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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

          Monday, December 11, 2023, Vol. 26, No. 247

                           Headlines



A U S T R A L I A

ABA TRUST 2023-1: S&P Assigns Prelim. BB-(sf) Rating on E Notes
CHEVY INDUSTRIES: First Creditors' Meeting Set for Dec. 14
EADES TRANSPORT: First Creditors' Meeting Set for Dec. 15
FIRSTMAC ASSET 1: Fitch Assigns Final 'BB+sf' Rating on Cl. E Notes
GDK GROUP: 11 Linked Companies Collapses Into Liquidation

JDY CONSTRUCTIONS: First Creditors' Meeting Set for Dec. 14
MOONCOW PTY: First Creditors' Meeting Set for Dec. 14
PEPPER ASSET 1: Fitch Assigns 'B(EXP)sf' Rating on Class D Notes
TLH SERVICES: First Creditors' Meeting Set for Dec. 14


C H I N A

CHIJET MOTOR: Raises Going Concern Doubt, Sees Liquidity Crunch
CHINA JINMAO: Moody's Assigns Ba1 CFR & Alters Outlook to Negative
CIFI HOLDINGS: Sells Assets to Enhance Group's Liquidity
COUNTRY GARDEN: Chair Confident in Repairing Balance Sheet
DALIAN WANDA: Is in Talks to Sell Malls to Insurer

FRESH2 GROUP: Financial Crisis Raises Going Concern Doubt
SHIMAO GROUP: Unveils New Plan to Cut Debt by Up to USD7 Billion
XINHU ZHONGBAO: Fitch Affirms 'CCC+' LongTerm Foreign Currency IDR
[*] Moody's Alters Outlook on 18 Chinese Infrastructure SOEs to Neg
[*] Moody's Reviews Ratings of 26 Chinese LGFVs for Downgrade

[*] Moody's Takes Actions on 22 Chinese LGFVs Amid Ratings Update


H O N G   K O N G

VS MEDIA HOLDINGS: Accumulated Losses Raise Going Concern Doubt


I N D I A

ABLE & WEAL: Ind-Ra Corrects September 15, 2023 Rating Release
ADARSHA AUTOMOTIVES: Ind-Ra Affirms BB+ Rating, Outlook Stable
ALFASIGMA INDIA: Voluntary Liquidation Process Case Summary
AMBICA COATSPIN: Ind-Ra Affirms BB+ Bank Loan Rating
ARYA FILAMENTS: Liquidation Resolution Process Case Summary

BAKERI URBAN: Ind-Ra Corrects November 3, 2023 Rating Release
BASAVANA BAGEWADI: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
BEST IT WORLD: CRISIL Keeps D Debt Ratings in Not Cooperating
BIAX ELECTRIC: ICRA Keeps D Debt Ratings in Not Cooperating
BIJAPUR 1: Ind-Ra Cuts Loan Rating to BB, Outlook Stable

CHITRADURGA: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
DEVAS ENGINEERING: Liquidation Process Case Summary
EMC LIMITED: Liquidation Process Case Summary
FANS ASIA: Insolvency Resolution Process Case Summary
GANSONS PRIVATE: Ind-Ra Hikes Loan Rating to B-, Outlook Stable

GOL OFFSHORE: CRISIL Keeps D Debt Ratings in Not Cooperating
J V STEEL: CARE Keeps B- Debt Rating in Not Cooperating Category
JAMPANA PADMAVATHI: CRISIL Lowers Rating on INR8.8cr Loan to D
JANA CAPITAL: Ind-Ra Assigns B- NonConvertible Debts Rating
JAWAN CONSTRUCTION: Liquidation Process Case Summary

JET AIRWAYS: JKC Files Appeal Against NCLT Order on Aircraft Sale
JET FREIGHT: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
KAUSHIK GLOBAL: Liquidation Resolution Process Case Summary
KHATI SOLUTIONS: Insolvency Resolution Process Case Summary
KIZHAKKEBHAGATHU RICE: CRISIL Keeps C Rating in Not Cooperating

KOLON INVESTMENTS: Insolvency Resolution Process Case Summary
KRG TEXTILE: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
KUBERA CONSTRUCTIONS: CARE Lowers Rating on INR18.67cr Loan to B
LAKE DISTRICT: Insolvency Resolution Process Case Summary
M G F MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating

MAHAK SYNTHETICS: Ind-Ra Affirms BB+ Term Loan Rating
MBG COMMODITIES: Ind-Ra Affirms BB+ Term Rating, Outlook Stable
METROPOLITAN LIFESPACE: Ind-Ra Affirms B NCD's Rating
MVR SHIPPING: Insolvency Resolution Process Case Summary
N P INFRAPROJECTS: Ind-Ra Assigns BB Loan Bank Rating

NEWGEN PAYMENT: Voluntary Liquidation Process Case Summary
NOBILITY ESTATES: Insolvency Resolution Process Case Summary
ONE CAPITALL: ICRA Keeps D Debt Ratings in Not Cooperating
PINK CITY: Insolvency Resolution Process Case Summary
PRADHAMA MULTI: CRISIL Keeps D Debt Ratings in Not Cooperating

PRATYUSH INFRASTRUCTURE: Insolvency Resolution Case Summary
PREMIER JET: Insolvency Resolution Process Case Summary
R V REALTY: CARE Keeps D Debt Rating in Not Cooperating Category
RADHARANI EXPORTS: Liquidation Resolution Process Case Summary
RELIANCE COMMERCIAL: ICRA Keeps D Debt Rating in Not Cooperating

RELIANCE HOME: ICRA Keeps D Debt Rating in Not Cooperating
RELIANCE POWER: ICRA Keeps D Debt Ratings in Not Cooperating
RKDS EXPORTS: Insolvency Resolution Process Case Summary
RSAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating Category
SAMARTHA LEISURES: CRISIL Moves D Debt Ratings to Not Cooperating

SANATAN MERCHANTS: Ind-Ra Moves BB Loan Rating to Non-Cooperating
SHIVAM HOSPITAL: CARE Lowers Rating on INR12.50cr LT Loan to B-
SHREEDHAR SPINNERS: Ind-Ra Hikes Term Loan Rating to BB+
SUGARCANE PRODUCERS: CARE Reaffirms B+ Rating on INR9cr Loan
SUJYOT INFRASTRUCTURE: Liquidation Resolution Process Case Summary

SUN SHINE: CARE Keeps B- Debt Rating in Not Cooperating Category
SUNDIAL MINING: CRISIL Moves D Debt Ratings to Not Cooperating
SUNSHINE EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
TOSHALI CEMENTS: ICRA Moves D Debt Ratings to Not Cooperating
TRIPURARI PROPERTIES: Liquidation Process Case Summary

UP KORAUN: Ind-Ra Keeps B- Term Loan Rating in NonCooperating
UP MEHRAUNI II: Ind-Ra Keeps B- Loan Rating in NonCooperating
UP POWER: Ind-Ra Cuts NonConvertible Debts Rating to D
UP SARILA: Ind-Ra Keeps B- Term Loan Rating in NonCooperating
VINP DISTILLERIES: Ind-Ra Cuts Loan Rating to D, Outlook Stable



I N D O N E S I A

KAWASAN INDUSTRI: Fitch Hikes LongTerm IDR to 'B-', Outlook Stable


J A P A N

SOGO & SEIBU: Prospects Uncertain After Troubled Sale


N E W   Z E A L A N D

CLOUGH TRANSPORT: Court to Hear Wind-Up Petition on Dec. 14
LILY ROSE: Creditors' Proofs of Debt Due on Dec. 31
RN MOTORS: Commences Wind-Up Proceedings
SACRED HILL: Court to Hear Wind-Up Petition on Dec. 14
SAIL & VINE: Commences Wind-Up Proceedings



P H I L I P P I N E S

PH RESORTS: Okada Manila Owner to Buy Stalled Cebu Casino


S I N G A P O R E

BERT'S AIR-CONDITIONING: Court Enters Wind-Up Order
IBM SERVICES: Creditors' Proofs of Debt Due on Jan. 6
IDV CONCEPTS: Court Enters Wind-Up Order
NEW ASIA: Court to Hear Wind-Up Petition on Dec. 22
UNIQFOOD PTE: Court Enters Wind-Up Order


                           - - - - -


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

ABA TRUST 2023-1: S&P Assigns Prelim. BB-(sf) Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for ABA Trust 2023-1. ABA Trust 2023-1 is a securitization of prime
residential mortgage loans originated by Auswide Bank Ltd.
(Auswide).

The preliminary ratings assigned to the prime floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of rated notes are
commensurate with the ratings assigned. Subordination and lenders'
mortgage insurance (LMI) cover provide credit support for the rated
notes. The credit support provided to the rated notes is sufficient
to cover the assumed losses at the applicable rating stress. Our
assessment of credit risk takes into account Auswide's underwriting
standards and approval process, which are consistent with
industrywide practices; the servicing quality of Auswide; and the
support provided by the LMI policies on 2.8% of the loans in the
portfolio. The LMI policies provide 100% cover for the outstanding
principal of each insured loan, accrued interest, and reasonable
selling costs.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, LMI cover, fixed-rate
swap, mechanism for trapping excess spread into an excess revenue
reserve, provision of a liquidity reserve, and principal draw
function, and the provision of an extraordinary expenses reserve --
funded by Auswide at closing to cover extraordinary expenses --
sized at a level consistent with the ratings. All rating stresses
are made on the basis that the trust does not call the notes at or
beyond the call-option date, and that all rated notes must be fully
redeemed via the principal waterfall mechanism, under the
transaction documents.

S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. (ANZ) as
interest-rate swap provider and bank account provider. Some 4.5% of
the portfolio comprises loans for which the interest rate is fixed
for up to five years. An interest-rate swap will be provided to
hedge the mismatch between the fixed-rate receipts on the
fixed-rate loans and the floating-rate interest payable on the
notes. The transaction documents for the swap include downgrade
language consistent with our counterparty criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  ABA Trust 2023-1

  Class A, A$270.00 million: AAA (sf)
  Class AB, A$13.50 million: AAA (sf)
  Class B, A$9.00 million: AA (sf)
  Class C, A$3.00 million: A (sf)
  Class D, A$1.50 million: BBB (sf)
  Class E, A$1.30 million: BB (sf)
  Class F, A$1.70 million: Not rated


CHEVY INDUSTRIES: First Creditors' Meeting Set for Dec. 14
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Chevy
Industries Pty Ltd will be held on Dec. 14, 2023, at 11:00 a.m. via
virtual meeting.

Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of the company on Dec. 4, 2023.


EADES TRANSPORT: First Creditors' Meeting Set for Dec. 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Eades
Transport Pty Ltd, formerly 'AR Logistics", will be held on Dec.
15, 2023, at 11:00 a.m. via teleconference.

Stuart Otway and Alan Scott of SV Partners Adelaide were appointed
as administrators of the company on Dec. 5, 2023.


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

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

   A1 AU3FN0083036     LT AAAsf  New Rating   AAA(EXP)sf
   A2 AU3FN0083044     LT AAAsf  New Rating   AAA(EXP)sf
   B AU3FN0083051      LT AAsf   New Rating   AA(EXP)sf
   C AU3FN0083069      LT Asf    New Rating   A(EXP)sf
   D AU3FN0083077      LT BBBsf  New Rating   BBB(EXP)sf
   E AU3FN0083085      LT BB+sf  New Rating   BB+(EXP)sf
   F AU3FN0083093      LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The total collateral pool at the October 30, 2023 cut-off date was
AUD300 million, unchanged from the expected rating on November 19,
2023, and consisted of 8,173 receivables with weighted-average (WA)
seasoning of eight months, WA remaining maturity of 55 months and
an average contract balance of AUD41,866.

KEY RATING DRIVERS

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

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

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf

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

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

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

Reduce recoveries by 10%: AAAsf / AA+sf / A+sf / Asf / BBBsf /
BB+sf

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

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

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

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

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

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

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

Upgrade Sensitivity

The class A1 and A2 notes are rated at the highest level on Fitch's
scale and cannot be upgraded. As such, upgrade sensitivities are
not relevant.

Notes: B / C / D / E

Rating: AAsf / Asf / BBBsf / BB+sf

Reduce defaults by 10% and increase recoveries by 10%: AAsf / A+sf
/ BBB+sf / BBB-sf

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

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


GDK GROUP: 11 Linked Companies Collapses Into Liquidation
---------------------------------------------------------
News.com.au reports that companies linked to GDK Group collapse
into liquidation owing at least $45 million, impacting Sydney
factory.

A news.com.au investigation has found that 11 companies that appear
to be linked to a cabinet manufacturing factory in Sydney's
Wetherill Park and also with offices in Melbourne and Hong Kong
part of the GDK Group have plunged into liquidation while another
related company is due in court later this month.

In May, Himlad Pty Ltd went into voluntary liquidation with debts
of AUD29.8 million, news.com.au discloses citing a statutory report
filed with the corporate regulator.

Since then, the tax office has forcibly wound up multiple other
companies in the Federal Court, as recently as Dec. 5. Initial
estimates from one liquidator put the new debts at more than AUD15
million for four of the most recent company collapses.

Staff have been left fuming as they are owed AUD2.1 million,
including AUD885,000 in superannuation which is not recoverable
through government rescue schemes, news.com.au relates.

According to news.com.au, the Western Sydney factory continues to
operate under a different business in what at the time was labelled
a "restructure", with staff's pay now coming from a new entity
which was only registered in March.

And in a bizarre twist, several of the companies have been named
after obscure references from the iconic book series The Lord of
the Rings, such as Himlad, Hithlum, Thargeliou, Belegaer,
Ossiriand, Nevrast, Dorlomin and Avernien.

The strange business names left one staff member, who is owed
AUD25,000 from unpaid superannuation, "confused" and unaware of
some of the companies.

Nikolas Simic and Nicholas Kalikajaros, the two directors linked to
the companies, did not respond to requests for comment and no
action has been taken against them personally, news.com.au notes.
The company was also contacted for comment but its phone lines rang
out.

In May, Himlad Pty Ltd formerly trading as Imprint Australia went
bust, but business continued as normal, with workers' payroll and
leave entitlements switching over to another company called Joinery
Manufacturing Solutions Pty Ltd, news.com.au discloses.

Then in July, three other companies went into voluntary liquidation
- Nevrast Pty Ltd formerly trading as Imprint Furniture, Dorlomin
formerly trading as Imprint Systems and Avernien Pty Ltd formerly
trading as GDK Ventures. Liquidation reports say these companies
were part of the GDK Group.

Last week, the Federal Court ordered two more companies to go belly
up and Henry McKenna of insolvency firm Vincents was nominated as
the liquidator, according to news.com.au.

News.com.au says Hithlum Pty Ltd formerly known as GDK Group
(Global) Pty Ltd was ordered to go into liquidation due to unpaid
tax debts of AUD261,000 while Thargeliou Pty Ltd formerly known as
Imprint Street (Australia) Pty Ltd had AUD90,000 in unpaid taxes.

On Dec. 1, Ossiriand Pty Ltd was ordered to go into liquidation.
The liquidators Alan Hayes and Wayne Marshall of Hayes Advisory
have been contacted for comment.

On Dec. 5, another slew of businesses collapsed by court order -
GDK Group Pty Ltd, Belegaer Pty Ltd, GDK Projects Pty Ltd and GDK
Holdings, news.com.au notes.

The appointed liquidators, Jonathon Colbran, Tristana Steedman and
Richard Stone of RSM, told news.com.au these four firms "have total
creditor claims likely to exceed AUD15 million". Of that, the ATO
is owed at least AUD500,000.

News.com.au adds that the tax office has also initiated winding up
proceedings against Joinery Manufacturing Solutions Pty Ltd, the
entity staff are now employed by, with a directions hearing set for
Dec. 19.


JDY CONSTRUCTIONS: First Creditors' Meeting Set for Dec. 14
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of JDY
Constructions Pty Ltd (Formerly known as Nazero Group Pty Ltd) will
be held on Dec. 14, 2023, at 3:00 p.m. at the offices of Newpoint
Advisory, Level 9, 143 Macquarie Street, in Sydney, NSW.

Costas Andrew Nicodemou of Newpoint Advisory was appointed as
administrator of the company on Dec. 4, 2023.


MOONCOW PTY: First Creditors' Meeting Set for Dec. 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Mooncow Pty
Ltd will be held on Dec. 14, 2023, at 11:00 a.m. via virtual
meeting technology.

Alan Topp and Daniel Robert Soire of Jones Partners were appointed
as administrators of the company on Dec. 4, 2023.


