---

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

                     A S I A   P A C I F I C

          Friday, November 24, 2023, Vol. 26, No. 236

                           Headlines



A U S T R A L I A

CATALANO SEAFOOD: Creditors Approve Administrators Rescue Bid
DAICOM AUSTRALIA: Dainton Beer Enters Voluntary Administration
DAINTREE BIO: Worrells Appointed as Administrators
HARLEY CRANES: First Creditors' Meeting Set for Nov. 29
HASHTAG GIFTED: First Creditors' Meeting Set for Nov. 27

HRVST ST: Second Creditors' Meeting Set for Nov. 28
INFRABUILD AUSTRALIA: Moody's Upgrades CFR to B3, Outlook Stable
LASER CLINICS: First Creditors' Meeting Set for Nov. 28
REDZED TRUST 2023-3: Fitch Assigns B+sf Final Rating on Cl. F Notes
SPORTS ENTERTAINMENT: Sells NZ Assets to Help Reduce Debt

WOK N TALK: Second Creditors' Meeting Set for Nov. 27


C H I N A

ZHONGZHI ENTERPRISE: Shadow Bank Warns of Severe Insolvency


H O N G   K O N G

WANDA COMMERCIAL: Fitch Lowers LongTerm Foreign Currency IDR to C


I N D I A

AASTHA SOCIETY: CARE Keeps B Debt Rating in Not Cooperating
ABHIMAANI PRAKASHANA: Ind-Ra Corrects Oct. 26, 2023 Rating Release
ANYA POLYTECH: CARE Lowers Rating on INR20cr LT Loan to B+
APNATECH CONSULTANCY: Ind-Ra Cuts Term Loan Rating to D
ARTEMIS AUTO: Ind-Ra Corrects Oct. 26, 2023 Rating Release

ARYAN CHARITABLE: CRISIL Keeps B- Debt Rating in Not Cooperating
AYURSUNDRA HEALTHCARE: Ind-Ra Corrects Oct. 26 Rating Release
B.K. ENTERPRISES: CARE Keeps B- Debt Ratings in Not Cooperating
BAKERI URBAN: Ind-Ra Corrects March 10, 2023 Rating Release
BHASKAR SHRACHI: Ind-Ra Corrects October 26, 2023 Rating Release

BOSTIN ENGINEERS: Ind-Ra Corrects October 26, 2023 Rating Release
C. GEMS: Ind-Ra Corrects Oct. 26, 2023 Rating Release
C.P.ARORA ENGINEERS: Ind-Ra Cuts Loan Rating to D, Outlook Stable
CHAMARIA INFRASTRUCTURES: Ind-Ra Corrects Oct. 26 Rating Release
CHAMARIA INFRASTRUCTURES: Ind-Ra Withdraws D Term Loan Rating

COCHIN FROZEN: Insolvency Resolution Process Case Summary
COIMBATORE ROLLER: CRISIL Moves B+ Rating from Not Cooperating
DEEP WELDMESH: Ind-Ra Corrects Oct. 26, 2023 Rating Release
FORT PROJECTS : Insolvency Resolution Process Case Summary
GARGS WELDMESH: Ind-Ra Corrects Oct. 26, 2023 Rating Release

GETWELL PHARMA: CARE Assigns D Rating to INR7.50cr LT Loan
GO FIRST: NCLT Extends Airline's Resolution Timeline by 90 Days
ICEBERG AQUA: Insolvency Resolution Process Case Summary
INABENSA BHARAT: Ind-Ra Corrects October 26, 2023 Rating Release
INDO SPONGE: Ind-Ra Corrects Oct. 26, 2023 Rating Release

JS DESIGNER: Ind-Ra Corrects Oct. 26, 2023 Rating Release
K.K. DUPLEX: Ind-Ra Corrects October 26, 2023 Rating Release
KANJI KALYANJI: CARE Keeps B- Debt Rating in Not Cooperating
KANORIA SUGAR: Ind-Ra Corrects Oct. 26, 2023 Rating Release
KLR INDUSTRIES: Ind-Ra Corrects Oct. 26, 2023 Rating Release

KOHINOOR GINNING: Insolvency Resolution Process Case Summary
L B INDUSTRIES: Ind-Ra Corrects Oct. 26, 2023 Rating Release
M/S SOUTH: Ind-Ra Corrects Oct. 26, 2023 Rating Release
MAKTEL POWER: Ind-Ra Corrects October 26, 2023 Rating Release
NEPTUNE LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating

NUTECH ENGINEERING: CARE Keeps B+ Debt Rating in Not Cooperating
PIRG SDI: CRISIL Lowers Rating on INR11.1cr PTCs to B (SO)
PROSPERITY ASSET: CRISIL Cuts Rating on INR10.75cr PTCs to B(SO)
RAJENDRAGURU GROUP: CRISIL Keeps D Debt Rating in Not Cooperating
RASANDIK ENGINEERING: CARE Reaffirms D Rating on INR51.63cr Loan

RIDDHI AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
RUSHABHDEV INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
SATHWIK PROJECTS: Insolvency Resolution Process Case Summary
SATKAR PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
SEM INDUSTRIAL: CARE Keeps B- Debt Rating in Not Cooperating

SEYA INDUSTRIES: Insolvency Resolution Process Case Summary
SHIVALIK VYAPAAR: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVAM CASTOR: CRISIL Keeps B Debt Rating in Not Cooperating
SIVA SANKARA: CRISIL Keeps D Debt Ratings in Not Cooperating
SUBAM TEXTILES: CARE Lowers Rating on INR21.19cr LT Loan to B+

SUDHA BUSINESS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SUNIL AND COMPANY: CRISIL Keeps B Debt Ratings in Not Cooperating
SUPREME DEVELOPERS: CRISIL Keeps B+ Rating in Not Cooperating
SVE DRILLING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SWARGIYA TAPESHWAR: CRISIL Keeps B+ Rating in Not Cooperating

SWASTIK TRADELINK: CRISIL Keeps D Debt Rating in Not Cooperating
TEJPAL MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TEZALPATTY TEA: CRISIL Keeps D Debt Ratings in Not Cooperating
THANGAMMAN EXPORTS: CRISIL Keeps C Ratings in Not Cooperating
THREE EYE: CRISIL Keeps B+ Debt Rating in Not Cooperating

VENKATRAMA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating


I N D O N E S I A

LIPPO KARAWACI: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.


J A P A N

TOSHIBA CORP: Set to Delist in Bid for Revival


N E W   Z E A L A N D

A MUA REINFORCEMENT: Court to Hear Wind-Up Petition on Dec. 8
CRAIG FEVRE: Creditors' Proofs of Debt Due on Dec. 21
NULCO LIMITED: Creditors' Proofs of Debt Due on Dec. 11
SEAVIEW COTTAGE: No Further Funds Recovered for Creditors
TRADE LIFE: Court to Hear Wind-Up Petition on Dec. 4

VEXALA LANDS: BDO Tauranga Appointed as Receivers and Managers


P H I L I P P I N E S

MFT GROUP: CEO Striving for Creditor Unity Amid Smear Allegations


S I N G A P O R E

ASIA AVIATION: Commences Wind-Up Proceedings
BEE HIANG: Court to Hear Wind-Up Petition on Dec. 8
G9 ASIA: Creditors' Proofs of Debt Due on Dec. 22
QR ASIA: Creditors' Proofs of Debt Due on Dec. 22
ZETA ONE: Court Enters Wind-Up Order


                           - - - - -


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

CATALANO SEAFOOD: Creditors Approve Administrators Rescue Bid
-------------------------------------------------------------
Business News Australia reports that Perth-based Catalano Seafood
has a new owner after creditors to the company approved a deed of
company arrangement put forward by voluntary administrators.

While the deal is still subject to court approval, turnaround
specialist Avior Capital has succeeded in taking control of the
family-run business after stumping up AUD1.7 million to pay out
creditors, BNA relates.

According to the report, the move will ultimately lead to
Catalano's delisting from the ASX, but it is expected to see the
retailer, processor and distributor of seafood products continue
operating as a going concern.

An exit from the ASX will end a brief listing for Catalano Seafood
which began trading in February last year following a AUD5 million
IPO, BNA says.

BNA relates that creditors approved the DOCA at their second
meeting held on Nov. 21 which will lead to operational control of
the business being handed to Avior Capital in coming days.

"This is a great outcome that secures the continuation of Catalano
Seafood as a well known and loved West Australian brand, together
with its 80 employees," BNA quotes Rob Brauer, administrator from
McGrathNicol, as saying.

Mr. Brauer and McGrathNicol colleague Linda Smith were appointed
voluntary administrators to Catalano Seafood on October 18 with
debts to unsecured creditors of more than AUD3.1 million.

BNA notes that the DOCA put before creditors on Nov. 21 provided
various returns for unsecured creditors of up to 91.8 cents in the
dollar, although some would have received no return.

The Perth-based Avior Capital, which is led by Dermott McVeigh, has
a track record of proposing DOCAs and restructuring transactions
since it was founded in 2012.

"These assignments have ranged from designing the restructure of a
small father-son flooring business to orchestrating the turnaround
of a AUD200 million engineering group," the company says on its
website.

Business News Australia has sought further comment from McVeigh
regarding Avior's plans for Catalano Seafood.

Catalano was established in 2019 by the Catalano family as a
retailer, processor and distributor of seafood products, although
the origins of the family-run business stretch back to 1969.

According to the administrators, the company's financial woes stem
from ambitious expansion plans and a shortage of capital, BNA
relays.

Despite reporting AUD15.5 million in revenue, Catalano posted a
AUD2.9 million loss in FY23 with the result impacted by higher
labour costs, raw materials and overheads, BNA discloses.

BNA says the company, which supplied to the likes of Metcash and
Coles, was dealt a blow in June after a proposed AUD2.2 million
capital investment by The Pure Meat & Food Co was withdrawn.

Signs of trouble for the business emerged in July when the company
was struggling to pay its bills, the report states.

The administrators have revealed that company was likely to have
been insolvent from July 31, adds BNA.


DAICOM AUSTRALIA: Dainton Beer Enters Voluntary Administration
--------------------------------------------------------------
Daicom Australia Pty Ltd trading as "Dainton Beer" has announced
their decision to appoint an administrator to help facilitate a
financial restructuring of the business.  Dainton operates a craft
brewery and taphouse in Carrum Downs and a second taphouse in
Croydon.

DBA Advisory as Administrator is supporting the continued operation
of the business, so Dainton's employees and customers should
consider it business as usual.  There will be no impact to ongoing
production and hospitality operations as a result of this
appointment.

Dainton's directors have taken this step to deal with financial
losses the business has accrued from ill-timed expansion in the
face of declining consumer demand.  The directors are working with
the Administrator on a Deed of Company Arrangement (DOCA) proposal,
which will provide a framework for the restructuring of the
business.  They are confident the financial restructuring will
result in a stronger and more resilient business emerging from
administration.

Dan Dainton, Founder and CEO, said "The last year or so has been an
extremely challenging period across our industry and for the wider
economy.  However, we remain positive that we will see better times
ahead and that this necessary process is an opportunity to reset so
we can strive forward."

Dainton said it remains committed to maintaining a high standard of
service and open communication with all stakeholders during this
restructuring process.



DAINTREE BIO: Worrells Appointed as Administrators
--------------------------------------------------
John Goggin of Worrells (Cairns office) on Nov. 20, 2023, was
appointed administrator of the following companies that comprise
the "Daintree Bio Precinct Group":

   - Daintree Bio Precinct Ltd
   - Far Northern Milling Pty Ltd t/as Mossman Mill
   - Far Northern Infrastructure Pty Ltd
   - Daintree Bio Enterprises Pty Ltd

Daintree Bio Precinct Ltd (DBP) is a cane grower owned company
located in Mossman, Far North Queensland. DBP's subsidiary - Far
Northern Milling Pty Ltd - acquired the Mossman Mill from Mackay
Sugar Limited in July 2019. DBP's other subsidiaries own land
adjacent Mossman Mill and operate environmentally sustainable
bio-projects and products.

The companies are continuing to trade during the voluntary
administration period in order to complete the 2023 cane crush
season. At the date of administration appointment, the group had
approximately 130 full time and casual employees.

Mr. Goggin said, "The administration process is in its infancy and
we are working hard to immediately establish the group's financial
position, including options for the future of the respective
businesses and quantifying creditors' claims, with the assistance
of the directors and the senior staff. We are conscious of the
impact the appointment will have on everyone involved and the wider
Mossman community."

Worrells advises it will continue to provide updates as more
information becomes available.

Affected creditors are requested to submit their claims via our
file information portal at www.worrells.net.au and can direct all
enquiries to cairns@worrells.net.au.


HARLEY CRANES: First Creditors' Meeting Set for Nov. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Harley
Cranes Group Pty Limited and Harley Cranes & Rigging Pty Limited  
will be held on Nov. 29, 2023, at 11:30 a.m. and 3:30 p.m.
respectively, via Microsoft Teams.

Mohammad Mirzan Bin Mansoor and Michael James Billingsley of Olvera
Advisors were appointed as administrators of the company on Nov.
17, 2023.


HASHTAG GIFTED: First Creditors' Meeting Set for Nov. 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Hashtag
Gifted Pty Ltd will be held on Nov. 27, 2023, at 11:00 a.m. at
Suite 14.02, Level 14, 383-395 Kent Street in Sydney and via
virtual meeting.

Peter John Moore and Andrew John Spring of Jirsch Sutherland were
appointed as administrators of the company on Nov. 15, 2023.


HRVST ST: Second Creditors' Meeting Set for Nov. 28
---------------------------------------------------
A second meeting of creditors in the proceedings of HRVST ST Pty
Ltd has been set for Nov. 28, 2023 at 11:00 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. 27, 2023 at 4:00 p.m.

Andrew Weatherley of WCT Advisory was appointed as administrators
of the company on Oct. 25, 2023.


INFRABUILD AUSTRALIA: Moody's Upgrades CFR to B3, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded InfraBuild Australia Pty
Ltd's Corporate Family Rating to B3 from Caa1 with a stable
outlook. Previously, the rating was on review for upgrade.
Concurrently, Moody's affirms the B3 rating on InfraBuild's USD350
million backed senior secured notes due 2028. This concluded the
review for upgrade initiated on November 6, 2023.

The company successfully placed USD350 million of senior secured
notes with a 14.5% coupon and 5-year maturity on November 15, 2023.
The Bond issue price was 98, resulting in a yield to maturity of
about 15%. The proceeds from the transaction have been used to
redeem, in full, the USD325 million of senior secured notes that
were to mature in October 2024, pay for the transaction fees and
general corporate purposes.

RATINGS RATIONALE

InfraBuild's rating upgrade and affirmation of the secured notes
rating reflect the successful completion of the refinancing of the
existing senior secured notes due in October 2024, launched by the
company on November 3, 2023. The notes issuance follows the company
securing additional external funding in May 2023 when it executed a
USD350 million 3-year senior secured asset-backed term loan
(ABTL).

