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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

          Monday, November 20, 2023, Vol. 26, No. 232

                           Headlines



A U S T R A L I A

AIR LOCKER: Newstead Branch Goes Into Voluntary Liquidation
CREDABL ABS 2023-1: Moody's Assigns B2 Rating to AUD2MM F Notes
ETHICOS GROUP: Second Creditors' Meeting Set for Nov. 22
F45 MONA VALE: Sydney Franchise Quietely Shuts Down
GRANT METAL: First Creditors' Meeting Set for Nov. 24

INFRABUILD AUSTRALIA: Fitch Rates USD350MM Secured Notes 'B+'
MINERAL RESOURCES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
MOUNTAIN BLUE: First Creditors' Meeting Set for Nov. 23
NUFARM LIMITED: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
PERENTI LTD: S&P Affirms 'BB' ICR & Alters Outlook to Positive

RESIMAC TRIOMPHE 2021-3: S&P Raises Cl. F Notes Rating to B+(sf)
RPH AUSTRALIA: Fury at Head Office After Franchisee's Liquidation
TERRITORY AIR: First Creditors' Meeting Set for Nov. 24
TULLY PARK: Second Creditors' Meeting Set for Nov. 24


C H I N A

EHI CAR: Fitch Puts 'B' LongTerm IDR on Watch Negative
LONGFOR GROUP: Moody's Assigns Ba1 CFR, Outlook Negative
MELCO RESORTS: Moody's Alters Outlook on 'Ba3' CFR to Stable
SJM HOLDINGS: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
[*] CHINA: Restaurants Shutter Apace Amid Muted Consumption

[*] Make-Up SMEs Struggle to Survive Despite Market Recovery


I N D I A

ADI WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating
ARCHIS PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
BAJAJ HERBALS: CRISIL Hikes Rating on INR6.8cr Term Loan to B-
BASU & CO: CARE Lowers Rating on INR11.00cr ST Loan to D

BLESSINGS RESORTS: CRISIL Keeps D Ratings in Not Cooperating
DECCAN EXTRUSIONS: CRISIL Keeps D Debt Rating in Not Cooperating
DELHI INT'L AIRPORT: Fitch Alters Outlook on 'BB-' IDR to Positive
EAST WEST: CRISIL Keeps D Debt Ratings in Not Cooperating
EVERWIN EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating

FASTENTECH INDIA: Voluntary Liquidation Process Case Summary
GOPAL OIL: CARE Keeps D Debt Rating in Not Cooperating Category
GUPTA POWER: CRISIL Lowers Long/Short Term Debt Rating to D
H.V. SYNTHETICS: Insolvency Resolution Process Case Summary
HARIOM COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating

HLM EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
IUA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
KESHAV COTTON: CRISIL Lowers Rating on INR20cr Cash Loan to B+
KISHAN LAL: CARE Keeps C Debt Rating in Not Cooperating Category
LEXUS GRANITO: Insolvency Resolution Process Case Summary

MAXOUT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
N V KHAROTE: CRISIL Keeps D Ratings in Not Cooperating Category
OPEL SECURITIES: Insolvency Resolution Process Case Summary
RAJ-SNEH AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMAKRISHNA PRECAST: CRISIL Moves B+ Rating to Not Cooperating

RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating
SHIVALIK INFRA: CARE Keeps D Debt Rating in Not Cooperating
SHYAM TEA: CARE Keeps C Debt Rating in Not Cooperating Category
SNEHTANGO FOOD: Insolvency Resolution Process Case Summary
TULSI TRADING: CARE Keeps D Debt Rating in Not Cooperating

U P BONE MILLS: Insolvency Resolution Process Case Summary
ULTRA ALLUMINIUM: CARE Keeps C Debt Rating in Not Cooperating
VADERA TRADELINK: CARE Lowers Rating on INR12cr LT Loan to D
VARDHMAN BUILDPROP: CARE Keeps D Debt Rating in Not Cooperating
VARDHMAN INFRAHEIGHTS: CARE Keeps D Debt Rating in Not Cooperating

VINAYAK LOGISTIC: CARE Keeps C Debt Rating in Not Cooperating


J A P A N

BIGMOTOR CO: FSA to Revoke Firm's Registration as Insurance Agent


M A C A U

MELCO RESORTS: S&P Affirms 'BB-' ICR & Alters Outlook to Positive
WYNN RESORTS: S&P Upgrades ICR to 'BB-' on Macao Recovery


N E W   Z E A L A N D

FISHTAIL ENTERPRISE: Creditors' Proofs of Debt Due on Dec. 20
JUKEN NEW ZEALAND: To Permantly Close Down, 60 Jobs To Go
LAVERY ENTERPRISES: Creditors' Proofs of Debt Due on Dec. 9
LENSCRAFT LIMITED: Creditors' Proofs of Debt Due on Jan. 17
MAY SUN: Court to Hear Wind-Up Petition on Dec. 1

Z & D CONSTRUCTION: Creditors' Proofs of Debt Due on Dec. 7


P A K I S T A N

PAKISTAN: Reaches Deal With IMF to Release $700MM in Bailout Funds


P H I L I P P I N E S

MEGAWORLD CORP: Court Serves Freeze Order to Company, 10 Banks


S I N G A P O R E

AVENTION SINGAPORE: Creditors' Proofs of Debt Due on Dec. 15
BRAVO BUILDING: Court to Hear Wind-Up Petition on Nov. 24
CASABLANCA IVT: Creditors' Proofs of Debt Due on Dec. 15
LUXE PRINT: Court Enters Wind-Up Order
OAS ENGINEERING: Court to Hear Wind-Up Petition on Nov. 24


                           - - - - -


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

AIR LOCKER: Newstead Branch Goes Into Voluntary Liquidation
-----------------------------------------------------------
News.com.au reports that an inner-city Brisbane gym has gone into
voluntary liquidation.

It was resolved at a company meeting on November 8 that Air Locker
Training in Newstead would be wound up and liquidators would be
appointed, the report says.

Air Locker Training is a group fitness gym, simulating a
high-altitude environment.

The chain's website boasts 26 locations across Australia, with four
set to open soon.

But the Newstead location has now closed, with its social media
pages removed, news.com.au relates.

Bill Cotter from Robson Cotter Insolvency Group in Woolloongabba
has been appointed as liquidator.

The gym had "less than half a dozen employees" and "not very many
creditors", Mr. Cotter said.

The membership numbers were also small, he said.

Initial estimates indicate the debt owed by the gym is "probably
under AUD200,000", Mr. Cotter said.

The liquidators will now look at the gym's assets and who has a
claim for debt owed, adds news.com.au.


CREDABL ABS 2023-1: Moody's Assigns B2 Rating to AUD2MM F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by BNY Trust Company of Australia Limited as Trustee of the
Credabl ABS 2023-1 Trust.

Issuer: Credabl ABS 2023-1 Trust

AUD200.00 million Class A Notes, Assigned Aaa (sf)

AUD18.75 million Class B Notes, Assigned Aa2 (sf)

AUD11.25 million Class C Notes, Assigned A2 (sf)

AUD3.75 million Class D Notes, Assigned Baa2 (sf)

AUD9.00 million Class E Notes, Assigned Ba2 (sf)

AUD2.00 million Class F Notes, Assigned B2 (sf)

The AUD2.625 million Class G1 Notes and AUD2.625 million Class G2
Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of practice
premise (commercial real estate), equipment, goodwill, fixture and
fitting, and auto loans to Australian medical and healthcare
professionals. Practice premise loans represent 49.6% of the
portfolio and benefit from security over commercial real estate.
All portfolio receivables were originated by Credabl Pty Ltd
(Credabl, unrated). This is Credabl's first asset-backed
securitisation (ABS) transaction.

Credabl is finance business that provides loans commercial and
personal loans to medical, dental, veterinary and allied health
professionals. Credabl started originating loans in 2018 and has
originated approximately AUD1.2 billion since inception. Credabl
has a loan book of AUD802.7 million as at August 31, 2023.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity reserve in
the amount of 1.8% of all notes; (5) the legal structure; (6)
experience of Credabl as servicer; and (7) presence of  BNY Trust
Company of Australia Limited (BNY) as the back-up servicer.

In Moody's view, the credit strengths of this transaction include,
among others:

-- The strong obligor credit quality as demonstrated by the very
low levels of historical portfolio losses and arrears. As of August
31, 2023, 0.33% of Credabl's portfolio is 30+ days in arrears. As
at August 31, 2023 Credabl has written off loans totalling AUD2.1
million which represents less than 0.2% of approximately AUD1.2
billion of origination. Over 91.6% of the portfolio are loans to
businesses operated by specialist dentists, specialist medical
doctors, general medical practitioners or veterinary surgeons and
guaranteed those individuals. These businesses and individuals are
prime obligors with high incomes relative to the general Australian
population.

-- High proportion of secured loans with 49.6% of the loans are
secured by commercial real estate, 19.2% of the loans are secured
by equipment, 2.0% of the loans are secured by vehicles and 14.1%
are fixture and fitting loans. In addition all loans benefit from
personal guarantees from the related medical, dental, veterinary
and allied health professionals.

-- An excess spread reserve will be available to cover portfolio
losses. The excess spread reserve will be funded from the income
waterfall to a target of 0.5% of the initial invested amount should
any of: 1) an unreimbursed charge off exists, 2) 3 month rolling
average 90+ days delinquent loans exceed 2% of the portfolio, or 3)
a servicer default exists. The excess spread reserve will be funded
to an uncapped target from the call date.

However, the transaction has several challenging features, such
as:

-- Credabl has a limited origination and servicing track record
with loan originations starting in early 2018. This risk is partly
mitigated by the fact that Credabl has an experienced management
and operational team with a long track record in medical, dental,
veterinary and allied health lending in Australia, a niche asset
class with over twenty years of strong performance.

-- Portfolio granularity: The number of obligors, 733 individual
borrower groups, is relatively low compared to other commercial ABS
securitisations. There is also industry concentration to medical
and healthcare professionals with 100% of the pool related to this
industry. The lack of granularity is partly mitigated by the
absence of significant over exposure to individual obligors,
diversity at a geographical level and the fact that healthcare is a
non-cyclical industry. The largest obligor exposure is about 1.1%
of the portfolio and the top 10 obligors account for about 8.1%.

-- Balloon loans constitute a significant proportion 80.7% of the
portfolio. Balloon payments constitute 63% of the portfolio
balance. This is due to the 1 to 5 year maturity of the practice
premise and goodwill loans with the balloon payments of these loans
expected to be refinanced. Goodwill loans, loans to fund the
goodwill acquired as part of a practice purchase, constitute 15.1%
of the portfolio. Moody's stressed the default probability of these
loans and the correlation between these loans to account for the
refinancing risk related to balloon maturities and in particular
the fewer refinance options available for goodwill loans due to the
specialised nature of goodwill loan lending.

-- The pro-rata amortisation of the subordinate classes of notes
will lead to reduced credit enhancement of the senior notes in
absolute terms. This exposes the senior notes to the risk of loss
in the tail end of the transaction, particularly should the timing
of defaults prove to be backloaded.

MAIN MODELLING ASSUMPTIONS

-- Mean default rate: Moody's assumed a mean default rate of 2.63%
over a weighted average life of 2.51 years (equivalent to a Ba1
proxy rating). The default rate assumption was based on (1) the
historical performance data of Credabl's portfolios; (2)
benchmarking to comparable portfolios performance, in particular
the performance of other specialist healthcare lender portfolios;
(3) the high proportion of balloon loans and the corresponding
impact on the assumed default rate and (4) the characteristics of
the loan-by-loan portfolio information.

-- Default rate volatility: Moody's assumed a coefficient of
variation (i.e. the ratio of standard deviation over the mean
default rate explained above) of 92.31%, as a result of the
analysis of the portfolio concentrations in terms of single
obligors and industry sectors.

-- Recovery rate: Moody's assumed a 46.1% stochastic recovery rate
with a standard deviation of 20.0%. The recovery rate assumption is
primarily based on the characteristics of the collateral-specific
loan-by-loan portfolio information. In particular, 50.0% of the
portfolio is secured by real estate collateral on which third-party
valuation has been obtained.

-- Portfolio credit enhancement: Considering the above assumptions
the Aaa portfolio credit enhancement was set at 19.2%

PORTFOLIO CHARACTERISTICS

The initial portfolio balance was AUD245,371,493, composed of loans
to 733 borrower groups. The average borrower group exposure was
AUD334.750. The portfolio consists of practice premise loans
(49.6%), equipment loans (19.2%), goodwill loans (15.1%), fixture
and fittings loans (14.1%) and auto loans (2.0%). The top obligor
exposure is 1.1% and the top ten obligors constitute 8.1% of the
portfolio.

The weighted average portfolio yield was 7.39%.

KEY TRANSACTION STRUCTURAL FEATURES

-- The notes will be repaid on a sequential basis initially. On
and after the payment date occurring twelve months after the deal
closing date, Class A to Class F Notes will receive their pro-rata
share of principal, provided step-down conditions are satisfied.
These include, among others, no unreimbursed charge-offs and
payment date occurring prior to the call option date. If step-down
conditions are no longer met, the repayment of principal will
revert to sequential. The call option date will occur on the
earlier of the payment date in December 2027 or the date on which
the aggregate outstanding amount of the trust receivables is less
than or equal to 20% of the aggregate outstanding amount of the
trust receivables as at settlement date.

The transaction benefits from a funded liquidity reserve that is
sized at 1.8% of the aggregate invested amount of notes, subject to
a floor of AUD450,000, and is sufficient to cover almost 4 months
of required payments.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "SME
Asset-Backed Securitizations methodology" published in July 2023.

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

Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Additionally, Moody's
could downgrade the ratings in case of poor servicing, error on the
part of transaction parties, a deterioration in the credit quality
of transaction counterparties, or lack of transactional governance
and fraud.

ETHICOS GROUP: Second Creditors' Meeting Set for Nov. 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of The Ethicos
Group Pty Ltd has been set for Nov. 22, 2023 at 10:00 a.m. at the
offices of BRI Ferrier at Level 4, 307 Queen 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. 21, 2023 at 5:00 p.m.

Ian Alexander Currie of BRI Ferrier was appointed as administrator
of the company on Oct. 31, 2023.


F45 MONA VALE: Sydney Franchise Quietely Shuts Down
---------------------------------------------------
News.com.au reports that another F45 gym has quietly closed down,
adding to an already long list of defunct franchises in the
embattled fitness chain.

News.com.au can reveal that F45 Mona Vale, on Sydney's northern
beaches has closed.

The gym announced the news to its members in an Instagram post on
Nov. 15.

"Hi Mona Family, Unfortunately we will be closing the studio until
further notice. This is news we did not want was also a shock to
staff."

It followed a post earlier the same day which read: "Unfortunately
all of todays (sic) classes are cancelled. We will provide an
update later today. We apologise for the late notice. Sorry for any
inconvenience."

News.com.au says members took to Instagram to express their sadness
over the closure.

On Nov. 16, news.com.au revealed the closure of another F45, after
the East Victoria Park franchise in Perth went into liquidation.

The decision was taken to put the Perth business into liquidation
citing "concerns about the Company's solvency", according to the
minutes of its general meeting lodged with ASIC.

"The Company could not, by reason of its liabilities, continue its
business or continue to trade," the minutes of the general meeting
said, news.com.au relays.

Since its inception as one gym in Sydney's Paddington in 2012, F45
grew to 2,247 franchises across 63 countries by March 2021,
according to news.com.au.

It offers 45-minute high intensity interval training (HIIT) and
benefited from being a first-mover in what was a burgeoning market,
attracting investment from Hollywood A-lister Mark Wahlberg.

But problems began to emerge with the chain not long after it
listed on the New York Stock Exchange in 2021, news.com.au states.

News.com.au relates that co-founder Rob Deutsch, who wasn't in
favour of its listing plans, left the business in 2020, and since
going public, the company has been plagued by poor financial
performance and disputes with franchisees in a spectacular
decline.

Over time, its franchisees suffered from a cannibalisation of their
territories, with the chain allowing new franchises to open in
proximity to existing ones, and competition from other HIIT gyms.

Mr. Deutsch last week re-emerged as a partner in a new fitness
chain, The Yard Gym, following the expiry of a non-compete
arrangement that prevented him from operating in the fitness
industry until this year, news.com.au says.


GRANT METAL: First Creditors' Meeting Set for Nov. 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Grant Metal
Fabrications Pty. Ltd. will be held on Nov. 24, 2023, at 9:30 a.m.
at the offices of Dye & Co Pty Ltd at 165 Camberwell Road in
Hawthorn East.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. were
appointed as administrators of the company on Nov. 15, 2023.


INFRABUILD AUSTRALIA: Fitch Rates USD350MM Secured Notes 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned InfraBuild Australia Pty Ltd.'s USD350
million senior secured notes due 2028 a final senior secured rating
of 'B+' with a Recovery Rating of 'RR2'. The final rating follows
the receipt of final documents largely conforming to information
already received.

The proceeds of the notes will be used to refinance InfraBuild's
existing USD325 million notes due October 2024. Following the
refinancing, Fitch expects the company to seek the consent of its
asset-backed term loan (ABTL) lenders to use its USD350 million
ABTL in escrow to fund a distribution to GFG Alliance.