PEPPER ASSET 1: Fitch Assigns 'B(EXP)sf' Rating on Class D Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Pepper Asset
Securities No. 1 Trust's pass-through floating-rate notes. The
issuance consists of notes backed by a pool of first-ranking
Australian automotive and equipment loan and lease receivables
originated by Pepper Asset Finance Pty Limited, a subsidiary of
Pepper Group Pty Limited (Pepper). The notes will be issued by BNY
Trust Company of Australia Limited as trustee for Pepper Asset
Securities No.1 Trust.

This is a whole loan sale, where the trustee acquired all of seller
trustee's right, title and interest in the receivables using funds
provided by the investors under a whole loan pass-through
structure. All notes and units are held by investors.

   Entity/Debt         Rating           
   -----------         ------           
Pepper Asset Securities
No.1 Trust

   A1-a            LT  A+(EXP)sf   Expected Rating
   A1-x            LT  A(EXP)sf    Expected Rating
   B               LT  BBB(EXP)sf  Expected Rating
   C               LT  BB(EXP)sf   Expected Rating
   D               LT  B(EXP)sf    Expected Rating
   G               LT  NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

The total collateral pool at the 31 October 2023 cut-off date was
sized at AUD500 million and consisted of 14,599 receivables with a
weighted-average (WA) remaining maturity of 62.8 months.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples are as follows:

Novated: 1.10% (7.75x)

Non-novated Risk Tier A: 2.25% (6.0x)

Non-Novated Risk Tier B: 6.00% (4.75x)

Non-Novated Risk Tier C: 12.00% (3.75x)

The recovery base case is 30.0%, with a 'AAAsf' recovery haircut of
50.0% across all risk grades. The WA base-case default assumption
was 4.0% and the 'AAAsf' default multiple was 4.9x.

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

Excess Spread Limited by Commission Note Repayment: The transaction
includes a class A1-x note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables and a premium. The note will not be
collateralised, but will amortise in line with an amortisation
schedule. The note's repayment limits the availability of excess
spread to cover losses, as it ranks senior in the interest
waterfall; above the class B to G notes. However, the rated
subordinated notes still pass at their respective stress rating
levels. The payment of the A1-x note is not a required payment and
non-payment is not event of default.

Class A to G notes will receive principal repayments pro rata upon
satisfaction of pro rata conditions. The transaction has structural
features that include an initial loss reserve, retention and
reverse turbo mechanism that redirect available excess income not
used to reimburse losses to repay note principal balances. Fitch's
cash flow analysis incorporates the transaction's structural
features and tests each note's robustness by stressing default and
recovery rates, prepayments, interest-rate movements and default
timing.

Counterparty Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The transaction includes
interest-rate swaps with a fixed schedule, which allows for future
over- or under-hedging, depending on the level of prepayments and
defaults. Fitch conducted additional sensitivity analysis for these
hedging scenarios.

Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Pepper is not rated by Fitch.
Servicer disruption risk is mitigated by backup servicing
arrangements. The nominated backup servicer is BNY Trust Company of
Australia Limited. Fitch undertook an operational and file review
and found that the operations of the originator and servicer were
comparable with those of other auto and equipment lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 43.3% of the portfolio by loan value has
balloon amounts payable at maturity, of which 31.8% are novated
leases.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action

RATING SENSITIVITIES

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

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

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in CE and remaining loss-coverage levels available to
the notes. Decreased CE may make certain note ratings susceptible
to negative rating action, depending on the extent of coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions. Fitch stresses the
recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level.

Downgrade Sensitivity

Notes: A1-x / A1-a / B / C / D

Expected Ratings: Asf / A+sf / BBBsf / BBsf / Bsf

Rating Sensitivity to Increased Default Rates

Increase defaults by 10%: A-sf / Asf / BBB-sf / BBsf / less than
Bsf

Increase defaults by 25%: BBB+sf / A-sf / BB+sf / B+sf / less than
Bsf

Increase defaults by 50%: BBBsf / BBBsf / BBsf / less than Bsf /
less than Bsf

Rating Sensitivity to Decreased Recovery Rates

Recoveries decrease 10%: Asf / A+sf / BBB-sf / BBsf / Bsf

Recoveries decrease 25%: Asf / Asf / BBB-sf / BBsf / less than Bsf

Recoveries decrease 50%: A-sf / Asf / BBB-sf / BB-sf / less than
Bsf

Rating Sensitivity to Combined Stresses

Defaults increase 10%/recoveries decrease 10%: A-sf / Asf / BBB-sf
/ BB-sf / less than Bsf

Defaults increase 25%/recoveries decrease 25%: BBB+sf / BBB+sf /
BBsf / B+sf / less than Bsf

Defaults increase 50%/recoveries decrease 50%: BBB-sf / BBB-sf /
B+sf / less than Bsf / less than Bsf

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

Economic conditions, loan performance and credit losses that are
better than Fitch's baseline scenario or sufficient build-up of CE
that would fully compensate for the credit losses and cash flow
stresses commensurate with higher rating scenarios, all else being
equal.

Upgrade Sensitivities

Notes: A1-x / A1-a / B / C / D

Ratings: Asf / A+sf / BBBsf / BBsf / Bsf

Reduce defaults by 10% and increase recoveries by 10%: A+sf / AA-sf
/ BBB+sf / BB+sf / B+sf

DATA ADEQUACY

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

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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


TLH SERVICES: First Creditors' Meeting Set for Dec. 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of TLH Services
Pty Ltd will be held on Dec. 14, 2023, at 11:30 a.m. via virtual
meeting technology.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of the company on Dec. 4, 2023.




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

CHIJET MOTOR: Raises Going Concern Doubt, Sees Liquidity Crunch
---------------------------------------------------------------
Chijet Motor Company Inc. has announced its unaudited financial
results for the six months ended June 30, 2023, stating that there
is substantial doubt about the Company's ability to continue as a
going concern.

The Company said, "Historically, we have financed our operations
mainly through financing from our shareholders, payments received
from our customers, and cash received from government grant. We had
cash and cash equivalents of $18,247,000 and $37,918,000 on June
30, 2023 and December 31, 2022, respectively. As of June 30, 2023
the Company had working capital deficit of $352,688,000. The
Company has a plan of operations and acknowledges that its plan of
operations may not result in generating positive working capital in
the near future."

"We tend to think that our cash on hand, including the current
available cash and cash equivalents on our balance sheet is
insufficient to fully meet our capital expenditure requirements.
Therefore, we have made corresponding adjustments to the Company's
original business plan, however the current available cash and cash
equivalents may still be insufficient to meet our working capital
and capital expenditure requirements for at least the next 12
months from the date of this report."

"To the extent that our current resources are insufficient to
satisfy our cash requirements, we may need to seek additional
equity or debt financing, and will continue to seek government
grants. If the financing is not available, or if the terms of
financing are less desirable than we expect, or fail to obtain
government grants, we may be forced to decrease our level of
investment in product development or delay, scale back or abandon
all or part of our original growth strategy, which could have an
adverse impact on our business and financial prospects.

"Even though management believes that it will be able to
successfully execute its business plan, which includes increasing
market acceptance of the Company's products to boost its sales
volume to achieve economies of scale while applying more effective
marketing strategies and cost control measures to better manage
operating cash flow position, obtain third-party financing and
capital issuance, and meet the Company's future liquidity needs,
there can be no assurances in that regard. These matters raise
substantial doubt about the Company's ability to continue as a
going concern."

Chijet's Financial Summary for the Six Months Ended June 30, 2023
(all results compared to the six months ended June 30, 2022, unless
otherwise noted) include:

* Revenues were $2.6 million, a decrease of 73.2%
* Units of vehicles sold reached 309, a decrease of 71.8%
* Parts and Other sales reached $0.5 million, a decrease of 78.4%
* Gross margin was negative 670%, compared with negative 215%

For the six months ended June 30, 2023, the Company reported a net
loss of $57.6 million, compared with a net loss of $48.3 million
for the six months ended June 30, 2022.

A full-text copy of the Company's report filed on Form 6-K with the
Securities and Exchange Commission is available at
https://tinyurl.com/5emz3wkc

                About Chijet Motor Company, Inc.

Jilin City, China-based Chijet Motor Company, Inc. is a business
that developments, manufactures, sales, and service of traditional
fuel vehicles and NEVs. State-of-the-art manufacturing systems and
stable supply chain management enable the Company to provide
consumers with products of high performance at reasonable prices.
In addition to its large modern vehicle production base in Jilin,
China, a factory in Yantai, China will be dedicated to NEV
production upon completion of its construction. Chijet has a
management team of industry veterans with decades of experience in
engineering and design, management, financing, industrial
production, and financial management.

CHINA JINMAO: Moody's Assigns Ba1 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has taken the following rating actions on
China Jinmao Holdings Group Limited:

1. Withdrawn China Jinmao's Baa3 issuer rating and assigned the
company a Ba1 corporate family rating;

2. Downgraded to Ba1 from Baa3 the backed senior unsecured rating
on the USD notes issued by Franshion Brilliant Limited, a
wholly-owned subsidiary of China Jinmao, and to Ba3 from Ba2 the
backed preferred stock rating.

The notes are unconditionally and irrevocably guaranteed by China
Jinmao.

All the rating outlooks are negative. Previously, the ratings were
on review for downgrade.

"The rating downgrade reflects Moody's expectation that China
Jinmao's credit metrics are unlikely to recover to levels
supportive of its previous Baa3 rating over the next two years
because of its weakening sales and gross profit margins, as well as
its maintenance of a high debt leverage to preserve liquidity amid
volatile market conditions," says Cedric Lai, a Moody's Vice
President and Senior Analyst.

"The negative outlook reflects uncertainties over the company's
ability to recover its contracted sales, credit metrics and profit
margins over the next 6-12 months in light of the challenging
market conditions," adds Lai.

RATINGS RATIONALE

Moody's forecasts China Jinmao's gross contracted sales will fall
slightly to around RMB150 billion annually in both 2023 and 2024
from RMB155 billion in 2022 because of weak housing demand amid a
slow economic recovery in China. The company could also have to
offer discounts on certain projects to strengthen sales in the
downcycle, which will pressure its profit margin. This is despite
the company's focus on top-tier cities, where economic fundamentals
are generally stronger than those in lower-tier cities. China
Jinmao's gross contracted sales fell 1% to RMB122 billion during
the first ten months of 2023.

As a result, the company's EBIT/interest coverage will stay weak at
2.2x over the next 12-18 months from 2.3x for the 12 months ended
June 30, 2023 and 2.6x in 2022, driven by decreasing gross profit
margins. Meanwhile, its adjusted debt/capitalization will stay at
around 55% for the same period. These metrics position the
company's rating in the Ba category compared with the rated
property peers.

China Jinmao's liquidity is good, underpinned by the company's good
access to funding. Moody's expects the company's cash holdings,
along with its operating cash flow, to cover its short-term debt
and committed land payments over the next 12-18 months. Its
unrestricted cash balance of RMB32.9 billion as of the end of June
2023 could cover 1.8x of its short-term debt as of the same date.

China Jinmao's Ba1 CFR reflects the company's solid track record of
developing landmark integrated projects, the stable rental income
generated by its quality portfolio of investment properties; and
its diversified and solid access to funding, supported by its
status as a subsidiary of Sinochem Hong Kong (Group) Company
Limited (Sinochem HK, A3 stable), which is ultimately owned by
Sinochem Holdings Corporation Ltd. (Sinochem Holdings), a
state-owned enterprise under the central government.

At the same time, the rating reflects the company's increased
operating risk and weakened financial metrics because of the
current tough business conditions in China's property market; and
the volatile performance of its primary land development business.

The company's backed senior unsecured rating is not affected by
subordination to claims at the operating company level. This is
because, despite China Jinmao's status as a holding company with
most of the claims at the operating subsidiaries, Moody's expects
the company to benefit from (1) its close links with its parent,
Sinochem HK. The recovery for creditors at the holding company is
unlikely to be significantly weaker than that for project company
creditors in a distress situation; (2) the company's diversified
business profile, with cash flow generation from its property
development, investment property and hotel rental segments, which
mitigates structural subordination risk. The Ba3 backed preferred
stock rating reflects the deeply subordinated nature of the
securities.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's strong shareholders and
representation on its board of directors; disclosure of material
related-party transactions as required by the Corporate Governance
Code for companies listed on the Hong Kong Stock Exchange; and
diversified board of directors and four special committees to
supervise the company's operations.

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

An upgrade of China Jinmao's ratings is unlikely, given the
negative outlook.

However, Moody's could revise the outlook to stable if the company
strengthens its contracted sales, financial metrics and access to
various types of funding at stable costs, all on a sustained
basis.

Key metrics indicative of a stable outlook would include
EBIT/interest coverage rising above 2.5x-3.0x and adjusted
debt/capitalization below 50%-53%, both on a sustained basis.

On the other hand, China Jinmao's ratings could be downgraded if
its credit metrics, contracted sales or liquidity weaken, such that
its adjusted debt/capitalization rises above 58%-60% and its
EBIT/interest falls below 2.0x, all on a sustained basis.

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

China Jinmao Holdings Group Limited develops residential and
commercial properties in first-tier and major second-tier cities in
China. As of June 30, 2023, the company had a total property
development land bank of approximately 43.6 million square meters
in gross floor area.

The company listed on the Hong Kong Stock Exchange in 2007. As of
June 30, 2023, China Jinmao was 36.4% owned by Sinochem HK, which
was in turn 100% owned by Sinochem Holdings.

In 2022, Sinochem Group and China National Chemical Corporation
Limited (ChemChina, Baa2 stable) completed a share transfer to
Sinochem Holdings, which is fully owned by the State-owned Assets
Supervision and Administration Commission (SASAC) of the State
Council of China. Consequently, Sinochem HK is now ultimately 100%
owned by, and managed as an integral part of, Sinochem Holdings.


CIFI HOLDINGS: Sells Assets to Enhance Group's Liquidity
--------------------------------------------------------
The South China Morning Post reports that heavily-indebted Chinese
property developer CIFI Holding Group extended its asset selling
campaign with another loss-making deal, as it grapples with a
liquidity crunch and seeks to "survive and sustain under the
crisis".

In its latest disposal, the company raised CNY436 million (US$61
million) by selling the 49 per cent stake it owned through a
subsidiary, Beijing Xuhui Shunxin Real Estate, in Tianjin Chuangda
Real Estate Development, the Post discloses. The buyer,
Shijiazhuang Ronglang Enterprise Management Services, holds the
remaining 51 per cent equity interest.

The loss of CNY28 million, from the disposal, "is not expected to
have immediate material impact on the financial position of the
group", the company said.

This brings the total funds raised from asset disposals and
announced this week to CNY657 million, following the deal unveiled
on Dec. 4.

"The property market in the PRC has been facing unprecedented
challenges and the property developers are encountering liquidity
pressure," Cifi's notice to the stock exchange said. "Enhancing
liquidity are the crucial strategies for market peers to survive
and sustain under the crisis."

"While a loss is expected to be recorded, the disposal will enable
the group to revitalise available funds under the increasingly
credit tightening market and reallocate resources to improve the
efficiency of capital use and enhance the group's liquidity to
ensure the delivery of properties and continuation of its business
operations," it added.

On Dec. 4, another CIFI subsidiary, Liaocheng Xuyin, sold a 51 per
cent stake in its Dezhou residential project, located in Shandong
province, to Shandong Zhongzheng for CNY221 million. The company
posted a loss of CNY215 million on that deal, the Post discloses.

                         About CIFI Holdings

CIFI Holdings (Group) Co. Ltd. is an investment holding company
principally engaged in property businesses. The Company mainly
operates through three segments. Property Development segment is
engaged in the development and sales of office properties,
commercial properties and residential properties in China. Property
Investment segment is engaged in the leasing of investment
properties developed or purchased by the Company for the rental
income and the appreciation of the properties' values. Property
Management, Project Management and Other Property Related Services
segment is engaged in property management and project management in
China.

As reported in the Troubled Company Reporter-Asia Pacific, in
October 2022, Fitch Ratings has downgraded China-based property
developer CIFI Holdings (Group) Co. Ltd.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings to 'CC' from 'BB-'. Fitch has
also downgraded CIFI's senior unsecured rating and the ratings on
the outstanding notes to 'CC' with a Recovery Rating of 'RR4', from
'BB-'. All the ratings have been removed from Rating Watch
Negative.

The downgrade reflects CIFI's rising liquidity risks, amid market
reports that it failed to make an interest payment for its
convertible bonds (maturing April 8, 2025) that was due in early
October, and that it was also seeking to delay certain principal
and interest payment for other financial obligations.