The refinancing of the existing senior secured notes resolves the
near-term refinancing risk and reduces liquidity pressure that had
been building for the company over the last several years. The
upgrade also incorporates still solid, albeit declining, operating
performance of InfraBuild's Australian operations.

The notes allow for a specified distribution to its owner, or
another entity within the GFG Alliance (GFG), up to USD350 million,
provided that the proceeds are used by the recipient in connection
with a transaction, or series of transactions, connected to the
consummation of a settlement with creditors of InfraBuild's
affiliates. The specified distribution needs to be made on or prior
to the first anniversary of the issue date for the notes and is not
to be funded with InfraBuild's operating cash.

Therefore, Moody's expects the USD350 million of funds from the
ABTL, if released from escrow, will be directed toward shareholder
returns. The agency expects that this would require amendments to
the ABTL and would be subject to lender approval. Moody's would
view executing a large shareholder return as credit negative and
further demonstrating the increased linkage to the broader GFG
Group, as well as the ongoing contagion risk for InfraBuild from
the credit issues facing GFG. Moody's will continue to monitor the
use of proceeds from the ABTL and any further financing
transactions that InfraBuild pursues.

In the fiscal year ended June 2023, Moody's adjusted EBITDA of
around AUD659 million was only down slightly on the record result
in fiscal 2022. However, as operating conditions, including steel
demand and pricing, continue to get more challenging Moody's
expects EBITDA to decline by around 35-40% over the next 12-18
months. This is somewhat in-line with the 30-35% decline that the
company has guided to for the first quarter of fiscal 2024.

Based on Moody's expectation for lower earnings combined with the
increased debt levels from the new notes and the ABTL facility, the
rating agency expects that credit metrics will weaken materially
from fiscal 2023 levels but will remain appropriately positioned
for the B3 rating. Moody's expects that Debt/EBITDA will be around
3.4-3.8x, up from around 2.2x in fiscal 2023 and that this higher
leverage combined with InfraBuild's high debt costs will lead to a
more material weakening in coverage levels, with EBITDA/Interest
falling to around 1.9-2.1x from over 6x in fiscal 2023.

The company's credit profile continues to be supported by its
strong market position in steel long products in Australia, and a
vertically integrated business model with a flexible operating
profile.

InfraBuild's credit profile remains constrained by its dependence
on cyclical construction end markets and its exposure to volatile
steel and scrap prices. Furthermore, the credit profile continues
to reflect the contagion risks from the funding issues affecting
the GFG Alliance – which ultimately owns InfraBuild – following
the collapse of Greensill Capital.

LIQUIDITY

With the completion of the refinancing, InfraBuild has an adequate
liquidity profile. This is supported by AUD450 million of
unrestricted cash available on balance sheet as of June 30, 2023
(excludes around AUD627 million of restricted cash) and the rating
agency's expectation for operating cash flow. Moody's expects that
these combined sources of liquidity would be adequate to fund
InfraBuild's ongoing operations and cash uses but notes that the
company's liquidity will be reliant on only internal sources going
forward and therefore will be very sensitive to InfraBuild's
ability to maintain operating performance in line with the agency's
expectations.

RATING OUTLOOK

The outlook is stable and reflects Moody's view that despite
weakening steel industry fundamentals and declining earnings,
InfraBuild will be able to maintain adequate liquidity and credit
metrics at appropriate levels for the B3 rating.

ESG CONSIDERATIONS

ESG considerations have a material impact on Infrabuild's rating
which is lower than it would have been if ESG risk exposures did
not exist. This largely reflects the company's exposure to
governance risk considerations stemming from its concentrated
ultimate ownership by the GFG Alliance, which Moody's believes has
contributed to its recent liquidity risk management practices and
high debt costs. GFG has full control of InfraBuild, appoints all
directors and ultimately makes all major decisions, as permitted
under the restrictions in its financing covenant package.

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

A rating upgrade is unlikely in the next 12-18 months given Moody's
expectation for weaker market fundamentals combined with the
company's increased debt levels and high debt costs. Longer term an
upgrade would likely be predicated on an improvement in steel
market conditions, increased liquidity and free cash flow
generation, and materially higher interest coverage levels. An
upgrade would also likely require improvements in, and further
clarity around, the credit profile of its ultimate owner, the GFG
Alliance.

Specifically, credit metrics required for an upgrade would likely
include debt to EBITDA remaining below 4x and EBIT to interest of
at least 2.0x on a sustained basis.

Ratings could be downgraded if the company's operating performance,
earnings and cash flow generation declines materially below Moody's
current expectations. Ratings could also be downgraded if contagion
risk from its parent continues to negatively impact on the
company's credit profile, which could include future related party
transactions with the group, material shareholder returns beyond
the expected specified distributions and constraints on working
capital terms and conditions. A deterioration in InfraBuild's
liquidity profile or EBIT/Interest sustained below 1.0x could also
lead to a downgrade.

The principal methodology used in these ratings was Steel published
in November 2021.

BACKGROUND

InfraBuild is Australia's largest and only vertically integrated
EAF manufacturer and supplier of steel long products. The company
supplies around 2.4 million tonnes per annum (mtpa) of steel long
products across Australia, with most products supplying the
construction steel segment of the market (rebar, mesh, etc.).

InfraBuild is a private company, and is ultimately owned by the GFG
Alliance (unrated), a United Kingdom based international
industrial, energy, natural resources and financial services
group.


LASER CLINICS: First Creditors' Meeting Set for Nov. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Laser
Clinics Australia (Hurstville) Pty Limited will be held on Nov. 28,
2023, at 11:00 a.m. at the offices of Setter Shepard at Level 2,
117 Clarence Street in Sydney and via virtual meeting technology.

Adam Shepard of Setter Shepard was appointed as administrator of
the company on Nov. 16, 2023.


REDZED TRUST 2023-3: Fitch Assigns B+sf Final Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to RedZed Trust Series
2023-3's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans originated by RedZed Lending
Solutions Pty Limited.

The notes were issued by Perpetual Trustee Company Limited in its
capacity as trustee of RedZed 2023-3. This is a separate and
distinct series created under a master trust deed.

   Entity/Debt            Rating            Prior
   -----------            ------            -----
RedZed Trust
Series 2023-3

   A-1 AU3FN0082657   LT AAAsf New Rating   AAA(EXP)sf
   A-2 AU3FN0082665   LT AAAsf New Rating   AAA(EXP)sf
   B AU3FN0082673     LT AAsf  New Rating   AA(EXP)sf
   C AU3FN0082681     LT Asf   New Rating   A(EXP)sf
   D AU3FN0082699     LT BBBsf New Rating   BBB(EXP)sf
   E AU3FN0082707     LT BBsf  New Rating   BB(EXP)sf
   F AU3FN0082715     LT B+sf  New Rating   B+(EXP)sf
   G1                 LT NRsf  New Rating   NR(EXP)sf
   G2                 LT NRsf  New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The collateral pool is unchanged from the assignment of the
expected rating. It totaled AUD500 million and consisted of 807
obligors with a weighted-average (WA) unindexed current loan/value
ratio (LVR) of 66.4% and a WA current indexed LVR of 65.1% at the
30 September 2023 cut-off date.

KEY RATING DRIVERS

Sufficient Credit Enhancement: The 'AAAsf' weighted-average
foreclosure frequency (WAFF) of 17.5% is driven by the WA unindexed
current LVR of 66.4%, low documentation loans making up 90.6% of
the pool, self-employed borrowers accounting for 95.7% and, under
Fitch's methodology, non-conforming and investment loans forming
14.7% and 44.5%, respectively. The 'AAAsf' portfolio loss has
decreased to 7.0%, from 7.3% for the previous RedZed transaction,
RedZed Trust Series 2023-2, due to a lower proportion of high
current LVR loans and non-conforming loans.

The class A-1, A-2, B, C, D, E and F notes benefit from credit
enhancement of 25.0%, 11.6%, 4.9%, 2.9%, 1.4%, 0.7% and 0.3%,
respectively. The notes also benefit from excess spread, which
forms an integral part of the credit enhancement available to each
note. The transaction has structural features that include
retention and amortisation amounts that redirect available excess
income not used to reimburse losses to repay note principal
balances.

Limited Liquidity Risk: The transaction benefits from a liquidity
facility sized at 1.5% of the invested note balance (excluding
class G), with a floor of AUD750,000; this is sufficient to
mitigate payment interruption risk.

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

Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite interest rates increasing from May 2022-November
2023. 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 slowing to 1.5% in 2024, with
unemployment at 3.8% increasing to 4.2% next year.

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

RATING SENSITIVITIES

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

A deterioration in economic fundamentals and consumers' financial
positions in Australia beyond Fitch's expectations, where available
credit enhancement cannot compensate for the higher credit losses
and cash flow stresses, all else being equal.

Downgrade Sensitivities:

Unanticipated increases in the frequency of defaults 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 coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions.

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

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

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 15%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf / B+sf

Increase defaults by 30%: AAAsf / AAAsf / A+sf / BBB+sf / BB+sf /
BB-sf / Bsf

Reduce recoveries by 15%: AAAsf / AAAsf / A+sf / BBB+sf / BB+sf /
B+sf / Bsf

Reduce recoveries by 30%: AAAsf / AAAsf / A-sf / BBBsf / BB-sf /
below Bsf / below Bsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / Asf / BBB+sf / BBsf / Bsf

/ below Bsf

Increase defaults by 30% and reduce recoveries by 30%: AA+sf /
AA+sf / BBB+sf / BB+sf / Bsf /

below Bsf / below 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 Sensitivities

The class A1 and A2 notes are at 'AAAsf', which is the highest
level on Fitch's scale. The ratings cannot be upgraded and upgrade
sensitivity scenarios are not relevant. Sensitivity stress results
for the remaining rated notes are as follows:

Notes: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Reduce defaults by 15% and increase recoveries by 15%: AAAsf / AAsf
/ Asf / BBB+sf / BBBsf

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

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


SPORTS ENTERTAINMENT: Sells NZ Assets to Help Reduce Debt
---------------------------------------------------------
The Sydney Morning Herald reports that Sports Entertainment Group
boss Craig Hutchison has assured shareholders the company is
getting on top of its finances after taking a small step to reduce
its debt with the sale of its New Zealand digital and audio
business.

In a closed-door meeting at the company's Southbank headquarters in
Melbourne on Nov. 23, Mr. Hutchison and company chair Craig Coleman
said other deals were in the works to reduce SEG's debt, SMH
relates.

According to SMH, Mr. Hutchison, a budding sports and media mogul,
and his company made a last-minute decision to deny media access to
the annual general meeting, where he and Mr. Coleman defended the
company's status as a going concern just hours after it announced
the sale of its loss-making New Zealand media assets.

Mr. Hutchison is CEO, managing director and star talent for SEG, as
well the second-largest shareholder in a rapidly expanded company
with assets including SEN Radio, a TV production company and the
Perth Wildcats basketball team. SEG is home to star talent
including Gerard Whateley, Kane Cornes and Matty Johns.

SMH says the AUD3.7 million deal with TAB NZ for the New Zealand
operations is a small step in helping SEG to reduce its debt load
of AUD28 million. The debt is due for repayment in August 2024.

At the meeting, limited to an in-person affair, Mr. Coleman told
shareholders the board was confident it could renegotiate and
extend its line of credit with Commonwealth Bank for three more
years early next year, SMH relays.

With less than AUD1 million of its AUD28 million credit line
available and due for repayment in August, a director's note in
SEG's annual report, released in late October, stressed that the
business's status as a going concern was now a "material
uncertainty" after a breach of bank covenants, according to SMH. It
remains dependent on the CBA not calling for repayment
immediately.

SMH relates that the matter was also acknowledged by the company's
auditor, BDO, which drew attention to the director's note, which it
said "may cast significant doubt about the group's ability to
continue as a going concern" and "realise its assets and discharge
its liabilities in the normal course of business".

Under the terms of the cash deal signed on Thursday, TAB NZ will
acquire the company's digital and audio businesses, including the
SENZ brand, app and website, alongside its network of 28 radio
stations. SEN is offloading the NZ assets just two years after
entering the market.

The company booked a AUD5.5 million impairment on the broadcasting
and media assets in New Zealand in the most recent financial year,
with a AUD2 million loss in 2022, SMH discloses. Advertising
revenue from the market netted just under AUD5 million compared
with the AUD69 million delivered by the company's Australian
assets.

SMH says the company will retain its New Zealand sports assets,
which include the Otago Nuggets and Southern Hoiho basketball
teams

The purchase is subject to legal agreements and is expected to be
completed by February 1, SMH notes. As part of the deal, all
programming from SEN's Australian business will be made available
on SENZ frequencies, with SEG to retain some commission from
advertising revenue on the New Zealand network.

SMH adds that Mr. Coleman said the transaction removed start-up
losses from the company's operating performance, with the New
Zealand business representing a AUD2.4 million drag on its
underlying earnings before interest, taxes, depreciation and
amortisation.

"SEG continues to focus on reducing net debt in FY24."

                     About Sports Entertainment

Australia-based Sports Entertainment Group Limited is engaged in
sports media content and entertainment business. The Company
delivers brand stories to national, metropolitan, and regional
audiences with content via multiple platforms, including radio,
print, television, online, in-stadium, and events. Its segments
include Media Australia, Media New Zealand, Complementary Services,
and Sports Teams. It produces live and pre-recorded television
programs from its studios in Southbank, as well as end-to-end live
sport coverage for broadcasters including Nine, Seven, SBS, Fox
Sports and ESPN. It operates a national radio broadcast channel
with the SEN application (App) and sen.com.au, which offer live
streaming of sports news stories and match results as well as
on-demand show podcasts. Its television programs include The Oval
Office, Footy SA and Women's Footy. It also organizes events for
corporate suite and stadium experiences, and inner sanctum dining
experiences.


WOK N TALK: Second Creditors' Meeting Set for Nov. 27
-----------------------------------------------------
A second meeting of creditors in the proceedings of Wok N Talk Pty
Ltd has been set for Nov. 27, 2023 at 11:00 a.m. at the offices of
Greengate Advisory at Suite 32.02 Level 32, 31 Market Street in
Sydney and via Zoom platform.

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.

Patrick Loi and John Chand of Greengate Advisory were appointed as
administrators of the company on Oct. 23, 2023.




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

ZHONGZHI ENTERPRISE: Shadow Bank Warns of Severe Insolvency
-----------------------------------------------------------
Bloomberg News reports that embattled shadow banking giant Zhongzhi
Enterprise Group Co. has revealed the depth of its financial
difficulties, telling investors it is "severely insolvent" with a
shortfall of $36.4 billion.

The privately owned wealth manager said liquidity has dried up and
the recoverable amount from asset disposals is expected to be low,
according to a letter sent to investors on Nov. 22 seen by
Bloomberg News.

