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

                     A S I A   P A C I F I C

          Thursday, November 30, 2023, Vol. 26, No. 240

                           Headlines



A U S T R A L I A

AROMATIC INGREDIENTS: Second Creditors' Meeting Set for Dec. 1
HELMS SOLUTIONS: Second Creditors' Meeting Set for Dec. 1
IMMEDIATION PTY: Second Creditors' Meeting Set for Dec. 1
OSTRA DISTILLERS: First Creditors' Meeting Set for Dec. 4
SAPPHIRE XXVII 2023-2: Moody's Assigns B2 Rating to AUD6MM F Notes

SCOTTEVY (3): First Creditors' Meeting Set for Dec. 4


C H I N A

CHINA AOYUAN: Creditors Approve Offshore Debt Restructuring
CHINA EVERGRANDE: Unit Commences Legal Proceedings Against Parent


I N D I A

A.P.R. GINN: ICRA Keeps D Debt Rating in Not Cooperating Category
ALAPATT JEWELLERY: ICRA Keeps B+ Debt Rating in Not Cooperating
ALPINE SHOES: Ind-Ra Keeps BB+ Bank Loan Rating in Non-Cooperating
AMALTAS EDUCATIONAL: Ind-Ra Keeps D Loan Rating in Non-Cooperating
APR CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating

BESTITCH KNITS: ICRA Keeps B+ Debt Ratings in Not Cooperating
BHARAT COTTAGE: ICRA Keeps B- Debt Ratings in Not Cooperating
BHARGAVA EDUCATIONAL: Ind-Ra Keeps B+ Rating in Non-Cooperating
BILT GRAPHIC: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
BYJU'S: In Talks With BCCI to Settle Pending Insolvency Issue

CHEMM FINANCE: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
CMC COMMUTATOR: ICRA Keeps B Debt Ratings in Not Cooperating
DEORANI DEVI: ICRA Keeps D Debt Ratings in Not Cooperating
ENTALLY ASTHA: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
FURNACE FABRICA: Ind-Ra Cuts Bank Loan Rating to D

G.N. BULLION: ICRA Keeps D Debt Rating in Not Cooperating
GANPATI ADVISORY: ICRA Keeps B+ Debt Rating in Not Cooperating
HINDUSTAN HARDWARES: ICRA Moves B+ Ratings to Not Cooperating
IL&FS DEBT: Ind-Ra Affirms D LongTerm Debt Rating
IL&FS FINANCIAL: Ind-Ra Affirms D NonConvertible Debt Rating

JAGRUTI SUGAR: Ind-Ra Assigns BB+ Loan Bank Rating
JAMPANA PADMAVATHI: ICRA Lowers Rating on INR8.80cr Loan to D
KARMYOGI ANKUSHRAO: Ind-Ra Affirms BB+ Bank Loan Rating
KRISHNAIAH MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
LANARSY INFRA: ICRA Hikes Rating on INR10cr LT Loan to BB-

LE MARBLE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
LIMBUGURI TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
MARUTI NANDAN: Ind-Ra Keeps BB- Loan Rating in Non-Cooperating
MN AGRO: Ind-Ra Keeps BB+ Bank Loan Rating in Non-Cooperating
MUKESH AND CO: ICRA Keeps B+ Debt Ratings in Not Cooperating

NEXT GENERATION: Ind-Ra Keeps D Loan Rating in Non-Cooperating
PADMA POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
RAJA CONSTRUCTIONS: ICRA Moves B+ Debt Ratings to Not Cooperating
ROYAL POWER: ICRA Lowers Rating on INR8.75cr ST Loan to D
SAI INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating

SAI RAM: ICRA Lowers Rating on INR16.84cr LT Loan to B+
SALICYLATES AND CHEMICALS: ICRA Keeps B+ Rating in Not Coop.
SARDAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
SHYAM COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating
SIGMA CHEMTRADE: ICRA Keeps D Debt Ratings in Not Cooperating

V.M AND CO: ICRA Moves B+ Debt Ratings to Not Cooperating


I N D O N E S I A

AGUNG PODOMORO: Fitch Hikes IDR to CC on Cancelled Tender Offer


N E W   Z E A L A N D

BEST Z: Court to Hear Wind-Up Petition on Dec. 8
BRIGHT CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 1
CPMC ENDERLEY: Creditors' Proofs of Debt Due on Dec. 22
KETOS LIMITED: Creditors' Proofs of Debt Due on Dec. 18
OTAGO GRANDFORMAT: To Close After Months of Payment Delays

RW CONCRETE: Grant Bruce Reynolds Appointed as Liquidator


S I N G A P O R E

ECOSYS INFRASTRUCTURE: Court Enters Wind-Up Order
HEINEKEN ASIA: Creditors' Proofs of Debt Due on Dec. 30
ITNL OFFSHORE: Commences Wind-Up Proceedings
LOGISTICS AVENUE: Commences Wind-Up Proceedings
NO SIGNBOARD: Narrows Q3 Loss to SGD423,205 on Lower Impairments

SG CHEMICALS: Court to Hear Wind-Up Petition on Dec. 15
WIRECARD ASIA HOLDING: Creditors' Meetings Set for Dec. 8
YONGNAM HOLDINGS: Unit Gets Letters of Demand for Service Payments


S R I   L A N K A

SRI LANKA: Reaches Debt Restructuring Deal With Creditor Nations


V I E T N A M

BAMBOO AIRWAYS: New CEO Seeks Investors as Network, Fleet Shrink

                           - - - - -


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

AROMATIC INGREDIENTS: Second Creditors' Meeting Set for Dec. 1
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Aromatic
Ingredients Pty Ltd has been set for Dec. 1, 2023 at 11:30 a.m. via
video conference.

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. 30, 2023 at 5:00 p.m.

Richard Albarran and Brent Kijurina of Hall Chadwick were appointed
as administrators of the company on Oct. 26, 2023.


HELMS SOLUTIONS: Second Creditors' Meeting Set for Dec. 1
---------------------------------------------------------
A second meeting of creditors in the proceedings of Helms Solutions
Pty Ltd has been set for Dec. 1, 2023 at 10:00 a.m. at the offices
of Hamilton Murphy Advisory at Level 14, 15 Adelaide Street in
Brisbane and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 30, 2023 at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Oct. 27, 2023.


IMMEDIATION PTY: Second Creditors' Meeting Set for Dec. 1
---------------------------------------------------------
A second meeting of creditors in the proceedings of Immediation Pty
Ltd, Immediation Platform Pty Ltd, and Disputech IP Holdco Pty Ltd
has been set for Dec. 1, 2023 at 11:00 a.m. via virtual meeting
facilities 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. 30, 2023 at 2:00 p.m.

Joanne Emily Dunn and David McGrath of FTI Consulting were
appointed as administrators of the company on Oct. 26, 2023.


OSTRA DISTILLERS: First Creditors' Meeting Set for Dec. 4
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Ostra
Distillers Pty Ltd will be held on Dec. 4, 2023, at 11:00 a.m. at
the offices of Rodgers Reidy and via Microsoft Teams video
teleconferencing.

Shane Justin Cremin and Brent Leigh Morgan of Rodgers Reidy were
appointed as administrators of the company on Nov. 22, 2023.


SAPPHIRE XXVII 2023-2: Moody's Assigns B2 Rating to AUD6MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Permanent Custodians Limited as
trustee of Sapphire XXVIII Series 2023-2 Trust.

Issuer: Permanent Custodians Limited as trustee of Sapphire XXVIII
Series 2023-2 Trust

AUD544.20 million Class A Notes, Assigned Aaa (sf)

AUD18.00 million Class B Notes, Assigned Aa2 (sf)

AUD11.40 million Class C Notes, Assigned A2 (sf)

AUD6.60 million Class D Notes, Assigned Baa2 (sf)

AUD7.20 million Class E Notes, Assigned Ba2 (sf)

AUD6.00 million Class F Notes, Assigned B2 (sf)

The AUD4.80 million Class G1 Notes and AUD1.8 million Class G2
Notes are not rated by Moody's.

The transaction is an Australian residential mortgage-backed
securities (RMBS) secured by a portfolio of first-ranking prime and
non-conforming residential mortgage loans. All loans were
originated by Bluestone Group Pty Limited or Bluestone Mortgages
Pty Limited (Bluestone, unrated) and are serviced by Bluestone
Servicing Pty Limited (Bluestone Servicing, unrated).

Bluestone as of September 30, 2023 manages AUD12.4 billion across
its Australia and New Zealand businesses, including AUD3.7 billion
of mortgage loans originated or acquired by Bluestone in Australia.
Bluestone was originally established in Australia in 2000 as a
non-conforming specialist lender offering loans to borrowers with
adverse credit histories, self-employed borrowers and loans on an
alternative documentation basis. Since then, Bluestone had expanded
its product offering, most recently to include prime mortgage
products.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, the
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of the note balance, the legal structure, the
experience of Bluestone Servicing as the servicer and the presence
of AMAL Asset Management Limited as a back-up servicer.

According to Moody's, the Class A Notes benefit from 9.3%
subordination compared with 8.7% MILAN CE and the transaction
benefits from a good level of excess spread available to cover
losses.

Key transactional features are as follows:

-- The trust issued eight classes of notes to purchase the
portfolio. The issuer will distribute principal collections
sequentially first, starting from Class A Notes. The trust will
follow a pro-rata repayment profile once step-down criteria are
met, with an exception that payment that could be allocated to the
Class G Notes will be used to repay the next most junior class of
notes instead, i.e. starting from the Class F Notes. Step-down
criteria include, among others, no unreimbursed charge-offs on any
of the notes listed above, no unreimbursed principal draws,
subordination percentage of the Class A Notes has at least doubled,
90+ day arrears is less than 6.0%, and the payment date is at least
2 years after closing date and is before the first call date.

-- The trust will switch back to repay the notes' principal
sequentially on or after the call date. The call date is the date
which is the earlier of the payment date in November 2027 or when
the aggregate pool balance is reduced to an amount equal to or less
than 20% of the aggregate pool balance as of the cutoff date in
September 2023.

-- The trust will accumulate certain excess interest collections
in a yield enhancement reserve prior to the call date, up to a
certain target balance, and use it to repay the most junior rated
notes after Class A Notes is fully repaid, i.e. starting from the
Class F Notes. After the yield enhancement reserve is built up to
the target balance, the issuer will apply certain remaining
interest collections to repay the most junior rated notes up to a
certain target amount, i.e. starting from Class F Notes, on each
payment date prior to the call date.

-- The servicer is required to maintain the weighted-average
interest rate on the mortgage loans of at least 3.60% above the
one-month bank bill swap rate (BBSW), and a rate that is sufficient
for the trust to pay its required payments plus 0.25%, both of
which are within the current portfolio yield of 8.02% as of pool
cut date of September 30, 2023.

Key model and portfolio assumptions:

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 8.7%. Moody's expected loss for this transaction is 1.5%.

