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

                     A S I A   P A C I F I C

          Wednesday, November 22, 2023, Vol. 26, No. 234

                           Headlines



A U S T R A L I A

AGLIVE PTY: First Creditors' Meeting Set for Nov. 24
CASSEGRAIN WINES: Avenir Vigneron Syndicate Buys Winemaker
GENESIS CARE: No Decline in Patient Care at EFM, PCO Report Says
GENESIS CARE: No Decline in Patient Care at EWUS, PCO Report Says
GENESIS CARE: No Decline in Patient Care at WFCM, PCO Report Says

GIG PROPERTY: First Creditors' Meeting Set for Nov. 27
MACABI DIAMOND: Second Creditors' Meeting Set for Nov. 23
MOSSMAN SUGAR: Mill Goes Into Voluntary Administration
PARAMOUNT MANAGEMENT: First Creditors' Meeting Set for Nov. 23
SNOBAL PTY: First Creditors' Meeting Set for Nov. 23



C H I N A

CHINA AOYUAN: HK Court Didn't Dismiss Ping An Unit's Objection
LOCK CAPITAL: Police Step In After Chairman Absconds Funds
SUNAC CHINA: Successfully Restructures USD10-Bil. of Offshore Debt


I N D I A

AIRTRAX POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AMBEY DISTRIBUTORS: CRISIL Keeps B Debt Rating in Not Cooperating
AZINE HEALTHCARE: ICRA Keeps B Debt Ratings in Not Cooperating
BABA SAW: CRISIL Keeps D Debt Ratings in Not Cooperating Category
BADRI VISHAL: CRISIL Keeps B Debt Ratings in Not Cooperating

BALAMURUGAN ENT: CRISIL Keeps B Debt Ratings in Not Cooperating
BVL INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
G. NAGESWARAN: CRISIL Keeps D Debt Ratings in Not Cooperating
GANDHI ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
GLITTER METALS: ICRA Keeps B+/A4 Debt Rating in Not Cooperating

GREATWELD ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
KAMA METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
LAKSHMI GANAPATHI: ICRA Keeps B+ Debt Rating in Not Cooperating
LAKSHMI GOVARDANA: CRISIL Keeps D Debt Ratings in Not Cooperating
MUTHUS GOLDEN: CRISIL Keeps D Debt Ratings in Not Cooperating

NALANDA BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
NAVDANYA ENTERPRISES: ICRA Keeps B Ratings in Not Cooperating
PBR SELECT: CRISIL Keeps D Debt Ratings in Not Cooperating
PIK STUDIOS: ICRA Keeps D Debt Rating in Not Cooperating Category
PIPE & METAL: CRISIL Keeps D Debt Ratings in Not Cooperating

POOJA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
POONAM TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
PREETI TEXTILE: ICRA Keeps B Debt Ratings in Not Cooperating
RAMAKRISHNA TELETRONICS: ICRA Keeps D Ratings in Not Cooperating
S D RICE: ICRA Keeps B Debt Rating in Not Cooperating Category

SHANDAR SNACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
SRINIVASA SALES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUPER JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating
VADRAJ CEMENT: Adani Unit, JSW, ArcelorMittal in Race to Buy Firm
VEERAMAKALI MEMORIAL: ICRA Keeps D Ratings in Not Cooperating

WOMEN'S NEXT: ICRA Keeps D Debt Rating in Not Cooperating


J A P A N

BIGMOTOR CO: Itochu Mulls Investment to Help Rebuild Car Dealer
SOFTBANK GROUP: Moody's Alters Outlook on 'Ba3' CFR to Stable


N E W   Z E A L A N D

AVANTI NZ 2023-1: Moody's Assigns (P)B1 Rating to Class F Notes
B & R PROPERTY: Court to Hear Wind-Up Petition on Dec. 1
FISHTAIL ENTERPRISE: Creditors' Proofs of Debt Due on Dec. 20
RIMPRO-TEC HOLDINGS: Creditors' Proofs of Debt Due on Dec. 15
YALLOP LITIGATION: Court to Hear Wind-Up Petition on Dec. 8



S I N G A P O R E

DURIAN EDITION: Commences Wind-Up Proceedings
GUAVA HOLDINGS: Commences Wind-Up Proceedings
JACKSPEED CORP: Creditors' Proofs of Debt Due on Dec. 18
LEIGHTON ENGINEERING: Creditors' Proofs of Debt Due on Dec. 18
NATURAL ELEMENTS: Commences Wind-Up Proceedings

UNIQFOOD PTE: Court to Hear Wind-Up Petition on Dec. 1

                           - - - - -


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

AGLIVE PTY: First Creditors' Meeting Set for Nov. 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of Aglive Pty
Ltd, Aglive International Pty Ltd, Aglive Group Limited, TBSX3 Pty
Ltd, and Cowbuy Global Pty Ltd will be held on Nov. 24, 2023, at
11:00 a.m. at the offices of O Brien Palmer, Level 9, 66 Clarence
Street, in Sydney, NSW.

Liam Bailey of O'Brien Palmer was appointed as administrator of the
company on Nov. 24, 2023.


CASSEGRAIN WINES: Avenir Vigneron Syndicate Buys Winemaker
----------------------------------------------------------
ABC News reports that the sale of Cassegrain Wines on the NSW Mid
North Coast is complete, following months of speculation about the
future of the popular winery.

According to the report, the business was purchased by Avenir
Vigneron Pty Ltd, a new entity made up of a syndicate of investors
including Philippe Cassegrain, son of the business's former
managing director, John Cassegrain.

In June, John Cassegrain filed for voluntary administration, citing
the economic fallout from the COVID-19 pandemic, and 80% of the
winemaker's stock being left "unmarketable" following
bushfire-caused smoke taint, ABC relates.

The winery continued to operate while administrator Shaw Gidley
moved to put the business on the open market.

ABC says the new agreement will see Philippe Cassegrain continue to
run the day-to-day operations of the business, while his brother,
Alex Cassegrain, will continue as the head winemaker.

ABC relates that Philippe Cassegrain said that Avenir Vigneron had
been formed in partnership with four other investors, Selva
Saverimuttu, Shiana Tyler, and Bob and Link Bale.

Selva Saverimuttu is the owner of Port Stephens golf resort
Horizons and Shiana Tyler is director of investment firm Binmint,
while the Port Macquarie based Bob and Link Bale run the military
contractor, Bale Defence.

ABC adds that Philippe Cassegrain said that all 20 staff members
would be retained by Avenir Vigneron.

He said his father John Cassegrain would step back from a hands-on
role running the business, but would still be on hand for advice.

"He's been in the wine game for 40 to 50 years, his knowledge is
world class, so he will definitely be very close to provide that
support to Alex and myself," Philippe Cassegrain said.

The name Avenir Vigneron hints at the Cassegrain family's French
winemaking roots, which can be traced back to 1643.

In English, it translates as, "future winemaker", which Alex
Cassegrain said was decided on by the entire group.

"We thought that was the most fitting, because it is something that
we're going into the future with," he said.

Benjamin Ismay and Scott Newton of Shaw Gidley were appointed as
administrators of the company on June 8, 2023.


GENESIS CARE: No Decline in Patient Care at EFM, PCO Report Says
----------------------------------------------------------------
Susan Goodman, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Southern District of Texas
her second interim report regarding the quality of patient care
provided at Genesis Care Pty Limited and its affiliates' various
locations described as the East Florida Market.