According to Bloomberg, Zhongzhi first triggered concern in August
after one of its trust-company affiliates failed to make payments
to customers on high-yield investment products. The group's
financial difficulties add to President Xi Jinping's challenges as
officials grapple with a property crisis and a weak economy.

"The government will have to step in to help, and make sure the
asset disposal will be conducted in an open and fair approach,"
Bloomberg quotes Sun Jianbo, founder of Beijing-based asset manager
China Vision Capital, as saying adding bad assets are typically
sold with a 70% discount. "For investors, it's a lesson with huge
costs."

An audit found Zhongzhi's debts total CNY420 billion to CNY460
billion (US$64.4 billion), compared with assets of CNY200 billion,
according to the letter.

Bloomberg relates that the firm said the death of its founder Xie
Zhikun in 2021 and the subsequent departure of senior executives
had led to a failure of internal management. Previous efforts at a
"self-rescue" didn't live up to expectations, Zhongzhi said in the
letter.

Bloomberg notes that the firm earlier hired KPMG to carry out what
is likely to be a protracted restructuring process.

Those affected by Zhongzhi's troubles are likely to be wealthy
individuals, Bloomberg says. Shadow banks like Zhongzhi are loosely
regulated firms that pool household savings to offer loans and
invest in real estate, stocks, bonds and commodities. In recent
years, even as rival trusts pared risks, Zhongzhi and its
affiliates, especially Zhongrong International Trust Co., extended
financing to troubled developers and snapped up assets from
companies including China Evergrande Group.

"Preliminary due diligence shows the group has endured a
significant risk of sustainable business operation and the company
doesn't have sufficient assets to cover debt in the short term,"
the firm said in the letter.

Zhongzhi Enterprise Group Co. Ltd. operates as a diversified real
estate developer. The Company develops residential and commercial
areas. Zhongzhi Enterprise Group also provides trust investment,
highway operation, land reserve, and reservoirs treatment
services.




=================
H O N G   K O N G
=================

WANDA COMMERCIAL: Fitch Lowers LongTerm Foreign Currency IDR to C
-----------------------------------------------------------------
Fitch Ratings has downgraded Dalian Wanda Commercial Management
Group Co., Ltd.'s (Wanda Commercial) and Wanda Commercial
Properties (Hong Kong) Co. Limited's (Wanda HK) Long-Term
Foreign-Currency Issuer Default Ratings to 'C' from 'CC'. Fitch has
also downgraded the ratings on the US dollar notes guaranteed by
Wanda HK and issued by Wanda Commercial's subsidiaries to 'C' from
'CC' with a Recovery Rating of 'RR4'.

The downgrade follows Wanda Commercial's announcement that it is
soliciting consent from bondholders for proposed amendments to the
terms of the USD600 million bond maturing on 29 January 2024 and to
seek waivers of existing and potential events of default.

Fitch considers the proposed amendments as a distressed debt
exchange (DDE) as per its criteria. If the proposed consent
solicitation is successful, the IDR will be downgraded to 'RD'
(Restricted Default). Fitch will then reassess Wanda Commercial's
credit profile to determine an IDR that is consistent with the
company's post-amendment capital structure and risk profile.

Fitch rates Wanda HK and Wanda Commercial based on the Parent and
Subsidiary Linkage Rating Criteria. The companies' IDRs are the
same, as Fitch assesses their Standalone Credit Profiles as being
equal in a distressed scenario. Wanda HK is Wanda Commercial's
fully owned sole offshore financing platform and overseas
investment-holding company.

Not applicable.

KEY RATING DRIVERS

Consent Solicitation Constitutes DDE: The consent solicitation, if
successful, will constitute a DDE under Fitch's criteria. When
considering whether a debt restructuring should be classified as a
DDE, Fitch expects both of the following to apply: the
restructuring imposes a material reduction in terms compared with
the original contractual terms; and the restructuring has the
effect of allowing the issuer to avoid an eventual probable
default.

Consent Solicitation to Avoid Default: Fitch considers the consent
solicitation to be necessary for Wanda Commercial to avoid a
default. The company said in its announcement that if the consent
solicitation is not successfully consummated, it may not be able to
pay the principal amount and accrued interest of the US dollar
bonds on the original maturity date, and this may trigger
cross-default provisions under the company's other existing
indebtedness.

Material Reduction in Terms: The proposed amendments to the bond
terms include an extension of the maturity date and partial
redemption of the note, which constitute a material reduction in
terms.

DERIVATION SUMMARY

The ratings on Wanda Commercial and Wanda HK reflect the consent
solicitation, which Fitch considers a DDE.

KEY ASSUMPTIONS

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

- Available cash balance, including 40% of wealth-management
products, maintained at CNY20 billion-30 billion in 2023-2024.

- No equity financing cash inflow due to timing uncertainty.

RECOVERY ANALYSIS

Recovery Rating on Notes Guaranteed by Wanda HK

The calculation is based on 2021 annual results, as no 1H22 or 2022
results are available. The recovery analysis assumes that Wanda HK
would be liquidated in a bankruptcy. Fitch assumes a 10%
administrative claim.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in the sale or
liquidation processes conducted during a bankruptcy or insolvency
proceeding and distributed to creditors, and the following
assumptions:

- Advance rate of 0% is applied to excess cash after netting off
payables and other payables.

- Advance rate of 50% is applied to investment properties,
supported by Wanda HK's hotels and shopping malls, which generate
rental yields of above 6%.

- Advance rate of 70% is applied to accounts receivable. This is
more conservative than the 80% in Fitch's criteria, as the ending
balance is outdated.

The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR3' for offshore senior debt.
However, under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and the Recovery Rating on instruments of issuers
with assets in this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

- Fitch will reassess Wanda Commercial's capital structure and cash
flow after the completion of the consent solicitation, or if the
consent solicitation is not completed, to determine its IDR and
senior unsecured ratings.

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

- Fitch will downgrade Wanda Commercial's IDR to 'RD' if the
consent solicitation is completed, or if it fails to meet any of
its debt obligations.

ISSUER PROFILE

Wanda Commercial is China's largest shopping mall owner and one of
the largest commercial property owners rated by Fitch.

ESG CONSIDERATIONS

Wanda Commercial has an ESG Relevance Score of '4' for Financial
Transparency, because Wanda Group is a private company and its
financial disclosure to Fitch is limited. Fitch has obtained
audited financial reports and access to Wanda Group's management,
but information about the group's other principal subsidiaries may
be limited. The uncertainty over Wanda Group's financial
transparency has a negative impact on the credit profile, and is
highly relevant to the rating.

Wanda Commercial has an ESG Relevance Score of '4' for Group
Structure, because there is a lack of transparency, particularly in
intragroup transactions between Wanda Commercial and Wanda Group.
This includes the issuance of guarantees or other forms of credit
enhancement, or contractual features of debt, such as subordination
or ringfencing, that affect the risk profile of Wanda Commercial,
which indicates weak group structure. This has a negative impact on
the credit profile, and is highly relevant to the rating.

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
   -----------                ------        --------   -----
Wanda Commercial
Properties (Hong
Kong) Co. Limited       LT IDR C  Downgrade            CC

Dalian Wanda
Commercial Management
Group Co., Ltd.         LT IDR C  Downgrade            CC

Wanda Properties
International
Co. Limited

   senior unsecured     LT     C  Downgrade   RR4      CC

Wanda Properties
Global Co. Limited

   senior unsecured     LT     C  Downgrade   RR4      CC



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

AASTHA SOCIETY: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aastha
Society (AS) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.14       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 11,
2022, placed the rating(s) of AS under the 'issuer non-cooperating'
category as AS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 27, 2023, October 7, 2023, October 17, 2023.

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

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

The ratings assigned to the bank facilities of AS have been revised
on account of non-availability of requisite information.

Sikar (Rajasthan) based Aastha Society (AAS) was formed by Mr.
Pawan Kumar and Mr. Mahesh Kumar and was registered as a society on
August 25, 2003 for imparting education in the field of Nursing and
Veterinary & Animal Science at Sikar. AAS operates two colleges
under its umbrella. The trust offers B.Sc. Nursing and Veterinary &
Animal Science degree courses in its college. The Veterinary &
Animal Science for degree courses is affiliated from Rajasthan
University of Veterinary & Animal Science (RUVAS), Bikaner whereas
B.Sc. nursing science courses are affiliated from Rajasthan
University of Health Science (RUHS), Jaipur.

ABHIMAANI PRAKASHANA: Ind-Ra Corrects Oct. 26, 2023 Rating Release
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Abhimaani Prakashana's
rating published on October 26, 2023.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has maintained Abhimaani
Prakashana's instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating action is:

-- INR60 mil. Term loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Company Profile

Abhimaani Prakashana was established in 1985 as a proprietorship
firm. The firm is engaged in text books printing. The firm is
promoted by Mr. Venkatesh and has an installed capacity to print
100 tons of paper daily.


ANYA POLYTECH: CARE Lowers Rating on INR20cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Anya Polytech and Fertilizers Private Limited (APFL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

APFL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE Ratings Ltd.'s rating on bank facilities of APFL
will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The revision in the ratings of the bank facilities of APFL continue
to remain constrained by modest scale of operations, Fluctuating
profitability margins, moderate inventory holding period, moderate
capital structure and debt coverage indicators and susceptibility
to volatility in prices of raw material. The rating, however,
derives comfort from experience and resourceful
management and reputed customer base.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

Key weaknesses

* Modest scale of operations: APFPL's scale of operations stood
modest though growing as marked by total operating income of
INR102.01 crore and gross cash accruals of INR6.85 crore
respectively, during FY23 as against INR91.95 crore and INR3.75
crore respectively in FY22. The improvement in total operating
income is on account of addition of new customers. Further, the
company's net worth base stood relatively modest at INR39.73 crore
as on March 31, 2023. The modest scale limits the company's
financial flexibility in times of stress and deprives it from scale
benefits. Though, the risk is partially mitigated by the fact that
the scale of operations is growing continuously reflecting a CAGR
of 10.60%.for past five fiscal years ending FY23(Prov.).

* Fluctuating profitability margins: The profitability margins of
the company stood fluctuating for the past five financial years,
i.e., FY18-FY23 as marked by PBILDT and PAT margins mainly on
account of volatility associated with raw material prices. The
PBILDT margin moderated from 6.25%in FY21 to 4.87% in FY22 and then
improve to 8.53% in FY23(Prov.).The PAT margins increased to 5.12%
in FY23 as compared to 1.09% in FY22 on account of increase in
PBILDT margins.

* Moderate financial risk profile: The debt profile of the company
comprised of term debt to the tune of INR19.54 crores, working
capital limit utilized the tune of INR13.34 crores against modest
tangible net worth of INR39.73 crores. The capital structure of the
company stood moderate as marked by overall gearing at 0.83x as on
the balance sheet date ending March 31, 2023(Prov.). Further owing
moderate GCA levels, the debt coverage indicators of the company as
marked by interest coverage ratio and total debt to GCA also stood
moderate at 4.29x and 4.80x respectively in FY23 (Prov.) as against
6.64x and 7.08x respectively in FY22.

* Susceptibility to volatility in prices of raw material: The major
raw materials used in manufacturing of HDPE bags are primarily
petroleum products which in turn are dependent on international
crude oil prices. Hence APFPL is exposed to volatility in crude oil
prices as any increase/decrease directly affects the cost of the
raw materials. Further, prices of crude oil are volatile in nature
and are driven by the demand supply scenario prevailing on a
particular day and also by the global prices which affect the
profitability of the company.

* Moderate inventory holding period: The company maintains
inventory in the form of raw material for smoother execution of
production process. Further, the company has a lengthy
manufacturing which requires 2-3 months for processing of raw
material and its conversion, major portion of inventory is blocked
in the form of semifinished as well as finished goods to meet the
immediate demand of its customers. Entailing, all results in
average inventory holding period of around 48 days in FY23 (Prov.).
Further, APFPL extends a credit period of around one-two months to
its customers, resulting in an average collection period of 33 days
for FY23 (Prov.) and gets a similar credit period from its
suppliers, resulting in average creditor period of 39 days for
FY23 (Prov.).

Key strengths

* Experienced management: APFPL is currently being managed by Mr.
Yashpal Singh Yadav, managing director and promoter of the company.
Mr. Yashpal Singh Yadav is a post-graduate by qualification and has
a decade of experience in the manufacturing
of HDPE bags and fertilizers. He looks after the overall operations
of the company and is ably supported by a team of professionals.

* Reputed Customer Base: The company has been catering to reputed
customers comprise of fertilizer companies like KRIBHCO Fertilizers
Limited, Deepak Fertilizers and Petrochemical Corporations Limited,
Aditya Birla Group, Yara Fertilizers India Private Ltd. etc. The
same is evidence of acceptance of the company's products and their
quality in the market. Moreover, reputed customer base ensures
timely realization of receivables.

Liquidity: Stretched

The liquidity is stretched as marked by low current ratio and quick
ratio of 1.31 times and 0.95 times respectively in FY23 (Prov.).

Further, the company has low unencumbered cash and bank balances of
INR0.35 crore as on March 31, 2023 (Prov.).

Uttar Pradesh based Anya Polytech and Fertilisers Private Limited
(APFPL) was established in the year 2011 (commercial operations
started in December 2012) as a joint venture between Anya Agro &
Fertilisers Private Limited and KRIBHCO Infrastructure Limited. The
company is currently being managed by Mr. Yashpal Singh Yadav. The
company is engaged in manufacturing of HDPE bags (High Density
Polyethylene) that find application in packaging across various
industries viz. fertilisers, cattle feed, chemicals, sugar etc.
Additionally, the company also manufactures fertilisers like zinc
sulphate monohydrate, zinc sulphate.


APNATECH CONSULTANCY: Ind-Ra Cuts Term Loan Rating to D
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Apnatech
Consultancy Services Private Limited's bank facilities' ratings to
'IND D (ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT
COOPERATING)'.

The detailed rating actions are:

-- INR18.40 mil. Fund-based limit (Long-term/Short-Term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR94.75 mil. Non-fund-based limit (Short-term) downgraded  
     with IND D (ISSUER NOT COOPERATING) rating.

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

Key Rating Drivers

The downgrade reflects ACSPL's delays in debt servicing of term
loans during August 2023, based on public sources. Ind-Ra has not
been able to ascertain the reason for the delay, as the issuer has
been non-cooperative.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

Company Profile

Incorporated in 2003, Lucknow-based ACSPL was engaged in the supply
of manpower and the operation and maintenance of telecom towers. In
2015, the company ventured into electrical line and substation
installation.



ARTEMIS AUTO: Ind-Ra Corrects Oct. 26, 2023 Rating Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Artemis Auto India
Private Limited's rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating actions are:

-- INR112.5 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D/IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR30 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Company Profile

Incorporated in 2010, AAIPL is an authorized dealer of Volvo Auto
India.