Key pool features are as follows:

-- Based on Moody's classifications, the pool has a
weighted-average scheduled loan-to-value (LTV) ratio of 68.1% and
around 11.2% of the loans have a scheduled LTV ratio over 80.0%.

-- The pool has a relatively high weighted average seasoning of
22.2 months.

-- Based on Moody's classifications, the portfolio contains 69.2%
of loans extended on the basis of alternative documentation, with a
further 0.6% extended on the basis of low documentation.

-- Around 69.6% of the loans in the portfolio were extended to
self-employed borrowers.

-- Based on Moody's classifications, the portfolio contains around
15.3% of loans to borrowers with prior adverse credit histories
(default, judgment or bankruptcy). Moody's assesses these borrowers
as having a significantly higher default probability.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in October
2023.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

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


SCOTTEVY (3): First Creditors' Meeting Set for Dec. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Scottevy (3)
Pty Ltd and Scottevy Pty Ltd will be held on Dec. 4, 2023, at 11:00
a.m. via virtual meeting only.

Mervyn Jonathan Kitay of Worrells was appointed as administrator of
the company on Nov. 22, 2023.




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C H I N A
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CHINA AOYUAN: Creditors Approve Offshore Debt Restructuring
-----------------------------------------------------------
Yicai Global reports that shares of China Aoyuan Group jumped after
creditors finally agreed to the troubled real estate developer's
USD6.1 billion plan of offshore debt restructuring after over two
years of negotiations.

According to Yicai, the debt restructuring plan has won sufficient
approval from creditors and will be effective after two court
hearings and rulings, the Guangzhou-based property developer
announced on Nov. 28. Aoyuan will release further announcements in
due time, it added.

Next, Aoyuan will seek the Hong Kong court's approval of the
program during a hearing on Jan. 8 and it will have another hearing
on the Cayman Islands on Dec. 7, Yicai discloses.

Yicai relates that the scheme divides the firm's offshore creditors
into two categories, those with or without intercreditor
agreements, per an earlier announcement. The program has two
sub-plans with different debt recovery rates. The developer also
plans to issue new financing instruments.

Creditors who were present to vote on the scheme made up 79 and 88
percent of the voting rights of the two sub-programs, the report
adds.

                        About China Aoyuan

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

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


CHINA EVERGRANDE: Unit Commences Legal Proceedings Against Parent
-----------------------------------------------------------------
Reuters reports that Evergrande Property Services Group said on
Nov. 28 one of its units had commenced legal proceedings against
Hengda Real Estate Group Company and embattled developer China
Evergrande, among others.

Reuters relates that the unit, Jinbi Property Management Company,
has commenced the proceedings for the recovery of about CNY2
billion ($279.60 million) deposit certificate pledge guarantees.

The proceedings are related to the enforcement of Evergrande
Property Services' deposit pledge of about CNY13.4 billion.

According to Reuters, Jinbi Property has also commenced legal
proceedings against Shenzhen Qihang Metals Materials Company,
Guizhou Guangjuyuan Real Estate Development and Hengda Real Estate
Group Guiyang Property.

In February, parent Evergrande had said it was in talks with
Evergrande Property Services to repay the funds.

In July 2022, Evergrande's chief executive and its finance head
resigned after a preliminary probe found their involvement in
diverting loans secured by Evergrande Property Services, recalls
Reuters.

Reuters says Evergrande was investigating how deposits worth
CNY13.4 billion belonging to Evergrande Property Services were used
as collateral for pledge guarantees and seized by banks.

Evergrande Property Services has received a notice from the
Guangzhou Intermediate People's Court of Guangdong Province
formally accepting the filing of the case, it said on Nov. 28.

                      About China Evergrande

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

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

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

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

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

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

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

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

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




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I N D I A
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A.P.R. GINN: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of A.P.R. Ginn And Pressing
Mills in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

A.P.R. Ginn & Pressing Mills is a proprietorship concern
established in the year 1985 by Mr. A.P. Rangasamy. The company
operates a cotton ginning and pressing unit in Coimbatore,
Tamilnadu with 24 ginning machines each with a production capacity
of 50 kg of ginned cotton per hour. APR mainly deals in DCH variety
of raw cotton which is procured directly from farmers. The company
produces cotton lint which is sold to various dealers.

ALAPATT JEWELLERY: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Alapatt Jewellery (House of
Alapatt) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Alapatt Jewellery (House of Alapatt) (AJY) is a Cochin-based
partnership firm established by Mr. Jose Alapatt in 1994. AJY is a
flagship showroom of the Jose Alapatt Group. The Firm is engaged in
the manufacturing and selling of gold and diamond jewellery through
its 15,000 square feet retail showroom located in Cochin. The Firm
meets its gold requirement through traders and by melting of old
gold exchanged by customers and outsourcing the jewellery
manufacturing to local goldsmiths. The Firm also deals in diamond
jewellery and the requirement is largely met through diamond
procured from merchants based out of Mumbai and Bangalore.

ALPINE SHOES: Ind-Ra Keeps BB+ Bank Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Alpine Shoes Private Limited to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 3 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR300 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB+/Stable (Issuer Not
     Cooperating) rating; and

-- INR225.8 mil. Term loan migrated to non-cooperating category
     with IND BB+/Stable (Issuer Not Cooperating) rating.

Company Profile

ASPL, incorporated on February 15, 2010, manufactures footwear in
Himachal Pradesh and Haryana.



AMALTAS EDUCATIONAL: Ind-Ra Keeps D Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Amaltas
Educational Welfare Society'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. Bank Guarantee maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR370 mil. Term loan due on March 31, 2025 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Company Profile

Amaltas Educational Welfare Society has been registered as a
society under the Society Registration Act, 1860. It provides
medical services through its hospital and education via its medical
school. Both facilities are in the Bangar village, Madhya Pradesh.



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

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         17.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-       111.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-        21.50       [ICRA]A4 ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

APR was set up as a partnership firm, A Prabhakara Reddy & Co, in
1980. The firm was reconstituted as a public limited company in
December 2004 under the current name 'APR Constructions Limited'.
APR is a mid-sized player largely undertaking irrigation contracts
for Central and state government clients. Andhra Pradesh and
Maharashtra account for more than 84% of outstanding order book. In
terms of segments, irrigation accounts for 100% of the moving order
book.

BESTITCH KNITS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Bestitch
Knits in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

   Short Term-         3.00       [ICRA]A4 ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Bestitch Knits, established as a partnership firm in the year 1996
by Ms. S. Ambika and Ms. R. Shantha. The company is engaged in the
manufacturing and export of readymade garments (Men's wear &
women's wear), primarily to US market. The company outsources
activities like dyeing and printing and has in-house facilities for
stitching and embroidery. The company's manufacturing facility is
located at Tirupur.

BHARAT COTTAGE: ICRA Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Bharat
Cottage Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".
                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         (1.90)      [ICRA]B- (Stable) ISSUER NOT
   Interchangeable                COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Short Term         (1.50)      [ICRA]A4; ISSUER NOT
   Interchangeable                COOPERATING; Rating Continues
   Others                         to remain under issuer not
                                  cooperating category

   Long Term-          9.00       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.18       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          0.12       [ICRA]B- (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Short Term-         2.20       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 1961 by late Shri Mangilalji Danrajji Badamia, BCI
is a partnership firm managed by Mr. Mahendra Mangilalji Jain, Mrs.
Madhubala Mahendra Jain and Mr. Priyank Mahendra Jain. BCI
manufactures household plastic items and thermoware products. BCI's
product range comprises water jugs, casseroles, water bottles,
water filter, vacuum flasks, bucket, mugs, waste bins and others.
Its products are mostly used during Diwali and other festivals,
water bottles for the summer season and thermos ware for the winter
season. The firm has a manufacturing unit located at Daman with an
installed capacity of 3125 MTPA and is operating at its full
capacity at present.


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

The detailed rating actions are:

-- INR5 mil. Fund/Non-Fund Based Working Capital Limit   
     maintained in non-cooperating category with IND B+ (ISSUER
     NOT COOPERATING) rating; and

-- INR58 mil. Term loan maintained in non-cooperating category
     with IND B+ (ISSUER NOT COOPERATING) rating.

Company Profile

Bhargava Educational Society has a registered office in Banga,
Punjab and was established in 2011 under the Societies Registration
Act, 1860. It runs one school – Darrick International School –
in Gunachaur, Punjab.


BILT GRAPHIC: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated BILT Graphic Paper
Products Limited's (BGPPL) debt ratings to the non-cooperating
category. The issuer did not participate in the rating 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 these ratings. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR8.5 bil. Non-convertible debentures (NCDs) (Long-term)#
     (Long-term) migrated to non-cooperating category with IND    
     D (ISSUER NOT COOPERATING) rating;

-- INR4.76 bil. Term loans (Long-term) migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)   
     rating;

-- INR8.7 bil. Fund-based and non-fund based working capital
     limits (Long-term/Short-term) migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR3.880 bil. Commercial paper (CP) (Short-term) migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

# Details of NCDs are given in the Annexure

NOTE: Issuer not co-operating: Issuer did not cooperate; based on
best available information

The ratings were last reviewed on 22 February 2017. Ind-Ra is
unable to provide an update, as the agency does not have adequate
information to review the ratings.

Key Rating Drivers

Ind-Ra has migrated the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency, and has not provided no default
statements for three consecutive months ending October 2023 and few
other critical data points for the review of ratings.

Company Profile

BGPPL is a subsidiary of Bilt Paper B.V. Its manufacturing plants
are located at Bhigwan, Ballarpur and Ashti in Maharashtra with a
total capacity of 670000 million tons per annum.


BYJU'S: In Talks With BCCI to Settle Pending Insolvency Issue
-------------------------------------------------------------
Livemint.com reports that Byju's, the ed-tech firm, on Nov. 28 said
it is in talks with the Board of Control for Cricket in India
(BCCI) to settle a pending insolvency matter filed against it in
Bengaluru National Company Law Tribunal (NCLT).

"We are in discussions with Board of Control for Cricket in India
to settle the matter and we hope to achieve that soon,"
Livemint.com quotes the ed-tech firm's spokesperson as saying
without divulging any further details.

According to Livemint.com, the BCCI in September filed an
application before the Bengaluru bench of NCLT against Think &
Learn Pvt Ltd that operates Byju's for defaulting on dues of close
to INR160 crore. The case pertains to the dispute around
sponsorship rights of the Indian cricket team's jerseys.

It was on November 15 that the bankruptcy tribunal registered the
matter for further hearing, according to the latest details
available on their website, Livemint.com relays.

To be sure, the ed-tech firm has been a partner of the Indian
cricket team since 2019, with its branding featured on the front of
the team's jersey.

In June last year, Byju's extended its sponsorship rights with the
BCCI till November 2023.

Livemint.com says the ed-tech firm had asked the board to encash
INR140 crore bank guarantee, while the remaining INR160 crore was
to be paid in installments.