Since the filing of the EFM First Report, the PCO remained in
regular contact with the Market Executive overseeing this segment
of the companies' U.S. business operations. Additionally, the PCO
conducted a second round of site visits, including revisiting one
formerly visited location, according to the second interim report,
which covers the period September 2 to November 1.

With this continued engagement, the PCO did not observe decline or
material compromise in patient care as contemplated under Section
333 of the Bankruptcy Code. Consistent with the other market
segments, the EFM clinicians and staff did report frustration or
bankruptcy fatigue particularly where teams are dealing with aged
equipment or other needed capital repairs, which were scheduled for
replacement pre-petition yet delayed by the bankruptcy filing.
Importantly, to date, the PCO has not received feedback that these
issues have compromised patient care.

The focus of the PCO's second site visits in the EFM centered on
visiting Miami-area locations that were missed in the first site
visits and checking on clinic transitions occurring at several
medical oncology offices. Other than some number of patients
initially continuing to visit the vacated practice location that
moved to a smaller office a few blocks away, the Miami-area EFM
medical oncology transitions were without incident.

In addition to visiting transitioning medical oncology clinics, the
PCO revisited one radiation oncology center to confirm continued
availability of clinical laboratory draw supplies. The PCO also
visited the medical oncology clinic associated with the Chief
Medical Officer for the medical oncology service line to both
introduce her role and be sure the clinician was updated and
engaged regarding the changing landscape associated with the Palm
Beach County clinic. No concerns were noted with these visits.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=BZ55OR from Kroll Restructuring
Administration, LLC, claims agent.

The ombudsman may be reached at:

     Susan N. Goodman
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Ph: 520.744.7061
     Fax: 520.575.4075
     Email: sgoodman@pivothealthaz.com

                         About GenesisCare

One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.

Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas
Lead Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.

Judge David R. Jones oversees the case.

The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; Teneo as communications
advisor; and Clayton Utz as special investigation counsel. Kroll
Restructuring Administration, LLC is the notice and claims agent.

On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.

Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.


GENESIS CARE: No Decline in Patient Care at EWUS, PCO Report Says
-----------------------------------------------------------------
Susan Goodman, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Southern District of Texas
her second interim report regarding the quality of patient care
provided at Genesis Care Pty Limited and its affiliates' various
locations described as the East US and West US Market (EWUS).

The PCO remained in regular contact with the Market Executive
overseeing this segment of the companies' U.S. business operations
since the filing of the First Report. Moreover, the PCO continued
to visit EWUS locations conducting two additional site visits to
new locations, according to the second interim report, which covers
the period September 2 to November 1.

With this continued engagement, the PCO did not observe decline or
material compromise in patient care as contemplated under Section
333 of the Bankruptcy Code. Clinicians and staff did report
frustration/bankruptcy fatigue, particularly so where teams are
dealing with aged equipment, scheduled for replacement
pre-petition, that had replacement schedules paused because of the
bankruptcy filing.

In addition to the equipment down-time issues that were reported
and observed during site visits, the PCO also identified vendor
engagement delays for some items, including without limitation,
landscaping, pest control, and linear accelerator ("LINAC") chiller
repair. While these items did not immediately negatively affect
patient care, they can, in the PCO's experience, lead to staff
departures which ultimately could impact patient care. Accordingly,
the PCO monitors these types of bankruptcy associated impacts more
from a noise level since staff may interpret these delays as an
ominous indicator of future employment security.

The PCO directly observed this instance on one site visit, with the
third-party repair vendor reporting that difficulty obtaining parts
for older machines added additional time to getting machines back
operational. While the PCO noted obvious patient impacts associated
with re-scheduling treatments or planning diagnostics, the PCO also
directly observed dedicated staff efforts to move patients to
nearby locations, where possible, during interim equipment
outages.

While the PCO, like the operational market leadership, appreciates
that not every issue is fixable in the way the utility concerns
were addressed, the PCO is appreciative of the continued engagement
and candor from counsel. Moreover, the PCO is hopeful that
ownership clarity will outpace staff uncertainty and frustration
associated with the bankruptcy process.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=BJmr0w from Kroll Restructuring
Administration, LLC, claims agent.

The ombudsman may be reached at:

     Susan N. Goodman
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Phone: 520.744.7061
     Fax: 520.575.4075
     Email: sgoodman@pivothealthaz.com

                         About GenesisCare

One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.

Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas
Lead Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.

Judge David R. Jones oversees the case.

The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; Teneo as communications
advisor; and Clayton Utz as special investigation counsel. Kroll
Restructuring Administration, LLC is the notice and claims agent.

On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.

Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.


GENESIS CARE: No Decline in Patient Care at WFCM, PCO Report Says
-----------------------------------------------------------------
Susan Goodman, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Southern District of Texas
her second interim report regarding the quality of patient care
provided at Genesis Care Pty Limited and its affiliates' various
locations described as the West Florida/Central Market.

The PCO's second site visit to the WFCM was postponed this
reporting cycle to allow her to focus on a clinic closure in the
East Florida Market. She expects to revisit the WFCM in November
2023, and reserves the right to provide supplemental reporting to
the court as needed, according to the second interim report, which
covers the period September 2 to November 1.

The PCO remained in regular contact with the Market Executive and
Senior Director in this area. The predominant challenges for WFCM
in this reporting cycle were the continued erroneous utility shut
offs that were resolved. While patient impacts were reported
relative to treatment rescheduling, no patient harm was reported.

Like the other markets, WFCM has experienced challenges relative to
delayed repair needs, most notably with HVAC (heating, ventilation,
and air conditioning) systems and roofing. To avoid patient impacts
at two illustrative locations, leadership purchased portable HVAC
units to maintain appropriate clinic temperatures and partitioned
off leak-affected hallways from patient access. The PCO will seek
to include locations experiencing maintenance delays with the next
site visit to better understand potential patient treatment impacts
and update the court as needed.

With this continued engagement, the PCO did not observe decline or
material compromise in patient care as contemplated under Section
333 of the Bankruptcy Code. Clinicians and staff did report
frustration or bankruptcy fatigue with continued uncertainty
relative to bankruptcy emergence, particularly so where teams
associate continued delay as impacting movement on maintenance,
equipment, and capital project needs.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=qvIoSa from Kroll Restructuring
Administration, LLC, claims agent.

The ombudsman may be reached at:

     Susan N. Goodman
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Ph: 520.744.7061
     Fax: 520.575.4075
     Email: sgoodman@pivothealthaz.com

                         About GenesisCare

One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.

Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas
Lead Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.

Judge David R. Jones oversees the case.

The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; Teneo as communications
advisor; and Clayton Utz as special investigation counsel. Kroll
Restructuring Administration, LLC is the notice and claims agent.

On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.

Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.


GIG PROPERTY: First Creditors' Meeting Set for Nov. 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of GIG Property
Group Pty Ltd will be held on Nov. 27, 2023, at 10:00 a.m. via
virtual meeting only.

Danny Vrkic and Daniel O'Brien of DV Recovery Management were
appointed as administrators of the company on Nov. 15, 2023.


MACABI DIAMOND: Second Creditors' Meeting Set for Nov. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of Macabi Diamond
Rings Pty Ltd IIOR and ATF the Macabi Diamonds Trust has been set
for Nov. 23, 2023, at 10:00 a.m. via virtual facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 22, 2023, at 10:00 a.m.

Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of the company on Oct. 19, 2023.


MOSSMAN SUGAR: Mill Goes Into Voluntary Administration
------------------------------------------------------
ABC News reports that Australia's northernmost sugar mill has been
placed into voluntary administration, despite a AUD45 million
taxpayer-funded handout.

