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

                     A S I A   P A C I F I C

          Thursday, November 23, 2023, Vol. 26, No. 235

                           Headlines



A U S T R A L I A

AUSTRALIAN PROPERTY: First Creditors' Meeting Set for Nov. 29
BOURKEHOOD HOLDINGS: Second Creditors' Meeting Set for Nov. 24
EMECO HOLDINGS: Fitch Affirms BB- Foreign Curr. IDR, Outlook Stable
EPIC NEGOCIANTS: First Creditors' Meeting Set for Nov. 27
FIRSTMAC ASSET 1: Fitch Assigns 'BB+(EXP)sf' Rating on Cl. E Notes

GREEN CHARGE: First Creditors' Meeting Set for Nov. 27
MAGNOLIA GROUP: ASIC Disqualifies Former Director for 5 Years
NPM GROUP: Second Creditors' Meeting Set for Nov. 27
SUETONIUS WEALTH: Licence Suspended for Failure to File Reports


C H I N A

CHINA EVERGRANDE: Creditor Seizes Chairman's Two Luxury Mansions
CHINA: High-Yield Property Bonds Defaults to Remain High in 2024
DALIAN WANDA: Unit Seeks to Delay Payment on US$600M Bond Due Jan.
YINCHUAN TONGLIAN: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable


I N D I A

ADHITYA POLYFILMS: ICRA Keeps D Debt Ratings in Not Cooperating
ALIGARH ROLLER: CRISIL Keeps B+ Debt Rating in Not Cooperating
ANSAL PROPERTIES : Insolvency Resolution Process Case Summary
ASP SEALING: CRISIL Keeps D Debt Ratings in Not Cooperating
BALAMURUGAN AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating

BASANTDEVI CHARITABLE: ICRA Keeps D Rating in Not Cooperating
BYJU'S: ED Issues Show-Cause Notice Over Forex Rules Violations
CHAITANYA CORPORATION: ICRA Keeps D Rating in Not Cooperating
COMPUAGE INFOCOM: Insolvency Resolution Process Case Summary
CYGNUS EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating

EMBIOTIC LABORATORIES: CRISIL Keeps B+ Rating in Not Cooperating
FAROOQ CONSTRUCTIONS: ICRA Keeps D Debt Rating in Not Cooperating
FORTUNE'S SPARSH: ICRA Keeps D Debt Rating in Not Cooperating
GARGO MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
GEM BATTERIES: ICRA Keeps D Debt Rating in Not Cooperating

GO FIRST: Jindal Power Will Not Bid to Take Over Airline
GVK GAUTAMI: Insolvency Resolution Process Case Summary
J. P. RICE: CRISIL Moves B+ Debt Ratings from Not Cooperating
JELL PHARMACEUTICALS: ICRA Keeps B+ Rating in Not Cooperating
KAMATCHI TRADERS: CRISIL Keeps B+ Debt Rating in Not Cooperating

KOHINOOR HOSPITALS: ICRA Keeps D Debt Ratings in Not Cooperating
LV UNIVERSAL: Insolvency Resolution Process Case Summary
MADHU ALUMINIUM: Insolvency Resolution Process Case Summary
MANIKARAN VINCOM: Insolvency Resolution Process Case Summary
OJA MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

OM ASSOCIATES: ICRA Withdraws B+ Rating on INR20cr LT Loan
PAN INDIA: ICRA Keeps D Debt Ratings in Not Cooperating Category
PANAMA PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
PRABHAT INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
PRECISION REALTY: Insolvency Resolution Process Case Summary

RAMBO ENTERPRISES: Insolvency Resolution Process Case Summary
SHIGA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
SHRISTHI LPG: CRISIL Keeps B Debt Rating in Not Cooperating
SIDDHI VINAYAK: Liquidation Process Case Summary
SITI BROADBAND: Insolvency Resolution Process Case Summary

ST. JOHNS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
TAKSHASHILA CORP: Insolvency Resolution Process Case Summary
TAPI PRESTRESSED: Insolvency Resolution Process Case Summary
TECHNO SATCOMM: Insolvency Resolution Process Case Summary
TEKZA CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating

TRIBHUWAN NARAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
VARDHMAN VITRIFIED: ICRA Keeps D Debt Ratings in Not Cooperating
VIJAY TRADING: ICRA Keeps D Debt Rating in Not Cooperating


I N D O N E S I A

LIPPO KARAWACI: Fitch Lowers LongTerm IDRs to 'CCC+'
PT AGUNG PODOMORO: Fitch Cuts IDR to C on Distressed Debt Exchange


M A L A Y S I A

AIRASIA X: No Longer Classified as Financially Distressed Firm


M O N G O L I A

MONGOLIA: Fitch Assigns 'B' Rating on Proposed USD Bonds
TRADE AND DEVELOPMENT: Moody's Affirms B3 Issuer & Deposit Ratings


N E W   Z E A L A N D

BUILDNATION CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 8
DENTALCARE GROUP: Court to Hear Wind-Up Petition on Nov. 27
J N HOBBS: Creditors' Proofs of Debt Due on Dec. 15
LENSCRAFT LIMITED: Creditors' Proofs of Debt Due on Jan. 17
NEW ZEALAND JOY: Court to Hear Wind-Up Petition on Nov. 24

ONE STOP: Creditors' Proofs of Debt Due on Jan. 5


P H I L I P P I N E S

MEGAWORLD: DATEM Forced to Sue After Years of Unfair Treatment


S I N G A P O R E

HAWKEYE ASSOCIATES: Court to Hear Wind-Up Petition on Dec. 8
HODLNAUT PTE: Court Enters Wind-Up Order
SINGAPORE CHILDCARE: Court to Hear Wind-Up Petition on Dec. 8
SINGAPORE EDUTAINMENT: Court to Hear Wind-Up Petition on Dec. 8
YELLOW RIVER: Court Enters Wind-Up Order


                           - - - - -


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

AUSTRALIAN PROPERTY: First Creditors' Meeting Set for Nov. 29
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Property & Building Inspections Pty Ltd will be held on Nov. 29,
2023, at 10:00 a.m. at the offices of Romanis Cant at Level 2, 106
Hardware Street in Melbourne.

Manuel Hanna and Renee Di Carlo of Romanis Cant were appointed as
administrators of the company on Nov. 17, 2023.


BOURKEHOOD HOLDINGS: Second Creditors' Meeting Set for Nov. 24
--------------------------------------------------------------
A second meeting of creditors in the proceedings of BourkeHood
Holdings Pty Ltd and BourkeHood Pty Ltd has been set for Nov. 24,
2023 at 10:00 a.m. via online conference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 23, 2023 at 4:00 p.m.

Catherine Conneely of KordaMentha was appointed as administrator of
the company on Aug. 3, 2023.


EMECO HOLDINGS: Fitch Affirms BB- Foreign Curr. IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Emeco Holdings Limited's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-'. The Outlook
is Stable.

At the same time, Fitch has affirmed the rating on the AUD250
million 6.25% senior secured notes due July 2026, issued by Emeco's
wholly owned subsidiary, Emeco Pty Ltd, at 'BB' with a Recovery
Rating of 'RR3'. The notes are guaranteed by Emeco and most of its
subsidiaries, representing at least 90% of the group's consolidated
total assets.

The affirmation reflects Emeco's improved revenue visibility and
defensive cost structure, which Fitch believes will allow the
company to protect its strong financial profile, even in weak
commodity markets. The Stable Outlook reflects its expectation that
EBITDA net leverage will remain at around 1x through economic
cycles, as Emeco addresses underperforming contracts in its
Pit'N'Portal business and inflationary pressure.

KEY RATING DRIVERS

Defensive Cost Structure: Fitch believes the flexibility built into
Emeco's asset base and cost structure will allow the company to
protect its financial profile during commodity downturns. The
recent acquisition and planned rebuild of 18 mid-life trucks
demonstrate the company's commitment to maintaining this
competitive advantage.

Fitch believes Emeco's in-house rebuild and maintenance functions
improve its ability to manage through the cycle, as it can control
its maintenance schedule and plan for any significant capex, while
increasing the flexibility over its costs. Emeco can reduce
maintenance costs and keep capex at a level that is commensurate
with activity during commodity downturns and weaker demand. This
allows it to remain profitable and minimise cash outflow to protect
its balance sheet.

Better Revenue Visibility: Emeco's revenue visibility has benefited
from its proportional increase in service revenue. Service
contracts are typically longer term and more integrated into a
miner's operation, making them less volatile in weaker commodity
markets. This, alongside a strong financial profile, has been a key
driver in Emeco's improved credit profile. However, the segment
remains focused on equipment hire and related services, making the
company more vulnerable than higher-rated peers that provide
integrated or full-service offerings.

Emeco's revenue visibility has also been enhanced by its
diversification across its customer base and commodity exposure -
in particular, its exposure to gold to around 30% of revenue - as
well as its commodity-agnostic fleet that it can move between
projects, regions and commodities to respond to changes in demand.
This was demonstrated in late 2020, when Emeco replaced some of its
lost rental earnings by moving trucks to fill demand in Western
Australia, as coal markets on Australia's east coast faced lower
demand after coal producers cut mining activity.

Strong Financial Profile: Emeco employs a conservative financial
profile, with target net debt/EBITDA leverage of below 1x. Fitch
expects the company to keep its Fitch-calculated EBITDA net
leverage at or below 1x and maintain a conservative balance sheet
to manage its business through the cycle (financial year ending
June 2023 (FY23): 1.0x). In addition, Emeco's lower exposure to
thermal coal, at 12% of revenue, since FYE22 underscores its
commitment towards a sustainable operation, ensuring access to
capital markets with reasonable funding costs.

Margin Challenges to Ease: Fitch expects that measures taken to
resolve and exit underperforming contracts in the Pit'N'Portal
segment will widen Emeco's EBITDA margin in FY24. However, the
margin is likely to stay below 30% until at least FY25, as the
company continues to review its Pit'N'Portal business to identify
and implement measures to improve longer-term returns. The recovery
will also be delayed by ongoing labour challenges and time lags in
rise and fall mechanisms to offset inflationary pressure.

Secured Notes Notched Up: The AUD250 million senior notes are rated
one notch above Emeco's IDR, as noteholders benefit from a
first-ranking security over all obligors, which are the issuer and
guarantor, and over the property. The obligors represent at least
90% of Emeco's consolidated total assets. The notes are considered
Category 2 first lien under Fitch's criteria, but rank behind other
permitted financial debt and consequently have been assigned a
lower Recovery Rating and notching.

DERIVATION SUMMARY

Emeco's rating can be compared with that of Indonesia's PT Bukit
Makmur Mandiri Utama (BUMA, BB-/Stable). Emeco's IDR reflects
improved revenue visibility through greater service-related revenue
and better diversification, complemented by a defensive cost
structure, with in-house rebuild and maintenance capabilities. This
narrows the gap with BUMA's stronger business profile from its
revenue visibility and stable operating profile, which reflects
long-term contracts with miners and diversified service offerings
at various production stages.

However, BUMA has high customer concentration risk, with around 80%
of its volume coming from three counterparties. It also has
commodity concentration risk to the highly cyclical Indonesian coal
contracting industry, which has previously led to volatility in its
earnings and leverage. Emeco also has a better financial profile
and has demonstrated its commitment to maintaining a conservative
balance sheet. Fitch believes this offsets BUMA's slightly stronger
business profile, resulting in both issuers' ratings being at the
same level.

KEY ASSUMPTIONS

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

- Operating utilisation rate to remain stable to FY27, at around
65%, due to tight rental-equipment conditions, commodity
fungibility of Emeco's fleet and strong activity levels in the
mining sector, offset by Fitch's expectation of a moderation in
commodity markets.

- Net capex at around 25% of revenue from FY24-FY27.

- 25%-40% of operating net profit after tax to be returned to
shareholders, in line with management guidance.

RATING SENSITIVITIES

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

An upgrade is unlikely while Emeco maintains its exposure to the
more cyclical equipment rental and related services sub-segment and
its smaller scale than higher-rated peers.