A BCCI source confirmed the development, but added that they have
not arrived at any solution.

The problem for the ed-tech decacorn is compounding as it scrambles
to raise funds, Mint reported earlier this month. The company's
former employees that were part of the layoff cycle are yet to get
their full and final (F&F) settlements, highlighting the depth of
the cash strapped company's troubles.

Livemint.com notes that the company is in the process of selling
its US-based online book reading platform Epic for a consideration
of more than $400 million, a move that is likely to ease its
capital constraints.

"Once there is some liquidity from asset sales, the company is
likely to repay BCCI. Currently the priority is F&F payments to
ex-employees," a person with knowledge of the company's plans said,
Livemint.com relays.

The company is also looking to sell its other dollar-earning asset
Great Learning, Mint had reported earlier. The sale is part of
Byju's efforts to monetize some of its profitable assets to repay
its term loan B lenders. The sale of Epic is likely to close
first.

After much delay, the company filed its standalone financials on
November 4. The edtech company reported that its revenue was up at
INR3,569 crore, with its earnings before interest, tax,
depreciation, and amortisation or EBITDA loss at INR2,253 crore
year-on-year (YoY), Livemint.com discloses. The company is yet to
file its consolidated numbers and its FY 23 financials.

Livemint.com adds that the company's CFO Ajay Goel, who joined in
May left within six months to go back to Anil Agarwal-led Vedanta
Group. The resignation comes amidst mounting troubles from its
board members resigning and its long time statutory auditor too
resigning owing to alleged poor governance standards.

                            About Byju's

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

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
23, 2023, the Enforcement Directorate, India's federal financial
crime-fighting agency, has issued a show-cause notice to education
tech company Byju's for alleged violations of foreign exchange
rules, the agency said in a statement on Nov. 11.

Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.

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

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


CHEMM FINANCE: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chemm Finance
Limited's (CFL) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR185.83 bil. (reduced from INR246.1 bil.) Non-convertible
     debentures (NCDs)* affirmed with IND BB/Stable rating; and

-- INR50 mil. Bank loans affirmed with IND BB/Stable rating.
  
*Details in annexure

Key Rating Drivers

Modest Scale of Operations to Continue over Near Term; High
Geographical Concentration: During FY23, CFL's assets under
management (AUM) increased 15.6% yoy to INR366.2 million, on
account of higher disbursements. Despite the increase, the AUM
remained moderate owing to a modest loan book growth of 9.2% CAGR
to INR366.5 million over FY18-FY23 (FY22: INR316.7 million; FY17:
INR234 million). As gold loans are short-tenor loans with an
average residual tenor of four-to-six months, the disbursement
momentum is critical for its loan book growth. During FY23-FY25,
the company plans to improve its AUM growth by opening new
branches, increasing its focus on marketing campaigns and linking
employee incentives to disbursements.

CFL is also exposed to a high geographical concentration risk, with
all of its 23 branches being located in Karnataka. While the
promoters intend to expand the portfolio to other states over the
near term, the strategy execution remains the key.

Improvement in Scale Critical for Stable Profitability: CFL has
high operating expenses as it is yet to attain economies of scale.
While the net interest income/average assets remained healthy at 9%
in FY23 (FY22: 9.9%, FY21: 9.5%; FY20: 9.1%; FY19: 9.7%; FY18:
9.4%), the operating cost/average assets of 10.3% (9.8%; 7.9%;
8.7%; 9.5%; 9.6%) led to a low and volatile return on assets of
0.06% (0.3%; 1.5%; 0.03%; 0.1%; negative 1.3%). Ind-Ra believes the
scaling up of the operations remains critical to achieve stability
in the profitability over the medium term, and thus, a key rating
monitorable.

Concentrated Funding Profile: At FYE23, CFL's borrowings were
concentrated, with NCDs accounting for 79.2% of the total funding
(FYE22: 80%), which are subscribed by retail investors. Bank
overdraft and fixed deposits from related parties/inter-corporate
deposits together accounted for 20.8% of the overall borrowings at
FYE23 (FYE22: 20%). A diversification of the funding profile is
critical to reduce CFL's dependency on NCDs, both, in terms of
exposure and the number of banks, and thus, is a key near-to-medium
term monitorable.

High Leverage; Promoters Committed to Infusing Capital to Keep
Leverage Below 6.0x: At FYE23, the company's net worth was INR63
million with a leverage of 5.5x (FYE22: 5.5x; FYE21: 5.0x). CFL's
reported capital adequacy ratio decreased to 17.3% in FY23 (FY22:
20.9%; FY21: 16.2%) due to the increase in AUM. The promoters plan
to infuse adequate capital over the near term and maintain adequate
cushion above the regulatory capital adequacy requirement of 12%
and will keep the leverage below 6.0x.

Liquidity Indicator - Adequate: As of September 30, 2023, the
company's asset liability management statement had a cumulative
surplus in the up to one-year bucket. At end-September 2023, CFL
had cash and liquid investments of INR11.7 million on its balance
sheet, as against debt outflows of INR5.9 million in October 2023.
Given the shorter tenor of gold loans and CFL having an average
collection of INR55 million on a monthly basis, its disbursement
requirements are covered by the collections itself, on an ongoing
basis. Thus, the liquidity position is adequate given its bank
lines.




CMC COMMUTATOR: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Cmc Commutator Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.35       [ICRA]B (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         1.65       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1977, CMC is owned and managed by Mr. Ramesh Gudi
and family. Based in Belgaum (Karnataka), the company is engaged in
the manufacturing of industrial commutators, molded commutators and
sliprings. The company is ISO 9001:2000 certified. The company has
an installed capacity to manufacture 75000 units per month. The
promoters of the company own 72% stake in its subsidiary company-
Indo Vacuum Technologies Private Limited (IVT) which is engaged in
the manufacturing of vacuum pumps. The promoters are also
associated with another group company - Acme Flowtech Private
Limited.


DEORANI DEVI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Deorani Devi
Memorial Trust in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        14.13      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/         0.87      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Non Fund Based/              remain under 'Issuer Not
   Others                       Cooperating' Category

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

Dedorani Devi Memorial Trust is a public charitable trust, formed
in March 2010. It currently runs a school in the name of 'Open
Minds- a Birla K-12 School', under franchisee agreement with Birla
Edutech Ltd, which has others similar ventures like Shloka School,
Globe Toters (Preschool), SPEED (for sports & physical education of
children), Birla Institute for Teacher Training, in the sphere of
education. The school commenced operations from the academic
session 2010-11.

ENTALLY ASTHA: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Entally Astha'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. Term Loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Company Profile

Entally Astha, established in 2004-2005, was incorporated under the
Society Registration Act, 1961. Its head office is in Kolkata.
Since April 2010, it has been engaged in microfinance operations
through the self-help group model and various livelihood
programmes.



FURNACE FABRICA: Ind-Ra Cuts Bank Loan Rating to D
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Furnace Fabrica
(India) Limited's (FFIL) bank facilities' ratings to 'IND D (ISSUER
NOT COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'.

The detailed rating action is as follows:

-- INR2.558 bil. Non-fund-based working capital limit downgraded
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR589 mil. Fund-based working capital limit downgraded with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR30 mil. Non-fund-based working capital limit downgraded
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR83.10 mil. COVID-19 emergency line of credit 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 FFIL's delays in servicing of debt
obligations, 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

FFIL provides engineering, procurement and construction services
for metallurgical, fertilizer, petrochemical, refinery, cement,
power and steel plants on a turnkey basis. Its head office is in
Mumbai. It has regional offices in Delhi, Kochi and Kolkata, and
its international offices are in Zambia, Morocco and the UAE.
Furthermore, FFIL has captive fabrication facilities in Navi Mumbai
(Maharashtra) and Kandla (Gujarat) in India and Chingola in Zambia.
The company is promoted by A. Baseeruddin.



G.N. BULLION: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of G.N. Bullion Private Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        14.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in 2009, G. N. Bullion Private Limited (GNBPL) is
mainly involved in manufacturing and selling of gold jewellery in
the wholesale market. The company's jewellery manufacturing
operation is carried out on jobwork basis. In addition, it
manufactures silver coins in small volumes at its own workshop in
Kolkata. The clientele of the company primarily comprises
domestic jewellery retailers in the eastern India.


GANPATI ADVISORY: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Ganpati Advisory Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Ganpati Advisory Limited (GAL) was incorporated as a closely held
public limited company in the year 2003. It was formed to invest in
the group concerns which are engaged in the manufacturing of
cement, but later on seeing the opportunity lying in the cement
sector, GAL commenced cement production at a newly built plant
situated at Raebareilly, Uttar Pradesh 2013. The factory premise of
the concern is spread in an area of ~ 4 acre. The concern
manufactures and sells cement under the unregistered brand name of
"Shakti" & "Kohinoor Gold Cement", which is also having ISI 1489
Part I certification. Company is also engaged in the trading of
clinker.


HINDUSTAN HARDWARES: ICRA Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
ICRA has downgraded and moved the bank loan ratings for Hindustan
Hardwares to the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         16.15        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Term Loans                      from [ICRA]BB (Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' category

   Long term-         47.50        [ICRA]B+(Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating downgraded
                                   from [ICRA]BB-(Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' category

   Long term–        (20.00)       [ICRA]B+(Stable); ISSUER NOT
   Fund based                      COOPERATING; Rating downgraded
   Facility                        from [ICRA]BB-(Stable) and
   (Sublimit)                      moved to 'Issuer Not
                                   Cooperating' category

   Short term–        10.25        [ICRA]A4; ISSUER NOT
   Non fund-based                  COOPERATING; Rating downgraded
   Facility                        from [ICRA]A4+ and Moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Long term/         0.10         [ICRA]B+(Stable)/[ICRA]A4;
   Short term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating downgraded from
                                   [ICRA]BB (Stable)/[ICRA]A4+
                                   and Moved to the 'Issuer Not
                                   Cooperating' category

The rating downgrade is because of lack of adequate information
regarding Hindustan Hardwares performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Set up in 1979, Hindustan Hardwares, is the flagship firm of the
Coimbatore-based Hindustan Group of Companies and is currently
managed by Mr. D. Natarajan and his wife, Mrs. Vanithamani. The
firm trades in thermo-mechanically treated (TMT) bars and
structural steel, which are primarily used in the construction
industry. Established relationships with principals, RINL and SAIL,
support the business. The firm also has five windmills with an
installed capacity of 6 MW and a 2-MW solar power plant.


IL&FS DEBT: Ind-Ra Affirms D LongTerm Debt Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Infrastructure
Leasing & Financial Services Limited's (IL&FS) debt ratings as
follows:

-- INR93,600.8 bil. Long-term debt* (Long-term) affirmed with IND

     D rating;

-- INR1.0 bil. Subordinated debt^ (Long-term) affirmed with IND D

     rating;

-- INR12.250 bil. Short-term debt (Short-term) affirmed with IND
     D rating; and

-- INR3.0 bil. Bank loans (Long-term) affirmed with IND D rating.