InfraBuild's Long-Term Issuer Default Rating (IDR) of 'B-'/Negative
is supported by the successful notes issuance that has alleviated
near-term refinancing risk. Fitch believes the company's liquidity
will remain limited as its cash on hand and operational cash flow
will be used to fund working-capital requirements and amortisation
payments associated with its ABTL.

KEY RATING DRIVERS

Dividend Recapitalisation: InfraBuild's plan to use its ABTL
proceeds to distribute USD350 million of cash to GFG Alliance will
require the consent of its ABTL lenders. The ABTL from Blackrock
and Silver Point has first priority over InfraBuild's current
assets, including its receivables and inventory. 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. Fitch
forecasts that 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 to 4.2x in FY25, from 2x in FY23.

Liquidity to Remain Limited: Fitch expects the note issuance 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 flow 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.

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, such as the
proposed Liberty Steel acquisition. That did not proceed, but 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. Its view 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 its 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 financial structure.

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 USD350 million senior secured note issuance
successfully refinances the existing USD325 million in notes and
that 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 has addressed the near-term refinancing risk associated
with the October 2024 notes following the USD350 million senior
secured notes issuance. However, Fitch does not expect a material
improvement in liquidity, as the company plans to use the ABTL to
fund a distribution to GFG Alliance. Fitch believes cash on hand
and operating cash flow will remain important to fund its
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.

   senior secured       LT B+  New Rating   RR2      B+(EXP)


MINERAL RESOURCES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Australia-based Mineral Resources
Limited's (MinRes) Long-Term Issuer Default Rating (IDR) at 'BB'.
The Outlook is Stable. Fitch has also affirmed MinRes' US dollar
senior unsecured notes at 'BB'.

The affirmation reflects MinRes' quality lithium assets and the
approaching completion of its major Onslow Iron Ore project, with
the company's guidance the first ore will be shipped in July 2024.
However, the rating headroom has shrunk on its capex pipeline amid
the slowdown in the lithium market. MinRes expects to increase
growth capex to AUD2.2 billion in the financial year ending June
2024 (FY24) after capex on its growth projects intensified over the
last two years.

The company also plans to develop a gas project in the Perth Basin
and increase its lithium portfolio through the acquisition of Bald
Hill and stakes in other early-stage lithium projects. Fitch
estimates its leverage will spike to 3.4x in FY26 if it continues
to maintain capex intensity at the pace of the last three years.

However, Fitch expects MinRes to return to leverage that is
commensurate with its rating and adopt a prudent approach in
funding growth projects, reflected in the Stable Outlook.

KEY RATING DRIVERS

Rising Capex Intensity: MinRes provided guidance its capital
expense on growth projects will rise to AUD2.2 billion in FY24,
from AUD1.3 billion in FY23, with a major AUD2 billion for the
Onslow project. However, the company intends to continue its growth
strategy with the new developments in the lithium and gas segments,
which are likely to keep MinRes' capex intensity at a high level
despite the planned completion of the AUD3 billion Onslow project
in FY24.

Fitch expects MinRes' leverage to continue increasing over the next
year, driven by weak lithium prices and the high capex, after
Fitch-calculated leverage rose to 0.9x in FY23 from 0.5x in FY22.
Fitch expects MinRes' leverage to temporarily breach its 3.0x
negative rating sensitivity over the next three years amid the
current softer lithium market. However, Fitch believes the company
has the ability to reduce leverage below the negative sensitivity
within 12 months.

Appetite for New Investments: MinRes' announcement of its intention
to acquire the Bald Hill project indicated the plan will be funded
with recently placed bonds. The company has also shown increasing
interest in several Western Australia lithium assets for around
AUD400 million over the last few months. Fitch thinks opportunities
in the ongoing consolidation of Australian early-stage lithium
projects risk adding pressure on MinRes' cash flow amid potential
cost overruns and delays. However, the company has demonstrated its
ability to monetise its investments when extra funds were
required.

Lithium Price Drop: Lithium hydroxide spot prices have fallen from
around USD80,000/tonne (t) to around USD22,000/t over the last
year, which terminated MinRes' tolling arrangements for converting
its share in Mt Marion's spodumene concentrate into more marginal
battery chemicals. MinRes expects to resume the conversion in late
FY24. However, production of battery chemicals from Mt Marion is
not in its rating case as Fitch projects a further drop in lithium
prices to FY27. Fitch estimates MinRes' EBITDA margin will drop to
30% on average over FY24-FY27 from about 40% under its previous
rating case.

Revised Earnings Forecast: MinRes' FY23 results demonstrate
progress in expanding its lithium business. However, EBITDA was
below Fitch's forecast of AUD2.4 billion as shipped volume from Mt
Marion was lower than initial guidance after delays in capacity
expansion, stronger-than-expected production cost inflation across
all mines, and a sharp fall in lithium prices from November 2022.
The company's new guidance suggests Mt Marion's free-on-board costs
may rise by 4%-13%, while expected cost changes at its other mines
will be from -6% to 8%.

Mt Marion's slower production ramp-up and higher operational costs
have reduced its forecast of FY24 EBITDA to around AUD1.8 billion,
based on its estimate of a 23% drop in the spodumene concentrate
price to USD1,656/t in 2024. This indicates the extent of the
significant swings in lithium prices and accounts for the
significant change in leverage. MinRes' balance sheet has
historically been conservative and Fitch expects the company to
continue to adopt a prudent approach in funding growth projects
amid softer commodity prices.

Large-Scale Lithium Business: MinRes is one of the world's largest
spodumene concentrate producers and a joint-venture partner to the
world's largest lithium battery chemical supplier. It is therefore
well-positioned to respond to rising global demand for lithium. The
company has expanded its Mt Marion and Wodgina mines, which are
forecast to produce around 400,000t of SC6 equivalent in FY24, with
further expansion at these mines to around 800,000t of SC6
equivalent in the medium term if its latest capex plan is
realised.

Developing Scale and Diversification: Fitch believes the successful
completion of MinRes' current development pipeline will lead to an
improvement in its diversification. Fitch expects its lithium
business to continue contributing most of its EBITDA over the next
two years, while the completion of the Onslow project will help
offset the impact of declining iron ore production at its existing
assets and support the diversification improvement. Fitch estimates
the new gas business may contribute around 15% of EBITDA over the
longer term once completed.

Unique Model: MinRes's strength is the provision of pit-to-ship,
life-of-mine services to mines. MinRes funds a mine's design and
construction in return for equity before securing a life-of-mine
contract that charges based on units of production, with no direct
exposure to commodity prices. It is a volume-driven business, with
the company earning a margin on volume. Its current investments and
developments tie the company's cash flow to the lithium market
through its vertical integration options.

DERIVATION SUMMARY

MinRes' rating reflects its strong position in upstream lithium and
integrated mining services, which reduces pressure on the company's
cash flow during downturns in commodity markets. This is similar to
the integrated model of PT Adaro Indonesia (AI, BBB-/Stable).
However, AI has a better position on the cost curve and placement
within the value chain through the power-generation business of its
parent, PT Adaro Energy Indonesia Tbk.

PT Indika Energy Tbk (BB-/Stable) is also similar to MinRes as it
is exposed to new developments carrying high execution risks.
However, MinRes' business profile is stronger because of its
exposure to energy-transition metals through rising lithium
production, while PT Indika's largest asset is a thermal coal
mine.

KEY ASSUMPTIONS

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

- Iron ore prices in line with the Fitch price deck, adjusted for
impurity discounts

- Moderation in lithium prices in the medium term, with a spodumene
concentrate price of around USD1,656/t in 2024 and USD900/t by
2027

- Gradual ramp-up in export volume of spodumene concentrate from Mt
Marion to around 420,000t and Wodgina to around 635,000t, both
mixed grade, following the completion of key developments

- No commercial production of lithium hydroxide assumed over
FY25-FY26 due to unfavourable price environment

- Dividend payout ratio at around 35% of underlying net profit
after tax

- Capex forecast includes the acquisition of the Bald Hill mine and
growth projects

RATING SENSITIVITIES

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

Fitch does not anticipate positive rating action over the next 24
months due to high capex, which has reduced the rating headroom.
However, Fitch could consider an upgrade if the company
demonstrates EBITDA net leverage can be sustained below 2.0x.

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

- EBITDA net leverage rising above 3.0x for a sustained period;

- Material loss of mining-service contracts.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: MinRes reported cash of around AUD1.4 billion at
FYE23 with group net debt of AUD1.6 billion (excluding lease
liabilities). The company's debt is largely made up of USD1.95
billion in senior unsecured notes maturing in 2027 and 2030. The
company issued new bonds of USD1.1 billion in October 2023, which
will fund growth capex over the next two-three years.

ISSUER PROFILE

MinRes is a mining and mining-service company based in Australia.
The mining segment of the company operates iron ore and lithium
mines located in Western Australia. The company also holds an
interest in gas exploration and production assets in the Perth and
Carnarvon Basins.

REPORT OF ISSUER'S APPEAL

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

ESG CONSIDERATIONS

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

   Entity/Debt                    Rating        Prior
   -----------                    ------        -----
Mineral Resources Limited  LT IDR  BB   Affirmed   BB

   senior unsecured        LT      BB   Affirmed   BB


MOUNTAIN BLUE: First Creditors' Meeting Set for Nov. 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Mountain
Blue Transport Franchising Pty Ltd will be held on Nov. 23, 2023,
at 2:00 p.m. via electronic facilities.

Mathew Gollant and Andrew Beck of CJG Advisory were appointed as
administrators of the company on Nov. 14, 2023.


NUFARM LIMITED: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Nufarm Limited's Long-Term Issuer
Default Rating (IDR) at 'BB' and the senior unsecured notes issued
by Nufarm's wholly owned subsidiaries, Nufarm Australia Limited and
Nufarm Americas Inc., under a dual tranche structure at 'BB'. The
Outlook on the Long-Term IDR is Stable.

The rating reflects Nufarm's top 10 market position in agricultural
chemicals balanced by its reliance on external suppliers for most
of its active ingredients and a product portfolio skewed towards
herbicides. Fitch expects its EBITDA leverage to improve to 3.1x in
the financial year ending September 2024 (FY24) and remain below
3.0x to FY27, following an increase to 3.5x in FY23. The Stable
Outlook reflects its expectation that Nufarm's credit metrics will
remain adequate for its rating over the medium term.

KEY RATING DRIVERS

Working Capital Affects Financial Profile: Nufarm's EBITDA leverage
increased to 3.5x in FY23 (FY22: 2.3x). This was driven by larger
working capital than in prior years, due mainly to an accumulation
of inventory that led to lower purchases. Fitch expects the larger
inventory balance to unwind in 2HFY24 and would lead to an
improvement in free cash flow and reduction in EBITDA leverage to
3.1x. Fitch expects Nufarm to maintain an EBITDA leverage below
3.0x to FY27, in the absence of material debt-funded acquisitions.

Weather Disruption; Robust Industry Fundamentals: Nufarm has a 20%
revenue exposure to Australia, which is expecting a
drier-than-usual summer that could reduce its earnings and debt
headroom in FY24 and FY25. The global crop-protection industry has
better profitability and lower price volatility than commodity
chemicals but remains vulnerable to extreme weather events. Still,
the crop-protection industry has high barriers to entry, as it is
highly regulated and product registrations take several years.

Limited Vertical Integration: Nufarm is heavily reliant on external
purchases with manufacturers in China contributing the majority of
its raw material requirements. Under the current operating
environment of low prices, the lack of vertical integration
protected Nufarm's margins to some extent compared with that of
peers. Fitch expects Nufarm to remain exposed to volatilities in
raw material availability and costs affecting its margins as
operating conditions normalise over the medium term.

Strong Market Share: Nufarm has a top-10 market position in terms
of overall crop-protection and global seed product sales. It ranks
second in Australia, is the leader in New Zealand, and has strong
positions in segments such as European cereal herbicides, turf and
ornamental crop protection in the US, and phenoxy herbicides
globally. Nufarm also benefits from the sale of products sourced
from Japan's Sumitomo Chemical, the eighth-largest industry player,
under a strategic alliance.

Scale Differentiator: Nufarm's scale remains small compared with
the industry's leading players, with revenue less than half of
those in the top five positions, although it is well positioned
within the 'bb' category. The ability to provide a comprehensive
set of product solutions to farmers with the help of an extensive
portfolio is a key competitive advantage. Fitch believes Nufarm is
likely to invest in expanding its scale and product range in the
next few years through organic as well as inorganic means.

Moderate Product and Geographical Diversification: Herbicides
contribute around two-thirds of Nufarm's revenue, weakening the
diversification of its portfolio, and dry weather has a significant
impact on demand.

Nufarm derived 41% of its crop-protection revenue from North
America in FY23 (FY22: 38%), 31% from APAC (FY22: 29%) and 28% from
Europe (FY22: 25%). However, its geographical diversification is
limited by a lack of presence in Latin America, one of the largest
crop chemicals markets, and significant revenue exposure of over
20% to the relatively small Australian market.

DERIVATION SUMMARY

Nufarm is rated two notches below crop-protection chemical industry
peers UPL Corporation Ltd (BBB-/Negative), whose rating is based on
the consolidated profile of parent UPL Limited, and the 'bbb-'
Standalone Credit Profile (SCP) of Syngenta AG (BBB+/Stable).
Syngenta's rating incorporates a two-notch uplift from its linkage
with indirect parents China National Chemical Corporation Limited
(A/Stable) and, ultimately, Sinochem Holdings Corporation Ltd. The
ratings difference between Nufarm and the peers is due mainly to
their stronger business profiles.

UPL Corporation is the largest company in the post-patent segment
of the crop-protection market, with an EBITDA of more than 4x that
of Nufarm and significantly higher EBITDA margins. The higher
margins reflect benefits from better vertical integration,
underscored by UPL Corporation's large manufacturing operations in
India that benefit from low operating costs. UPL Corporation also
has better geographical diversification as it has operations in
most markets, including Latin America. Its product portfolio is
more balanced, with no category constituting more than 35% of the
total.

Syngenta is an innovator and the global leader in the
crop-protection chemicals market in terms of sales, with a large
portfolio of patented crop-protection chemicals. It has higher
EBITDA margins and revenue of more than 5x that of Nufarm. Syngenta
also has a better business profile than Nufarm, supported by its
significantly larger scale of operations, healthy product and
geographical diversification, and market leadership across several
key segments.

Nufarm is rated one notch below soda ash producer Tata Chemicals
Limited (TCL, BB+/Positive), among broader chemical industry peers.
TCL and Nufarm have similar leverage, but TCL has higher EBITDA
margins, which have helped it to weather rising energy costs. TCL
has a strong market position as the world's third-largest soda ash
producer, with a cost advantage compared with peers. TCL, like
Nufarm, is constrained by its small scale relative to global peers
and limited product diversification, exposing it to risks related
to the commodity nature of soda ash than peers that are larger or
sell multiple products.

Nufarm is rated two to three notches below other fertiliser
producers, including OCI N.V. (BBB-/Stable), The Mosaic Company
(BBB/Stable), ICL Group Ltd. (BBB-/Stable) and CF Industries, Inc.
(BBB/Stable). The ratings difference between these peers and Nufarm
is due to their stronger business profiles in terms of size, scale,
level of diversification and cost position.

KEY ASSUMPTIONS

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

- Revenue CAGR of 8% between FY24 and FY27, driven by price and
volume growth;

- Average EBITDA margin (after adding capitalised R&D costs and
adjusting for leases) of around 10% between FY24 and FY27;

- Average annual capex (after adjusting for capitalised R&D costs)
of around AUD160 million between FY24 and FY27, funded mainly by
operations;

- Total spending on acquisitions of around AUD200 million until
FY27, which is likely to raise its leverage.

RATING SENSITIVITIES

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

Positive rating action is unlikely in the medium term due to a
limited level of debt headroom available and as capex intensity
remains high. Fitch will consider a positive rating action if there
is a material improvement in its business profile, potentially
through better product and geographical diversification, and/or
improved vertical integration, while maintaining a strong financial
profile.

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

- EBITDA leverage above 3.5x on a sustained basis;

- Sustained negative free cash flow;

- Evidence of weakening competitiveness and business profile.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch estimates Nufarm's readily available cash
at around AUD240 million as of end-September 2023, lower than the
reported cash and cash equivalents of AUD411 million after
adjustment for working capital seasonality. By comparison, Nufarm's
short-term debt (adjusted for supplier financing) was lower at
around AUD50 million. Long-term debt comprised USD350 million
senior unsecured notes and drawn down loans from the asset-based
lending credit facility.

Fitch expects Nufarm to use substantial liquidity and cash to fund
capex projects and working capital requirements, repay a portion of
debt, and seek growth opportunities from bolt-on acquisitions.

ISSUER PROFILE

Nufarm is among the world's ten largest crop-protection chemical
companies, operating mainly in the post-patent segment. It also has
a small but fast-growing global commercial seeds business.

ESG CONSIDERATIONS

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

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
Nufarm Limited            LT IDR  BB    Affirmed   BB

Nufarm Australia Limited

senior unsecured         LT      BB    Affirmed   BB

Nufarm Americas Inc.

senior unsecured         LT      BB    Affirmed   BB


PERENTI LTD: S&P Affirms 'BB' ICR & Alters Outlook to Positive
--------------------------------------------------------------
S&P Global Ratings revised the rating outlook on Perenti Ltd. to
positive from stable. At the same time, S&P affirmed its 'BB'
issuer credit rating, its 'BBB-' issue rating (recovery rating of
'1') on the company's A$420 million senior secured bank facilities,
and its 'BB' issue rating (recovery rating of '3', previously '4')
on the company's US$433 million senior unsecured notes.