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

- A deterioration in operating performance, including a decline in
the operating utilisation rate and loss of major contracts.

- EBITDA net leverage exceeding 1.5x for a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Emeco's next significant debt maturity is in
July 2026 for the AUD250 million 6.25% senior secured notes. The
company has a committed undrawn revolving facility of AUD95 million
due in December 2025 - with an option for a two-year extension at
Emeco's discretion - and cash in hand of AUD47 million at FY23.
Fitch expects Emeco to generate positive cash flow before dividends
from FY25, following the planned rebuild of 18 recently acquired
trucks. This demonstrates its ability to fund operations
internally.

ISSUER PROFILE

Emeco, founded in 1972, is one of the leading earthmoving equipment
rental companies listed on the Australian Securities Exchange. The
company has operations in all key mining regions of Australia and
its customers include mining companies and contractors across gold,
coal, copper, bauxite and iron ore.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating       Recovery   Prior
   -----------             ------       --------   -----
Emeco Holdings
Limited             LT IDR BB- Affirmed            BB-

Emeco Pty Ltd

   senior secured   LT     BB  Affirmed   RR3      BB


EPIC NEGOCIANTS: First Creditors' Meeting Set for Nov. 27
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Epic
Negociants Pty Ltd will be held on Nov. 27, 2023, at 10:00 a.m. via
videoconference facilities only.

Roberto Crispino, Richard Albarran, and John Vouris of Hall
Chadwick were appointed as administrators of the company on Nov.
15, 2023.


FIRSTMAC ASSET 1: Fitch Assigns 'BB+(EXP)sf' Rating on Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Firstmac Asset
Funding Trust No. 1 Series Auto No. 2's pass-through floating-rate
notes. The notes are backed by a pool of first-ranking Australian
consumer automotive loan receivables originated by Firstmac
Limited. The notes will be issued by Firstmac Fiduciary Services
Pty Limited as trustee of Firstmac Asset Funding Trust No. 1 Series
Auto No. 2. This is a separate and distinct series created under a
master trust deed.

   Entity/Debt       Rating           
   -----------       ------           
Firstmac Asset
Funding Trust
No. 1 Series
Auto No. 2

   A1            LT AAA(EXP)sf  Expected Rating
   A2            LT AAA(EXP)sf  Expected Rating
   B             LT AA(EXP)sf   Expected Rating
   C             LT A(EXP)sf    Expected Rating
   D             LT BBB(EXP)sf  Expected Rating
   E             LT BB+(EXP)sf  Expected Rating
   F             LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

The total collateral pool at the 30 October 2023 cut-off date was
AUD300 million and consisted of 8,173 receivables with
weighted-average (WA) seasoning of eight months, WA remaining
maturity of 55 months and an average contract balance of
AUD41,866.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples for loans
originated through the direct online and broker channels. Its
gross-loss expectations are 1.0% and 2.0% for each channel,
respectively, while the 'AAAsf' default multiples are 7.50x and
6.25x. The recovery base case is 50.0%, with a 'AAAsf' recovery
haircut of 50.0% across both categories. The weighted-average (WA)
base-case default assumption was 1.7% and the 'AAAsf' default
multiple was 6.5x.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite multiple interest
rate hikes since May 2022. GDP growth in the year to June 2023 was
2.1% and unemployment was 3.7% in October 2023. Fitch expects GDP
growth to moderate to 1.7% for the full year, before falling to
1.5% in 2024, with unemployment at 3.8%, increasing to 4.2% next
year. This reflects the expected impact on Australia's economy from
China's property downturn and lagged effects of tighter monetary
policy on consumption.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. All notes will receive
principal repayments pro rata upon satisfaction of pro rata
conditions, with the class F portion allocated to the class E notes
and then pro rata between the class A1 to D notes. The percentage
of credit enhancement provided by the F note will increase as the
A1 to E notes amortise.

Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing.

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

No Residual Value Risk: There is no residual value exposure in this
transaction. However, there is a small exposure to balloon-payment
loans.

RATING SENSITIVITIES

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

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

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

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

Original rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf

Increase defaults by 10%: AAAsf / AAsf / A+sf / A-sf / BBB-sf /
BBsf

Increase defaults by 25%: AAAsf / AA-sf / Asf / BBB+sf / BB+sf /
BBsf

Increase defaults by 50%: AAAsf / A+sf / BBB+sf / BBBsf / BBsf /
B+sf

Reduce recoveries by 10%: AAAsf / AA+sf / A+sf / A-sf / BBBsf /
BBsf

Reduce recoveries by 25%: AAAsf / AA+sf / A+sf / A-sf / BBB-sf /
BBsf

Reduce recoveries by 50%: AAAsf / AAsf / Asf / BBB+sf / BB+sf /
BB-sf

Increased defaults by 10% and decrease recoveries by 10%:
AAAsf/AAsf/A+sf/ A-sf/ BBB-sf/ BBsf

Increased defaults by 25% and decrease recoveries by 25%: AAAsf/
A+sf/ A-sf/ BBBsf/ BB+sf/ B+sf

Increased defaults by 50% and decrease recoveries by 50%: AA+sf/
A-sf/ BBBsf/ BB+sf/ B+sf /Bsf

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

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

Upgrade Sensitivity

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

Original rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf

Reduce defaults by 15% and increase recoveries by 15%: AAAsf /
AAAsf / AAsf / A+sf / BBB+sf / BBB-sf

DATA ADEQUACY

Prior to the transaction closing, a third-party assessment of the
asset portfolio information was performed. Fitch sought to receive
it, but it was not made available to Fitch.

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG CONSIDERATIONS

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


GREEN CHARGE: First Creditors' Meeting Set for Nov. 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of Green Charge
Electrical Pty Ltd will be held on Nov. 27, 2023, at 11:30 a.m. at
the offices of Via teleconference from the offices of Cor Cordis at
One Wharf Lane, Level 20, 171 Sussex Street in Sydney and via
virtual meeting technology.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of the company on Nov. 15, 2023.


MAGNOLIA GROUP: ASIC Disqualifies Former Director for 5 Years
-------------------------------------------------------------
Australia Securities & Investments Commission (ASIC) has
disqualified a former Magnolia Capital Group director from managing
corporations for a period of 5 years and banned him for a period of
10 years from providing financial services and engaging in credit
activities.

Mitchell Atkins of Erina, New South Wales, was a director of the
Magnolia Capital Group of companies which collapsed in 2022 owing
unsecured creditors millions of dollars.

The Magnolia Capital group of companies operated businesses between
2018 and 2022 that provided investors with financial advice and
services in relation to secured lending transactions and share
investment.

Mr. Atkins was a director of all the companies in the Magnolia
Capital Group, including 13 companies where a liquidator's report
was lodged with ASIC and identified that the companies were unable
to pay their unsecured creditors more than 50 cents in the dollar.

From Sept. 19, 2018 to Oct. 7, 2022, Mr. Atkins was an authorised
representative of Australian financial services licensee Guildfords
Fund Management Pty Ltd.

ASIC's findings included that Mr. Atkins:

   * failed to act in good faith as a director by putting investor
funds at risk, showed a lack of honesty and integrity by creating
false documents, co-mingling investor funds and displayed a lack of
competence, professionalism and financial management such that it
is in the public interest that he be disqualified from managing
corporations;

   * is not a fit and proper person to provide financial services
due to him dealing in financial products without authorisation from
Guildfords, making misleading and deceptive representations to
investors about their investments and dishonestly retaining
investor funds which were due to be repaid to investors; and

   * is not a fit and proper person to engage in credit activities,
including because he failed to undertake training, deal with
investor complaints and to respond to requests from Guildfords.

Mr. Atkins has the right to apply to the Administrative Appeals
Tribunal for a review of ASIC's decisions.

Mr. Atkins' disqualifications and bannings are recorded on ASIC's
banned and disqualified register.

ASIC's investigation into the affairs of the Magnolia Capital Group
is continuing.

The liquidators of the Magnolia Capital group of companies have
reported a deficiency to creditors of between AUD40-50 million.

On March 2, 2023, Mr. Atkins was declared bankrupt.

On June 2023, ASIC obtained an order from the Federal Court of
Australia to restrict Mr. Atkins from leaving Australia for a
period of six months.


NPM GROUP: Second Creditors' Meeting Set for Nov. 27
----------------------------------------------------
A second meeting of creditors in the proceedings of:

     * NPM Group Holdings Pty Ltd
     * Creo Design Group Pty Ltd
     * National Projects (HQ) Pty Ltd
     * NPM Home Pty Ltd
     * NPM Projects (NSW) Pty Ltd

has been set for Nov. 27, 2023 at 10:30 a.m. via virtual meeting
only.

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. 24, 2023 at 4:00 p.m.

Graeme Beattie, Christopher Darin and Aaron Lucan of Worrells were
appointed as administrators of the company on Oct. 23, 2023.


SUETONIUS WEALTH: Licence Suspended for Failure to File Reports
---------------------------------------------------------------
Australia Securities & Investments Commission (ASIC) has suspended
the Australian financial services (AFS) licence of Sydney based
financial services provider, Suetonius Wealth Management Pty
Limited (Suetonius), until Feb. 28, 2024.

Suetonius had failed to lodge its financial statements and audit
reports for financial years ending June 30, 2021 and June 30,
2022.

ASIC suspended Suetonius's AFS licence to give the provider the
opportunity to lodge its financial statements and audit reports.

If Suetonius has not lodged its financial statements and audit
reports by Feb. 28, 2024, the end of the suspension period, ASIC
will consider cancelling its AFS licence.

Suetonius' licence was suspended on Nov. 17, 2023.

Suetonius Wealth Management Pty Limited has held AFS licence no.
452772 since June 18, 2014.




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

CHINA EVERGRANDE: Creditor Seizes Chairman's Two Luxury Mansions
----------------------------------------------------------------
Reuters reports that two luxury homes in Hong Kong owned by the
chairman of embattled property developer China Evergrande Group,
Hui Ka Yan, have been seized by a creditor, local media outlet HK01
reported on Nov. 22.

Reuters relates that the properties, located in The Peak, one of
the most prestigious neighborhoods in Hong Kong, are valued at more
than HK$1.5 billion (US$192 million), and will be formally taken
over by the creditor within days. An unidentified creditor
submitted relevant documents on Nov. 11, said the report, without
specifying the source of its information.

Hui owns the two luxury homes in The Peak, which were pledged to
Orix Asia Capital Ltd in November 2021 for undisclosed amounts,
according to the Land Registry.

Orix's spokesperson did not immediately respond to phone and email
queries from Reuters, and Evergrande did not immediately reply to a
request for comment.

Another of Hui's homes next to the two mansions was seized by China
Construction Bank (Asia) in November last year, Reuters recalls.

Reuters says Evergrande is fighting a winding-up petition and has
until Dec. 4 to unveil a concrete new restructuring proposal to
avoid liquidation.

The group's main assets in Hong Kong - its headquarters and a vast
plot of rural land - were seized by creditors last year, after the
company defaulted on public debts due to a cash crunch, adds
Reuters.

                       About China Evergrande

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

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

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

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

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

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

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

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

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


CHINA: High-Yield Property Bonds Defaults to Remain High in 2024
----------------------------------------------------------------
South China Morning Post reports that the default rate for Chinese
high-yield property dollar bonds will remain elevated next year as
property sales continue their slide, putting more strain on already
stressed liquidity conditions, according to Goldman Sachs.

China's default rate for high-yield property bonds has reached 42.2
per cent so far this year, slightly below a record 46.8 per cent in
2022, Goldman strategists including Kenneth Ho said in a report to
clients over the weekend, the Post discloses. The rate is likely to
hit 35 per cent in 2024, they predicted.

"Our China property team expects difficult market conditions to
continue," the US investment bank said. Primary property sales will
decline by 5 per cent year on year in 2024 as increasing supply in
the secondary market adds to pricing pressure, which could create a
negative feedback loop on price and volume in the primary market.

"Liquidity pressures will remain challenging for China property
[high-yield] developers, and defaults will continue," they said.

