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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, December 7, 2023, Vol. 26, No. 245

                           Headlines



A U S T R A L I A

ANGLE ASSET 2023-3: Moody's Gives (P)B2 Rating to AUD4.5MM F Notes
CB ALLEN: Second Creditors' Meeting Set for Dec. 12
CLUCH PTY: Trades Out of Administration After Owing AUD3 Million
FULCRUM EQUITY: Second Creditors' Meeting Set for Dec. 13
GAMBA DI LEGNO: Second Creditors' Meeting Set for Dec. 11

HERE AND EVERYWHERE: Second Creditors' Meeting Set for Dec. 12
KALIUM LAKES: Inks Sale Deal to Purchase Potash Project
LIBERTY FUNDING 2023-4: Moody's Assigns B2 Rating to Class F Notes
SIMSAI CONSTRUCTION: Goes Into Liquidation Owing AUD4.5 Million
TILE MARKET: First Creditors' Meeting Set for Dec. 13



C H I N A

CHINA EVERGRANDE: Creditors Regroup as Liquidation Advocate Doubts
DALIAN WANDA: Founder Sells Film Unit as Debt Pressure Builds


I N D I A

ADEA POWERQUIPS: CARE Keeps D Debt Ratings in Not Cooperating
COASTAL ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
DATTA AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
DISHA COMMUNICATIONS: ICRA Keeps B+ Ratings in Not Cooperating
DUREZA GRANITO: ICRA Keeps B Debt Ratings in Not Cooperating

GALI BHANU: CARE Keeps C Debt Rating in Not Cooperating Category
GOUTTEPHONE TECHNOLOGY: ICRA Keeps D Ratings in Not Cooperating
GREEN FARM: ICRA Keeps D Debt Ratings in Not Cooperating Category
HMT MACHINE: CARE Reaffirms D Rating on INR72.90cr ST Loan
INDIAN CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating

K. PRASAD: ICRA Keeps B Debt Ratings in Not Cooperating Category
M B CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHATHI STORAGE: CARE Assigns B+ Rating to INR50.50cr LT Loan
MOONLIGHT MARBLES: ICRA Keeps D Debt Ratings in Not Cooperating
NAKODA CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating

NILKANTH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
NIMRA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
PRAMUKH EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
R. S. MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
REGENT GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating

SADBHAV KIM: CARE Keeps B- Debt Rating in Not Cooperating
SADBHAV NAINITAL: CARE Keeps B- Debt Rating in Not Cooperating
SADBHAV UNA: CARE Lowers Rating on INR330.51cr LT Loan to D
SAIMAX CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHALLOW CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating

SHIV RICE: CARE Keeps C Debt Rating in Not Cooperating Category
STERLING CAST: CARE Keeps C Debt Rating in Not Cooperating
VAIDEHI ENTERPRISES: ICRA Lowers Rating on INR5cr LT Loan to D
XS REAL: ICRA Keeps B+ Debt Ratings in Not Cooperating Category


J A P A N

RAKUTEN GROUP: To Sell Bank Shares to Cut Debt From Mobile Foray


N E W   Z E A L A N D

COFFEE COLAB: Grant Bruce Reynolds Appointed as Liquidator
CONFECTIONERY BRANDS: Court to Hear Wind-Up Petition on Dec. 14
D. & T. MACDONALD: Court to Hear Wind-Up Petition on Feb. 12
HAPPY VALLEY: Without Director After Chair Quits
MARC FINDLAY: Waterstone Insolvency Appointed as Receivers

MINISO LST: Court to Hear Wind-Up Petition on Dec. 12
VOYAGE DIGITAL: Moody's Alters Outlook on 'Ba3' CFR to Positive


S I N G A P O R E

BEACON CAPITAL: Creditors' Proofs of Debt Due on Jan. 5
CHINA WANDA: Creditors' Proofs of Debt Due on Jan. 4
IIFL ASIA: Creditors' Proofs of Debt Due on Jan. 4
VINS MASTERZ: Court Enters Wind-Up Order
WHITBREAD ASIA: Creditors' Proofs of Debt Due on Jan. 4



S O U T H   K O R E A

TWITCH: To Shut Down in South Korea Due to High Costs


T H A I L A N D

DAOL SECURITIES: Fitch Alters Outlook on 'BB+(tha)' Rating to Neg.

                           - - - - -


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A U S T R A L I A
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ANGLE ASSET 2023-3: Moody's Gives (P)B2 Rating to AUD4.5MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to ABS notes to be issued by Perpetual Corporate Trust
Limited as trustee of Angle Asset Finance - Radian Trust 2023-3.

Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset
Finance - Radian Trust 2023-3

- AUD225.60 million Class A Notes, Assigned (P)Aaa (sf)

- AUD24.00 million Class B Notes, Assigned (P)Aa2 (sf)

- AUD13.80 million Class C Notes, Assigned (P)A2 (sf)

- AUD8.10 million Class D Notes, Assigned (P)Baa2 (sf)

- AUD12.90 million Class E Notes, Assigned (P)Ba2 (sf)

- AUD4.50 million Class F Notes, Assigned (P)B2 (sf)

The AUD5.55 million Class G1 Notes and AUD5.55 million Class G2
Notes (together, the Class G Notes) are not rated by Moody's.

Angle Asset Finance - Radian Trust 2023-3 is a securitisation of
auto and equipment loans and operating leases originated by A.C.N
603 303 126 Pty Ltd trading as Angle Asset Finance (unrated, Angle
Asset Finance). The obligors in the pool are mainly
small-to-medium-sized enterprises (SME), and also include
corporates and government entities, all domiciled in Australia. The
underlying assets relating to the receivables include, among
others, cars (26.0%), light commercial vehicles (16.0%), trucks
(18%) and wheeled equipment (19.2%).

Angle Asset Finance originated 99.8% of the receivables in this
portfolio, with 90.8% and 9% originated via broker and vendor
channels, respectively. Capital Finance Australia Limited (CFAL,
unrated), a wholly owned subsidiary of Westpac Banking Corporation
(Westpac, Aa3/P-1), originated the residual 0.2% of the receivables
in this portfolio through its then vendor finance business. All
receivables are serviced by Garrison Lending Operations Pty Limited
(unrated), a wholly owned subsidiary of Angle Asset Finance.

Angle Asset Finance is a non-bank lender providing asset financing
to SMEs, corporates and government entities via brokers and vendor
relationships. Angle Asset Finance has been in operation since
October 2019, and started originating auto and equipment loans to
SMEs via brokers in significant volumes from October 2020. As of
October 31, 2023, its assets under management totalled around
AUD1.6 billion. Angle Asset Finance is privately owned by an
affiliate company of Cerberus Capital Management, L.P. as a
majority shareholder and Deutsche Bank AG, Sydney Branch.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity facility in
the amount of 1.5% of all notes other than the Class G Notes; (5)
the legal structure; (6) experience of Garrison Lending Operations
Pty Limited as servicer; and (7) the presence of Perpetual
Corporate Trust Limited as the back-up servicer.

According to Moody's, the transaction benefits from high level of
excess spread. The portfolio yield of 9.6% - relative to the
transaction expenses - results in a high level of excess spread
available to cover losses arising from the portfolio.

The key weaknesses in the transaction are the limited availability
of historical data and higher-than-expected variability in
performance to date. Firstly, Angle Asset Finance started its
originations via brokers in January 2020, with significant volumes
only beginning in October 2020. Its originations via vendors
started in August 2021. Secondly, more recent origination cohorts
and, in particular, receivables originated in Q3 2022, Q4 2022 and
Q1 2023 are showing higher early cumulative defaults than prior
origination vintages. As such, the performance of the portfolio
could be subject to greater variability in the future than the
observed performance to date indicates. Moody's have taken this
into account in Moody's asset analysis.

TRANSACTION STRUCTURE AND POOL CHARACTERISTICS

Key transactional features are as follows:

-- The notes will be repaid on a sequential basis initially. On
and after the payment date occurring twelve months after the deal
closing date, all notes, other than the Class G Notes, will receive
their pro-rata share of principal, provided step-down conditions
are satisfied. These include, among others, no unreimbursed
charge-offs and payment date occurring prior to the call option
date. If step-down conditions are no longer met, the repayment of
principal will revert to sequential.  The call option date will
occur on the earlier of payment date in December 2026 and the
invested amount of the notes falling below, or equal to, 10% of the
initial invested amount of the notes.

-- Citigroup Global Markets Limited (Citi, A1/P-1/Aa3(cr)/P-1(cr))
and National Australia Bank Limited  (Aa3/P-1/Aa2(cr)/P-1(cr)) will
provide fixed rate swaps for around 58.3% and 41.7% of the total
swap notional, respectively, as of closing date. The swaps will
hedge the interest rate mismatch between the assets bearing a fixed
rate of interest, and floating rate liabilities. As at closing, the
total swap notional will correspond to all notes, other than the
Class G Notes. The total swap notional will follow a schedule based
on amortisation of the assets assuming a certain prepayment rate.

Key pool features are as follows:

- The pool has a weighted average seasoning of 7.6 months.

- The proportion of loans with a balloon payment is 37.7%.

- Interest rates in the portfolio range from 2.4% to 46.0%, with a
weighted average interest rate of 9.6%.

- Loans underwritten on the basis of 'no financials' verification
represent around 94.0% of the pool.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") is 27%. Moody's
expected default rate for this transaction is 5.8% and expected
recovery is 24%, resulting in an expected loss of around 4.4%.

The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the portfolio to suffer in the event of a
severe recession scenario. The expected default rate, recovery and
PCE are parameters used by Moody's to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in Moody's cash flow
model.

Moody's have estimated expected default rate and PCE for this deal
on the basis of:

-- Cumulative default rates observed to date, taking into account
that more recent origination vintages, and in particular Q3 2022,
Q4 2022 and Q1 2023, are showing higher early cumulative defaults
than prior origination vintages.

-- Benchmarking with other SME auto and equipment receivable
portfolios in the market, in view of short performance history of
receivables originated by Angle Asset Finance.

Moody's asset assumptions also reflect qualitative analysis
including portfolio characteristics, the limited operational track
record of Angle Asset Finance as an originator and servicer and the
current economic environment in Australia.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations methodology" published in September
2023.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian economy
and job market are primary drivers of performance.

Factors that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.


CB ALLEN: Second Creditors' Meeting Set for Dec. 12
---------------------------------------------------
A second meeting of creditors in the proceedings of CB Allen
Plumbing Services Pty Limited has been set for Dec. 12, 2023 at
10:30 a.m. via virtual meeting.

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 Dec. 11, 2023 at 4:00 p.m.

Bruce Gleeson and Daniel Robert Soire of Jones Partners Insolvency
& Restructuring were appointed as administrators of the company on
Nov. 7, 2023.


CLUCH PTY: Trades Out of Administration After Owing AUD3 Million
----------------------------------------------------------------
News.com.au reports that Sydney-based sport streaming platform
Cluch Pty Ltd entered voluntary administration in September with
debts of more than AUD3 million.  The business is still trading but
with a severely reduced workforce, from 22 staff to just five.