The TCR-AP also reported on Oct. 19, 2022, that Moody's Investors
Service has downgraded CIFI Holdings (Group) Co. Ltd.'s corporate
family rating to Ca from B3 and senior unsecured rating to C from
Caa1.  The outlook remains negative.


COUNTRY GARDEN: Chair Confident in Repairing Balance Sheet
----------------------------------------------------------
Caixin Global reports that Yang Huiyan, chair of Country Garden
Holdings Co. Ltd., said she is "very confident" the company can
repair its balance sheet and pledged the founding family's support
for the ailing Chinese property giant.

Caixin relates that the path is "very clear and can be achieved,"
billionaire Yang said at a monthly management meeting held on Dec.
8, according to a statement on the developer's WeChat account.
Country Garden "will strive to become a model for the quick
recovery" of distressed companies, she added.

                        About Country Garden

Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.

As reported in the Troubled Company Reporter-Asia Pacific in
September 2023, Moody's Investors Service has downgraded Country
Garden Holdings Company Limited's corporate family rating to Ca
from Caa1 and its senior unsecured rating to C from Caa2. The
outlook remains negative.  "The rating downgrades with negative
outlook reflect Country Garden's tight liquidity and heightened
default risk, as well as the likely weak recovery prospects for the
company's bondholders," said Kaven Tsang, a Moody's Senior Vice
President.


DALIAN WANDA: Is in Talks to Sell Malls to Insurer
--------------------------------------------------
Yicai Global reports that Dalian Wanda Group, a debt-laden Chinese
real estate giant, is reportedly in discussions with an insurance
company with a view to raising cash by unloading its Wanda Plaza
shopping malls in first and second-tier cities.

Yicai relates that Zhuhai Wanda Commercial Management Group, a
commercial property management unit of the Beijing-based developer,
told investors about the existence of the talks, The Paper reported
Dec. 7, though it did not name the insurer.

Earlier this year, Beijing-based Dajia Insurance Group acquired
some of Wanda's assets in Shanghai, as well as in Xining, Qinghai
province and Jiangmen, Guangdong province.

In earlier talks with potential buyers, Wanda reportedly proposed
having the option to buy back the divested assets, a condition that
was rejected outright by some, Yicai relays.

Wanda Commercial Management was spun off in March 2021 to focus on
investing in and running commercial properties. It had 472 plazas
with a gross floor area of 65.6 million square meters under
management at the end of last year, according to Yicai.

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.


FRESH2 GROUP: Financial Crisis Raises Going Concern Doubt
---------------------------------------------------------
Fresh2 Group Ltd disclosed in a Form 6-K/A filed with the U.S.
Securities and Exchange Commission for November 2023, that there is
substantial doubt about the Company's ability to continue as a
going concern.

The Company said, "For the six months ended June 30, 2023, we
incurred net losses from continuing operations of approximately
RMB43.5 million (US$6.0 million), net cash used in continuing
operating activities of RMB43.7 million (US$6.0 million). As of
June 30, 2023, we had an accumulated deficit of RMB648.3 million
(US$89.4 million). Management believes these factors raise
substantial doubt about our ability to continue as a going concern
for the next 12 months. The continuation of our company as a going
concern through the next 12 months is dependent upon (1) the
continued financial support from our shareholders or external
financing. While we believe in the viability of our strategy to
enter the e-commerce food distribution business will allow us to
reduce our losses and improve our ability to raise additional
funds, there can be no assurance to that effect, nor that our
company will be successful in securing sufficient funds to sustain
the operations."

"These conditions raise substantial doubt about our company's
ability to continue as a going concern. Management believes that
the actions presently being taken to obtain additional funding and
implement its strategic plan provides the opportunity for our
company to continue as a going concern.

"Our principal sources of liquidity have been cash generated from
financing and operating activities. Management expects that we will
require continuous debt or equity financings to support our working
capital. As of June 30, 2023, the Group had RM495,000 (US$68,000)
of cash and cash equivalents and a working capital deficit of
RMB32.5 million (US$4.5 million). For the six months ended June 30,
2023, the Group incurred losses from continuing operations of
RMB43.5 million (US$6.0 million) and incurred RMB35.6 million
(US$4.9 million) of negative cash flows from continuing operations.
In assessing its liquidity, management monitors and analyzes the
Group's cash-on-hand, its ability to generate sufficient revenue
sources in the future, and its operating and capital expenditure
commitments. With respect to capital funding requirements, the
Group budgeted capital spending based on ongoing assessments of its
need to maintain adequate cash.

"Based on the assessment, we are uncertain as to when we will be
able to obtain the financings necessary to fund our working capital
requirements during the next 12 months from the date of this
report. As a result, substantial doubt about the Company's ability
to continue as a going concern remains as of the date of this
report." the Company concluded.

A full text copy of the Company's discussion and analysis of
financial condition and results of operations is available at
https://tinyurl.com/2p8eb3zs

                    About Fresh2 Group Ltd

Fresh2 Group Limited operates as a biotechnology company focusing
on early cancer screening and detection. The Company markets and
sells a multi-cancer screening and detection test through its
cancer differentiation analysis technology and devices. Fresh2
Group operates clinical laboratories in China and the United
States.

As of December 31, 2022, the Company has RMB40,469,000 in total
assets and RMB49,873,000 in total liabilities.

SHIMAO GROUP: Unveils New Plan to Cut Debt by Up to USD7 Billion
----------------------------------------------------------------
Yicai Global reports that after almost one and a half years trying
to restructure its offshore debt, Shimao Group Holdings, a Chinese
developer of hotels, shopping malls, and high-end homes, expects a
new proposal to pare its liabilities by as much as USD7 billion.

According to Yicai, Shimao has presented to creditors its latest
preliminary plan for offshore debt restructuring, the Hong
Kong-based property giant announced on Dec. 7. It involves about
USD11.7 billion of debt, some of which Shimao proposes to convert
into asset-backed securities and convertible notes linked to the
firm's shares.

Yicai says the developer has submitted the proposal to offshore
creditors and bank lenders, aiming to cut its liabilities by at
least USD6 billion or by even USD7 billion to improve its financial
status and business operations. The creditors have not yet agreed
to the plan, it added.

Shimao said in July last year that it cannot repay its offshore
debt on time, due to the sustained downturn in China's real estate
market, and would come up with a restructuring plan, Yicai
recalls.

As of June 30, Shimao had USD14 billion of offshore debt and USD25
billion of onshore debt, Yicai discloses. Its cash balance was
CNY22 billion (USD3.1 billion) as of Oct. 31, about 70 percent of
which comes from residential property pre-sales which can only be
used to develop those projects under bank supervision.

To reduce its liabilities, Shimao has been selling assets since
last year, including Hyatt on the Bund in Shanghai and the Grand
Victoria residential project in Hong Kong, Yicai notes. Moreover,
it rolled over about CNY18.9 billion of onshore debt in the first
half, according to the firm's interim trading report.

Shimao's net loss rose 23 percent to CNY12.1 billion in the first
half from a year ago, while revenue slid 12 percent to CNY30.4
billion, the same report showed.

                         About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific in July
2022, Shimao Group has missed the interest and principal payment of
a US$1 billion offshore bond due on July 3, 2022.


XINHU ZHONGBAO: Fitch Affirms 'CCC+' LongTerm Foreign Currency IDR
------------------------------------------------------------------
Fitch Ratings has affirmed Chinese homebuilder Xinhu Zhongbao Co.,
Ltd.'s (XHZB) Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'CCC+'.

The rating considers the company's weak sales performance in the
year to date. Fitch believes XHZB's sales and business profile are
dependent on a broad-based recovery of China's property sector,
which is uncertain, especially in lower-tier cities. Its rating is
supported by its high-quality redevelopment projects in Shanghai,
which will underpin its medium-term sales, and sufficient liquidity
to address its upcoming capital-market debt maturities.

Fitch has also discovered an error in the previous rating action
commentary dated 3 November 2023. The rating actions box at the end
of the commentary should not have included a rating Outlook for the
Long-Term Foreign-Currency IDR as no rating Outlook had been
assigned.

KEY RATING DRIVERS

Weak and Lumpy Sales: XHZB's 11M23 contracted sales dropped to
about CNY3 billion, below its previous expectations, due to delays
in project launches. Fitch expects sales to improve in December, as
XHZB will launch a Shanghai project in the month. Fitch expects
strong sales for the project as pricing will be regulated and
heavily discounted against secondary home prices in the same area.

Management said another Shanghai project has been delayed and is
now scheduled for pre-sales in 2024. Fitch expects XHZB to generate
attributable contracted sales of CNY7 billion-10 billion per year
in 2023 and 2024, compared with attributable sales of CNY8 billion
in 2022 and CNY14.6 billion in 2021.

High Reliance on Shanghai Sales: Fitch expects XHZB's sales to
remain lumpy and highly dependent on its Shanghai projects. Fitch
expects these projects to account for two-thirds of its contracted
sales over 2023 and 2024. Fitch estimates XHZB's unsold land bank
in Shanghai accounts for about 50% of the total value and less than
10% of the attributable floor area of its total land bank. The rest
are in Hangzhou, Suzhou, Tianjin, Shenyang and lower-tier cities
across the Yangtze River Delta area. Fitch believes longer-term
sales stability will depend a material recovery in the sales of
these non-Shanghai projects.

Funding Access Maintained: XHZB issued CNY700 million in
medium-term notes (MTNs) in July 2023 at an interest rate of 4.25%
with a three-year maturity and a guarantee by China Bond Insurance.
The proceeds will be used for debt repayment, construction
expenditure and working capital. XHZB also obtained new borrowings
of CNY3.9 billion in 3Q23, mainly for rolling over construction and
working-capital loans, indicating normal access to bank funding.
Fitch expects XHZB to continue to roll over its bank loans, which
are secured with assets.

Manageable Debt Repayment: Fitch believes XHZB's CNY3.3 billion in
capital-market debt repayment in 2024 (including puttable bonds)
can be covered by its CNY4 billion unrestricted cash on hand at
end-June 2023 and liquid investment portfolio valued at CNY3.2
billion at end-September 2023, excluding its holdings in Wind
Information, which was sold in July.

Holders of CNY600 million out of XHZB's CNY650 million onshore
bonds that were puttable in November 2023 did not exercise their
put options. The company also refinanced the majority of the CNY719
million in onshore bonds maturing in November with new bank loans.

Investment Portfolio as Liquidity Buffer: In accordance with
criteria, Fitch applies a 60% haircut to XHZB's listed equity
investments, mainly in Greentown China, Hangzhou Honghua Digital
Technology Ltd, Xiangcai Securities Co., Ltd., Shengjing Bank and
China CITIC Bank Corporation Limited (BBB+/Stable). The value of
these investments has been adjusted to reflect recent market
volatility that has affected their prices. XHZB sold its stake in
Wind Information, a leading financial information provider in
China, for CNY2.3 billion.

Unwinding Related-Party Transaction: XHZB recently announced an
agreement with its 48%-owned associate, Xinhu Holding Co. Ltd.,
which will transfer 428.9 million shares in Xiangcai Co. Ltd. to
XHZB at CNY7.25 per share to repay loans amounting to CNY3.2
billion. The shares have a market value of about CNY3.4 billion.
The transaction has shareholders' approval and XHZB has completed
the first tranche of the share transfer. XHZB may sell or pledge
the shares for new borrowings.

Introduction of SOE Shareholder: The parent of XHZB, Zhejiang Xinhu
Group, sold a 10% stake in XHZB in late August 2023 for CNY2
billion to a 100% state-owned enterprise (SOE) in Quzhou, Zhejiang
province, which became the second-largest shareholder. According to
management, XHZB may co-operate with its SOE shareholder on new
investments in rechargeable batteries, although Fitch expects capex
to be limited in the near term.

Moderating Leverage: Fitch expects XHZB's leverage, measured by net
debt/net property assets, to moderate slightly to below 70% in
2023-2024, mainly due to disposal of its financial assets and cash
generation from sales of its Shanghai projects. XHZB's high
leverage was due to its financial investments as well as the long
development cycle of its Shanghai projects.

Parent and Subsidiary Linkage: Zhejiang Xinhu Group remains XHZB's
largest shareholder with a 29.26% stake after the 10% stake sale to
the SOE shareholder. There have been intragroup asset transfers and
they have common control of subsidiaries Xiangcai Securities Co.,
Ltd. and Xinhu Holding Co., Ltd. The two entities have some
management overlap and XHZB also provides financial guarantees to
the parent. Fitch assesses the standalone credit profile of
Zhejiang Xinhu Group to be the same as that of XHZB, as the
subsidiary drives the credit profile of the group.

KEY ASSUMPTIONS

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

- Attributable contracted sales of around CNY7 billion-10 billion
per annum in 2023-2025

- New land acquisitions of about CNY1 billion-2 billion per year in
2023-2025

- Development gross profit margin of around 40% in 2023-2025

RATING SENSITIVITIES

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

- Sustained recovery in the company's sales and stabilisation of
sector sales.

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

- Deterioration in liquidity or funding access for XHZB and/or
parent Zhejiang Xinhu Group;

- No meaningful recovery in contracted sales or cash collection,
which can be due to delays in the launch of its Shanghai projects.

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: XHZB had CNY4 billion in unrestricted cash on
hand at end-June 2023, which can cover its CNY3.25 billion in
capital-market debt due or puttable in 2024. Fitch expects XHZB to
be able to roll over its bank and other loans of CNY10 billion due
in a year, backed by its quality land bank and equity investments.

Liquidity also includes the CNY700 million 4.25% MTN issued in July
that will be used to repay debt, and fund construction expenditure
and working capital, and the new borrowings of CNY3.9 billion in
3Q23, mainly for rolling over construction and working-capital
loans.

ISSUER PROFILE

XHZB has been listed on the Shanghai Stock Exchange since 1999. It
focuses on property development in the Yangtze River Delta, with a
few redevelopment projects at Shanghai Inner Ring Road. It also has
substantial non-property equity investments.

ESG CONSIDERATIONS

XHZB has an ESG Relevance Score of '4' for Governance Structure due
to the transfer of shares in Xiangcai Co. Ltd. to repay the amount
due from its associated company instead of repayment with cash,
which has a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors.

XHZB has an ESG Relevance Score of '4' for Financial Transparency
due to a warning notice received from the China Securities
Regulatory Commission in 2022, which revealed its improper
disclosure of related-party transactions, which has a negative
impact on the credit profile, and is relevant to the rating in
conjunction with other factors.

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

   Entity/Debt              Rating            Prior
   -----------              ------            -----
Xinhu Zhongbao
Co., Ltd.           LT IDR  CCC+   Affirmed   CCC+

[*] Moody's Alters Outlook on 18 Chinese Infrastructure SOEs to Neg
-------------------------------------------------------------------
Moody's Investors Service has changed to negative the rating
outlooks on 18 of China's utilities and transportation government
related issuers (GRIs) or GRI subsidiaries, following Moody's
affirmation of the Government of China's issuer rating at A1 and
change in the outlook to negative from stable on December 5, 2023.

At the same time, Moody's has affirmed all the ratings and Baseline
Credit Assessments (BCAs) of these utilities and transportation
GRIs and affirmed all the ratings of these utilities and
transportation GRI subsidiaries.

The 41 Issuers are:

CGNPC International Limited
China Clean Energy Development Limited
China General Nuclear Power Corporation
China Huadian Corporation LTD.
China Huadian Overseas Development 2018 Ltd.
China Huadian Overseas Dvp. Mgt. Co. Ltd.
China Huaneng Group (HK) Treasury Mgmt Hldg
China Huaneng Group Co., Ltd.
China Southern Power Grid Co., Ltd.
China Southern Power Grid Int'l Finance (BVI)

China Southern Power Grid Intl Fin (BVI 2018)
China Three Gorges Corporation
China Three Gorges International Limited
China Yangtze Power Co., Ltd
Guangdong Hengjian Investment Holding Co Ltd
Huaneng Power International, Inc.
Kunlun Energy Company Limited
Shanghai International Port (Group) Co., Ltd
Shanghai Port Group (BVI) Development Co Ltd
Shanghai Port Group (BVI) Dvpt 2 Co Ltd

Shenergy (Group) Co., Ltd.
Sinosing Services Pte. Ltd.
SPIC 2016 US dollar Bond Company Limited
SPIC Lux Latam Renewable Energy Invt Co
SPIC MTN Company Ltd.
SPIC Preferred Company No. 2 Ltd.
SPIC Preferred Company No.1 Ltd.
State Grid Corporation of China
State Grid Europe Development (2014) Plc
State Grid International Development Limited

State Grid Overseas Investment (2013) Limited
State Grid Overseas Investment (2014) Limited
State Grid Overseas Investment (BVI) Limited
State Power Investment Corporation Limited
Three Gorges Finance I (Cayman Islands) Ltd.
Three Gorges Finance II (Cayman Islands) Ltd.
Zhejiang Comm. Investment Group Co., Ltd.
Zhejiang Energy International Limited
Zhejiang Provincial Energy Group Co. Ltd
Zhejiang Provincial Seaport Invt & Op Grp

Zhejiang Seaport International Co., Limited

A list of Affected Credit Ratings is available at
https://urlcurt.com/u?l=vnGqmi

RATINGS RATIONALE

The rating action primarily reflects rising evidence that financial
support will be provided by the government and wider public sector
to financially-stressed regional and local governments (RLGs) and
State-Owned Enterprises (SOEs), posing broad downside risks to
China's fiscal, economic and institutional strength. The outlook
change also reflects the increased risks related to structurally
and persistently lower medium-term economic growth and the ongoing
downsizing of the property sector. These trends underscore the
increasing risks related to policy effectiveness, including the
challenge to design and implement policies that support economic
rebalancing while preventing moral hazard and containing the impact
on the sovereign's balance sheet. As such, Moody's expects support
provided to financial-stressed entities to be more selective,
contributing to protracted risks of further strains for SOEs and
RLGs.