China's dollar-denominated high-yield bonds, dominated by
property-sector issuers, have handed investors a 23.2 per cent loss
so far this year, after a 33 per cent slump in each of the past two
years, according to the ICE Bank of America Index.

The index tracks 35 bonds with a market value of US$16.8 billion.
They yielded 16 per cent or 1,156 basis points above Treasuries as
of November 17, the Post notes.

Three years earlier, before the onset of Covid-19 and the first
debt defaults in China's property market, the index tracked 236
bonds worth US$115 billion offering 9.25 per cent average yield, or
a 904-basis-point spread over Treasuries, the Post says.

Country Garden, once considered a healthy private developer,
plunged into distress this summer and missed a coupon payment of
US$60 million in October, according to the Post. The firm is now
working to pull together a tentative plan to restructure its
offshore debt by the end of this year, according to a Reuters
report. China Evergrande Group, meanwhile, awaits a final hearing
next month as its insolvency process continues.

Last week, ratings agency Moody's stripped Longfor - considered
healthy until recently – of its investment-grade credit ratings
due to a negative sales outlook amid China's sluggish home sales
and tight funding conditions, relates the Post.

According to the Post, the turmoil has pushed some money managers
to move away from China's broken property market and seek income
outside the country. In Asia's high-yield bond space, Goldman said
it prefers credit issued by Macau gaming companies and commodities
companies.

"Asia's high-yield market has become smaller, though risks are now
more diversified," Goldman's note said. "We believe a sectoral
approach makes sense."


DALIAN WANDA: Unit Seeks to Delay Payment on US$600M Bond Due Jan.
------------------------------------------------------------------
South China Morning Post reports that a key unit of Dalian Wanda
Group, one of China's biggest commercial property developers, is
seeking to delay payment on a dollar bond maturing next year, as
the country's property sector woes spread to key players.

Wanda Properties International is looking to extend the maturity
date of a US$600 million bond due in January by almost a year to
December 2024, the Post relates citing a filing with the Hong Kong
stock exchange on Nov. 11. It will repay 10 per cent of the
outstanding principal in January, 20 per cent in May, 30 per cent
in September and the rest when due, according to the terms in its
consent solicitation document.

"The group seeks to proactively manage and address the near-term
liquidity pressure that will result from the combined effect of the
maturity of the bonds, the economic slowdown and the heightened
market volatility during the past few years," Dalian Wanda
Commercial Management Group, the guarantor of the bond, said in the
filing cited by the Post. These events have affected the group's
business and its operations, it added.

The bond is Wanda's closest maturing offshore dollar note. The
company has two other notes due in 2025 and 2026 totalling US$800
million, according to Bloomberg data.

According to the Post, the conglomerate has been wrestling with a
cash crunch this year as China's property crisis continues to
spiral. Earlier this year, it narrowly avoided default by selling
stakes in a wholly owned subsidiary and raising CNY2.26 billion
(US$314.4 million).

Dalian Wanda Group Co., Ltd. operates real estate business. The
Company develops commercial property including commercial centres,
urban pedestrian streets, hotels, office buildings, and apartments.
Dalian Wanda Group also operates tourism investment, cultural, and
department store businesses.


YINCHUAN TONGLIAN: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed China-based Yinchuan Tonglian Capital
Investment Operation Group Co., Ltd.'s (YCTL) Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDRs) at 'B+', and
removed the ratings from Rating Watch Negative (RWN). The Outlook
is Stable.

The removal of the RWN reflects its view that YCTL's debt structure
has improved and the liquidity margin has recovered to some extent
although the company still faces a tight funding environment.

The company has refinanced its offshore US dollar bond due in 2023,
eliminating immediate refinancing risk. As a result, Fitch has
raised YCTL's Standalone Credit Profile (SCP) to 'b-' from 'ccc+'.

The IDR affirmation reflects its unchanged view on the Yinchuan
municipal government's strength of linkage with and incentive to
support the issuer under Fitch's Government-Related Entities (GRE)
Rating Criteria. Fitch could revise the GRE support score in the
future depending on how the relationship develops between the
Yinchuan government and YCTL.

KEY RATING DRIVERS

'Strong' Status, Ownership and Control: YCTL is wholly owned by the
Yinchuan State-owned Assets Supervision and Administration
Commission. The Yinchuan municipality appoints YTCL's directors and
maintains control and oversight of management appointments and
operations. Major events, including M&A, disposals, strategic
developments and capex, require its approval. A disciplinary
warning in 2021 from China's National Association of Financial
Market Institutional Investors for regulatory disclosure breaches
reveals weaknesses in YCTL's corporate governance and the
government's supervision.

'Moderate' Support Record and Expectations: YCTL received CNY2.1
billion in fiscal subsidies and a capital injection of CNY5.0
billion in 2022 to support its policy business. In 2023, it
received a bail-out fund of CNY500 million and an CNY85million
capital injection. The Yinchuan government has strong incentive to
ensure the timely repayment of YCTL's debt as it is a core policy
GRE.

The company received asset injections of CNY5.2 billion in
2022-2023. The local government is planning further asset
injections, including land use rights and concession rights for
public utilities and infrastructure development. Fitch thinks these
measures may enhance YCTL's asset quality and cash-generating
ability in the long term, but the extent to which they may improve
its refinancing ability in the short term remains unclear. Fitch
did not assess the support record as higher than 'Moderate', as the
size of the support is insufficient to improve its financial
profile.

'Moderate' Socio-Political Implications of Default: YCTL
consolidates and manages policy businesses essential to public
welfare, including utilities, public transportation and urban
development. Its businesses are of high political priority for the
local government and are part of an established service
infrastructure, which means YCTL is likely to be mandated to
continue offering the services even after a default. The government
can appoint other local public or private companies to provide some
of the services if necessary. Therefore, any disruption may be
temporary and have only a 'Moderate' effect.

'Moderate' Financial Implications of Default: Fitch regards YCTL a
key municipal GRE tasked with raising funds and implementing
government policies, but its financial flexibility in refinancing
debt has not significantly improved, under still tightening
financing environment in China's less-developed regions, notably
the north-west. This has been reflected in higher funding costs in
its recent onshore bond issuance. This weakens YCTL's functional
role as a proxy funding vehicle for the government.

Even so, the attribute assessment is not lower, as Fitch thinks the
government has a strong incentive to support YCTL, including its
urban renewal projects.

SCP Revised Higher: YCTL's SCP has been raised to 'b-' from 'ccc+'
after large maturities in 2023 were repaid, mitigating refinancing
risk. However, the company's SCP remains weaker than that of peers,
due to its persistent refinancing pressure and weak liquidity
metrics, particularly a negative liquidity cushion. The SCP
assessment also factors in information quality in asymmetric risk.

Price Constraints; Geographical Concentration Risk: Fitch kept the
YCTL's revenue defensibility and operating risk assessments at
'Weaker'/'Midrange'. That reflects its limited pricing autonomy in
its public-welfare businesses and geographical concentration risk,
despite steady user demand from Yinchuan's urbanisation and stable
population base. The operating risk reflects well-identified cost
drivers and an adequate supply of labour and resources.

DERIVATION SUMMARY

YCTL's total GRE score of 17.5 under its GRE criteria is based on
'Strong' status, ownership and control, 'Moderate' support record,
'Moderate' socio-political implications of default and 'Moderate'
financial implications of default. This support assessment in
combination with a SCP of 'b-' led to uplift of final rating by two
notches to IDR 'B+' under its GRE criteria.

RATING SENSITIVITIES

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

- Improvement in Fitch's perception of the Yinchuan government's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations;

- Stronger socio-political and financial implications of a default
by YCTL or support from the government;

- Improvement in the SCP or the liquidity position of YCTL.

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

- Deterioration in Fitch's perception of the Yinchuan government's
ability to control, provide subsidies, grants or other legitimate
resources allowed under China's policies and regulations;

- Deterioration in timeliness and amount of government support,
resulting in questionable financial viability of YCTL and a
narrower notching from the SCP;

- Deterioration in liquidity or resuming pressure in refinancing of
domestic and offshore capital-market debt and loans, as
communicated to Fitch, leading to a lower assessment of the
company's SCP to 'ccc' category.

ISSUER PROFILE

YCTL is mandated to carry out urban development and capital
operations in Yinchuan, the capital of the Ningxia Hui Autonomous
Region. Its core policy business is in infrastructure construction,
liquefied natural gas sales and public transportation. YCTL also
participates in property development and book and commodity sales.

ESG CONSIDERATIONS

Yinchuan Tonglian Capital Investment Operation Group Co., Ltd. has
an ESG Relevance Score of '4' for Financial Transparency due to
weakness in its disclosure process, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

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

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Yinchuan Tonglian
Capital Investment
Operation Group
Co., Ltd.            LT IDR    B+  Affirmed    B+
                     LC LT IDR B+  Affirmed    B+




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

ADHITYA POLYFILMS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Sri Adhitya Polyfilms 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–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         0.67      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         2.25      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term/         0.08      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

Sri Adhitya Polyfilms Private Limited (SAPPL) was incorporated as a
private limited company in the year 2002 and the company commenced
its operations in 2003. SAPPL is engaged in manufacturing flexible
packaging material in roll form as well as pouch form, through the
printing and laminating of plastic films. The company initially
started with a capacity of 900 tonnes per
annum (MTPA) and has expanded to 2000 MTPA. The company largely
caters to localized demand from manufacturers of food products
situated across Tamil Nadu, Andhra Pradesh and Karnataka. SAPPL
operates out of its manufacturing facility at SIDCO Industrial
Estate, Ambattur, Chennai. It is managed by Mr. S. P. Mohan
Subramanian and Mrs. Vidhya Mohan who together take care of overall
operations of the company.


ALIGARH ROLLER: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aligarh Roller
Flour Mills Private Limited (ARFM) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             7         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

ARFM, incorporated in 1990, produces atta, maida, sooji, and wheat
bran. The Aligarh (Uttar Pradesh)-based company has capacity of 200
tonne per day, and operates at 50-55% of capacity.


ANSAL PROPERTIES : Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ansal Properties and Infrastructure Limited
115 Ansal Bhawan 16 K G Marg, New Delhi 110001

Insolvency Commencement Date: October 20, 2023

Estimated date of closure of
insolvency resolution process: April 17, 2024

Court: National Company Law Tribunal, New Delhi Bench-II

Insolvency
Professional: Navneet Kumar Gupta
       Unit No. 2, Block D1, Golf Link DDA,
              Sector 23B, Pocket 8, Dwarka, New Delhi 110077
              Email:
cirpofserengrouphousingetaII@minervaresolutions.com
                     navneet@minervaresolutions.com

Representative of
Creditors in a Class:

               1. Mr. Rajeev Dhingra
               2. Mr. Anil Kumar
               3. Ms. Hameet Kaur  

Last date for
submission of claims: November 3, 2023


ASP SEALING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ASP Sealing
Products Limited (ASPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Letter of Credit        12         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      11.83      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                2.98      CRISIL D (Issuer Not
                                      Cooperating)

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

ASPL was incorporated in 1989 as Anand Saiag Pvt Ltd in
technological collaboration with SAAIG Industrial SPA, Italy. In
1995, Mr Gurdeep Singh Anand and his son Mr Rishipal Singh Anand,
acquired the equity shares held by SAIIG, and the company got its
current name. ASPL manufactures ethylene propylene diene monomer
(EPDM) weather strips for automotive applications, primarily for
commercial vehicles. It also manufactures industrial rubber and
hoses. Its facilities are at Gajraula in Uttar Pradesh, and at
Udham Singh Nagar in Uttarakhand.


BALAMURUGAN AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Balamurugan
Automobiles (BA; part of the Balamurugan Group) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BA 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 BA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of BA
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 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.


BASANTDEVI CHARITABLE: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Basantdevi Charitable Trust in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Basantdevi Charitable Trust, 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.

Formed in 1991, Basantdevi Charitable Trust runs 6 educational
institutions under the flagship brand name 'MITS Group' in Rayagada
and Bhubaneswar in Odisha. The trust established its first college
named 'Majhighariani Institute of Technology & Science (MITS)' in
1991. Over the years the trust has added various courses under the
same college and also five other colleges/institutions.