^Unutilized

*Details in annexure

Key Rating Drivers

The ratings continue to reflect IL&FS's missed payments on
contractual debt obligations. The IL&FS group has been functioning
under a resolution framework, wherein payments are made mostly to
meet operational expenses to ensure the going concern status of the
company. IL&FS remains in a cash conserving mode while continuing
to make efforts towards asset monetization.

In the company's media release dated October 3, 2023, the company
announced IL&FS Group has discharged an aggregate debt of about INR
356 billion by way of monetization of assets, auto debits by banks
and debt repayment (including interim distribution) across entities
as of September 30, 2023.

Liquidity Indicator – Poor: IL&FS is in continuous default since
September 2018, and the liquidity is poor.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

Company Profile

IL&FS operated in India's infrastructure development space. The
company had restructured its business in FY08 and converted itself
into a holding company after demerging its lending and advisory
business to its subsidiary, IL&FS Financial Services Ltd ('IND D').
The company received a core investment company license in September
2012.



IL&FS FINANCIAL: Ind-Ra Affirms D NonConvertible Debt Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IL&FS Financial
Services Ltd.'s (IFIN) debt ratings as follows:

-- INR49.85 bil. Non-convertible debentures* (NCDs) (Long-term)
     affirmed with IND D rating;

-- INR11.0 bil. Subordinated debt* (Long-term) affirmed with IND
     D rating;

-- INR7,587.5 bil. Bank loans (Long-term) affirmed with IND D
     rating; and

-- INR7.0 bil. Short-term debt/commercial paper programme^
     (Short-term) affirmed with IND D rating.

^Unutilized

*Details in annexure

Key Rating Drivers

The ratings continue to reflect IFIN's missed payments on
contractual debt obligations. The IL&FS group is functioning under
a resolution framework wherein payments are made mostly to meet
operational expenses to ensure the going concern status of the
company. The group remains in a cash conserving mode while making
efforts towards asset monetization.

Liquidity Indicator – Poor: IFIN is in continuous default since
September 2018, and the liquidity is poor.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

Company Profile

IFIN was a non-banking finance company that provided credit and
other services such as debt syndication and corporate advisory.


JAGRUTI SUGAR: Ind-Ra Assigns BB+ Loan Bank Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Jagruti Sugar and
Allied Industries Limited's (JSAIL) bank loan as follows:  

-- INR750 mil. Fund-based facilities assigns with IND BB+/
     Positive/IND A4+ rating.

The Positive Outlook reflects Ind-Ra's expectation of an
improvement in JSAIL's revenue and profitability in FY24, due to
the installation of the distillery plant and expansion of the
existing sugar crushing capacity.

Key Rating Drivers

Modest Credit Metrics: JSAIL's interest coverage (EBITDA/gross
interest expense) improved to 8.26x in FY23 (FY22: 3.26x) owing to
an increase in the absolute adjusted EBITDA to INR296.68 million
(INR216.84 million). The  adjusted net leverage (adjusted net
debt/operating EBITDA) deteriorated to 7.74x (3.15x) due to the
debt-funded capex incurred by the company. Furthermore, Ind-Ra
expects the credit metrics to weaken over FY24-FY25 due to higher
utilization of working capital limits, resulting from the capex
incurred by the company for setting up its distillery unit and
expansion of the existing crushing. Also, JSAIL's credit metrics
over the medium term will depend on its ability to improve its
margins from existing levels while increasing its top line by
capitalizing on the capex.

Modest Adjusted EBITDA Margins: JSAIL's adjusted EBITDA margins are
modest owing to the regulated nature of the sugar industry. The
EBITDA margins  rose to 11.93% in FY23 (FY22: 7.07%) owing to a
reduction in the cost of the material consumed.  The ROCE was 10%
in FY23(FY22: 8.90%). Ind-Ra expects the margins to improve in
FY24, backed by higher realizations, resulting from increased
production from the co-generation unit and the setting up of the
ethanol manufacturing plant during the year. In 1QFY24, the company
recorded a margin of about 20%. Ind-Ra expects the margins to
improve in FY24, owing to the company's diversification into the
ethanol division.

Major Debt-Funded Capex Undertaken by Company: JSAIL undertook
substantial capex of INR1,250 million over FYXX to set up a
distillery capacity of 110-kilo liter per day (KLPD), which would
diversify its revenue stream, and capex  of INR130 million for
expanding the capacity of its sugar crushing plant to 4,900 tons
crushed per day (TCD) from 2,500TCD. The distillery project was
primarily funded by debt of INR1,117.50 million and the balance was
funded through internal accruals of INR132.50 million. Also, the
crushing unit expansion was completely funded through internal
accruals. The crushing unit commenced operations in November 2022,
while the distillery began operating in April 2023. The proposed
unit will focus solely on the production of ethanol from C-heavy
molasses and cane juice.  The increase in working capital
utilization would result in a slight deterioration in JSAIL's
credit metrics in FY24; however, the impact of the same shall be
offset to some extent by the absence of any further capex and the
improved operating performance through the recently executed capex
plans.

Small Scale of Operations; Revenue Fell in FY23, but Likely to Grow
in FY24: JSAIL's revenue fell sharply to INR2,485 million in FY23
(FY22: INR,3065 million), owing to a decline in exports compared to
FY22, resulting from the introduction of the quota system for
exports. The decline   in revenue in FY23 is also attributed to a
decline in sugar sales due to a fall in the number of crushing days
to 141 (FY22: 191 days) and lower capacity utilization of 140%
(150%). JSAIL's sugar sales fell to 632,000 metric ton (MT) in FY23
(FY22:714,000MT). JSAIL's sugar sales contributed 82% to its sales
in FY23 (FY22: 80.7%), followed by cogeneration at 9.08% (5.85%),
and by-products contributed the remaining 10.18%  (FY 22: 11.84%).
In 1HFY24, the company clocked a revenue of INR1,800 million.
Ind-Ra expects the revenue to improve in FY24, led by growth in the
sugar crushing capacity to 4,900TCD from 2,500TCD, the installation
of the distillery unit, and growth in sugar volumes as well as
realizations per MT of sugar. In FY24, the distillery unit has been
operational from April 2024, i.e. for 300 days, with a recovery
rate of 70% for juice and 300% for molasses. Also, as per the
management, the expanded capacity shall be directed to the
distillery.

Liquidity Indicator - Stretched: The maximum average utilization of
the fund-based working capital limits was 40% for the 12 months
ended September 2023. JSAIL's cash flows from operations turned
negative at  INR 989.53 million in FY23(FY22: INR 1293 million)
owing to unfavorable changes in the working capital. The working
capital cycle stretched to 581 days in FY23(FY 22: 92 days) on
account of an increase in inventory days to 556 days (154 days) The
current ratio (current assets/current liabilities) of JSAIL
declined marginally to 1.20x in FY23 (FY22: 1.5x). The cash and
cash equivalents stood at INR154 million at FYE23 (FYE22: INR38
million), against scheduled debt repayments of INR351.90 million in
FY24 and INR351.90 million in FY25. JSAIL's increased focus on
diverting more sugar syrup to manufacture ethanol will be positive
for the company, as the ongoing capex to set up the ethanol
manufacturing unit would lead to quicker receivables compared to
the gradual liquidation of the large sugar inventory across 11
months.

Regulatory Risks: The sugar industry is regulated and vulnerable to
government policies as it is classified as an essential commodity.
Besides setting quotas for sugar exports, the government has
implemented various regulations such as fixing the raw material
prices in the form of state-advised prices and fair and
remunerative prices. All these factors impact the cultivation
patterns of sugarcane in the country, and thus, affect the
profitability of sugar companies.

Agro-climatic Risks: Being an agri-commodity, the sugarcane crop is
dependent on climatic conditions and is vulnerable to pests and
diseases that could not only impact the yield per hectare but also
the recovery rate. These factors can have a significant impact on
JSAIL's profitability. Furthermore, the high dependence on a single
crop variety could affect the yields and recovery rate. While JSAIL
has been exploring other varieties to mitigate this risk to a
certain extent, the process of shifting to other varieties could be
slow. In addition, the cyclicality of sugar production results in
volatility in sugar prices. However, sharp declines in sugar prices
have been restricted after the introduction of minimum support
prices by the central government.

Established Track Record: JSAIL has been operating in the industry
for more than a decade, and this along with its experienced
management has led to established relationships with suppliers
(farmers). Furthermore, the company has diversified its operations
by setting up a co-generation unit in Maharashtra, which has a
relatively stable regulatory environment compared to other states
in the country.

Rating Sensitivities

Negative: Substantial deterioration in the liquidity position of
the   company or an inability to maintain its operating performance
or the net financial leverage remaining above 3.50x will be
negative for the ratings.

Positive: Substantial improvement in the liquidity along with
maintaining the operating performance, resulting in the net
financial leverage falling below 3.50x, all on a sustained basis,
will be positive for the ratings.

Company Profile

Incorporated in 2009,  Latur-based JSAIL is engaged in the
manufacturing of sugar, molasses, ethanol and co-generation of
power. The company is promoted by Diliprao Deshmukh and Laxman
More. JSAIL is a closely held company and its entire shareholding
is held by the promoters. The day-to-day operations of the company
are  handled by Diliprao Deshmukh and Laxman More, the joint
managing directors of the company.


JAMPANA PADMAVATHI: ICRA Lowers Rating on INR8.80cr Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Jampana
Padmavathi (JP), as:

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         8.80      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Term Loan                    [ICRA]B (Stable) and continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Long Term-         1.20      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating downgraded from
                                [ICRA]B (Stable) and continues to
                                remain under 'Issuer Not
                                Cooperating' category

Rationale

Material event
The rating of Jampana Padmavathi is downgrade reflects Delay in
Debt Repayment as mentioned in the Publicly available sources.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in September 2022. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Jampana Padmavathi (JP) is a proprietorship concern established in
FY15. The business activities include the construction of go-downs
and leasing out to FCI. The entity is in the process of
constructing 4 godowns with an aggregate capacity of 32000 MT in
koripalli village, Karapa station on Vijayawada division with an
estimated project cost of INR11.74 crore. The project funded by
term loans of INR8.80 crore, INR2.19 crore of equity, INR0.75 crore
of unsecured loans.

KARMYOGI ANKUSHRAO: Ind-Ra Affirms BB+ Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Karmyogi Ankushrao Tope Samarth Sahakari Karkhana Ltd.'s (KATSSKL)
bank facilities to Positive, while affirming the rating at 'IND
BB+'.

The detailed rating action is:

-- INR1.5 bil. Fund-based working capital limit affirmed, Outlook

     revised to Positive from Stable with IND BB+/Positive/IND
     A4+ rating.

The Outlook revision reflects the expectation of an improvement in
KATSSKL's absolute EBITDA in FY24, following its successful ramp-up
of the crushing and ethanol manufacturing capacities, leading to an
improvement in the credit metrics in the near- to medium term.