In 2018, more than 100 sugarcane growers formed a cooperative and
bought Mossman Sugar Mill, north of Cairns, from previous owner
Mackay Sugar, which had planned to shut it down, ABC recalls.

The Queensland and federal governments chipped in AUD25 million and
AUD20 million, respectively, which allowed Far Northern Milling
(FNM) to become the first local group in Australia to buy back a
sugar mill.

ABC relates that the money was supposed to guarantee the future of
the 127-year-old facility and help it transition from producing
only raw sugar to a bio-precinct capable of making food
ingredients, alcohol, green chemicals and fertilisers.

But FNM's parent company, Daintree Bio Precinct, has appointed
liquidation firm Worrells to act as voluntary administrator of both
companies due to "financial distress".

In a statement to shareholders, chairman Rajinder Singh said the
move to appoint a voluntary administrator was a "proactive step in
the interest of the companies and the best chance of securing a
future for Mossman Mill," ABC relays.

"The appointment of the voluntary administrator does not mean the
immediate cessation of all operations," Mr. Singh said.

The voluntary administrator will take control of both companies and
meet with creditors, employees and stakeholders.

The Mossman Sugar Mill employs around 150 workers and is supplied
by about 80 growers.

According to the report, Douglas Shire Mayor Michael Kerr said
after tourism, sugar was the region's second-biggest industry.

He said any closure would have an enormous impact on the area.

"It's not just the 150 odd people that work at the mill, you have
hundreds of contractors that work there with families that live in
Mossman," Cr Kerr said.

"If this all collapses in a heap, we are going to lose the
population, we're going to lose facilities, and lose businesses, it
will be a disaster."


PARAMOUNT MANAGEMENT: First Creditors' Meeting Set for Nov. 23
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Paramount
Management Group Pty Ltd will be held on Nov. 23, 2023, at 10:30
a.m. at the offices of Jirsch Sutherland, Level 30, 140 William
Street, in Melbourne, Vic (In Person and via Zoom).

Stewart Free of Jirsch Sutherland was appointed as administrator of
the company on Nov. 14, 2023.


SNOBAL PTY: First Creditors' Meeting Set for Nov. 23
----------------------------------------------------
A first meeting of the creditors in the proceedings of Snobal Pty
Ltd will be held on Nov. 23, 2023, at 11:00 a.m. at Level 30 140
William Street, in Melbourne, Victoria, and via virtual
facilities.

Andrew Mattinson and Glenn Anthony Crisp of Jirsch Sutherland were
appointed as administrators of the company on Nov. 14, 2023.




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

CHINA AOYUAN: HK Court Didn't Dismiss Ping An Unit's Objection
--------------------------------------------------------------
Yicai Global reports that the court in Hong Kong that was hearing
property developer China Aoyuan Group's debt restructuring plan at
the end of last month did not dismiss the objection raised by China
Ping An Insurance Overseas Holdings, according to the unit of
Chinese insurance giant Ping An Insurance Group.

The court did not dismiss Ping An Insurance Overseas' claim but
decided to continue the review at the admission hearing scheduled
on Jan. 8, given that time was not enough after hearing the claim
and basis, Ping An Insurance Overseas told Yicai on Nov. 20, adding
that it will accept suggestions from its legal advisor to exercise
legal rights of a creditor.

Ping An Insurance Overseas objected to Aoyuan's offshore debt
restructuring plan during a public hearing in Hong Kong last month,
a source told Yicai on Nov. 19, adding that the judge dismissed the
objection, requiring more materials to prove the rationality of the
move.

Ping An Insurance Overseas was not the only Aoyuan creditor
opposing the restructuring publicly, the firm said, Yicai relays.
Many institutional creditors jointly supported Ping An Insurance
Overseas' objection at the public hearing on Oct. 31, it added.

Guangzhou-based Aoyuan classifies its creditors into intercreditor
agreement and non-ICA creditors, effectively dividing the
restructuring scheme into two, with relatively visible differences
in debt recovery ratios, according to the restricting agreement
reached before.

The objection raised may claim that some creditors think the
existing scheme is unfair, a capital market insider familiar with
Aoyuan's debt restructuring told Yicai.

Ping An Insurance Overseas' objection to Aoyuan's debt
restructuring scheme is likely to disturb the developer to some
extent, an insider close to Aoyuan told Yicai.

Aoyuan can only wait for liquidation if the restructuring efforts
fail and no other feasible choices are available, according to an
industry insider familiar with the company's debt restructuring
plan, Yicai relays. Ping An's move is harming the interests of
Aoyuan and all creditors, they added.

But according to the capital market insider, liquidation cannot
happen automatically, and someone needs to actually do it. In
theory, Aoyuan can still propose a new scheme to continue
negotiations with creditors if the existing one fails to pass.

According to Yicai, Aoyuan will hold a debt repayment meeting with
creditors on Nov. 28 to vote on the existing restructuring scheme,
the company said in a filing on Nov. 7, citing orders from the High
Court of Hong Kong Special Administrative Region and the Grand
Court of the Cayman Islands on Oct. 31, despite the objections to
the scheme.

If half of the creditors attending the meeting and more than
three-fourths of the total credit vote in favor, the restructuring
plan will pass, Yicai notes. In this case, the scheme can be
further advanced for actual execution, formally recognized, and
approved in the courts' hearings on Dec. 7, Dec. 8, and Jan. 8.

In the first 10 months, Aoyuan delivered over 23,000 apartments,
with other 20,000 houses expected to be delivered by the end of the
year, Yicai discloses. Between July and October, Aoyuan's monthly
sales averaged CNY1 billion (USD140.9 million).

Aoyuan defaulted on debts in January last year. As of the end of
2022, Aoyuan had offshore interest-bearing liabilities of about
CNY42.8 billion (USD5.9 billion) and onshore interest-bearing
liabilities of around CNY66.2 billion.

                        About China Aoyuan

China Aoyuan Group Limited, formerly China Aoyuan Property Group
Limited, is an investment holding company principally engaged in
the sales of properties. The Company operates its business through
three segments. The Property Development segment is engaged in the
development and sale of properties. The Property Investment segment
is engaged in the leasing of investment properties. The Others
segment is engaged in hotel operation, the provision of consulting
and management services. Through its subsidiaries, the Company is
also engaged in construction business.


LOCK CAPITAL: Police Step In After Chairman Absconds Funds
----------------------------------------------------------
Yicai Global reports that police in China have launched an
investigation after Zhang Yinghao, chairman of private equity Lock
Capital, allegedly made off with about CNY1.2 billion (USD166
million) belonging to more than 400 investors.

Police in the southern city of Dongguan confirmed that they have
started an investigation into the matter and a former employee of
Lock Capital told Yicai that Zhang had absconded with the funds.

"I'm leaving, you should go too," Zhang said in the Shenzhen-based
company's staff chat group on Nov. 14 and after that he has been
out of touch, according to the ex-staffer.

According to Yicai, the investors launched a petition that shows
that the funds were worth around CNY1.2 billion, per a document
circulating online. Yicai discovered a related WeChat group of over
400 people. The chances of these investors recovering their money
remains uncertain.

The likelihood of full repayment is generally low, a partner at a
law firm said, even if the public security bureau prosecuted Lock
Capital and considered the case fundraising fraud, Yicai relays.

Lock Capital's employees began to pack up and leave on Nov. 15,
payday, another person familiar with the matter told Yicai. At that
point, even last month's salaries were overdue so some had already
resorted to labor arbitration.