BYJU'S: ED Issues Show-Cause Notice Over Forex Rules Violations
---------------------------------------------------------------
Reuters reports that Enforcement Directorate, India's federal
financial crime-fighting agency, has issued a show-cause notice to
education tech company Byju's for alleged violations of foreign
exchange rules, the agency said in a statement on Nov. 11.

According to Reuters, the agency alleged violations by the company
worth over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd.

Reuters relates that Byju's violated FEMA norms by not submitting
documents of imports against advance remittances made outside
India, and failing to realize proceeds of exports, the Enforcement
Directorate said.

The company also delayed filing of documents against the foreign
investment received and failed to allot shares against these, it
added.

Byju's did not immediately respond to a request for comment on the
Enforcement Directorate's statement but, earlier on Nov. 11, it
denied it had received any notice from the agency.

"Byju's unequivocally denies media reports that insinuate it has
received a notice from the Enforcement Directorate. The company has
not received any such communication from the Enforcement
Directorate," the company said in a statement, Reuters relays.

In April, the Enforcement Directorate raided three premises linked
to Byju's over alleged FEMA violations, revealing a reception of
nearly INR280 billion in foreign direct investment from 2011 to
2013.

At the time, CEO Raveendran had iterated the company's compliance
with foreign exchange laws in an internal memo, Reuters had
reported.

According to Reuters, the reported allegations come amid a string
of setbacks for the company, including investors cutting its
valuation and its auditor and board members quitting.

It has also been negotiating the repayment of a $1.2 billion loan
in the last few months.

Backed by investors such as General Atlantic, Prosus, and
Blackrock, Byju's reported its fiscal 2021-22 results earlier this
month after a year-long delay, Reuters notes.

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.


CHAITANYA CORPORATION: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Sree Chaitanya Corporation
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         8.00       [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 Sree Chaitanya Corporation Pvt. Ltd., ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Setup in 2011 as a proprietorship concern, M/s. Chaitanya
Industries was later converted to private limited company during FY
15. SCCPL was promoted by Mr. R. Kanaka Rao for trading of iron ore
fines. Subsequently, several other commodities like coal, rice,
maize, granite blocks were added to the portfolio. SCCPL purchases
coal from local importers and supplies to traders
who deal with end customers across pharma and sponge iron units
based out of Visakhapatnam.


COMPUAGE INFOCOM: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Compuage Infocom Limited

Registered Address:
        Unit No. 309 A To Z Industrial Estate,
        Ganpatrao Kadam MARG,
        Lower Parel, Mumbai - 400013

        Erstwhile Registered Address:
        D-601/602& G-601/602
        Lotus Corporate Park,
        Steel Compound, Western Express Highway,
        Goregaon (East), Mumbai - 4000631

Insolvency Commencement Date: November 2, 2023

Estimated date of closure of
insolvency resolution process: April 30, 2024

Court: National Company Law Mumbai Bench-V

Insolvency
Professional:  Mr. Arun Kapoor
        G-601, Army Co-Operative Housing Society,
               Sector-09, Nerul (East),
               Navi Mumbai, Maharashtra - 400706
               Email: arun.kapoor58@yahoo.in

               Arun Kapoor
               c/o Ancoraa Resolution Private Limited
               1412, 14th Floor, Real Tech Park,
               Sector 30A, Vashi,
               Navi Mumbai - 400 703
               Email: cirp.compuage@ancoraa.com

Last date for
submission of claims: November 16, 2023


CYGNUS EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Cygnus Equipments And Rentals
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–         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

As part of its process and in accordance with its rating agreement
with Cygnus Equipments And Rentals 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 2009, CERPL is involved in renting and leasing of
construction equipment (primarily concrete handling equipment)
across India. It caters mainly to the Ready-Mix Concrete (RMC)
manufacturing companies. CERPL is a part of the Cygnus group, which
is founded and managed by Mr. K. K. Singhania. He possesses vast
business experience in different sectors such as construction
equipment, real estate, land development, warehousing, investment
and finance, trading, import and manufacturing.


EMBIOTIC LABORATORIES: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Embiotic
Laboratories Private Limited (ELPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             12        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

Set up in 1987, ELPL produces various pharmaceutical formulations
in the form of oral solid dosages and liquids. It is based in
Bengaluru and also undertakes contract manufacturing.


FAROOQ CONSTRUCTIONS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term rating for the bank facilities of
Farooq Constructions 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'
                                Category

As part of its process and in accordance with its rating agreement
with Farooq Constructions, 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.

Farooq Constructions was established by Mr. Baiju Farooq in the
year 2000 as a proprietorship concern. In 2009, the entity was
converted into a partnership firm with Mr. Baiju Farooq and his
wife Ms. Sajeela Baiju as equal partners. The firm is a civil works
contractor located in Alappuzha, Kerala. The firm undertakes
projects for Public Works Department (PWD, Kerala),
especially construction of roads and other related civil works. The
firm has so far executed 12 projects for PWD and has four ongoing
projects.


FORTUNE'S SPARSH: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Fortune's Sparsh Healthcare
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–         7.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Fortune's Sparsh Healthcare 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.

Fortune's Sparsh Healthcare Private Limited is promoted by Dr.
Rahul Bade, Dr. Vikas Kude, Dr. Amit Wagh and Mr. Vinod Adaskar.
The company operates a 70 bedded super specialty hospital at
Somatane Phata which is close to 30 kms from Pune.


GARGO MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gargo Motors
(Gargo) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4          CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Electronic Dealer       6          CRISIL B/Stable (Issuer Not
   Financing Scheme                   Cooperating)
   (e-DFS)                  

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

   Term Loan               3          CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

Gargo, established as a proprietorship firm in 1996 by Mr Kamakhya
Borthakur, is an authorised dealer of TML's commercial vehicles in
Assam. The firm has six showrooms and two stockyards, along with
three workshops in Assam.

Mr Borthakur has also promoted Gargo Motors Ltd (rated 'CRISIL
B+/Stable Issuer Not Cooperating'), which, too, is an authorised
dealer of TML's passenger vehicles.


GEM BATTERIES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Gem Batteries 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–        18.00      [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 Gem Batteries 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 on 13th August 2003, Gem Batteries Private Limited
(GBPL)manufactures lead batteries mainly for the automotive and
industrial segment. The company's manufacturing plant (located in
Baddi, Himachal Pradesh) was commissioned on 1st April 2004 and the
current manufacturing capacity is around 20000 batteries per month.
The company is primarily a family run concern with Mr. N.M. Gupta
(his wife Mrs. Bimal Gupta) and his son and daughter-in-law being
the directors. Prior to entering the battery manufacturing
business, the promoters were involved in the trading of batteries.
The company sells its products primarily in the replacement market
through a distributor network.


GO FIRST: Jindal Power Will Not Bid to Take Over Airline
--------------------------------------------------------
Reuters reports that Jindal Power Ltd, the only company whose
expression of interest to take over Go First was accepted by
creditors, has decided to not follow through with a bid, three
people familiar with the plans said, pushing the insolvent airline
closer to liquidation.

The deadline to submit takeover bids ends on Nov. 21, and the
sources told Reuters Jindal had decided against bidding after
evaluating the airline's financial statements.

While the deadline can be extended via an application to the
courts, creditors are currently not inclined to do so, two banking
sources said.

"The EoI was largely to check the valuation of the airline and get
access to the company's data," said one of the sources. "After
evaluation, the company has decided not to put in a bid."

The sources declined to be identified as they were not authorised
to speak to the media, Reuters notes.

Go First filed for voluntary insolvency in May and owes a total of
65.21 billion rupees ($785.6 million) to its creditors.

Bankers had pinned their hopes on Jindal's interest, said a banker
at a lender that has exposure to Go First, Reuters relays.

"But it looks like that hasn't materialised," the banker added,
declining to be named as he was not authorised to speak to the
media.

The Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche
Bank are among the top creditors to the airline, Reuters
discloses.

The Committee of Creditors met on Nov. 22 to decide the future
course of action, said another banker. He also declined to be named
as he was not authorised to speak to the media.

Both bankers said the liquidation of the airline was now the most
likely option as there were no serious bidders, Reuters says.

Banks are already evaluating a property that is held as collateral
with lenders in case of liquidation, one of the bankers said.

Reuters says Go First is currently locked in a legal tussle with
its lessors after they were blocked from repossessing planes due to
a moratorium imposed by Indian courts.

A recent amendment to India's insolvency rules allows lessors to
take back the planes, but a court has yet to determine whether this
change can be applied retrospectively to Go First.

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.


GVK GAUTAMI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: GVK Gautami Power Limited
Plot# 10, Paigah Colony Phase-I,
        Sardar Patel Road,
        Seeunderabad, Hyderabad, Telangana-500003

Insolvency Commencement Date: October 20, 2023

Estimated date of closure of
insolvency resolution process: April 17, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Anil Kohli
       Flat No. 409, 4th Floor, Ansal Bhawan,
              16 Kasturba Gandhi Marg, Connaught Place,
              New Delhi-110001
              Email: insolvency@arck.in
                     gvkggautami.ibc@gmail.com

Last date for
submission of claims: November 8, 2023



J. P. RICE: CRISIL Moves B+ Debt Ratings from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of J. P. Rice Mill - Fatehabad
(JPRM) to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Rating is migrating the rating on bank
facilities of JPRM to 'CRISIL B+/Stable' from 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          8         CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING)

   Cash Credit          2         CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING)

The rating continues to reflect the firms weak financial risk
profile and exposure to intense competition and volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience of the promoters.

Analytical Approach

Unsecured loan of INR 6.35 crore as on March 31, 2023, has been
treated as 75% equity and 25% debt as the loan is expected to
remain in the business over the medium term and same has been
following the increasing trend in last 3 years.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: As on March 31, 2023, gearing is at
2.27 times with continued dependency on large working capital debt,
gearing is expected to increase over the medium term due to high
dependency on external debts for meeting its working capital
requirements. Interest coverage and net cash accrual to adjusted
debt ratios are subdued at around 1.32 times and 0.03 time,
respectively, for fiscal 2023. Therefore, healthy assertion to
reserve leading to improvement in capital structure remain key
monitorable.

* Exposure to intense competition and volatility in raw material
prices: The firm operates in an intensely competitive and
fragmented rice milling industry, which limits its pricing
flexibility. However, this is partially offset by its strong market
presence. Moreover, agro commodities such as rice expose to
volatility in prices based on demand supply scenario. Hence the
company is exposed to risks related to volatility in rice prices.
Price of paddy accounts for 80-85% of production cost and any sharp
fluctuation in the price can significantly impact profitability as
evident with decline in operating margins from 3.6% to 2.9% in
fiscal 2023. The rice milling industry is susceptible to
agro-climatic risks, which can affect the availability of paddy in
adverse weather conditions. Fluctuations in supply, in turn, expose
the company to price volatility risks. Moreover, changes in the
Government regulations pertaining to the rice industry can impact
the industry dynamics. Also, the scale remains susceptible to
continued international demand for basmati rice

Strength:

* Extensive experience of the promoters: The three-decade long
experience of the promoters in the rice industry, their
understanding of market dynamics and healthy relationships with
suppliers and customers should continue to support the business.
All these factors have aided stagnant revenue over the years Rs. 82
crores in fiscal 2023 (INR62 crores in fiscal 2022). Going forward,
as well revenue is expected to improve to Rs. 100-110 crores
supported by orders in hand of 15-20 crores with addition of new
export customers. CRISIL Ratings believes sustained improvement in
revenue with stable operating profitability remains key Montreal

Liquidity: Poor

Bank limit utilization is high around 98.13 percent for the past
twelve months ended September 2023. Cash accruals are expected to
be over INR1.02 crores which are sufficient against term debt
obligation of INR0.25 crores over the medium term. Further
enhancement in working capital limit is proposed which will improve
the liquidity going forward. The promoters are likely to extend
support in the form of equity and unsecured loans to meet its
working capital requirements and repayment obligations. Current
ratios are healthy at 1.4 times on March 31, 2023.