News.com.au relates that Marc Summers, 38, said his time at Cluch
was marred by late pay runs and 70-hour working weeks as the
company struggled to survive.  He quit 18 months ago after nearing
breaking point and landing another job at Fox Sports, a sister
company to this publication.

According to the report, Mr. Summers said he was "absolutely
gutted" to learn of the company's demise, particularly upon
discovering that a number of small businesses whom he had brought
on had been left out of pocket.

"I was under the proviso they were being paid," the dad-of-two told
news.com.au, adding that his professional reputation was no doubt
impacted as he had recruited these businesses to contract for the
streaming platform.

Cluch launched four years ago and is a sports streaming service
that had deals in place with a number of state and national sports
bodies, including the Queensland Rugby League, the Australian
Football League, and Netball Australia.

News.com.au, citing a statutory report the administrator lodged
with the corporate regulator, discloses that Cluch had been trading
insolvent since at least November 2021 and incurred debts of AUD1.9
million after this date. No action has been taken against any
individuals involved with the company.

Creditors voted on a Deed of Company Arrangement (DOCA) where the
directors pay a certain amount of money to take the business out of
external administration and back under their control.

The company is now back under the control of its directors.

A shareholder and contractor of Cluch, Chris Burnett, previously
said he planned to challenge the DOCA in court, news.com.au relays.
He is only receiving back 5c for every dollar he is owed.

News.com.au adds that Mr. Summers said "the writing was on the
wall" by the time he had resigned in June last year, having worked
at the streaming platform since 2021.

Cluch Pty Ltd operates as a streaming platform in the production
and streaming of a number of sports, in association with various
state and national sports bodies and commenced in 2019 in New South
Wales.


FULCRUM EQUITY: Second Creditors' Meeting Set for Dec. 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of Fulcrum Equity
Limited has been set for Dec. 13, 2023 at 2:30 p.m. at the offices
of Jirsch Sutherland at Level 30, 140 William Street in Melbourne
and via virtual meeting.

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 Dec. 12, 2023 at 11:00 a.m.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Oct. 31, 2023.


GAMBA DI LEGNO: Second Creditors' Meeting Set for Dec. 11
---------------------------------------------------------
A second meeting of creditors in the proceedings of Gamba Di Legno
Pty Ltd has been set for Dec. 11, 2023 at 10:00 a.m. at Unit 1, 78
Logan Road in Woolloongabba.

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 Dec. 8, 2023 at 4:00 p.m.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of the company on Nov. 6, 2023.


HERE AND EVERYWHERE: Second Creditors' Meeting Set for Dec. 12
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Here and
Everywhere Pty Ltd has been set for Dec. 12, 2023 at 11:00 a.m. via
a Zoom videoconferencing facility.

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 Dec. 11, 2023 at 4:00 p.m.

Grahame Ward and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of the company on Nov. 7, 2023.


KALIUM LAKES: Inks Sale Deal to Purchase Potash Project
-------------------------------------------------------
Proactive Investors reports that Reward Minerals Ltd has entered
into a binding share sale agreement with the receivers and managers
of Kalium Lakes Ltd, which is under administration, to acquire the
Beyondie Sulphate of Potash (SOP) Project.

This agreement is the next step in Reward's acquisition process.

Proactive Investors says the acquisition is agreed upon a debt-free
and encumbrance-free basis for a total consideration of AUD20
million.

This amount includes an exclusivity payment of AUD250,000, upfront
cash of AUD14.75 million and a deferred cash payment of AUD5
million due by the end of the current financial year.

This binding agreement follows the company's exclusivity deed with
Kalium and the receivers, announced on November 16, the report
says.

According to Proactive Investors, the share sale agreement involves
Reward acquiring 100% of the issued share capital of Kalium Lakes
Infrastructure Pty Ltd (KLI) and Kalium Lakes Potash Pty Ltd (KLP),
the entities directly associated with the Beyondie Project.

KLP is the primary employer for the project, while KLI holds the
non-process infrastructure assets.

A key condition for the completion of the agreement is the approval
of Deeds of Company Arrangement (DOCAs) for both KLP and KLI, with
creditor meetings scheduled for December 6.

Proactive Investors relates that the DOCAs propose that all
unsecured creditor claims and debts be compromised, establishing
separate Creditors Trusts for distributing funds to the creditors
of KLP and KLI.

The agreement also outlines that priority employee claims will be
paid in full, with a fund of up to AUD250,000 allocated for
unsecured creditor claims.

Additionally, Tyson Resources Pty Ltd, associated with executive
director Michael Ruane, has provided a AUD8.75 million loan to
Kalium, Proactive Investors notes. This loan, secured over Kalium,
KLP and KLI properties, will be repaid upon completion of the share
sale agreement.

The company views this as a rare opportunity to acquire an SOP play
at a time when the market outlook is strong, with high prices
driven by restricted supply, population growth, demand for
low-chloride fertilizer and an increased need for SOP for
higher-value crops.

Reward's next steps include creditor approval of each DOCA,
shareholder approval in early January 2024, and a capital raising
of AUD22.785 million before costs.

Upon completion, Reward plans to maintain the Beyondie Project on
care and maintenance for 12 months, focusing on assessing and
resolving operational shortcomings.

It then aims to integrate the Reward Process into the Beyondie
Project's brine supply and plant flow sheet, a low-cost R&D program
leveraging existing infrastructure.

This will position Reward to evaluate the revenue-generation
viability of the Beyondie Project processing plant and any
additional capital expenditure required.

"Reward is pleased to have progressed the potential acquisition of
the Beyondie SOP project on a debt-free basis, free of encumbrances
to the execution of the Share Sale Agreement stage," Proactive
Investors quotes executive director Michael Ruane as saying.

"Assuming that the proposed DOCA with creditors, shareholder
approval and capital raising are completed, the Reward team are
keen to move quickly on evaluation of the plant and flowsheet
modifications and costs for potentially recommissioning the
Beyondie Project.

"The evaluation will also cover the incorporation of the Reward
Process into the existing project layout and also for SOP recovery
operations at other SOP resource sites."

Martin Bruce Jones and Matthew David Woods of KPMG were appointed
as administrators of the company on Aug. 3, 2023.


LIBERTY FUNDING 2023-4: Moody's Assigns B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes issued by Liberty Funding Pty Ltd in respect of
Liberty Series 2023-4.

Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2023-4

- AUD937.5 million Class A1 Notes, Assigned Aaa (sf)

- AUD220.0 million Class A2 Notes, Assigned Aaa (sf)

- AUD37.5 million Class B Notes, Assigned Aa1 (sf)

- AUD22.0 million Class C Notes, Assigned A2 (sf)

- AUD4.0 million Class D Notes, Assigned Baa2 (sf)

- AUD12.5 million Class E Notes, Assigned Ba2 (sf)

- AUD2.5 million Class F Notes, Assigned B2 (sf)

The AUD14.0 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by Liberty Financial Pty Ltd
(Liberty, unrated). Liberty is an Australian non-bank lender that
started originating non-conforming residential mortgages in 1997.
It subsequently expanded into prime residential mortgage
origination, as well as auto loans, small commercial mortgage loans
and personal loans. As of June 2023, Liberty had total receivables
of AUD13.5 billion.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

- Evaluation of the underlying receivables and their expected
performance;

- Evaluation of the capital structure and credit enhancement
provided to the notes;

- The liquidity facility in the amount of 2.0% of the note balance
subject to a floor of AUD1.25 million;

- The experience of Liberty as the servicer; and

- The presence of Perpetual Trustee Company Limited as the back-up
servicer.

According to Moody's, the transaction benefits from credit
strengths such as subordination to the Class A1 and Class A2 Notes
in excess of the Moody's individual loan analysis (MILAN) stressed
loss. However, Moody's notes that the transaction features some
credit weaknesses such as exposure to 10.1% of loans with a
scheduled LTV above 80.0%, and exposure to loans to self-employed
borrowers (36.6%).

The MILAN stressed loss for the collateral pool — representing
the loss that Moody's expects the portfolio to suffer in the event
of a severe recession scenario — is 4.3%. Moody's median expected
loss for this transaction is 0.9%, which represents a stressed,
through-the-cycle loss relative to Australian historical data.

The key transactional features are as follows:

-- The notes benefit from a guarantee fee reserve available to
cover losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD3,750,000, equivalent to 0.30% of the initial invested amount of
the notes.

-- The notes will be initially repaid sequentially. The Class A2
to Class F Notes will start receiving their pro-rata share of
principal collections if certain step down conditions are satisfied
on or after the payment date in November 2025. The step down
conditions include, among others, no unreimbursed charge-offs and
the subordination to the Class A2 Notes at least doubling since
closing. While the Class G Notes do not receive principal payments
until the other notes are fully repaid, once the step down
conditions are satisfied, their pro-rata share of principal
collections will be allocated in a reverse sequential order,
starting from the Class F Notes. The principal paydown will revert
to sequential pay once the aggregate invested amount of all notes
is less than or equal to 20.0% of the aggregate initial invested
amount of all notes on the issue date, or following the payment
date in November 2027.

Key pool features are as follows:

-- The portfolio has a weighted-average seasoning of 16.6 months.

-- The portfolio has a weighted average scheduled LTV ratio of
64.1%, with a relatively high proportion of loans with a scheduled
LTV ratio above 80.0% (10.1%) and above 90% (1.6%).

-- Around 36.6% of the loans in the portfolio were extended to
self-employed borrowers.

-- Based on Moody's classifications, 22.9% of the loans in the
portfolio were extended on an alternative documentation basis with
further 0.2% on low documentation basis.

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 expectations of loss could
improve from 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 that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in credit quality of
transaction counterparties, fraud or lack of transactional
governance.


SIMSAI CONSTRUCTION: Goes Into Liquidation Owing AUD4.5 Million
---------------------------------------------------------------
News.com.au reports that home builder Simsai Construction has gone
into liquidation after a dispute with the Australian Taxation
Office over debts nearing AUD4.5 million.

The Perth-based company was working on approximately 100 houses
when the business entered administration in early November.

The company ran brands First Home Buyers Direct, Express Homes WA
and Multi Develop 360.

According to news.com.au, administrators said the company's tax
debts had started to accrue from June 2018 and by October 2022,
home indemnity insurer QBE was raising concerns about Simsai's
recent earnings and its future.

News.com.au relates that administrators said the business could
have been insolvent as early as July 2021, noting an insolvent
trading claim of AUD4.2 million may need to be investigated, the
West Australian reported.

Administrators also revealed the company had borrowed AUD230,000 on
a three-month high interest loan in June 2023 to keep its doors
open. Fees on that individual loan had increased to over AUD100,000
by November.

Additionally, up to AUD2 million could be owed by three former
Simsai directors to the business, news.com.au relays.

Administrators indicated directors had been willing to repay
outstanding debts, possibly through selling their personal homes.

News.com.au adds that Simsai's directors believed the company's
collapse, like so many others in Australia this year, was brought
on by materials shortages and rising costs, the pandemic and
"unreasonable director-related transactions".


TILE MARKET: First Creditors' Meeting Set for Dec. 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Tile Market
(NSW) Pty. Limited will be held on Dec. 13, 2023, at 11:00 a.m. via
virtual meeting.