The firm rented an office in Shenzhen's new Qianhai business
district last year, with no more than 10 staff members stationed
there, and Zhang never went to the office, an on-site source told
Yicai. Yicai visited the office twice on Nov. 16 and 17 and found
it empty.

According to Yicai, Lock Capital targets mainly high-net-worth
individuals. It had assets under management in excess of CNY17
billion (USD2.4 billion) as of last year and has successfully
invested in many companies listed on the Nasdaq and Shanghai's
tech-heavy Star Market, according to the firm.

"My family invested over CNY2 million (USD278,840) because its
annual interest rate was relatively high at about 10 percent," a
person who went to Lock Capital's office to defend his rights told
Yicai. He first encountered the company three or four years ago,
and previous returns were cashed out normally, the person added.

According to its brochure, Lock Capital has had over 40 investment
projects, with an average return of more than 20 percent a year for
past projects.

Founded in 2012, Lock Capital is run by Qianhai Lock Investment,
according to corporate data platform Qichacha. Zhang has
represented the firm in many public activities.

Before April, Lock Investment was known as Lock Fund Management,
Yicai discloses citing a filing with the Asset Management
Association of China. The firm had its qualifications canceled as a
private securities investment fund manager in May 2022. The company
is registered in Shenzhen but its main office is in Dongguan.


SUNAC CHINA: Successfully Restructures USD10-Bil. of Offshore Debt
------------------------------------------------------------------
Yicai Global reports that shares in Sunac China surged by as much
as 26.6 percent after the Chinese property developer said on Nov.
20 that its USD10 billion overseas debt restructuring is complete,
and relieves liquidity pressure for the next 2-3 years.

Sunac's share price [HKG:1918] was trading up 18.8 percent at
HKD2.77 (USD0.36) as of 2:00 p.m. on Nov. 21, giving it a market
capitalization of HKD15 billion (USD1.9 billion). Earlier in the
day, it hit HKD2.95. On Nov. 20, it closed up 5.9 percent.

Sunac, which first defaulted in May 2022, filed for Chapter 15
bankruptcy in New York in September to protect it from lawsuits and
having its assets frozen while it set about reorganizing its debt.
The Tianjin-based company offered creditors a number of options,
such as the swapping of old notes with new ones, issuing
convertible bonds and converting part of the debt to shares in its
property management arm Sunac Services.

It has now been agreed that Sunac will issue creditors with USD5.7
billion of new notes, USD2.7 billion of mandatory convertible
bonds, USD1 billion of convertible bonds and USD775 million of
shares in Sunac Services, said Sunac, whose sales halved in the
first 10 months from a year earlier to CNY75.8 billion (USD9.7
billion), Yicai relates.

Yicai says the new notes, mandatory convertible bonds and
convertible bonds, are expected to be listed on the Singapore
Exchange on Nov. 21. Once the transfer of equity in Sunac Services
is complete, Sunac's equity will be diluted to 49.7 percent but it
remains the majority shareholder.

Since the second half of 2021, over 50 real estate firms listed on
the mainland have started overseas debt restructuring, according to
incomplete statistics.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
21, 2023, Sunac China Holdings Limited sought creditor protection
in the United States under Chapter 15 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19.

U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15
proceedings.

Sidley Austin is the Legal Counsel to China Sunac.




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

AIRTRAX POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Airtrax
Polymers Private Limited (APPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              2        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term       2.87     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan         2         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan               4.4       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Working Capital         7.5       CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

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

APPL, incorporated in 1997, manufactures high-density polyethylene
(HDPE) and polypropylene (PP) woven fabric used for metal
packaging, woven bags, wood packaging, and other industrial
packaging applications. The company's product range in customised
fabrics includes lumber wraps, tarp fabrics, paper-coated fabrics,
polyethylene-coated and uncoated fabrics, and greenhouse covers.
Its plant in Alwar, Rajasthan, has capacity of 6000 tonne per
annum.


AMBEY DISTRIBUTORS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ambey
Distributors (AD) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             3.6        CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

Ambey Distributors is a proprietorship concern of Mr. Nav Kumar
Bharat and acts as a sole automobile dealer of tractors for TAFE in
3 districts of Bihar through its 4 showrooms (2 owned and 2
rented).


AZINE HEALTHCARE: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Azine
Healthcare Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B(Stable)/[ICRA]A4 ISSUER
NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.60       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/         0.40        [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Short Term-        0.75        [ICRA]A4 ISSUER NOT
   Interchangeable                COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-        0.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Azine Healthcare Private Limited was established as a private
limited company in year 2002 by Mr. Shyamsundar Agarwal and his
relatives. Initially the company was engaged into trading and
marketing of formulations i.e. tablets and capsules. In 2009, the
company started in house manufacturing of formulations. The
operations of the company can be classified into manufacturing of
bulk drugs and formulations having direct human consumption. The
company has a corporate office in Ahmedabad, Gujarat while its
factory located in Kerala G.I.D.C., Bavla. The company's
manufacturing facility is engaged in manufacturing of tablets,
syrups, ORS and injections. The unit has installed capacity to
produce around 10, 00, 000 tables, 50,000 units of syrups and
100,000 units of ORS per day.

BABA SAW: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baba Saw Mill
(BSM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Letter of Credit       7           CRISIL D (Issuer Not
                                      Cooperating)

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

BSM, a proprietorship firm of Mr Praful Ramjibhai Jharu formed in
December 2011, processes timber logs. The firm commenced commercial
operations in February 2012. It processes pine wood, and plans to
set up capacity to process teak wood, sal wood, and hard wood. Its
facility is at Padana in Kutch, Gujarat.


BADRI VISHAL: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Badri Vishal
Agro Private Limited (BVAPL) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4.5        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Term Loan               0.55       CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

Incorporated in 2010, and based in Gwalior, BVAPL manufactures
potato based snacks under the brands, Fatak, Satak and Badri. Mr
Abhishek Sharma and other family members are the key promoters.


BALAMURUGAN ENT: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balamurugan
Enterprises (BE; part of the Balamurugan Group) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Electronic Dealer       1.5        CRISIL B/Stable (Issuer Not

   Financing Scheme                   Cooperating)
  (e-DFS)                  
                                      
   Loan Against            3.05       CRISIL B/Stable (Issuer Not
   Property                           Cooperating)

   Proposed Long Term      0.45       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)


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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Balamurugan Enterprises
(BE) and Balamurugan Automobiles (BA). This is because these
entities together referred to as the Balamurugan group, are in the
same line of business, have common promoters and have operational
linkages.

Set up in 2008 and based in Vellore (Tamil Nadu; AP), BA is an
authorised dealer for TVS's two wheelers in Vellore district. BE,
set up in 1998, is also in a similar business. The group is
promoted by Mr. R. Sampath Kumar.


BVL INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term rating of BVL Infrastructure Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

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

   Long-term–        23.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

BVL Infrastructure Private limited was incorporated in the year
2007, however it had been dormant all these years. During FY2016,
the company has started the project for construction of granite
processing unit at Ongole, Andhra Pradesh, spread over an area of
22.07 acres with overall production capacity of 26,00,000 sq
ft./month. BIPL would be processing and exporting granite. The
trail production has started in June 2017 and commercial production
is expected to start in September 2017. The company is planning to
process Black Galaxy, Jet Black, Steel Grey, Black Pearl, Moon
White, River White, Iskon White variats of granite. BVL
Infrastructure Private limited is a part of the BVL Group of
Companies, conglomerate based in Ongole, Andhra Pradesh, India. The
group has major presence in tobacco processing and export,
construction, real estate and in granite quarrying, processing and
exporting.

G. NAGESWARAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G. Nageswaran
(GN) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         0.5         CRISIL D (Issuer Not
                                      Cooperating)

   Secured Overdraft      9.4         CRISIL D (Issuer Not
   Facility                           Cooperating)

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

GN was set up as a proprietorship firm in 1985, by Mr G Nageswaran.
The firm undertakes civil construction works, mainly for the
Government of Tamil Nadu and the National Highways Authority of
India.


GANDHI ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and Short-term rating of Gandhi
Enterprises in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term/          50.95      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                     COOPERATING; Rating Continues
   Fund Based                     to remain under 'Issuer Not
   Cash Credit                    Cooperating' Category


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

Mr. Mahendra Gandhi and his two cousins, Mr. Bhupendra Gandhi and
Mr. Chandresh Gandhi, established M/s. Gandhi Enterprises in 1984
as a partnership firm. The principal business of this firm is to
export CPD. Concurrently, the Gandhi family also set up M/s Chayya
Gems for the CPD business. Mr. Mahendra Gandhi was the senior
partner of both these firms, and over the years, most of the
business was routed through M/s Chayya Gems. In FY2006, Mr.
Mahendra Gandhi and Mr. Chandresh Gandhi decided to part ways with
M/s Chayya Gems. Subsequent to the separation, both cousins
concentrated their efforts on promoting the business of M/s. Gandhi
Enterprises till FY2011. In FY2012, GENTP's business was further
split into two companies—Gandhi Enterprises and Akshar Impex
Private Limited (AIPL). Currently, GENTP's business is driven by
Mr. Mahendra Gandhi, while AIPL is managed by Mr. Chandresh Gandhi.
GENTP operates its CPD business through facilities in Gujarat
(Surat, Ahmedabad and Vishnagar), while its head office is in
Mumbai.

GLITTER METALS: ICRA Keeps B+/A4 Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term and Short-term rating of Glitter Metals
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term/         10.00       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

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

Incorporated in 2016, Glitter Metals Pvt Ltd (GMPL) is engaged in
trading, manufacturing and sale of copper wire rods, busbars and
other copper products and components as well as ferrous and
non-ferrous metals. The company started its trading operations from
October 2016, while manufacturing began from its facility at
Nardana MIDC in Dhule district of Maharashtra in January 2017. The
registered office of the company is in Nashik, Maharashtra. GMPL
registered a net profit of INR0.70 crore on an OI of INR248.53
crore in FY2019, against a net profit of INR0.18 crore on an OI of
INR171.08 crore in FY2018.


GREATWELD ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Greatweld
Engineering Private Limited (GEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Cash Credit            16          CRISIL D (Issuer Not
                                      Cooperating)

   Foreign Letter
   of Credit              13          CRISIL D (Issuer Not
                                      Cooperating)

   Rupee Term Loan         8          CRISIL D (Issuer Not
                                      Cooperating)

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

GEPL, incorporated in 2005, manufactures electro-forged mild steel
gratings and hand rails. It has two plants, at Indapur and Markal,
near Pune. Mr Rakesh Ranjan, Mr Suhas Baddi, Mr Ravindra Mule, and
Mr Sateesh Rane are the promoters. Mr Rakesh Ranjan and a manage
the business.


KAMA METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kama Metal
and Alloys Private Limited (KMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            7.75        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.92        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Rupee Term Loan        2.33        CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in 2008, KMPL operates an ingot manufacturing unit as
well as rolling division (Key products include MS pipes and flats).
KMPL has ingots manufacturing capacity of 35000 MTPA and rolling
capacity of 30000 MTPA.


LAKSHMI GANAPATHI: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term and Short-term rating of Lakshmi
Ganapathi Rice Mill in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         30.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term         (2.00)      [ICRA]A4; ISSUER NOT
   Interchangeable                COOPERATING; Rating Continues
                                  to remain under issuer not
                                  cooperating category

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

Established in 1981 as a partnership firm, LGRM is involved in the
milling of paddy to produces raw, boiled rice and its by products.
The firm is promoted by Mr. Harinarayana Reddy and his partners.
The rice mill is located at Rayavaram Mandal of the East Godavari
district (Andhra Pradesh) with a milling capacity of 300 tons per
day and its products are sold under the
brand names 7 star and LG Jaya.


LAKSHMI GOVARDANA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi
Govardana Rice Industry (SLG) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           19.3         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.27        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              0.43        CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in year 2013, SLG is engaged into processing i.e.
milling, polishing and sorting of non-basmati rice. SLG is
partnership firm with V Vinod Kumar Naidu as its Managing Director.
Company is having its rice mill situated at Nellore district of
Andhra Pradesh.


MUTHUS GOLDEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Muthus Golden
Rice Products Private Limited (MGRPPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Term Loan              2.2         CRISIL D (Issuer Not
                                      Cooperating)

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

MGRPPL incorporated on August 8, 2015, mills non-basmati rice from
paddy. MGRPPL took over the operations of Sri Ram Modern Rice Mill
(SRMRM), a partnership firm. Mr. P Venkatesa Prasadh and Mr. A
Perisamy, who earlier were partners in SRMRM, are now MGRPPL's
directors. They have been in this line of business since 1976. The
company markets its products under the brand, Royal.


NALANDA BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nalanda
Builders and Developers India Limited (NBDIL) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Overdraft Facility       2         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      23         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               20         CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in September 2005, NBDIL undertakes residential real
estate development in Agra, Jhansi, and Vrindavan (all in Uttar
Pradesh). The company is promoted by Mr Santosh Katara, Dr Sharad
Bhaduria, and Mr Radhey Shyam Sharma, and their families. The
promoters are first-generation entrepreneurs, who set up the
business in 2003 as a partnership firm, which was reconstituted as
a private limited company in 2005.


NAVDANYA ENTERPRISES: ICRA Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and Short-term rating of Navdanya
Enterprises in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-          4.00      [ICRA]B (Stable) ISSUER NOT
   Fund Based-                   COOPERATING; Rating continues
   Term Loan                     to remain under 'Issuer Not
                                 Cooperating' category

   Long Term-          2.50      [ICRA]B (Stable) ISSUER NOT
   Fund Based-                   COOPERATING; Rating continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

   Long Term-         (1.16)     [ICRA]B (Stable) ISSUER NOT
   Interchangeable               COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/          0.26      [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                   ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain
                                 under issuer not cooperating
                                 category

   Long Term/          1.74      [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                   ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating Continues to remain
                                  under issuer not cooperating
                                  category

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

Established in 2016, Navdanya Enterprises (NE) was formed as a
partnership firm by Mr. Ramawatar Kansal and Mr. Niraj Kansal for
milling of parboiled rice. The manufacturing facility of the
company is located near a high paddy growing region in Bargarh
district of Odisha and has an input milling capacity of 8 tonne per
hour (tph). The commercial production is scheduled to commence from
October 2018.


PBR SELECT: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PBR Select
Infra Projects (PBRS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Secured Overdraft       6          CRISIL D (Issuer Not
   Facility                           Cooperating)

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

Set up in 2010 as a partnership firm, PBRS undertakes civil
construction activities, primarily in construction of roads,
bridges and flyovers. Based out of Hyderabad (Telangana), the firm
is managed by Mr. P Bhaskar Reddy and his family.