The positive outlook reflects S&P's expectation that Perenti's
commitment to its financial policy will enable the company to
sustain an S&P Global Ratings' adjusted ratio of debt to EBITDA at
about 1.5x or less. This, together with the successful integration
of DDH1, an increase in its work-in-hand while maintaining
operating margins and continued progress in reducing its exposure
to high-risk jurisdictions could facilitate an upgrade to 'BB+' in
the next 12-18 months.

S&P forecasts Perenti will book double-digit revenue and earnings
growth for fiscal 2024 (ending June 30, 2024), driven by the DDH1
acquisition and execution of the group's existing contracts. The
acquisition will add about A$110 million of adjusted EBITDA to the
group, according to our estimates. At the same time, the company is
set to benefit from the transition to the operating phase of prior
contract wins.

Perenti "front-loaded" capital expenditure (capex) over the past
two years to establish the equipment needed across various growth
contracts. In fiscal years 2021 and 2022, the company invested
material gross capex of A$278.6 million and A$467.9 million,
respectively. Subsequently, these contracts have transitioned into
a phase of accelerated activity, leading us to expect increased
earnings for the group.

Perenti's robust fiscal 2023 performance, with adjusted EBITDA
growing by 34.5%, demonstrates the group's execution of its
business model. S&P said, "We anticipate adjusted EBITDA growth of
about 18% and 8% in fiscal years 2024 and 2025, respectively. Our
base case assumes the company's successful integration of DDH1 and
about A$20 million in post-tax synergies over the next two years."

The acquisition of DDH1 in October 2023 increases the group's scale
and decreases exposure to higher risk jurisdictions. In S&P's view,
the larger scale of the group's portfolio improves the capacity to
manage commodity cycle downturns. Post-acquisition, Perenti will
have higher revenue exposure to tier-1 jurisdictions. S&P expects
the group's exposure to higher-risk West Africa and Southern Africa
(excluding Botswana) to fall to about 32% from 38% as of fiscal
2023. This aligns with the company's strategy of decreasing its
sizable exposure to higher-risk jurisdictions.

Perenti's financial policy supports its improving credit profile.
The company's publicly stated leverage target of operating under
net leverage of 1.0x (company measure) equates to about 1.5x S&P
Global Ratings' adjusted gross leverage. The difference mainly
reflects S&P's focus on gross leverage, given that it typically
does not net cash for companies with a weak business risk
assessment.

Perenti's disciplined adherence to its stated leverage target is
key to maintaining credit metrics headroom to withstand the
inherent volatility in mining cycles. Under S&P's base case
forecast, it projects the group's ratio of adjusted debt to EBITDA
will be 1.5x and 1.4x in fiscal years 2024 and 2025, respectively.
This forecast includes the addition of approximately A$110 million
in EBITDA, along with an additional A$46 million in gross debt
(including leases) from the DDH1 acquisition. The forecast also
incorporates the underlying growth of Perenti.

S&P said, "The positive outlook reflects our view that the group's
commitment to its financial policy will underpin an S&P Global
Ratings-adjusted leverage at about 1.5x or less in the next 12-18
months. We expect the group's increased scale from the recent DDH1
acquisition to bolster its earnings and cash flow.

"We could revise the outlook to stable if the group materially
deviates from its financial policy objectives, including operating
with a net leverage materially above 1.0x (company measure). This
divergence could arise if the group were to undertake material
debt-funded growth capex, acquisitions, or more aggressive
shareholder return policies."

Furthermore, a revision of the outlook to stable could also occur
due to the following:

-- Material contracts losses or DDH1 integration challenges,
resulting in earnings and cash flow materially lower than we
expect; or

-- Perenti increases exposure to high-risk jurisdictions such as
West Africa.

S&P could raise the rating in the next 12-18 months if the group
builds a track record of operating within its financial policy of
net leverage below 1.0x. An upgrade would also be contingent on the
successful integration of DDH1 and growing its work-in-hand while
maintaining its operating margins.

A higher rating would also reflect S&P's expectation the company
will, over time, continue to reduce its exposure to high-risk
jurisdictions.

Environmental, Social, And Governance

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Perenti Ltd., given
its exposure to carbon emissions and waste management associated
with its heavy earthmoving mining services. In fiscal 2023, Perenti
outlined its objective to reach net-zero emissions by the end of
fiscal 2030. In addition, the company is striving to achieve a 40%
absolute reduction in scope 1 and 2 emissions by fiscal 2026,
measured against the fiscal 2022 baseline. The company has further
affirmed its commitment to decarbonization by announcing that its
capital management policy will include the allocation of up to
10%-20% of free cash flow toward decarbonization initiatives. These
initiatives include conducting trials for vehicle electrification
and mine electrification studies.

"Social factors are also a moderately negative consideration in our
analysis. Following the DDH1 acquisition in October 2023, on a pro
forma revenue basis, Perenti's exposure to higher-risk
jurisdictions in West Africa stands at approximately 26%, as well
as 59% to underground mining, which entails higher health and
safety risks. While having no material financial impact, previous
substantial health and safety events can affect its social license
to operate. That said, the company is endeavoring to increase its
exposure to lower-risk jurisdictions, in particular to North
America, and continues to strengthen its security and emergency
management of its operations and workforce.

"We believe adherence to ESG commitments should benefit and bolster
Perenti's long-term performance."


RESIMAC TRIOMPHE 2021-3: S&P Raises Cl. F Notes Rating to B+(sf)
----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2021-3. At the same time,
S&P affirmed its ratings on three classes of notes.

The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolio. The asset pool has continued to
amortize and has a pool factor of around 50.4% as of Oct. 3, 2023.
Furthermore, the portfolio has strengthened, with a
weighted-average current loan-to-value ratio of 60.1% and
weighted-average seasoning of 40 months. These positive factors
have been partly offset by an increase in delinquent loans, with
loans more than 30 days in arrears comprising 1.72% of the current
pool balance, while there have been no losses to date.

Principal repayments on the rated classes of notes are currently on
a sequential basis, and as a result there has been a significant
buildup of subordination. However, the pro-rata trigger for the
second anniversary since transaction close will be met next month.
If all performance triggers are also met, the transaction will
switch to pro-rata principal repayment, including to the unrated
class G note, from which point the percentage of credit support
provided to the rated notes will cease to increase.

S&P has also considered in its analysis the current effects of
increasing interest rates and cost-of-living pressures. These
qualitative factors constrain our ratings on the class D, class E,
and class F notes below model-implied outcomes.

  Ratings Raised

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-3

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to BBB+ (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)
  Class F: to B+ (sf) from B (sf)

  Ratings Affirmed

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-3

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)


RPH AUSTRALIA: Fury at Head Office After Franchisee's Liquidation
-----------------------------------------------------------------
News.com.au reports that customers of a collapsed building firm
have been left fuming after airing out their concerns to the master
franchisor months ago but being turned away.

On Nov. 3, news.com.au reported that Western Australia-based RPH
Australia Pty Ltd with the trading name GJ Gardner Perth West had
gone into liquidation.

The exact amount of its liabilities remains unknown but 18
homeowners have been impacted from the company's demise,
news.com.au relates.

GJ Gardner Perth West was part of the GJ Gardner network, a major
building franchisor which has nearly 100 independent building
companies and offices dotted around Australia.

In the wake of the collapse, a spokesperson from the head office
told news.com.au that: "As the master franchisee of GJ Gardner
Homes WA, we are here to support the customers, trades and
suppliers directly involved by assisting with the insurance process
and providing support where we can".

But two customers said this isn't the case at all and are less than
impressed with the support they have received over the debacle
spanning back years, news.com.au relates.

Kate, whose home is about halfway built despite signing on with the
Perth West branch two years ago, told news.com.au: "The GJ Gardner
head office never called us, they've not helped at all. It's just
been two general emails. Never personally received a phone call."

Justin, another customer, alerted the master franchisor that his
build had been stalled for over 300 days and claims "they
reiterated the fact we signed up with a franchise, not a head
office".

He raised his concerns with the head office but was told there was
nothing to worry about.

"They assured us it was in the best financial position it could be,
and five months later, (it) crashed," he lamented.

What he also found infuriating was an admission from the GJ head
office that they were aware of their Perth West franchisee's
struggles for 18 months, even though they denied this to him when
he tried to find out more information, news.com.au relays.

In July, the head office sent Justin an email acknowledging that
times were tough in the building sector more broadly but promised
things were going well at the Perth West branch.

"We are comfortable that (the building firm) has the resources
required for a business (its) size," the email read.

But then at the end of last month, the major building chain changed
their tune, notifying customers that the construction firm was in
strife and that they had been aware of this for the last year and a
half, news.com.au says.


TERRITORY AIR: First Creditors' Meeting Set for Nov. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Territory
Air Freight Pty Ltd will be held on Nov. 24, 2023, at 10:00 a.m.
via teleconference.

Stuart Otway and Travis Olsen of SV Partners were appointed as
administrators of the company on Nov. 14, 2023.


TULLY PARK: Second Creditors' Meeting Set for Nov. 24
-----------------------------------------------------
A second meeting of creditors in the proceedings of Tully Park Pty
Ltd has been set for Nov. 24, 2023 at 11:00 a.m. at the offices of
Mackay Goodwin at Level 12, 20 Bridge Street in Sydney 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. 23, 2023 at 4:00 p.m.

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




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

EHI CAR: Fitch Puts 'B' LongTerm IDR on Watch Negative
------------------------------------------------------
Fitch Ratings has placed eHi Car Services Limited's 'B' Long-Term
Issuer Default Rating (IDR) and senior unsecured rating of 'B' with
a Recovery Rating of 'RR4' on Rating Watch Negative (RWN).

The RWN reflects execution risk in refinancing or repaying eHi's US
dollar bond maturing in November 2024. While eHi's operations have
been recovering following the removal of Covid-19 restrictions, the
company's new-vehicle purchases have been more than Fitch's
expectation, which caused liquidity to deteriorate in the past few
months.

With the bond turning into a current liability, eHi has been
preparing several measures to address the upcoming maturity, but
the Rating Watch reflects the lack of specific evidence of
executing such plans. Fitch sees significant uncertainty in eHi's
ability to secure refinancing options, with cash generation from
ongoing operations offering limited buffer against the sizeable
outstanding bond amount. Further negative rating action is possible
if there is a lack of progress in executing the refinancing plan.

KEY RATING DRIVERS

Execution Risk for Refinancing: Fitch believes that eHi's plan to
refinance or repay its 2024 US dollar bond has inherent execution
risk due to its significant size relative to the company's thin
liquidity buffer and cash flow generation. The large amount of the
outstanding bonds means eHi is likely to turn to a combination of
funding sources. Fitch assumes there will be limited capital-market
options, particularly with the current difficult offshore issuance
conditions, and the rating will depend on eHi's ability to make
more substantial progress in executing its refinancing plans than
under normal conditions.

Deterioration in Liquidity Buffer: Fitch believes eHi's liquidity
buffer has narrowed and measures, such as vehicle disposals, will
have only a limited impact. While its rental business is recovering
from pandemic-related disruptions, cash was further eroded in 1H23
as the company expanded the fleet to meet strong travel demand.
eHi's readily available cash reduced to CNY364 million by end-June
2023 from CNY611 million at end-2022.

Higher Fleet Expansion: Fitch believes the resumed operating cash
flow will be sufficient to cover cash needed to repay borrowings
from banks and leasing companies, but may not offer additional
liquidity buffer as eHi resumed its fleet expansion. eHi's business
operation normalised in 2023 amid a recovery in domestic travel.
Revenue increased by 36.7% yoy in 1H23 and the EBIT margin improved
to 9% in 1H23 from negative in 2022. However, the company added to
its fleet to meet rising travel demand in the first nine months of
the year and expects a net fleet increment of 10%-15% in 2023.

Uncertain Proceeds from Vehicle Disposals: The company's free cash
flow generation hinges on used-vehicle sales, in addition to
operating cash flow and new-vehicle purchases, but Fitch expects
the amount raised from vehicle sales to face challenges. Although
risks from prolonged receivables have eased, the discount rate of
used-car sales and collection of proceeds may still be affected by
market conditions in China and the financial situation of its
dealer counterparts.

It might be hard for eHi to gain additional financial flexibility
through vehicle disposals or finance leases secured by old
vehicles, as it needs to maintain a certain fleet size to capture
current growth in the market. Fitch will also view repayment of
capital market debt through finance leases as a weakening in eHi's
debt maturity profile.

Lower Margin of Safety: Fitch thinks eHi's liquidity buffer has
been eroded by the renewed Covid-19 outbreaks in 2022 that
triggered prolonged lockdowns in several cities. The company's
liquidity tightened in 2022 due to its stagnant operations and
prolonged receivable collection. In addition, the net losses due to
prolonged pandemic lockdowns in the last several years eroded the
company's equity base, while recent expansion of its fleet without
additional equity funding resulted in a capital structure highly
reliant on debt.

DERIVATION SUMMARY

eHi's ratings are supported by its leading market position as
China's second-largest car rental company. However, it has a
smaller operating scale and weaker financial profile than other
Fitch-rated car rental operators, such as Localiza Rent a Car S.A.
(BB+/Stable), the leading rental car operator in Brazil. eHi also
has smaller operating scale and higher capex requirements, but
better financial structure, than China Grand Automotive Services
Group Co., Ltd. (CCC-), one of the largest auto dealers in China.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer:

- Revenue to rebound in 2023 and growth to stabilise over 2024-2026
(2022: -12.7%)

- EBITDA margin to improve and average at 44% over 2023-2026 (2022:
29.9%)

- Net capex to resume in 2023 and moderate starting 2024 with
average net spending of CNY1.6 billion a year over 2024-2026 (2022:
net capex of CNY185 million)

Recovery Rating Assumptions:

- Apply the going-concern value, as it is higher than liquidation
value

- A 25% discount to EBITDA in 2024

- 5x EBITDA multiple to going-concern EBITDA

- 10% administrative claim

The Recovery Rating is capped at 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings Criteria, China
falls into Group D of creditor friendliness, and the Recovery
Ratings of issuers with assets in this group are subject to a cap
of 'RR4'.

RATING SENSITIVITIES

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

- The RWN will be resolved upon clear progress on plans to repay
capital market obligations due in 2024

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

- Failure to make progress in and execute a clear asset disposal
and capital raising plan to address upcoming capital market
maturities

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: eHi had readily available cash of CNY364 million
at end-June 2023, against short-term debt of CNY2.5 billion (or
CNY2.9 billion if payables for purchase of AP model cars are
included). The company has repurchased a portion of the US dollar
senior notes due in November 2024, the outstanding amount of which
is USD404 million as of 11 October 2023.

ISSUER PROFILE

eHi is a leading car rental and chauffeur operator in China. It had
a total fleet of more than 88,000 vehicles and covered more than
500 cities in China by end-June 2023. The company was listed on the
New York Stock Exchange before it was privatised in April 2019.

SUMMARY OF FINANCIAL ADJUSTMENTS

Payables for vehicles purchased are included as debt in Fitch's
leverage calculations as these are interest-bearing in nature.

Capex is calculated as gross capex for car purchases net of
proceeds from used-car sales.

ESG CONSIDERATIONS

eHi Car Services Limited has an ESG Relevance Score of '4' for
Financial Transparency due to its status as a private company with
less stringent timing requirements for financial disclosures,
compared with publicly listed companies. This has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
eHi Car Services
Limited            LT IDR B Rating Watch On            B

   senior
   unsecured       LT     B Rating Watch On   RR4      B


LONGFOR GROUP: Moody's Assigns Ba1 CFR, Outlook Negative
--------------------------------------------------------
Moody's Investors Service has taken the following rating actions on
Longfor Group Holdings Limited:

1. Withdrawn Longfor's Baa3 issuer rating and assigned the
    company a Ba1 corporate family rating (CFR)

2. Downgraded Longfor's senior unsecured ratings to Ba2 from
    Baa3

Longfor's rating outlook is negative. Previously, the ratings were
on review for downgrade.

"The rating downgrades are driven by Moody's expectation that
Longfor's contracted sales, credit metrics, financial flexibility
and liquidity buffer will decline over the next 12-18 months amid
the volatile market and funding conditions," says Kaven Tsang, a
Moody's Senior Vice President.

The company's increased use of secured borrowings, which helped
provide it the necessary liquidity to refinance its unsecured debt,
will reduce its financial flexibility and increase the
subordination risks to its senior unsecured creditors.

"The negative outlook reflects the high uncertainties over the
company's ability to recover its contracted sales, credit metrics
and access to debt capital markets over the next 6-12 months, given
the current volatile market and funding conditions," adds Tsang,
who is Moody's lead analyst for Longfor.

RATINGS RATIONALE

Longfor's Ba1 CFR reflects its strong brand name, leading market
position and quality land banks in high-tier cities, recurring
income from its investment properties, disciplined financial
management and adequate liquidity.