Bruce Gleeson and Daniel Robert Soire of Jones Partners Insolvency
& Restructuring were appointed as administrators of the company on
Dec. 1, 2023.




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C H I N A
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CHINA EVERGRANDE: Creditors Regroup as Liquidation Advocate Doubts
------------------------------------------------------------------
Bloomberg News reports that China Evergrande Group's chief agitator
calling for its liquidation is suddenly backpedalling, but the line
of creditors who may take up the torch doesn't end there.

In Hong Kong's insolvency system, liquidation lawsuits often start
with a creditor's petition. Top Shine Global Limited of Intershore
Consult (Samoa), one of Evergrande's creditors, took up the
petitioner's role, only to surprisingly demur at what was assumed
to be a final liquidation hearing on Dec. 4, according to
Bloomberg.

Bloomberg says the resulting court adjournment bought Evergrande,
the world's most indebted property developer, more time to hammer
out debt restructuring terms. But the 18-month old fight over its
possible liquidation will likely drag on. An ad hoc group of
creditors will "likely" step in as the petitioner if Top Shine were
to walk away, Neil McDonald, the group's lawyer, told reporters at
the court on Dec. 4, Bloomberg relays.   

According to Bloomberg, the courtroom drama underscored
Evergrande's determination to avoid liquidation, even as it carries
US$327 billion of liabilities, and find a way to keep building
homes. Creditors' signal to keep the liquidation proceedings
ongoing may be blustery rhetoric, but it equally shows their
eagerness to extract as much as possible.

In past liquidation hearings, Top Shine's lawyer typically opened
the proceedings with a forceful argument on why Evergrande needs to
be liquidated and have its assets distributed to creditors.

Dec. 4's opening took on a different note, when Top Shine's lawyer
told Judge Linda Chan that he would not argue against Evergrande's
application to adjourn the hearing again. "I was instructed to not
take any further step," the lawyer said.

Judge Chan asked the parties what has happened to cause the
petitioner's sudden reluctance. "There must have been negotiations
going on," an Evergrande lawyer told the judge, without
elaborating.

Judge Chan delayed the hearing again to Jan 29. But she urged Top
Shine's lawyer to give other creditors more time for the next
hearing by notifying others in advance if it would again opt to not
immediately call for a wind-up.   

That may not minimise the drama. "Likely, yes," said McDonald, a
partner at law firm Kirkland & Ellis, when asked whether his
client, an ad hoc creditor group, would step in to continue to push
for a wind-up if Top Shine dropped the lawsuit. "If nothing
changes, then yes, we will probably likely."

The law firm that represents Top Shine in the winding-up lawsuit,
KB Chau & Co Solicitors, didn't immediately respond to a written
request for comment.

Shenzhen-headquartered Evergrande has been trying to secure
creditors' approval for a restructuring plan. The adjournment buys
them more time to narrow their differences.  

Offshore creditors are demanding controlling stakes in the equity
of Evergrande as well as its two Hong Kong subsidiaries -
Evergrande Property Services Group and China Evergrande New Energy
Vehicle Group - as part of the debt discussions, Bloomberg News
reported last week.

Bloomberg notes that Evergrande had earlier proposed offering 17.8
per cent of the parent and 30 per cent of each of the subsidiaries.


An anticlimactic ending on Dec. 4 also hints at the possibility of
bondholders' being resigned to allowing Evergrande to continue
operating. Even if it's ordered to liquidate, enforcing the order
in China would be administratively difficult. Pulling the suit also
would save the parties legal fees.

Evergrande will be expected to come back to the next hearing with
more restructuring details, Bloomberg says.

Repeating her past observation, Judge Chan said Evergrande's
proposal remained a "general idea" and lacks crucial details that
would allow creditors to decide if they want to support the plan.

For the sake of better "transparency," Evergrande should also
consider publicly revealing information about equity proposals in
the restructuring plan, Judge Chan said, Bloomberg relays.

The company also needed to get more support from a large but
secretive group of creditors called "Class C" and confirm with
legal resources that its latest proposal is realistic.

Evergrande's lawyer said the company will work to refine the
restructuring proposal by adding more details and solicit support
from creditors. "We'll try our best," the lawyer said.

"Otherwise, you keep coming back," Judge Chan said.

                       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.

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.

DALIAN WANDA: Founder Sells Film Unit as Debt Pressure Builds
-------------------------------------------------------------
Bloomberg News reports that Dalian Wanda Group's founder Wang
Jianlin is planning to sell the rest of the firm's film unit as the
troubled Chinese conglomerate faces increasing debt repayment
pressure.

The billionaire plans to transfer his 51 per cent stake in Beijing
Wanda Investment, which controls Wanda Film Holding, to a
subsidiary of China Ruyi Holdings, according to a Shenzhen Stock
Exchange filing on Dec. 6, Bloomberg relays. That will give Ruyi
full ownership after its July purchase of 49 per cent of Beijing
Wanda Investment for CNY2.3 billion.

The filing didn't disclose details on the value of the purchase.

An exit from the film business, one of Wanda's core operations,
brings to an end Wang's ambitions of turning his firm into a rival
of Walt Disney, Bloomberg notes. The group has been in decline for
years after the stock-market bubble burst in 2015 and China cracked
down on excessive debt-fuelled expansion by some local firms, the
report says.

It's been forced to shed a raft of assets that once brought it
clout, including a stake in Spanish soccer club Atletico Madrid and
the world's largest cinema chain AMC Entertainment Holdings and
Wang's personal fortune has dived from a peak of US$46.1 billion in
mid-2015 to US$6.2 billion, according to Bloomberg.

China's latest economic slowdown and property market crisis has
deepened the company's woes, Bloomberg states. Investors last month
rejected Wanda's proposal to extend the deadline for the repayment
of CNY30 billion plus interest if its mall unit fails to list
shares by the end of this year, Bloomberg recalls. Its property arm
only recently managed to obtain consent from creditors to push back
the maturity date for a US$600 million US dollar bond.

Wanda Film operates more than 800 movie theatres across China as
well as Australian cinema chain Hoyts Group. It's also invested in
the production of some successful Chinese films including The
Wandering Earth II and No More Bets, the country's second- and
third-highest grossing titles this year, according financial
results for the three months through September.

According to Bloomberg, the company has been given a boost this
year from Chinese consumers' turn to experience-led spending,
including going to the cinema, over buying products amid an
uncertain economic outlook. It reported profit of CNY692 million
for the third quarter, compared with CNY48 million for the same
period last year, when China was in the throes of strict Covid
curbs like lockdowns.

China Ruyi operates businesses in film and television drama
production, online streaming and gaming. Its shareholders include
tech giant Tencent Holdings, according to its interim financial
report.

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




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

ADEA POWERQUIPS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Adea
Powerquips Private Limited (APPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.06       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2022, placed the rating(s) of APPL under the 'issuer
non-cooperating' category as APPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. APPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 7, 2023, September 17, 2023, November
22, 2023.

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

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

Adea Powerquips Private Limited (APPL) was incorporated on November
18, 2010 with its registered office and manufacturing plant
situated at Hooghly, West Bengal and the company started its
commercial operations since January 2016. The company is engaged in
manufacturing of overhead transmission line hardware, fittings,
conductor accessories, bus bar clamps and connectors ranging from
11kV to 1200kV lines and substations.


COASTAL ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings of Coastal
Energy Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term        645.50     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term–        113.50     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/        335.50     [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category
  
As part of its process and in accordance with its rating agreement
with Coastal Energy Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Coastal Energy Private Limited (CEPL) engages in non-coking coal
trading and coal handling services. The company was promoted by Mr.
Ahmed Abdul Rahman Buhari along with Mr. Ameer Faizal with an
objective of undertaking coal handling services for exports made by
its Dubai based associate company "Coal & Oil Company" in India and
later the company began importing of coal on stock and sale basis.
Later, the company has been securing orders through tenders and
around 70% of the sales are made through this process. The
promoters have long experience in trading business and the company
has well qualified professionals in the senior management, with
considerable experience in the concerned industries.


DATTA AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Datta Agro
Services Private Limited (DASPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.09       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     25.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2022, placed the rating(s) of DASPL under the 'issuer
non-cooperating' category as DASPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. DASPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 2, 2023, September
12, 2023, September 22, 2023.

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

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

Incorporated in June 2007, DASPL is engaged in manufacturing of
Single Super Phosphate (SSP) fertilizer from its sole manufacturing
facility located at Jalgaon, Maharashtra. DASPL markets its product
under the brand name "Satpuda" in the states of Madhya Pradesh and
Maharashtra.

DISHA COMMUNICATIONS: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Disha Communications Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.25       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.65       [ICRA]B+ (Stable) 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 Disha Communications 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 1987, Disha Communications Private Limited (DCPL)
is a mid-sized advertising agency that has built a presence in
advertising and media planning business over the last 30 years.
Headquartered in Bangalore, it has presence in other major cities
like Chennai, Hyderabad, New Delhi and Mumbai as well as in tier II
cities like Cochin, Jaipur, Meerut, Mathura and Hubli. DCPL has won
a number of awards over the years.


DUREZA GRANITO: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Dureza Granito Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

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

   Long Term-         25.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         3.50       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Dureza Granito 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.

Dureza Granito Private Limited (DGPL) is engaged in manufacturing
glazed vitrified tiles with the plant situated at Wankaner,
Gujarat. The company was incorporated in September 2016. DGPL is
managed by four promoters. The promoters have long experience in
ceramic business as they are involved in the same line of business
since many years through its associate concern and have
incorporated this new entity looking towards the upcoming demand of
glazed vitrified tiles.


GALI BHANU: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gali Bhanu
Prakash (GBP) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.53       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 19,
2022, placed the rating(s) of GBP under the 'issuer
non-cooperating' category as GBP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GBP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 4, 2023, September 14, 2023, September
24, 2023.

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

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

Andhra Pradesh based, Gali Bhanu Prakash (GBP) was established as a
proprietorship firm in the year 2002 and promoted by Mr. G. Bhanu
Prakash. The firm is engaged in providing ware house on lease
rental to Andhra Pradesh State Civil Supplies Corporation Limited
(APSCSCL).

GOUTTEPHONE TECHNOLOGY: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the short-term rating of Gouttephone Technology
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term–        8.50      [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 Gouttephone Technology 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.

Gouttephone Technology Private Limited (GTPL) was incorporated in
February 2017 to manufacture TSPs. The company intends to set up a
manufacturing plant with an annual capacity of 1.5 million TSP
units per annum at Visakhapatnam Industrial Park (SEZ) in Andhra
Pradesh. The plant is completely export oriented, and the company
has entered into an agreement with Fortrend for technology
transfer, procurement of raw materials, and offtake of TSPs produc
ed. Fortrend was registered in 1999 in Taiwan and primarily
manufactures TSPs, with a number of patents registered to its name.
GTPL is promoted by Mr. Ramesh Kumar and Mr. Amardeep Singh.