Under Moody's joint default analysis approach for GRIs, the rating
or credit quality of a government that provides support to a GRI is
a key input for that GRI's ratings. With the exception of State
Grid Corporation of China (SGCC, A1 negative), the issuers on the
List of Affected Credit Ratings are sensitive to a potential
decline in the rating or credit quality of their owner government
and ultimately of the central government.

In relation to SGCC, although its strong BCA benefits from minimal
rating uplift for extraordinary support from the Chinese
government, its final rating is still constrained by the
sovereign's credit profile as the vast majority of its business and
assets remains in China and the issuer continues to have strong
linkage with the Chinese government.

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

In view of the negative outlook, Moody's does not expect any upward
rating pressure on these companies.

A return of the rating outlook to stable for these rated utilities
and transportation GRIs and GRI subsidiaries could be considered
if: 1) the rating outlook for China returns to stable, and Moody's
believes that support for the particular utilities and
transportation GRI or GRI subsidiary remained a priority and was
not likely to change despite the ongoing reform efforts, and/or 2)
the BCAs or standalone credit strengths of these companies provided
sufficient mitigation to the negative impact of weaker government
or parental support.

The ratings for these GRIs and GRI subsidiaries could be downgraded
if 1) the sovereign rating is downgraded, or their owner
governments or parents' willingness to support them weakens; and/or
2) the GRIs' BCAs or the GRI subsidiaries' standalone credit
profiles weaken meaningfully, including their financial metrics
falling short of the rating parameters of the individual issuers.

[*] Moody's Reviews Ratings of 26 Chinese LGFVs for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed the ratings of 26 Chinese
local government financing vehicles (LGFVs) on review for
downgrade, following Moody's affirmation of the Government of
China's issuer rating at A1 and change in the outlook to negative
from stable.  

At the same time, Moody's has placed all the ratings of these
LGFVs' debt-issuing special purpose vehicles on review for
downgrade.

The 33 Issuers are:

Changde Economic Construction Investment Grp
Chengdu High-Tech Investment Group Co. Ltd.
ChengDu JingKai GuoTou Inv Grp Co.,Ltd.
Chengdu Tianfu New Area Invs. Grp. Co., Ltd
Chongqing Development Investment Co. Ltd
Guangxi Beibu Gulf Investment Group Co., Ltd.
Guangxi Communications Investment Grp Co.,Ltd
Henan Railway Const. & Inv. Group Co Ltd
Henan Water Conservancy Investment Grp Co Ltd
Hunan Xiangjiang New Area Dev. Grp. Co., Ltd

Jinan City Construction Group Limited Company
Jinan Energy Group Co., Ltd
Jinan Urban Construction Intl Invt Co., Ltd
Lhasa City Construction Invt Mgmt Co., Ltd.
Linyi City Construction Investment Grp Co Ltd
Linyi City Development Group Co., Ltd
Meixihu Investment (Changsha) Co., Ltd.
Qingdao Haifa State-Owned Cap Invt & Op Group
SFG International Holdings Co. Limited
Shandong Finance Investment Group Co., Ltd

Shandong Land Development Group Co., Ltd.
Shuifa Group Co., Ltd.
Shuifa International Holdings (BVI) Co., Ltd
Sino Trendy Investment Limited
Weifang Urban Construction and Dev Invt Grp
Yantai Chefoo Finance Holding Group Co., Ltd
Yi Bright International Limited
Yinchuan Tonglian Cap. Inv. Opn. Co., Ltd.
Zhengzhou Metro Group Co., Ltd.
Zhongyuan Sincere Investment Co. Ltd

Zhongyuan Yuzi Investment Hldg Grp Co., Ltd.
Zhongyuan Zhicheng Co., Ltd.
Zhuzhou City Construction Dev. Group Co Ltd

A list of Affected Credit Ratings is available at
https://urlcurt.com/u?l=med6z9

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

The rating action are primarily driven by the change in outlook to
negative from stable on China's government credit ratings. The
outlook change reflects rising evidence that financial support will
be provided by the government and wider public sector to
financially-stressed regional and local governments (RLGs) and
State-Owned Enterprises (SOEs), posing broad downside risks to
China's fiscal, economic and institutional strength. The outlook
change also reflects the increased risks related to structurally
and persistently lower medium-term economic growth and the ongoing
downsizing of the property sector. These trends underscore the
increasing risks related to policy effectiveness, including the
challenge to design and implement policies that support economic
rebalancing while preventing moral hazard and containing the impact
on the sovereign's balance sheet. As such, Moody's expects support
provided to financial-stressed entities to be more selective,
contributing to protracted risks of further strains for SOEs and
RLGs.  

The rating review covers 26 LGFVs from provinces, municipalities
and centrally planned cities for which Moody's sees significant
downside risks as a result of a combination of increases in direct
and indirect debt burdens, stressed liquidity conditions for some
of their LGFVs and local SOEs, and/or relatively weak economic
prospects. These downside risks result in downward pressure on the
governmental capacity to support (GCS) scores for the RLGs that own
these 26 LGFVs. Under Moody's rating approach for LGFVs, an LGFV's
rating is closely linked to its owner government's GCS score, which
in turn is directly linked to China's sovereign rating. Thus, the
review for downgrade applies to the LGFVs in these provinces,
municipalities and centrally planned cities because their
idiosyncratic characteristics, which underpin their governmental
propensity to support, may not mitigate their evolving GCS
environment.

In the absence of any material financial and policy action, these
RLGs' ability to support their LGFVs will remain impaired by a
significant structural decline in RLGs' land sales revenue and
continued growth in total debt burdens, including LGFV contingent
liabilities. While the central government has extended and
facilitated some support to selected LGFVs and RLGs, this support
will likely be limited in scale and duration, given the
government's emphasis that the responsibility of local debt lies at
the RLG level. Under Moody's rating approach for LGFVs, the GCS
score is one of the two components that determine LGFVs' ratings,
reflecting LGFVs' very close linkage to their owner governments due
to their ownership and public policy mandates.

Moody's review will focus on the authorities' policy position
towards addressing direct and indirect debt at the regional level,
including ongoing policy statements and actions. While recent
policies have allowed some provincial governments to issue bonds to
address LGFVs' near-term maturities, policies have so far stopped
short of addressing long-term debt sustainability challenges,
particularly following the increase in debt levels and material
reduction in land sales revenue.

During the review period, Moody's will also assess the likelihood
and materiality of exceptional support from upper-tier governments,
which are in higher administrative levels than LGFVs' direct RLG
owners, to the rated issuers. Moody's believes that a small number
of these rated issuers undertaking important public projects could
have high strategic importance at the provincial or national level,
or the default of these LGFVs may create very far-reaching
economic, financial or social impacts beyond their geographic
territories.

Given the review for downgrade, any upward rating pressure on these
companies is unlikely.

Moody's could confirm the ratings if RLGs' fiscal and debt
situation materially improve over the review period, potentially as
a result of a decisive shift toward deleveraging and/or a
stronger-than-expected recovery in fiscal income, including via the
sale of state-owned assets, leading to a stabilization of their
governmental capacity to support. Moody's could also confirm the
ratings if expectations of the central government's willingness and
ability to support RLGs and LGFVs to pay down debt strengthen
materially, improving the medium-to-longer-term prospects of debt
sustainability at the RLG level, provided that the RLGs'
idiosyncratic risks do not increase at the same time.
Alternatively, Moody's could also confirm the ratings if there are
changes in the LGFVs' characteristics affecting government's
propensity to support that could offset the negative impact of
weaker governmental capacity to support.

Moody's could downgrade the ratings if (1) China's sovereign rating
is downgraded; (2) the RLGs' GCS scores are lowered, reflecting the
loss of land sales revenue and accumulation of debt, without
materially greater central government support, leading to reduced
capacity to support medium- to long-term debt obligations, and in
some cases, signs of market refinancing risk, as indicated by LGFV
bond spreads being significantly higher than peers; (3) changes
occur in the Chinese government's policies that prohibit RLGs from
providing financial support to LGFVs; or (4) changes in LGFVs'
characteristics occur that would weaken their owner RLGs'
propensity to support, such as diminished roles in key public
projects.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Local
Government Financing Vehicles in China Methodology published in
April 2022.


[*] Moody's Takes Actions on 22 Chinese LGFVs Amid Ratings Update
-----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
rating outlooks of 22 Chinese local government financing vehicles
(LGFVs) and maintained the negative outlook for one LGFV, following
Moody's affirmation of the Government of China's issuer rating at
A1 and change in the outlook to negative from stable.  

At the same time, Moody's has affirmed all the ratings of these
LGFVs and their debt-issuing special purpose vehicles.

The Issuers are:

Beijing Infrastructure Investment Co., Ltd.
Beijing Public Housing Center
Chang Development International Limited
Changchun Urban Dev. Invs. Hldgs (Grp) Co Ltd
Eastern Creation II Investment Holdings Ltd.
Ganzhou Development Invst Hldg Grp Co Ltd
Guangzhou Metro Group Co., Ltd.
Guangzhou Metro Investment Finance (BVI) Ltd.
Hangzhou Shangcheng State-owned Cap Op Gp
Heng Yuan International Company Ltd
Hubei Science & Technology Investment Group
Hubei United Development Invst Grp Co Ltd
Huzhou City Investment Development Grp
Jiangxi Provincial Water Conservancy Invt Grp
Jiangxi Railway & Aviation Invt Grp Co Ltd
Jiaxing City Invs and Dev Group Co., Ltd.
Ningbo Haishu Dev & Constn Invt Grp Co., Ltd
Ningbo Yincheng Group Co., Ltd.
Taiyuan Longcheng Development Invt Grp Co Ltd
Tianjin Binhai New Area Cons & Invt Group Co.
Tianjin Rail Transit Group Co., Ltd.
Wuhan Metro Group Co., Ltd.
Wuhan Urban Construction Group Co., Ltd.
Yan Gang Limited
Yangzhou Economic and Tech Dev Zone Dev Corp
Yuyao Economic Dev Zone Cons Inv & Dev Co Ltd
Yuyao Shuncai Investment Hldg. Co., Ltd
Zhaoqing Guolian Investment Holding Co., Ltd
Zhejiang Kunpeng (BVI) Company Limited
Zhoushan City Investment Group Corp Ltd.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=jaYyV9

RATINGS RATIONALE

The rating action are primarily driven by the change in outlook to
negative from stable on China's government credit ratings. The
outlook change reflects rising evidence that financial support will
be provided by the government and wider public sector to
financially-stressed regional and local governments (RLGs) and
State-Owned Enterprises (SOEs), posing broad downside risks to
China's fiscal, economic and institutional strength. The outlook
change also reflects the increased risks related to structurally
and persistently lower medium-term economic growth and the ongoing
downsizing of the property sector. These trends underscore the
increasing risks related to policy effectiveness, including the
challenge to design and implement policies that support economic
rebalancing while preventing moral hazard and containing the impact
on the sovereign's balance sheet. As such, Moody's expects support
provided to financial-stressed entities to be more selective,
contributing to protracted risks of further strains for SOEs and
RLGs.  

The change in outlook to negative from stable on the affected LGFVs
is driven by a potential weakening of their RLGs' capacity to
support them, given the change in the sovereign rating outlook.
Under Moody's rating approach for LGFVs, an LGFV's rating is
closely linked to its owner government's governmental capacity to
support (GCS) score, which in turn is directly linked to China's
sovereign rating.

Moody's also maintain the negative outlook for Tianjin Binhai New
Area Construction & Investment Group Co. Ltd (Tianjin Binhai, Baa2
negative) because of the change in the sovereign rating outlook and
the continuing uncertainty around the company's ability to
strengthen its funding access, the latter of which has been
reflected in the company's negative outlook prior to the rating
action.

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

Given the negative outlooks, any upward rating pressure on these
companies is unlikely.

A return of the rating outlook to stable for these rated LGFVs
could occur if: (1) the rating outlook for China returns to stable,
or (2) changes in the LGFV characteristics affecting government's
propensity to support that could offset the negative impact of
weaker governmental capacity to support and in the case of Tianjin
Binhai, improved funding access.

Moody's could downgrade the ratings of the LGFVs if (1) China's
sovereign rating is downgraded; (2) their owner RLGs' capacity to
support weakens, which could be a result of a material worsening in
these RLGs' economic or financial profile, or in the government's
ability to coordinate timely support; (3) changes occur in the
Chinese government's policies that prohibit RLGs from providing
financial support to LGFVs; or (4) changes in LGFVs'
characteristics occur that would weaken their owner RLGs'
propensity to support, such as diminished roles in key public
projects.

For Tianjin Binhai, no evidence of sustained recovery in funding
access would also pressure its rating.




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

VS MEDIA HOLDINGS: Accumulated Losses Raise Going Concern Doubt
---------------------------------------------------------------
VS MEDIA Holdings Limited has announced its unaudited financial
results for the six months ended June 30, 2023, stating that there
is substantial doubt about the Company's ability to continue as a
going concern.

As of June 30, 2023, the Company had an accumulated deficit of
$16.93 million and incurred a net loss of $2.3 million for the six
months ended June 30, 2023, as compared with a net income of $5.2
million for the comparable period of 2022, with a net cash used in
operating activities of $388,544 for the six months ended June 30,
2023. These circumstances gave rise to substantial doubt that the
Company would continue as a going concern subsequent to June 30,
2023.

As of the date of this report, there still exists substantial doubt
that the Company will continue as going concern. Management plans
to focus its resources on more profitable projects. Additionally,
the Company plans to raise capital via private placement or public
offering in the event that the Company does not have adequate
liquidity to meet its current obligations.

A full-text copy of the Company's report filed on Form 8-K with the
Securities and Exchange Commission is available at
https://tinyurl.com/3bm5nvx2

                         About VS MEDIA

Kwun Tong, Hong Kong-based VS MEDIA Holdings Limited  was
incorporated in the British Virgin Islands ("BVI") on August 30,
2022 as an investment holding company. The Company conducts its
primary operations through its indirectly wholly owned subsidiaries
VS Media Limited ("VS Media HK"), GRACE CREATION LIMITED ("Grace
Creation") and VS MEDIA LIMITED ("VS Media TW") which are
incorporated and domiciled in Hong Kong SAR ("HK SAR"), HK SAR and
Taiwan, respectively; VS Media HK, Grace Creation and VS Media TW
operate a global network of digital creators who create and upload
content to social media platforms such as YouTube, Facebook,
Instagram, and TikTok.

As of June 30, 2023, VS MEDIA has $7.7 million in total assets and
$8.2 million in total liabilities.




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

ABLE & WEAL: Ind-Ra Corrects September 15, 2023 Rating Release
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Able & Weal Private
Limited's (A&W) rating published on September 15, 2023 to state the
reason for the complexity indicator being low for the rated
instrument.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has taken the following rating
actions on Able & Weal Private Limited's (A&W):

-- INR300 mil. (reduced from INR1.20 bil.) NCDs* affirmed with
     IND B-/Negative rating; and

-- Unsupported rating assigned with IND B-/Negative rating.

*Details in Annexure

The NCDs are backed by a pledge over the shares held by the
promoter group in unlisted securities and a charge over the
identified immovable properties as agreed with the lenders.