Key Rating Drivers

EBITDA Margins likely to Improve after Capex: KASSKL's EBITDA
increased to INR644 million in FY23 (FY22: INR438 million), largely
supported by its growing revenue combined with an increased
contribution from its distillery division, which fetches higher
profitability margins than the sugar and byproducts segment. As a
result, its EBITDA margin improved to 8.27% in FY23 (FY22: 7.56%;
FY21: 9.15%). The EBITDA margin was impacted in FY22, despite a
significant increase in the scale of operations, on account of a
reduction in the export prices of sugar and an increase in
sugarcane costs. Its return on capital employed improved to 6.7% in
FY23 (FY22: 4.8%). KASSKL's EBITDA margins remained modest with a
lower return on capital employed historically, due to the regulated
nature of the sugar industry, where the sales are being controlled
by the government's quota regulations, and the price paid for
sugarcane is being regulated by the fair and remunerative pricing
policy. Ind-Ra expects the EBITDA margin to improve in the near- to
medium-term as the company starts gaining operational synergies
from the enhanced distillery capacity.

Major Debt-Funded Capex: KASSKL has been undertaking a capex of
INR1,700 million to set up an additional distillery capacity of 100
kilo liter per day (KLPD) and expand its sugar crushing plant to
7,500 tons crushing per day (TCD) from 4,000 TCD in its unit I, to
diversify its revenue stream. The proposed addition of 3,500TCD
capacity in unit I will solely produce ethanol from cane juice. The
capex is being primarily funded through debt of INR1,362 million
and INR338 million internal accruals. This will lead to an increase
in its long-term borrowings in FY24. The capex and the successful
ramp-up of its operations would improve KASSKL's operating
performance in the sugar season 2024.

Improved Credit Metrics: The company's credit metrics remained
moderate but improved with the gross interest coverage (operating
EBITDA/ gross interest expenses) increasing to 4.48x in FY23 (FY22:
3.57x) while the net leverage (total net debt/ operating EBITDA)
reduced to 2.56x (4.68x), due to the improved EBITDA, lower
interest expenses and lower debt. Ind-Ra expects the metrics to
improve over the medium term, on account of an improvement in its
revenue, profitability and scheduled repayments despite addition of
long-term debt for its capex.

Medium Scale of Operations; Likely to Improve:  The company's
revenue improved to INR7,784 million in FY23 (FY22: INR5,786
million; FY21:3,659 million), led by an increase in its sugar sales
to 1,87,148 MT (1,52,116 MT), majorly from higher allotment of the
monthly quotas and annual export quotas received from the
government. The revenue was also supported by its increased
capacity utilization to 127% in FY23 (FY22: 105%) along with better
availability of cane for crushing. KASSKL's sugar sales contributed
79% to its total revenue in FY23 (FY22: 81%), followed by co-gen at
4.6% (5.4%), ethanol 14% (6%) and the remaining 2% (8%) from
by-products. The unit II distillery, with a capacity of 60KLPD,
started its production from 23 March 2023. Till March 2023, the
sugar mill crushed sugar cane of 764,246 MT in unit 1 and 514,729
MT in unit II with total crushed quantity of 1,278,975 MT for 155
days (sugar season 2023 ended 8 April 2023). The sugar closing
stock as on 31 March 2022 was 101,953 MT (INR2,881.4 million;
INR28.26/kg) which were sold in FY23 on a higher price.

Ind-Ra expects the revenue to improve in FY24, led by growth in the
sugar crushing capacity to 7,500 TCD from 4,000 TCD and also
additional distillery capacity enhancement in its unit 1 of 100
KLPD, which will commence its operations from November 2023 and
generate revenue from FY24. The revenue will be further supported
by the company's strategy to produce ethanol from sugar syrup in
both units' distilleries from November 2023, during the peak
season. It plans to store B-heavy molasses produced during the cane
crushing process (during peak season) and produce B-heavy
molasses-based ethanol during the off-season.

Liquidity indicator - Adequate: The peak average monthly
utilization of pledged loans was 63.14% for the 12 months ended
September 2023. The cash and cash equivalents stood at INR20.67
million at FYE23 (FYE22: INR267.08 million). The company has debt
repayments of INR263 million in FY24 and INR291.0 million in FY25,
which are likely to be funded through its internal accruals. The
cash flow from operations increased to INR1,632.15 million in FY23
(FY22: INR925.52 million), owing to favorable changes in its
working capital. The working capital days reduced to 109 days in
FY23 (FY22: 206), supported by an increase in the payable days to
141 (108) and a decrease in the inventory period to 226 (296).

Forward-integrated Operations - KASSKL operates sugar capacities of
6,500 TCD at its two units. The operations are forward-integrated
into the power and distillery businesses — co-generation capacity
of 18 megawatt and distillery capacity of 120 KLPD as on 31 March
2023. The integrated operation provides alternative revenues and
cushions the profitability against the cyclicality in the sugar
business. It would also moderate the seasonality associated with
sugar business, as distilleries can operate for 300-320 days a
year.

The rating is supported by the promoter's experience of nearly
three decades in the sugar industry.

Rating Sensitivities

Negative: Any delay in timely completion of the project leading to
a decline in the revenue or operating profitability with
deterioration in the credit metrics and the liquidity position, on
a sustained basis, would be negative for the rating.

Positive: The successful completion of the planned capex along with
the ramp up of operations, an improvement in the financial
reporting standards, operating profitability and sustenance of
credit metrics and the liquidity position would be positive for the
rating.

Company Profile

KATSSKL manufactures sugar with a installed capacity of 4,000 TCD
in Unit I and 2,500 TCD in Unit II. It also owns co-generation
facility of 18MW and distillery unit of 60KLPD in Unit I and set up
one new 60KLPD distillery in unit II till March 2023. The company
is incurring a capex of installing additional 100 KLPD of
distillery in Unit I and enhancing its crushing capacity to 7,500
TCD in Unit I. The distillery is likely to be operational by
November 2023.   



KRISHNAIAH MOTORS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Krishnaiah Motors Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         15.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          9.50       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

KMPL, established in 2002 by Major (Retd) P.T Choudary, is a MSIL
dealer in passenger cars in Hyderabad under the name "ACER Motors";
KMPL is involved in the sales of new cars and used cars, service of
vehicles along with sale of spare parts. The company has two
showrooms and two service centres in Hyderabad. The stockyard of
the company is located at Alwal.



LANARSY INFRA: ICRA Hikes Rating on INR10cr LT Loan to BB-
----------------------------------------------------------
ICRA has removed the ratings assigned to the bank facilities of
Lanarsy Infra Limited (LIL) from Issuer Not Cooperating category
and revised the long-term rating to [ICRA]BB- (Stable), while
reaffirming the short-term rating at [ICRA]A4. ICRA had moved the
ratings to Issuer Not Cooperating category in June 2023 due to
non-receipt of information and fee. However, the entity
has now started cooperating and ICRA will continue to monitor the
ratings assigned in accordance with its rating agreement
with LIL.

                    Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Long-term–        10.00     [ICRA]BB-(Stable); rating
Upgraded
   Fund-based–                 from [ICRA]B+ (Stable) ISSUER NOT
   Cash credit                 COOPERATING and removed from
                               ISSUER NOT COOPERATING category

   Long-term/        20.00     [ICRA]BB- (Stable)/[ICRA]A4;
   Short-term–                 Long term rating upgraded from
   Unallocated                 [ICRA]B+ (Stable) ISSUER NOT
                               COOPERATING and short-term rating
                               reaffirmed; Removed from 'Issuer
                               Not Cooperating' category

   Long-term/        18.00     [ICRA]BB- (Stable)/[ICRA]A4;
   Short-term–                 Long term rating upgraded from
   Nonfund Based–              [ICRA]B+ (Stable) ISSUER NOT
   Bank guarantee              COOPERATING and short-term rating
                               reaffirmed; Removed from 'Issuer
                               Not Cooperating' category

The ratings factor in LIL's healthy outstanding order book of
INR684.5 crore as on September 30, 2023, providing mediumterm
revenue visibility and established track record of management in
the electrical distribution and transmission works, which has
helped in acquiring sizeable orders over the years. The ratings
are, however, constrained by LIL's small scale of operations with
operating income declining to INR51.3 crore in FY2023 mainly on
account of slow execution. The company's working capital intensity
is high due to elongated debtor days. Further, 72% of the
receivables are more than 6 months old. Timely realisation of the
same remains crucial to improve its liquidity position and remains
a key rating monitorable. The ratings are also constrained by the
modest operating margins of 7% over the past two years and risks
inherent to the tender-based nature of the business.

The Stable outlook on ICRA ratings reflects ICRA's opinion that the
LIL will be able to improve its scale of operations, driven by its
healthy order book and improved execution.

Key rating drivers and their description

Credit strengths

* Healthy order book position: LIL has an outstanding order book of
INR684.6 crore as on September 30, 2023, providing medium-term
revenue visibility. The company has more than five years of
presence in the power distribution and transmission segment and is
eligible to bid for Government projects on its own. However,
majority of the works were received on a subcontract basis, which
has constrained its operating margins to an extent.

* Extensive experience of promoters in industry: The company's
promoters, Mr. Venugopal and Mrs. Padmaja, have extensive
experience of around two decades in the power distribution and
transmission works. This has helped in developing and maintaining
healthy relationships with the suppliers and customers over the
years.

Credit challenges

* High working capital intensity: LIL's working capital intensity
remained high at 63.4% in FY2023 and increased from 17.3% of FY2021
owing to high debtors. The company has 72% of the receivables
outstanding for more than 6 months. Timely realization of the same
remains a key rating monitorable.

* Modest scale of operations: LIL's scale of business remained
modest with revenues of INR56.3 crore in FY2023, which declined
from INR151.1 crore in FY2020 owing to slow order execution. In H1
FY2024, it has recorded revenue of INR30 crore and expects to
achieve revenues of more than INR100 crore for FY2024.

* Risks inherent to tender-based business and modest operating
margins: Most of the projects are awarded through competitive
bidding. Hence, the revenues and profitability are dependent on
timely receipt of orders. Majority of works are on subcontract from
PaceDigitek Infra Private Limited. As a result, the margins
remained low at 7% over the past two years.

Liquidity position: Stretched

LIL's liquidity is stretched due to delayed realisation of
receivables. Although the working capital limit utilisation
remained moderate, the company's ability to reduce the receivable
days remains a key rating monitorable. LIL has no major capex plans
and timely realisation of receivables remain crucial to ease
pressure on its liquidity position.

Rating sensitivities

Positive factors – ICRA may upgrade the ratings if there is a
significant improvement in the company's scale of operations and
profitability margins and/or timely realisation of debtors leading
to improved liquidity position on a sustained basis.

Negative factors – Pressure on the ratings may arise if slow
execution of orders or decline in earnings or stretch in
receivables weakens its liquidity position on a sustained basis.