GREEN FARM: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Green Farm
Agri Exports in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term         0.69      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term/         1.58      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Long-term–         7.60      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short Term-      (14.50)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable-             Rating Continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Green Farm Agri Exports, 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 September 2012, Green Farm Agri Exports is involved
in the trading of various agro-commodities. The firm is located in
Rajkot (Gujarat) and is promoted by two partners—Mr. Dinesh Tanna
and Mrs. Rita Tanna. Tirupati Agri Brokers is a group concern of
GFAE, where Mr. Dinesh Tanna is associated as a partner. It is
involved in the dealing of various agrocommodities as broker. iends
Agro Industries is a partnership firm established in January 2010
by Mr. Gaurav Aneja, Mr. Sandeep Aneja, Mr. Vipin Kumar and Mr.
Vikram Kumar as partners. The firm is involved in the milling and
processing of basmati and nonbasmati rice. It is based out of
Jalalabad, Punjab.


HMT MACHINE: CARE Reaffirms D Rating on INR72.90cr ST Loan
----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
HMT Machine Tools limited (HMTMTL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      49.82       CARE D; Reaffirmed
   Facilities                      

   Short Term Bank     72.90       CARE D; Reaffirmed
   Facilities                       

Rationale and key rating drivers

The reaffirmation of the ratings assigned to the bank facilities of
HMTMTL continues to factor in the delays in meeting debt servicing
as per the lender and auditor feedback. The delays in the interest
payments are continuing beyond 30 days, and the company has been
classified either under SMA 1 or SMA2 continuously.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in the liquidity position of the company thereby no
overdrawals/delays in rated facilities for minimum of three
consecutive months and also turnaround in operations which would
ensure such instances does not recur.

Negative factors – Not applicable

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers:

Key weakness

* Delays in debt servicing: There are delays in debt servicing
beyond 30 days as confirmed by the lenders. These are primarily due
to company's poor liquidity position and elongated receivables'
cycle. The company has been incurring losses historically due to
high fixed costs and lower absorption of its overhead costs.

Key strengths

* Support from Government of India/holding company: Being a part of
HMT Ltd, a central Government entity, HMTMTL has received support
from Government of India (GOI)/HMT Ltd. As on March 31, 2023, the
total borrowing from GoI including preference share capital stood
at INR1,260.89 crore (INR1,198 crore as on March 31, 2022). Timely
receipt of further support would be key to the company's
prospects.

Liquidity: Poor

The company's gross cash accruals (GCA) continued to remain
negative during FY23. The company's average
fund-based/nonfund-based working capital are nearly fully utilised
during the past 12 months ending September 2023. As on March 31,
2023, the company's free cash and bank balances stood at INR32.70
crore.

HMTMTL is a 100% subsidiary of HMT Limited, incorporated in 1953 by
the GoI. HMTMTL is engaged in the manufacturing of turning,
grinding, gear cutting, special purpose machines, die casting
machines and plastic injection molding machines, presses and press
brakes, printing machines, CNC control systems and precision
components. Its manufacturing plants are located at Bengaluru,
Pinjore (Haryana), Hyderabad (Telangana), Ajmer (Rajasthan), and
Kalamassery (Kerela).


INDIAN CONSTRUCTION: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Indian Construction Company in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

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

   Short Term-         3.25       [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 Indian Construction Company, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Indian Construction Co. (ICC) was established as a partnership firm
in 1978. The firm is primarily involved in the execution of
government tenders for civil construction contracts of dams,
canals, roads, bridges, underpass and other construction works. ICC
is registered as an "AA" class contractor in the construction
segment with the State Government of Gujarat, which makes it
eligible to bid for most contracts floated by the government
entities in the state. ICC mainly outsources its awarded contracts
to other sub-contractors. The firm is managed by Mr. Bhagwanji
Patel, Mr. Paresh Vakeria, Mr. Bipin Vakeria, Mr. Rajesh Vakeria
and Mr. Kush Vakeria, who have a longstanding experience in the
civil construction business.


K. PRASAD: ICRA Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of K.
Prasad Babu in the 'Issuer Not Cooperating' category. The ratings
are 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 continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          2.00       [ICRA]B (Stable) 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 K. Prasad Babu, 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.

The firm was incorporated by Mr. K. Anantha Rao in the year 1983 as
sole proprietorship and was engaged in civil construction works and
is registered class 1 civil contractor with government of India.
Post the death of Mr. K Anantha Rao in June, 2014 his legal heir
K.Prasad Babu has taken over all the outstanding orders of his
father and floated a new firm K.Prasad Babu as sole proprietorship.
The firm is primarily engaged in construction of offices,
Hospitals, Govt. residential complexes & blocks, Godowns, schools
etc. for government agencies.

Group Firm: Aruna Enterprises – It is a partnership firm
established in the year 1984 and is an investment firm, which
invests in shares, chit funds and also gives unsecured hand loans.
The financial details of the firm are not shared with ICRA. Aruna
Builders - M/s. Aruna Builders is a partnership firm and is engaged
in property development in and around Srikakulam District of Andhra
Pradesh.


M B CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of M B
Ceramic LLP 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-          8.17       [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 M B Ceramic LLP, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Established in January 2018, M B Ceramic LLP (MBCL) manufactures
heavy-duty parking floor tiles at Kharkrechi, Morbi (Gujarat). The
manufacturing unit of MBCL has an annual installed production
capacity of 40,500 MT i.e. ~4,500 Boxes/per day and ~13,50,000
boxes annually. The firm commenced its commercial operations from
May 2019. At present, MBCL manufactures parking floor tiles in the
dimension of 300mmx300mm, 400mmx400m and 400mmx 800mm. The firm has
also started manufacturing parking tiles in size of 400mmx1200mm
from January 2020, which supports diversification in product
offering. The partners have extensive experience in the ceramic
industry vide their association with other entities. The partners
of the MBCL are also associated with the other tile manufacturing
companies, namelyLuton Ceramic Pvt. Ltd., Capson Vitrified Private
Limited, Lancer Ceramic Private Limited, Capson Impex Private
Limited, Capron Vitrified Private Limited and Aricon Papers Private
Limited.


MAHATHI STORAGE: CARE Assigns B+ Rating to INR50.50cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mahathi
Storage Terminal Private Limited (MSTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      50.50       CARE B+; Stable; Assigned
   Facilities                       

Rationale and key rating drivers

The ratings assigned to the bank facilities of MSTPL are
constrained by nascent stage of commercial operations with FY24 [FY
refers to the period April 1 to March 31] being first year of
operations, weak financial risk profile and debt coverage
indicators, history of delays in the past due to mismatch in
cashflows led by delay in execution of the project, and
considerable portion of capacities for which agreements are yet to
be tied up and stretched liquidity. However, the ratings derive
comfort from delay free track record for last six months ended
October 2023, funding support taken from its parent company Mahathi
Infra Services Private Limited (MISPL), experienced promoters with
long track record of operations in construction in oil storage
tanks, favourable location of storage terminals, and medium-term
revenue visibility supported by agreements with reputed companies
and revenue generated in H1FY24.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Occupancy above 90% resulting in improved revenue and
profitability levels.

* TD/GCA below 5x on sustained basis

Negative factors

* Deterioration in credit profile of the parent company Mahathi
Infra Services Private Limited

* Delay in tie up of balance capacities leading to lower revenue
generation

Analytical approach: Standalone Approach

Outlook: Stable. The 'Stable' Outlook on the ratings of MSTPL
reflects CARE's expectation to improve financial and operational
risk profile in medium term amidst stable cash flow generation from
its medium-term agreement for the storage terminals.

Detailed description of the key rating drivers:

Key weaknesses

* Nascent stage of operations with FY24 being first year of
commercial operations: MSTPL has commenced operations in FY24, and
TOI recorded for amount INR5.29 crores in H1FY24 with PBILDT of
INR3.26 crores with 61.5% margin and net loss of INR1.44 crores.
However, company has reported positive gross cash accruals of
INR0.77 crores in the first half year of operations. With low
occupancy i.e., around 31% till July 2023 which increased to 62%
only from August 2023 onwards, revenue generation was on a lower
side. However, with current quarter being operational at 62%
levels, financial profile of MSTPL is expected to improve with
growth in revenue generation and profitability.

* Substantial unoccupied capacity of storage terminals: As on
September 30, 2023, MSTPL is operating at 62% capacity. Increase in
occupancy rate is anticipated to provide sufficient cash flows to
meet debt obligations on its own with low reliance on parent
company. Tie-up agreements for the balance capacity is a key
monitorable factor from the credit perspective.

* Weak financial risk profile: MSTPL has started setting up the
storage terminal project with cost INR89 crores which is funded
through debt of INR50 crores and unsecured loans from
promoters/parent company (MISPL) INR39 crores. As on September 30,
2023, MISPL infused INR25.64 crores in the form of unsecured
loans/equity for the project and to support timely repayment of
debt obligations. Balance amount INR21 crores is lying as sundry
creditors which are to be paid to MISPL for the work executed in
construction of storage tanks. MSTPL is expected to clear the
creditors as and when surplus cash is available after meeting
operational expenses and repayment in MSTPL. Financial risk profile
of the company is weak as of March 31, 2023. However, with
commencement of operations in FY24, the same is projected to
improve gradually going forward.

* Instance of delay in debt servicing in the past: Execution of
project of setting up storage terminals delayed by 6 months due to
supply disruptions induced by Covid-19 pandemic and other technical
challenges. However, company's obligation to pay the principal
repayment including interest for debt availed prior to
commercialisation of operations resulted in cashflow mismatches led
to delay in debt servicing during April 2023. However, MSTPL has
established the default free track record over last 6 months ended
October 2023 with support received from parent company and cash
accruals generated from current fiscal being FY24 is the first year
of operations.

Key strengths

* Experienced promoters with long track record of operations: MSTPL
promoted by Yandapalli family. Sri Y. Ravi Shankar, Director, an
Engineering and Management Post-graduate with over 36 years of rich
experience in Engineering and Project Management. Worked over 24
years in Indian Oil Corporation Limited in senior and responsible
positions, Has extensive overseas business contacts in Africa and
Middle East. The other Directors, Smt. Y. Umamaheswari Sri and Y.
Kalyan Swaroop, having experience for more than 6 years in Telecom,
Marketing and Engineering industries are responsible for day-to-day
operations of the company. The top management is guided and
assisted by experienced team of professionals with considerable
experience in industry.

* Support from parent company: Mahathi Infra Services Private
Limited (MISPL) holds 76% stake in MSTPL. The parent company MIS is
providing support to MSTPL infused funds in the form of unsecured
loans or equity to meet the project cost. With delay in project
implementation by 7 months i.e., from September 2022 to April 2023,
MISPL extended support to repay the debt. As on September 30, 2023,
total support provided by MISPL is INR25.64 crores and management
has articulated that, MISPL provides support to MSTPL on need basis
in the future.

* Location advantage of storage terminals: The Storage terminals of
MSTPL located at Kakinada Sea port which is part of a Special
Economic Zone and a proposed "Petroleum, Chemical and Petrochemical
Investment Region" supports miners, manufacturers and growers
throughout India. Kakinada Seaports stands out as a vital gateway
to domestic and international trade, connecting the world's seventh
largest country to the expanding global marketplace. As the volume
of seaport traffic grow, Kakinada has undertaken vigorous expansion
programs to stay current with changing customer requirements and
evolving industry standards. Furthermore, the port has good
connectivity with presence of highways and railway infrastructure.