Analytical Approach: To arrive at the ratings, Ind-Ra has taken a
consolidated view A&W's group companies Akira Properties Private
Limited (Akira; IND B-/Negative), Siddharth Partners (SP), and
Aspireville Private Limited (Aspireville) on account of strong
operational and financial linkages among them, since all the
companies/firms operate in a similar line of business and have a
common management. All these entities together referred to as the
Family Office of Medlife International Private Limited's Promoters
(promoter group). The promoters hold majority of the group's
investments through a couple of trusts namely Prasid Uno Family
Trust, apart from the above entities.

The Negative Outlook reflects the stretched liquidity of the
promoter group with a likely markdown in the value of investments
and high repayments scheduled in the near term.

Key Rating Drivers

Liquidity Indicator - Adequate: The promoter group had cash
balances and fixed deposit investments of INR16.83 million at FYE23
(FY22: INR416.3 million). A&W, SP, Akira and Aspireville are the
key investment firms of the promoter group.

A&W and the other three entities in the group do not have any
working capital facilities. However, A&W has raised listed, secured
zero coupon NCDs worth INR300 million in September 2022 with a
tenor of three years and a bullet repayment at the end of tenure
along with a redemption premium.

Aspireville has also raised unlisted, unrated redeemable NCDs worth
INR1,000 million in December 2022 with a tenor of two years and
interest payable in every nine months till maturity. Akira has
raised unlisted, secured, rated, zero coupon rate NCDs worth
INR2,000 million in February 2023 with a tenor of two years to
repay the former zero-coupon debentures. These NCDs have a bullet
maturity repayment along with a redemption premium. Akira has also
raised unsecured loans from directors and Aspireville to the tune
of INR481 million at FYE23. The proceeds from the NCDs raised by
A&W, Akira and Aspireville have been invested in SP to repay the
existing loans and investments in new assets. SP has raised term
loans from non-banking financial institutions with annual debt
repayment of INR553 million in FY24 and INR1,017 million in FY25.
All the four entities in the group do not have any operational
revenue and debt servicing on these loans were supported by regular
infusions by partners and sale of investments. The debt repayments
will rely highly on refinancing or liquidation-based events such as
sale of securities in security market or through an offer for sale
in initial public offer/pre-initial public offer amid the limited
visibility on the revenue income.  FY23 numbers are provisional.

High Refinancing Risk: The promoter group has raised term loans and
NCDs which have significant repayments in the near term (FY24:
INR695 million, FY25: INR3,849 million) as against limited
visibility on the sources of repayments. The promoter group thus is
exposed to a high refinancing risk. The ratings continue to be
constrained by delays in the ability to raise funds during periods
of financial distress. Ind-Ra however takes comfort form regular
fund infusions from the promoters and sale of investments which
have been able to cover the obligations in the past.

No Operational Cashflows; Limited Income Sources: Akira, SP, A&W
and Aspireville do not have any operational cashflows and are
significantly reliant on the sale of investments/regular infusions
from the promoters/partners.

Illiquid Nature of Investments: Majority of the portfolio of the
promoter group is unlisted entities such as API Holdings Limited,
Entero Healthcare Solutions Pvt. Ltd. (IND BBB/Stable), AMPA
Orthodontics Pvt. Ltd., and ANI Technologies Limited which are in
growth phase and require regular funds. Also, promoter group has
only minority stakes in these entities, leaving low scope of
influencing dividend policy and limited headroom for dividend
upstreaming. Since these investments are unlisted in nature, Ind-Ra
expects promoter group to face delay and difficulty to monetize in
case of financial distress or market dislocations.

Successful Track Record of Promoters: A&W and Akira are promoted by
the family office of former Medlife promoters Tushar Kumar and
Prashant Singh. Both have more than a decade of experience in the
healthcare and pharma space and a successful track record of
creating and scaling up Medlife and monetizing their investments
through sales to API Holdings Limited. The promoters come from a
strong lineage from the founders of Alkem Laboratories Limited (IND
A1+).

Rating Sensitivities

Outlook Revision to Stable: Any improvement in the liquidity
position by way of timely tie-up of new debt or monetization of
investments and/or support from the promoters would result in an
Outlook revision to Stable.

Negative: Future developments that could lead to a negative rating
action:

- A substantial markdown in the value of investments while the
promoter group's indebtedness remaining the same, and/or

- any deterioration in liquidity by way of delays in the
monetization of investments, and/or

- any delay in support from the promoters.

Company Profile

Incorporated in FY22, A&W is a special purpose vehicle equally
owned by Prashant Singh and Tushar Kumar, former promoters of
Medlife International Private Limited. It is an investment holding
company of the promoter group.


ADARSHA AUTOMOTIVES: Ind-Ra Affirms BB+ Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Adarsha Automotives Private Limited's (AAPL) bank
facilities:

-- INR1.576 bil. Fund-based limits affirmed with IND BB+/Stable/
     IND A4+ rating;

-- INR62.1 mil. Non-fund-based limits affirmed with IND A4+
     rating;

-- INR260.3 mil. (reduced from INR274.1 mil.) Term loans due on
     FY27 affirmed with IND BB+/Stable rating;

-- INR270 mil. Fund based limits assigned with IND BB+/Stable/IND

     A4+ rating; and

-- INR7.9 mil. Non-fund-based limits assigned with IND A4+
     rating.

Analytical Approach: Ind-Ra continues to assess the company on a
standalone basis

Key Rating Drivers

Liquidity Indicator - Stretched: AAPL's average peak utilization of
its fund-based working capital limits was around 83% over the 12
months ended October 2023. As of October 2023, its total fund-based
sanctioned limit was INR1,696 million. During FY23, AAPL's net
working capital cycle reduced to 54 days (FY22: 68 days; FY21: 64
days), due to a reduction in the inventory holding period to 34
days (61 days; 55 days) due to sale of vehicles during the
year-end. The cash flow from operations turned positive at
INR408.32 million in FY23 (FY22: negative INR98.5 million; FY21:
INR160.62 million) on account of favorable changes in the working
capital requirements. Consequently, despite  the capex of INR282
million undertaken during the year for renovation of existing
outlets, the free cash flow turned positive at  INR126.32 million
in FY23 (FY22: negative INR236.51 million; FY21: INR79.01 million).


The company had unencumbered cash and cash equivalents of INR89.80
million at FYE23 (FYE22: 45.06 million; FYE21: INR33.09 million),
against scheduled term loan repayments of around INR80.7 million
and INR81.3 million in FY24 and FY25, respectively. The repayments
are likely to be serviced through internal accruals, available cash
and equivalents, and unutilized working capital limits. According
to the management, the company's promoters have historically
supported AAPL in case of any liquidity shortfall, and will
continue to do so. AAPL's total debt stood at INR1,517.21 million
at FYE23, consisting of a term debt of INR267.96 million and the
remaining largely being in the form of inventory funding facility.

The ratings are also constrained by customer and geographical
concentration risks. AAPL is an exclusive dealer of Maruti Suzuki
India Limited's (MSIL) Arena, and hence, its performance is
directly linked to MSIL's performance. Although the sales of spares
provide some diversification, the scale is low and also depends on
the sale of vehicles. Furthermore, the company's operations are
concentrated entirely in Telangana and some districts of Andhra
Pradesh, making it vulnerable to any unfavorable changes in demand
within these states.

The ratings also reflect the cyclical nature of the auto industry
and its susceptibility to macro-economic factors. Furthermore, the
dealership business is highly competitive.

The ratings factor in AAPL's medium scale of operations, as
indicated by revenue of INR7,968 million in FY23 (FY22: 5767.22
million; FY21: INR4,736 million). The revenue grew in FY23 owing to
robust sales of MSIL's Arena, and increased sales of spare parts
and accessories (FY23: INR982.6 Million; FY22: INR853 million;
FY21: INR464 million). The company booked revenue of INR4,777.2
million in 1HFY24. Ind-Ra expects the revenue to grow 15%-20% yoy
in FY24, led by increased sales volumes in 2HFY24, driven by
festive demand, and also increased revenue from the sale of spare
parts and services.

The ratings also factor in AAPL's average EBITDA margins due to the
dealership nature of business. The absolute EBITDA margins ranged
between 3% -5% over FY20-FY23 (FY23: 3.84%; FY22: 3.93%; FY21:
4.21%), primarily on the account of the dealership model and the
revenue being mainly derived from the sale of vehicles, which yield
lower margins than services and sale of spare parts. The ROCE was
13.4% in FY23 (FY22: 12.5%; FY21: 12.3%). Ind-Ra expects the EBITDA
margins to remain stable over the medium term.

The ratings reflect the company's modest credit metrics owing to
modest EBITDA generation and high debt levels, resulting from the
high utilization of working capital limits for carrying the
inventory of original equipment manufacturers. In FY23, despite an
increase in the debt to INR1,517 million (FY22: INR1,154 million;
FY21: INR859.66 million), the credit metrics improved during the
year due to an increase in the absolute EBITDA (including other
income) to INR306.23 million (INR226 million; INR199.45 million).
The net leverage (net debt/total EBITDA (including other income))
was 4.66x in FY23 (FY22: 4.89x; FY21: 4.14x)  and the gross
interest coverage (Total EBITDA including other income/gross
interest) was 2.80x (1.98x; 1.67). The agency expects the credit
metrics to remain moderate over the near term.

However, the ratings are supported by the company's experienced
promoter group. AAPL is a part of the Adarsha group, headed by B.
Satyanarayana Goud and family. B. Satyanarayana Goud has more than
two decades of experience in the dealership business, and the
family has been in the automobile dealership business for more than
three decades. The group is associated with MSIL, TVS Motors
Limited, and Mahindra & Mahindra Limited's ('IND AAA'/Stable/'IND
A1+') tractor division through its various entities. Ind-Ra
believes the group's and promoter's experience in dealership
operations will help AAPL expand its operations in a sustainable
manner.

Rating Sensitivities

Negative: Decline in the scale of operations or any stress in the
liquidity position or the interest coverage reducing below 1.5x or
any stress on AAWPL's liquidity position, could lead to a negative
rating action.

Positive: Maintaining the scale of operations, the interest
coverage remaining above 2.5x, along with an improvement in AAWPL's
liquidity profile, could lead to a positive rating action.

Company Profile

Incorporated in 2006, AAPL is an authorized dealer of MSIL's Arena
passenger cars and provides spares and services. The company has 34
showrooms and 18 workshops across Telangana and Andhra Pradesh. B.
Satyanarayana Goud and Sujatha are the promoter directors.



ALFASIGMA INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Alfasigma India Private Limited
        1st Flr 25 Sej Plaza
        Marve Road, Malad W
        Nr. Nutan Vidya Mandir School
        Mumbai, Maharashtra 400064
        India

Liquidation Commencement Date: November 20, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency professional: Rakesh Maganlal Nathwani

Interim Resolution
Professional:            Rakesh Maganlal Nathwani
                         G-504, Mystique Moods
                         Behind Symbiosis College
                         Vimannagar, Pune 411014
                         Tel: 9503006408
                         E-mail: rakesh@carmn.in
                                 asindia1123@gmail.com

Last date for
submission of claims:    Within 30 days from the liquidation
                         commencement date


AMBICA COATSPIN: Ind-Ra Affirms BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Ambica
Coatspin Private Limited's (SACPL) bank loan rating at 'IND BB+'.
The Outlook is Stable.

The detailed rating actions are:

-- INR116.8 mil. Term loan due on July 27, 2030 assigned with
     IND BB+/Stable rating;

-- INR152.15 mil. (reduced from INR206 mil.) Term loan due on
     February 29, 2028 affirmed with IND BB+/Stable rating; and

-- INR100 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable rating.

Analytical approach: Ind-Ra continues to take a standalone view of
SACPL.

Key Rating Drivers

In FY23, SACPL's EBITDA margin declined to 8.33% (FY22: 10.7% FY21:
20.31%), despite an increase in its revenue to INR895 million
(INR703 million, INR474 million) resulting from new sales orders,
due to unstable cotton prices and intense competition. The scale of
operations is small. The return on capital employed was 11.1% in
FY23 (FY22: 9.4%, FY21: 12.4%). The company incurred a capex of
INR57 million in FY23 for the expansion of its spinning mill.
Ind-Ra expects the revenue to improve slightly over the
near-to-medium term owing to capex completion. The margin is likely
to remain modest at similar levels for FY24.

Liquidity Indicator - Stretched:  The average maximum use of
SACPL's working capital limits was 80% during the 12 months ended
September 2023. The cash flow from operations decreased to INR6
million in FY23 (FY22: INR55 million, FY21: INR22 million) due to
unfavorable changes in the working capital. The free cash flow
turned negative at INR51 million in FY23 (FY22: INR46.24 million)
on account of high capital expenditure. SACPL had a low cash
balance of INR0.57 million at FYE23 (FYE22: INR50.22 million,
FYE21: INR0.13 million), against an increased total outstanding
debt of INR391.78 million during the year (INR362 million, INR349
million). The working capital cycle elongated to 68 days in FY23
(FY22: 50 days), mainly on account of an increase in the debtor
days. SACPL has debt repayments of around INR63 million and INR73
million in FY24 and FY25, respectively.

SACPL's credit metrics are modest with its interest coverage ratio
(operating EBITDA/gross interest expenses) deteriorating to 1.93x
in FY23 (FY22: 2.23x, FY21: 2.03x) due to an increase in the
interest as well as finance cost during the year. The net leverage
(adjusted net debt/operating EBITDAR) also deteriorated to 5.25x in
FY23 (FY22: 4.15x, FY21: 3.62x), due to an increase in the debt
levels during the year as the company availed a term loan taken for
capex purposes. Ind-Ra expects the credit metrics to improve
slightly during FY24 on the back of a reduction in the debt level
due to the scheduled repayment of the term loans.

The ratings remain constrained by the intense competition in the
highly-fragmented textile industry SACPL operates in. The industry
is characterized by the presence of several unorganized,
small-sized players as the entry barriers are low on account of the
low capital requirement and technology intensity, and low
differentiation in end product.

The ratings are, however, supported by the company's promoters who
have an experience of over three decades in the textile industry.
This has led to strong ties with customers and suppliers. Moreover,
the company's operations are spread across India; therefore, the
geographical concentration risk is mitigated to an extent. The
company continues to benefit from its healthy operational synergies
due to its vertically integrated operation with a presence in yarn
manufacturing, weaving and processing. This supports the
profitability and restrains the company's working capital
requirements.

Rating Sensitivities

Negative: Any decline in the scale of operations or deterioration
in the liquidity position with the net leverage remaining above
5.0x will be negative for the ratings.

Positive: An increase in the scale of operations and an improvement
in the liquidity position with the net leverage reducing below
4.0x, all on a sustained basis, will be positive for the ratings.

Company Profile

SACPL commenced operations in 2017 as a partnership firm and was
converted into a private limited company in 2022. The company
manufactures and trades yarn. SACPL mainly sells yarn to its group
companies Mahak Synthetics Mills and Shree Siddhivinayak Cotfab.


ARYA FILAMENTS: Liquidation Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Arya Filaments Private Limited
        Plot no. 20 and 22B
        Sector-I Industrial area
        Road No. 13, Dhar
        Pithampur, Madhya Pradesh
        India 454775

Liquidation Commencement Date: November 8, 2023

Court: National Company Law Tribunal, Indore Bench

Date of closure of
insolvency resolution process: November 2, 2023

Insolvency professional: Mr. Gagan Jhavar

Interim Resolution
Professional:            Mr. Gagan Jhavar
                         3 Royal Residency
                         Pipliyahana
                         Opp. Kothari College
                         Indore, Madhya Pradesh 452018
                         E-mail: jhavar_co@yahoo.com
                                 liq.afpl@gmail.com

Last date for
submission of claims:    December 8, 2023


BAKERI URBAN: Ind-Ra Corrects November 3, 2023 Rating Release
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects Bakeri Urban
Development Private Limited's (BUDPL) rating published on November
3, 2023 to mention adequacy of credit enhancement, among others. It
covers the corrections and clarifications published earlier.

The amended version is as follows:

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

The instrument-wise rating actions are:

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

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

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

*Details in Annexure

$Ind-Ra has disclosed the unsupported rating in compliance with the
Securities and Exchange Board of India's Master circular dated July
3, 2023. Securities backed by specified support considerations, as
mentioned in the circular, rated with or without a CE-suffix would
require to disclose unsupported ratings without factoring in the
explicit credit enhancement from the specified support
consideration.

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

Unsupported Rating: Ind-Ra has considered BUDPL as a group company
of the Bakeri group under its Parent and Subsidiary Linkage Rating
Criteria and taken a consolidated view of BUDPL and its parent
Bakeri Projects Private Limited considering strong operating and
strategic linkages between them.