ARYAN CHARITABLE: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of The Aryan
Charitable Trust KTL (Aryan) continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan               5.5       CRISIL B-/Stable (Issuer Not
                                     Cooperating)

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

Aryan, a not-for-profit organisation, has set up a middle school,
Aryan International School, affiliated with the Central Board of
Secondary Education (CBSE) at village Katwad, Kaithal (Haryana).
Operations are managed by its chairman Mr Parduman Singh.
Operations began in April 2018.


AYURSUNDRA HEALTHCARE: Ind-Ra Corrects Oct. 26 Rating Release
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Ayursundra Healthcare
Private Limited's rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating actions are:

-- INR911.98 mil. Term loan due on Aug 31, 2026 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR60 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Company Profile

Incorporated on December 2007, AHPL runs an 80-bed hospital in
Betkuchi village in Guwahati, Assam. Simanta Das, Dr Abhijit
Hazarika and Lakshi Baishya are the directors of the company.



B.K. ENTERPRISES: CARE Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of B.K.
Enterprises (BKE) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      3.75       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.75       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 11,
2022, placed the rating(s) of BKE under the 'issuer
non-cooperating' category as BKE had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BKE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 27, 2023, October 7, 2023, October 17,
2023.

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

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

B. K. Enterprises (BKE), established in 1991 by Mr. Vijay Kumar
Khetan, having more than four decades of experience in coal trading
business. BKE is engaged into the business of coal trading in India
and it sources and distributes coal mainly in Uttar Pradesh.


BAKERI URBAN: Ind-Ra Corrects March 10, 2023 Rating Release
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Bakeri Urban
Development Private Limited's (BUDPL) rating published on March 10,
2023 to mention the requirement of unsupported ratings. It covers
the corrections and clarifications published earlier.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has assigned Bakeri Urban
Development Private Limited's (BUDPL) bank loans 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR1.050 bil. Non-convertible debentures (NCD)* assigned with
     IND BB/Stable rating;

-- INR100 mil. Working capital demand loan assigned with IND BB/
     Stable rating; and

-- Unsupported rating$ assigned with IND BB/Stable rating.

*Details in Annexure

$ Ind-Ra has assigned the unsupported rating in compliance with
the Securities Exchange Board of India's circulars dated June 13,
2019, which requires credit rating agencies to disclose unsupported
ratings without factoring in the corporate guarantee under legal
linkages and supported rating after factoring in the corporate
ratings under legal linkages.

ANALYTICAL APPROACH: Ind-Ra has taken a consolidated view of BUDPL
and its 100% parent Bakeri Projects Private Limited ('IND
BB'/Stable), while assigning the ratings, owing to the strong
legal, operational and financial linkages between them. BPPL has
also provided a corporate guarantee for BUDPL's NCDs.

Key Rating Drivers

Unsupported Rating: Ind-Ra has considered BUDPL as a group company
of the Bakeri group under its parent and subsidiary rating linkage
criteria. The unsupported rating has factored in without the legal
linkages of the entity, wherein a guarantee was given by BPPL for
BUDPL's NCDs. As the guarantee is deficient in nature, legal
linkages are considered weak and consolidated ratings assigned with
strong operational and strategic linkages in the group.

Liquidity Indicator – Stretched: The ratings reflect BUDPL's
stretched liquidity position on account of the group's low sales
and collection velocity during the 12 months ended November 2022.
The agency expects the liquidity to remain under pressure if the
finished inventory is not liquidated, given the sizable, committed
construction cost for under construction and new projects, along
with sizable scheduled debt repayments.

The group's sales and collection were at INR900 million during the
12 months ended November 2022, despite high completion status of
the projects and ready inventory.  Furthermore, BPPL, through a
special purpose vehicle, entered into a Gift City project in
Ahmedabad for a total cost of INR4 billion, which is likely to have
high committed construction costs. BPPL has scheduled repayments of
INR520 million, INR550 million and INR450 million in FY23, FY24 and
FY25, respectively, while BUDPL has repayments of INR230 million,
INR190 million and INR250 million. The group has proposed term loan
for the new projects, which is yet to be sanctioned. BPPL had also
provided guarantee of INR2,040 million, largely for BUDPL's debt.
BUDPL is mainly engaged in plotted developments, which typically
have weak sales velocity albeit low development costs.

However, the ratings are supported by BUDPL's lower project
execution risk as it has achieved 76% construction completion on a
weighted average basis for its seven projects (three plotted
development, two residential, one commercial and one golf country
project) as of December 2022. Of these, only two projects Sylvan
golf & country (6% complete) and Serenity Proximus II (57%
complete) have sizeable construction costs left and management
expects these projects to be completed by March 2026 and December
2023, respectively.

The ratings also benefit from BUDPL's adequate revenue visibility
due to its high inventory. It has completed inventory of about
400,000 sf valued at INR1.5 billion, which along with a combined
collection velocity of INR758 million over the last 20 months ended
November 2022, provides adequate revenue visibility. Ind-Ra expects
BPPL's collection velocity to improve as the company liquidates
completed inventory and sells Sylvan golf and country project.

While the group is mainly concentrated in Gujarat as its main
market, the promoters' more than five decades of experience in the
real estate construction business has enabled the company to
establish a brand presence. The group has developed more than 25
million sf of plotted development and 17 million sf of constructed
properties.

Positive: Timely tie up of debt, successful project completion,
sale of inventory as planned, and a significant increase in sales
realization, leading to a strong cash flow visibility could lead to
a positive rating action.

Negative: Any delay in debt tie-up, leading to a significant time
or cost overrun in the ongoing projects, and lower-than-expected
sales volume or slow realization from bookings leading to pressure
on the liquidity, will be negative for the ratings.

Company Profile

Incorporated in 1996, BUDPL is a subsidiary company of BPPL. The
company is engaged in the business of construction, development,
sale, management and operation of townships, plotted development,
housing projects, commercial premises and other related activities.


Bakeri Group was set up in 1959 and has developed more than 25
million sf of plotted development and 17 million sf of constructed
properties in Ahmedabad.



BHASKAR SHRACHI: Ind-Ra Corrects October 26, 2023 Rating Release
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Bhaskar Shrachi Alloys
Limited's rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating actions are:

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

     rating;

-- INR150 mil. Non-Fund Based Working Capital Limit maintained in

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

-- INR192 mil. Term loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Company Profile

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



BOSTIN ENGINEERS: Ind-Ra Corrects October 26, 2023 Rating Release
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Bostin Engineers Pvt
Limited's rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating actions are:

-- INR89 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR60 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR4.96 mil. Term loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Company Profile

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



C. GEMS: Ind-Ra Corrects Oct. 26, 2023 Rating Release
-----------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Gems & Jewels Pvt.
Ltd.'s rating published on October 26, 2023.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has maintained C. Gems & Jewels
Pvt. Ltd.'s instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating actions are:

-- INR100 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D/IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR330 mil. Term loan due on Feb 28, 2028 maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Company Profile

Incorporated in 1999, CGJPL offers a wide range of services at
Sirhind Rajpura Punjab. The company operates fuel stations of
Hindustan Petroleum Corporation Limited (IND AAA/Stable), motels,
shopping malls and restaurants.



C.P.ARORA ENGINEERS: Ind-Ra Cuts Loan Rating to D, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded C.P. Arora
Engineers- Contractors Private Limited's (CPA) bank facilities to
'IND D' from 'IND BB+'. The Outlook was Stable.

The detailed rating actions are:

-- INR162.50 mil. (reduced from INR182.50 mil.) Fund-based
     working capital limits (Long term/short term) downgraded with
     IND D rating;

-- INR82.20 mil. Non-fund-based working capital limits (Short
     term) downgraded with IND D rating; and

-- INR35.30 mil. Proposed non-fund-based working capital limits
     (Short Term) downgraded with IND D rating.

The downgrade reflects CPA's delay in servicing its debt
obligations since April 2023, due to the shortage of funds
following non-payments by its debtors.

Key Rating Drivers

Liquidity Indicator- Poor: As per the management, CPA has delayed
the servicing of its debt obligations, due to the fund shortage.
The company's average monthly peak utilization of the fund-based
limits was 99.76% during the 12 months ended September 2023, with
four instances of overutilization, due to interest charged at the
end of the month, which were regularized within two-to-three days.
The cash flow from its operations increased to around INR191.33
million in FY23 (FY22: INR108.64 million), due to favorable changes
in the working capital. The free cash flow decreased to INR12.85
million in FY23 (FY22: INR37.42 million) due to its capex of INR178
million. The company had an unencumbered cash balance of around
INR5.97 million at FYE23 (FYE22: INR7.39 million). The company
plans to apply for the enhancement of the non-fund-based limits.
The company has scheduled repayments of INR24.2 million and INR21
million in FY24 and FY25, respectively. CPA does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will lead to a positive rating action.

Company Profile

Incorporated in 2003, CPA undertakes tender-based road projects on
a sub-contract basis. The company is also involved in various
ancillary works, required for the completion of a road project,
including the construction of footpaths, walkways, cross drainage
works, culverts, sewer lines, water supply lines, and landscaping
jobs. The company is managed by Karun Arora.


CHAMARIA INFRASTRUCTURES: Ind-Ra Corrects Oct. 26 Rating Release
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Chamaria
Infrastructures Private Limited's rating published on October 26,
2023.

The amended version is as follows:

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

The detailed rating action is:

-- INR55 mil. Term loan due on Jul 31, 2025 maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Company Profile

Incorporated in July 2015, CIPL operates a hotel in Madhya Pradesh.
The hotel began operations in December 2018.


CHAMARIA INFRASTRUCTURES: Ind-Ra Withdraws D Term Loan Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Chamaria
Infrastructures Private Limited's (CIPL) term loan rating of 'IND D
(ISSUER NOT COOPERATING)'.

The detailed rating action is:

-- INR55 mil. Term loan due on July 2025 is withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the rating as the term
loan has been paid in full and the agency has received no-dues
certificates from the lenders. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.

Company Profile

Incorporated in July 2015, CIPL operates a hotel in Madhya Pradesh.
The hotel began operations in December 2018.


COCHIN FROZEN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Cochin Frozen Food Exports Private Limited
IV/475, Arookutty Ferry Road Aroor,
        Alleppey District, Kerala 688534

Insolvency Commencement Date: November 2, 2023

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

Court: National Company Law Kochi Bench

Insolvency
Professional: Annie Abraham
       2nd Floor, Pine Gardens, VRM Road,
              Ravipuram, Kochi 682016
              Email: abrahamannies@gmail.com
              Email: ipcochinfrozen@gmail.com

Last date for
submission of claims: November 16, 2023


COIMBATORE ROLLER: CRISIL Moves B+ Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Coimbatore Roller Flour
Mills Pvt Ltd (CRFM) 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 Ratings is migrating the rating on
bank facilities of CRFM to 'CRISIL B+/Stable' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit         14.5       CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects CRFM's below-average financial risk profile and
working capital intensity in operations. The rating also factors in
susceptibility of profit margin to volatility in raw material
prices These weakness are partially offset by its promoter's
extensive experience and CRFM's established market position in the
agro processing industry and established client relationships.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile and working capital
intensity in operations: The company has below-average financial
risk profile. Networth was at INR6.36 crore and gearing was about
4.28 times as on March 31, 2023. The interest coverage and net cash
accrual to adjusted debt ratios are at 0.98 times and 0.03 time,
respectively, in fiscal 2023. Expected to improve over medium
term.

* Susceptibility of margins on volatility in raw material prices
and climatic conditions: The crop yield of agro commodities is
dependent on the monsoon and favorable climatic conditions. Thus,
CRFM remains vulnerable to shortage of its key raw material if the
climate is not conducive. Furthermore, attacks of pests or crop
infections could also cause more unpredictability in production and
pricing of agro commodities and derived products. This
susceptibility can be seen in the fluctuations in the operating
margins. In fiscal 2023, the company has reported about 1.9%
margins against 2% in fiscal 2022, expecting moderate growth in
current year, same remains key monitorable.

Strengths:

* Promoter's extensive exerience: The promoter, Mr Devendra Kumar
Gupta, has more than five decades of experience in the agro
processing industry and is a qualified food technologist. CRFM will
continue to benefit from his extensive experience.

* Established market position in the agro processing industry and
strong client relationships: CRFM has stable and healthy demand for
its products, supported by its established position in the market
for almost five decades. This is reflected in the moderate scale of
operations. The company has reported close to INR142.81 crore in
fiscal 2023 against INR130.63 crore in fiscal 2022. Strong
relationships with players across the value chain will continue to
support the company's business risk profile over the medium term.
Apart from the existing client base that have remained with the
company for over a decade, CRFM is also adding new clients.

Liquidity: Stretched

Bank limit utilisation is high at around 83 percent for the past
twelve months ended September 2023. Liquidity is constrained on
account of insufficient cash accruals as against maturing debt
expected over the medium term. However, liquidity remains supported
by timely recovery of advances due from group concerns and further
supported by need-based funds from the promoters.

The promoters are likely to extend support in the form of equity
and unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believes CRFM will continue to benefit, over the
medium term, from its promoter's extensive experience in the agro
commodity processing industry.

Rating Sensitivity Factors

Upward factors

* Increase in revenue by 20% and operating margin above 2.5%,
leading to higher cash accruals.
* Improvement in the financial risk profile.
* Improvement in the liquidity risk profile.

Downward factors

* Fall in revenue by over 20% or decline in operating margin,
leading to lower cash accruals.
* Further deterioration in the working capital cycle or large,
debt-funded capital expenditure impacting the credit profile.

The Company is into the manufacturing and sale of  wheat flour and
related products such as atta, maida, bran and suji.


DEEP WELDMESH: Ind-Ra Corrects Oct. 26, 2023 Rating Release
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Deep Weldmesh Private
Limited's rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating action is:

-- INR100 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D/IND D (ISSUER NOT
     COOPERATING) rating.

Company Profile

Incorporated in 1996, DWPL is engaged in the trading of wires, wire
mesh, thermos-mechanically treated bars, angles, steel bars, steel
angles and others. The entity is promoted by Mr. Dharampal Garg.
Its registered office is at Jhandewalan Road, New Delhi.



FORT PROJECTS : Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Fort Projects Private Limited

Registered Office:
        7/ 1A, Hazra Road,
Kolkata, West Bengal - 700026, India

        Principal Office:
        Fort Barlow 59C
        Chowringhee Road, 5th Floor,
        Kolkata West Berngal-700020, India

Insolvency Commencement Date: November 9, 2023

Estimated date of closure of
insolvency resolution process: May 7, 2024

Court: National Company Law New Delhi Bench

Insolvency
Professional: Kannan Tiruvengadam
       Netaji Subhas Villa,
              18 Karunamoyee Ghat Road
              (Tollygunge Area), Flat 3C,
              Kolkata 700082, West Bengal, India
              Email: calkanhanilbate@gmail.com
              Email: cirpfort@gmail.com

Last date for
submission of claims: November 23, 2023


GARGS WELDMESH: Ind-Ra Corrects Oct. 26, 2023 Rating Release
------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Gargs Weldmesh Private
Limited's rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating action is:

-- INR100 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D/IND D (ISSUER NOT
     COOPERATING) rating.