Outlook: Stable

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

Rating Sensitivity Factors

Upward factors:

* Sustained increase in the scale of operations and operating
margins of 3-3.5% leading to higher net cash accruals
* Improvement in the capital structure along with improvement in
gearing.

Downward factors:

* Decline in revenue or profitability below 1.5%
* Major, debt-funded capex, weakening the debt protection metrics
with interest coverage ratio falling to below 1.2 times

JPRM was set up in 1994 as proprietorship concern of Mr. Naresh
Bansal. The firm is engaged in milling paddy into processed rice.
It has an installed paddy milling and sorting capacity of 50 tonnes
per day (tpd). Its rice mill is located in Fatehabad, Haryana.


JELL PHARMACEUTICALS: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Jell
Pharmaceuticals 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-          2.75       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-        30.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-        10.75       [ICRA]A4 ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Jell Pharmaceuticals 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.

JPPL is a private limited company jointly managed by its three
directors, Mr. Sanjay Mehta, Mr. Chirag Mehta and Mr. Parag Mehta.
It was incorporated in 1994 but began operations from 2004. The
company operates with two divisions, the cosmetic division is
involved in manufacturing and exporting healthcare, personal care
and childcare products while the 'Pan Aromas' division is involved
in manufacturing and exporting of scented candles, incense sticks
and potpourri. Pan Aromas is a 100% export-oriented unit that
mainly exports scented candles and incense sticks to the USA, the
UK, Australia, Spain and Germany. The company's cosmetics
manufacturing unit is located in Silvassa (Dadra and Nagar Haveli)
and the Pan Aromas unit is located in Bhiwandi (Thane). The company
is ISO 9001:2000 certified, and a government recognized two-star
export house.

KAMATCHI TRADERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Kamatchi
Traders (SKT) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             7.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

SKT, set up in 1985 as a partnership firm in Chennai, processes
pulses, mainly urad dal, to produce flour used by food processing
players. The firm's operations are managed by managing partner Mr S
C Moha.


KOHINOOR HOSPITALS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Kohinoor Hospitals 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–        35.61      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-        21.80      [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 Kohinoor Hospitals 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 May 2007, Kohinoor Hospitals Private Limited (KHPL)
was promoted by the Mumbai-based Kohinoor Group, as part of the
Group's endeavour to venture into the healthcare sector. KHPL has
set up a 147-bed multi-specialty hospital at the Kurla suburb of
Mumbai, which became operational in FY2011. The project is a part
of an integrated township project being undertaken by the Group.
KHPL's board of members comprises Mr. Unmesh Manohar Joshi, Ms.
Anagha Manohar Joshi
and Ms. Madhavi Unmesh Joshi.


LV UNIVERSAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: LV Universal Private Limited
E-20 Lagpat Nagar-III, New Delhi,
        Delhi, India 110024

Insolvency Commencement Date: October 31, 2023

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

Court: National Company Law New Delhi Bench

Insolvency
Professional: Gagan Gulati
       A-179, First Floor, Sudershan Park,
              New Delhi 110015
              Email: advocategulati@gmail.com
              Email: cirp.lvuniversal@gmail.com

Last date for
submission of claims: November 14, 2023


MADHU ALUMINIUM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Madhu Aluminum Private Limited
101, Sudama Nagar, Sector-D,
        Indore, MadhyaPradesh - 452009
  
Insolvency Commencement Date: November 2, 2023

Estimated date of closure of
insolvency resolution process: April 30, 2024

Court: National Company Law Ahmedabad Bench

Insolvency
Professional: Mr. Chirag Rajendrakumar Shah
       208, Ratnaraj Spring,
              Beside Navnirman Co. Op. Bank,
              Opp. HDFC Bank House, Navrangpura,
              Ahmedabad - 380009
              Email: chirag.irp@gmail.com

Last date for
submission of claims: November 16, 2023


MANIKARAN VINCOM: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Manikaran Vincom Private Limited
9/A/1B, Chetla Road, Kolkata-700027,
        West Bengal

Insolvency Commencement Date: October 20, 2023

Estimated date of closure of
insolvency resolution process: April 16, 2024 (180 Days)

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Anul Basu
       27, Haladhar Bardhan Lane,
              Kolkata-700012, West Bengal
              Email: basu_anal@rediffmail.com
                     manikara.vincom@gmail.com

Last date for
submission of claims: November 3, 2023


OJA MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oja Motors
Dealer Private Limited (OMDPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             6         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Electronic Dealer       9.75      CRISIL B+/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                 
                                     
   Electronic Dealer       0.25      CRISIL B+/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                 
                                     
   Inventory Funding       0.5       CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Proposed Long Term      2.75      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

OMDPL, established in 2008 by the Assam-based Oja family, commenced
commercial operations in September 2009. The company is an
authorised dealer of passenger vehicles manufactured by HMIL in
Assam. It has four showrooms one each in Guwahati, Nalbari, Boko,
and Pathsala and two service centres. Operations are primarily
managed by Mr Kaushik Oja.


OM ASSOCIATES: ICRA Withdraws B+ Rating on INR20cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Om Associates at the request of the company and based on the No
Objection Certificate (NOC) received from its bankers. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         20.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Cash Credit                     

Established in 2002, Om Associates is the sole authorised
distributor of Procter & Gamble Hygiene & Health Care Limited
(P&G), Reliance Jio Infocomm Limited (Reliance Jio), InFocus
Corporation (InFocus), and S. C. Johnson Products Private Limited
(S. C. Johnson) in Odisha. The firm sells P&G's and S. C. Johnson's
fast-moving consumer goods, Reliance Jio's mobile handsets,
devices, SIM cards and recharge vouchers, and InFocus' mobile
handsets. The firm is promoted by the Bhubaneswar-based Hans
family, which have experience of more than 15 years in the
distribution business.  


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

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        641.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-        559.00     [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 Pan India Infraprojects 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.

Pan India Infraprojects Private Limited is a part of the Essel
Group and functions as the nodal EPC agency for various projects
undertaken by the Group. PIIPL is involved in sectors like road,
power transmission, solar, waste management, water distribution,
etc. EIL, the Essel Group's holding company in the infrastructure
segment, bids and executes projects through project specific SPVs.
These SPVs award the project management/execution contracts to
PIIPL, who in turn subcontracts projects to various contractors.
The company was incorporated in 2000 as Pan India Infrastructures
Private Limited (Pan India), a wholly owned subsidiary of EIL, held
entirely by Mr. Subhash Chandra and family. PIIPL was formed in
FY2013 when the erstwhile Pan India was merged with a Group
company, Essel Sports Private Limited (ESPL). Subsequently, PIIPL
merged the operations of its wholly owned subsidiary, Essel Urban
Infrastructures Private Limited (EUIPL), with itself in FY2014.
PIIPL is currently held entirely by two entities that are directly
or indirectly held by the Essel Group's promoters, Mr. Subhash
Chandra and family.


PANAMA PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Panama Papers
Private Limited (PPPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             7.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               4         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Incorporated in 2005 and promoted by Mr. Bhavesh Patel, PPPL
manufactures absorbent kraft paper used in the lamination and
packaging industry. The company has manufacturing facility in
Morbi,Gujarat.

PRABHAT INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Prabhat
Industries (PI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             12         CRISIL B/Stable (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 B/Stable Issuer Not Cooperating'.

Established in 1984, PI is a proprietorship firm owned and managed
by Mr Hasmukh Shah. The firm manufactures artificial leather cloth,
also known as polyvinyl (PVC) rexine cloth, which is used in
leather accessories such as shoes, wallets, car seat covers, sofa
covers, and belts. Its manufacturing facility is at Valsad in
Gujarat.


PRECISION REALTY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Precision Realty Developers Private Limited

Current Registered Office:
        Shop No. 45, Ground Floor,
        F wing, Krisha Arcade, Building No. 11.
        Yashwant Shrusti, Khaira Boisar,
        Thane, Palghar, Maharashtra, India, 401501

        Previous Registered Office:
        Knowledge House, Shyam Nagar,
        Off. Jogeshwari-Vikhroli Link Road,
        Jogeshwari- East Mumbai-400060

Insolvency Commencement Date: October 20, 2023

Estimated date of closure of
insolvency resolution process: April 22, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Pradeep Kumar Kabra
       C/905, Ofira Building V.I.P Road
              Bharthana, Vesu, Surat, Gujarat, 395007
              Email: ippradeepkabra@gmail.com

              301, 3rd Floor, Reegus Business Center,
              Above Mercedes Showroom, New City Light Road,
              Bharthana, Vesu Surat Gujarat 395007
              Email: ip.prdpl@gmail.com

Last date for
submission of claims: November 11, 2023


RAMBO ENTERPRISES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Rambo Enterprises Private Limited
        X-1, Loha Mandi, Naraina,
        South West Delhi, New Delhi,
        Delhi, India, 110028

Insolvency Commencement Date: October 16, 2023

Estimated date of closure of
insolvency resolution process: April 17, 2024 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Raj Kumar Soni
       127, Second Floor, IP Colony, Sector 30-33,
              Gate No.3, Indraprastha Colony,
              Fadirabad, Haryana-121003
              Email: rksoni.ip@gmail.com

              C-10, Lower Ground Floor,
              Lajpat Nagar-III, Delhi-110024
              Email: ramboenterprises.cirp@gmail.com

Last date for
submission of claims: November 3, 2023


SHIGA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short- Term rating of Shiga Energy
Private Limited 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/         4.95       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Non Fund Based                remain under 'Issuer Not
   Others                        Cooperating' Category

As part of its process and in accordance with its rating agreement
with Shiga Energy 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.

Tashiding Hydro Electric Project (THEP) is being developed by
SEPL(Shiga Energy Private Limited) on the Build, Own, Operate
andTransfer (BOOT) model. THEP is located in West Sikkim envisages
the utilization of the flow of Rathong Chhu, a tributary of Rangit
River for generating 97MW of electric power through two units of
48.5MW each. SEPL has a MOU with Sikkim Government which entails
free sale of power to the Sikkim Government. SEPL would supply free
power to the extent of 12% of the power generated for the first
fifteen years and 15% of the power generated for the next twenty
years.


SHRISTHI LPG: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shristhi Lpg
Botling Plant Private Limited (SLPG) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------     -------
   Proposed Term Loan      5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Incorporated in April 2017, SLPG has been promoted by Mr Anurag
Kumar Chaudhary and his wife, Ms Divya Singh. The company proposes
to set up an LPG bottling plant and market the same under its own
brand in Assam. Operations are expected to start in April 2018


SIDDHI VINAYAK: Liquidation Process Case Summary
------------------------------------------------
Debtor: Siddhi Vinayak Ploymer Private Limited
G-1/72, Road No. 14P VKI Area (Extn)
        Jaipur Rajasthan-302013

Liquidation Commencement Date: October 31, 2023

Court: National Company Law Tribunal Jaipur Bench

Liquidator: Garima Diggiwal
     91, Moji Colony, Malviya Nagar,
            Jaipur, Rajasthan -3 02017
            Email: garima286@gmail.com
            Email: liquidation.siddhivinayak@gmail.com

Last date for
submission of claims: November 30, 2023


SITI BROADBAND: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Siti Broadband Services Private Limited
Office No-203, 2nd Floor, J Block, Prakash Tower,
        LSC Ashok Vihar, Phase-1,
        North West Delhi India, 110052
  
Insolvency Commencement Date: October 31, 2023

Estimated date of closure of
insolvency resolution process: April 27, 2024

Court: National Company Law New Delhi Bench

Insolvency
Professional: Mr. Harvinder Singh
       #11 CSC DDA, Market A Block Saraswati Vihar,
              New Delhi, National Capital
              Territory of Delhi, 110034
              Email: harvinder@akgandaassociates.com
              Email: sitibroadband.cirp@gmail.com
              Mobile No: 9810046631

Last date for
submission of claims: November 14, 2023


ST. JOHNS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of St.
Johns Orthodox Church Society (Regd.) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with St. Johns Orthodox Church Society (Regd.), 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.