PIK STUDIOS: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating of Pik Studios Private Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'

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

Established in 1965 as V K Industries and thereafter converted into
a private limited company in 1998, 'PIK Pens Private Limited' is
engaged in the manufacturing of writing instruments which includes
products like fibre tip pens, permanent markers, white board
markers, highlighters, ball point pens, etc. In 2016, the company
ventured into cosmetics (Eye liner, perfumers and kajal) and was
renamed to PIK Studios Private Limited. The cosmetics line has not
been launched in the market as yet, however the products are ready
with the company. The products are sold under the brand name
'PikPens'. PIK also does job work for other writing instrument
manufacturers like Linc Pen & Plastics Limited, Luxor Writing
Instruments Pvt Ltd, Hindustan Pencils Private Limited.


PIPE & METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pipe & Metal
(India) (PMI) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           5.75         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Fund-        4.25         CRISIL D (Issuer Not
   Based Bank Limits                  Cooperating)

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

Set up in 1986, PMI is a Ghaziabad (Uttar Pradesh)-based
proprietorship firm of Mr. Narendra Gupta. It trades in iron and
steel tubes and pipes in Uttar Pradesh, Haryana, Delhi, and
Rajasthan.


POOJA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pooja
Industries (Indore) (PI) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Term Loan               1          CRISIL D (Issuer Not
                                      Cooperating)

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

PI established in 1991 is a partnership firm engaged in the
manufacturing and trading of torches and torch parts. Mr. Jagdish
Agrawal, Narendra Agrawal and Mr. Aman Agrawal oversee the day to
day operations of the firm. PII has its manufacturing facility at
Indore, Madhya Pradesh and sells its torches under the 'Cosmos'
brand.


POONAM TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Poonam
Trading Company (PTC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Inland/Import           4          CRISIL D (Issuer Not
   Letter of Credit                   Cooperating)

   Inland/Import          13          CRISIL D (Issuer Not
   Letter of Credit                   Cooperating)

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

Set up in 1998 and based in Tenkasi, Tamil Nadu, PTC trades in and
processes timber. It is promoted and managed by Mr. Navin Patel and
Mr. Haresh Patel.


PREETI TEXTILE: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and Short-term rating of Preeti Textile
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.89       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term         (4.52)      [ICRA]A4; ISSUER NOT
   Interchangeable                COOPERATING; Rating Continues
                                  to remain under issuer not
                                  cooperating category

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

Preeti Textile is the proprietorship concern of Mrs. Preeti
Aggarwal. However, her husband Pankaj Aggarwal mainly handles
operations. He has around 15 years of experience in the textile
industry. He is also the director of Dass Embroidery Pvt. Ltd. and
a key management personal of Dass Exports, S. G. Creations, Alfa
Machinery Traders and Dhan Darshan Creation.


RAMAKRISHNA TELETRONICS: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Ramakrishna
Teletronics Pvt. Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term/        54.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues
   Unallocated                  to remain under 'Issuer Not      
                                Cooperating' Category

   Short-term–        6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Ramakrishna Teletronics Pvt. Ltd. (RTPL) was incorporated in 2008
by Mr. V. Raghavendra and Mr. V Ravi Kumar based in Hyderabad. RTPL
is involved in retailing and distribution of consumer durables such
as flat panels, refrigerators, washing machine, air conditioners,
and electronic appliances, mobiles through a chain of 12 retail
stores located across Hyderabad, Vizag and Rajahmundry under the
brand name "Yes Mart". The company is acting as a distributor of
Sony in Telangana region.


S D RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the long-term rating of S D Rice Mills in the 'Issuer
Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         16.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not

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

S D Rice Mill is a partnership firm established in 1983 promoted by
Mr. Darshan Wadhwa and his family members. The firm is primarily
engaged in milling of basmati rice. The firm is also engaged in
converting semi processed rice into parboiled Basmati rice. SRM's
milling unit is based out of Jalalabad, Distt. Ferozpur, Punjab
which is in close proximity to the local grain market.


SHANDAR SNACKS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Shandar
Snacks Private Limited (SSSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            1.75        CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit       1.5         CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         8.75        CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in May 2013, SSSPL manufactures ready-to-eat nachos in
six different flavours and sells 100 percent of its produce, under
the brand name 'Tastilo'. SSSPL has set-up a manufacturing facility
at Kashipur, Uttarakhand.


SRINIVASA SALES: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Srinivasa
Sales and Service Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.70       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          7.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          1.61       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Short Term-         6.30       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Srinivasa Sales & Service Pvt. Ltd (SSSPL) is the authorised
distributor for sales and providing after sales services for the
products manufactured and marketed by Cummins India Limited. The
company has distributorship for 17 districts of Andhra Pradesh and
Telangana state covering all districts in Telangana and East
Godavari, Guntur, Krishna, Prakasam, Srikakulam, Vishakhapatnam,
Vizianagram, and West Godavari districts. The company is the
nonexclusive dealer for CIL however as on date SSSPL is the only
authorised dealer for the abovementioned districts and the
agreement is valid till December 31, 2017 and is renewed on yearly
basis. The company has three branches in Hyderabad, Vijayawada and
Vishakhapatnam. The company also undertakes servicing of old
engines sold by CIL and others; CIL enters AMC with bulk customers
for servicing of CIL engines and other branded engines.

SUPER JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Super
Jewellers Private Limited (SJPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Term Loan               0.2        CRISIL D (Issuer Not
                                      Cooperating)

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

Set up as a partnership firm in 2002, and reconstituted as a
private limited company in 2004, SJPL has been promoted by Mr Ajay
Garg and Mr Diniv Singla. The company retails in gold, diamond, and
silver jewellery from its showroom in Bhatinda.


VADRAJ CEMENT: Adani Unit, JSW, ArcelorMittal in Race to Buy Firm
-----------------------------------------------------------------
The Economic Times reports that an Adani group entity, Sajjan
Jindal-owned JSW Cement, and ArcelorMittal Group are likely
contenders to buy Vadraj Cement, an ABG Shipyard group company that
will be sold under the Insolvency and Bankruptcy Code process,
people aware of the development told ET.

The Bombay High Court had, in August 2018, ordered the winding up
of Vadraj Cement after a trade creditor, Beumer Technology India,
dragged it to the court for recovery of dues.

"But frustrated with the slow progress in selling the assets, the
court agreed to transfer the debt resolution process of the cement
company to IBC," one of the persons cited above said, ET relays. In
an order dated September 4, the high court allowed transferring the
winding up proceedings to the National Company Law Tribunal (NCLT)
based on a bank's petition.

Lenders have suggested EY-backed Pulkit Gupta as an interim
resolution professional for the bankruptcy process of Vadraj.

JSW Cement and ArcelorMittal declined to comment. The Adani Group
did not respond to ET's mailed query seeking its comment on the
matter.

ET relates that lenders expect potential buyers to offer between
INR2,000 crore and INR2,500 crore, said the people cited above. The
company has INR7,000-crore debt. Its lenders include Punjab
National Bank, Union Bank of India, Central Bank of India, Indian
Overseas Bank, Bank of India, Bank of Baroda, UCO Bank and Yes
Bank.

ET notes that the company has an integrated cement manufacturing
facility comprising a 10,000 TPD (tonnes per day) clinker unit at
Kutch and a 6-million-tonne (mt) cement grinding unit at Surat in
Gujarat. It also has limestone mining rights and a captive jetty in
Kutch. Both the cement units are not operational because the
captive power plants that supplied fuel to the cement plants were
sold upon a loan default. Alpha Alternatives Holding, jointly with
Algebra Endeavor, acquired Vadraj Energy (Gujarat) in October 2021
under the IBC route, according to a tribunal order approving the
plan.