The rating  also considers the company's exposure to industry
cyclicality and the regulatory risks associated with residential
property developments, its reduced financial flexibility because of
increased asset encumbrance, its constrained access to long-term
capital markets, declining sales and weakening credit metrics.

Moody's expects Longfor's leverage, as measured by adjusted
debt/EBITDA, to weaken to around 5.5x-6.0x over the next 12-18
months, from 4.5x in the year ended June 2023. Its EBIT/interest
coverage will likely drop to around 4.0x from 4.8x over the same
period. These metrics position the company's rating in the Ba
category.

Moody's forecasts Longfor's gross contracted sales will fall to
around RMB180 billion in 2023 and around RMB165 billion in 2024,
from RMB202 billion in 2022, because of weak housing demand amid
China's slow economic recovery. This is despite the company's focus
on top-tier cities, whose economic fundamentals are stronger than
that of lower-tier cities. Longfor's gross contracted sales fell
8.5% to RMB152 billion over the first 10 months of 2023.

Moody's estimates that a material portion of Longfor's investment
properties has been pledged for financing as of June 2023. The
company will further increase the pledge ratio over the next 12-18
months as it continues raising secured funding to refinance some of
its maturing unsecured debt amid constrained capital markets.

This change in debt structure will reduce the company's financial
flexibility.

Longfor's liquidity remains adequate. Its cash balance and
projected operating cash flow will likely be sufficient to cover
its committed land payments, dividend payments and maturing debts
over the next 12-18 months. However, its liquidity buffer will
decline because the company will have to use internal resources to
repay part of its maturing debt amid weak funding conditions.

The downgrade of Longfor's senior unsecured rating to Ba2, one
notch lower than its CFR, reflects the increased subordination
risks to the company's senior unsecured creditors, a result of its
increased pledging of its investment properties to raise secured
debt to refinance part of its maturing unsecured debt. It will
diminish the benefit the company had derived from credit
diversification, which Moody's had considered a mitigating factor
against subordination.

The subordination risk also reflects the fact that the majority of
Longfor's claims are at its operating subsidiaries and have
priority over its senior unsecured claims in a bankruptcy scenario.
In addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the likely
recovery rate for claims at the holding company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Longfor's concentrated ownership by its key
shareholder, Madam Cai Xinyi, the daughter of Madam Wu Yajun,
through XTH Trust, which holds a 43.36% stake in the company as of
the end of June 2023. Moody's has also considered the company's
track record of prudent financial and liquidity management.

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

Given the negative outlook, an upgrade of Longfor's ratings is
unlikely.

However, Moody's could revise the outlook to stable if the company
strengthens its contracted sales, financial metrics and access to
various types of funding at stable cost, all on a sustained basis.

Key credit metrics indicative of an outlook change to stable
include EBIT/interest coverage rising above 4.5x and adjusted
debt/EBITDA falling below 4.5x-5.0x, both on a sustained basis.

On the other hand, Moody's could downgrade the ratings if Longfor
is unable to recover its access to funding and strengthen its
contracted sales. The ratings would also come under pressure if the
company pursues aggressive financial management, resulting in a
deterioration in its financial metrics and liquidity.

Key credit metrics indicative of a downgrade include EBIT/interest
coverage falling below 3.5x-4.0x and adjusted debt/EBITDA rising
above 5.5x-6.0x, both on a sustained basis.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Longfor Group Holdings Limited is a leading developer in China's
residential and commercial property development sector. Founded in
1993, the company began its business in Chongqing and has
established a solid brand name in the municipality.

As of the end of June 2023, Longfor had a total land bank of 54.89
million square meters (sqm) in terms of gross floor area (GFA),
spanning 61 cities in five major economic regions in China.


MELCO RESORTS: Moody's Alters Outlook on 'Ba3' CFR to Stable
------------------------------------------------------------
Moody's Investors Service has changed the outlooks on Melco Resorts
Finance Limited (MRF), Studio City Finance Limited (Studio City)
and Studio City Company Limited (Studio City Company) --
collectively addressed as the Melco group - to stable from
negative.

At the same time, Moody's has affirmed (1) MRF's Ba3 corporate
family rating and senior unsecured ratings, (2) Studio City Finance
Limited's B1 CFR and senior unsecured ratings; and (3) the Ba3
rating on the USD senior secured bonds issued by Studio City
Company, which is wholly owned by Studio City through Studio City
Investments Limited.

"The outlook change to stable from negative reflects Moody's
expectation that the Melco group's financial leverage will improve
significantly over the next 12-18 months amid a robust recovery of
the gaming market in Macao SAR, China, " says Gloria Tsuen, a
Moody's Vice President and Senior Credit Officer.

RATINGS RATIONALE

Macao's gross gaming revenue (GGR) has recovered strongly since
China's reopening in early January this year, with mass and VIP
segments recovering to 93% and 38%, respectively, by the third
quarter of 2023 compared with the same period in 2019.

Moody's estimates that Macao's mass-segment GGR will return this
year to about 85% of the level in 2019 and fully recover in 2024,
driven by premium mass customers. VIP segment GGR will also likely
return to 32%-36% of the level in 2019 in 2023-24, as direct VIPs
replace part of the business lost following regulatory restrictions
on the operation of junkets in recent years. These assumptions are
underpinned by strong pent-up demand that will more than offset the
effect of a likely softening of the Chinese economy.

With the strong market recovery driving significant earnings and
cash flow increases, as well as the completion of their major
capital spending projects, Melco Resorts & Entertainment Limited
(MRE) and Studio City will start generating free cash flow that
Moody's expects will help materially reduce their debt and leverage
over the next 12-18 months.

MRE's and Studio City's mix shift toward premium mass and direct
VIP customers will also increase their margins because these two
customer segments are more profitable compared with general mass
and junket-introduced VIPs.

Consequently, Moody's estimates that MRE's adjusted EBITDA will
increase to around $0.9 billion in 2023 and $1.3 billion in 2024,
compared with a loss of $0.1 billion in 2022, while Studio City's
adjusted EBITDA will also turn positive in 2023 and increase
further to around $0.3 billion in 2024.

As a result, MRE's and Studio City's adjusted debt/EBITDA will
decrease to around 5.5x and 7.9x, respectively, by 2024 and further
improve in 2025. These ratios support MRF's Ba3 ratings and Studio
City's B1 CFR.

MRE's credit quality continues to benefit from the Melco group's
established operations and high-quality assets, as well as Macao's
good long-term growth prospects. These considerations mitigate the
risk associated with the company's geographic concentration in
Macao, where gaming GGR is subject to policy changes in Macao and
China.

MRF's ratings reflect the consolidated credit quality of its
parent, MRE, because MRF is 100% owned by MRE, which relies heavily
on MRF and its subsidiaries for profit generation and funding.

The Ba3 ratings also consider MRE's good liquidity, underpinned by
its combined cash and unused revolving credit facility of $2.1
billion (excluding restricted cash) as of the end of September
2023. These resources and improving operating cash flows will be
sufficient to cover the company's capital spending and short-term
debt repayments for the next 12-18 months. The company's next key
debt maturities will be in 2025.

Studio City's B1 CFR incorporates the company's moderate standalone
credit quality and a one-notch uplift to reflect the likelihood of
extraordinary support from MRE, given the company's strategic
importance to its parent.

The company's standalone credit quality considers its established
market position and mass market-focused operations, counterbalanced
against its geographic concentration in Macao and high financial
leverage.

Studio City's cash holdings (excluding restricted cash and cash at
Studio City casino) of $293 million as of the end of September
2023, and its available revolving credit facility of around $30
million, will be more than sufficient to cover its cash needs over
the next 12-18 months. The company's next key debt maturity is in
2025.

In terms of environmental, social and governance (ESG) factors, MRF
and Studio City are exposed to the social risks inherent in the
gaming industry. Both companies are also exposed to governance
risks driven by their high ownership concentration, given the Melco
group's ultimate ownership in a controlling shareholder; and the
group's appetite for growth. In addition, Studio City has a more
aggressive financial policy and higher organizational structure
complexity than MRF because of its reliance on an intercompany
gaming services agreement.

These governance risks are mitigated by (1) the Melco group's
prudent financial policy track record; (2) MRE's listed status; (3)
the board oversight exercised through independent directors; and
(4) in the case of Studio City, the likelihood of support from its
parent, evidenced by the significant equity financings in recent
years.

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

Moody's could upgrade MRF's ratings if MRE further improves its
earnings, reduces its debt and maintains good liquidity, such that
its adjusted debt/EBITDA declines to below 4.5x-5.0x on a sustained
basis.

Conversely, Moody's could downgrade MRF's ratings if MRE's adjusted
debt/EBITDA returns to above 5.5x-6.0x on a sustained basis or if
its liquidity weakens. This situation could result from a
weaker-than-expected earnings recovery, a failure to reduce debt,
or the company's aggressive financial policy.

In addition, the ratings on MRF's senior unsecured notes could be
downgraded if the amount of priority claims at MRF's subsidiaries
increases on a sustained basis compared with MRF's own senior
unsecured debt at the holding company level.

Moody's could upgrade Studio City's ratings if the company improves
its earnings, reduces its debt and maintains a balanced financial
policy, such that its debt/EBITDA falls below 5.0x-5.5x and its
EBITDA/interest exceeds 3.0x on a sustained basis.

On the other hand, Moody's could downgrade Studio City's ratings if
the company's earnings recovery stalls, it fails to reduce its
debt, or its liquidity weakens. Specifically, downward rating
pressure will likely emerge if the company's debt/EBITDA exceeds
7.5x-8.0x and its EBITDA/interest remains below 1.8x on a sustained
basis. A decline in the ability or willingness of its parent, MRE,
to provide support would also lead to downward rating pressure.

The principal methodology used in these ratings was Gaming
published in June 2021.

Melco Resorts Finance Limited is a wholly-owned subsidiary of Melco
Resorts & Entertainment Limited, which is listed on the NASDAQ
exchange and majority-owned by the Hong Kong-listed Melco
International Development Ltd. Through Melco Resorts (Macau)
Limited, Melco Resorts Finance operates two wholly-owned casinos in
Macao – City of Dreams and Altira Macau.

Studio City Finance Limited develops and operates the Studio City
property, an integrated gaming and entertainment resort in Macao,
through its subsidiaries. The company's holding company, Studio
City International Holdings Limited, is listed on the New York
Stock Exchange and around 55% owned by Melco Resorts &
Entertainment Limited.


SJM HOLDINGS: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed SJM Holdings Limited's Ba3
corporate family rating and the B1 rating on the backed senior
unsecured bonds issued by Champion Path Holdings Limited and
guaranteed by SJM.

At the same time, Moody's has changed the outlook to stable from
negative.

"The outlook change to stable from negative reflects Moody's
expectation that SJM's financial leverage will improve
significantly in the next 12-18 months, driven by a robust recovery
of the gaming market in Macao SAR, China, as well as the ramp-up of
the company's new property," says Gloria Tsuen, a Moody's Vice
President and Senior Credit Officer.

RATINGS RATIONALE

Macao's gross gaming revenue (GGR) has recovered strongly since
China's reopening in early January this year, with mass and VIP
segments recovering to 93% and 38%, respectively, by the third
quarter of 2023 compared with the same period in 2019.

Moody's estimates that Macao's mass-segment GGR will return this
year to about 85% of the level in 2019 and fully recover in 2024.
This assumption is underpinned by strong pent-up demand that will
more than offset the effect of a likely softening of the Chinese
economy.

As the market recovery and the ramp up in its new Grand Lisboa
Palace (GLP) project in Cotai will significantly increase its
earnings and operating cash flow, SJM will start generating free
cash flow that Moody's expects will help materially reduce their
debt and leverage in the next 12-18 months.

Consequently, Moody's estimates that SJM's adjusted EBITDA will
improve to around $1.9 billion in 2023, $4.2 billion in 2024 and
$5.5 billion in 2025, compared with a loss of $3.5 billion in 2022.
Such increases will drive debt reduction and reduce SJM's leverage,
as measured by adjusted debt/EBITDA, to around 6.7x by 2024 and
4.7x by 2025. The estimated level of leverage in 2025 supports
SJM's Ba3 CFR.

SJM's mix shift toward mass customers from VIP customers, and
toward self-promoted casinos from satellite casinos, will also
increase its margins because the two segments are more profitable.

SJM's Ba3 CFR continues to be supported by its established gaming
operations in Macao, given its operational history of more than 50
years and Macao's good long-term growth prospects. At the same
time, the rating reflects the risk associated with the company's
geographic concentration in Macao, where gaming GGR is subject to
policy changes in Macao and China.

SJM's liquidity is adequate. Its cash resources and available
revolving credit facility, which total around HKD7.3 billion as of
the end of June 2023, will be sufficient to cover its cash needs
over at least the next 18 months, which include construction and
other payables. Moody's also expects the company to receive waivers
from its banks on its financial covenants as needed in the next few
quarters.

The B1 rating on Champion Path Holdings Limited's senior unsecured
notes is one notch lower than SJM's CFR because bank loans and
subsidiary-level liabilities are a significant portion of SJM's
liability structure and have priority over the senior unsecured
claims at the holding company in a default scenario.

In terms of environmental, social and governance (ESG) factors, SJM
is exposed to the social risks inherent in the gaming industry. The
company is also exposed to governance risks driven by its
concentrated ownership and control by its parent, SJM by Sociedade
de Turismo e Diversoes de Macau, and its previous delay in
addressing its loan maturities. These governance risks are
mitigated by the company's track record of maintaining a
conservative capital structure.

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

Moody's could upgrade SJM's ratings if SJM improves its earnings,
reduces its debt and maintains adequate liquidity, such that its
adjusted debt/EBITDA declines to below 4.5x on a sustained basis.

Conversely, Moody's could downgrade SJM's ratings if the company's
adjusted debt/EBITDA remains above 5.5x because of a
weaker-than-expected earnings recovery, a failure to reduce debt,
or an aggressive financial policy.

The principal methodology used in these ratings was Gaming
published in June 2021.

SJM Holdings Limited develops and operates casinos and integrated
resort facilities in Macao SAR, China. The company is listed on the
Hong Kong Stock Exchange and is 63% owned by Sociedade de Turismo e
Diversoes de Macau (STDM).


[*] CHINA: Restaurants Shutter Apace Amid Muted Consumption
-----------------------------------------------------------
Yicai Global reports that weaker consumption in China this year has
led to dire straits at restaurants, with many having shut since the
start of the year.

The business licenses of about 1.1 million eateries were revoked in
the 10 months ended Oct. 31, Yicai discloses citing figures from
business data provider Qichacha. Some 278,000 canceled their
licenses in September and last month alone.

Many restaurateurs have listed their businesses for sale on social
media and brokerage platforms. Some are even selling the hardware
and furniture, including fridges, freezers, dining tables, and
chairs at low prices after long being unable to find buyers.

Zhao Junyang, the owner of a hotpot restaurant, told Yicai that
after nine years in the catering sector, this has been the hardest
time for him since opening his business.

Ma Fei, a restaurant owner with a decade in catering, had two
highly successful eateries specializing in Yibin Ranmian, also
known as Yibin Burning Noodles. After China eased its Covid-19
controls, he believed the catering sector would rebound, so he
opened two new outlets.

Despite going well at first, Ma's business worsened from the second
half of this year. After struggling along for six months, he put
the two new restaurants up for sale on a brokerage platform, Yicai
reports.

Besides weak consumption, an abrupt surge in the number of new
restaurants since the start of this year is also one of the reasons
for the closure of so many, according to industry insiders. This is
because many new owners went into catering after losing their jobs
during the pandemic and launched aggressive low-price promotional
campaigns, they said.

About 2 million restaurants were opened in China in the first half
of 2023, equal to the whole of 2019, data from Qichacha showed.

In March, Li Xiaojun, who was out of work during the pandemic,
spent more than CNY200,000 (USD27,614) to open a franchised shop
selling rice noodles in Central China. After poor business, he
tried selling the outlet but got no calls until he slashed the
asking price to CNY30,000 (USD4,149), according to Yicai.

Yicai says Li initially thought that dining out was a "rigid
demand" situation, so there should have been a lot of customers,
and only when the restaurant opened did he realize that he lacked
the necessary knowledge about the catering sector.


[*] Make-Up SMEs Struggle to Survive Despite Market Recovery
------------------------------------------------------------
Yicai Global reports that the Chinese cosmetics market has remained
weak despite rebounding this year, and with too many foundries,
many small and mid-sized businesses had fewer orders in the peak
season, with most facing operational issues, according to industry
insiders.

Only 20 percent of Chinese cosmetic companies are growing well, and
the rest are struggling to survive, Lin Chun, president of the
Guangzhou Cosmetics Industry Association, told Yicai. Many SMEs are
on the verge of closing, Lin noted.

One reason why SMEs are struggling is that there are too many
manufacturers, according to industry insiders, Yicai relays. China
had 5,512 cosmetics makers at the end of last year, data from the
National Medical Products Administration showed.

Another reason is that most cosmetics foundries in China are
low-end and labor-intensive, with great room for improvement in
production scale, processing equipment, research and development
capabilities, and management, the insiders noted.

The peak season for cosmetic shipments every year is after the
National Day holiday, but only two of Guangzhou Bokali
Biotechnology's 10 production lines have been operating normally
recently, Xu Kang, head of the company, said to Yicai.