St. John's Orthodox Church Society is a charitable society
registered under the Society Registration Act, Delhi. The society
commenced operations of St. John's Model School, Mayur Vihar in
2003 and St. John's School, Greater Noida in 2017. St. John's Model
School, Mayur Vihar is a co-educational, English medium school and
follows the CBSE curriculum. The school is spread over an area of
836 square metres and has over 300+ students enrolled for AY2021-22
from LKG to class V. St. John's Model, Greater Noida commenced
operations in 2017. The school is offering education for students
from K-XII. It is spread over an area of 10,000 square metres and
has over 1,600+ students enrolled for AY2021-22 from LKG to class
XII.


TAKSHASHILA CORP: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Takshashila Corporation LLP
560, Silver ARC-B, Open Plot,
        Nr Ashima House,
        B/h Town Hall,
        Madalp Ahmedabad, Gujarat - 380006

Insolvency Commencement Date: October 4, 2023

Estimated date of closure of
insolvency resolution process: April 1, 2024

Court: National Company Law Ahmedabad Bench

Insolvency
Professional: Janak Jagjivan Shah
       201, Kamdhenu Complex,
              Near Toran Dining HALL,
              Opp. Sales India, Income Tax,
              Ashram Road, Ahmedabad-380009
              Email: iprvcajankshah@gmail.com

Last date for
submission of claims: October 18, 2023


TAPI PRESTRESSED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Tapi Prestressed Products Limited
Siddi Towers, Survey No. 5A/IA,
        Office No. 5 & 4, IInd Floor,
        Kondhwa Main Road,
        Pune, Maharashtra,
        India - 411048  

Insolvency Commencement Date: November 2, 2023

Estimated date of closure of
insolvency resolution process: May 2, 2024

Court: National Company Law Ahmedabad Bench

Insolvency
Professional: Mangesh Vitthal Kekre
       607, Chetak Centre, RNT Marg,
              Nr. Hotel Shreemaya,
              Indore, M.P.- 452001
              Email: ca.mangesh@gmail.com
              Email: ip.tapippl@gmail.com

Last date for
submission of claims: November 18, 2023


TECHNO SATCOMM: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Techno Satcomm India Private Limited
3, Manek Chambers, 1st Floor, 399A Dr. D.B. Marg,
        Grant Road, Mumbai,
        Maharashtra, India, 400004

Insolvency Commencement Date: November 1, 2023

Estimated date of closure of
insolvency resolution process: April 29, 2024

Court: National Company Law Mumbai Bench

Insolvency
Professional: Mr. Kamal Kishor Gurnani
       Flat No. 402, Building No. 23E,
              Palazzio CHS Ltd.,
              Mahada Housing Society,
              Powai, Mumbai-400076.
              Email: kamalgurnaniip@gmail.com

              Renascence Insolvency Resolution Professionals
              Private Limited
              101, Kanakia Atrium 2, Cross Road A,
              Chakala MIDC, Andheri East, Mumbai – 400093.
              Email: cirp.techno@rirp.co.in
                     kamal@rirp.co.in

Last date for
submission of claims: November 15, 2023


TEKZA CERAMIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Tekza Ceramic LLP in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term         2.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term–         7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         5.00      [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 Tekza Ceramic LLP, 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 March 2018, as a limited liability partnership firm,
Tekza Ceramic LLP commenced commercial production in March 2019.
Its product profile comprises vitrified parking tiles of 300 X 300
mm. Tekza's manufacturing unit is located at Morbi, the ceramic
tile manufacturing hub of Gujarat and is equipped to manufacture
68040 metric tonne (MT) of tiles per annum.

TRIBHUWAN NARAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tribhuwan
Narayan Singh (TNS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          10         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             10         CRISIL D (Issuer Not
                                      Cooperating)

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

Established in 1991 as a proprietorship firm by Mr Tribhuwan
Narayan Singh and currently managed by his son, Mr Abhishek Singh,
TNS is based in Ghazipur, Uttar Pradesh, and constructs roads and
bridges for government departments in Uttar Pradesh and Jharkhand.


VARDHMAN VITRIFIED: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Vardhman Vitrified Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

   Long-term/        10.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

As part of its process and in accordance with its rating agreement
with Vardhman Vitrified 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 July 2009, Vardhman Vitrified Private Limited
(VVPL) manufactures vitrified floor tiles in three sizes— 600 X
600 mm, 800 x 800 mm and 1000 x 1000 mm. The company started its
commercial operations from May 25, 2010. VVPL's manufacturing
facility, located at Morbi (Gujarat), has an annual manufacturing
capacity of 37,800 MT. The company sells its products in the brand
name of 'Vardhman'.

VIJAY TRADING: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Vijay Trading Company 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

As part of its process and in accordance with its rating agreement
with Vijay Trading Company, 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.

Vijay Trading Company (VTC), partnership firm incorporated in the
March 2014 with Mrs. Sita Rani and Mr. Rakesh Kumar as its
Partners, by way of conversion of the proprietorship firm Vijay
Trading Company. The firm is engaged in trading of cotton and
mustard seeds, cakes and oil, cattle feeds, refined oil, and other
food grains and agro product. The firm operates out of its
office situated at Muktsar, Punjab.




=================
I N D O N E S I A
=================

LIPPO KARAWACI: Fitch Lowers LongTerm IDRs to 'CCC+'
----------------------------------------------------
Fitch Ratings has downgraded PT Lippo Karawaci Tbk's (LPKR)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'CCC+' from 'B-'. Fitch has also downgraded the ratings on
LPKR's US dollar notes due January 2025 and October 2026 to 'CCC+'
from 'B-' with a Recovery Rating of 'RR4'.

Fitch Ratings Indonesia has simultaneously downgraded LPKR's
National Long-Term Rating to 'B+(idn)' from 'BBB-(idn)'. The
Outlook is Negative.

The rating action reflects heightened refinancing risk on LPKR's
USD237 million unsecured notes due on 22 January 2025. This follows
LPKR's confirmation that it will prioritise the refinancing efforts
of its Singapore-based affiliate Lippo Malls Indonesian Retail
Trust (LMIRT, CCC-) for USD250 million unsecured notes due in June
2024 by introducing the trust to LPKR's own banks.

Fitch believes this will potentially weigh on banks' risk appetite
for exposure to a single business group, and could weaken LPKR's
own banking access and introduce material delays. This comes at a
time when LPKR's own deleveraging has been slow, such that Fitch
expects free cash flow (FCF) to remain negative in the next few
years, despite improvements.

'B' National Ratings denote a significantly elevated level of
default risk relative to other issuers or obligations in the same
country or monetary union.

KEY RATING DRIVERS

Heightened Execution-Risk on Refinancing: Fitch believes LPKR's and
LMIRT's ability to tap cross-border US dollar bonds will remain
weak amid soft investor sentiment for high-yield debt, which will
leave both the company and the trust reliant on the risk appetite
of Indonesian banks. LPKR has demonstrated strong access to
domestic banks as recently as in January 2023 when it used bank
loans to fund a tender offer that repaid nearly half of its
outstanding capital market debt.

However, the company's focus on helping LMIRT repay its June 2024
notes using banks LPKR has existing relationships with will
complicate and delay its own refinancing. This includes the risk
that additional banks may have to be introduced to take on the
refinancing of LPKR's notes due in January 2025, which when
combined with LMIRT's June 2024 notes have an aggregate value of
around IDR7.5 trillion at today's exchange rate.

Unsustainable Capital Structure: Fitch views LPKR's capital
structure as unsustainable as it continues to exceed the cash
generative properties of the business, as evident from the
company's sustained negative FCF in the last few years despite
improvements. Fitch expects LPKR's negative FCF to hover around
IDR700 billion-750 billion in 2023, which is only a modest
reduction from around IDR1 trillion in 2022. Fitch believes
sustained improvement in FCF will hinge on significantly higher
presales or a reduction in the company's gross debt.

Large Unencumbered Assets: Refinancing risks are moderated by
LPKR's significant unencumbered assets. Excluding land inventory
booked under its subsidiary, PT Lippo Cikarang Tbk (LPCK), LPKR had
around IDR13.5 trillion of land that is mostly unpledged. LPKR
pledged some of its land as security for syndication loans it
obtained for the tender offer of its capital market debt in January
2023.

Steady Presales: Fitch expects 2024 presales, excluding bulk land
sales, to be largely flat from 2023. LPKR's presales are supported
by healthy demand for affordable landed homes, which is the
company's mainstay, and domestic banks' strong push for growth in
consumer mortgage loans. Full-year 2023 presales should rise by 5%
from 2022, supported by LPKR's steady presales in 9M23 and the
launch of the company's Park Serpong project in 4Q23. Fitch expects
a high take-up rate for Park Serpong given the majority of units
are priced below IDR1 billion and its attractive location.

Fitch also expects land plot sales to PT Siloam International
Hospitals Tbk (SILO) to continue in 2023-2025, at around IDR500
billion per year. The land sales to SILO are mostly to support the
subsidiary's medium-term expansion at various locations across
Indonesia. By end-9M23, LPKR sold around IDR397 billion of land to
SILO, most of it consisting of a parcel of land in South Jakarta
that is in accordance with SILO's development plan.

Limited Benefit from VAT Rebate: Fitch expects the Value Added Tax
rebate on homes priced below IDR2 billion to have only a limited
impact on LPKR's presales in 2024. Its view is based on the
assumption that the regulation will likely only apply to completed
homes, similar to when it was introduced in 2021-2022, and LPKR's
limited finished inventory. Fitch expects the regulation to come
into effect by end-2023.

Rating Based on Standalone Profile: Fitch assesses LPKR's rating
based on the standalone company and closely held subsidiaries, and
exclude its key listed subsidiaries, LPCK and SILO. This is to
reflect limited cash fungibility between LPKR and its listed
subsidiaries, while LPKR is the obligor of most of the consolidated
group's debt.

DERIVATION SUMMARY

LPKR's 'CCC+' rating reflects not only the heightened liquidity and
refinancing risks around its USD237 million bond due 22 January
2025, but also the availability of several levers to support the
process, including a large pool of unpledged assets and a
turnaround time of around 12 months. The execution risks to
refinance the maturing bonds have risen as LMIRT's bond refinancing
could exhaust the ability of the Lippo group's banking
relationships to absorb the group's refinancing needs.

LPKR is rated on the same level as PT Kawasan Industri Jababeka Tbk
(KIJA, CCC+/BB-(idn)/Stable) on the international scale. KIJA's
smaller presales size in comparison to LPKR is counterbalanced by
KIJA's improving liquidity following the restructuring of its US
dollar notes in late 2022 and neutral to positive FCF. KIJA does
not have any material maturities in the next three years while
LPKR's 2025 bonds will mature in 14 months. This drives LPKR's
lower rating on the national scale.

LPKR's Long-Term IDR is two notches higher than LMIRT's Long-Term
IDR due to LPKR's somewhat lower refinancing risk compared to the
trust. This is supported by the company's significant pool of
unpledged land bank and its track record of better-access to
domestic credit markets. In comparison, LMIRT's refinancing is
subject to risks in transitioning towards a secured capital
structure, including covenants in its 2024 and 2026 unsecured notes
that limit the trust's ability to raise secured debt. Fitch
believes LMIRT has a higher likelihood of pursuing debt
restructuring amid these risks, which may include an extension in
the maturity of its US dollar notes.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

- Presales excluding bulk land at standalone level of IDR2.5
trillion-3.2 trillion per year over 2023-2025

- FCF gap of IDR740 billion in 2023 and IDR420 billion in 2024,
from a gap of IDR1 trillion in 2022

- Dividend income from key subsidiaries of IDR160 billion-220
billion a year in 2023-2024

- Neutral EBITDA from recurring-income businesses, such as hotels,
malls and property management by 2024

- Declining rental support to First REIT and LMIRT of IDR520
billion in 2023 and IDR400 billion in 2024

RECOVERY ANALYSIS

Recovery Rating Assumptions:

- LPKR, excluding Siloam, LMIRT and LPCK, will be liquidated during
bankruptcy because it is primarily an asset-trading company;

- 10% administrative claims;

- A 25% haircut on trade receivables, in line with domestic and
regional peers;

- A 50% haircut on the book value of adjusted inventory, in line
with domestic and regional peers;

- A 50% haircut on net property, plant and equipment;

- Proceeds from the disposal of LPKR's 55% share of Siloam and 47%
share of LMIRT will be available during a liquidation. Fitch used
Siloam's share price and LMIRT's unit price on 07 November 2023 to
calculate the recovery value from both entities' shares.