Key Rating Drivers

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

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

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

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

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

Rating Sensitivities

For both supported and unsupported ratings:

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

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

Company Profile

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

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



BASAVANA BAGEWADI: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atria Wind Power
(Basavana Bagewadi) Private Limited's (AWPBBPL) term loan rating to
'IND BB' from 'IND BB+'. The Outlook is Stable.

The detailed rating action is:

-- INR1,640.00 bil. (reduced from INR1,782.00 bil.) Term loan due

     on March 31, 2032 downgraded with IND BB/Stable rating.

Analytical Approach: Ind-Ra continues to assess the project on a
standalone basis, as the presence of a ring-fenced debt structure
ensures the prioritization of cash flows for AWPBBPL's debt.

The downgrade reflects the project's continued lower generation
below the P90 benchmark estimates since the commencement of
commercial operations in April 2018 and a lack of clarity on
project expansion with 20MWAC/30MWDC of solar capacity addition
planned in 4QFY24-1QFY25. While the debt has been tied up for the
project expansion, the revenue tie-up and the construction
including procurement of the modules for the additional capacity is
yet to be initiated. The equity for the planned expansion is yet to
be tied up.

Key Rating Drivers

Lack of Clarity on Project Expansion: The project is likely to add
a solar capacity of 20MWAC/30MWDC to the existing 39.6MW of wind
capacity, making it a wind-solar hybrid project. While INR1,120.65
million of debt has been tied up for the project, the revenue
tie-up and the infusion of the equity is yet to be done. The
management has informed Ind-Ra that it expects the construction to
tentatively begin from January 2024 and be completed by March 2024.
While the land is available for the project, the actual
construction, including the ordering of modules is yet to be
initiated. The timely execution of the expansion, including revenue
tie-up and its visibility is a key rating concern.

Lower-than-estimated Generation: The average plant load factor
(PLF) was 26.06% in FY23, lower than the P90 estimate of 30.9%. The
project has been underperforming since the commencement of
commercial operations and P90 benchmark is yet to be achieved. Wind
projects are generally susceptible to wind speed, which could
affect the cash flows. Ind-Ra will monitor the PLF trend and if it
continues to be significantly lower than the base case assumption,
the agency will review the ratings. In FY23, the grid availability
and machine availability were 99.61% and 98.50%, respectively.

Moderate Debt Structure: The debt is repayable in over 52
structured quarterly instalments ending March 2032. The project has
standard project finance features including a cash flow waterfall,
and a debt service reserve (DSR) equivalent to two quarters'
principal and interest payments. The company had compulsory
convertible debentures worth INR300 million in FY23, which are
considered subordinate to the rated term loan.

Liquidity Indicator - Poor: The project has an annual debt
servicing coverage ratio (DSCR) of around 1x on account of the
underperformance in power generation and a high operations and
maintenance cost. However, the project had a DSR of INR165 million,
equivalent to about six months of debt servicing obligations, in
the form of fixed deposits, at end-September 2023, against the
stipulated two-quarter DSR requirement, as per the financing
documents. The continuous availability of the two-quarter DSR is a
key rating monitorable. AWPBBPL also had cash and cash equivalents
of INR2.54 million at end-September 2023, subject to distribution
to the sponsor, as part of restricted payments. Ind-Ra considers
the project's liquidity to be adequate on the back of the available
DSR and the timely receipt of revenue from the off-takers.

High Counterparty Concentration: AWPBBPL has tied up about 77.53%
of its capacity with its counterparties, with the largest customer
accounting for 30% of the committed offtake in FY23. The average
receivable days of all the off-takers stood more than 60 days in
FY23. The overall credit profile of the off-takers and the
receivable days are key rating monitorable.

Reasonable Operating Risk: The project's operations and maintenance
is being handled by Vestas Wind Technology India Private Limited.
Ind-Ra considers the wind turbine generators used by the project
with a standard hub height of 110 meters to be proven technology.

Modest Profile of Ultimate Sponsor: Bengaluru-based Atria group is
headed by CS Sunder Raju and K Nagaraju, who belong to the second
generation of the promoters' family. The group has presence in
power, education, hotels, and construction/real estate. Atria
Brindavan Power Private Limited (ABPPL), the holding company of the
solar and wind assets, had operational renewable projects (wind,
solar ground mounted and solar rooftop) assets of 490.7MWas on
March 31, 2022. As per the representation from the management, the
free cash available at ABPPL, was about INR80 million as of July 8,
2022. The high leverage at the ABPPL level and the risks associated
with the refinancing/repayment of borrowings at the holding company
are key rating concerns.

Rating Sensitivities

Positive: Developments that could collectively lead to a positive
rating action are:

-- a sustained PLF close to P90 estimate for a sustained period,
resulting in a forward-looking average DSCR exceeding 1.15x,

-- absence of any intercompany fund movement before compliance
with restricted payment conditions.

Negative: Developments that could, individually or collectively,
lead to a negative rating action are:

-- any significant deterioration in the credit profiles of the
off-takers or a long-term fall in offtake,

-- payment delays from the off-takers beyond 60 days on average,

-- a depletion or dip in the DSR.

Company Profile

AWPBBPL operates wind power generation projection of 39.6 MW
(18X2.2MW) in Bijapur district, Karnataka. The sponsor Atria Wind
Private Limited holds a 73.11% stake in the project, while the
off-takers together hold the remaining.



BEST IT WORLD: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Best It World
India Private Limited (BIWIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Rating     -          CRISIL D (ISSUER NOT
                                   COOPERATING)

   Short Term Rating    -          CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL Ratings has been consistently following up with BIWIPL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BIWIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BIWIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BIWIPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Mumbai-based BIWIPL, incorporated in 1996, distributes and markets
computer systems, computer peripherals, networking, laptop, tablet
and allied accessories under the brand, 'i-Ball'. The company is
promoted by Mr Sandeep Parasrampuria, Mr. Rakesh Shah, Mr Anil
Parasrampuria, Mr. Sunil Kedia and Mr. Vijay Dalmia.


BIAX ELECTRIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of Biax Electric
& Controls Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating are denoted as "[ICRA]D/[ICRA]D ; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         2.00      [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 Biax Electric & Controls 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.

Biax Electric & Controls Pvt. Ltd. (Biax or the company) was
incorporated in 2001 for the purpose of manufacturing sub-sea cable
connectors, termination parts and accessories, flanges, stub ends,
ferrules, special cable fittings, hose fittings, cable lugs,
flexible conduits, earthing and lighting equipment, aluminium clad
steel wire etc. Biax is currently manufactures copper, aluminium
and brass components used in electrical components, construction,
earthing and lighting, plumbing, precision fluid control systems
etc. The company markets its products in over 47 countries to a
network of customers, distributors, and original equipment
manufacturer (OEMs).

Biax has a manufacturing facility in Silvassa (Dadra Nagar Haveli)
with a capacity of 250 metric tons (MT) per annum. Its operations
are managed by two of its directors, Mr. Malay K. Shah, and Mr.
Manoj Jain. The Biax plant is ISO certified, and its products have
been approved by internationally accredited laboratories like
Underwriters Laboratories (UL) and Canadian Standards Association
(CSA).


BIJAPUR 1: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atria Wind Power
(Bijapur 1) Private Limited's (AWPB1PL) term loan rating to 'IND
BB' from 'IND BB+'. The Outlook is Stable.

The detailed rating action is:

-- INR1,651.82 bil. (reduced from INR1,781.82 bil.) Term loan
     due on June 30 - March 31, 2032 downgraded with IND BB/Stable

     rating.

Analytical Approach: Ind-Ra continues to assess the project on a
standalone basis, as the presence of a ring-fenced debt structure
ensures the prioritization of cash flows for AWPB1PL's debt.

The downgrade reflects the project's continued lower generation
below the P90 benchmark estimates since the commencement of
commercial operations in April 2018 and a lack of clarity on
project expansion with 20MWAC/30MWDC of solar capacity addition
planned in 4QFY24-1QFY25. While the debt has been tied up for the
project expansion, the revenue tie-up and the construction
including procurement of the modules for the additional capacity is
yet to be initiated. The equity for the planned expansion is yet to
be tied up.

Key Rating Drivers

Lack of Clarity on Project Expansion: The project is likely to add
a solar capacity of 20MWAC/30MWDC to the existing 39.6MW of wind
capacity, making it a wind-solar hybrid project. While INR1,120.65
million of debt has been tied up for the project, the revenue
tie-up and the infusion of the equity is yet to be done. The
management has informed Ind-Ra that it expects the construction to
tentatively begin from January 2024 and be completed by March 2024.
While the land is available for the project, the actual
construction, including the ordering of modules is yet to be
initiated. Timely execution of the expansion, including revenue
tie-up and its visibility is a key rating concern.

Lower-than-estimated Generation: The average plant load factor
(PLF) was 25.4% in FY23, lower than the P90 estimate of 30.5%. The
project has been underperforming since the commencement of
commercial operations and P90 benchmark is yet to be achieved. Wind
projects are generally susceptible to wind speed, which could
affect the cash flows. Ind-Ra will monitor the PLF trend and if it
continues to be significantly lower than the base case assumption,
the agency will review the ratings. In FY23, the grid availability
and machine availability were 99.84% and 98.69%, respectively.

Moderate Debt Structure: The debt is repayable in over 52
structured quarterly instalments ending June 2032. The project has
standard project finance features including a cash flow waterfall,
and a debt service reserve (DSR) equivalent to two quarters'
principal and interest payments. The company had compulsory
convertible debentures worth INR300 million in FY23, which are
considered subordinate to the rated term loan.

Liquidity Indicator - Adequate: The project has an annual debt
servicing coverage ratio (DSCR) stood at around 1x on account of
the underperformance in power generation and a high operations and
maintenance cost. However, the project had a DSR of INR155.42
million, equivalent to about six months of debt servicing
obligations, in the form of fixed deposits, at end-September 2023,
against the stipulated two-quarter DSR requirement, as per the
financing documents. The continuous availability of the two-quarter
DSR is a key rating monitorable. AWPB1PL also had cash and cash
equivalents of INR18.84 million at end-September 2023, subject to
distribution to the sponsor, as part of restricted payments.
AWPB1PL had not availed of any working capital loan at end-October
2023. Ind-Ra considers the project's liquidity to be adequate on
the back of the available DSR and timely receipt of revenue from
the off-takers.

High Counterparty Concentration: AWPB1PL has tied up about 75% of
its capacity with its top three counterparties. The average
receivable days of all the off-takers was below 45 days in FY23
(FY22: 20 days). The timely receipt of revenue so far provides some
cushion to the liquidity despite the moderate generation levels.
The overall credit profile of the off-takers and the receivable
days are key rating monitorable.

Reasonable Operating Risk: The project's operations and maintenance
is being handled by Vestas Wind Technology India Private Limited.
Ind-Ra considers the wind turbine generators used by the project
with a standard hub height of 110 meters to be proven technology.

Modest Profile of Ultimate Sponsor : Bengaluru-based Atria group is
headed by CS Sunder Raju and K Nagaraju, who belong to the second
generation of the promoters' family. The group has presence in
power, education, hotels, and construction/real estate. Atria
Brindavan Power Private Limited (ABPPL), the holding company of the
solar and wind assets, had operational renewable projects (wind,
solar ground mounted and solar rooftop) assets of 490.7MWas on
March 31, 2022. As per the representation from the management, the
free cash available at ABPPL, was about INR80 million as of July 8,
2022. The high leverage at the ABPPL level and risks associated
with the refinancing/repayment of borrowings at the holding company
are key rating concerns.

Rating Sensitivities

Positive: Developments that could collectively lead to a positive
rating action are:

-- a sustained PLF close to P90 estimate for a sustained period,
resulting in a forward-looking average DSCR exceeding 1.15x,

-- the absence of any intercompany fund movement before compliance
with restricted payment conditions.

Negative: Developments that could, individually or collectively,
lead to a negative rating action are:

-- any significant deterioration in the credit profiles of the
off-takers or a long-term fall in offtake,

-- payment delays from the off-takers beyond 60 days on average,

-- a depletion or dip in the DSR.

Company Profile

AWPB1PL operates wind power generation project of 39.6MW (18X2.2MW)
in Bijapur district, Karnataka. The sponsor Atria Wind Private
Limited holds a 72.71% stake in the project, while the off-takers
together hold the remaining.


CHITRADURGA: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atria Wind Power
(Chitradurga) Private Limited's (AWPCPL) term loan rating to 'IND
BB' from 'IND BBB-'. The Outlook is Stable.

The detailed rating action is:

-- INR1,702.47 bil. (reduced from INR1,841.20 bil.) Term loan due

     on March 31, 2032 downgraded with IND BB/Stable rating.

Analytical Approach: Ind-Ra continues to assess the project on a
standalone basis, as the presence of a ring-fenced debt structure
ensures the prioritization of cash flows for AWPCPL's debt.

The downgrade reflects the project's continued lower generation
below the P90 benchmark estimates since the commencement of
commercial operations in April 2018 and a lack of clarity on the
project expansion with 20MWAC/30MWDC of solar capacity addition
planned in 4QFY24-1QFY25. While the debt has been tied up for the
project expansion, the revenue tie-up and the construction
including procurement of the modules for the additional capacity is
yet to be initiated. The equity for the planned expansion is yet to
be tied up. Furthermore, the rating continues to be constrained by
the company's practice of sharing of surplus with group entities
without following the restricted payment conditions.

Key Rating Drivers

Lack of Clarity on Project Expansion: The project is likely to add
a solar capacity of 20MWAC/30MWDC to the existing 39.6MW of wind
capacity, making it a wind-solar hybrid project. While INR1,120.65
million of debt has been tied up for the project, the revenue
tie-up and the infusion of the equity is yet to be done. The
management has informed Ind-Ra that it expects the construction to
tentatively begin from January 2024 and be completed by March 2024.
While the land is available for the project, the actual
construction, including the ordering of modules is yet to be
initiated. Timely execution of the expansion, including revenue
tie-up and its visibility is a key rating concern.

Lower-than-estimated Generation: The average plant load factor
(PLF) was 28.73% in FY23, lower than the P90 estimate of 31.83%.
The project has been underperforming since the commencement of
commercial operations and P90 benchmark is yet to be achieved. Wind
projects are generally susceptible to wind speed, which could
affect the cash flows. Ind-Ra will monitor the PLF trend and if it
continues to be significantly lower than the base case assumption,
the agency will review the ratings. In FY23, the grid availability
and machine availability were 99.89% and 98.95%, respectively.

During 2022, AWCPL  signed power purchase agreements (PPAs) for the
entire capacity for a tenor of at least 20 years, along with a
lock-in period of 10 years, providing comfort on revenue
continuity. However, as the company's power generation was below
the minimum guaranteed supply to its off-takers historically, the
project faces risks associated with contingent liabilities that may
arise as per the terms of the PPAs. Therefore, meeting the
guaranteed supply is a key rating monitorable.

Moderate Debt Structure: The debt is repayable in over 49
structured quarterly instalments ending March 2033. The project has
standard project finance features including a cash flow waterfall,
and a debt service reserve (DSR) equivalent to two quarters'
principal and interest payments. The company had compulsory
convertible debentures worth INR383.013 million in FY23, which are
considered subordinate to the rated term loan.

Liquidity Indicator - Adequate: The project has an annual debt
servicing coverage ratio (DSCR) of 1.23x on account of the
underperformance in power generation, with a moderate ability to
withstand moderate-to-strong levels of stress on power generation,
expenses and receivables. Additionally, the project had a DSR of
INR169.7 million, equivalent to about six months of debt servicing
obligations, in the form of fixed deposits, at end-September 2023,
against the stipulated two-quarter DSR requirement, as per the
financing documents. The continuous availability of the two-quarter
DSR is a key rating monitorable. AWPCPL also had cash and cash
equivalents of INR44.2 million at end-September 2023, subject to
distribution to the sponsor, as part of restricted payments. Ind-Ra
considers the project's liquidity to be adequate on the back of the
available DSR and timely receipt of revenue from the off-takers.

High Counterparty Concentration: AWPCPL has tied up about 84% of
its capacity with its counterparties. The average receivable days
of all the off-takers was below 45 days in FY23 (FY22: 75 days).
Furthermore, AWCPL has replaced one of the customers with new
customers. The overall credit profile of the off-takers and the
receivable days are key rating monitorable.

Reasonable Operating Risk: The project operations and maintenance
is being handled by Vestas Wind Technology India Private Limited.
Ind-Ra considers the wind turbine generators used by the project
with a standard hub height of 110 meters to be proven technology.