* Agreements entered with reputed clients result medium term
revenue visibility: MSTPL has entered into agreements with reputed
companies like Indian Oil Corporation Limited and KLJ Resources
Limited for a period of 3 years securing storage capacity of 62%
which provides medium term revenue visibility for the company.
Also, Company is approaching other oil and gas companies to lease
out the remaining storage capacity and is expecting to reach 77%
capacity in by end of Q3FY24.

Liquidity: Stretched

Liquidity position of MSTPL is stretched marked by nil cash
generations till FY23. However, to support the repayment
obligations, promoters have been infusing funds by way of equity
and unsecured loans over last three years ended FY23 and H1FY24.
The same provides comfort from the credit perspective. MISPL has
already infused funds amounting to INR25.64 crores in the form of
equity/unsecured loans till September 30, 2023. Repayment
obligation for FY 24 stood at around INR6.51 crores which will be
repayable through gross cash accruals generated in current fiscal
i.e., FY24 and support from parent company in the form of unsecured
loans or equity. Company availed Overdraft facility for amount INR4
crores from August 2023 onwards which provides additional cushion
to meet working capital requirements. Free cash and bank balance
available as on March 31, 2023, stood at INR0.60 crores.

Mahathi Storage Terminal Private Limited (MSTPL) is incorporated in
2018, by Mr. Yandapalli Kalyan Swaroop and Yandapalli Umamaheshwari
located at Kakinada, near Kakinada Seaport. The company is into
business of leasing storage terminal space for petroleum and
non-petroleum products. MSTPL has setup 2 terminals at Kakinada
Port consists of 16 tanks i.e., White oil terminal
(WOT) with 6 tanks and black oil terminal (BOT) with 10 tanks with
total capacity of 58,053 KL.

MSTPL is subsidiary company of Mahathi Infra Services Private
Limited which holds 76% stake as on June 30, 2023. MISPL is into
the business of construction of Oil Storage Tanks, Terminals,
Jetties, Oil Pipelines and Pressure Vessel. MISPL completed Oil &
Gas projects in India and Africa for more than a decade.


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

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

   Long-term–         0.54      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Moonlight Marbles 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.

MMPL was established in 1990 and is involved in processing of
marbles. The manufacturing facility of the company is located at
Rajasamand, Rajasthan. It mainly sells its products in India, with
some exports to countries in Europe and the Middle East.


NAKODA CONSTRUCTION: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Sri
Nakoda Construction Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

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

   Long-term–         3.67      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-       141.33      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Sri Nakoda Construction 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.

Sri Nakoda Construction Limited (SNCL) is the flagship entity of
the Valmark Group founded by Mr. Ratan B. Lath and Mr. Tejraj
Gulecha. The Group started its operation in 2007 under the brand
name Valmark. SNCL has so far completed five residential
projects—Amoda Valmark, Abodh Valmark, Ananda Valmark, Regency
Pinnacle Heights and Aastha Valmark—all located in Bangalore.
Besides, there are two other ongoing projects, Apas Valmark and
Orchard Square, both of which are located near Bannerghatta Road in
Bangalore. The promoters of the Group have a proven track record in
the real-estate industry and have been associated with several
landmark projects in Bangalore, including Kempegowda Maharaja
Shopping Complex (K.G.Road), City Centre (K.G.Road), Classic
Orchard (Bannerghatta Road), and Classic County (Kengeri) among
others.


NILKANTH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Nilkanth Cotton Industries in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.05      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

As part of its process and in accordance with its rating agreement
with Nilkanth Cotton 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.

Nilkanth Cotton Industries (NCI) was set up as a partnership firm
in the year 2014. It is engaged in the business of manufacturing
cotton bales and cotton seed oil through ginning and pressing of
raw cotton (kapas) and cotton seed crushing activity. The firm's
manufacturing facility is located at Rajkot, Gujarat and is
equipped with 24 ginning, 1 pressing machine and 5 expellers for
crushing of cotton seeds with the processing capacity of ~18,144 MT
of raw cotton and 2160 MT of seeds annually.


NIMRA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Nimra Educational Society in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        35.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Nimra Educational Society, 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.

NES was set up in 1991 by Dr. Mohammed Vizarath Rasool Khan under
the Andhra Pradesh Societies Registration Act, 1350 Fasli. The
society operates four colleges in and around Vijayawada in Andhra
Pradesh, offering varied courses, such as Bachelor of Technology,
Bachelor of Pharmacy, Master of technology, Master of computer
application, Master of pharmacy and Master of business
administration. Currently, NES operates two engineering colleges,
one pharmacy college, and one business Management College, with
total student strength of 1584. All the colleges are affiliated to
the Jawaharlal Nehru Technical University, Kakinada (Andhra
Pradesh).


PRAMUKH EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Pramukh Exim
Pvt. Ltd. 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–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        10.00      [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 Pramukh Exim 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.

Incorporated in 2009, Pramukh Exim Private Limited (PEPL) exports
salt in various countries such as South Korea, Bangladesh, China,
USA etc. Pramukh International was established as a proprietorship
concern of Mr. Pushpendra Thakker in 2004. It was subsequently
converted a closely held private limited company in the year 2009.
Mr. Shambhu Humbal and Mr. Puspendra Thakkar are the key promoters
of the company and are engaged in the day-to-day operation of the
business.


R. S. MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of R. S. Motors Pvt. Ltd. in the
'Issuer Not Cooperating' category. The rating are denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        30.00      [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 R. S. Motors 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.

RSM has been operating multiple passenger vehicle dealerships for
Toyota for the last 15 years, and its promoters have been in the
auto dealership business for over three decades. The company's
first sales outlet commenced operations at Udaipur in 2001 and
RSMPL currently has six 3S (sales, service and spares) outlets at
Jaipur, Kota, Udaipur, Bhilwara and Chittorgarh in Rajasthan. RSMPL
is a part of the Chandra Group of companies, consisting of multiple
companies in the same line of business i.e., automobile
dealership.


REGENT GRANITO: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Regent Granito India Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        37.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         5.33      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term        15.03      [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 Regent Granito India 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.

Regent Granito India Ltd. (RGL) is a vitrified tiles manufacturer
with a production plant at Himmatnagar in Gujarat. The company was
established in 2003 and has manufacturing capacity of ~19,000 sq.
m. of double charged vitrified tiles per day. RGL currently
manufactures vitrified tiles of sizes 800mm x 800mm, 600mm x 600 mm
and 800mm x 1200mm with the current set of machineries at its
production facility.


SADBHAV KIM: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sadbhav
Kim Expressway Private Limited. (SKEPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      669.00      CARE B-; Negative; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 1,
2022, placed the rating(s) of SKEPL under the 'issuer
non-cooperating' category as SKEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SKEL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
18, 2023, July 28, 2023 and August 8, 2023.

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

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

Analytical approach: Standalone

Outlook: Negative

The "Negative" outlook reflects CARE's expectation of deterioration
in credit profile in case of weakened liquidity of SKEPL in light
of inordinate delay in project execution. The outlook may be
revised to "Stable" if the project is completed within EOT as
approved by NHAI and improvement in pace of execution.

Detailed description of the key rating drivers

At the time of last rating on September 1, 2022, the following were
the rating strengths and weaknesses:

Key rating weaknesses:

* Nascent stage of construction and inordinate delay in project
execution increasing risk of annuities deduction and cost overrun:
SKEPL is exposed to inherent construction risk attached to
build-operate-transfer (BOT) road projects. SKEPL had received the
appointed date on November 1, 2019 and the project was scheduled to
be completed by October 30, 2021. However, against this, the actual
project progress as on July 31, 2021, stood low at 16% with no
major work done during the last one year. This significant slowdown
in project execution is mainly on account of funding challenges
owing to deterioration in the credit profile of the sponsor, impact
of Covid-19 and various other hindrances. Inordinate delay in
project execution leads to increased risk of cost overrun and levy
of damages and deduction in annuities by NHAI (already witnessed in
first construction grant). However, with significant equity
infusion in SKEPL by SIPL in May 2021 and potential change in EPC
contractor of the project the pace of execution is envisaged to
improve going forward. The project is now envisaged to be completed
by December 31, 2022. The company has applied for EOT citing
various reasons attributed to authority for the delayed execution.
However, as on September 30, 2021, EOT is yet to be approved by
NHAI. Receipt of EOT without further
delay shall be crucial from the credit perspective

* Weakening credit profile of SEL and SIPL: SIPL is the sponsor and
SEL is the EPC contractor for SKEPL. SEL and SIPL have experience
in successfully constructing, operating and maintaining BOT
projects for more than a decade. However, the credit profile of
both SEL and SIPL has weakened on account of a steady decline in
the scale of operations and stretched liquidity position driven by
high GCA days depicting weak execution capabilities. The liquidity
position of SEL and SIPL remained stretched despite raising
substantial long-term funds in H1FY22. SIPL raised INR991 crore in
Q1FY22 through the sale of InvIT units and asset-backed long-term
debt. Nevertheless, sustained delay in scaling up of operations
owing to a large proportion of slow-moving order book, stretched
current assets levels and cost overrun in ongoing HAM projects have
outweighed the fundraising benefits resulting in stretched
liquidity evinced by near full utilization of fund-based limits on
a prolonged basis. Sadbhav group has also entered into a stake sale
agreement of Maharashtra Border Check Post Network Ltd with Adani
group and envisages receipt of arbitration claims and planned stake
sale proceeds of its HAM assets.

* Inherent O&M risk: Although inflation-indexed O&M annuity partly
mitigates O&M risk, projects would still face the risk of a sharp
increase in O&M cost due to more than envisaged wear and tear and
aggressive bidding in O&M cost.

* Inherent interest rate risk: SKEPL is exposed to interest rate
risk since the project debt is envisaged to be sanctioned with a
floating rate of interest which is reset periodically. The interest
rate risk is partially mitigated on account of receipt of the
interest annuity at the applicable bank rate + 300 bps. However,
there is a likelihood of a lag between the reductions in the bank
rate and the lending rate to the company. Consequently, it may
result in a temporary variability on the cash flow available for
debt servicing.

Key rating strengths

* Assured cash flow due to annuity nature of the revenue stream
linked to inflation-indexed O&M annuity and bank rate linked
interest annuity during operational phase: During the operational
phase, cash flow is assured in the form of annuity payments from
NHAI on a semi-annual basis covering 60% of the project completion
cost along with interest at 'bank rate plus 3%' on reducing balance
and inflation-indexed O&M annuity. Further, BPC and O&M costs shall
be inflation indexed (through a Price Index Multiple [PIM]), which
is the weighted average of Wholesale Price Index (WPI) and Consumer
Price Index (CPI) in the ratio of 70:30. Inflation-indexed BPC
protects the developers against price escalation to an extent.

* Low counterparty credit risk: Incorporated by the Government of
India (GoI) under an Act of Parliament as a statutory body, NHAI
functions as the nodal agency for development, maintenance and
management of the national highways in the country. The outlook on
NHAI reflects the outlook on the sovereign, whose direct and
indirect support continues to be the key rating driver.