- A 60% haircut on Siloam and LMIRT market value given LPKR's
substantial stake;

Based on its calculation of the adjusted liquidation value after
administrative claims, Fitch estimates the recovery rate of the
senior unsecured bonds to be 100%, which corresponds to a Recovery
Rating of 'RR1'. However, Fitch has rated the senior unsecured
bonds 'CCC+'/'RR4' because Indonesia falls into Group D of
creditor-friendliness under its Country-Specific Treatment of
Recovery Ratings criteria and the instrument ratings of issuers
with assets in this group are subject to a soft cap at the
company's Issuer Default Rating and Recovery Rating of 'RR4'.

RATING SENSITIVITIES

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

- Improvement in liquidity, including the repayment of unsecured
notes maturing in January 2025.

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

- Evidence of LPKR's weakening financing access as a consequence of
LMIRT's refinancing efforts.

LIQUIDITY AND DEBT STRUCTURE

Minimal Liquidity Headroom: Fitch does not believe LPKR will be
able to address its unsecured notes due in January 2025 using
internally generated funds amid continued negative FCF, while
execution risks to its refinancing have risen. In addition, Fitch
forecasts LPKR will draw down on additional bank loans of IDR500
billion-600 billion annually to finance project construction and
cover its FCF gap in the next two years. Meanwhile amortisation of
its syndicated bank loans will commence in 1Q23, and amount to
IDR300 billion-500 billion annually in 2024-2026.

ISSUER PROFILE

LPKR is an Indonesian-based homebuilder with over 1,000 hectares of
land bank, which the company says is sufficient for more than a
decade of development. It also has a small portfolio of investment
properties consisting of retail malls and hotels, and a property
and portfolio management business.

ESG CONSIDERATIONS

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

   Entity/Debt            Rating             Recovery   Prior
   -----------            ------             --------   -----
PT Lippo
Karawaci Tbk     LT IDR    CCC+    Downgrade            B-
                 Natl LT   B+(idn) Downgrade            BBB-(idn)
                 LC LT IDR CCC+    Downgrade            B-

   senior
   unsecured     LT        CCC+    Downgrade   RR4      B-

Theta Capital
Pte. Ltd.

   senior
   unsecured     LT        CCC+    Downgrade   RR4      B-


PT AGUNG PODOMORO: Fitch Cuts IDR to C on Distressed Debt Exchange
------------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based developer PT Agung
Podomoro Land Tbk's (APLN) Long-Term Issuer Default Rating (IDR) to
'C', from 'CCC-'. Fitch has also downgraded the rating on APLN's
outstanding USD132 million 5.95% notes due June 2024 to 'C', from
'CCC-', with a Recovery Rating of 'RR4'. The notes are issued by
APLN's wholly owned subsidiary, APL Realty Holdings Pte. Ltd., and
are guaranteed by APLN and several of its subsidiaries.

The downgrade follows APLN's November 15 announcement of a proposed
tender offer to buy back part of its USD132 million unsecured notes
due on 2 June 2024, which Fitch considers to be a distressed debt
exchange (DDE). This is because the proposed buyback will
materially reduce the original terms to noteholders and Fitch
believes the transaction is being conducted to avoid a default,
given APLN's untenable liquidity.

KEY RATING DRIVERS

Material Reduction in Terms: The tender proposes to repurchase the
notes at a minimum price of USD600 per USD1,000 via an unmodified
Dutch auction process. APLN succeeded in removing restrictive
covenants that would have prevented the use of secured debt to
refinance the unsecured notes via its previous tender offer and
consent solicitation process concluded in August 2023. This lowered
execution risk for the proposed transaction. The issuer expects to
utilise up to IDR1 trillion (around USD65 million) to fund the
offer.

High Presale Cancellations: Fitch expects consolidated net
presales, excluding bulk sales, to fall by around 20% to IDR1.3
trillion in 2023 (2022: IDR1.7 trillion) amid continued high
cancellations, although slower than the 4Q22 peak.

Consolidated presales totalled IDR933 billion in 9M23, a 46%
decline yoy. The majority of cancellations continued at two of
APLN's largest projects, Podomoro City Medan and Podomoro Park
Bandung. APLN says the Medan project is almost complete, while the
Bandung project is still at an early stage. Presales could drop by
more than Fitch forecasts if high cancellations persist or if APLN
fails to launch new projects.

Weak Holding Company Interest Coverage: APLN's holding company
liquidity will remain under pressure even if the tender offer
reduces total debt. The holding company will most likely have to
rely on higher dividends from operating subsidiaries that hold its
property projects to meet interest payments, even as cash flow at
the subsidiaries tightens from weak presales. This is because the
holding company no longer benefits from rental income (2022: IDR222
billion) after the 2022 sale of Central Park mall.

High Refinancing Risk: The completion of the proposed tender offer
will reduce, but not eliminate, refinancing risk in the next 12-18
months. APLN will still be exposed to risk from the remainder of
its June 2024 notes as well as the loan from PT Bank Danamon Tbk
that matures in January 2025, which the company used to fund its
tender offers. APLN has two unpledged properties valued at IDR3.1
trillion (around USD200 million), based on the issuer's share of
these assets. The sale or pledging of these assets is subject to
execution risk, as they are partially owned by the issuer.

Parental Linkage No Longer Considered: Fitch no longer applies its
Parent and Subsidiary Linkage Rating Criteria to assess the linkage
between APLN and its majority parent, PT Indofica, a private
company controlled by the CEO of PT Agung Podomoro Group. APLN's
rating is now driven by the proposed tender offer and concurrent
consent solicitation, which constitute a DDE.

DERIVATION SUMMARY

APLN's Long-Term IDR and the rating on its senior unsecured notes
reflect the company's announced tender offer on its outstanding
unsecured notes. Fitch believes the tender offer constitutes a
DDE.

KEY ASSUMPTIONS

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

- Consolidated presales of IDR1.3 trillion in 2023-2024
(attributable presales excluding minorities' share: around IDR1
trillion)

- EBITDA margin of about 28%-32% in 2023-2024 (2022: 50% amid the
sale of Central Park mall)

- Cash flow from operations after interest and tax of around IDR600
billion in 2023 and negative IDR200 billion 2024 (2022: IDR2,414
billion, boosted by the sale of Central Park mall)

- Consolidated free cash flow of about IDR400 billion in 2023 and
negative IDR400 billion in 2024 (2022: IDR2,292 billion, boosted by
the sale of Central Park mall).

RECOVERY ANALYSIS

Fitch assumes APLN will be liquidated in a bankruptcy rather than
continue as a going concern, because it is an asset-trading
company. In estimating APLN's liquidation and distribution value,
Fitch has made the following adjustments and assumptions:

- Fitch uses a 75% advance rate against the value of trade
receivables.

- Fitch uses a 60% advance rate against the value of inventory, net
of advances. This reflects its assumption of a 100% advance rate
against the value of completed buildings and land, and a 50%
advance rate against buildings under construction.

- Fitch uses a 100% advance rate against investment properties as
well as property, plant and equipment, mainly related to shopping
mall and hotel assets. Fitch believes a 100% advance rate is
reasonable as these assets are recognised at historical cost,
including depreciation, while the market value is considerably
higher.

- Fitch deducted the carrying value of the Pluit City and Green
Lake Sunter assets from investment property due to the uncertainty
around the development of these projects.

- Fitch deducted 10% of the resulting liquidation value for
administrative claims.

These assumptions result in a recovery rate corresponding to a
'RR1' Recovery Rating for APLN's unsecured notes. However, Fitch
acknowledges that there is material uncertainty regarding the
ability to realise the sale of these assets. Fitch rates the senior
unsecured notes at 'C' with a Recovery Rating of 'RR4' because,
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, Indonesia falls into Group D of creditor friendliness.
Instrument ratings of issuers with assets in this group are subject
to a soft cap at the issuer's IDR and a 'RR4' Recovery Rating.

RATING SENSITIVITIES

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

- Fitch will reassess APLN's capital structure and prospects after
the proposed DDE is completed or fails in order to determine the
Long-Term IDR and senior unsecured rating.

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

- Fitch will downgrade the Long-Term IDR to 'RD' (Restricted
Default) if the proposed DDE is completed and will then reassess
the IDR based on the post-restructuring capital structure.

LIQUIDITY AND DEBT STRUCTURE

Insufficient Liquidity: APLN's proposed tender offer will only
partly address its unsecured US dollar notes due June 2024. Fitch
believes the company will seek alternative financing or asset sales
to repay the remaining notes, given its low consolidated cash
balance of IDR986 billion as of end-September 2023, part of which
is located in partially held subsidiaries and those with
operational cash requirements. APLN has a further IDR403 billion of
term loans from banks falling due in the 12 months to end-September
2024, as well as around IDR2 trillion from Bank Danamon drawn in
August and November 2023 that matures in January 2025.

Fitch believes the proposed tender offer is key to addressing the
maturity of the US-dollar notes amid limited alternative options,
as APLN's weakening operational performance may hamper its funding
access.

ISSUER PROFILE

APLN is an Indonesian property developer with exposure to
residential and commercial properties. It has presales from key
projects in Jakarta, Bandung and Medan, and also owns and operates
malls, hotels and offices.

ESG CONSIDERATIONS

APLN has ESG Relevance Scores of '4' for Management Strategy and
Governance Structure due to the company's high development risk
profile, a key part of its strategy. This hampers financial
flexibility and leads to an impending risk of default, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt                Rating        Recovery   Prior
   -----------                ------        --------   -----
PT Agung Podomoro
Land Tbk                LT IDR C  Downgrade            CCC-

APL Realty Holdings
Pte. Ltd.

   senior
   unsecured            LT     C  Downgrade   RR4      CCC-




===============
M A L A Y S I A
===============

AIRASIA X: No Longer Classified as Financially Distressed Firm
--------------------------------------------------------------
Reuters reports that AirAsia X said on Nov. 21 that Malaysia's
stock exchange had told the budget airline that it is no longer
classified as financially distressed lifting the threat of being
de-listed.

Both AirAsiaX and its parent company Capital A saw deep losses
following a plunge in demand due to the pandemic and have scrambled
to raise funds, Reuters says.

Bursa Malaysia Securities had classified the firm as PN17, or a
financially distressed company, last year. Such firms may be
de-listed from the exchange if they fail to stabilise their
finances within a set time frame.

In July, AirAsia X asked the bourse to change that classification,
saying it had undertaken a broad range of measures to improve its
financial position, including debt restructuring, share
consolidation, and a revision of its business plan.

According to Reuters, the bourse said on Nov. 21 that AirAsia had
met the conditions for "waiver and upliftment" from the PN17
classification.

Separately, AirAsia X posted a nearly 78% drop in its quarterly
attributable profit to MYR5.6 million ($1.20 million), Reuters
discloses.

                          About AirAsia X

AirAsia X Berhad (AAX) -- http://www.airasiax.com/-- is a
long-haul, low-cost airline operating primarily in the Asia-Pacific
region.

AAX had triggered the criteria for PN17 classification in October
2021, after its external auditors, Messrs Ernst & Young PLT, had
expressed a disclaimer of opinion in the airline's audited
financial statements for the 18-month financial period ended June
30, 2021.  

AAX then logged a net loss of MYR33.72 billion for the period,
while its current liabilities exceeded current assets by MYR34.21
billion, while its shareholders' deficit stood at MYR33.58
billion.