Modest Profile of Ultimate Sponsor: Bengaluru-based Atria group is
headed by CS Sunder Raju and K Nagaraju, who belong to the second
generation of the promoters' family. The group has presence in
power, education, hotels, and construction/real estate. Atria
Brindavan Power Private Limited (ABPPL), the holding company of the
solar and wind assets, had operational renewable projects (wind,
solar ground mounted and solar rooftop) assets of 490.7MWas on
March 31, 2022. As per the representation from the management, the
free cash available at ABPPL, was about INR80 million as of 8 July
2022. The high leverage at the ABPPL level and risks associated
with the refinancing/repayment of borrowings at the holding company
are key rating concerns.

Rating Sensitivities

Positive: Developments that could collectively lead to a positive
rating action are:

- a sustained PLF close to P90 estimate for a sustained period,
resulting in a forward-looking average DSCR exceeding 1.25x,
- the absence of any intercompany fund movement before compliance
with restricted payment conditions.

Negative: Developments that could, individually or collectively,
lead to a negative rating action are:

- any significant deterioration in the credit profiles of the
off-takers or a long-term fall in offtake,
- payment delays from the off-takers beyond 60 days on average,
- depletion or dip in the DSR.

Company Profile

AWPCPL operates a wind power generation project of 39.6MW
(18X2.2MW) in Bijapur district, Karnataka. The sponsor Atria Wind
Private Limited holds a 70.00% stake in the project, while the
off-takers together hold the remaining.


DEVAS ENGINEERING: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Devas Engineering Systems Private Limited
        Plot No. 101A, SIPCOT Industrial Complex Phase-I
        Hosur, Tamil Nadu 635126

Liquidation Commencement Date: November 21, 2023

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: November 17, 2023

Insolvency professional: CA S Prabhu

Interim Resolution
Professional:            CA S Prabhu
                         M/s. SPP Insolvency Professionals LLP
                         No. 27/9, Nivedh Vikas
                         Pankaja Mill Road, Puliyakulam
                         Coimbatore 641045
                         Tel No: 91-94888-10404
                                 73730-52341
                         Email: despl.liq@gmail.com

Last date for
submission of claims:    December 18, 2023


EMC LIMITED: Liquidation Process Case Summary
---------------------------------------------
Debtor: EMC Limited
        51, Canal East Road
        Kolkata 700085

Liquidation Commencement Date: November 21, 2023

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: November 21, 2023

Insolvency professional: Raj Singhania

Interim Resolution
Professional:            Raj Singhania
                         41 B.B. Ganguly Street
                         Central Plaza, Room No. 5A
                         5th floor
                         Kolkata 700012
                         E-mail: rajsinghania_ca@yahoo.co.in
                                 rp.emcltd@gmail.com

Last date for
submission of claims:    December 21, 2023


FANS ASIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Fans Asia Private Limited
        S No. 1281/1, F No. 404
        Vinayaka Paradise, Autonagar
        Visakhapatnam 530012

Insolvency Commencement Date: October 20, 2023

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Sri Sesha Srinivas Malladi

Interim Resolution
Professional:  Sri Sesha Srinivas Malladi
               'Sita Lakshmi', 3rd floor
               12-2-823/A-57, Santosh Nagar Colony
               Behind Arvind Eye Hospital
               Mehdipatnam, Hyderabad 500028
               E-mail: ip.malladi63@gmail.com
                       fans.cirp@gmail.com

Last date for
submission of claims: November 9, 2023


GANSONS PRIVATE: Ind-Ra Hikes Loan Rating to B-, Outlook Stable
---------------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Gansons Private
Limited's (Gansons) bank loans to 'IND B-' from 'IND D'. The
Outlook is Stable. The instrument-wise rating action is as
follows:

-- INR150 mil. Fund-based working capital limits upgraded with  
     IND B-/Stable rating; and

-- INR80 mil. Non-fund-based working capital limits upgraded with
     IND B-/Stable/IND A4 rating.

The upgrade reflects regularity in Gansons' debt servicing for the
past three months till October 2023.

Key Rating Drivers

Liquidity Indicator – Stretched: Gansons has been regular in
paying its debt obligations for the past three months ended October
2023. The cash flow from operations turned negative to INR3.08
million in FY23 (FY22: INR107.02 million), due to an increase in
its working capital days to 108 (62), following an increase in the
inventory days to 198 (99). Furthermore, its free cash flows
deteriorated to negative INR21.83 million in FY23 (FY22: INR59.54
million). Gansons' average maximum utilization of the fund-based
limits was 92.14% and that of the non-fund-based limits was 55.03%
during the 12 months ended September 2023.  Gansons does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The cash and cash
equivalents increased to INR185 million at FYE23 (FYE22: INR176
million). The company has repayment obligations of INR2.4 million
in FY24 and INR1.4 million in FY25.

The rating also reflects Gansons modest EBITDA margin, which
improved to negative 0.01% in FY23 (FY22: negative 2.85%), with its
operating loss narrowing to INR0.07 million (INR24.84 million), due
to a reduction in its cost of goods sold. The return on capital
employed remained negative 1.7% in FY23 (FY22: negative 7.8%). In
FY24, Ind-Ra expects the EBITDA margin to improve, due to higher
absorption of fixed costs with better order execution.

Gansons' credit metrics remained modest because of the operational
loss. In FY24, Ind-Ra expects the credit metrics to improve due to
a further improvement in EBITDA.

Gansons' scale of operation remained modest with its revenue
improving to INR1,000.90 million in FY23 (FY22: INR870.43 million)
led by higher order execution. In 7MFY24, Gansons achieved revenue
of INR600 million and had order book of 0.5x of its FY23 revenue as
of October 2023, which required be executed by February 2024. In
FY24, Ind-Ra expects the company's revenue to improve, on account
of an increase in its orders.  

However, the rating is supported by Gansons' 75 years of experience
in the industry, leading to established relationships with reputed
pharmaceutical companies. Moreover, the company's clients include
many other big pharmaceutical companies, indicating its expertise
in the pharma manufacturing equipment business.

Rating Sensitivities

Negative: A decline in the scale of operations or the
profitability, leading to deterioration in the overall credit
metrics and/or further pressure on the liquidity position, could
lead to a negative rating action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics with the interest
coverage rising above 1.5x and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

Company Profile

Incorporated in 1947, Mumbai-based Gansons manufactures process
equipment and machinery for pharmaceutical and other food
processing applications.


GOL OFFSHORE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GOL Offshore
Limited (GOL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of credit
   & Bank Guarantee       60         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of credit
   & Bank Guarantee      125         CRISIL D (Issuer Not
                                     Cooperating)


   Long Term Loan         90         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         96         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         43         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         63         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        150         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        360         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Letter of     65         CRISIL D (Issuer Not
   Credit & Bank                     Cooperating)
   Guarantee              
                                     
   Proposed Long Term    298         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Short Term Loan        50         CRISIL D (Issuer Not
                                     Cooperating)

   Short Term Loan       100         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GOL for
obtaining information through letters and emails dated October 19,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GOL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GOL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GOL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

GOL is an offshore oil field service provider in India, offering
support services to oil and gas companies for exploration and
production activities. The company was formed when the offshore
division of The Great Eastern Shipping Co Ltd (GESCL) was demerged
into a separate company in October 2006. GOL entered the offshore
business, with the purchase of an offshore support vessel in 1983.
The company entered the drilling business with its first rig in
1987. It was also the first to own a platform supply vessel, and
pioneered the fire-fighting vessel segment with two dedicated
vessels.

GOL has seven wholly-owned subsidiaries: Deep Water Services
(India) Ltd, Deep Water Services (International) Ltd, GOL Offshore
Fujairah LLC-FZE, KEI-RSOS Maritime Ltd, GOL Ship Repairs Ltd,
Great Offshore (International) Ltd, and GOL Salvage Services. GOL
also holds a 26% equity stake in a joint venture, United
Helicharters Pvt Ltd. Bharati Shipyard, along with its
subsidiaries, is the single-largest shareholder in GOL, with a
stake of 49.7%.


J V STEEL: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of J V Steel
Tubes (JVST) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; 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 10,
2022, placed the rating(s) of JVST under the ‘issuer
non-cooperating' category as JVST 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. JVST
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 26, 2023, October 6, 2023, October 16,
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).

J V Steel Tubes (JVST) was established in 2005 as a partnership
firm and is currently being managed by Mr. Vinod Kumar and Mr.
Saurabh Gupta, as its partners. The firm is engaged in the
manufacturing and trading of steel tubes at its manufacturing
facility located in Ludhiana, Punjab.


JAMPANA PADMAVATHI: CRISIL Lowers Rating on INR8.8cr Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Jampana Padmavathi (JP) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' based on publicly
available information.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         8.8        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING)

   Proposed Working       1.2        CRISIL D (ISSUER NOT
   Capital Facility                  COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with JP for
obtaining information through letters and emails dated July 19,
2023, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JP is
consistent with 'Assessing Information Adequacy Risk'.

Set up in 2015, engaged in building of warehouse and renting it to
Andhra Pradesh State Civil Supply Corporation Limited. The company
has warehouse facility based in Koripalli village.

Status of non cooperation with previous CRA

JP has not cooperated with ICRA LTD which has classified it as
non-cooperative vide release dated Feb 25, 2019. The reason
provided by ICRA is non-furnishing of information for monitoring of
ratings.

JANA CAPITAL: Ind-Ra Assigns B- NonConvertible Debts Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Jana Capital Limited's (JCL) non-convertible debentures
(NCDs):

-- INR10.00 mil. NCD# assigned with IND B-/Stable rating; and

-- INR16.5 mil. NCDs* affirmed with IND B-/Stable rating.

# Yet to be issued
*Details in Annexure

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of JCL and its 100% subsidiary Jana
Holdings Limited (JHL; debt rated at 'IND B-'/Stable) as both the
entities have a cross-default clause with each other's
indebtedness. The ratings also factor in the credit profile of Jana
Small Finance Bank (JSFB; 42.84% stake held by JHL), using Ind-Ra's
Rating FI Subsidiaries and Holding Companies criteria.

The ratings reflect JCL and JHL's continued weak financial risk
profile as reflected by net losses, weak capitalization, stretched
liquidity and high refinancing risks, given their limited financial
flexibility.  

A common independent director serving on the boards of Ind-Ra and
JCL did not participate in the meeting of their board of directors
or in the meeting of the rating committee, when the securities of
such rated client were being discussed.

Key Rating Drivers

Continued High Refinancing and Valuation Risks for Holding
Companies: The NCDs continue to face high refinancing risks. JHL
has total scheduled repayments of INR3.7 billion in November and
December 2023, which will be met through the issuance of new NCDs.
Although the company was able to service its debt repayments, it
still faces refinancing risk, which is reflected in JCL and JHL's
weak financial risk profile as indicated by net losses, weak
capitalization and stretched liquidity, given their limited
financial flexibility.

Liquidity Indicator for JCL - Poor: JCL does not have cash flows to
service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
refinancing, among other options, before the maturity date of the
respective instruments. The agency expects no dividend income from
JSFB over the medium term. Furthermore, the debt raised by both the
holding companies is in the form of zero-coupon bonds, leading to
lumpy pay-outs on maturity.

Weak Standalone Financial Profile of JCL: In 2QFY24, JCL continued
to report net losses of INR469 million (FY23: net loss of
INR3,570.2 million, FY22: net loss of INR2,748.5 million).
Moreover, JCL was unable to meet the minimum regulatory capital
requirement of 30% for a non-banking financial institute-core
investment company (NBFI- CIC). JCL's FY22 auditor report indicated
concerns related to the going concern principle for JCL considering
the accumulated losses, and the resultant erosion of the net worth
and breach of the regulatory financial parameters as stated above.

Bank's Portfolio Mix in Favor of Secured Loans: JSFB is
strategically shifting towards a secured loan portfolio; the share
of secured loans in its portfolio increased to 55% at FYE23 (FYE22:
47%).  JSFB has also been lowering its group loan exposure (FYE23:
3%, FYE22: around 16%, FYE21: 36%). Ind-Ra believes the group loan
portfolio will continue to decline with the increasing share of
secured portfolio. Ind-Ra believes this will improve the bank's
asset quality over the medium term.    

COVID-19 Impact Continues to Weigh on JSFB's Asset Quality;
Seasoning of Secured Portfolio Remains to be Seen: JSFB's gross
non-performing assets stood at 3.6% at FYE23 (FYE22: 5.0%), majorly
comprising of unsecured individual loans at 46% (59%). JSFB had
written off assets worth INR5.85 billion in 2022, mainly unsecured
loans (group loans). The net non-performing assets stood at 2.4% at
FYE23 (FYE22: 3.4%, FYE21: 5%, FYE20: 1.4%). The provision coverage
stood at INR2.4 billion in FY23 with a moderately low provision
coverage ratio of 34% (FY22: 32%). However, given the increasing
proportion of secured loans in the portfolio, the bank is likely to
increase the provision cover only modestly over the medium term.

Modest Profitability Expectations; Credit Costs from Secured
Portfolio to be Seen: At FYE23, the company reported an
improved-but-modest profit of INR2.56 billion (FY22: INR0.05
billion, FY21: INR0.84 billion, FY20: INR0.3 billion). The bank's
credit cost increased to 3.3% in FY23 from 2.5% in FY20, mainly due
to the write-offs from the unsecured portfolio. The agency believes
the bank has the scale to be modestly profitable and expects the
credit costs to moderate with the rise of secured loans in the
portfolio, which could boost the profitability over the medium
term.

JSFB's Capital Ratios Remain Constrained: At 2QFYE24, JSFB reported
a tier-1 capital ratio of 15.73% (FYE23: 13.0%, FY22: 11.83%,
FYE21: 11.75%) and a total capital adequacy ratio of 17.50%
(15.6%,15.26%, 15.51%), both lower than its peers'. Furthermore,
since the bank's provisioning levels are low and its net
non-performing asset/equity was high at 26% at FYE23 (FYE22:
42.7%), it will need to build higher capital buffers, especially if
the recovery slows down. JSFB has been supported by regular equity
infusions in the past from investors with a capital infusion of
INR4.03 billion from January to December 2022. The bank had also
raised INR3.40 billion through equity in FY20 (FY19: INR10.90
billion, FY18: INR16.40 billion) from existing and new investors.
As per the licensing guidelines, the bank was supposed to list
itself on BSE Ltd/National Stock Exchange of India Limited by March
2021. However, it was delayed due to the COVID-19 pandemic and is
still under process.

Liquidity Indicator for JSFB - Adequate: JSFB maintained excess
statutory liquidity reserves of INR9 billion in 2QFY24 in addition
to the cash reserves that it needs to maintain as part of the
regulatory requirement. The bank's liquidity coverage ratio stood
at 553% at FYE23 (FYE22: 555%, FYE21: 1,199.67%). The bank also had
unutilized lines worth INR6.5 billion from refinancing institutions
at FYE23.

Furthermore, JSFB has been able to mobilize substantial deposits,
with the term deposits increasing to INR130.4 billion in FY23
(FY22: INR104.8 billion), and the current and savings accounts to
INR32.9 billion (INR30.5 billion). The total deposits stood at
INR163.3 billion at FYE23, of which, more than 80% have a tenor of
more than one year. Given the substantial traction in low-cost
deposits, JSFB's cost of funds improved to 6.7% in FY23 (FY22:
7.1%, FY20: 7.6%). The cost of funds was also supported by a
rollover of 50%-60% of its fixed deposits, which were raised at
high interest rates two-to-three years ago. However, Ind-Ra expects
the share of the current account saving account to decline over the
medium term with a rise in the interest rates exerting some
pressure on the cost of funds.

Rating Sensitivities

Positive: Events that could lead to a positive rating action are:

- a material improvement in the bank's capitalization and leverage
(advances to equity),
provisioning levels,

- a steady material improvement in the profitability earlier than
expected by the agency,

- a substantial improvement in the repayment capacity of the
holding companies.

Negative: Events that could lead to a negative rating action are:

- an inability to raise adequate funds by the holding companies
before refinancing, leading to a default,
- a material deterioration in the operational or financial profile
of the bank.

Company Profile

JCL was incorporated on March 26, 2015 to carry on the business of
an investment company and to invest, buy, sell or deal in any
share, stock, and debenture. The company received a certificate of
registration dated 24 March 2017 from the Reserve Bank of India as
a non-banking financial institution – non-deposit taking –
systematically important core investment company under section 45IA
of the Reserve Bank of India Act, 1934. JSFB had total advances of
INR177 billion and a diversified presence across 23 states and
union territories in India at end-March 2023.