Company Profile

Incorporated in 1996, GWPL is engaged in the trading of wires, wire
mesh, thermo-mechanically treated bars, steel bars, steel angles
and others. The company is promoted by Mr. Dharampal Garg. Its
registered office is located at Jhandewalan Road, New Delhi.



GETWELL PHARMA: CARE Assigns D Rating to INR7.50cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Getwell
Pharma India Private Limited (GPIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term
   Bank Facilities      7.50       CARE D Assigned

   Long Term
   Bank Facilities     32.50       CARE D Revised from CARE B+;
                                   Stable

Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of
GPIPL takes into account the delay in debt servicing of term
loans.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delay/default free track of 90 days.
* Infusion of funds by promoters to improve the liquidity position
of the company.

Analytical approach: Standalone.

Detailed description of the key rating drivers:

Key weaknesses

* Delay in debt servicing: As per the banker's feedback, the
company has defaulted in the repayment of quarterly instalment of
term loan for the quarter ended September 2023, due to delay in
receipt of payments from the clients leading to a stretch in
liquidity.

Liquidity: Poor

The company has poor liquidity position, marked by delays in
repayment of instalments due for term loan.

Based in Delhi, GPIPL was incorporated in the year 2017 with an aim
to manufacture generics of oncology products primarily related to
chemotherapy. It manufactures oncology formulations in the form of
liquid vials and lyophilized vials in line with local and
international regulatory requirements. It is currently managed by
Mr. Manas Tandon, Ms. Mini Tandon, Ms. Prerna Tandon
and Mr. Rakesh Dwivedi as its director.


GO FIRST: NCLT Extends Airline's Resolution Timeline by 90 Days
---------------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal (NCLT)
on Nov. 23 granted Go First airline a 90-day extension for its
Corporate Insolvency Resolution Process (CIRP), now effective from
November 6 to February 4, as the bankrupt carrier seeks to revive
its operations.

According to the report, the tribunal has asked the resolution
professional (RP) overseeing Go First's insolvency to submit a
90-day action plan.

The grounded airline's Committee of Creditors, with significant
stakes held by Bank of Baroda, Central Bank of India, and IDBI
Bank, unanimously supported the CIRP extension.

Livemint.com relates that the move offers temporary respite for Go
First, battling by legal tussles with aircraft lessors, and
complications arising from government decrees impacting asset
reclamation during the moratorium. Despite these challenges and a
tepid response from potential acquirers, the airline has obtained
an expression of interest (EoI) from one prospective resolution
applicant (PRA), who has until 21 November to submit a formal
resolution plan.

Given that the CIRP period expired on November 6, today's extension
was necessary to allow the PRA to submit its plan, the report
notes. The RP noted that if no resolution plan is received from
interested parties, they will initiate a fresh bid process.

Livemint.com says the tribunal has warned that the failure to
conclude the CIRP within the new timeframe may trigger liquidation
proceedings.

Some lessors contested the extension, criticizing the RP's lack of
progress and clear strategy. The RP, however, said that such
decisions are within the Committee of Creditors' purview, and that
lessors do not have the local standi to oppose it.

                           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.


ICEBERG AQUA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Iceberg Aqua Private Limited
Unit No-1801, 10th Floor, Aggarwal Millennium Tower-II,
        North Delhi, Netaji Subhash Place,
        Delhi India, 110034

Insolvency Commencement Date: October 30, 2023

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

Court: National Company Law New Delhi Bench-V

Insolvency
Professional: Mr. Shamsher Bahadur Singh
       48, Sidhartha Apartment
              Behind Inder Enclave Rohtak Road
              Opposite Jwala Puri No. 6,
              New Delhi - 110087
              Email: shamsher_cs@yahoo.co.in

              D-54, First Floor, Defence Colony,
              New Delhi - 110024
              Email: cirp.iapl2023@gmail.com

Last date for
submission of claims: November 20, 2023


INABENSA BHARAT: Ind-Ra Corrects October 26, 2023 Rating Release
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Inabensa Bharat
Private Limited's rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating actions are:

-- INR150 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D / IND D(ISSUER NOT
     COOPERATING) rating; and

-- INR50 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D/IND D (ISSUER NOT
     COOPERATING) rating.

Company Profile

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



INDO SPONGE: Ind-Ra Corrects Oct. 26, 2023 Rating Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Indo Sponge Power And
Steel Limited's rating published on October 26, 2023.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has maintained Indo Sponge
Power And Steel Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR80 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR50 mil. Term loan due on 31 Mar 31, 2023 maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Company Profile

Incorporated in 2008, Indo Sponge Power and Steel manufactures
sponge iron.



JS DESIGNER: Ind-Ra Corrects Oct. 26, 2023 Rating Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects JS Designer Limited's
rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating actions are:

-- INR610.3 mil.  Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR356.5 mil. Term loan maintained in non-cooperating category

     rating; and

-- INR47.5 mil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Company Profile

Set up in 1997, JS Designer manufactures garments and exports
designed apparels, which includes women's wear and kids wear.


K.K. DUPLEX: Ind-Ra Corrects October 26, 2023 Rating Release
------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects K.K. Duplex and Paper
Mills Private Limited's rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating actions are:

-- INR32.5 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D/IND D (ISSUER NOT
     COOPERATING) rating;

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

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

-- INR77.0 mil. Term loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Company Profile

K.K. Duplex & Paper Mills was incorporated in 1995; it manufactures
duplex board and kraft paper  at its facility located in
Muzaffarnagar.



KANJI KALYANJI: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kanji
Kalyanji and Co (KKC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 14,
2022, placed the rating(s) of KKC under the 'issuer
non-cooperating' category as KKC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KKC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 30, 2023, October 10, 2023, October
20, 2023.

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

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

Mumbai (Maharashtra) based Kanji Kalyanji and Co. (KKC) is a
partnership firm established in 1949 and is currently managed by
Mr. Rajesh Shantilal Lapasia and Mr. Yash Rajesh Lapasia. They
collectively look after the overall operations of the firm. The
entity is engaged in the business of extraction and supplying of
refined oils such as groundnut, cotton, sunflower etc. at its
processing facility located in Mumbai, Maharashtra.


KANORIA SUGAR: Ind-Ra Corrects Oct. 26, 2023 Rating Release
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Kanoria Sugar and
General Manufacturing Company Limited's rating published on October
26, 2023.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has maintained Kanoria Sugar
and General Manufacturing Company Limited's instrument(s) rating in
the non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR382.4 mil. Term loan due on Dec 31, 2023 maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)  
     rating;

-- INR316.1 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D/IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR24 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Company Profile

KSGM was established in 1934 under the name Shankar Sugar Mills. It
was acquired by Kanoria Industries Ltd in 1956. The company
undertakes processing of sugar and manufactures air conditioning
pressure pipes.


KLR INDUSTRIES: Ind-Ra Corrects Oct. 26, 2023 Rating Release
------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects KLR Industries
Limited's rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating actions are:

-- INR30 mil. Term loan due on Mar 31, 2022 maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)  
     rating;

-- INR282 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR125 mil. Non-Fund Based Working Capital Limit maintained in

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

Company Profile

KLR Industries manufactures drilling equipment such as drilling
rigs, hammers, and bits that are utilized for water wells, mining,
piling, geological surveys, construction, etc. The company has a
manufacturing facility in Cherlapally, Hyderabad.



KOHINOOR GINNING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kohinoor Ginning and Pressing Private Limited
Office No. 108-112,
        City Pride Building, 1st Floor,
        Near Mondha Naka Signal,
        Jalna Road, Aurangabad,
        Maharashtra, India, 431001

Insolvency Commencement Date: November 2, 2023

Estimated date of closure of
insolvency resolution process: May 6, 2024

Court: National Company Law Pune Bench

Insolvency
Professional: CA Fanendra Harakchand Munot
       Flat No. 1002, 10th Floor, 'C' Wing,
              Prathamesh Darshan, Ghatkopar East,
              Opp. Railway Station
              Mumbai - 400075
              Email: fhmunot@gmail.com

              5th Floor, Labhade Prestige,
              Off Karve Road,
              Deccan Gymkhana, Pune - 410004
              Cell: 7378559292
              Email: cirp.kohinoorginning@gmail.com

Last date for
submission of claims: November 23, 2023


L B INDUSTRIES: Ind-Ra Corrects Oct. 26, 2023 Rating Release
------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects L B Industries Private
Limited's rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating actions are:

-- INR60 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D/IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR420 mil. Non-Fund Based Working Capital Limit maintained in

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

Company Profile

Incorporated in 2008, L B Industries trades various flooring
products and edible oils. In December 2013, the firm started
trading various commodities such as palm oil and sugar. In 2015, it
ventured into third-party manufacturing of cooking spray oil under
its own brand name.



M/S SOUTH: Ind-Ra Corrects Oct. 26, 2023 Rating Release
-------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects M/s South Indian
Constructions Private Limited's rating published on October 26,
2023.

The amended version is as follows:

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

The detailed rating actions are:

-- INR125 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D/IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR100 mil. Non-Fund Based Working Capital Limit maintained in

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

Company Profile

M/s South Indian Constructions executes civil construction
contracts, mainly building construction for various departments
such as public works departments, Central Public Works Department
and public sector companies in Kerala and Tamil Nadu. Its promoter
is Vinod Kumar.


MAKTEL POWER: Ind-Ra Corrects October 26, 2023 Rating Release
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Maktel Power Limited's
rating published on October 26, 2023.

The amended version is as follows:

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

The detailed rating actions are:

-- INR105 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR125 mil. Non-Fund Based Working Capital Limit maintained in

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

Company Profile

MPL was incorporated in 1982 as a partnership firm under the name
M/s Danke Switchgears to undertake the manufacturing of a wide
range of electrical equipment that find application in electricity
transmission. In 2009, the firm was reconstituted as a limited
company. MPL has one sole manufacturing plant in Waghodia, Vadodara
(Gujarat). The facility has an installed capacity of 4,000
isolators.



NEPTUNE LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neptune
Laminates Private Limited (NLPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

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

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

NLPL, incorporated in 2013, is promoted by the Veraval,
Gujarat-based Limbani family and others. It manufactures laminates
and started commercial production in January 2015.


NUTECH ENGINEERING: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nutech
Engineering Technologies Limited (NETL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

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

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

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

Incorporated in 1986, Nutech Engineering Technologies Limited
(NETL) is engaged in manufacturing of air conditioning ventilations
and exhaust system equipment like air handling units (AHU),
centrifugal fans, industrial fans and other. The products of the
company are customized as per the requirement of the client and
they find applications in various industrial establishments like
shopping malls, hotels, hospitals and corporate offices.


PIRG SDI: CRISIL Lowers Rating on INR11.1cr PTCs to B (SO)
----------------------------------------------------------
CRISIL Ratings has downgraded its rating to 'CRISIL B (SO)' from
'CRISIL BB- (SO)' on Series 1 Senior Tranche PTCs issued by PIRG
SDI 5 Trust, and removed from 'Rating Watch with Negative
Implications', due to one of the underlying lessees remaining in
default. The concerned lessee forms 11.0 % of the pool cashflows
and has missed the last 3 months' rental payouts resulting in cash
collateral utilization.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Series 1 Senior       11.1       CRISIL B (SO) Downgraded from
   Tranche PTCs                     'CRISIL BB- (SO)'; Removed
                                    from 'Rating Watch with
                                    Negative Implications'

The PTCs are backed by operating lease receivables from eleven
start-up business entities who have leased assets from Vriksh
Advisors Private Limited (Vriksh; not rated by CRISIL).  The rating
is based on the credit support available to the PTCs, credit
quality of the underlying receivables, Vriksh's origination and
servicing capabilities and soundness of the transaction's legal
structure.

The transaction has a 'Par with no internal support' structure.
Vriksh assigned the rental receivables (including GST net of TDS)
of INR13.93 crores to 'PIRG SDI 5 Trust ', a trust settled by
Beacon Trusteeship Limited in exchange for a purchase consideration
of INR11.10 crores. Vriksh continues to service the pool contracts
as the servicing agent. PTC-holders are entitled to receive timely
interest and principal on a monthly basis. Default on the PTCs is
defined as non-payment of interest and/or principal promised on
each payout date.

The reset of credit enhancement would be subject to the consent of
the investors in the PTCs. The consent shall either be explicitly
obtained during every reset or the transactions documents shall
contain general clauses providing implicit consent of the investors
for the reset of credit enhancement.

Key Rating Drivers & Detailed Description

Strengths:

* Credit support available in the structure: External credit
support of INR1.26 crs (12.1% of PTC payouts) in the form of a Bank
Guarantee arranged by Vriksh Advisors (Vriksh; Not Rated by CRISIL)
from designated bank (IDFC First Bank Limited).

* Non extinguishing nature of the obligation: The lessor has
fulfilled its principal obligations under the lease agreement and
the agreements forbid lessee to terminate for any other cause apart
from failure of the lessor to fulfill its obligations. Hence CRISIL
Ratings does not envisage any risk on account of cancellation by
the lessee. 10 out of the 11 agreements allow the lessor to
pre-terminate and accelerate lease payments if the lessee is in
default, where the lessee shall have to pay the present value of
future rentals (discounted at agreed upon rates).

* Track record of payment by the lessees: 10 of the 11 lessees have
been regular and made all the expected payments under lease
agreements.

Weakness:

* Obligor concentration: The pool is concentrated and comprises of
11 lessees, with top 5 lessees accounting for 53.0% of cashflows

* Receivables are non financial obligations of the obligors: The
underlying pool receivables are operational and not financial
obligations of the lessees, which could witness potential delays in
payments based on the operational performance of the lessees.
However, the leased assets are critical to the business operations
of the entity, which limits the likelihood of undue delays. Also
the transaction provides for a gap of at least 15 days between the
lease due dates and the investor payout due dates, mitigating the
impact of short-term delays on investor payouts.

Liquidity: Stretched

Liquidity is stretched given that the credit enhancement available
in the structure may not be sufficient to cover pool losses higher
than the currently estimated base shortfalls.

Rating Sensitivity Factors

Upward factors:

* Improvement in the credit profile of 1 or more of the obligors in
the pool.
* Longer track record of collections leading to higher instrument
amortisation resulting in build-up of collateral cover.

Downward factors:

* Deterioration in the credit profile of 1 or more of the obligors
in the pool.
* Weaker than expected performance in 1 or more of the underlying
contracts in the pool resulting in decrease in collateral cover.
* Non-adherence to the key transaction terms envisaged at the time
of the rating.

                          About the Pool

The assets leased are in the nature of electric vehicles,
batteries, charging stations, furniture and appliances, kitchen
appliances and vending machines for a tenure of 36 months each. The
underlying lessees are in the business of student housing, consumer
rentals, electric mobility, batteries for electric scooters, retail
vending, restaurants and cloudkitchen.