LIL was incorporated in 2011 as a closely-held public limited
company, in Hyderabad. The company started its commercial
operations in FY2013 by executing contracts related to transmission
and distribution in the power sector. It specialises in laying
transmission lines, setting up of sub-stations, etc. LIL's
operations are managed by its directors, Mr. Venugopal Rao and
Padmaja. Its principal clients include Karnataka Power Transmission
Corporation Limited (KPTCL), Chhattisgarh State Power Distribution
Company Limited (CSPDCL), South Bihar Power Distribution
Corporation Limited (SBPDCL) and Jharkhand Bijli Vitran Nigam
Limited (JVBNL). It executes works largely on a sub-contract
basis.


LE MARBLE: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of LE Marble Gallery Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         7.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 1996, Le Marble Gallery Private Limited is primarily
engaged in retailing sanitary ware, marble and tiles. The company's
showroom is located at Kozhikode in Kerala, spread across about
25,000 sq. ft. The promoters of the company, Mr. Abdul Majeed and
Mr. Viju Thomas, have been engaged in similar businesses since
1996. LMGPL trades in imported as well as indigenous products.
Branded tiles, sanitary ware and fittings constitute its import
products, procured mostly from Spain. The company also trades in
renowned Indian brands and has own brand of tiles—Titles.
Moreover, LMGPL also procures marble blocks, which are cut into
20mm width pieces and sold as unbranded products. Some of the key
brands sold by the company are Nitro, Somany Ceramics, Kajaria,
Toto (Japan), Colorker (Spain), Roca (Spain), Kohler (USA) and
Duravit (Germany). The company also has eight channel partners
across Kerala, who help in marketing and selling its products.


LIMBUGURI TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Limbuguri Tea Estate Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.93       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          5.07       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Limbuguri Tea Estate Pvt. Ltd. (LTEPL), incorporated in August
1992, owns a tea garden in Tinsukia district of Assam, which is
spread over a cultivable area of 372 HA. The company belongs to the
Jalan Group, which is involved in tea business under the leadership
of Mr. Manoj Jalan. LTEPL is mainly involved in plucking of green
leaves and processing the same to manufacture black tea. In 9M
FY2020, the entire production of the company was of orthodox
variety of tea.


MARUTI NANDAN: Ind-Ra Keeps BB- Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
MARUTI NANDAN TELECOMM LLP to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 3 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time., Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR310 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB-/Stable/IND A4+ (Issuer Not
     Cooperating) rating; and

-- INR45 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (Issuer Not
     Cooperating) rating.

Company Profile

MNTL was established in 2013 as a limited liability partnership
firm. The firm is an authorized reseller of Apple India. MNTL has
14 stores which are mainly located in the northern part of India.



MN AGRO: Ind-Ra Keeps BB+ Bank Loan Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
M N Agro Industries to the non-cooperating category as per Ind Ra's
policy on Issuer Non-Cooperation, following non-submission of No
Default Statement continuously for 3 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time. Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR240 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB+/Stable/IND A4+ (Issuer Not  
   
     Cooperating) rating;

-- INR50 mil. Term loan on June 30, 2030 migrated to non-
     cooperating category with IND BB+/Stable (Issuer Not
     Cooperating)rating; and

-- INR50 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB+/Stable/IND A4+ (Issuer Not  

     Cooperating) rating.

Company Profile

Established  in 2011, MNAI is involved in the processing of paddy
into boiled rice with a capacity of 120 metric tons per day. The
partnership firm is located in Karnataka and has customers majorly
in Karnataka, Tamil Nadu and Kerala.


MUKESH AND CO: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Mukesh And Co. in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         11.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Mukesh and Co. is a proprietorship firm involved in trading of TMT
bars. It is promoted by Mr. Mukesh Tibrewala and started operations
in 1997 in Bangalore. The firm is an authorized dealer of B.M.M
Ispat Limited.


NEXT GENERATION: Ind-Ra Keeps D Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Next Generation
Charitable Trust'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:

-- INR53.11 bil. Term loan due on March 31, 2019 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Company Profile

Next Generation Charitable Trust was established in 2013 by Chandan
Agarwal. The trust established its first school G.D. Goenka Public
School in collaboration with G. D. Goenka Private Limited in
Bareilly.


PADMA POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of Padma Polymers
in the 'Issuer Not Cooperating' category. The rating are denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          8.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          1.00       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Short Term-         6.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 1998, PP is in the business of importing and trading
plastic raw materials like plastic granules, high density
polyethylene (HDPE), low density polyethylene (LDPE), paraffin wax
and other chemicals. The firm has a wide variety of products
available at affordable prices. It is promoted by Mumbai based –
Mr. Viresh and Mr. Paresh Timbadia, who have been in the business
of trading polymers for over a decade.


RAJA CONSTRUCTIONS: ICRA Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Raja
Constructions to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.10        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Cash Credit                     the ‘Issuer Not
Cooperating’
                                   Category

   Short-term         11.00        [ICRA]A4 ISSUER NOT
   Non Fund based                  COOPERATING; Rating Moved to
                                   the ‘Issuer Not Cooperating’

                                   category

   Long Term/          2.50        [ICRA]B+(Stable)/[ICRA]A4
   Short Term–                     ISSUER NOT COOPERATING;
   Unallocated                     Rating moved to Issuer Not
                                   Cooperating category

Rationale
The ratings for the bank facilities of Raja Constructions have been
moved to the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

The ratings have been moved to Issuer Not Cooperating category
because of lack of adequate information regarding AVPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Raja Constructions, ICRA has been trying to seek information
from the entity to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, a rating view has been
taken on the entity based on the best available information. In the
absence of requisite information and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information and the rating continues to remain in the
"Issuer Not Cooperating" category.

Raja Constructions was established in 2002 and is involved in
construction activities - EPC contracts especially in the water
supply segment. The firm mainly focuses on the state government
projects in Tamil Nadu and its key clientele include Tamil Nadu
Water Supply and Drainage Board. It is a partnership firm, with Mr.
Dhanasekar and his wife as equal partners. The promoter, Mr.
Dhanasekar, has vast experience of nearly 32 years in the
industry.


ROYAL POWER: ICRA Lowers Rating on INR8.75cr ST Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Royal
Power Turnkey Implements Private Limited, as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.25       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B- (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term–        8.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating downgraded from [ICRA]A4
   Others                        and continues to remain under
                                 'Issuer Not Cooperating'
                                 category

Rationale

Material event
The rating of Royal Power Turnkey Implements Private Limited is
downgraded as the accounts of the entity have been declared as NPA
(Non-Performing Asset) mentioned by the Auditor in the Annual
Report of FY 2023.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated August ,2022. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Incorporated in 2011, Royal Power Turnkey Implements Private
Limited is engaged in executing turnkey power projects for various
Government departments in Maharashtra, Goa and Chhattisgarh. The
company is a registered class 'A' contractor with different states
and local governing bodies. Prior to 2011, the promoter, Mr. K.K
Koshy, was engaged in a similar business segment of designing and
constructing electricity infrastructure as well as commissioning
lighting infrastructure and sub-stations through a proprietorship
concern, Royal Electricals.

SAI INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Sri Sai Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          5.40       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in September 2011, PESL commenced with the prime
objective of rendering services of electrical projects involving
supply, installation and commissioning of electrical equipment and
allied products and maintenance service for various industries,
software parks and commercial establishments. It is also involved
in balance of plant work at thermal power plants, wind farms, PV
solar power plants and switchyards in India.



SAI RAM: ICRA Lowers Rating on INR16.84cr LT Loan to B+
-------------------------------------------------------
ICRA has downgraded and moved the ratings for the bank facilities
of Sai Ram Constructions to the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB- (Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' category

   Long term-         16.84        [ICRA]B+(Stable) ISSUER NOT
   Non Fund based                  COOPERATING; Rating downgraded
   limits                          from [ICRA]BB-(Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' category

   Long term-          2.16       [ICRA]B+(Stable) ISSUER NOT
   Non Fund based                  COOPERATING; Rating downgraded
   limits                          from [ICRA]BB-(Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Sai Ram Constructions, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA for information and payment of
surveillance fee that became due, the entity's management has
remained non-cooperative. In the absence of requisite cooperation
and in line with the ICRA's policy on Non-cooperation by a rated
entity, the rating has been moved to
the "Issuer Not Cooperating" category.

Sai Ram Constructions (SRC) was founded as a proprietorship firm in
1983 and was converted into a partnership firm in 2003. The firm is
involved in execution of water supply and irrigation contracts and
is a special class contractor for I&CAD Department of Telangana. It
specialises in construction of canals,  aqueducts, lining,
bridges/dams and road works. SRC executes projects for the
Irrigation and CAD Department, the Government of Telangana.


SALICYLATES AND CHEMICALS: ICRA Keeps B+ Rating in Not Coop.
------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Salicylates
And Chemicals Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         23.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         7.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1978, Salicylates and Chemicals Private Limited
(SCPL) is a chemical company engaged in the manufacture of,
Parabenzene based derivatives and sunscreen chemicals. The company
started operations with the manufacture of Salicylic acid in 1982.
In the same year, it started manufacture of Para Hydroxy Benzoic
Acid (PHBA) and over the years, expanded into PHBA derivatives.


SARDAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Sardar Cotton in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         0.80      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        10.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Established as a partnership firm in 2012, Sardar Cotton (SC) is
engaged in cotton ginning and pressing operations. The firm is
managed by Mr. Pravin Patel along with 2 other partners with
manufacturing facility located near Rajkot, Gujarat. The firm has
24 ginning machines and 1 pressing machine having a cumulative
processing capacity to manufacture 100 bales per day with
12 hours of operations. The major raw material of the firm is
Shankar-6 which is procured directly from the farmers located in
Rajkot, and close by areas at market prices on cash payment basis.


SHYAM COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shyam
Cottex in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.38       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Established in April 2014, Shyam Cottex is a partnership firm,
engaged in the business of ginning and pressing of raw cotton to
produce cotton bales and cotton seeds. The manufacturing facility
of the firm is located at Jivapar, (distt: Rajkot) and is currently
equipped with 24 ginning machines and 1 pressing machine having a
capacity to produce 250 cotton bales per day. The firm mainly deals
in Shankar-6 type of raw cotton.


SIGMA CHEMTRADE: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long term and Short-term ratings of Sigma
Chemtrade Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        12.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Incorporated in 1996, is into manufacturing of Absorbent Cotton
Wool, Gauze, Bandages, Sterile Surgical Dressings, Infusion Sets,
etc. The manufacturing unit is located in Hayatnagar Mandal,
Hyderabad. The company is also into trading of Surgical Disposbales
& Consumables, Medical Equipment, Hospital Furniture, Medical
Devices and Drugs & Medicines. The major customers of the company
are government departments and institutions in Andhra Pradesh and
Telangana.