Lu Chen, owner of another cosmetics business, noted that in
previous years his firm could deliver enough goods to load one or
two trucks a day in peak season, but now it is hard to fill up even
one over several days because of slack orders, Yicai relays.

Yicai says the market changed significantly during the Covid-19
pandemic. Sales at Bokali reached more than CNY20 million (USD2.8
million) in 2020 but shrank to just over CNY15 million in 2021, and
CNY10 million last year, Xu noted. "Business remains difficult this
year despite the recovery," he added.

China's cosmetics industry has been picking up this year, according
to figures from the National Bureau of Statistics. Retail sales
rose 8.6 percent in the six months ended June 30 from a year
earlier, after having an annual drop for the first time in 10 years
in 2022, down 4.5 percent from the year before, Yicai discloses.

"Business has been quite difficult in the past few years, much more
difficult than I could have imagined," Yicai quotes Liu Qin, head
of Bencao Future Biotechnology, as saying. A lack of big orders,
clients wanting lower prices, and rising rent and labor costs along
with other higher expenses halved the firm's revenue and led to a
30 percent drop in profit this year from last, Liu noted.

Most clients of original design manufacturers are emerging brands
that update quickly, leading to large fluctuations in the number of
customers and unstable cooperation, said Lu Chen, a worker at a
cosmetics ODM business, adds Yicai. "It's possible that all of our
clients will disappear overnight," Lu said.




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

ADI WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adi Wires
Private Limited (AWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.35        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              3.18        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with AWPL for
obtaining information through letters and emails dated October 10,
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 AWPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AWPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2006, Jharkhand-based AWPL manufactures binding
wires and wire nails, which are largely used in the construction
industry. The company is promoted and managed by Mr. Amit Sarawgi
and Mr. Rohit Jain.


ARCHIS PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Archis
Packaging India Private Limited (APIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     0.75        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital        6.25        CRISIL D (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with APIPL for
obtaining information through letters and emails dated October 10,
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 APIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APIPL continues to be 'CRISIL D Issuer Not Cooperating'.

APIPL was set up as a proprietorship firm in 1998 and reconstituted
as a private limited company in 2003 with Mr Balasaheb Sudam Karle
and Mr Sudam V Karle as the new directors. The firm manufactures
corrugated boxes and cartons (100 gram to 2 kilogramme range) using
kraft paper. Plant is in Talegaon, Pune, and operations are managed
by Mr Navnath Sudam Karle, son of Mr Sudam V Karle. Boxes are
priced at INR20-150 per unit.


ARUN POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arun Polymers
(AP) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          0.15       CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             3.5        CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        7.55       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Short Term     0.33       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Proposed Short Term     0.57       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   SME Credit              0.25       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               2.4        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with AP for
obtaining information through letters and emails dated October 10,
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 AP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AP
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

AP is a partnership firm set up in 2000 by Mr. P. Thiyagarajan. The
firm manufactures PVC pipes.


BAJAJ HERBALS: CRISIL Hikes Rating on INR6.8cr Term Loan to B-
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Bajaj Herbals Ltd (BHL) to 'CRISIL B-/Stable' from
'CRISIL D'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             6          CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

   Term Loan               6.8        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The upgrade reflects the track record of timely repayment of debt
for over 90 days owing to improved liquidity.

The rating also reflects the modest scale and working
capital-intensive operations and the weak financial risk profile of
the company. These weaknesses are partially offset by the extensive
experience of the promoters in the fast-moving consumer goods
(FMCG) industry and the geographically diversified revenue
profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The scale of operations may continue
to be constrained by intense competition in the FMCG industry. The
operating revenue of company has improved to INR28.02 crores in
fiscal 2023 against INR22.86 crores in fiscal 2022 however same is
expected to moderate in fiscal 2024.

* Large working capital requirement: Gross current assets were high
at 415 days as on March 31, 2023, led by the large receivables and
inventory.

* Weak financial risk profile: Financial risk profile is marked by
a small networth of INR0.41 crore as on March 31, 2023. This limits
the financial flexibility available to the company in case of any
adverse conditions or downturn in the business.

Strengths:

* Extensive experience of the promoters: The decade-long experience
of the promoters in the FMCG industry, their strong understanding
of market dynamics and healthy relationships with suppliers and
customers, will continue to support the business risk profile.

* Geographical diversification in revenue: BHL caters to a wide
number of clients, both in India and overseas. It derives over 20%
of its revenue from exports. Diversity in geographic reach and
clientele should continue to support the business risk profile.
Liquidity: Poor

Bank limit has been fully utilised over the six months ended August
31, 2023. Expected cash accrual of INR0.46-0.76 crore may not
suffice to cover the term debt obligation of INR1.76 crore per
fiscal over the medium term. Current ratio was healthy at 2.2 times
as on March 31, 2023. The promoters are likely to extend support
via equity and unsecured loans to cover the working capital and
debt obligation.

Outlook: Stable

CRISIL Ratings believe BHL will continue to benefit from the
extensive experience of its promoter in the FMCG industry and their
established relationships with clients.

Rating Sensitivity factors

Upward factors

* Sustained growth in revenue, leading to cash accrual above INR2.5
crore.
* Significant improvement in liquidity and working capital
management.

Downward factors

* Decline in revenue and operating margin, resulting in accrual
below INR0.50 crore.
* Stretch in working capital cycle exerting pressure on liquidity.

BHL was established in 1998 and reincorporated in 2005. The company
manufactures and exports herbal cosmetic products such as hair
care, oral care, skin care and personal care items. The company
exports to Middle East, Africa, South East Asia and some European
countries. Manufacturing facilities are located in Ahmedabad,
Gujarat.

BHL is part of the Bajaj group of companies. It is owned and
managed by Mr Dwarkaprasad Bajaj, Mr Sanjay Bajaj and Mr Gautam
Bajaj.


BASU & CO: CARE Lowers Rating on INR11.00cr ST Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Basu & Co Road Contractors Private Limited (BCRCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

   Short Term Bank      11.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 10,
2022, placed the rating(s) of BCRCPL under the 'issuer
non-cooperating' category as BCRCPL 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. BCRCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 26, 2023, September 05,
2023, September 15, 2023, November 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).

The ratings assigned to the bank facilities of BCRCPL have been
revised on account of delays in debt servicing as recognized from
publicly available information i.e. CIBIL check.

Analytical approach: Standalone

Outlook: Not Applicable

BCRCPL incorporated in July 4, 2002, was promoted by the Basu
family of Kolkata, with Mr. Pradip Kumar Basu being the main
promoter. BCRCPL is primarily engaged in the construction of roads
for entities like Hooghly Highway Division, Govt. of West Bengal,
PWD Roads Dept. Govt. of West Bengal, Westinghouse Saxby Farmer
Ltd, Govt. of West Bengal, Kolkata Municipal Development Authority,
Govt. of West Bengal etc. BCRCPL is a Govt. contractor and the
operation of the company is based in West Bengal. In 2008, BCRCPL
took over the operations of Basu & Co., a proprietorship firm set
up in 1985 and belonging to the promoter of the company.


BLESSINGS RESORTS: CRISIL Keeps D Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Blessings
Resorts Private Limited (BRPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          3          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              29          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with BRPL for
obtaining information through letters and emails dated October 10,
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 BRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BRPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 2011 by Mr Harpinder Singh Gill and Mr Rajesh Aggarwal,
BRPL is setting up a 3-star, 80-room hotel with banquet in Phagwara
under the 'Park Inn by Radisson' brand. The company has tied up
with Carlson Hotels Asia Pacific Pty Ltd.


DECCAN EXTRUSIONS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Deccan
Extrusions Private Limited (DEPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              6         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with DEPL for
obtaining information through letters and emails dated October 10,
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 DEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DEPL continues to be 'CRISIL D Issuer Not Cooperating'.

Commenced commercial operations in 1989, DEPL manufactures
aluminium profiles. The product portfolio consists of various
aluminium profiles which are used as panels, channels and verticals
with their end usage in residential, construction, transport,
power, consumer goods and other industries. DEPL has its
manufacturing facility with an installed capacity of 5400 tonnes
per month (TPM) at Pondicherry.


DELHI INT'L AIRPORT: Fitch Alters Outlook on 'BB-' IDR to Positive
------------------------------------------------------------------
Fitch Ratings has affirmed Delhi International Airport Limited's
(DIAL) Long-Term Issuer Default Rating (IDR) and rating on its
senior secured notes at 'BB-' and the rating on India Airport
Infra's senior secured notes at 'B+'. The Outlook on both ratings
has been revised to Positive from Stable.

RATING RATIONALE

The Positive Outlook is based on Fitch's expectation that DIAL's
deleveraging will pick up in the next 18-24 months, after it
completes its current capex cycle. The reduction in leverage will
be supported by growth in passenger traffic, resolution of key
pending regulatory issues and a tariff hike that Fitch expects to
be delayed by 12 months. Any significant deviation from its
assumptions may result in slower-than-expected deleveraging, which
may return the rating Outlook to Stable.

India Airport Infra is an orphan financing vehicle with no legal
linkage to DIAL. Fitch believes that the orphan SPV issuance
structure provides less protection to offshore US dollar
noteholders in the case of a failure of a hedge counterparty and
termination of its hedge agreements before the notes mature. This
results in a notch lower rating for the notes issued by the SPV
relative to DIAL. The sponsor is not legally obliged to replace
hedge counterparties nor allowed to cover any additional costs
associated with these events, including early termination amounts
payable to defaulting hedge counterparties.

KEY RATING DRIVERS

Resilient Domestic Traffic: Revenue Risk - Volume - High Stronger

Delhi Airport, India's largest, handled over 65 million passengers
in the financial year ended March 2023 (FY23), of which about 20%
were transit and transfer passengers. Over a quarter of all
international passengers to India passed through the Delhi airport
in FY23. Passenger traffic volume hit 35.6 million in 1HFY24,
exceeding the previous high of 34.9 million in 1HFY19 on robust
domestic travel. Its rating case assumes FY24 passenger traffic of
71 million, beating the pre-pandemic high of 69.2 million.
Long-term growth is supported by favourable demographics and
consumers' increasing propensity to fly.

Tariff Uptick Expected, Awaiting Decision: Revenue Risk - Price -
Midrange

DIAL operates under a hybrid till regulatory framework with 30%
non-aeronautical revenue used for cross-subsidisation. The Airports
Economic Regulatory Authority (AERA) has determined that the
aeronautical tariffs charged by DIAL must be no less than base
airport charges + 10% (BAC+10%) as stipulated in the state support
agreement between DIAL and the Indian government. The same has been
approved as tariffs by AERA in control period 3 (CP3) from
FY20-FY24. The tariff formula provides a floor to DIAL's airport
charges.

Management expects a doubling of tariffs in CP4 (FY25-FY29) due to
an increase in DIAL's regulated asset base after the current capex
cycle and a court ruling on the calculation of aeronautical tax. In
view of the uncertainty related to tariffs, its rating case assumes
only a part of the tariff increase expected by management in CP4
and a 12-month delay in the release of AERA's tariff order for
CP4.

Capital Expenditure Cycle Ending: Infrastructure Dev. & Renewal -
Midrange

DIAL has hefty capex in FY20-FY24 to construct a fourth runway,
build the Eastern cross taxiway and expand Terminal 1. This will
increase the airport's passenger capacity to 100 million from 66
million. The project has a total cost of INR115 billion (including
interest during construction).

DIAL spent INR104 billion on the project up to September 2023, with
the remaining INR11 billion scheduled for the rest of FY24. AERA
has approved INR91 billion (excluding interest during construction)
of the total capex. Fitch expects the project's cost to be higher
by INR3 billion-4 billion due to GST revisions and other minor
adjustments. The overruns will be met through DIAL's internal
accrual and available liquidity.

Manageable Refinance Risk: Debt Structure - Midrange

Most of DIAL's debt is US dollar bullet bonds, which are secured
with structural covenants, including defined cash waterfall,
restrictions on dividend payments, and a fixed-charge coverage
ratio test for additional debt, excluding debt incurred for
regulated capex. The proceeds from the US dollar bond issued by the
orphan SPV were used to subscribe to rupee-denominated
nonconvertible debentures (NCDs) issued by DIAL. The refinancing
risk of the bullet bonds is mitigated by the laddered maturity
between 2025 and 2029, and the current airport initial concession
term that runs until 2036.

DIAL recently issued three domestic onshore rupee-denominated NCDs,
indicating access to domestic capital markets.

PEER GROUP

Mumbai International Airport Limited (MIAL, senior secured notes
rated BB+/Stable) is DIAL's closest peer. Both airport operators
benefit from a solid 'High Stronger' volume risk assessment, with
DIAL and MIAL being the largest and second-largest airports in
India, respectively. DIAL caters to the national capital region and
MIAL to India's financial and industrial hub. Fitch has assessed
the price risk at both airports as 'Midrange' because there is some
regulatory uncertainty with tariff implementation, but the base
airport charges mitigate any downside risk to aeronautical tariff
determination.

Fitch estimates MIAL's leverage to be much lower, at around 5.5x
for the three years from FY24, compared with its forecast that
DIAL's leverage will decrease to around 7.0x in FY26. MIAL's lower
leverage supports its two-notch higher credit assessment.

DIAL can also be compared to GMR Hyderabad International Airport
Limited (GHIAL, BB+/Stable). DIAL has a larger catchment area than
GHIAL, which serves Hyderabad, a vibrant but smaller city than
Delhi. DIAL's volume risk is assessed as 'High Stronger' against
GHIAL's 'High Midrange'. Both DIAL and GHIAL have the same economic
regulatory framework with price risk assessed as 'Midrange'.

Fitch expects a hike in DIAL's tariff similar to GHIAL's in the
next control period. Both airport operators are nearing the end of
their major capex cycle. DIAL has a higher rating case leverage in
the interim, before it comes down to around 7.0x in FY26. Fitch
estimates GHIAL's leverage to reach 5.5x by FY26. The high leverage
along with uncertainty in revenue share deferment has resulted in a
two-notch differential despite of DIAL's better volume risk
assessment.

RATING SENSITIVITIES

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

- The Outlook is Positive so Fitch does not expect negative rating
action, at least in the short term. However, material deviation
from its assumptions on the ongoing arbitration, CP4 tariff hike
and time of release of the tariff order resulting in
slower-than-expected deleveraging could result in a revision of the
Outlook back to Stable.

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

- Forecast net debt/EBITDA below 7.5x for a sustained period

- Forecast EBITDA/net interest sustained above 1.5x

CREDIT UPDATE

Financial Performance: There has been significant improvement in
DIAL's top-line across all business segments after the Covid-19
pandemic. Revenue from operations increased by 25% to INR23 billion
in 1HFY24 from INR18 billion a year earlier. However, operating
expenses increased by 19% over the same period. DIAL's EBITDA
increased by 35% to INR7.8 billion from INR5.8 billion.

Arbitration over Revenue Share Payment: In December 2020, DIAL
invoked the force majeure clause to temporarily cease its revenue
sharing with the Airports Authority of India (AAI) in the wake of
low traffic and revenue following the outbreak of Covid-19. DIAL is
required to pay 45.99% of its annual revenue as concession fee to
AAI.

A High Court of India order on 5 January 2021 upheld the right of
non-payment of the annual fee to AAI until an arbitration tribunal
decides on the matter. The first arbitration hearing was held on 29
January 2021, where the tribunal recognised the pandemic as a force
majeure event. DIAL did not make any revenue share payments between
January 2021 and April 2022. The judgement on the matter was
reserved in March 2023 and is expected to be announced in 3QFY24.
The rating case assumes deferred payment of revenue share of INR13
billion from FY25.

NCD Issuance: DIAL issued two rupee NCDs in the current financial
year, with the NCD due in FY31 raising INR12 billion and the one in
FY30 raising INR7.44 billion. Both NCDs carry interest rates of
9.75% per annum. Proceeds of the INR12 billion NCD were used for
capex, while that of the INR7.44 billion NCD were used to refinance
part of an NCD subscribed by India Airport Infra.

Liquidity Position: DIAL had a cash balance of INR23 billion as of
September 2023, the majority of which the company expects to use to
finance the remaining capex.

FINANCIAL ANALYSIS

Fitch base case assumes passenger traffic will reach approximately
88 million by FY26 and a 100% hike in tariffs under CP4, in line
with management expectation. However, Fitch assumes a six-month
delay in the release of the tariff order for CP4. Capex is also
considered in line with the management's committed expansion plan.
Staggered payment of unpaid revenue share has been considered for
FY25 onwards. Leverage remains high in the short term before it
drops to 5.0x by FY26.