Key Rating Assumptions

To assess the total cashflows available for payouts to PTC
investors, CRISIL Ratings has factored in the following in its
analysis:

* Credit quality of the underlying assets: The performance of the
pool is dependent on the underlying obligors' capacity to pay the
lease rentals i.e. the credit quality of the underlying obligors.

* Post default recovery from the underlying assets: These are
operating lease contracts, hence there will not be any recovery
from the assets. Expected post default recovery rate has been
considered for different industries.

* Correlation between assets: CRISIL Ratings has assumed
correlation in the range of 0.2 – 0.4 for the entities. Higher
correlation among entities in the same industry than among entities
in different industry.

* Commingling risk: The payments from the lessees shall be
transferred to an escrow account, controlled by the trustee. Hence,
CRISIL Ratings does not envisage any commingling of cashflows with
the originator for this transaction.

* Credit enhancement: CRISIL Ratings has also considered the
ability of the credit enhancement in the transaction to absorb
potential cashflow shortfalls from the underlying lease receivables
to make promised monthly principal and interest payouts to the
investors.

Asset side cashflows were assessed using Monte Carlo simulations
incorporating default probabilities, correlations and recovery rate
assumptions. With sufficiently large number of trials, cashflow
distribution was generated.

                         About the Originator

Grip Invest Technologies Private Limited ("Grip") operates a
digital platform to discover alternate investment options and
offers its users access to various asset-backed, fixed income asset
classes. Asset backed leasing is the primary asset class offered to
its users. Grip has enabled approximately 25,000+ investors to
invest INR780+ Crs since its launch nearly 3 years ago.

Grip has enabled leasing to 130+ companies with a focus on
mobility, warehousing, furniture, etc. INR 378 Crs has been
returned to investors as per repayment schedules. Grip is
capitalized with INR70 Crs in equity capital from leading
institutional investors such as Venture Highway, Endiya Partners,
AdvantEdge, Anicut Capital, Nueva Capital and Multiply Ventures.

Vriksh Advisors Private Limited, which is Grip's wholly owned
subsidiary is in the business of leasing various movable assets to
its identified customers on an operating lease model for a mutually
agreed period. Concurrently (or in a continuous and as early as
possible sequence) with the lease of assets, Vriksh assigns all or
a significant portion of the lease rent receivable from its
customers on a non-recourse basis to third parties who are willing
to purchase such lease rent receivables. Vriksh originated and
listed India's first securitised debt transaction on the NSE in
Oct'2022. Till date, Vriksh has originated 9 LeaseX (leasing
transaction via securitization structure is referred to as
"LeaseX") opportunities executed in form of securitised debt
instrument ("SDI"). These 9 transactions had cumulative value of
INR80 Cr+ and involved 19 lessees with monthly/quarterly payout to
investors.

Nikhil Aggarwal and Aashish Jindal are common directors in both
Grip and Vriksh. Grip will leverage its experience in identifying
and managing leasing transactions entered into between Vriksh and
various lessees.


PROSPERITY ASSET: CRISIL Cuts Rating on INR10.75cr PTCs to B(SO)
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating to 'CRISIL B (SO)' from
'CRISIL BB- (SO)' on Series 1 Senior Tranche PTCs issued by
Prosperity Asset I Trust, and removed from 'Rating Watch with
Negative Implications', due to one of the underlying lessees
remaining in default. The concerned lessee forms 10.4 % of the pool
cashflows and has missed the last 3 months' rental payouts
resulting in cash collateral utilization.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Series 1 Senior      10.75       CRISIL B (SO) Downgraded from
   Tranche PTCs                     'CRISIL BB- (SO)'; Removed
                                    from 'Rating Watch with
                                    Negative Implications'

The PTCs are backed by operating lease receivables from ten
start-up business entities who have leased assets from Vriksh
Advisors Private Limited (Vriksh; not rated by CRISIL).  The rating
is based on the credit support available to the PTCs, credit
quality of the underlying receivables, Vriksh's origination and
servicing capabilities and soundness of the transaction's legal
structure.

The transaction has a 'Par with no internal support' structure.
Vriksh assigned the rental receivables (including GST net of TDS)
of INR13.43 crores to 'Prosperity Asset 1 Trust', a trust settled
by Mitcon Credentia Trusteeship Limited in exchange for a purchase
consideration of INR10.75 crores. Vriksh continues to service the
pool contracts as the servicing agent. PTC-holders are entitled to
receive timely interest and principal on a monthly basis. Default
on the PTCs is defined as non-payment of interest and/or principal
promised on each payout date.

The reset of credit enhancement would be subject to the consent of
the investors in the PTCs. The consent shall either be explicitly
obtained during every reset or the transactions documents shall
contain general clauses providing implicit consent of the investors
for the reset of credit enhancement.

Key Rating Drivers and Detailed Description

Strengths:

* Credit support available in the structure: External credit
support of INR1.25 crs (11.6% of PTC payouts) in the form of a Bank
Guarantee arranged by Vriksh Advisors (Vriksh; Not Rated by CRISIL)
from designated bank (IDFC First Bank Limited).

* Non extinguishing nature of the obligation: The lessor has
fulfilled its principal obligations under the lease agreement and
the agreements forbid lessee to terminate for any other cause apart
from failure of the lessor to fulfill its obligations. Hence CRISIL
Ratings does not envisage any risk on account of cancellation by
the lessee. All the agreements allow the lessor to pre-terminate
and accelerate lease payments if the lessee is in default, where
the lessee shall have to pay the present value of future rentals
(discounted at agreed upon rates).
* Track record of payment by the lessees: 9 of the 10 lessees have
been regular and made all the expected payments under lease
agreements.

Weakness:

* Obligor concentration: The pool is concentrated and comprises of
10 lessees, with top 5 lessees accounting for 55.5% of cash flows.

* Receivables are non financial obligations of the obligors: The
underlying pool receivables are operational and not financial
obligations of the lessees, which could witness potential delays in
payments based on the operational performance of the lessees.
However, the leased assets are critical to the business operations
of the entity, which limits the likelihood of undue delays. Also
the transaction provides for a gap of at least 15 days between the
lease due dates and the investor payout due dates, mitigating the
impact of short-term delays on investor payouts

Liquidity: Stretched

Liquidity is stretched given that the credit enhancement available
in the structure may not be sufficient to cover pool losses higher
than the currently estimated base shortfalls.

Rating Sensitivity factors

Upward factors:

* Improvement in the credit profile of 1 or more of the obligors in
the pool.
* Longer track record of collections leading to higher instrument
amortisation resulting in build-up of collateral cover.

Downward factors:

* Deterioration in the credit profile of 1 or more of the obligors
in the pool.
* Weaker than expected performance in 1 or more of the underlying
contracts in the pool resulting in decrease in collateral cover.
* Non-adherence to the key transaction terms envisaged at the time
of the rating.

                          About the Pool

The assets leased are in the nature of electric vehicles,
batteries, charging stations, furniture and appliances, kitchen
appliances and vending machines for a tenure of 36 months each. The
underlying lessees are in the business of student housing, consumer
rentals, electric mobility, batteries for electric scooters, retail
vending, restaurants and cloudkitchen.

                        About the Originator

Grip Invest Technologies Private Limited operates a digital
platform to discover alternate investment options and offers its
users access to various asset-backed, fixed income asset classes.
Asset backed leasing is the primary asset class offered to its
users. Grip has enabled approximately 25,000+ investors to invest
INR780+ Crs since its launch nearly 3 years ago.

Grip has enabled leasing to 130+ companies with a focus on
mobility, warehousing, furniture, etc. INR 378 Crs has been
returned to investors as per repayment schedules. Grip is
capitalized with INR70 Crs in equity capital from leading
institutional investors such as Venture Highway, Endiya Partners,
AdvantEdge, Anicut Capital, Nueva Capital and Multiply Ventures.

Vriksh Advisors Private Limited, which is Grip's wholly owned
subsidiary is in the business of leasing various movable assets to
its identified customers on an operating lease model for a mutually
agreed period. Concurrently (or in a continuous and as early as
possible sequence) with the lease of assets, Vriksh assigns all or
a significant portion of the lease rent receivable from its
customers on a non-recourse basis to third parties who are willing
to purchase such lease rent receivables. Vriksh originated and
listed India's first securitised debt transaction on the NSE in
Oct'2022. Till date, Vriksh has originated 9 LeaseX (leasing
transaction via securitization structure is referred to as
"LeaseX") opportunities executed in form of securitised debt
instrument ("SDI"). These 9 transactions had cumulative value of
INR80 Cr+ and involved 19 lessees with monthly/quarterly payout to
investors.

Nikhil Aggarwal and Aashish Jindal are common directors in both
Grip and Vriksh. Grip will leverage its experience in identifying
and managing leasing transactions entered into between Vriksh and
various lessees.

RAJENDRAGURU GROUP: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajendraguru
Group (RG) continues to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               24         CRISIL D (Issuer Not
                                      Cooperating)

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

RG was established in 2016 as a partnership firm by Mr Rishabh Jain
and Mr Kishor Jain. The firm is setting up a cotton ginning unit in
Vijayapura, Karnataka.


RASANDIK ENGINEERING: CARE Reaffirms D Rating on INR51.63cr Loan
----------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Rasandik Engineering Industries India Limited (REIIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           51.63       CARE D Rating removed from
   Bank Facilities                 ISSUER NOT COOPERATING category

                                   and Reaffirmed

   Short Term          10.10       CARE D Rating removed from
   Bank Facilities                 ISSUER NOT COOPERATING category

                                   and Reaffirmed

Rationale and key rating drivers

The reaffirmation of ratings assigned to the bank facilities of
REIIL continues to take into account the instances of delay in
servicing of debt obligations by the company. The delays were
attributable to poor liquidity position and sizeable debt repayment
obligations. The ratings also take cognizance of the decline in
scale of operations and profitability during FY23 (refers to the
period from April 1 to March 31). The ratings are further,
constrained by the working capital-intensive nature of operations,
exposure to fluctuation in raw material prices and cyclical nature
of the automotive industry.

Rating sensitivities: Factors likely to lead to rating actions
Positive factors

* Timely servicing of debt obligations for more than three months

Analytical approach: Standalone

Detailed description of the key rating drivers:

Key weaknesses

* Instances of delays in servicing of debt obligations: There have
been instances of delays in servicing of debt obligations by the
company during FY23 as reported by the auditor. Further, the bank
statements of the company also shows delay in servicing debt
obligations and instances of penal charges latest on September 30,
2023. The delays were largely attributable to subdued operational
performance and poor liquidity position of the company.

* Weak operational performance marked by loss at net level: The
total operating income of the company declined to INR150.16 crores
during FY23 from INR206.66 crores in FY22. PBILDT margin also
declined to 5.87% in FY23 against 7.48% in FY22. Further, the
company continues to report net loss of INR3.30 crore at net level.
The capital structure of the company continues to be moderate as
exhibited by an overall gearing of 0.82x (PY:0.91x) as on March 31,
2023. The total debt of the company stood at INR76.35 crores as on
March 31, 2023 comprising of working capital borrowings of INR54.67
crores and term loan of INR21.68 crores. The debt coverage
indicators of the company stood weak during FY23 mainly due to
deterioration in profitability.

* Exposure to fluctuation in raw material prices: The key raw
material for REIIL's product is steel sheets, the prices of which
are volatile. The company receives orders from Maruti Suzuki India
Limited (MSIL) and other OEMs regularly as per their production
schedule and simultaneously REIIL procures raw material from its
suppliers. The increase in raw material prices can be passed on to
the OEM's but with time lag (1-2 months). Hence, to that extent,
the profitability remains exposed to the fluctuation in raw
material prices. Furthermore, being a moderate sized player in the
auto ancillary segment, REIIL has limited negotiation power
vis-a-vis its customers which are large and established OEMs.

* Cyclical nature of the automotive industry: The automobile
industry is cyclical in nature and automotive component suppliers'
sales are directly linked to sales of auto OEMs. Furthermore, the
auto-ancillary industry is competitive with the presence of a large
number of players in the organized as well as unorganized sector.
While the organized segment majorly caters to the OEM segment, the
unorganized segment mainly caters to the replacement market and to
tier II and III suppliers

Key Rating Strengths

* Experienced Promoters: REIIL was promoted by Mr. Rajiv Kapoor in
1986 to manufacture auto components with its first manufacturing
facility in Gurgaon. Mr. Kapoor is an IIT Delhi graduate and has
over three decades of experience in the auto components
manufacturing system. He manages business operations largely
concentrating on the product developments, new business
opportunities, technology upgradation, product quality and growth
strategies. He is ably supported by Mrs. Deepika Kapoor, who looks
after human relations, company management and general
administration.

* Strategic location of manufacturing units: REIIL is engaged into
manufacturing of sheet metal components like dead axles, suspension
parts, skin panels, fuel tanks, motorcycle frames etc. The company
has 5 operational plants at Gurgaon (2); Surajpur, Greater Noida
(1); Mewat (1); Pune (1) with an installed capacity of 72000 MT for
Sheet metal components and 30, 00,000 MT for Tailor Welded Blanks
as on March 31, 2021. REIIL has its manufacturing plants located
near manufacturing facilities of OEMs to meet the latter's
requirements. This helps REIIL to remain competitive by combating
transportation cost and continuous supply of components. The
company has an integrated manufacturing plants encompassing
stamping, pressing, welding (Robot Spot welding, Robot MIG welding,
Nut welding etc.), and assembling, sealing and painting
capabilities.

Liquidity: Poor

The poor liquidity is characterized by insufficient gross cash
accruals of INR~3 crores as against repayment obligations of
INR7.18 crores for FY24. Further, the large portion of current
assets is funded through external borrowing which has resulted in
low current ratio of the company of 0.62x as on 31 March 2023 (PY:
0.72x). However, the company is in the process of monetizing
several assets which may lead to improvement in liquidity going
forward.

Incorporated in 1986, REIIL promoted by Mr. Rajiv Kapoor is engaged
in providing engineering solutions, designing and manufacturing
delivery of sheet metal components and assemblies to automobile
industry. The company manufactures sheet metal components, press
tools and dies for high tensile application in Heavy Commercial
Vehicle (HCV), Light Commercial Vehicle (LCV), Passenger Vehicle
(PV), tractors and 2-wheeler industry, heavy fabrication for
railways. The company has an installed capacity of 97,940 MT for
sheet metal components and 30,000 MT for Tailor Welded Blanks as on
March 31, 2023.


RIDDHI AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Riddhi Agro
Industries (RAI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             18        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

RAI was established as a partnership firm in 2006 by the Jain
family. It is involved in the processing of varieties of pulses in
Raipur, Chhattisgarh. The firm has an annual production capacity of
21,000 MT for processing bengal gram (chana dal), yellow peas
(matar dal), pigeon pea (tuar dal), and an annual production
capacity of 7,200 MT for processing red lentil (masoor dal).