If ArcelorMittal emerges as a successful bidder, it will mark its
entry into the cement sector, although in December 2021, it had
announced plans to set up an 18.75 mt cement plant in Odisha, ET
says. The Vadraj Cement unit in Gujarat is close to the steel plant
that Arcelor acquired from Essar Steel. The cement plant will
complement its steel business since the steel slag has properties
that are suitable for making cement, and is used to blend with
clinker to lower the clinker factor and costs.

Adani and JSW Cement have declared plans to raise manufacturing
capacity over five years, according to ET. Adani proposed
increasing the capacity to 140 mt while JSW Cement proposed raising
output to 60mt in five years.

Currently, the Aditya Birla Group, which owns Ultratech Cement, is
India's largest cement maker, with a 137.5 mtpa manufacturing
capacity.

It is followed by ACC and Ambuja Cements, both owned by Adani
Group, which has a 67.5mt capacity.


VEERAMAKALI MEMORIAL: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Veeramakali
Memorial Welfare Trust in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        173.65     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         41.35     [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short-term–        65.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category
  
As part of its process and in accordance with its rating agreement
with Liners India Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Established in 1986 by Mr. MV Muthuramalingam, Velammal group of
trusts operate over 50 educational institutions including schools,
engineering colleges medical college and hospital and has total
student strength of over 1,00,000. The schools and colleges of the
trust are spread across Tamil Nadu in various districts including
Thiruvallur, Kancheepuram, Sivagangai,
Madurai, Theni & Karur marking a strong foothold in TN in the
education space. Currently, the educational institutions are run
under seven trusts and one private limited company – Velammal
Educational Trust (VET), Velammal Chennai Educational Trust (VCET),
Velammal Madurai Educational Trust (VMET), Veeramakali Memorial
Welfare Trust (VMWT), Ramana Educational Trust (RET), Vallimuthu
Educational Trust, Muthuramalingam Kuncharavalli Educational Trust
(MKET), Learnvel Private Limited. In FY2019, VMWT reported a net
profit of INR20.8 crore on an operating income of INR236.3 crore as
compared to a net profit of INR22.8 crore on an operating income of
INR222.2 crore in the previous year.


WOMEN'S NEXT: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term rating of Women's Next Loungeries
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        12.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Women's Next Loungeries Limited (WNLL) was incorporated in December
2010 as Shiv Lingeries Private Limited (SSPL). The Company was
founded by Mr. Bhavesh Bhanushali who has over 15 years of
expertise in textile industry. The company is engaged in the
business of manufacturing and trading in fancy ladies' lingerie
sold under brand names Valentine Pink'. 'Women's Next'. The
manufacturing facility of WNLL with an annual installed capacity of
6,000,000 pieces is located at
Bhiwandi, Maharasthra. The entity earns its revenues mainly from
the domestic market and goods are sold primarily to Ashapura
Intimates Fashion Limited (rated CARE BBB+). Apart from
manufacturing of ladies' innerwear, the company is also engaged in
trading of fabric.



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

BIGMOTOR CO: Itochu Mulls Investment to Help Rebuild Car Dealer
---------------------------------------------------------------
Kyodo News reports that Japanese trading house Itochu Corp. said
Nov. 17 it is considering investing in Bigmotor Co. in a bid to
help reconstruct the used car dealership mired in an insurance
fraud scandal.

Kyodo relates that Itochu, together with its subsidiary Itochu Enex
Co. and investment fund J-Will Partners, won exclusive negotiation
rights and will launch due diligence. They plan to make a final
decision by next spring, it said.

The potential investment is based on the premise that the founding
family of Bigmotor will no longer be involved in the management of
the company, Itochu said.

Itochu will "gauge the possibility of a successful turnaround"
through the due diligence process, it said in a statement, Kyodo
relays.

According to Kyodo, Bigmotor President Shinji Izumi said in a
separate statement that the company "will do its utmost to regain
trust."

Kyodo relates that the Itochu-led group plans to spin off part of
Bigmotor's business that is deemed promising and invest in it, with
an eye to creating synergy with Itochu's existing car-related
businesses, sources familiar with the matter said.

The trading house is the biggest shareholder in Tokyo Century
Corp., which runs rent-a-car services, while it also has Yanase &
Co., an importer of luxury cars, as a subsidiary.

Kyodo says Bigmotor is facing sponsorship challenges amid a
significant decline in sales. The downturn follows revelations that
the company charged excessive repair fees by intentionally damaging
customers' cars and made fraudulent insurance claims.

Its employees were scratching the bodies of vehicles with
screwdrivers and hitting them with socks filled with golf balls,
according to an investigation report compiled by outside lawyers.

Hiroyuki Kaneshige, its founder and then-president, stepped down in
July amid mounting criticism.

Another used car dealer, Idom Inc., gave up on a plan to sponsor
the troubled rival earlier this month, the sources said.

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


SOFTBANK GROUP: Moody's Alters Outlook on 'Ba3' CFR to Stable
-------------------------------------------------------------
Moody's Japan K.K. has affirmed the Ba3 corporate family rating of
SoftBank Group Corp. (SBG), as well as the company's Ba3 senior
unsecured rating and B2 subordinated debt rating. Moody's has also
revised the outlook to stable from negative.

RATINGS RATIONALE

The affirmation of SBG's Ba3 CFR and the outlook change to stable
reflect the recovery in SBG's credit fundamentals driven by its
lower leverage and greater transparency in its investment portfolio
value following the IPO of Arm Holdings plc. (Arm).

Moody's estimates that SBG's market value-based leverage (MVL) has
improved modestly to 41% as of September 2023, down from a peak of
almost 45% as of March 2022. SBG has substantially halted its new
investments over the past 18 months. Meanwhile, SBG has reduced its
net debt by reducing debt and increasing liquidity.

Moreover, the share of SBG's listed assets – largely comprising
Arm, SoftBank Corp. (SBKK) and Alibaba Group Holding Limited
(Alibaba, A1 stable) – relative to its total portfolio value has
increased to over 60%, indicating improvement in the asset quality
of its investment portfolio. Moody's estimates that the value of
SBG's listed assets exceeded its total debt as of September 2023.

SBG's Ba3 CFR is also supported by its good liquidity at the
holding company level, which can cover scheduled debt maturities
over the next five years. At the same time, SBG's credit strengths
are balanced against its aggressive financial policy highlighted by
the large, unpredictable changes to the company's credit profile,
which could alter the value and quality of its investment
portfolio, as well as its capital structure. The company's rating
is constrained by its low interest coverage and reliance on
dividends from SBKK.

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

The stable rating outlook is based on Moody's expectation that
SBG's portfolio will remain around its current value in the
mid-JPY20 trillion range, with its MVL staying in the
high-30%-to-low-40% range. The outlook also incorporates Moody's
expectation that the company will maintain good liquidity with its
substantial cash balance.

An upgrade will require greater visibility over the company's
long-term investment strategy, risk-return profile and asset
allocation policy. Moody's will consider upgrading SBG's CFR if
there are improvements in governance, including a track record of
reducing debt particularly secured debt and MVL towards 20%. SBG's
CFR remains constrained by its investment approach and the dominant
leadership of its CEO.