Under Fitch's rating case, Fitch assumes passenger traffic to reach
approximately 80 million by FY26, only a part of the doubling in
tariff expected by management under CP4, and a one-year delay in
the release of the tariff order. Only contracted income from
commercial property development has been considered. Staggered
payment of unpaid revenue share has been considered for FY25
onwards. Leverage remains high in the short term before declining
to 7.0x by FY26.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Delhi
International
Airport Limited        LT IDR BB-  Affirmed   BB-

   Delhi
   International
   Airport Limited/
   Project Revenues
   - First Lien/1 LT   LT     BB-  Affirmed   BB-

India Airport Infra

   India Airport
   Infra/Airport
   Revenues - First
   Lien/1 LT           LT     B+   Affirmed   B+


EAST WEST: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of East West
Combined Industries (EWCI) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bill Discounting        9.02       CRISIL D (Issuer Not
   under Letter                       Cooperating)
   of Credit               
                                      
   Overdraft Facility      0.98       CRISIL D (Issuer Not
                                      Cooperating)

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

CRISIL Ratings has been consistently following up with EWCI for
obtaining information through letters and emails dated October 10,
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 EWCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EWCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EWCI continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

EWCI, set up in 2009, is a proprietorship firm of Mrs A
Gandhimathi, who looks after daily operations. The firm
manufactures components for kitchen appliances, primarily wet
grinder stones


EVERWIN EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Everwin
Educational And Charitable Trust (EECT) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility      5          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     25.65       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              25          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               6.35       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               4          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              14          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with EECT for
obtaining information through letters and emails dated October 10,
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 EECT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EECT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EECT continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

EECT, set up in 1992, provides primary, secondary, and higher
secondary education through Everwin Group of Schools in Chennai.
Dr B Purushothaman (Founder and Senior Principal), Ms V Mageswari
(CEO), Ms M Kalaiarasi (General Principal), and Ms M P Vidhya
(Trustee) look after the operations of the trust.


FASTENTECH INDIA: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Fastentech India Private Limited
Office No. 210 Plot No. C-1/1,
        2nd Floor Space-10,
        Azadpur, Amber Tower,
        North East, Delhi-110033 (India)

Liquidation Commencement Date: November 1, 2023

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Ajay Kumar Jain
     E-15/209, Sector-8,
            Rohini - 110085
            Email: ajayjain721@gmail.com
            Tel No: +91-9811045969

Last date for
submission of claims: December 1, 2023


GOPAL OIL: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gopal Oil
Industries (GOI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 18,
2022, placed the rating(s) of GOI under the 'issuer
non-cooperating' category as GOI 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. GOI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 3, 2023, September 13, 2023, September
23, 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).

Analytical approach: Standalone

Outlook: Not Applicable

Pandhurna, Chindawara (Madhya Pradesh) situated Gopal oil
Industries (GOI) was formed as a proprietorship firm in 1991 by Mr
Gopal Paliwal (Promoter), he has experience of 26 years in this
industry and looks after production process in the firm. GOI is
engaged in processing and trading of cotton seeds oil and cotton
oil cake which is also used in Cattle industry. The firm is having
installed capacity of 1250 Metric Tonnes Per Day (MTPD); however,
it utilizes 500 MTPD. The firm purchases raw material from local
market, Andhra Pradesh and Maharashtra and supplies its products
mainly to Gujarat and Rajasthan


GUPTA POWER: CRISIL Lowers Long/Short Term Debt Rating to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Gupta Power
Infrastructure Limited (GPIL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

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

                                     COOPERATING; Downgraded from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

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

CRISIL Ratings has been consistently following up with GPIL for
obtaining information through letter and email dated September 8,
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
failed to receive any information on either the financial
performance or strategic intent of GPIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on GPIL is consistent
with 'Assessing Information Adequacy Risk'. Therefore, on account
of inadequate information and lack of management cooperation
coupled with adverse information in the public domain, CRISIL
Ratings has downgraded the ratings to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'. The downgrade reflects continuous devolvement in the
LC Limits for more than 30 days.

GPIL was incorporated as Gupta Cables Pvt Ltd in 1961 to
manufacture aluminium and alloy conductors and cables. Mr MK Gupta
and his family members, based in Odisha, acquired the business in
1970 and renamed the company to GPIL in 2008. The company's product
portfolio comprises a variety of cables, conductors, housing wires
and recently added LED lights and OFCs. The company also has an EPC
division, which undertakes turnkey power infrastructure projects.
Wires are sold in the retail segment under the Rhino brand. GIPL
has three manufacturing plants: in Khurda, Odisha; Kashipur,
Uttarakhand; and Chennai.


H.V. SYNTHETICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: H.V. Synthetics Private Limited
        225/2 Madhu Textile Mills Compound
        B/H Asoaplav Hotel Near Narol Circle,
        Ahmedabad, Gujarat, India, 382405
  
Insolvency Commencement Date: October 31, 2023

Estimated date of closure of
insolvency resolution process: April 28, 2024  

Court: National Company Law Mumbai Bench

Insolvency
Professional: S. Gopalakrishnan
       203, The Ghatkopar Nilkanth CHS,
              Jethabhai Lane, Ghatkopar (East),
              Mumbai Maharashtra, 400077
              Email: gopi63.ip@gmail.com
              Email: hvsynthetics.cirp@gmail.com

Last date for
submission of claims: November 16, 2023


HARIOM COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hariom Cotgin
Private Limited (HCPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with HCPL for
obtaining information through letters and emails dated October 10,
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 HCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HCPL continues to be 'CRISIL D Issuer Not Cooperating'.

HCPL, incorporated in 2008 by Mr. Ramesh, gins cotton, and presses
and processes cotton seed into oil and cakes. In October 2015, it
was taken over by Mr. Bharatbhain Selani and Mr. Chiragbhai Selani,
who have been in the cotton ginning and pressing business for five
decades.


HLM EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of HLM
Educational Society (HLM) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          3.5        CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      4.03       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Term Loan      3.47       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               9          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with HLM for
obtaining information through letters and emails dated October 10,
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 HLM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HLM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HLM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

HLM was set up in 2005 by Mr Sunil Miglani (Chairman of the Migsun
group) in the memory of his late father, Mr Harbans Lal Miglani.
The Ghaziabad based society provides education courses such as law,
business management and Medical.


IUA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IUA Trust
(IUA) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Secured Overdraft
   Facility                0.5        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              22          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with IUA for
obtaining information through letters and emails dated October 10,
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 IUA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IUA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IUA continues to be 'CRISIL D Issuer Not Cooperating'.

IUA was set up in 2009 by members of the Dhingra family and
Maheshwari family to set up a recreational club cum sports centre
by the name of 'DD Club' at Delhi.


KESHAV COTTON: CRISIL Lowers Rating on INR20cr Cash Loan to B+
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Keshav Cotton Industries (KCI) to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           20         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating has been downgraded due to decline in operating revenue
and margins below 2%. However there has been withdrawal by the
partners. The rating continues to reflect the extensive industry
experience of the partners. These strengths are partially offset by
the modest scale of operation and modest financial profile of the
company.

Analytical Approach

Unsecure Loans of INR2.11 crores as on March 31, 2023, is treated
as debt as these have been repaid in the past.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: Though the revenue has declined
significantly from INR93.14 crore in Fiscal 2022 to INR85.22 crore
in Fiscal 2023, scale continues to remain modest as increase in
revenue was majorly due to rise in prices of cotton with no major
growth in volume sales. However, the company can benefit from the
sale seeds to the oil mills that is able to fetch higher revenues
for the company. Any significant growth in revenue along with scale
of operations will remain key monitorable.

* Modest financial profile: KCI has modest financial profile marked
by gearing of 4.56 times and networth of INR3.25 crores as on 31st
March 2023. The debt protection measures have been at moderate
level with interest coverage of 1.14 times in Fiscal 2023 due to
high gearing and low accruals from the operations. Going forward,
in the absence of any debt funded capital expenditure and long-term
borrowings, the financial risk profile is expected to improve over
the medium term.

Strength:

* Extensive industry experience of the partners: The partners have
an experience of over 15 years in Textile-Ginning industry. This
has given them an understanding of the dynamics of the market and
enabled them to establish relationships with suppliers and
customers. This has helped the partners to successfully run the
business as reflected in the significant growth of revenue at INR93
crores in FY22 from INR34 crores in FY21.

Liquidity: Stretched

Bank limit utilization is low at around 59% for the past twelve
months ended September 2023. Cash accruals are expected to be over
INR0.61 crore, which is sufficient against no debt obligation of
over the medium term. The current ratio is moderate at 1.24 times
on March 31, 2023. The partners are likely to extend support in the
form of unsecured loans to meet its working capital requirements
and repayment obligations.

Outlook: Stable

CRISIL Ratings believe KCI will continue to benefit from the
extensive experience of its partners, and established relationships
with clients.

Rating Sensitivity factors

Upward factors:

* Increase in operating margin amid steady revenue growth, leading
to cash accrual higher than INR2 crores
* Improvement in the financial risk profile of the company

Downward factors:

* Decline in revenue or operating profit, leading to lower net cash
accrual of INR40 lakhs
* Stretched working capital cycle, weakening the financial risk
profile and liquidity

KCI was established in 2013 as partnership firm by Patel family. It
is engaged in cotton ginning and pressing. Its products include
cotton bales, cotton seed cake, cotton wash oil, etc. Firm has
manufacturing unit located in Mehsana- Gujarat and owned by Mr.
Dashrathbhai Patel and other 3 family partners.



KISHAN LAL: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kishan Lal
Agrawal Contractor (KLAC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.50       CARE A4; 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 6,
2022, placed the rating(s) of KLAC under the 'issuer
non-cooperating' category as KLAC 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. KLAC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 22, 2023, September 11, 2023, November 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).

Analytical approach: Standalone

Outlook: Stable

Kishan Lal Agrawal Contractors (KLAC) was constituted in May 1988as
a partnership firm and currently managed by Mr. Pankaj Agrawal and
Mr. Ashok Kumar Agrawal. Since its inception, the firm has been
engaged in civil construction business like laying of pipelines,
supplying and fixing C.I. Pipe Line, construction of water supply
system, construction of stadium building, residential quarters,
college, shopping complex, etc. KLAC participates in tenders and
executes orders for the various departments of Government of
Chhattisgarh. KLAC is classified as a 'Class A contractor' by the
Government of Chhattisgarh which enables it to participate in
higher value contracts.


LEXUS GRANITO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Lexus Granito (India) Limited
Survey No. 800,
        Opp. Lakhdhipur Village,
        Lakhdhirpur Road, N H. 8A Tal,
        Morbi, Rajkot, Lakhdhirpur,
        Gujarat - 363642
  
Insolvency Commencement Date: October 31, 2023

Estimated date of closure of
insolvency resolution process: April 28, 2024  

Court: National Company Law Mumbai Bench

Insolvency
Professional: Mr. Rajeev Ranjan Singh
       Truvisory Insolvency Professionals Private Limited
              1501, Tower No. 4, Spring Grove Towers,
              Lokhandwala Township,
              Kandivali East, Mumbai - 4000101
              Email: contactanshulgupta@gmail.com

              532, 5th Floor, Somdatt Chamber-II,
              Bhikaji Cama Place,
              New Delhi - 110066
              Email: lexusgranito.ibc@gmail.com

Last date for
submission of claims: November 14, 2023


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

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         5           CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee         7           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            5           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            3           CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with MIPL for
obtaining information through letters and emails dated October 10,
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 MIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MIPL, incorporated in 2007, undertakes railway projects, and
develops roads, bridges, sewage water treatment plants, waste and
waste water treatment plants and works, mainly in North India. The
company is promoted and managed by Mr. Pramod Kumar Singh and his
brother Mr. Praveen Kumar Singh.


N V KHAROTE: CRISIL Keeps D Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N V Kharote
Constructions Private Limited (NVKCPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         7.83        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            3.6         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            2           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            0.4         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.17        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with NVKCPL for
obtaining information through letters and emails dated October 10,
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 SIWC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIWC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIWC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

NVKCPL, incorporated in 1992, executes turnkey water supply and
lift irrigation projects for government agencies. The Pune-based
company specialises in manufacturing and laying out of pipes along
with related civil, electrical and fabrication activities.


OPEL SECURITIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Opel Securities Private Limited
Shop No. 102, Riddhi Siddhi Avenue Village
        Chhatral Tal
        Kalol, Gandrinagar,
        Kalol-382729,
        Gujarat, India

Insolvency Commencement Date: October 27, 2023

Estimated date of closure of
insolvency resolution process: April 24, 2024

Court: National Company Law Ahmedabad Bench

Insolvency
Professional: Sachin Dinkar Bhattbhatt
       A-604, Royal Edifice,
              Behind Iscom Heights,
              Kunal Cross Roads,
              Gotri, Vadodara-390 023 Gujarat
              Email: sachin.bhattbhatt@gmail.com
              Email: cirp.opel@gmail.com

Last date for
submission of claims: November 17, 2023


RAJ-SNEH AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj-Sneh Auto
Wheels Private Limited (RAWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Inventory Funding
   Facility                 5         CRISIL D (Issuer Not
                                      Cooperating)

   Inventory Funding
   Facility                 5         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with RAWPL for
obtaining information through letters and emails dated October 10,
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 RAWPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RAWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RAWPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated on October 29, 2016, and promoted by Mr. Priyank Jain,
Mr. Mayank Gupta, and Mr. Ashish Jain, RAWPL has Maruti's Nexa
dealership in Meerut. It operates under the 3S (sales, service, and
spares) system for all the Nexa models (Baleno and S-Cross).


RAMAKRISHNA PRECAST: CRISIL Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Ramakrishna Precast Private Limited (SRPPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-         10        CRISIL B+/Stable (ISSUER
   Based Bank Limits                NOT COOPERATING; Rating
                                    Migrated)

CRISIL Ratings has been consistently following up with SRPPL for
obtaining information through letter and email dated October 13,
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 SRPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRPPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SRPPL to 'CRISIL B+/Stable Issuer not
cooperating'.

SRPPL was incorporated in year 2022. SRPPL has recently set a unit
to manufacture pre-casted materials, ready mix concretes, M. sand,
P. sand and aggregates. in Erode, Tamil Nadu.  The plant was
commissioned in April, 2022. SRPPL is owned and managed by
Sellappagoundanvalasu Krishnasamy Yoganathan, Y. Santhi, S.
Chinnathambi and Y. Sudhankrishna.


RENGANAYAGI VARATHARAJ: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Renganayagi
Varatharaj College of Engineering (RVCE) 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 RVCE for
obtaining information through letters and emails dated October 10,
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 RVCE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RVCE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RVCE continues to be 'CRISIL D Issuer Not Cooperating'.

RVCE is an engineering college in Sivakasi, Tamil Nadu, managed by
the KRTA Varatharaj Educational Trust. The college is affiliated to
Anna University of Technology, Tirunelveli, and accredited to
All-India Council for Technical Education. The college is managed
by Chairman Mr V Kesavan, Secretary Mr V Ragavan, and
correspondent, Ms Brindha J Ragavan.


SHIVALIK INFRA: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shivalik
Infrastructure (SI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible       5.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING    

                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 19,
2022, placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI 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. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 4, 2023, September 14, 2023, September 24, 2023.

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

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

Rajkot-based (Gujarat) Shivalik Infrastructure (SI) was established
in April, 2016 as a partnership firm by Mr. Amish Ramani and Mr.
Madhav Dave. Key promoters of SI are having an experience of around
two decades in various industries. SI mainly executes projects for
various civil construction projects like different types of
buildings, roads, pipeline, earthwork etc. on a subcontracting
basis, largely for the Government of Gujarat


SHYAM TEA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shyam Tea
Plantation (STP) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.90       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 18,
2022, placed the rating(s) of STP under the 'issuer
non-cooperating' category as STP 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. STP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 3, 2023, September 13, 2023, September
23, 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).

Analytical approach: Standalone

Outlook: Not Applicable

STP was established as a partnership firm in August, 2012 by Shri
Kamal Jalan, Shri Devidutt Beriya, Shri Sunil Kumar Agarwalla, Shri
Binod Kumar Saraf and Smt. Jyotirekha Goswami, based out of Jorhat,
Assam. STP undertook an initial project of setting up a tea
manufacturing unit at Jorhat, Assam and the manufacturing unit
commenced operation since August, 2013 with an installed capacity
of 15,00,000 kg per annum. STP undertook an expansion activity in
FY15 whereby the existing processing capacity of 15,00,000 kg per
annum has been enhanced to 20,00,000 kg per annum.

SNEHTANGO FOOD: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Snehtango Food Products Private Limited
Clive Sq. 4th Fr, FL-410,
        34 Indra Kumar Karnani Street,
        Kolkata-700001, West Bengal

Insolvency Commencement Date: October 20, 2023

Estimated date of closure of
insolvency resolution process: April 16, 2024  

Court: National Company Law Kolkata Bench

Insolvency
Professional: Vaibhav Khandelwal
       Temple Chambers, 6,
              Old Post Office Street
              3rd Floor, Room No. 80,
              Opposite Calcuta High Court
              Kolkata-7000001, West Bengal
              Email: vaaibhavkkhandelwal@gmail.com
              Email: cirp.snehtango@gmail.com

Last date for
submission of claims: November 2, 2023


TULSI TRADING: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tulsi
Trading Co (TTC) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 18,
2022, placed the rating(s) of TTC under the 'issuer
non-cooperating' category as TTC 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. TTC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 3, 2023, September 13, 2023, September
23, 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).

Analytical approach: Standalone

Outlook: Not Applicable

Rajkot-based (Gujarat), Tulsi Trading Co. (TTC) is a partnership
firm established in 2015 by Mr. Hiren Bhagvanjibhai Sakariya, Mr.
Kiran Bhagvanjibhai Sakariya and Mr. Vasantkumar Talshibhai
Sakaria. The firm trades in agriculture commodities like cotton
bales and cotton seeds. TTC supplies agriculture commodities across
India.