RUSHABHDEV INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rushabhdev
Infraprojects Private Limited (RIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan           56        CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

Incorporated in April 2011 and promoted by Mr Jignesh Shah, Mr Amit
Benani, and Mr Ketan Benani, RIPL develops residential and
commercial real estate projects in Ahmedabad.


SATHWIK PROJECTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sathwik Projects Private Limited
Flat No. 601, 6th Floor, Swarna Jayanthi
        Commercial Complex, Ameerpet, Hyderabad,
        Telangana 500016

Insolvency Commencement Date: October 30, 2023

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

Court: National Company Law Hyderabad Bench

Insolvency
Professional: Chandra Sekhar Arasada
       Flat 304, Siri Nivas Apartments,
              Balaji Park Town Nizampet,
              Hyderabad-500090
              Email: chandra61ca@gmail.com

Last date for
submission of claims: November 16, 2023


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

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             1          CRISIL B/Stable (Issuer Not
                                      cooperating)

   Term Loan               7.11       CRISIL B/Stable (Issuer Not
                                      cooperating)

   Term Loan               3.11       CRISIL B/Stable (Issuer Not
                                      cooperating)

   Term Loan               0.92       CRISIL B/Stable (Issuer Not
                                      cooperating)

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

Incorporated in May 1989 and promoted by Mr. Gurmit Singh, Mr.
Gagandeep Singh, and Mr. Avnit Singh, SPMPL manufactures kraft
paper at its existing unit in Ludhiana and is setting up another
kraft paper plant for enhancing its production capacities.


SEM INDUSTRIAL: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sem
Industrial Syndicate (SIS) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.75       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      8.75       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 11,
2022, placed the rating(s) of SIS under the 'issuer
non-cooperating' category as SIS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SIS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 27, 2023, October 7, 2023, October 17,
2023.

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

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

Sem Industrial Syndicate (SIS) was established in the year 1996 as
a proprietorship concern by Mr. Chandrashekhar Ashok Joshi. The
firm is engaged in the business of trading and distribution of gear
box, motors, pumps and various electromechanical automation
systems. SIS operates through its registered office in Mumbai,
Maharashtra and Nashik, Maharashtra.


SEYA INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Seya Industries Limited
T-14, M.I.D.C. Tarapur, Boisar,
        Dist Thane-401506

Insolvency Commencement Date: November 2, 2023

Estimated date of closure of
insolvency resolution process: May 6, 2024

Court: National Company Law Mumbai Bench

Insolvency
Professional: Mr. Bhavesh Manshukbhai Rathod
       12th Floor, 12D, A wing, CTS No. 165 and 163,
              White Spring, Rivali Park,
              Western Express Highway,
              Near Metro Mall,
              Magathane, Borivali (East) Mumbai
              Maharashtra, 400066
              Email: bhavesh76@gmail.com

              Office No, 515, 5th Floor,
              Dimple Arcade Near V Mall,
              Asha Nagar,
              Behind Saidham Thakur Complex,
              Kandivali East, Mumbai - 400101
              Email: cirpseyal1990@gmail.com

Last date for
submission of claims: November 22, 2023


SHIVALIK VYAPAAR: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivalik
Vyapaar Private Limited (SVPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term     18.96       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               0.67       CRISIL D (Issuer Not
                                      Cooperating)

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

Set up by Mr. Rajendra Agarwal in 2005, SVPL manufactures
automotive and industrial batteries and valve-regulated lead-acid
(VRLA) batteries. The company has a battery manufacturing facility
in Sanwar (Madhya Pradesh).


SHIVAM CASTOR: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shivam Castor
Products Private Limited (SCPPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             19        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Incorporated in 2011, SCPPL manufactures castor oil and de-oiled
cake using raw castor seeds. The manufacturing facility is in
Vijapur, near Mehasana (Gujarat).


SIVA SANKARA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siva Sankara
Paper Mills (SSPM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           12.68        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              1.10        CRISIL D (Issuer Not
                                      Cooperating)

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

SSPM was establish in 2005, it is located in Unguturu, Andhra
Pradesh. SSPM is owned and managed by Mrs K Padmini, Mrs
Radhikamani and Mr G Radha. SSPM is engaged in manufacturing of
kraft paper. It has an installed capacity of 18000 MTPA.


SUBAM TEXTILES: CARE Lowers Rating on INR21.19cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Subam Textiles (SST), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.19       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from SST to monitor
the rating vide e-mail communications dated July 20, 2023, November
6, 2023 among others and numerous phone calls. However, despite
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on Sri Subam Textiles's bank facilities will now
be denoted as CARE B+; Stable ISSUER NOT COOPERATING.

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

The rating has been revised on account of insufficient information
to arrive at the rating. The rating assigned to the bank facilities
of Sri Subam Textiles (SST) continues to be constrained by moderate
scale of operations, moderate capital structure and debt coverage
metrics, risk associated with large debt funded capex,
susceptibility of profit margin to volatile raw material prices,
highly fragmented industry with intense competition from large
number of players and constitution of the entity as proprietorship
concern with inherent risk of withdrawal of capital. The rating
however derives comfort from the experience of the promoter for
more than three decades in the textile industry and satisfactory
operating cycle.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on September 23, 2022 the following were
the rating strengths and weaknesses, updated with information
from the firm.

Key weaknesses

* Moderate scale of operations: Though the firm is present for over
3 decades the scale of operations stood relatively moderate with
22,320 spindles and total income of INR138.19 crore in FY22, albeit
improved from INR94.41 crore in FY21, primarily driven by increased
sales realization of yarn. The company had booked total income of
INR114.30 crore in FY23.

* Risk associated with large debt funded capex which is in nascent
stage: SST was undertaking expansion of the manufacturing
facilities with total project cost of INR70.0 crore funded by term
loan of INR52 crore, INR6 crore of promoter funds and rest by
accruals. The capex include addition of 19,000 spindles including
11 Link Autoconers and also fully modernizing the existing
capacity. The project started on Q4FY22 and was expected to
complete by June 2023. The project was in nascent stage of
completion with 21% of total cost incurred as on said date. The
debt has not been tied up. The ability of the firm to successfully
execute the project without any cost and time overrun, given the
moderate scale of operations is key to the prospects.

* Moderate capital structure and debt coverage indicators: The
capital structure of the firm remained leveraged with overall
gearing of 2.08x as on March 31, 2023, albeit improved from
2.68x as on March 31, 2022. The total debt to gross cash accruals
has declined to 4.06x as on March 31, 2023 against 3.94x as
on March 31, 2022.

* Susceptibility of profits to volatile raw material price
fluctuation and seasonality associated with availability of
Cotton: The profitability of spinning mills depends largely on the
prices of cotton and cotton yarn which are governed by various
factors such as area under cultivation, monsoon, international
demand-supply situation, etc. The cotton being the major raw
material of spinning mills, movement in cotton prices without
parallel movement in yarn prices impact the profitability of the
spinning mills. The company majorly buys S-6 cotton from Gujarat.
The cotton textile industry is inherently prone to the volatility
in cotton and yarn prices. The PBILDT margin of the company had
been volatile in the range of 6.0% to 15.0% over the past four
years ended FY23.

* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in manufacturing of cotton
yarn which is highly fragmented industry due to presence of large
number of organized and unorganized players in the industry
resulting in huge competition.

* Constitution of the entity as proprietorship concern with
inherent risk of withdrawal of capital: SST, being a proprietorship
concern, is exposed to inherent risk of the promoter's capital
being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the proprietor. Moreover,
proprietorship business has restricted avenues to raise capital
which could prove a hindrance to its growth. The proprietor has
withdrawn an amount of INR0.58 crore during FY23.

Key strengths

* Experience of the promoter for more than three decades in the
textile industry: SST was incorporated in the year 1991 and is
managed by Mr. B. P. S Eshawaran, who is a graduate by
qualification and has more than three decades of experience in
textile business. Due to long term presence and experience of the
proprietor in textile industry, he has established relationship
with suppliers and customers.

* Satisfactory operating cycle: The operating cycle of the firm
remained comfortable at 1 day in FY23 (PY: 18 days) due to
satisfactory collection and creditors period. The firm usually
makes the payments to its suppliers within two months. Also, the
firm receives the payment from its customers within 45-50 days and
the working capital utilization levels are low.

Liquidity: Stretched

Liquidity is stretched characterized by tightly matched accruals
against the repayment obligations and moderate cash balance of
INR0.27 crore as on March 31, 2023. The firm holds inventory up to
18 days in FY23 while payments made to creditors had stretched 74
days in FY23 from 42 days in FY22. The current ratio also stood
moderate at 1.17x as on March 31, 2023 (PY:1.63x).

Sri Subam Textiles (SST) is a proprietorship entity, established
and commenced commercial operations in the year 1991. SST is
engaged in manufacturing of cotton yarn and also sale of fabrics
through outsourcing. The firm has its unit located in Erode, Tamil
Nadu, with installed capacity of 22, 320 spindles September 23,
2022.

SUDHA BUSINESS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sudha
Business Enterprises Private Limited (SBEPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit/           9.3       CRISIL B+/Stable (Issuer Not
   Overdraft facility               Cooperating)

   Inventory Funding     10.00      CRISIL B+/Stable (Issuer Not
   Facility                         Cooperating)

   Inventory Funding      1.50      CRISIL B+/Stable (Issuer Not
   Facility                         Cooperating)

   Long Term Loan         1.38      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    10.32      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

Incorporated in 2009, Ranchi-based SBEPL is an authorised dealer of
MSIL passenger cars; it also services vehicles and sells spares. It
expanded its business by opening a new Nexa showroom in fiscal
2016. The company was earlier an authorised dealer of BAL's
two-wheelers; it surrendered this dealership in September 2013. Mr
Rahul Singh, Mr Abhishek Singh, and Mr Sunil Singh are the
directors.


SUNIL AND COMPANY: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sunil and
Company - Rajasthan (S&C) 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     1.45       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

S&C was established in 1984 as a partnership firm by Mr Tribhuwan
Raj Bhandari, Mr Sudeep Raj Bhandari and Mr Trideep Raj Bhandari.
It has a dealership for TML's passenger cars in Jodhpur, Barmer,
Jalore, Pali and Jaisalmer (all in Rajasthan). The firm owns one 3S
(sales, spares and services) showroom in Jodhpur.


SUPREME DEVELOPERS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Supreme
Developers continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Rupee Term Loan          20       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

Supreme was set up as a partnership venture of Mr Sukhwani, with
four more partners in fiscal 2015. The firm undertakes residential
real estate development in Pune and is currently executing a
project ' Kingstone Avenue.


SVE DRILLING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SVE Drilling
Tools Private Limited (SVE) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            0.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Foreign Letter         1          CRISIL B+/Stable (Issuer Not
   of Credit                         Cooperating)

   Long Term Loan         6          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     4.5        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

SVE was set up in 2011 as a private company by Mr. S V Mohan Reddy.
The company is engaged in manufacturing of drilling tools used for
drilling inside the water. Its manufacturing unit is based in
Hyderabad, Telangana. It started its operations in November 2016.


SWARGIYA TAPESHWAR: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swargiya
Tapeshwar Ram Kalyan Samiti (STRKS) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Fund-          1         CRISIL B+/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

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

STRKS, setup in 1990, is organised as a not-for-profit society and
is located in Saidpur, Mohammadabad, Uttar Pradesh. It operates
primary school, high school, residential school and hostels under
its name. It is also engaged in various welfare schemes operated by
the state and central governments in Mohammadabad and surrounding
areas.


SWASTIK TRADELINK: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swastik
TradeLink Private Limited (STPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

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

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

Incorporated in 2001, STPL, is promoted by Mr Sandeep Jain. The
company is engaged into trading of steel, chemicals, cloth. The
company also have distributorship of Reliance Jio and Spice
Mobile.


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

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

   Cash Credit             3         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Inventory Funding       9         CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding      10         CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding      15         CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding      13         CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

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

TMPL, incorporated in 1995, is an authorized dealer for TML for
their entire range of commercial vehicles. The company has
dealership for the entire Navsari and Vapi districts of Gujarat and
for Silvassa (UT Dadra and Nagar Haveli). It has 8 outlets across
the districts. The day-to-day operations are managed by Mr.
Kamalsingh Ailsinghani and his nephew Mr. Tejpal Ailsinghani. In
2014-15, the company has entered into dealership of passenger
vehicles for Honda Motors Co Ltd with a showroom in Thane district
of Mumbai in the name of Regent Honda.


TEZALPATTY TEA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tezalpatty
Tea Private Limited (TTPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.97        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     1           CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              2.4         CRISIL D (Issuer Not
                                      Cooperating)

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

TTPL was set up in 1994, TTPL by the promoters, Mr Adilur Rahman,
Mr Atikur Rahman, Ms Nilufar Rahman, and Ms Rumena Rahman. The
company plants and processes organic Assam tea. It also
manufactures conventional tea by purchasing leaves from other tea
estates.


THANGAMMAN EXPORTS: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thangamman
Exports (TE) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bills Receivable        1          CRISIL A4 (Issuer Not
   Discounting                        Cooperating)

   Long Term Loan          0.3        CRISIL C (Issuer Not
                                      Cooperating)

   Packing Credit          3          CRISIL A4 (Issuer Not
   Discounting                        Cooperating)

   Proposed Long Term      1.7        CRISIL C (Issuer Not
   Bank Loan Facility                 Cooperating)

   Short Term Bank         1          CRISIL A4 (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with TE 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 TE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of TE
continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

TE was established in 1985 by Mr Chandrasekaran as a proprietorship
firm in Tiruppur, Tamil Nadu. The firm manufactures and exports
readymade garments. It undertakes knitting, cutting, stitching, and
packaging of garments at its unit in Tiruppur.


THREE EYE: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Three Eye Tech
(TET) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan              5.25       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

TET was incorporated in May 2015, by six partners: Mr. Kunal Gupta,
Mr. Puneet Gupta, Mr. Rishi Raj Singh, Mr. Vineet Gupta, Mr. Nikhil
Gupta and Mr. Kushal Gupta. The firm has set up an online
examination centre in Tupudana Industrial Area in Ranchi. The
operation has started from May 2016 onwards


VENKATRAMA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkatrama Agro Tech (SVAT) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

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

   Cash Credit            18         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

Set up in 2011, SVAT mills and processes paddy into rice, rice
bran, broken rice, and husk. It is promoted by Mr Padmakar Choudary
and family.




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

LIPPO KARAWACI: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Lippo Karawaci Tbk (P.T.) to Caa1 from B3.

Moody's has also downgraded the backed senior unsecured rating on
the notes issued by Theta Capital Pte. Ltd., a wholly-owned
subsidiary of Lippo Karawaci Tbk (P.T.), to Caa2 from Caa1. The
notes are guaranteed by Lippo Karawaci and some of its
subsidiaries.

At the same time, Moody's has revised the outlook on all ratings to
negative from stable.