Moody's will consider downgrading SBG's CFR if the value, credit
quality and transparency of investee companies deteriorate. A
further decline in the company's ownership of its dividend-paying
subsidiary SBKK without a commensurate increase in stable dividends
from other sources, or a decline in liquid assets, will also pose
downgrade pressures. In addition, Moody's will consider a downgrade
if cash held at the holding company level diminishes, such that
SBG's cash on hand no longer covers two years of scheduled debt
maturities; or if the company's total debt increases. A significant
increase in new investments into emerging startups with untested
business models or speculative opportunities could add to downward
pressure if they lead to an erosion in its liquidity or the asset
quality of its investment portfolio. Downgrade pressure will also
arise if material legal or other contingent obligations crystallize
or governance risks rise further. The rating of SBG's unsecured
debt could be notched down if secured debt becomes established as
the clear majority debt.

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates (Japanese) published in April
2023.

Headquartered in Tokyo, SoftBank Group Corp. is a Japanese holding
company with subsidiaries in various businesses, including
telecommunications, semiconductor and other technology businesses.




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

AVANTI NZ 2023-1: Moody's Assigns (P)B1 Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by the New Zealand Guardian Trust
Company Limited in its capacity as trustee of Avanti NZ Auto ABS
2023-1 Trust.

Issuer: The New Zealand Guardian Trust Company Limited in its
capacity as trustee of Avanti NZ Auto ABS 2023-1 Trust

NZD160.00 million Class A Notes, Assigned (P)Aaa (sf)

NZD22.00 million Class B Notes, Assigned (P)Aa2 (sf)

NZD4.00 million Class C Notes, Assigned (P)A2 (sf)

NZD6.00 million Class D Notes, Assigned (P)Baa2 (sf)

NZD3.00 million Class E Notes, Assigned (P)Ba2 (sf)

NZD2.00 million Class F Notes, Assigned (P)B1 (sf)

The NZD3.00 million Class G Notes are not rated by Moody's.

Avanti NZ Auto ABS 2023-1 Trust is a cash securitisation of
receivables extended to obligors in New Zealand and backed by motor
vehicles. The receivables were originated and are serviced by
Branded Financial Services (NZ) Limited (BFS NZ, unrated), a wholly
owned and operated subsidiary of Avanti Finance Limited (Avanti
Finance, unrated).

This is Avanti Finance's inaugural New Zealand auto loan ABS
transaction. In August 2023, Avanti Finance securitised its
inaugural ABS backed by auto loans originated by Branded Financial
Services Pty Limited (BFS AU, unrated) in Australia.

The receivables are either to consumer (57.6%) or commercial
(42.4%) obligors. Loans backed by passenger and light commercial
vehicles represent 69.1% and 30.9% of the securitised pool,
respectively.

BFS NZ is a finance company offering auto loans to consumer and
commercial obligors in New Zealand. BFS NZ and BFS AU (together,
BFS) were established in 2013 and 2010 respectively by Ateco
Automative Group and acquired by Avanti Finance in 2019. As of
September 2023, BFS's New Zealand retail receivables portfolio was
approximately NZD373 million.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 3.50% of the rated notes balance, the legal structure,
the experience of BFS NZ as servicer and presence of the back-up
servicing arrangements.

According to Moody's, the transaction benefits from relatively high
weighted average seasoning of 12.0 months.

The back-up servicer in this transaction, Verofi Limited (Verofi,
unrated), is a small entity, which is a challenge. While Verofi's
team is experienced, the company employs a limited number of core
staff, posing key-person risk. This weakens the back-up servicing
arrangements. The ability of the Trustee to promptly appoint a
replacement servicer should Verofi be unable for any reason to step
in as the servicer somewhat mitigates this risk. Furthermore, the
risk of payment disruption is mitigated by the liquidity facility,
covering just over five months of stressed fees and interest
payments.

Key transactional features are as follows:

-- Initially, the principal will be allocated sequentially. Once
step-down conditions are satisfied, all notes, other than Class G
Notes, will receive their pro-rata share of principal. Step-down
conditions include, among others, 27.5% subordination to the Class
A Notes and no unreimbursed charge-offs.

-- Westpac Banking Corporation (Aa3/P-1/Aa2(cr)/P-1(cr)) will
provide an interest rate swap in the transaction, hedging the
interest rate mismatch between the assets bearing a fixed rate of
interest, and floating rate liabilities. The notional balance of
the swap will follow a schedule based on amortisation of the pool
assuming a certain prepayment rate.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 14%. Moody's mean default for
this transaction is 2.5%. The assumed recovery rate is 35%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Key pool features are as follows:

-- Interest rates in the portfolio range from 5.3% to 17.3%, with
a weighted average interest rate of 10.2%.

-- Loans with balloon payments at the end of the term represent
around 12.8% of the pool. Both consumer and commercial loans have
balloons, with around 6.8% and 5.9% of the overall pool
respectively.

-- The weighted average seasoning of the portfolio is 12.0 months.
The weighted average remaining term is 47.2 months.

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

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The New Zealand economy and job
market are primary drivers of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The New Zealand economy and job
market are primary drivers of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance and
fraud.


B & R PROPERTY: Court to Hear Wind-Up Petition on Dec. 1
--------------------------------------------------------
A petition to wind up the operations of B & R Property Maintenance
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


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 liquidator is:

          Bryan Williams
          BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


RIMPRO-TEC HOLDINGS: Creditors' Proofs of Debt Due on Dec. 15
-------------------------------------------------------------
Creditors of Rimpro-Tec Holdings Limited 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. 9, 2023.

The company's liquidators are:

          Rees Logan
          Andrew McKay
          BDO Auckland
          Level 4, BDO Centre
          4 Graham Street
          Auckland


YALLOP LITIGATION: Court to Hear Wind-Up Petition on Dec. 8
-----------------------------------------------------------
A petition to wind up the operations of Yallop Litigation Support
Limited will be heard before the High Court at Auckland on Dec. 8,
2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 17, 2023.

The Petitioner's solicitor is:

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




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

DURIAN EDITION: Commences Wind-Up Proceedings
---------------------------------------------
Members of Durian Edition Pte. Ltd., Mojito Dme Pte. Ltd., Mojito
Ventures Pte. Ltd., and Refectory Concepts Pte. Ltd., on Nov. 7,
2023, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


GUAVA HOLDINGS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Guava Holdings Pte Ltd, on Nov. 9, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Lim Soh Yen
          Tan Suah Pin
          133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413


JACKSPEED CORP: Creditors' Proofs of Debt Due on Dec. 18
--------------------------------------------------------
Creditors of Jackspeed Corporation Limited are required to file
their proofs of debt by Dec. 18, 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:

          Lim Soh Yen
          Tan Suah Pin
          c/o 133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413


LEIGHTON ENGINEERING: Creditors' Proofs of Debt Due on Dec. 18
--------------------------------------------------------------
Creditors of Leighton Engineering & Construction (Singapore) Pte
Ltd are required to file their proofs of debt by Dec. 18, 2023, to
be included in the company's dividend distribution.

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

The company's liquidator is:

          Ong Kok Yeong David
          c/o Tricor Singapore  
          80 Robinson Road #02-00
          Singapore 068898


NATURAL ELEMENTS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Natural Elements Health Management Pte. Ltd. and Nue
Lifestyle Marketing Pte. Ltd. on Nov. 7, 2023, passed a resolution
to voluntarily wind up the companies' operations.

The companies' liquidators are:

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


UNIQFOOD PTE: Court to Hear Wind-Up Petition on Dec. 1
------------------------------------------------------
A petition to wind up the operations of Uniqfood Pte Ltd will be
heard before the High Court of Singapore on Dec. 1, 2023, at 10:00
a.m.

DBS Bank Ltd filed the petition against the company on Nov. 10,
2023.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542



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

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

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

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

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



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