===============
M O N G O L I A
===============

MONGOLIA: Fitch Assigns 'B' Rating on Proposed USD Bonds
--------------------------------------------------------
Fitch Ratings has assigned Mongolia's (B/Stable) proposed US dollar
bonds a 'B' rating.

The transaction is related to a voluntary tender offer for
outstanding bonds maturing in 2024.

KEY RATING DRIVERS

The rating is in line with Mongolia's 'B' Long-Term
Foreign-Currency Issuer Default Rating (IDR), which has a Stable
Outlook and was last affirmed on 15 May 2023.

The following ESG issues represent key rating drivers for the
proposed bond; other key rating drivers can be found in the issuer
rating action commentary dated 15 May 2023.

ESG - Governance: Mongolia has an ESG Relevance Score of '5[+]' for
Political Stability and Rights and '5' for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight World Bank Governance
Indicators (WBGIs) have in its proprietary Sovereign Rating Model.
Mongolia has a medium WBGI ranking at the 46th percentile.

The rating on the bonds is sensitive to any changes in the
Long-Term Foreign-Currency IDR, which has the following rating
sensitivities (as per the aforementioned issuer rating action
commentary).

RATING SENSITIVITIES

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

- External Finances: Heightened external stress, which may be
evident from restricted access to external-financing sources or a
marked decline in foreign reserves.

- Public Finances: Significant increase in the budget deficit or
the government debt/GDP ratio.

- Structural Features: Political instability and/or major policy
shifts sufficient to significantly disrupt strategic mining
projects or FDI inflows.

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

- External Finances: The accumulation of larger foreign-currency
reserve buffers and the implementation of a debt-management
strategy that lowers refinancing risks and improves external debt
sustainability.

- Macroeconomic: Strong and sustained economic growth and export
without the emergence of imbalances, and the maintenance of a
favourable business environment conducive to robust FDI inflows.

- Public Finances: Sustained reductions in the government debt/GDP
ratio.

ESG CONSIDERATIONS

The ESG profile is in line with that of Mongolia.

   Entity/Debt             Rating           
   -----------             ------           
Mongolia

   senior unsecured     LT  B   New Rating


TRADE AND DEVELOPMENT: Moody's Affirms B3 Issuer & Deposit Ratings
------------------------------------------------------------------
Moody's has affirmed Trade and Development Bank of Mongolia JSC's
(TDBM) B3 foreign currency and local currency long-term issuer
ratings and bank deposit ratings, (P)B3 foreign currency senior
unsecured medium-term note (MTN) program, as well as the Not Prime
foreign currency and local currency short-term issuer ratings and
bank deposit ratings.

At the same time, Moody's has affirmed the b3 Baseline Credit
Assessment (BCA) and Adjusted BCA, B3 foreign currency long-term
Counterparty Risk Rating (CRR), B2 local currency long-term CRR,
Not Prime foreign currency and local currency short-term CRRs, as
well as the B2(cr)/Not Prime(cr) long-term / short-term
Counterparty Risk (CR) Assessments.

Moody's has also maintained the stable outlooks on the ratings,
where applicable.

RATINGS RATIONALE

The affirmation of TDBM's ratings reflects Moody's expectation that
the bank's credit profile will remain stable over the next 12-18
months as Mongolia's improving economy and mining sector will
support the bank's asset quality, capitalization and
profitability.

Moody's expects low new nonperforming loan formation ratio over the
next 12-18 months. Some of the bank's problem loans will recover as
mining companies' cash flows improve, given they have resumed
operations since early 2023 with China's border reopening. Having
said that, the bank's high loan concentration and highly cyclical
asset performance remain key credit weaknesses.

Moody's expects the bank to maintain its tangible common equity
(TCE)/risk-weighted assets (RWA) above 12%, supported by its new
share issuance of MNT83.5 billion in May 2023. As of June 30, 2023,
its total capital adequacy improved to 16.7% from 15.2% as of the
end of 2022.

TDBM's return on assets will remain modest at below 2% in 2023-24.
The bank's net interest margin will narrow as the Bank of
Mongolia's policy rate hike cycle nears its end, having increased
to 13% from 6% during 2022; and competition from commercial banks
intensifies in the loan and deposit markets. The bank's funding
cost will also rise as commercial banks in Mongolia have started to
pay interest on demand and current accounts from the beginning of
this year.

Moody's expects TDBM's funding profile to remain moderate over the
next 12-18 months due to its high reliance on market funding. The
bank's market funds to tangible banking assets has remained stable
at around 21% during 2020-22. That said, the bank's plans to
increase its deposit base will gradually curtail its usage of
market funding.

Moody's has not incorporated affiliate support for TDBM, and
therefore, the bank's Adjusted BCA is in line with its BCA of b3.

Moody's has not reflected any government support uplift in TDBM's
long-term ratings because the bank's Adjusted BCA is already at the
same level as the Mongolian government's issuer rating of B3.
Nonetheless, Moody's assesses the level of government support to be
high, given TDBM's importance to the Mongolian banking system as
the second largest bank, with a market share of 21% as of the end
of 2022 in terms of total assets.

Mongolia does not have an operational bank resolution regime.
Moody's therefore applies a basic Loss Given Failure (LGF) approach
in rating Mongolian banks. TDBM's long-term CRR of B2/B3 and
long-term CR Assessment of B2(cr) incorporate the bank's b3
Adjusted BCA and Moody's basic LGF analysis, which positions the
preliminary CRRs and CR Assessment one notch above the bank's
Adjusted BCA. Moody's then adds the same uplift of government
support as applied to the bank's long-term issuer rating, subject
to country ceiling by currency.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Moody's could upgrade TDBM's ratings if the sovereign rating is
upgraded.

TDBM's BCA could be upgraded if (1) its asset quality performance
remains stable with the bank reducing its loan concentration risks;
(2) its funding profile improves through the bank increasing its
deposit base, while reducing its usage of market funding; or (3)
its TCE/RWA increases above 16% level on a sustained basis, while
the bank maintains its profitability and liquidity at current
levels.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Moody's could downgrade TDBM's ratings if the sovereign rating is
downgraded, or a severe deterioration in its financial profile
results in a downgrade of its BCA.

TDBM's BCA could be downgraded if (1) its solvency weakens
meaningfully with asset quality deterioration, such that its new
nonperforming loan formation ratio rises above 5%; (2) its TCE/RWA
falls below 10%; or (3) its reliance on market funding rises
significantly, particularly borrowings from banks and financial
institutions. A significant deterioration in the bank's liquidity
from its liquid banking assets/tangible banking assets ratio of
40.1% as of end-2022 could also result in a downgrade of the bank's
BCA.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

TDBM is headquartered in Ulaanbaatar, Mongolia. The bank reported
total assets of MNT9,654.8 billion (USD2,807.3 million) as of the
end of 2022.




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

BUILDNATION CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 8
------------------------------------------------------------------
A petition to wind up the operations of Buildnation Construction
Limited will be heard before the High Court at Auckland on Dec. 8,
2023, at 10:45 a.m.

Carters Building Supplies Limited filed the petition against the
company on Oct. 16, 2023.

The Petitioner's solicitor is:

          Philip John Morris
          Hammond Lawyers
          KPMG Building, Level 7
          85 Alexandra Street
          Hamilton 3240


DENTALCARE GROUP: Court to Hear Wind-Up Petition on Nov. 27
-----------------------------------------------------------
A petition to wind up the operations of Dentalcare Group Limited
will be heard before the High Court at Hamilton on Nov. 27, 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:

          Charles David Walmsley
          Inland Revenue Department, Legal and Technical Services
          21 Home Straight
          PO Box 432
          Hamilton


J N HOBBS: Creditors' Proofs of Debt Due on Dec. 15
---------------------------------------------------
Creditors of J N Hobbs 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. 13, 2023.

The company's liquidators are:

          Simon Dalton
          Gerry Rea Partners
          PO Box 3015
          Auckland


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

Lenscraft Limited commenced wind-up proceedings on Nov. 8, 2023.

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

The company's liquidator is:

          Matthew Pearn
          BDO Wellington
          Level 1
          50 Customhouse Quay
          Wellington 6011


NEW ZEALAND JOY: Court to Hear Wind-Up Petition on Nov. 24
----------------------------------------------------------
A petition to wind up the operations of New Zealand Joy Automotive
Limited will be heard before the High Court at Auckland on Nov. 24,
2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 3, 2023.

The Petitioner's solicitor is:

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


ONE STOP: Creditors' Proofs of Debt Due on Jan. 5
-------------------------------------------------
Creditors of One Stop Auto Limited and Lynwood Investments Trust
Limited are required to file their proofs of debt by Jan. 5, 2024,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 13, 2023.

The company's liquidators are:

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




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

MEGAWORLD: DATEM Forced to Sue After Years of Unfair Treatment
--------------------------------------------------------------
Bilyonaryo.com reports that DATEM, one of the Philippine's largest
construction firms, is determined to pursue justice after suffering
through years of discussions and alleged abuse by Megaworld of
ultra bilyonaryo Andrew Tan.

Bilyonaryo.com relates that Datem said it has decided to go to the
"proper forum" to force Megaworld to honor a 2022 mutual agreement
wherein the property developer committed to pay PHP873.324 million
for the contractor's finished work.

"This decision (to file a case in court) follows years of patient
negotiations and enduring unfair treatment. The case is now before
the Courts of Law, and we want to assure our partners and
stakeholders that we are committed to pursuing justice in
accordance with due process," said Datem in a statement,
Bilyonaryo.com relays.

"Upholding principles of integrity, Datem honors contractual
commitments to clients, vendors, and employees. Financially strong,
we remain steadfast in our commitment to building a better and
stronger nation," Datem added.

Despite the court battle, Datem – formed in 1984 by engineers
Levy V. Espiritu and Morris S. Agoncillo, along with architect
Arnold P. De Asis – assures that its operations continue without
interruptions, according to Bilyonaryo.com. The company also
expresses appreciation to its clients, suppliers, and partners for
their understanding and support during this challenging period.

Bilyonaryo.com notes that Datem recently obtained a Writ of
Preliminary Attachment form the Quezon City Regional Trial Court
freezing the assets of Megaworld to cover for the unpaid dues which
the contractor had been seeking to collect since 2018.

It has accused Megaworld of consistently moving the goalposts by
introducing new and additional deductions to be charged against
Datem which were not previously discussed in the mutual agreement.

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




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

HAWKEYE ASSOCIATES: Court to Hear Wind-Up Petition on Dec. 8
------------------------------------------------------------
A petition to wind up the operations of Hawkeye Associates Pte Ltd
will be heard before the High Court of Singapore on Dec. 8, 2023,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 14, 2023.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


HODLNAUT PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Nov. 10, 2023, to
wind up the operations of Hodlnaut Pte. Ltd.

The company's liquidators are:

          Aaron Loh Cheng Lee
          Ee Meng Yen Angela
          EY Corporate Advisors
          One Raffles Quay
          North Tower Level 18
          Singapore 048583


SINGAPORE CHILDCARE: Court to Hear Wind-Up Petition on Dec. 8
-------------------------------------------------------------
A petition to wind up the operations of Singapore Childcare Pte Ltd
will be heard before the High Court of Singapore on Dec. 8, 2023,
at 10:00 a.m.

The Comptroller of Income Tax filed the petition against the
company on Nov. 7, 2023.

The Petitioner's solicitors are:

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


SINGAPORE EDUTAINMENT: Court to Hear Wind-Up Petition on Dec. 8
---------------------------------------------------------------
A petition to wind up the operations of Singapore Edutainment
Associates Global Pte Ltd will be heard before the High Court of
Singapore on Dec. 8, 2023, at 10:00 a.m.

The Comptroller of Income Tax and The Comptroller of Goods And
Services Tax filed the petition against the company on Nov. 7,
2023.

The Petitioner's solicitors are:

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


YELLOW RIVER: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Nov. 10, 2023, to
wind up the operations of Yellow River Logistics (Singapore) Pte.
Ltd.

Ningbo Huamao International Trading Co., Ltd filed the petition
against the company.

The company's liquidator is:

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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