U P BONE MILLS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: U P Bone Mills Private Limited
108-109, Pratap Bhawan 5,
        Bahadur Shah Zafar Marg
        New Delhi 110002

Insolvency Commencement Date: October 26, 2023

Estimated date of closure of
insolvency resolution process: April 23, 2024 (180 Days)

Court: National Company Law New Delhi Bench

Insolvency
Professional: Mr. Sanjay Gupta
       C-4-E/135, Janak Puri,
              New Delhi-110058
              Email: sanjay@sgaindia.in

              D-58, 3rd Floor, Defence Colony,
              New Delhi - 110024
              Email: cirpupbonemills@gmail.com

Last date for
submission of claims: November 9, 2023


ULTRA ALLUMINIUM: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ultra
Alluminium Private Limited (UAPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.30       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 20,
2022, placed the rating(s) of UAPL under the 'issuer
non-cooperating' category as UAPL 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. UAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2023, August 16, 2023, August 26,
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).

Analytical approach: Standalone

Outlook: Stable

Ultra Alluminium Private Limited (UAPL) was incorporated in
September, 2009 and currently it is managed by Mr. Jaya Dayal Kedia
and Mr. Prem Dayal Kedia. Since its incorporation the company has
been engaged in the business of manufacturing of aluminium products
like angles, channels, shafts, extrusions etc. The manufacturing
plant of the company is located at Raipur, Chhattisgarh with an
installed capacity of 4,000 metric ton per annum.


VADERA TRADELINK: CARE Lowers Rating on INR12cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vadera Tradelink Private Limited (VTPL), as:

                       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 and Revised from
                                   CARE B-; Stable

   Short Term Bank       3.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 29,
2022, placed the rating(s) of VTPL under the 'issuer
non-cooperating' category as VTPL 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. VTPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 15, 2023, August 25, 2023, September 04,
2023 and November 8, 2023.

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

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

The ratings have been revised on account of non-availability of
requisite information. The revision further considers the ongoing
delays in debt servicing as recognized from publicly available
information i.e. CIBIL filings.

Analytical approach: Standalone

Outlook: Not Applicable

Barmer-based (Rajasthan) Vadera Tradelink Private Limited (VTPL)
was incorporated in 2008 as a private limited company by Mr Bhoor
Chand Jain along with other family members. The company has
diversified business structure ranges in being a registered 'AA'
class (highest in the scale of AA to E) contractor with Public
Works Department, Rajasthan (PWD) to trading of plastic goods,
paper goods and agricultural produces. It also provides the cold
storage facility.


VARDHMAN BUILDPROP: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Vardhman Buildprop Private Limited (SVBPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible      35.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING    

                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had, vide its press release
dated December 27, 2019, placed the rating of SVBPL under the
'issuer non-cooperating' category, as SVBPL had failed to provide
information for monitoring of the rating. SVIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 27, 2023; October 7,
2023 and October 17, 2023.

In line with the extant Securities and Exchange Board of India
(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 rating(s).

Analytical approach: Standalone
Outlook: Not applicable

Detailed description of the key rating drivers

CARE Ratings has not received any information except the financials
for FY21 (extracted from the Registrar of Companies [RoC]).

At the time of the last rating on November 11, 2022, the following
were the weaknesses and strengths (updated for the information
available from the RoC).

Key weaknesses

* Ongoing delays in debt servicing: As per the information received
from the debenture trustee, the company has delayed in debt
servicing of the interest payments.

* Subdued industry scenario: With the on-going economic conditions,
the real estate industry is currently facing issues on many fronts,
including subdued demand, curtailed funding options, rising costs,
restricted supply due to delays in approvals, etc., thereby
resulting in stress on cash flows of developers. The industry has
seen low demand in the recent past, primarily due to factors like
sustained high level of inflation leading to high interest rates
and adverse impact on the buying power and affordability for the
consumers.

Key strength

* Experienced promoters: SVBPL is a real estate development
company, incorporated in 2010. It belongs to 'Shree Vardhman group'
and is promoted by Sandeep Jain who has an experience of about two
decades in the real estate industry. The promoter through other
group companies have launched and successfully delivered several
real estate development projects through different special purpose
vehicles (SPVs) in Sonepat, Kurukshetra and Gurgaon (constituting a
total saleable area of 13.34 lsf).

SVBPL, incorporated in 2010, is engaged in the development of real
estate through construction of residential and commercial
properties in the Delhi/ NCR region. SVBPL, a part of 'Shree
Vardhman group', is currently involved in the execution of a
residentialcum-commercial project 'Mantra', with the total saleable
area of 9.95 lakh square feet (lsf), located at Sector-67, Gurgaon.
The group has an experience of execution and successful completion
of real estate development projects, viz., township at Kurukshetra,
and group housing project at Sonepat constituting total saleable
area of 13.34 lsf.


VARDHMAN INFRAHEIGHTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Vardhman Infraheights Private Limited (SVIPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible     140.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING    

                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had, vide its press release
dated December 27, 2019, placed the rating of SVIPL under the
'Issuer non-cooperating' category as SVIPL had failed to provide
information for monitoring of the rating. SVIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 27, 2023; October 7,
2023 and October 17, 2023.

In line with the extant Securities and Exchange Board of India
(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 rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers

CARE Ratings has not received any information except the financials
for FY22 (extracted from the Registrar of Companies [RoC]).

At the time of the last rating on November 11, 2022, the following
were the weaknesses and strengths (updated for the information
available from the RoC).

Key weaknesses

* Ongoing delays in debt servicing: As per the information received
from the debenture trustee, the company has delayed in debt
servicing of the interest payments.

* Subdued industry scenario: With the on-going economic conditions,
the real estate industry is currently facing issues on many fronts,
including subdued demand, curtailed funding options, rising costs,
restricted supply due to delays in approvals, etc., thereby
resulting in stress on cash flows of developers. The industry has
witnessed low demand in the recent past, primarily due to factors
like sustained high level of inflation leading to high interest
rates and adverse impact on the buying power and affordability for
the consumers.

Key strength

* Experienced promoters: SVIPL is a real estate development firm,
incorporated in 2011, and is a part of 'Shree Vardhman group'. The
company was founded by Sandeep Jain and Sachin Jain, who have
experience in the real estate industry. 'Shree Vardhman group' has
been engaged in real estate development and is developing several
projects through different special purpose vehicles (SPVs).

SVIPL is a real estate development firm, incorporated in 2011. It
belongs to 'Shree Vardhman group' and is incorporated for the
residential project 'Victoria' located in Sector-70, Gurgaon,
having total saleable area of 13.42 lakh square feet (lsf), out of
which SVIPL's share is 11.73 lsf. The group has an experience of
execution and successful completion of real estate development
projects, viz., township at Kurukshetra, and group housing project
at Sonepat constituting total saleable area of 13.34 lsf.


VINAYAK LOGISTIC: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Vinayak Logistic (SVL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.25       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 17,
2022, placed the rating(s) of SVL under the 'issuer
non-cooperating' category as SVL 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. SVL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 2, 2023, September 12, 2023, September
22, 2023.

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

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

Analytical approach: Standalone

Outlook: Stable

Shri Vinayak Logistics (SVL) was formed in January 2015 as a
partnership concern by Mr. Meharban Singh, Mr. Anil Choudhary, Mr.
Vikas Choudhary and Mr. Vijay Kumar Choudhary with an objective to
set up a warehouse at Indore (Madhya Pradesh). The firm has
envisaged total project cost of INR21.69 crore towards the project
to be funded through term loan of INR16.25 crore and remaining
through partner's capital and unsecured loans. Till September 12
2017, the firm has incurred INR8.15 crore towards the project which
was funded by term loan of INR2.25 crore and remaining through
unsecured loans from partner' and partner's capital. The firm is
expecting to be complete its project and commence operations from
January 2018.




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

BIGMOTOR CO: FSA to Revoke Firm's Registration as Insurance Agent
-----------------------------------------------------------------
The Japan Times reports that the Financial Services Agency plans to
revoke major used car dealer Bigmotor's registration as an
insurance agent on Nov. 30 following revelations about its
fraudulent auto insurance claims, financial services minister
Shunichi Suzuki said Nov. 14.

The Japan Times relates that the administrative penalty, the
heaviest punishment against insurance agents, will be given to
Bigmotor after hearing opinions from the company on Nov. 21.

Through its on-site inspections of Bigmotor under the insurance
business law, the FSA found that the company had not established an
appropriate insurance sales system, Suzuki told a news conference,
the report relays.

According to the report, the FSA investigated the widespread acts
at Bigmotor of deliberately damaging customers' vehicles to pad
insurance claims, as well as the company's poor governance system.

Given that nonlife insurers have decided to cancel their agency
contracts with Bigmotor, Suzuki said that the used car dealer would
unlikely be able to receive support from them in rebuilding its
business.

In October, the transport ministry imposed administrative penalties
on 34 Bigmotor outlets across Japan where road traffic law
violations were confirmed, ordering some to suspend vehicle
maintenance operations and revoking designations as private vehicle
inspection stations for some outlets, the Japan Times recalls.

Bigmotor Co. Ltd. operates as a car dealer. The Company offers used
vehicle assessment, purchase, and selling services. Big Motor also
sells new automobiles.




=========
M A C A U
=========

MELCO RESORTS: S&P Affirms 'BB-' ICR & Alters Outlook to Positive
-----------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit ratings on
Melco Resorts & Entertainment Ltd. 's (MLCO) operating subsidiaries
Melco Resorts (Macau) Ltd. (MRM) at 'BB-' and Studio City Co. Ltd.
at 'B+', and all issue-level ratings. At the same time, S&P revised
the rating outlook to positive from stable.

The positive rating outlook on MRM and Studio City reflects S&P's
view that Macao's faster mass-market recovery will support a strong
rebound in MLCO's revenue and cash flow, and an improvement in
leverage to 4.2x for 2024 and 3.2x for 2025.

S&P said, "We believe a strong recovery in Macao mass gaming market
will substantially improve MLCO's EBITDA and support deleveraging
closer to pre-pandemic levels over the next 12-24 months. In the
third quarter of 2023, market-wide mass GGR recovered to 93% of
third-quarter 2019 levels, and VIP GGR recovered to 38% of
third-quarter 2019 levels (or about 95% and 20%-30% respectively on
operators' reported numbers). Multiple operators indicated that
mass volume during the October Golden Week in 2023 surpassed 2019
levels and the momentum has continued into November. The recovery
outpaced our prior expectation (set in July 2023) that mass GGR
would recover to 85%-90% of 2019 levels this year.

"Our latest base case assumptions project Macao mass GGR for 2024
at 5%-15% above 2019 levels. This implies 20%-30% growth year on
year. The strong momentum in the mass market is mainly driven by
the premium segment. We project base mass will grow during 2024 as
more people visit Macao, in line with a recovery in air passenger
capacity in Macao and Hong Kong. VIP volume will likely stay near
current level. Operators are unlikely to significantly expand
junket VIP operations amid tightened regulations, in our view."

MLCO's recovery has been largely consistent with the Macao market.
In the third quarter of 2023, MLCO's Macao mass GGR was about 90%
and the group's reported EBITDA was about 70% of 2019 levels. An
improvement in EBITDA should accelerate over the next several
quarters, on the back of higher Macao visits, higher availability
of hotel rooms, and incremental contributions from Studio City
Phase 2. As a result, S&P estimates MLCO's EBITDA will be 94% of
2019 levels during 2024, and 7% higher in 2025 compared with 2019.

S&P expects MLCO's leverage to recover closer to the pre-pandemic
level in 2025. MLCO's adjusted debt totaled US$7.8 billion at the
end of September, about 70% higher than the level in 2019. This was
a result of three years of cash burn amid strict COVID-19
restrictions in Macao and China, and investments in Studio City
Phase 2, and City of Dreams Mediterranean.

MLCO had a record of operating with a leverage of below 3.0x before
the pandemic, and it aims to maintain this level of leverage in the
long run. S&P said, "We believe the company will focus on debt
reduction and continue to exercise caution in managing its spending
on shareholder returns and investments during the next 24 months to
achieve this target. We forecast MLCO's leverage (debt-to-EBITDA
ratio) will drop to 4.2x for 2024 and 3.2x for 2025 from 7.0x over
2023. This compared with 2.7x in 2019."

MLCO's Macao EBITDA recovery is moderately slower than that of
rated peers. The company has increased its promotional efforts to
reach more premium mass customers. This coincided with the opening
of Studio City Phase 2, which added 900 rooms. S&P's current base
case assumes MLCO will maintain the same level of promotional
spending during 2024 and 2025.

That said, such spending could decrease over time and eventually
return to 2019 levels. If this happens, it could lead to a 4%-6%
increase over our base case EBITDA forecast for 2025.

In addition, MLCO is increasing spending on non-gaming events such
as the residency concerts series at Studio City and the relaunch of
the House of Dancing Water at City of Dreams. S&P believes some of
this expenditure is part of the investment committed under the new
gaming concession, under which its gaming license was renewed for
10 years at the start of 2023.

Moderate capital expenditure (capex) will support free operating
cash flow (FOCF) for MLCO. S&P's base case assumes MLCO will spend
about US$280 million on capex in 2023 and US$250 million per annum
during 2024-2025, down from more than US$550 million in 2022. It
has launched Studio City Phase 2 and City of Dreams Mediterranean
in Cyprus this year, and has no other major developments in the
pipeline.

S&P's 2024-2025 forecasts include maintenance expenditure of US$150
million, and investments committed under the group's Macao
concession. The Melco group has agreed to invest US$1.5 billion in
capital and operating expenses (excluding the incremental amount
depending on actual GGR). It can spread the commitments over the
10-year term of its new concession.

With that, MLCO should generate FOCF of US$900 million-US$970
million per annum over 2024-2025, compared with about US$460
million during 2023. The group is likely to use the bulk of the
FOCF for debt repayment because we believe it will be prudent in
the resumption of dividend payments.

MLCO's refinancing plan will be a watch point into 2024. MLCO has
no maturities in 2024, but about US$2.7 billion in mid-2025. This
includes about US$1.2 billion outstanding under its about US$2.0
billion committed revolving credit facilities (RCF), Melco Resorts
bonds of US$1.0 billion, and Studio City bonds of US$500 million.

S&P expects the group to partially pay down these maturities with
internal cash resources--including cash of US$1.5 billion at the
end of the third quarter of 2023, and FOCF generated over the next
12-18 months--given higher U.S. dollar interest rates and its
target to reduce leverage.

The group will likely be able to roll over its RCF, which was
largely provided by major Chinese banks in Macao. These banks
supported MLCO even through the difficult pandemic period.

The rating on Studio City reflects its strategically important
group status. MLCO owns a 55% stake in Studio City International
Holdings Ltd., which is the listed parent of the operating entity,
Studio City. The two companies have some common directors. Being a
mass-market-focused casino, Studio City is critical to MLCO's
overall mass strategy in Macao. S&P believes the operating
subsidiary can leverage the strength and experience of MLCO,
including its established customer database, as one of the biggest
casinos and integrated resorts operators in Asia. The support from
MLCO provides an uplift to our ratings on Studio City.

The positive rating outlook on MRM and Studio City reflects S&P's
view that Macao's faster mass market recovery will support a strong
rebound in MLCO's revenue and cash flow, and an improvement in
leverage to 4.2x in 2024 and 3.2x in 2025.

S&P said, "We could revise our outlook on MRM and Studio City to
stable if MLCO's cash flow recovery in Macao no longer supports a
reduction in the debt-to-EBITDA ratio to 3.5x or below. This could
happen if the strong momentum in the Macao mass gaming market does
not continue in line with our expectations due to the slowing
Chinese economy and weaker travel demand.

"We base our threshold on our assumption of a 4.0x ratio at Melco
International Development Ltd. (MID), the ultimate parent of the
group.

"We could raise the ratings if MLCO is on track to restore and
maintain its leverage at less than 3.5x (and 4.0x at MID). We will
try to make that determination in mid-2024 when we have stronger
visibility on Melco's cash flows recovery into 2025, and its
refinancing plan for the 2025 maturities."


WYNN RESORTS: S&P Upgrades ICR to 'BB-' on Macao Recovery
---------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Wynn Resorts
Ltd. and its subsidiaries, including Wynn Macau Ltd. (WML), to
'BB-' from 'B+'. At the same time, S&P raised all of its
issue-level ratings by one notch in conjunction with the upgrade.

The stable outlook reflects S&P's expectation that the ongoing
recovery in the company's cash flow in Macao, along with relatively
stable U.S. cash flow next year, will likely support an improvement
in its leverage to the high-4x area, from low-5x in 2023, despite
its increasing development spending and shareholder returns.

The strong recovery in Macao's mass gaming market will support a
more rapid deleveraging, improving Wynn's debt to EBITDA to the
low-5x area by the end of 2023 and below 5x in 2024. In the third
quarter of 2023, Macao's market-wide mass GGR recovered to 93% of
third-quarter 2019 levels while VIP GGR recovered to 38% of
third-quarter 2019 levels (or about 95% and 25%-30%, respectively,
using operators' reported numbers). Multiple operators indicated
mass volume during the October Golden Week surpassed 2019 levels
and that the momentum has continued into November. S&P said, "The
recovery outpaced our prior expectation (set in July 2023) that
mass GGR would recover to 85%-90% of 2019 levels this year. Our
current base case assumes Macao's mass GGR in the fourth quarter of
2023 will be equal to its fourth-quarter 2019 levels. In addition,
we expect the region's 2024 GGR will exceed its 2019 levels by
about 5%-15%."