V.M AND CO: ICRA Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of V.M and
Co to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Cash Credit                     the ‘Issuer Not
Cooperating’
                                   Category

   Long Term–         30.00        [ICRA]B+(Stable) ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   category

Rationale
The ratings for the bank facilities of V.M and Co have been moved
to the 'Issuer Not Cooperating' category. The ratings are denoted
as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". The ratings have been
moved to Issuer Not Cooperating category because of lack of
adequate information regarding AVPL's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating agreement
with V.M and Co, ICRA has been trying to seek information from the
entity to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information. In the absence of requisite
information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information and the rating continues to remain in the "Issuer Not
Cooperating" category.

V.M And Co is a local engineering, procurement and construction
contracting partnership entity based out of Ramanathapuram, Tamil
Nadu. The entity was established by Mr. V. Manoharan as a
proprietorship concern and it was converted into a partnership
entity in 2011, along with three other partners Mr. Manikandan, Mr.
Paranthaman and Mr. Parthasarathy. Mr. V. Manoharan started his
career as a registered civil contractor for ONGC in 1990 and has
executed various projects like foundation for heavy rigs,
construction of bunk houses and formation of approaching roads. In
1997, Mr. Manoharan became a registered highway contractor and has
undertaken many projects for Tamil Nadu PWD and the NHAI. Mr.
Paranthaman is the brother of Mr. V. Manoharan and Mr.
Parthasarathy is the son of Mr. V. Manoharan.




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

AGUNG PODOMORO: Fitch Hikes IDR to CC on Cancelled Tender Offer
---------------------------------------------------------------
Fitch Ratings has upgraded Indonesia-based developer PT Agung
Podomoro Land Tbk's (APLN) Long-Term Issuer Default Rating (IDR) to
'CC' from 'C'. Fitch has also upgraded the rating on APLN's
outstanding USD132 million 5.95% notes due June 2, 2024 to 'CC',
from 'C', with a Recovery Rating of 'RR4'. The notes are issued by
APLN's wholly owned subsidiary, APL Realty Holdings Pte. Ltd., and
are guaranteed by APLN and several subsidiaries.

KEY RATING DRIVERS

Rising Probability of Restructuring: Fitch believes some kind of
default is probable on the USD132 million unsecured notes due June
2024 after the issuer confirmed on 23 November 2023 that it has
terminated a proposed tender offer to buy back part of the
unsecured notes. The termination highlights APLN's limited appetite
and ability to repay the notes at significantly above its proposed
floor price of USD600 per every USD1,000 of face value.

Fitch believes this raises the probability the company will pursue
some form of restructuring of its unsecured notes as the maturity
date approaches amid narrowing repayment options.

Narrowing Repayment Options: APLN has limited options to repay the
USD132 million unsecured notes after selling a number of mature
shopping malls and hotels to investors over the last few years to
deleverage and fund its operating requirements. APLN has two
unpledged properties remaining, valued at around IDR3.1 trillion
(USD195 million), which is based on the company's share. These
assets could be sold or pledged as collateral against a new loan,
but Fitch thinks APLN's partial ownership of these assets exposes
both of these options to material execution risk.

High Pre-Sales Cancellations: Fitch expects consolidated net
pre-sales, excluding bulk sales, to fall by around 20% to IDR1.3
trillion in 2023 (2022: IDR1.7 trillion) amid continued high
cancellations, although slower than the 4Q22 peak. Consolidated
pre-sales fell 46% yoy to IDR933 billion in 9M23. Most of the
cancellations continued at two of APLN's largest projects, Podomoro
City Medan and Podomoro Park Bandung.

APLN says the Medan project is almost completed, while the Bandung
project is still at an early stage. Pre-sales could drop by more
than Fitch forecasts if high cancellations persist or if APLN fails
to launch new projects.

Weak Holding-Company Interest Coverage: APLN's holding company
would most likely have to rely on higher dividends from operating
subsidiaries that own its property projects to meet interest
payments, even as cash flow at the subsidiaries tightened from weak
pre-sales. This is because the holding company no longer benefits
from rental income (2022: IDR222 billion) after the 2022 sale of
Central Park mall.

Parental Linkage Considerations: Fitch no longer applies its Parent
and Subsidiary Linkage Rating Criteria to assess the linkage
between APLN and its majority parent, PT Indofica, a private
company controlled by the Agung Podomoro Group's CEO. APLN's
ratings are driven by the increased probability of default on its
USD132 million unsecured notes due June 2024.

DERIVATION SUMMARY

APLN's Long-Term IDR of 'CC' and the 'CC' rating on its senior
unsecured notes are driven by the high credit risks related to the
repayment of its upcoming unsecured notes in June 2024.

KEY ASSUMPTIONS

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

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

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

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

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

RECOVERY ANALYSIS

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

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

- Fitch uses a 40% advance rate against the value of inventory, net
of advances, and net of the value of stalled reclamation projects.
This reflects its assumption of challenges APLN may face in
realising the full inventory value, given material minority
interests at operating subsidiaries.

- Fitch uses a 40% advance rate against investment properties as
well as property, plant and equipment, mainly related to shopping
mall and hotel assets. The low advance rate reflects its view of
challenges in realising the full value of collateral, given
material minority interests at key operating subsidiaries.

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

These assumptions result in a recovery rate corresponding to a
'RR2' Recovery Rating for APLN's unsecured notes. However, Fitch
acknowledges that there is material uncertainty regarding the
ability to realise the sale of these assets. Fitch rates the senior
unsecured notes at 'CC' with a Recovery Rating of 'RR4' because,
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, Indonesia falls into Group D of creditor friendliness.
Instrument ratings of issuers with assets in this group are subject
to a soft cap at the issuer's IDR and a 'RR4' Recovery Rating.

RATING SENSITIVITIES

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

- A significant and sustained improvement in APLN's liquidity.

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

- Evidence of a default, or that a default-like process has begun,
including if APLN announces a distressed debt exchange, or if the
company enters into a grace period following a missed payment on a
material financial obligation.

LIQUIDITY AND DEBT STRUCTURE

Insufficient Liquidity: APLN's liquidity is insufficient to meet
its obligations, given its low consolidated cash balance of IDR986
billion as of end-September 2023, part of which is in partially
held subsidiaries and those with operational cash requirements. In
addition to its US dollar unsecured notes of around IDR2 trillion
equivalent, APLN has IDR403 billion in term loans from banks that
are due in the 12 months to end-September 2024, as well as around
IDR1 trillion from PT Bank Danamon Indonesia Tbk (BBB/Stable) drawn
in August 2023 that matures in January 2025.

ISSUER PROFILE

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

ESG CONSIDERATIONS

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

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

   Entity/Debt              Rating       Recovery   Prior
   -----------              ------       --------   -----
PT Agung Podomoro
Land Tbk              LT IDR CC  Upgrade            C

APL Realty Holdings
Pte. Ltd.

   senior unsecured   LT     CC  Upgrade   RR4      C




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

BEST Z: Court to Hear Wind-Up Petition on Dec. 8
------------------------------------------------
A petition to wind up the operations of Best Z Limited will be
heard before the High Court at Auckland on Dec. 8, 2023, at 10:00
a.m.

Kerry Dines Limited filed the petition against the company on Oct.
13, 2023.

The Petitioner's solicitor is:

          Peter Montagna
          Blackwood Montagna, Professional House
          12–18 Seddon Street
          Pukekoh


BRIGHT CONSTRUCTION: Court to Hear Wind-Up Petition on Dec. 1
-------------------------------------------------------------
A petition to wind up the operations of Bright Construction Limited
will be heard before the High Court at Auckland on Dec. 1, 2023, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 5, 2023.

The Petitioner's solicitor is:

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


CPMC ENDERLEY: Creditors' Proofs of Debt Due on Dec. 22
-------------------------------------------------------
Creditors of CPMC Enderley Limited, CPMC Gulf Harbour Limited, CPMC
Invercargill Limited and CPMC Pukekohe Limited 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. 22, 2023.

The company's liquidator is:

          Craig Andrew Young
          PO Box 87340
          Auckland


KETOS LIMITED: Creditors' Proofs of Debt Due on Dec. 18
-------------------------------------------------------
Creditors of Ketos Limited, Koru Franchising Limited and Phoenix
Painting Project Limited are required to file their proofs of debt
by Dec. 18, 2023, to be included in the company's dividend
distribution.

Ketos Limited commenced wind-up proceedings on Nov. 15, 2023.  Koru
Franchising Limited commenced wind-up proceedings on Nov. 16, 2023.
Phoenix Painting Project Limited commenced wind-up proceedings on
Nov. 17, 2023.

The company's liquidator is:

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


OTAGO GRANDFORMAT: To Close After Months of Payment Delays
----------------------------------------------------------
Otago Daily Times reports that a Dunedin family-owned business
which provided signage for the Fifa Women's World Cup will wrap up
after being worn down by months of delays for payment for their
work.

ODT relates that Otago Grandformat Print (OG Print) owner Fiona
Hunter said she was initially thrilled when her business secured
much of the signage design work for the Dunedin matches at the Fifa
Women's World Cup at Forsyth Barr Stadium.

"I was so excited and so pumped for the event. What a fantastic
opportunity."

But as the realities of the work settled in, Mrs Hunter started to
realise the expectations were extreme.

"It was intense. We had a lot of different so-called masters.

"There were so many last-minute changes forced on us, so many long
hours to get it completed, and at times we went without sleep."

According to the report, the United Kingdom-based CSM Live was
contracted by Fifa and was responsible for providing the event
branding and signage, which in turn employed OG Print for the
Dunedin matches in the tournament, which took place in July and
August.

ODT relates that Ms Hunter and her husband Manu said on Nov. 28
they were only going public with their story after they were able
to get assurances from CSM that some of the NZD200,000 they were
owed would be paid.

That money would be used to pay their workers and then they would
look to wrap up their business, possibly in March next year.

"We couldn't get anywhere until we spoke out . . . A couple of
families who did work for us have been particularly desperate," Mrs
Hunter said.

"I felt a bit demoralised by the whole thing."

ODT adds Mr. Hunter said CSM had a "silo" approach to how it
worked.

"There were all sorts of things that we appeared not to be told
about until it was almost too late.

"But we achieved everything they asked us to achieve, and for us
that was absolutely humbling."

He said CSM Live really needed to be separated from Fifa when
telling this story, ODT relays.

"Fifa's goals and aspirations are still something to celebrate, but
this is about a subcontracted organisation that until now has
failed to pay."

Mrs Hunter said the strain and the lack of money coming in had worn
them down.

"That's the reality," she said.

"There was no space for other work . . . We made no money at all
from the actual event," Mrs Hunter said.

The Otago Daily Times approached CSM for comment.

However, in a brief statement to TVNZ, CSM Live said it was working
to resolve supplier invoices, ODT relayss.

"Due to the complex nature and size of this project, it takes time
to reconcile multiple areas of deliverables to reach final payment
agreements.

"In a handful of cases, this has taken longer than we had hoped.

"We are working to ensure all supplier invoices are settled.

"All our suppliers will be paid for their work delivered pursuant
to their contracts."