Liquidity: Stretched

SKEPL's liquidity is stretched due to delays in project execution
leading to an increase in interest during construction and reliance
on sponsor till stabilization of revenue streams. The weakening of
sponsor financial profile is an added rating concern. Timely
receipt of partial annuity post receipt of partial PCOD is also
crucial.

SKEPL, a special purpose vehicle (SPV) incorporated and owned by
SIPL, has entered into 17 years CA (including construction period
of 730 days from appointed date) with NHAI for the design, build,
operate and transfer (DBOT) of 24.570 km road on a hybrid annuity
basis. The project under consideration is a greenfield project for
the construction of the eight-lane section of Vadodara Mumbai
Expressway from Kim (Km 254.430) to Ankleshwar (Km. 279) in the
state of Gujarat. The bid project cost for the project is
INR1,404.00 crore while the total cost of the project is envisaged
at INR1,575.70 crore to be funded through construction grant from
NHAI of INR618.70 crore, debt of INR669 crore and balance through
promoter's contribution. SKEPL received the appointed date on
November 1, 2019 from NHAI.


SADBHAV NAINITAL: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sadbhav
Nainital Highway Limited (SNHL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      315.00      CARE B-; Negative; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 1,
2022, placed the rating(s) of SNHL under the 'issuer
non-cooperating' category as SNHL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SNHL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 18, 2023, July
28, 2023 and August 8, 2023.

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

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

Analytical approach: Standalone

Outlook: Negative

The "Negative" outlook reflects CARE's expectation of deterioration
in credit profile in case of weakened liquidity of SNHL in light of
inordinate delay in project execution as well as receipt of
extension of time (EOT) and consequent levy of damages from
annuities. The outlook may be revised to "Stable" if the project is
completed within EOT as approved by NHAI.

Detailed description of the key rating drivers

At the time of last rating on September 1, 2022, the following were
the rating strengths and weaknesses:

Key rating weaknesses

* Inordinate delay in project execution increasing risk of
annuities deduction and cost overrun: SNHL is exposed to inherent
construction risk attached to build-operate-transfer (BOT) road
projects. SNHL had received appointed date on October 28, 2017 and
the project was scheduled to be completed by October 27, 2019.
However, against this, the actual project progress as on July 31,
2021 stood low at 60% with no major work done in last one year.
This significant slowdown in project execution is mainly on account
of funding challenges owing deterioration in the credit profile of
sponsor, impact of Covid-19 and various hindrances. Inordinate
delay in project execution leads to increased risk of cost overrun
and levy of damages and deduction in annuities by NHAI. In order to
improve the project progress SIPL has infused entire balance equity
commitments during Q1FY22. The company has applied EOT due to
delayed execution citing various reasons attributed to authority.
However, as on September 30, 2021, EOT is yet to be approved by
NHAI. Receipt of EOT without further delay shall be crucial from
credit perspective. Company has also applied for PCOD on partial
length w.e.f. December 31, 2019. Sadbhav group has already received
PCOD on partial length under four of its SPVs

* Weakening credit profile of SEL and SIPL: SIPL is the sponsor and
SEL is the EPC contractor for SNHL. SEL and SIPL have experience of
successfully constructing, operating and maintaining BOT projects
for more than a decade. However, credit profile of both SEL and
SIPL have weakened on account of steady decline in scale of
operations and stretched liquidity position driven
by high GCA days depicting weak execution capabilities. The
liquidity position of SEL and SIPL remained stretched despite
raising substantial long-term funds in H1FY22. SIPL raised INR991
crore in Q1FY22 through sale of InvIT units and asset backed long
term debt. Nevertheless, sustained delay in scaling up of
operations owing to large proportion of slow-moving order book,
stretched current assets levels and cost overrun in ongoing HAM
projects have outweighed the fund-raising benefits resulting in
stretched liquidity evinced by near full utilization of fund-based
limits on prolonged basis. Sadbhav group has also entered into
stake sale agreement of Maharashtra Border Check Post Network Ltd
with Adani group and envisages receipt of arbitration claims and
planned stake sale proceeds of its HAM assets.

* Weakening of standalone credit profile of SNHL post release of
corporate guarantee: The corporate guarantee from SEL is valid till
receipt of completion certificate. Standalone credit profile of
SNHL has worsened on account of deterioration in the credit profile
of the sponsor-cum EPC contractor, SIPL and poor project progress.
DSRA is required to be created by sponsor to take care of debt
servicing requirements of first six months. However, weakened
credit profile of SIPL largely negates the possibilities of timely
creation of DSRA especially in the bank guarantee form as envisaged
previously. Furthermore, SNHL is also exposed to inherent risk of
annuities deductions primarily due to slow project progress which
can potentially weaken the debt coverage indicators of SNHL.

* Inherent O&M risk: Although inflation indexed O&M annuity partly
mitigates O&M risk, projects would still face the risk of sharp
increase in O&M cost due to more than envisaged wear and tear and
aggressive bidding in O&M cost.

* Inherent interest rate risk: SNHL is exposed to interest rate
risk since the project debt is envisaged to be sanctioned with a
floating rate of interest which is reset periodically. The interest
rate risk is partially mitigated on account of receipt of the
interest annuity at the applicable bank rate + 300 bps. However,
there is a likelihood of a lag between the reductions in the bank
rate and the lending rate to the company. Consequently, it may
result in a temporary variability on the cash flow available for
debt servicing.

Key rating strengths

* Assured cash flow due to annuity nature of the revenue stream
linked to inflation indexed O&M annuity and bank rate linked
interest annuity during operational phase: During operational
phase, cash flow is assured in the form of annuity payments from
NHAI on semi-annual basis covering 60% of the project completion
cost along with interest at 'bank rate plus 3%' on reducing balance
and inflation indexed O&M annuity. Further, BPC and O&M cost shall
be inflation indexed (through a Price Index Multiple [PIM]), which
is the weighted average of Wholesale Price Index (WPI) and Consumer
Price Index (CPI) in the ratio of 70:30. Inflation indexed BPC
protects the developers against price escalation to an extent.

* Low counterparty credit risk: Incorporated by the Government of
India (GoI) under an Act of Parliament as a statutory body, NHAI
functions as the nodal agency for development, maintenance and
management of the national highways in the country. The outlook on
NHAI reflects the outlook on the sovereign, whose direct and
indirect support continues to be the key rating driver.

Liquidity: Stretched

SNHL's liquidity is stretched due to delay in project execution
leading to increase in interest during construction and reliance on
sponsor till stabilization of revenue streams. Weakening of sponsor
financial profile is an added rating concern. Timely receipt of
partial annuity post receipt of partial PCOD is also crucial.

SNHL, a special purpose vehicle (SPV) incorporated and owned by
SIPL has entered into 17 year CA (including construction period of
730 days from appointed date) with NHAI for the design, build,
finance, operate and transfer (DBFOT) of 49.780 km of road on
hybrid annuity basis. The project under consideration aims at four
laning of the existing Rampur-Kathgodam section of NH-87 road from
km 42.791 to km 88.00 (design chainage of 49.78 kms) in the state
of Uttarakhand and Uttar Pradesh. The project includes augmentation
of the existing two lanes into four lanes. SNHL's initial BPC is
INR657 crore, the same is envisaged to be funded through debt,
sponsor's contribution and construction support from NHAI in the
ratio of 48%, 12% and 40% respectively.


SADBHAV UNA: CARE Lowers Rating on INR330.51cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sadbhav Una Highway Limited (SUHL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      330.51      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Rationale and key rating drivers

CARE Ratings Ltd. Had vide it's press release dated September 1,
2022, placed the rating of SUHL under the 'issuer non- cooperating'
category as SUHL had failed to provide information for monitoring
of the rating as agreed in its Rating Agreement. SUHL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated July 18, 2023, July 28, 2023 and
August 8, 2023 and numerous phone calls.

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

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

The rating has been revised on account of delays and default in the
debt servicing obligations as recognised from publicly
available information i.e. Audit Report of FY23 (updated from
Registrar of Companies) along non-availability of requisite
information.

Analytical Approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers

At the time of last rating on September 1, 2022, the following were
the rating strengths and weaknesses: (Updated basis the
publicly available information):

Key rating weaknesses

* Delay in debt and interest servicing obligations: There have been
delays/default in servicing of its interest and repayment
obligations as reported in Audit Report of FY23 (updated from
Registrar of Companies).

* Inordinate delay in project execution albeit approval of NHAI
received for PCOD on partial length and extension of time for
completion of balance work: SUHL is exposed to inherent
construction risk attached to BOT road projects. SUHL received
Appointed Date (AD) on February 9, 2017 and was earlier scheduled
to be completed by August 8, 2019. Against this the actual physical
project progress stood at 64.23% as on May 31, 2021. The prominent
reason for delay in project progress was delay in providing vacant
access & unencumbered ROW (91.35% ROW was available for
construction till May 2021) and inordinate delay in land
acquisition by NHAI. SUHL has access to only 48.99% (i.e. 20.06 km)
of land within 182 days of appointed date. Apart from delay in land
acquisition, delay in shifting of various utilities, delay in
obtaining other approvals and adverse impact of COVID-19 pandemic
also hampered the project execution. CARE takes cognizance of
approval of NHAI for PCOD on partial length of 20 km (i.e. 49% of
the project stretch) with effect from December 31, 2019 and
extension of time for completion balance work in phase-wise manner
till June 30, 2022. However, adequacy of partial annuities and
timely completion of the project within EOT shall be crucial from
credit perspective.

* Weakening credit profile of Sadbhav group: Sadbhav group has
experience of successfully operating and maintaining build-operate
and transfer (BOT) projects for more than a decade. However, credit
profile of Sadbhav group has deteriorated during last few years on
account of continuous decline in scale of operations and stretched
liquidity position driven by high GCA days depicting weak execution
capabilities. It is also noted that Sadbhav Group has successfully
managed in deleveraging its portfolio of BOT Projects which has
helped in augmenting long term capital requirement in their ongoing
projects. SIPL has entered into the Debenture Trust Deed with
Allianz Global Investors and AMP Capital to raise INR700 crores out
of which a sum of INR550 crores has already been raised on April
15, 2020. Furthermore, SIPL also completed sale of 7% units of
IndInfravit Trust for a total consideration of INR441 crore in
first week of May 2021. These proceeds are largely utilized for
funding equity commitment and cost overrun in the HAM projects and
prepayment of the debt of Sadbhav group. In light of substantial
funds deployment, extent of improvement in the pace of execution in
HAM projects by December 2021 is the key rating monitorable.

* Inherent O&M risk: Although inflation indexed O&M annuity partly
mitigates O&M risk, projects would still face the risk of sharp
increase in O&M cost due to more than envisaged wear and tear and
aggressive bidding in O&M cost. However, SUHL has to enter into
fixed price and fixed time O&M contract with the sponsor, SIPL,
prior to achievement of COD mitigating O&M risk to an extent.
Further, SIPL has extended undertaking to infuse funds in case O&M
expenses exceed the O&M annuity from NHAI.

* Inherent interest rate risk: SUHL is exposed to interest rate
risk since the project debt is envisaged to be sanctioned with a
floating rate of interest which is reset periodically. The interest
rate risk is partially mitigated on account of receipt of the
interest annuity at the applicable bank rate + 300 bps. However,
there a likelihood of a lag between the reductions in the bank rate
and the lending rate to the company. Consequently, it may result in
a temporary disrupt on the cash flow available for debt servicing.