"The rating downgrades reflect Moody's view that debt restructuring
is likely to take place over the next 12 months as Lippo Karawaci
has yet to obtain bank facilities to address its January 2025 bond
maturity amid a tight funding environment," says Rachel Chua, a
Moody's Vice President and Senior Analyst.

RATINGS RATIONALE

Lippo Karawaci's weak liquidity and high refinancing needs with
looming debt maturities are a pertinent credit risk, especially in
an environment of elevated interest rates and slowing growth.

The company's $237 million of bonds will come due in January 2025.
While the company is engaged in discussions with banks for a
potential loan, these negotiations are still in process and no
definite agreements have been reached.

Lippo Karawaci's marketing sales were IDR3.4 trillion during the
first nine months of 2023 (9M 2023), comprising IDR2.4 trillion of
sales at the holding company level. Moody's expects marketing sales
to likely close the year at IDR4.5 trillion as sales activities
moderate in the fourth quarter (Q4) prior to Indonesia's
presidential elections in early 2024.

Moody's notes that the company has launched a new affordable
housing development Park Serpong in Serpong, Greater Jakarta in
early Q4 2023. While the company has shared that the project was
well-received, no data on take-up rates or units sold have been
shared. Moody's expects marketing sales in 2024 to largely be flat
at 2023 levels unless the company reflects strong sales at Park
Serpong in its books.

Lippo Karawaci's liquidity at the holding company level will be
weak over the next 12-18 months. As of September 30, Lippo Karawaci
had cash and cash equivalents of IDR1.1 trillion at the holding
company level, which will not be sufficient to fund its negative
operating cash flow. The company announced during its Q3 earnings
call that it had not yet secured any banking lines to refinance its
bonds. Given its limited access to bank lines, Moody's will no
longer assume Lippo Karawaci's short-term bank loans will be rolled
over at maturity.

The Caa2 ratings on the notes issued by Theta Capital Pte. Ltd
continue to reflect legal subordination risk given that secured
debt accounted for the majority of the company's borrowings as of
September 30, 2023.

The negative outlook reflects Moody's expecation that debt
restructuring is likely to take place over the next 12 months as
Lippo Karawaci has yet to obtain bank facilities to address its
January 2025 bond maturity amid a tight funding environment.

Moody's also revised the company's governance issuer profile score
(IPS) to G-5 from G-4 and credit impact score to CIS-5 from CIS-4.
This reflects the impact on the rating action to the increased
financial strategy risk around Lippo Karawaci's debt maturity in
early 2025.

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

Given the negative outlook, an upgrade is unlikely.

However, Moody's could return Lippo Karawaci's rating outlook to
stable if (1) the company addresses its refinancing requirements
through January 2025 and (2) establishes a sustainable capital
structure such that its net operating cash flows at the holding
company level turns positive.

Moody's could also upgrade Lippo Karawaci's bond ratings if the
company demonstrates meaningful access to unsecured borrowings over
time such that its unsecured debt accounts for the majority of
total borrowings.

Moody's could downgrade Lippo Karawaci's rating if the company
fails to make further progress in refinancing its debt maturities
such that the risk of default increases materially higher than
indicated by the current ratings.

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

Lippo Karawaci Tbk (P.T.) and its subsidiaries are engaged in the
development, management and operation of retail malls, hospitals,
hotels, condominiums and residential townships across multiple
cities in Indonesia. The company also manages Lippo Malls Indonesia
Retail Trust (Caa1 negative), a Singapore Exchange-listed real
estate investment trust (REIT) in which it held a 47.29% stake as
of September 30, 2023.




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

TOSHIBA CORP: Set to Delist in Bid for Revival
----------------------------------------------
Nikkei Asia reports that Toshiba Corp. will delist on Dec. 20 after
shareholders on Nov. 22 approved steps for the troubled industrial
group to go private and seek a revival under a consortium led by
buyout fund Japan Industrial Partners.

Nikkei says the acquisition, which will end Toshiba's 74 years as a
listed company, sees the departure of activist investors that had
clashed with the Japanese blue chip's management over strategy.

The consortium includes more than 20 companies poised to partner
with the new Toshiba in semiconductors and elsewhere.

"Under a stable shareholder structure, we will reform the company
with a focus on technology," said Toshiba President and CEO Taro
Shimada, who presided over Nov. 22's extraordinary shareholders
meeting, Nikkei relays.

Of the roughly JPY2 trillion ($13.4 billion) in spending to take
Toshiba private, just under half comes from the consortium's
20-plus companies.

Rohm, which contributed JPY300 billion, is known for producing
cutting-edge silicon carbide power semiconductor devices. These
components, used in electric vehicles, could generate synergies
with Toshiba's strong ties to the auto industry.

A successful collaboration would require Rohm and Toshiba to
jointly develop technology and source materials together. But
questions remain, such as whether they can share critical
technology with each other, Nikkei notes.

Nikkei says Suzuki Motor, which has contributed tens of billions of
yen, will seek a stable supply of automotive batteries from
Toshiba. It remains to be seen whether Suzuki and Toshiba will
cooperate on investments in the technological advances and mass
production needed to bring down battery costs.

Nikkei adds that Nagoya-area utility Chubu Electric Power
contributed JPY100 billion. It will explore new business
opportunities that tap Toshiba's expertise in maintaining and
decommissioning nuclear power plants, as well in using information
technology to manage power production and transmission.

According to Nikkei, five major Japanese banks are providing a
total of JPY1.4 trillion in financing for the deal, including a
JPY200 billion commitment line that Toshiba can draw on for working
capital. Sumitomo Mitsui Banking Corp. is responsible for JPY515
billion of this, and Mizuho Bank for JPY460 billion.

More than half of the buyout is funded through lending, which
Toshiba will be responsible for repaying, Nikkei notes. Boosting
Toshiba's profits will be key to ensuring timely repayment. Lender
scrutiny could lead the company to consider such options as layoffs
and spinoffs as part of its turnaround.

According to Nikkei, JIP aims to relist Toshiba in around five
years -- an effort that will require restoring investors' trust
after years of management turmoil since the 2015 revelation of
accounting irregularities.

Among Toshiba's many challenges ahead is balancing debt repayment
with investment in new businesses, the report states.

Toshiba has spun off many of its mainstay businesses in recent
years, including medical equipment and memory chip units. Those
that remain, such as in rail and power devices, are smaller in
scale. The group's overall sales have fallen by roughly half over
eight years.

Its group operating profit margin of 3% in fiscal 2022 fell short
of competitor Hitachi's 7% and Sony Group's 10%, Nikkei discloses.
Memory chip maker Kioxia Holdings, in which Toshiba holds a roughly
40% stake, has also struggled.

                         About Toshiba Corp

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.

As reported in the Troubled Company Reporter-Asia Pacific in late
September, S&P Global Ratings lowered to 'BB-' from 'BB+' its
long-term issuer credit rating on Toshiba Corp. S&P also kept the
ratings on CreditWatch with negative implications. Meanwhile, S&P
affirmed its 'B' short-term issuer credit and commercial paper
program ratings.

S&P will resolve its CreditWatch placement after carefully
examining the impact of new parent company JIP on engagement with,
and management and governance of Toshiba.




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

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

One World Resourcing Limited, filed the petition against the
company on Oct. 20, 2023.

The Petitioner's solicitor is:

          T. Cooley
          Brookfields Lawyers
          Tower One, 9th Floor
          205 Queen Street
          Auckland


CRAIG FEVRE: Creditors' Proofs of Debt Due on Dec. 21
-----------------------------------------------------
Creditors of Craig Fevre Painter & Decorator Limited are required
to file their proofs of debt by Dec. 21, 2023, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 14, 2023.

The company's liquidators are:

          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach
          Paraparaumu 5032


NULCO LIMITED: Creditors' Proofs of Debt Due on Dec. 11
-------------------------------------------------------
Creditors of Nulco Limited are required to file their proofs of
debt by Dec. 11, 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:

          Gregory Victor Millar
          Level 2, 142 Broadway
          Newmarket
          Auckland


SEAVIEW COTTAGE: No Further Funds Recovered for Creditors
---------------------------------------------------------
Stuff.co.nz reports that no further funds have been recovered from
a collapsed building firm, which left former Lotto winners
out-of-pocket.

Seaview Cottage Construction Limited, founded by Campbell Romeril,
was put into liquidation on July 31, 2020, after ceasing trade six
months prior.

At its peak, the company employed 20 people, had a fleet of vans,
branded clothes, held a board meeting in the Cook Islands and
secured a NZD500,000 DOC contract on Stewart Island.

The collapsed company owed preferential creditors - in this case
Inland Revenue - NZD274,252.65, while unsecured creditors were owed
NZD464,470.97, Stuff discloses.

In 2021, Stuff reported on the collapse of Seaview Cottage
Construction Ltd, which included a retired couple, who had
previously won Lotto, losing almost NZD1 million.

"It is gone . . . it has all gone," the woman, who declined to be
named, said of their investment, Stuff relays. "It has all gone to
custard."

The couple and Mr. Romeril had originally planned to buy properties
in Dunedin to renovate, and then on-sell in the then booming
market.

However, he quickly turned to bigger projects, leaving them to pump
more cash in.

According to Stuff, the final liquidator's report noted that the
liquidators had located limited company assets, and those assets
had been sold via auction.

Unsecured creditors include hardware stores, other trade firms, the
Dunedin City Council, ACC, and a helicopter company.

There were some transactions identified where assets were
transferred to a new entity, however this company was also in
liquidation, the final report noted.

There were no further assets discovered that would result in a
return to creditors, the report noted.

There was one preferential creditor claim and nineteen unsecured
creditor claims received in the liquidation, Stuff notes.

After costs of the liquidation there are no funds available for
distribution to any creditors.

Investigations have not revealed any further company assets
available for creditors.

Mr. Romeril told Stuff in 2021 it had not been easy, and he had
"lost everything".

That included his companies, livelihood, house and marriage, while
his mental health had also been affected.

"I am in no position to blame anyone," he said.

Like the couple, he conceded the company "grew too big too quickly"
and at one point was turning over NZD300,000 a month, Stuff
relays.

"When people tell you how well you are doing . . . it is a very
seductive trap."

Mr. Romeril's other company, Thrive Homes, also collapsed owing
NZD182,731.04 to eight creditors, Stuff adds.


TRADE LIFE: Court to Hear Wind-Up Petition on Dec. 4
----------------------------------------------------
A petition to wind up the operations of Trade Life Limited will be
heard before the High Court at Tauranga on Dec. 4, 2023, at 10:00
a.m.

Cooney Lees Morgan filed the petition against the company on Nov.
2, 2023.

The Petitioner's solicitor is:

          P. J. Anderson
          ANZ Centre
          Level 3, 247 Cameron Road
          PO Box 143
          Tauranga 3140


VEXALA LANDS: BDO Tauranga Appointed as Receivers and Managers
--------------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Nov.
17, 2023, were appointed as receivers and managers of Vexala Lands
Limited.

The receivers may be reached at:

          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          Tauranga 3144




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

MFT GROUP: CEO Striving for Creditor Unity Amid Smear Allegations
-----------------------------------------------------------------
Bilyonaryo.com reports that MFT Group of Companies CEO Mica Tan
said that she continues to reach out to their creditors, seeking
their agreement on the five-year recovery program despite what she
claims is a smear campaign against her.

In an interview with Bilyonaryo.com, Ms. Tan accused one of their
creditors, Elaine Ogtong, of orchestrating a plot to tarnish her
reputation and the company's.

"We got a report that one of the creditors, Elaine Ogtong, became
upset and started rallying some of the creditors. She made an extra
effort to persuade them not to agree to the five year recovery
program. Apparently, she is also trying to do the same business
with another company. That made me question her intentions.
Ultimately, if you want to get paid, the best way is to go through
a five year recovery program," Bilyonaryo.com quotes Ms. Tan as
saying.

Ms. Tan emphasized that the majority of the group's creditors have
supported their five-year recovery plan and are now starting to
receive payments. She said that only a small group, comprising
around 20 to 30 percent of the creditors, has yet to agree to their
proposed recovery program, Bilyonaryo.com relays.

"The majority have signed up. If you are a creditor, you'd like to
get paid. Why all this noise to sabotage the company or the people
who will pay you back?," Ms. Tan said.

"Ayaw ba nila mabayaran . . . They sabotage or besmirch our
company, our name, our projects . . . That will affect repayment.
Our intention is to pay. We just need some time . . . For 9 years,
our business was seamless. But knowing that one of the creditors is
trying to sabotage our plans . . . She was connected to the media.
We know that she has earned more than her initial investment as a
creditor," Ms. Tan said.

"I met with her. Kung kakayanin how we can move forward but she
resorted to this kind of campaign. It's painful because she has
earned more than she has put in," she added.

Bilyonaryo.com adds that Ms. Tan said the pandemic has negatively
impacted their business. "The pandemic really forced us to make
some adjusments," she said.

MFT Group operates as a private equity firm with strategic
investments in robust industries including healthcare, financial
services, food and beverage, and real estate.




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

ASIA AVIATION: Commences Wind-Up Proceedings
--------------------------------------------
Members of Asia Aviation Company Pte Ltd on Nov. 15, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Luke Anthony Furler
          Tan Kim Han
          Quantuma (Singapore)
          137 Amoy Street
          #02-03 Far East Square
          Singapore 049965


BEE HIANG: Court to Hear Wind-Up Petition on Dec. 8
---------------------------------------------------
A petition to wind up the operations of Bee Hiang Seafood 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


G9 ASIA: Creditors' Proofs of Debt Due on Dec. 22
-------------------------------------------------
Creditors of G9 Asia VII Pte. Ltd. are required to file their
proofs of debt by Dec. 22, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 17, 2023.

The company's liquidators are:

          Toh Ai Ling
          Chan Kwong Shing, Adrian
          Tan Yen Chiaw
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961


QR ASIA: Creditors' Proofs of Debt Due on Dec. 22
-------------------------------------------------
Creditors of QR Asia Logistics Master Holdco I Pte. Ltd., QR Asia
Logistics Master Holdco II Pte. Ltd., QR Asia Logistics JV I Pte.
Ltd., and QR Asia Logistics JV II Pte. Ltd. are required to file
their proofs of debt by Dec. 22, 2023, to be included in the
company's dividend distribution.

The companies commenced wind-up proceedings on Nov. 11, 2023.

The companies' liquidator is:

          Ong Kok Yeong David
          c/o Tricor Singapore Pte. Ltd.
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619


ZETA ONE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Nov. 9, 2023, to
wind up the operations of Zeta One Management Pte. Ltd.

Kapital Fund SPC filed the petition against the company.

The company's liquidators are:

          Goh Wee Teck
          Ng Kian Kiat
          c/o RSM Corporate Advisory  
          8 Wilkie Road #03-08
          Wilkie Edge
          Singapore 228095



                           *********


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

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

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

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

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



                *** End of Transmission ***