on Oct. 31, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

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


GOLDEN SUNRISE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Golden Sunrise Investment and Real Estate Pte Ltd, on
Nov. 1, 2023, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


KANGFU INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Oct. 20, 2023, to
wind up the operations of Kangfu International Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


STRAITS INC: Creditors' Proofs of Debt Due on Dec. 7
----------------------------------------------------
Creditors of Straits Inc 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. 31, 2023.

The company's liquidators are:

          Lin Yueh Hung
          Goh Wee Teck
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


YOMA STRATEGIC: Net Loss Narrows to US$2.5MM in H1 Ended Sept. 30
-----------------------------------------------------------------
The Business Times reports that Yoma Strategic on Nov. 9 said it
narrowed its net loss to US$2.5 million for the six months ended
September, compared with a net loss of US$8.5 million posted in the
same period the previous year.

The results translate to a loss per share of US$0.0012, compared
with US$0.0039 recorded in the first half of 2022, the group said.

BT relates that the results came as revenue climbed 70.7 per cent
year on year to US$111.6 million from US$40.9 million, after the
group included its subsidiary Wave Money in its financials with
effect from December 2022.

Revenue of all business segments improved. Yoma Land Development
comprised 42.9 per cent of total revenue, and Yoma F&B (food and
beverage) comprised 15 per cent.

According to BT, the group's Yoma Land Development segment raked in
US$47.9 million during the half-year period, up 243.4 per cent from
the US$14 million recorded in the same period the year before.

Wave Money added US$29.1 million to its mobile financial services
segment. In the same period last year, Wave Money's results were
recognised as a share of profits in an associated company and were
not recorded in H1 2022's revenue figures.

Yoma F&B, meanwhile, rose 47.3 per cent to US$16.7 million from
US$11.3 million, supported by business from the group's KFC and
YKKO restaurants, BT discloses.

BT says the board did not recommend any interim dividend for the H1
period, unchanged from the year before.

Yoma Strategic Holdings Ltd. -- https://www.yomastrategic.com/ --
an investment holding company, engages in the real estate,
automotive and heavy, leasing, mobile financial, food and
beverages, and investment businesses in Singapore, Myanmar, and the
People's Republic of China.





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

JKN GLOBAL: Miss Universe Owner Files for Bankruptcy in Thailand
----------------------------------------------------------------
Bangkok Post reports that JKN Global Group Plc, the SET-listed
media company that owns the Miss Universe beauty pageant brand, has
petitioned for debt rehabilitation as it seeks to solve a liquidity
squeeze.

Bangkok Post relates that the business rehabilitation request was
submitted to the Central Bankruptcy Court on Nov. 8, JKN said in a
filing to the Stock Exchange of Thailand.

JKN shares dropped by the daily limit of 30% to a record low 0.76
baht, extending this year's slump to 81%, when trade opened on Nov.
9 morning.

According to Bangkok Post, the company has petitioned to adjust
interest rates on existing debt and extend its debt repayment
period, and proposed itself as a planner for the process.

JKN, which bought the Miss Universe Organization for $20 million in
October last year, has delayed some payments for its bonds, citing
global and domestic economic challenges, the report says. The
company is seeking the bankruptcy proceeding even after some
investors in September agreed to extend the payment of due bonds.

The company's founder and largest shareholder, Jakkaphong "Anne"
Jakrajutatip, said earlier in September that she had sold nearly
100 million shares through "forced selling" to comply with margin
accounting rules after the share price dropped by more than 50% in
one week, recalls Bangkok Post.

Bangkok Post says the rehabilitation plan includes the request for
an extension of debt repayment and waiver of interest charges to
enable JKN to generate income from operations to service all
creditors, according to the company. It will also look for
financial support from new investors or a financial institution.

Moreover, the plan will offer a guideline for the sale of
non-productive assets to raise funds to pay creditors. Under the
court proceeding, the company can continue operating, which is a
sustainable solution to JKN's current liquidity problem, it said in
the statement, Bangkok Post relays.

As of June 30, JKN had total liabilities of THB7.4 billion, almost
half of which were owed to bond investors, Bangkok Post discloses
citing a filing.

Ms. Jakkaphong, a celebrity media tycoon and transgender rights
advocate, made global headlines when she announced her company's
purchase of the Miss Universe Organization last year.
  
                         About JKN Global

JKN Global Group PCL (BKK:JKN) -- https://jknglobalgroup.com/ --
together with its subsidiaries, engages in content distribution
business in Thailand. It operates through five segments: Sales of
Program Rights, Advertising Services, Sale of Products, Miss
Universe License Management Business, and Other Business. The
company is involved in the distribution of contents of the movies,
series, and documentaries; and production and distribution of
non-alcoholic beverages. It also provides advertising services;
offers television stations; engages in the manufacture and
distribution of health, beauty, and consumer products; and produces
and distributes television programs that granting the copyright to
the Miss Universe pageant and relating to the Miss Universe
pageant's activities. In addition, the company offers studio
leasing, costume rental, and artist management services, as well as
organizes events; and retail sale through mail order, television,
radio, and telephone. It also exports its products. The company was
formerly known as JKN Global Media Public Company Limited and
changed its name to JKN Global Group Public Company Limited in May
2022.


                           *********


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 ***