RW CONCRETE: Grant Bruce Reynolds Appointed as Liquidator
---------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Nov. 22, 2023, was
appointed as liquidator of RW Concrete Pumps AKL Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163




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

ECOSYS INFRASTRUCTURE: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Nov. 24, 2023, to
wind up the operations of Ecosys Infrastructure Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


HEINEKEN ASIA: Creditors' Proofs of Debt Due on Dec. 30
-------------------------------------------------------
Creditors of Heineken Asia MTN Pte. Ltd. are required to file their
proofs of debt by Dec. 30, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 22, 2023.

The company's liquidators are:

          Mr. Don M Ho
          Mr. David Ho
          c/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


ITNL OFFSHORE: Commences Wind-Up Proceedings
--------------------------------------------
Members of ITNL Offshore Two Pte Ltd and ITNL Offshore Three Pte
Ltd on Nov. 21, 2023, passed a resolution to voluntarily wind up
the company's operations.

The company's liquidators are:

          Lin Yueh Hung
          Yap Hui Li
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


LOGISTICS AVENUE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Logistics Avenue Pte Ltd, on Nov. 17, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Tee Wey Lih
          Cheong Beng Sheng, Dean
          c/o Guardian Advisory
          531A Upper Cross Street #03-118
          Singapore 051531


NO SIGNBOARD: Narrows Q3 Loss to SGD423,205 on Lower Impairments
----------------------------------------------------------------
The Business Times reports that No Signboard on Nov. 28 posted a
net loss of SGD423,205 for the third fiscal quarter ended June,
significantly narrower than the net loss of about SGD1.3 million in
the corresponding year-ago period.

This took the company's losses for the nine-month period to about
SGD1.2 million, versus SGD2.2 million in the year ago, BT
discloses.

BT says the latest financial update comes just days after the group
announced its financial results for the first half of the year on
Nov 23.

Revenue for the quarter was down 36.9 per cent to SGD625,308 from
SGD991,106. For the nine months so far this fiscal year, the group
said it had no sales contributions from certain seafood restaurants
due to the closure of its Vivocity and Esplanade outlets in
November 2021 and March 2022.

According to BT, the group said there were also no sales from
quick-serve restaurants for the year to date due to the closure of
its Mom's Touch outlets, and the subsidiary Hawker QSR which was
placed under voluntary creditors' liquidation in February last
year.

BT relates that the group's top line also took a hit from Danish
Breweries being put under voluntary creditors' liquidation, and
lower sales from its remaining outlets - Little Sheep Hotpot at
Orchard Gateway and nosignboard Shen Jian at Northpoint - due to
lower consumer demand.

Despite the weaker revenue, bottom line figures were buoyed by
declines in raw materials and consumables used and a fall in
inventories. Other factors that helped the group narrow its losses
included lower depreciation and amortisation expenses and
impairments of plants and equipment.

Looking ahead, No Signboard said it expects the operating
environment of the local food and beverage industry to remain
challenging in the next 12 months, due to higher operating and
manpower costs that will adversely hit profit margins, BT relays.

BT adds that the company said its "urgent priorities" are to
complete its restructuring exercise and the proposed investment,
and to resume the trading of its shares on the Singapore Exchange
"as soon as possible".

"In the meantime, the group is preserving its cash to support
working capital requirements, continue to keep operating costs low
and to ensure that the group has sufficient resources to tide
through this period," No Signboard added.

                        About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.

As reported in the Troubled Company Reporter-Asia Pacific on May
30, 2022, The Business Times said No Signboard Holdings said the
Singapore High Court has granted it and two of its subsidiaries a
moratorium lasting till Oct. 29, 2022.

On April 29, 2023, the embattled restaurant operator and wholly
owned NSB Hotpot and NSB Restaurants applied for moratorium relief
spanning 6 months, under Section 64 of the Insolvency,
Restructuring and Dissolution Act.  They sought court orders that
no resolution shall be passed to wind up the companies and that no
legal process shall be commenced or continued against any property
of the applicants, among other things.


SG CHEMICALS: Court to Hear Wind-Up Petition on Dec. 15
-------------------------------------------------------
A petition to wind up the operations of SG Chemicals Pte Ltd will
be heard before the High Court of Singapore on Dec. 15, 2023, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 24, 2023.

The Petitioner's solicitors are:

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


WIRECARD ASIA HOLDING: Creditors' Meetings Set for Dec. 8
---------------------------------------------------------
Wirecard Asia Holding Pte Ltd will hold a meeting for its creditors
on Dec. 8, 2023, at 5:00 p.m., at One Raffles Quay, #27-10 South
Tower, in Singapore 048583 and by way of videoconference.

Agenda of the meeting includes:

   a. to receive a statement of the assets and liabilities of the
      Company;

   b. to appoint Liquidators; and

   c. Any other business.


YONGNAM HOLDINGS: Unit Gets Letters of Demand for Service Payments
------------------------------------------------------------------
The Business Times reports that Yongnam Engineering, a wholly-owned
subsidiary of steel fabricator Yongnam Holdings, has received
letters of demand from the solicitors of two engineering companies,
for a total of SGD680,823.87

The letters from Soon Kim Engineering Works and Seng Yap
Engineering Enterprise, which were in relation to balance
outstanding sums due from services rendered, were dated Nov. 10,
suspended stock Yongnam's judicial managers said on Nov. 28 in
separate bourse filings, BT relates.

They were both seeking balance payments, after Yongnam on Sept. 7
made partial payments to both companies following notices of demand
dated Aug. 8, BT says.

Yongnam Engineering & Construction specializes in structural
engineering, specialist civil engineering and mechanical
engineering, structural steelwork.

Yongnam has been placed in judicial management by the Singapore
High Court.




=================
S R I   L A N K A
=================

SRI LANKA: Reaches Debt Restructuring Deal With Creditor Nations
----------------------------------------------------------------
Reuters reports that Sri Lanka has been informed that a
debt-restructuring agreement with creditor nations has been reached
but is yet to receive a letter of confirmation from the official
creditor committee, a government source told Reuters on Nov. 29.

Sri Lanka, mired in its worst financial crisis in decades, has been
trying to reach restructuring deals with creditors since last year,
having being forced to default on its foreign debt in May 2022
after its foreign exchange reserves dwindled to record lows,
according to Reuters.

"Sri Lanka has been informed of an agreement," the source, who did
not want to be identified, said. "It is confirmed that an agreement
has been reached with bilateral lenders but we are still waiting on
an official letter. We expect it soon."

Japan co-chairs the official creditor committee, together with
France and India. China is Sri Lanka's largest bilateral creditor
and is an observer in the group, steering clear of joining the
group as a formal member.

There was no immediate reaction from the bilateral creditors,
Reuters notes.

Reuters says the agreement comes about a month after the heavily
indebted island nation reached a deal with the Export-Import Bank
of China (EXIM) covering about $4.2 billion of outstanding debt.

The EXIM deal will help Sri Lanka clear the first review of an
International Monetary Fund (MF) bailout, and secure a second IMF
funding tranche of about $334 million, the finance ministry has
said, adds Reuters.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'.  The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.




=============
V I E T N A M
=============

BAMBOO AIRWAYS: New CEO Seeks Investors as Network, Fleet Shrink
----------------------------------------------------------------
Bloomberg News reports that Vietnam's Bamboo Airways JSC is
rebuilding under its new chief executive officer, who is intent on
proving the indebted six-year-old carrier has a future after
shedding two-thirds of its fleet and 80% of its network.

"We need our passengers to believe in our future," Luong Hoai Nam
said in an interview with Bloomberg News. "We need to make our
investors, shareholders and potential investors believe in our
future. We definitely have to move fast."

According to Bloomberg, the airline, which is working to whittle
down VND11 trillion (US$454 million) in debt and is in talks with a
local bank on financing, posted a VND17.6 trillion loss last year,
largely due to provisions for bad debts. It's a far cry from the
grand vision of former Chairman Trinh Van Quyet, who is now in
prison.  

Bloomberg says Quyet had plans for direct flights to the US and an
initial public offering to give the airline a market capitalization
of as much as $1 billion. Bamboo once operated 66 domestic routes
and 15 international, but now it only flies a few international
charters and 16 local routes, Nam said.

"The impact of Covid left the airlines in Vietnam in a weaker
financial situation," Bloomberg quotes Brendan Sobie,
Singapore-based founder of consultancy Sobie Aviation, as saying.
"But the bigger picture is the Vietnam market experienced rapid
growth on the back of extremely low fares. It's not sustainable."

The Communist government in Vietnam, where the average annual
salary is about $4,000, sets a cap on economy-class airfares.

With flights dwindling and debt mounting, Bamboo ended contracts
with its foreign pilots and will cut about 60% of its workforce
costs by the end of March, Nam said in the interview on Nov. 27.
The airline has reached an agreement to provide backpay to some
foreign pilots who are still owed wages, he said.

According to Bloomberg, Bamboo has returned 19 aircraft, including
three Boeing Co. 787s, to leasing companies, leaving it with a
fleet of 11 planes made by Airbus SE and Embraer SA. To improve
efficiency, the airline intends to eventually use only Airbus
aircraft and aims to get back up to a 30-strong fleet in three to
four years, said 60-year-old Nam, who joined Bamboo in October
having previously led Vietnam Airlines JSC's budget carrier Pacific
Airlines.

Quyet, the former chairman who owned a gold-plated Rolls-Royce, is
in jail on charges of fraud not tied to the carrier, Bloomberg
notes. Police are seeking to prosecute him for allegedly
manipulating stocks and obtaining assets by fraud. His
representatives weren't available for comment.

Earlier this month, the tax authority of central coastal province
Binh Dinh, where Bamboo is based, threatened to freeze its bank
accounts because it was 90 days late in paying taxes of about
VND103 billion, Bloomberg recalls. The airline is in talks to
extend the payment deadline, Nam said.

Saigon Thuong Tin Commercial Joint-Stock Bank, known as Sacombank,
is Bamboo's main debt owner, the report says. The lender is looking
to invest in Bamboo and help with its restructuring, according to
Nam. The largest stake Sacombank can take is 11% - the legal
maximum for a Vietnamese lender - and it would need central bank
approval, Nam said, without giving a time frame.

After Sacombank's investment, Bamboo will look for some financial
assistance to get on a sound footing, such as a bank loan, bond
issuance or other financial facilities, Nam said.

While the carrier's 2024-2028 financial plan calls for tapping
domestic investors, Bamboo is also receiving interest from overseas
and will consider offering stakes. Vietnam allows foreign investors
to hold as much as 34% of a local airline.

"We don't have any plan to file for bankruptcy," said Nam, adding
that Bamboo's planes will continue to include business class,
Bloomberg relays. "Our creditors - including banks and suppliers -
want Bamboo Airways to stay in business."

Bamboo Airways is a hybrid carrier launched by Vietnamese
construction company, FLC Group. The Vietnamese carrier operates
scheduled services from its hub at Qui Nhon Airport. Bamboo Airways
commenced operations on Jan. 16, 2019.



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