Key rating strengths

* Assured cash flow due to annuity nature of the revenue stream
linked to inflation indexed O&M annuity and bank rate linked
interest annuity during operational phase: During operational
phase, cash flow is assured in the form of annuity payments from
NHAI on semi-annual basis covering 60% of the project completion
cost along with interest at 'bank rate plus 3%' on reducing balance
and inflation indexed O&M annuity. Further, BPC and O&M cost shall
be inflation indexed (through a Price Index Multiple [PIM]), which
is the weighted average of Wholesale Price Index (WPI) and Consumer
Price Index (CPI) in the ratio of 70:30. Inflation indexed BPC
protects the developers against price escalation to an extent.

* Low counterparty credit risk: Incorporated by the Government of
India (GoI) under an Act of Parliament as a statutory body, NHAI
functions as the nodal agency for development, maintenance and
management of the national highways in the country. The outlook on
NHAI reflects the outlook on the sovereign, whose direct and
indirect support continues to be the key rating driver.

Liquidity: Poor

SUHL's liquidity is poor due to ongoing delays in debt servicing
and inordinate delay in project execution leading to increase in
interest during construction and reliance on the sponsor till
stabilization of revenue streams.

SUHL, a special purpose vehicle (SPV), incorporated and owned by
SIPL [rated CARE B+ / CARE A4 (Under credit watch with negative
implications)] has entered into 15-year (excluding construction
period of 910 days from appointed date) concession agreement (CA)
with NHAI for the design, build, finance, operate and transfer
(DBFOT) of 40.95 km (i.e. 164.52 lane km) road project on HAM
basis.


SAIMAX CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Saimax Ceramic 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-          4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.05       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         2.75       [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 Saimax Ceramic 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.

Saimax Ceramic Private Limited was incorporated in July, 2011 by
Mr. Nitin D. Shirvi and Mr. Kalpesh M. Rangpariya. SCPL is involved
in the manufacturing of glazed ceramic wall tiles and sells its
products under the brand name Saimax. The company has its
manufacturing facility located at Morbi, Gujarat and commercial
production started from April, 2012. At present,, the plant has an
installed capacity of manufacturing 40,000 MTPA of wall tiles p.a.
It manufactures wall tiles of size 10" X13", 10" X 15", 10" X 10''
and 18" X 12".


SHALLOW CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Shallow Ceramic Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.21       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.19       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  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

   Short Term-         1.70       [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 Shallow Ceramic 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.

Shallow Ceramic Private Limited (SCPL) was incorporated in May 2014
and commenced operations in February, 2015. The manufacturing
facility is located in Morbi, Gujarat with an installed capacity of
32,000 MTPA of ceramic tiles. The company mainly manufactures
digitally printed ceramic wall tiles of two sizes 10" X 15" and 12"
X 18". The promoters of the company have long standing experience
in the ceramic industry through their former association with
another tile manufacturing unit; Segway Ceramic. The company
carries out sales of digitally printed ceramic wall tiles mainly to
retailers and wholesalers located in Kerala (50-60% of total
sales), Gujarat (7-10% of total sales) and other states under the
brand name of its own 'Shallow Ceramic'. Majority of the sales is
done in the domestic market while exports formed 1.4% of total
sales in FY2018.


SHIV RICE: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shiv Rice
Mill (SRM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.28       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.47       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 20,
2022, placed the rating(s) of SRM under the 'issuer
non-cooperating' category as SRM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 7, 2023, November 8, 2023, November 9,
2023.

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

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

Established in 2005, Shiv Rice Mill (SRM) has been engaged in the
business of rice milling & processing. Presently the firm owns a
unit in Murshidabad through which it carries out its operations and
it serves as their administration office as well. The day to day
affairs of the firm are looked after by Mr Niranjan Bhakat with
adequate support from the other partners and a team of experienced
personnel.


STERLING CAST: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sterling
Cast and Forge (SCF) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.35       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 9,
2022, placed the rating(s) of SCF under the 'issuer
non-cooperating' category as SCF had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SCF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 25, 2023, October 5, 2023, October 15,
2023.

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

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

Sterling Cast and Forge (SCF) was established in April, 2010 as a
partnership firm with Mr. Subash Chander and Mrs. Anjana Shoor as
its partners sharing profits and losses equally. The firm is
engaged in manufacturing of hand tools such as spanners, hammers,
pliers, wrenches etc at its manufacturing facility located in
Jalandhar, Punjab.


VAIDEHI ENTERPRISES: ICRA Lowers Rating on INR5cr LT Loan to D
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Vaidehi
Enterprises, as:

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Cash Credit                  [ICRA]B (Stable) and continues to
                                remain under 'Issuer Not
                                Cooperating' category

Rationale

Material event
The rating of Vaidehi Enterprises 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 Vaidehi Enterprises, 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 July 2014 by Mr. Suresh Goyal and Mr. Ajay
Bhaootra, Vaidehi Enterprises (VE) is engaged in the marketing of
high end women's dress material in tier I and Tier II cities. The
firm commenced commercial operations in December 2014 and utilise
the premises of its group company for doing the finishing work and
for storage of finished and partly processed fabrics before
despatching it to wholesalers/distributors. The promoters have been
in the business of textile for over a decade through other group
companies, viz. Shivani Trendz Private Limited (rated [ICRA]A4) and
Vaibhavi Trendz Pvt. Ltd. The firm's product portfolio comprises of
sarees and suits. The main raw material i.e. grey cloth is procured
from the local market the processing (dyeing & printing activities
and embroidery work) is outsourced to local units while the cutting
and handwork is done in-house. The company has an in-house design
team of three people and employs 20-22 people for doing the cutting
and handwork.


XS REAL: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Xs
Real Properties 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-         20.00       [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 Saimax Ceramic 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 1995 and promoted by Mr. S.G. Prabhakharan, XS Real
Properties Private Limited is a real-estate developer based out of
Chennai. As on date, the company has completed 19 projects, with a
cumulative built-up area of 2.5 million square feet. Though the
operations of the company were primarily limited to Chennai, it has
recently entered into the Coimbatore market. The company has
reputed brand strength in three segments namely, XS Real Xqist in
the luxury segment, XS Real Vibe in the mid segment and XS Real
FairSquare in the affordable segment. Mr. S. G. Prabhakharan has
served as the President of Madras Chamber of Commerce and Industry.
He has been a nonindependent and non-executive director of The
Lakshmi Vilas Bank Limited since June 23, 2009. He was instrumental
in setting up the country's first private sector mutual fund, in
collaboration with Pioneer Mutual Fund, Boston, USA in 1993. He is
a realtor having had sterling practise of law from 1978 to 1994.




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

RAKUTEN GROUP: To Sell Bank Shares to Cut Debt From Mobile Foray
----------------------------------------------------------------
Bloomberg News reports that Rakuten Group Inc. plans to sell shares
valued at $475 million in its banking affiliate to pay down debt as
losses mount at its wireless carrier business.

Bloomberg relates that the e-commerce group, which is expected to
report its fifth straight year of losses this year, said it would
sell 25.5 million shares of Rakuten Bank through an overseas
secondary offering and use the proceeds for the early repayment of
bonds.

Rakuten Bank will remain a consolidated subsidiary, it said. Based
on Dec. 6's closing share price, the stake sale would raise about
JPY69.8 billion (US$475 million). The group currently holds 110.5
million shares of Rakuten Bank, or about 63%, according to data
compiled by Bloomberg.

According to Bloomberg, the Tokyo-based company, founded by former
investment banker Hiroshi Mikitani, has expanded beyond its core
internet shopping mall business. Many of those bets, such as in
online banking and securities, have been lucrative, but a foray
into Japan's saturated mobile phone market has dragged down the
group's bottom line.

Bloomberg relates that the company earlier said that achieving
profitability at the mobile unit, which competes with Nippon
Telegraph & Telephone Corp. and KDDI Corp., as well as SoftBank
Group Corp.'s wireless arm, would be difficult this year, even on a
single-month basis.

Facing pressure to raise funds for roughly $5 billion of bonds due
in the next two years, Rakuten listed Rakuten Bank in April and
announced in May a new share issue. It's also said it plans to
reapply for a listing of its securities arm.

Rakuten Group's shares have dropped about 33% over the past five
years, while the Topix index has gained 48%, Bloomberg notes.

                        About Rakuten Group

Japan-based Rakuten Group provides e-commerce, fintech, digital
content, and communications products and services.

As reported in the Troubled Company Reporter-Asia Pacific in
September 2023, S&P Global Ratings affirmed its 'BB' long-term
issuer credit and senior unsecured debt ratings on Rakuten Group
Inc.  S&P has also affirmed its 'B' issue rating on its
subordinated bonds. The outlook on the long-term issuer credit
rating remains negative.

S&P affirmed the ratings on the Japan-based internet services
company because it expects negative FOCF in its nonfinancial unit
to narrow in the next 12-18 months. S&P bases this
view on gradual improvement in the mobile business' operating
performance and a decrease in the business' capital expenditures.
The affirmation also reflects some progress in nondebt financing
since early 2023.




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

COFFEE COLAB: Grant Bruce Reynolds Appointed as Liquidator
----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Nov. 27, 2023, was
appointed as liquidator of Coffee Colab Limited.

The liquidator may be reached at:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


CONFECTIONERY BRANDS: Court to Hear Wind-Up Petition on Dec. 14
---------------------------------------------------------------
A petition to wind up the operations of Confectionery Brands
Limited will be heard before the High Court at Palmerston on Dec.
14, 2023, at 10:00 a.m.

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

The Petitioner's solicitor is:

          Ashley Ashika Singh
          Legal Services, 5th Floor
          Asteron Centre
          55 Featherston Street
          PO Box 1462
          Wellington 6140


D. & T. MACDONALD: Court to Hear Wind-Up Petition on Feb. 12
------------------------------------------------------------
A petition to wind up the operations of D. & T. Macdonald Limited
will be heard before the High Court at Hamilton on Feb. 12, 2024,
at 10:45 a.m.

Kaze Limited filed the petition against the company on Nov. 6,
2023.

The Petitioner's solicitor is:

          Kasey Alexander Dillon
          c/- Evans Bailey
          Level 3, 11 Garden Place
          Hamilton 3204


HAPPY VALLEY: Without Director After Chair Quits
------------------------------------------------
BusinessDesk reports that the administrators of wannabe milk
processor Happy Valley Nutrition are figuring out what to do after
its last remaining director quit the board.

As of Dec. 1, the Australian securities exchange-listed (ASX)
company, which has been in administration since July, has been left
without a director after former chair Kevin Bush's resignation,
BusinessDesk relates.

Happy Valley Nutrition (HVN) was planning to build a dairy factory
in the Waikato town of Otorohanga but essentially ran out of
capital, BusinessDesk says.

Headquartered in Auckland, New Zealand, Happy Valley Nutrition
Limited (ASX:HVM) -- https://www.hvn.co.nz/ -- engages in the
production and sale of infant milk formula and other nutritional
products in New Zealand and internationally. The company was
formerly known as Happy Valley Milk Limited and changed its name to
Happy Valley Nutrition Limited in September 2019.