S&P said, "Our 2024 forecast implies about a 20%-30% year-over-year
increase. The strong momentum in Macao's mass GGR year to date
mainly stems from the premium segment. Further improvements in
Macao's visitation, along with a recovery in airlift capacity to
Macao and Hong Kong, will likely support a further expansion in
mass GGR next year. The region will also face an easy
year-over-year comparison in the first quarter of 2024 because,
while coronavirus-related restrictions were relaxed in January
2023, it took some time for the market's recovery to accelerate.
Meanwhile, we expect VIP volume will roughly remain at current
levels. It is unlikely that casino operators will significantly
expand their junket VIP operations given the tightened
regulations.

"Wynn's recovery has been largely consistent with that of the Macao
market. In the third quarter of 2023, Wynn's Macao mass GGR and
reported EBITDA were about 97% and 85% of its 2019 levels,
respectively. We expect the improvement in the company's EBITDA
will likely accelerate over the next several quarters on increased
Macao visitation and the greater availability of hotel rooms in the
market. Therefore, we estimate Wynn's Macao EBITDA will be about
95% of its 2019 levels in 2024. This implies that Wynn's S&P Global
Ratings lease-adjusted net leverage will likely improve below 5x in
2024 from the low-5x area in 2023. This compares with 4.9x in
2019.

"Large-scale development projects could increase Wynn's leverage
relative to our base case. We don't expect the company will
experience the leveraging effects of any large-scale development
projects for at least the next 18-24 months. In addition, we
believe it could probably absorb the additional leverage while
remaining below our 6x leverage threshold for the 'BB-' rating.
Wynn has partnered with developer Related Cos. on a bid for a New
York casino development in Hudson Yards. The company has not
disclosed the size of the project, the ownership structure of the
partnership, or its potential contribution. We believe the joint
venture's spending on an integrated resort would likely exceed $5
billion, given the costs of building in New York, the expected
quality of the asset, and comments from Related about a planned $10
billion development in the area. While Related's development plan
includes additional components aside from the integrated resort
casino, Las Vegas Sands Corp., which is also expected to submit a
bid for the license, has indicated its development could exceed $5
billion. If Wynn secures a license in New York, the license and
development costs could cause its leverage to rise above 5x. We
believe it is unlikely New York will select licensees before the
second half of 2024 and don't anticipate the company would initiate
any material capital spending before 2025. Given the complexity of
building in New York and the likely scale of the project, we
anticipate the development could take at least 3-4 years to
complete.

"Wynn can absorb its planned development spending in Macao, Boston,
and the United Arab Emirates (UAE), along with our assumed
increases in its shareholder returns, and still reduce its 2024
leverage below 5x.Under the terms of the new concession granted in
December 2022, WML committed to invest $2.2 billion over 10 years
to develop certain nongaming and gaming projects, of which it will
use about $2.05 billion for nongaming capital projects and event
programming. These investment commitments will include a mixture of
capital expenditure (capex) and operating expenses to support
nongaming amenities and events. We believe this will be manageable
for WML as Macao's GGR recovers. In addition, we expect that these
large-scale capex projects will likely require design, planning,
and government approval before initiating construction. The company
has publicly indicated its expectation for $300 million-$400
million of capex related to its concession commitments between the
fourth quarter of 2023 and the end of 2024.

"Wynn also has several development projects outside of Macao that
will require capital commitments over the next few years, including
its expansion at Encore Boston Harbor and an integrated resort
development in the UAE. We expect the Encore Boston Harbor
expansion will likely be a $400 million project, with spending
required from 2024-2025. We also expect Wynn will begin making
equity contributions to its integrated resort development in the
UAE with partners Marjan and RAK Hospitality Holding. Wynn has
indicated it expects the development will cost an estimated $3.9
billion and open in the first quarter of 2027. Based on Wynn's 40%
equity ownership and our assumption that the project will be 50%
funded with equity contributions from the equity owners, we expect
the company's share of these contributions will total $780 million.
Wynn anticipates it will fund its equity contributions over the
construction timeline, though it has yet to negotiate the equity
funding schedule with its financing partners.

"We expect Wynn will balance shareholder returns, including
dividends and share repurchases, with its other cash needs,
including capital spending and debt repayment. Based on our
forecast cash flow recovery and the likelihood that any material
spending for a New York casino will likely be at least 18-24 months
away, we believe the company could accelerate its shareholder
returns in 2024. Therefore, we have incorporated the potential its
combined dividends and share repurchases will increase to the $500
million-$700 million range for the year.

"Macroeconomic factors that could impede consumers' discretionary
spending are rising, which poses a risk to Wynn's strong U.S. cash
flow. However, we expect the recovery in convention and group
visitation and a strong event calendar in Las Vegas may be
sufficient to offset these headwinds. The performance of
destination markets, such as Las Vegas, tends to be more volatile
during a downturn than regional gaming markets. However, the
continued recovery in group and convention visitation, the return
of international travel, and investment in new
attractions--including the opening of Allegiant Stadium (2020) and
the MSG Sphere (2023)--will likely continue to support a recovery
in visitation to Las Vegas. In addition, supply growth in the
market has been modest and much lower than in 2008-2010. Hotel room
capacity will expand by about 2.4% in 2024 following the December
2023 opening of the Fontainebleau Las Vegas. A favorable event
calendar over the next year will likely also support Wynn's
performance.

It is expected that Formula 1's Las Vegas Grand Prix race in
November 2023, which is scheduled to occur annually through at
least 2025, will attract significant visitation and spending during
what is normally a slower period for the market. In addition, Las
Vegas will host the Super Bowl at Allegiant Stadium in February
2024. While Super Bowl weekend is typically a good weekend for Las
Vegas, and will coincide with Lunar New Year in 2024, we believe
hosting the event will draw additional customers and events ahead
of the game. These events may help offset the loss of
CONEXPO-CON/AGG, a construction trade show held every three years
that attracted record attendance of 139,000 in 2023. Wynn's
expanded convention center, which opened in 2020, and strong
forward bookings for next year will likely also support its Las
Vegas cash flow even if leisure spending softens. Therefore, we
expect the effect of the weakening U.S. economy on Las Vegas and
Wynn over the next 12 months will be less dramatic than during the
financial crisis.

S&P said, "The stable outlook reflects our expectation that the
ongoing recovery in Wynn's Macao cash flow, along with its
relatively stable U.S. cash flow next year, will support an
improvement in its leverage to the high-4x area (from low-5x area
in 2023) despite its increasing development spending and
shareholder returns. This will provide the company with an ample
cushion relative to our 6x leverage threshold to navigate some
operating volatility and absorb a potential large-scale, multi-year
casino project if it secures one of the New York licenses.

"We could lower our ratings on Wynn if the combination of operating
underperformance, a more aggressive development pipeline, and
increased shareholder returns cause its leverage to remain above
6x.

"Before raising our rating, we would need to believe that Wynn will
be able to sustain a sufficient cushion relative to our 5x upgrade
threshold to absorb potential future operating volatility and
additional development spending. Although we expect the company's
leverage will improve below our 5x upgrade threshold in 2024, its
rating upside is currently limited, given our expectation that it
may pursue a large-scale integrated casino resort development in
New York City. Depending on the scale of the project, the make-up
of Wynn's joint-venture ownership, its required equity
contributions, and the construction timeline, we believe the
company's leverage could rise above 5x if it wins the license. We
expect more clarity around the winners of the licenses and their
potential spending needs in the second half of 2024. If Wynn's bid
for a New York casino license is unsuccessful, we could reevaluate
its financial policy and expected leverage. We would also expect
Wynn to sustain funds from operations (FFO) to debt of more than
12% and EBITDA coverage of interest of greater than 3x if we
upgraded it to 'BB'."




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

FISHTAIL ENTERPRISE: Creditors' Proofs of Debt Due on Dec. 20
-------------------------------------------------------------
Creditors of Fishtail Enterprise Limited are required to file their
proofs of debt by Dec. 20, 2023, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Bryan Edward Williams
          c/o BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


JUKEN NEW ZEALAND: To Permantly Close Down, 60 Jobs To Go
---------------------------------------------------------
Stuff.co.nz reports that a Gisborne mill that has operated since
1994 is closing down permanently, with 60 staff losing their jobs
three days before Christmas.

According to Stuff, staff at the Juken New Zealand mill, which
employs 80 people, were informed late last month that demand for
the mill's products had declined, and three options had to be
considered.

The options include: Ceasing production until new markets and
products can be found; putting the mill up for sale and likely
ceasing production while we look for a buyer; or closing the mill
permanently.

Stuff says the mill processed radiata pine from the company's East
Coast forests to produce a small range of specialised wood
products, mainly for the Japanese housing market. Demand for the
mill's products has continued to decline over the past 5 years and
is not expected to improve. The mill's age also meant it needs
significant investment if it is to continue its effective
production and safe operation.

On Nov. 17, Juken New Zealand managing director Hiroyuki Kawado
informed staff that, following consultation, a decision had been
made to close the mill by the end of March 2024.

"It is our intention to complete all work in progress by December
22, 2023 and then stop production. This will directly affect around
60 employees. A transition crew of 20 will ensure the mill can
remain operational until March 31, 2024, at the latest," Stuff
quotes Mr. Kawado as saying.

"It is with sadness that I have advised them that the decision has
been made to stop production as we cannot continue with the ongoing
losses being made by the mill and have not identified an
alternative solution that will turn the situation around.

"While we are still open to having conversations about selling the
business, or part of the business, to suitable buyers, this is
likely to take a significant amount of time," he said.

Stuff relates that Mr. Kawado said the company was consulting with
affected staff to understand who may be interested in being part of
the transition crew or redeployment within the company's wider
business.

"Notice of redundancy will be given once we have considered all
requests for such roles. That is likely to be given next Friday
[Nov. 24]," he said.

"This is a difficult time for our people at the mill, and we
acknowledge how hard this news may be for them and their whānau.
Hence, we will have comprehensive support in place to assist them
to find new employment including an opportunity to meet with local
employers and training providers on-site.

"We are also engaging with local community leaders including the
Gisborne District Council and Trust Tairāwhiti. The support that
has been offered throughout the community is appreciated."


LAVERY ENTERPRISES: Creditors' Proofs of Debt Due on Dec. 9
-----------------------------------------------------------
Creditors of Lavery Enterprises Limited are required to file their
proofs of debt by Dec. 9, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 9, 2023.

The company's liquidators are:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


LENSCRAFT LIMITED: Creditors' Proofs of Debt Due on Jan. 17
-----------------------------------------------------------
Creditors of Lenscraft Limited and Short Supply Limited are
required to file their proofs of debt by Jan. 17, 2024, to be
included in the company's dividend distribution.

Lenscraft Limited company commenced wind-up proceedings on Nov. 8,
2023.
Short Supply Limited company commenced wind-up proceedings on Nov.
13, 2023.

The company's liquidators are:

         Iain Bruce Shephard
         Jessica Jane Kellow
         BDO Wellington, Business Restructuring
         Level 1, 50 Customhouse Quay
         Wellington 6011


MAY SUN: Court to Hear Wind-Up Petition on Dec. 1
-------------------------------------------------
A petition to wind up the operations of May Sun Trading Limited
will be heard before the High Court at Auckland on Dec. 1, 2023, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 4, 2023.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


Z & D CONSTRUCTION: Creditors' Proofs of Debt Due on Dec. 7
-----------------------------------------------------------
Creditors of Z & D Construction Limited 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 Nov. 7, 2023.

The company's liquidators are:

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




===============
P A K I S T A N
===============

PAKISTAN: Reaches Deal With IMF to Release $700MM in Bailout Funds
------------------------------------------------------------------
The Associated Press reports that Pakistan and the International
Monetary Fund (IMF) reached a much-awaited preliminary agreement on
Nov. 15 for the release of $700 million from a $3 billion bailout
fund approved by the international lender in July.

The AP relates that the standby credit fund is meant to save
cash-strapped Pakistan from default.

The two sides reached the staff-level agreement during talks in
Islamabad, a statement from the IMF said. Pakistan's government
also confirmed the deal and and hailed it.

The AP says the release of the $700 million still must be approved
by the IMF's management and executive board, though such approvals
are generally a formality.

According to the report, the development comes at a time when
Pakistan is facing economic crisis with worsening inflation that is
driving up food prices. It also comes ahead of parliamentary
elections scheduled for February.

Currently, an interim government headed by Anwaar-ul-haq Kakar is
running day-to-day affairs of the government.

Hours before the announcement of the agreement, Kakar met with
IMF's mission chief, Nathan Porter, and its resident representative
for Pakistan, Esther Perez Ruiz, at his office, according to a
government statement.

It said the IMF officials apprised Kakar of the status of the staff
negotiations conducted in Islamabad, the report notes.




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

MEGAWORLD CORP: Court Serves Freeze Order to Company, 10 Banks
--------------------------------------------------------------
Bilyonaryo.com reports that construction giant Datem's pursuit to
collect nearly PHP1 billion in dues from bilyonaryo Andrew Tan
gained momentum after the Quezon City Regional Trial Court (RTC)
served the freeze order to Megaworld and its banks.

According to Bilyonaryo.com, Court Sheriff IV Ferdinand M. Peralta
issued a notice of garnishment to Megaworld's lawyers, Sarah Jean
Canete and Tiffany Ann L. Dy, on November 16 at Two World Square in
BGC.

Bilyonaryo.com relates that Megaworld has 30 days to respond to
Datem's complaint. Failure to reply within this timeframe may lead
Datem to seek a default judgment for the relief requested. The
Tan-led property firm was advised against filing a motion to
dismiss but to present defenses within the reply.

This action aims to cover the PHP873.324 million mentioned in the
Writ of Preliminary Attachment (WPA) issued by Judge Rochel Yvette
D. Galano in favor of Datem, Bilyonaryo.com says.

Bilyonaryo.com says Datem has gone to court to force Megaworld to
honor their mutual agreement signed in September 2022 to settle the
contractor's billings for Uptown Parksuites Towers 1 and 2;
Eastwood Global Plaza corporate tower and luxury residences; One Le
Grand Tower; 18 Avenue De Triomphe; and Clark Green Frontier.

The notice of garnishment has also been issued to several banks of
Megaworld, including Asia United Bank, Union Bank of the
Philippines, Bank of the Philippine Islands, Banco De Oro, China
Bank, PS Bank, East West Bank, Maybank, Metropolitan Bank and Trust
Co., and Rizal Commercial Banking Corp.

According to the report, the Court Sheriff was expected to serve
the freeze order to Megaworld's other banks - Land Bank of the
Philippines, Philippine National Bank, Security Bank, and United
Overseas Bank, on Nov. 15.

Bilyonaryo.com adds that the notice of garnishment encompasses all
goods, effects, stocks, interests in stocks and shares, and other
personal properties possessed or controlled by Megaworld.

Banks are cautioned against delivering, transferring, or disposing
of the defendant's property to any entity except the court sheriff.
They are required to respond to the court order within five days.

Megaworld Corporation, together with its subsidiaries, develops,
sells, and leases real estate properties in the Philippines. The
company develops mixed-use planned communities or townships,
including residential, commercial, leisure, and entertainment
components. Its real estate portfolio comprises residential
condominium units, subdivision lots and townhouses, and
condominium-hotel projects, as well as office projects and retail
spaces. The company is also involved in the leasing of office and
commercial spaces; and property-related activities, such as project
design, construction, and property management, as well as provision
of business process outsourcing, educational facilities, restaurant
operation, marketing, and e-commerce activities. In addition, it
owns and manages hotels.




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

AVENTION SINGAPORE: Creditors' Proofs of Debt Due on Dec. 15
------------------------------------------------------------
Creditors of Avention Singapore Pte. Ltd. are required to file
their proofs of debt by Dec. 15, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 10, 2023.

The company's liquidators are:

          Mr. Paresh Tribhovan Jotangia
          Ms. Ho May Kee
          Grant Thornton Singapore
          8 Marina View
          #40 - 04/05 Asia Square Tower 1
          Singapore 018960


BRAVO BUILDING: Court to Hear Wind-Up Petition on Nov. 24
---------------------------------------------------------
A petition to wind up the operations of Bravo Building Construction
Pte Ltd will be heard before the High Court of Singapore on Nov.
24, 2023, at 10:00 a.m.

The Comptroller of Income Tax and The Comptroller of Goods and
Services Tax filed the petition against the company on Nov. 1,
2023.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896


CASABLANCA IVT: Creditors' Proofs of Debt Due on Dec. 15
--------------------------------------------------------
Creditors of Casablanca IVT Pte. Ltd. are required to file their
proofs of debt by Dec. 15, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 8, 2023.

The company's liquidators are:

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


LUXE PRINT: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Nov. 3, 2023, to
wind up the operations of Luxe Print Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


OAS ENGINEERING: Court to Hear Wind-Up Petition on Nov. 24
----------------------------------------------------------
A petition to wind up the operations of OAS Engineering Pte Ltd
will be heard before the High Court of Singapore on Nov. 24, 2023,
at 10:00 a.m.

The Comptroller of Income Tax and The Comptroller of Goods and
Services Tax filed the petition against the company on Nov. 1,
2023.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896



                           *********


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,
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***