MARC FINDLAY: Waterstone Insolvency Appointed as Receivers
----------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Dec. 1,
2023, were appointed as receivers and managers of Marc Findlay and
Deborah Jane Robinson-Findlay.

The receivers and managers may be reached at:

          Waterstone Insolvency
          16 Piermark Drive
          Rosedale
          Auckland 0632


MINISO LST: Court to Hear Wind-Up Petition on Dec. 12
-----------------------------------------------------
A petition to wind up the operations of Miniso LST NZ Limited will
be heard before the High Court at Auckland on Dec. 12, 2023, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 10, 2023.

The Petitioner's solicitor is:

          Amber Victoria Flesher
          Legal Services, 5th Floor
          Asteron Centre
          55 Featherston Street
          PO Box 1462
          Wellington


VOYAGE DIGITAL: Moody's Alters Outlook on 'Ba3' CFR to Positive
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family and
Ba3 senior secured first-lien term loan facility ratings on Voyage
Digital (NZ) Limited (VDNZ) and changed the outlook to positive
from stable.

RATINGS RATIONALE

The affirmation and positive outlook reflect the strengthening in
VDNZ's credit profile since the rating was initially assigned in
February 2022 and Moody's expectation that it will continue to
improve over the next 12-18 months.

The first significant synergy benefits of the merger of 2degrees
with Orcon Holdings Limited that took place in 2022 started to flow
through towards the end of the fiscal year ended June 30, 2023 and
are now ramping up in fiscal 2024. This will support the
improvement in VDNZ's credit profile over the next 12-18 months.

VDNZ's ratings also continue to reflect its position as the
third-largest integrated player in the New Zealand
telecommunications market, with the ability to offer a full suite
of products to retail, commercial, wholesale and government
customers, in a country with a favourable regulatory environment.

Moody's expects VDNZ to have good liquidity over the next 12 to 18
months with NZD100 million cash and NZD81 million of available
undrawn credit facilities as of September 30, 2023. The agency
forecasts operating cash flows of around NZD180 million to NZD200
million over the next 12 to 18 months. These internal sources are
expected to support capital expenditures, spectrum and other cash
outflows.

The positive outlook reflects Moody's view that VDNZ will continue
to reduce its leverage, primarily through EBITDA growth, indicated
by debt/EBITDA decreasing to under 4.0x between fiscal 2024 and
2025.

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

Moody's could upgrade VDNZ's rating if the agency believes its
debt/EBITDA will improve to below 4x while sufficient liquidity is
maintained.

Moody's could downgrade the rating if leverage is still above 5x in
fiscal 2024 as this would be indicative of operational
underperformance; and/or a change in financial policy, such as
shareholder-friendly activity, that pressures credit metrics;
and/or if liquidity deteriorates meaningfully.

The principal methodology used in these ratings was
Telecommunications Service Providers published in November 2023.

COMPANY PROFILE

Voyage Digital (NZ) Limited (VDNZ) is the third-largest
full-service telecommunications company in New Zealand, providing
mainly fixed broadband and mobile services to the government,
enterprises, small-to-medium businesses and consumers.




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

BEACON CAPITAL: Creditors' Proofs of Debt Due on Jan. 5
-------------------------------------------------------
Creditors of Beacon Capital Pte. Ltd. are required to file their
proofs of debt by Jan. 5, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 28, 2023.

The company's liquidator is:

          Helmi Bin Ali Bin Talib
          c/o 133 Cecil Street
          #15-02 Keck Seng Tower
          Singapore 069535


CHINA WANDA: Creditors' Proofs of Debt Due on Jan. 4
----------------------------------------------------
Creditors of China Wanda International Funding Pte. Ltd. are
required to file their proofs of debt by Jan. 4, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 29, 2023.

The company's liquidators are:

          Tow Juan Dean
          Yiong Kok Kong
          c/o 180 Cecil Street, #12-04
          Singapore 069546


IIFL ASIA: Creditors' Proofs of Debt Due on Jan. 4
--------------------------------------------------
Creditors of IIFL Asia Opportunities Fund VCC are required to file
their proofs of debt by Jan. 4, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 27, 2023.

The company's liquidator is:

          Cheong Beng Sheng, Dean
          c/o Guardian Advisory Pte Ltd
          531A Upper Cross Street
          #03-118 Hong Lim Complex
          Singapore 051531


VINS MASTERZ: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Nov. 24, 2023, to
wind up the operations of Vins Masterz Private Limited.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


WHITBREAD ASIA: Creditors' Proofs of Debt Due on Jan. 4
-------------------------------------------------------
Creditors of Whitbread Asia Pacific Private Limited are required to
file their proofs of debt by Jan. 4, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 24, 2023.

The company's liquidators are:

          Aaron Loh Cheng Lee
          Ee Meng Yen Angela
          EY Corporate Advisors
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583




=====================
S O U T H   K O R E A
=====================

TWITCH: To Shut Down in South Korea Due to High Costs
-----------------------------------------------------
Reuters reports that Amazon's streaming unit Twitch on Dec. 5 said
it will shut down operations in South Korea in February next year,
due to high operating costs and network fees.

"Twitch has been operating in Korea at a significant loss, and
unfortunately there is no pathway forward for our business to run
more sustainably in that country," Reuters quotes CEO Dan Clancy as
saying in a blog.

Network fees in Korea are still 10 times more expensive than in
most other countries, he said, adding that the company spent
significant effort working to reduce operating costs to remain in
business, Reuters relays.

Twitch had laid off more than 400 employees in March after its user
and revenue growth did not meet expectations, Reuters adds.

Twitch is an interactive livestreaming service for content spanning
gaming, entertainment, sports, music, and more.




===============
T H A I L A N D
===============

DAOL SECURITIES: Fitch Alters Outlook on 'BB+(tha)' Rating to Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on DAOL Securities (Thailand)
Public Company Limited's (DAOLSEC) National Long-Term Rating to
Negative, from Stable, and affirmed the rating at 'BB+(tha)'. Fitch
has also affirmed the National Short-Term Rating at 'B(tha)'.

KEY RATING DRIVERS

Weakened Performance; Challenging Outlook: The Negative Outlook is
due to DAOLSEC's significantly weaker performance than Fitch
expected, driven partly by execution mis-steps in recent years,
including its exposure to a large failed securities settlement
incident in 2022 and identified compliance shortcomings. The
Negative Outlook reflects that such issues, along with recent
management changes, could delay DAOLSEC's earnings recovery and
weaken its franchise and business prospects.

Limited Franchise: DAOLSEC has a small domestic franchise with a
modest equity brokerage market share of 0.9% in 9M23, variable
performance and higher leverage relative to Fitch standalone-rated
peers. The company has built its non-brokerage revenue,
particularly in derivatives brokerage and bond underwriting, which
stood at around 67.0% of total revenue as of 1H23 and remained
relatively stable in recent quarters. Nevertheless, its modest
franchise could face further challenges in light of recent events.

Challenging Operating Environment: Thailand's securities sector is
set to record its lowest profitability in over a decade in 2023,
amid weak market activity and intense competition. Fitch expects
sector earnings to stabilise and improve over 4Q23-2024, with a
growing backlog of equity IPO transactions providing potential
upside. Still, ongoing global economic uncertainty could continue
to weigh on securities market activity.

Lingering Provisioning Risk: The company's exposure to the
industry's failed settlement event in late 2022 was large compared
to its modest balance sheet and capital base. Non-performing
receivables totaled THB575 million as of 1H23, with an unprovided
balance amounting to 36% of equity. The company raised fresh equity
in March 2023 to cover anticipated provision expenses, but it is
unclear whether further provisioning will be required, as legal
proceedings are still ongoing.

Significant Earnings Pressure: Fitch expects DAOLSEC to report a
full-year net loss for 2023 due to the weak operating backdrop,
which demonstrates the company's sensitivity to unfavourable market
conditions relative to that of higher-rated peers. Operating
profit/average equity deteriorated to -28.1% in 1H23 (2022: -25.1%)
following a drop in securities brokerage income, reduced trading
gains and modest additional provisioning.

Leverage Improved, Risks Remain: DAOLSEC's net adjusted leverage
ratio, as measured by tangible assets/tangible equity, improved to
3.9x in 1H23, from 5.9x in December 2022, buoyed by a THB400
million capital injection in March 2023. Nevertheless, the ratio
exceeds that of other standalone rated peers and the capital
position faces pressure from ongoing provisioning and earnings
risk. DAOLSEC's small absolute capital base also limits its ability
to weather weaker-than-expected performance.

High Reliance on Wholesale Funding: DAOLSEC remains more exposed to
funding market conditions compared with rated peers, as it relies
on subordinated debentures for funding and to support its
regulatory net liquid capital ratio. The company's liquidity
coverage ratio, as indicated by liquid assets/short-term funding,
was 0.44x at end-1H23, lower than that of rated peers, although its
undrawn bank facilities provide some funding flexibility.

RATING SENSITIVITIES

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

Sustained weak operating performance would be negative for the
ratings, particularly if Fitch believes that DAOLSEC's franchise
and market position in key business lines, such as securities
brokerage, derivatives and investment banking, has deteriorated.
Further earnings pressure or volatility due to unexpectedly large
provisioning requirements, regulatory risk or a declining market
position may also indicate weaker execution and lead to a
downgrade. For instance, operating profit/average equity that is
not sustained above 5% over the medium term, without excessive
volatility.

Further developments that demonstrate a material decline in client
and creditor confidence, or a tangible assets/tangible equity ratio
at above 5.0x for a sustained period (June 2023: 3.9x) could also
be negative for the ratings.

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

An upgrade is unlikely given the Negative Outlook.

Fitch may revise the Outlook to Stable if there is a positive
development or resolution on the failed settlement case that
substantially eases asset quality and provisioning risk. A
sustained recovery in operating performance, with operating
profit/average equity sustained consistently above 5.0%, without
extreme volatility or increased market risk-taking, may also
support a revision of the Outlook to Stable.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Fitch rates DAOLSEC's subordinated debentures one notch below the
company's National Long-Term Rating, in line with the agency's
Corporate Recovery Ratings and Instrument Ratings Criteria. This is
to reflect the instruments' higher loss-severity risk relative to
senior unsecured instruments, as subordinated noteholders rank
after senior creditors in the priority of claims.

There is no additional notching for non-performance risk due to the
notes' lack of going-concern loss absorption and equity-conversion
features. Fitch has not assigned an equity credit to the issue, as
the instrument is not designed to be a permanent part of the
company's capital structure.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

Any action on DAOLSEC's National Long-Term Rating is likely to lead
to similar action on the rating of the subordinated debentures.

   Entity/Debt             Rating               Prior
   -----------             ------               -----
DAOL Securities
(Thailand) Public
Company Limited     Natl LT BB+(tha) Affirmed   BB+(tha)

                    Natl ST B(tha)   Affirmed   B(tha)

   Subordinated     Natl LT BB(tha)  Affirmed   BB(tha)

   subordinated     Natl LT BB(tha)  Affirmed   BB(tha)



                           *********


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

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

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

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

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



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