JAWAN CONSTRUCTION: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Jawan Construction Private Limited
        M/s Jawan Automobiles
        Opp. Pancheo Mandir
        Jhunjhunu 333001
        Rajasthan

Liquidation Commencement Date: November 22, 2023

Court: National Company Law Tribunal, Jaipur Bench

Date of closure of
insolvency resolution process: June 13, 2023

Insolvency professional: Mr. Prashant Agrawal

Interim Resolution
Professional:            Mr. Prashant Agrawal
                         Building No. F-174
                         First Floor F-106
                         Sumer Complex, Gautam Marg
                         B/h Bagadia Bhawan, C-Scheme
                         Jaipur 302001
                         Rajasthan
                         E-mail: ippagrawal@gmail.com
                                 jcpl.cirp22@gmail.com

Last date for
submission of claims:    December 22, 2023


JET AIRWAYS: JKC Files Appeal Against NCLT Order on Aircraft Sale
-----------------------------------------------------------------
Moneycontrol reports that Jalan Kalrock Consortium (JKC), the
successful resolution applicant of the grounded airline Jet
Airways, has filed an appeal against the order of the National
Company Law Tribunal (NCLT) asking the airline's monitoring
committee to reinitiate and conclude the sale of aircraft.

The case briefly came up for hearing at the National Company Law
Appellate Tribunal (NCLAT) on December 7, it was however adjourned
to December 12 owing to paucity of time, Moneycontrol says.

Moneycontrol relates that the sale process was put on hold in
November 2022 owing to a deadlock in the monitoring committee
comprising representatives of the financial creditors, the
successful resolution applicant (Jalan Kalrock Consortium) and the
resolution professional.

According to Moneycontrol, the NCLT directed the committee to
"reinitiate the process and conclude the sale of the aircraft after
taking into consideration the applicant as one of the eligible
bidders." In 2022, Malta-based Ace Aviation's letter of intent to
buy four Boeing 777 aircraft has already been accepted by the
monitoring committee.

Ace Aviation had earlier told Moneycontrol that the delays in the
sale of the aircraft may force it to look at other options. Ace had
already invested Rs 50 crore towards buying the aircraft and was
ready to invest another Rs 350 crore.

                          About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services.  It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

In October 2020, the airline's Committee of Creditors (CoC)
approved the revival plan submitted by the consortium of
Dubai-based Murari Lal Jalan and the UK's Kalrock Capital.

In 2021, the NCLT approved the Jalan-Kalrock consortium's
resolution plan for the troubled carrier.


JET FREIGHT: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jet Freight
Logistics Limited's (JFLL) bank loan to 'IND BB+' from 'IND BBB-'.
The Outlook is Stable.

The detailed rating actions are:

-- INR392.75 mil. Fund-based working capital limits downgraded
     with IND BB+/Stable/IND A4+ rating;

-- INR40 mil. Non-fund-based working capital limits downgraded
     with IND A4+ rating; and

-- INR17.25 mil. Term loans due on FY35 downgraded with IND BB+/
     Stable rating.

The downgrade reflects a decline in JFLL's revenue with significant
deterioration in its EBITDA margin during 1HFY24, resulting in
deterioration in its credit metrics, and an uncertainty on its
profitability for FY24, due to a decline in freight rates and
higher employee costs.

Key Rating Drivers

EBITDA Loss: JFLL reported an EBITDA loss of INR8.6 million during
1HFY24, due to a decline in freight rates and aggravated employee
costs incurred in the ocean freight segment. Its employee costs
shot up to INR64 million in 2QFY24 (Q1FY24: INR60 million; 4QFY23:
INR31million). The management plans to cut down the employee costs
in the coming quarters to the 4QFY23 levels. Its EBITDA margins
reduced to 1.8% in FY23 (FY22: 2.35%; FY21: 2.68%; FY20: negative
1.25%) with an absolute EBITDA of INR77.4 million (INR107.47
million; INR93.03 million; negative INR37.33 million). The margins
depend on the availability of incentives from the airline service
providers. Ind-Ra expects the EBITDA to be lower yoy in FY24, in
line with the interim numbers. The return on capital employed was
5.3% in FY23 (FY22: 12.7%). Ind-Ra expects JFLL's margins to
improve over the short term, given the company's plan to reduce the
employee costs.

Medium Scale of Operations: JFLL's revenue declined to INR2,017.8
million in 1HFY24 (FY23: INR4,169.7 million; 1HFY23: INR2,373.7
million; FY22: INR4,570 million), due to a constant fall in the
freight rates. Although the company's ocean freight and air tonnage
segments witnessed an improving trend in 1HFY24, the constant
decline in the freight rates dented its revenue in 1HFY24.  Ind-Ra
expects the revenue to decline in FY24, due to the continues fall
in the freight rates. JFLL provides freight forwarding services,
majorly airfreight forwarding services for perishable and general
cargo. However, the management plans to expands its reach in the
ocean freight segment and further diversify its business operations
in warehousing services, which is likely to be commissioned FY25
onwards. The total cost of the capex is estimated to be INR250
million, which would be funded through the proceeds of its INR377
million rights shares issued in FY23.  

Modest Credit Metrics: The gross interest coverage (operating
EBITDAR/gross interest expense) reduced to 1.58x in FY23 (FY22:
1.66x) and the net leverage (adjusted net debt/operating EBITDAR)
increased to 6.41x (4.54x), due to the decline in the absolute
EBITDA. The gross interest coverage turned negative 0.15x in 1HFY24
due to the EBITDA loss. Its debt level increased to INR597.8
million in FY23 (FY22: INR490.7 million), following an increase in
the working capital borrowing with the optimum utilization of its
fund-based limits to meet the working capital requirements. Ind-Ra
expects the credit metrics to deteriorate further in FY24, due to
the company posting losses.

Liquidity Indicator - Stretched: JFLL's cash flow from operations
deteriorated to negative INR187 million in FY23 (FY22: negative
INR137.78 million; FY21: INR68.45 million), owing to unfavorable
changes in the working capital requirement. JFLL's working capital
cycle increased to 16 days in FY23 (FY22: 6) as the company allows
its customers a credit period of 30-60 days, even though it has a
payable period of 30 days, for gaining a competitive advantage. The
agency expects the receivable period to shorten further over the
medium term with the planned increase in the revenue from the ocean
freight segment, where the vendors are allowed a shorter credit
period than air freight vendors. The average maximum monthly
utilization of the fund-based working capital limits was over 90%
over the 12 months ended March 2023 and the utilization is likely
to have remained at the similar levels since then.

The company's long-term debt facilities are used majorly for
working capital purposes as the business model does not have any
major capex requirement. The company has paid a capital advance of
INR254 million for the warehousing project, which has been funded
through the rights issue. JFLL would further allot rights shares
worth less than INR500 million for setting up its overseas
warehousing unit, expansion of its ocean freight segment, working
capital and rights issue expenses. The said fund inflow might
result in improved liquidity, which would be a key monitorable. The
company's cash and cash equivalents stood at INR2.5 million at
H1FYE24 (FYE23: INR2.3 million).

Long Operational Track Record; Experienced Promoters: JFLL has an
operational track record of more than three decades in the
logistics industry and has been one of the first players in the
perishable cargo segment of freight forwarding services. Also, the
company's promoters have 35 years of experience in the logistic
industry, leading to benefits from the early identification of
opportunities in the market. The company operates primarily in air
freight forwarding services, contributing 90% to the total revenue
followed by ocean freight (10%).

Highly Fragmented Industry: JFLL faces intense competition from
organized as well as unorganized players. However, the company has
a competitive advantage over unorganized players as it is a member
of International Air Transport Association, which mitigates this
risk to some extent.

Rating Sensitivities

Positive: Diversification in the business profile and substantial
growth in the scale of operations, with an improvement in the
profitability, leading to an improvement in the credit metrics with
the interest coverage increasing above 2.5x, on a sustained basis,
along with an improving liquidity position would be positive for
the ratings.

Negative: The inability to improve the scale of operations or the
EBITDA margins or deterioration in the liquidity profile or the
interest coverage falling below 1.5x, all on a sustained basis,
would be negative for the ratings.

Company Profile

Established in 1986, JFLL was incorporated as a private limited
company in 2006 and was converted into a public limited company in
2016. The company achieved the main board listing status on the
National Stock Exchange of India Ltd and BSE Ltd in December 2021.
It provides logistics services such as freight forwarding services,
along with custom clearance service majorly for perishable cargo
through air, ocean and land transport.



KAUSHIK GLOBAL: Liquidation Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kaushik Global Logistics Limited
        Diamond Chambers, 4
        Chowringhee Lane Block I & II, 2nd floor
        Kolkata, West Bengal 700016
        India

Liquidation Commencement Date: November 21, 2023

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: November 20, 2023

Insolvency professional: CA Swarup Ghosh

Interim Resolution
Professional:            CA Swarup Ghosh
                         Maya Kunja, 53C/4
                         Dr. Suresh Chandra Banerjee Road
                         Beliaghata, Kolkata
                         West Bengal 700010
                         E-mail: swarupghosh1@yahoo.co.in

                            - and -

                         1715, Rajdanga Main Road
                         Block-EF4, Opposite Acropolis Mall
                         Kasba, Kolkata 700107
                         West Bengal
                         E-mail: liq.kgl@gmail.com

Last date for
submission of claims:    December 21, 2023


KHATI SOLUTIONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Khati Solutions Private Limited
        B-286-A G/F, Hari Nagar
        New Delhi 110064

Insolvency Commencement Date: November 21, 2023

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 19, 2024

Insolvency professional: Sandeep Gupta

Interim Resolution
Professional:            Sandeep Gupta
                         A-71, Ground Floor
                         Freedom Fighters Enclave
                         Neb Sarai, Delhi 110068
                         E-mail: sandeepgupta1969@gmail.com

                            - and -

                         C-10, LGF, Lajpat Nagar-III
                         New Delhi 110024
                         E-mail: khatisolutions.cirp@gmail.com

Last date for
submission of claims:    December 5, 2023


KIZHAKKEBHAGATHU RICE: CRISIL Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of
Kizhakkebhagathu Rice Mills (KRM) continues to be 'CRISIL C Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Open Cash Credit        6          CRISIL C (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with
Kizhakkebhagathu Rice Mills (KRM) for obtaining information through
letters and emails dated October 10, 2023 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KRM continues to be 'CRISIL C Issuer Not Cooperating'.

Set up in 1997, KRM mills and processes paddy into rice, rice bran,
broken rice and husk. It has an installed paddy milling capacity of
5 tonnes per hour (tph). Its rice mill is located at Muvattupuzha,
Kerala. Its operations are managed by Mr. Dinu Kurien.
````

KOLON INVESTMENTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kolon Investments Private Limited
        506, Abhijeet-I
        Near Mithakhali Six Roads Ellisbridge
        Ahmedabad, Gujarat 380006
        India

Insolvency Commencement Date: November 23, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 21, 2024

Insolvency professional: Sachin Dinkar Bhattbhatt

Interim Resolution
Professional:            Sachin Dinkar Bhattbhatt
                         A-604, Royal Edifice
                         Behind Iscon Heights
                         Kunal Cross Roads, Gotri
                         Vadodara 390023
                         Gujarat
                         E-mail: sachin.bhattbhatt@gmail.com
                                 cirp.kolon@gmail.com

Last date for
submission of claims:    December 7, 2023


KRG TEXTILE: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated KRG Textile Mills
Private Limited's (KRGPL) bank facilities  as follows:

-- INR984.8 mil. Term loans due on March 2031 assigned with IND
     BB+/Stable rating; and

-- INR15.2 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

Key Rating Drivers

The ratings reflect KRGPL's medium scale of operations, with
revenue of INR1,734.75 million in FY23. The company commenced
operations in May 2022, with an average capacity utilization of
around 81.5%. KRGPL booked revenue of INR1,469.76 million in
1HFY24. Ind-Ra expects the scale of operation to improve in FY24,
driven by increased orders from customers and based on the
year-to-date performance.

The ratings reflect KRGPL's average credit metrics. The interest
coverage (operating EBITDA/gross interest expenses) stood at 6.5x
in FY23, due to lower interest cost of INR28.21 million as loans
were disbursed in 2HFY24. The net leverage (total adjusted net
debt/operating EBITDAR) was high at 7.66x in FY23 due to the
debt-led capex undertaken by the company during the year. Ind-Ra
expects the interest coverage to deteriorate in FY24 owing to an
increase in interest cost. The net leverage, however, is likely to
improve in FY24 on account of scheduled repayment of long-term
debt.

Liquidity Indicator – Stretched: KRGPL's average maximum
utilization of the fund-based limits was 91.59% during the 12
months ended September 2023. The cash flow from operations was
negative at INR167.38 million in FY23 due to high working capital
requirements. The free cash flow stood at negative INR1,251.82
million due to the capex of INR1,084.44 million undertaken during
the year. The net working capital cycle stood at 56 days in FY23,
with debtor days of 42 days, inventory days of 61 days and creditor
days of 47 days. KRGPL had cash and cash equivalents amounting to
INR15.20 million at FYE23, against repayment obligations of INR78.6
million in FY24 and INR107.6 million in FY25. KRGPL does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

However, the ratings are supported by the healthy EBITDA margins.
The company reported EBITDA margins of 10.57% in FY23, along with a
return on capital employed of 15.9%. Ind-Ra expects the EBITDA
margins to remain volatile over the medium term due to
susceptibility to fluctuations in raw material prices. However, the
margins would be supported by a decline in power costs due to the
installation of a windmill, and backward integration in
manufacturing of yarn.

The ratings also benefit from the promoters' experience of nearly
three decades in fabric manufacturing, leading to well-established
relationships with customers as well as suppliers.   

Rating Sensitivities

Negative: A substantial deterioration in the scale of operations or
credit metrics and weakening of the liquidity profile could lead to
a negative rating action.

Positive: Maintaining the profitability along with sustainable
improvement in the overall credit metrics, with the net leverage
falling below 3.5x, and an improvement in liquidity profile, on a
sustained basis, could lead to a positive rating action.

Company Profile

KRGPL, incorporated in August 2021 manufactures viscose grey cloth
fabric. The company has its registered office in Coimbatore, Tamil
Nadu.



KUBERA CONSTRUCTIONS: CARE Lowers Rating on INR18.67cr Loan to B
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Kubera Constructions Private Limited (SKCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.67       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      6.09       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 07,
2022, placed the rating(s) of SKCPL under the ‘issuer
non-cooperating' category as SKCPL 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. SKCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 20, 2023, November
22, 2023, November 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).

The ratings have been revised on account of non-availability of
requisite information.

SKCPL was established as a partnership firm in 1990, the company
was later incorporated in 2008 as Pareek Construction Private
Limited and subsequently the name was later changed in 2014 to Sri
Kubera Constructions Private Limited (SKCPL). The company is based
in Sangli (Maharashtra) led by Mr. Motilal Pareek, Ms. Lata Motilal
Pareek and Mr. Tilak Gokul Pareek. The company is mainly engaged in
construction of buildings for both private and government
enterprises. The company is a registered as Class 1-A contractor
with Maharashtra Public Works Department (PWD).


LAKE DISTRICT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Lake District Realty Private Limited
        Bungalow No. 10, Staveley Road
        Near Jeos Mess
        Pune 411001

Insolvency Commencement Date: November 16, 2023

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 14, 2023

Insolvency professional: Kedar Mulye

Interim Resolution
Professional:            Kedar Mulye
                         1301, Chaitanye Residency
                         Jay Prakash Nagar, Road No. 2
                         Goregaon East, Mumbai Suburban
                         Maharashtra 400063
                         E-mail: kmulye@hotmail.com

                            - and -

                         1221, Maker Chamber V
                         Nariman Point
                         Mumbai 400021
                         E-mail: ip.ldrpl@gmail.com

Last date for
submission of claims:    November 30, 2023


M G F MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M G F Motors
Limited (MGF) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            14         CRISIL D (Issuer Not
                                     Cooperating)

   Inventory Funding       5         CRISIL D (Issuer Not
   Facility                          Cooperating)

   Inventory Funding       2         CRISIL D (Issuer Not
   Facility                          Cooperating)

   Term Loan               3.50      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               3.25      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MGF for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MGF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGF continues to be 'CRISIL D Issuer Not Cooperating'.

MML, set up in 1998, is an authorized dealer for HMIL in Kerala.
The company operates its showrooms under the MGF Hyundai brand.


MAHAK SYNTHETICS: Ind-Ra Affirms BB+ Term Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Mahak Synthetics Mills Private Limited's (MSMPL) bank
facilities:

-- INR300 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable rating;

-- INR13.6 mil. (reduced from INR65 mil.) Term loan due on
     February 29, 2024 affirmed with IND BB+/Stable rating; and

-- INR241.33 mil. Term loan due on February 28, 2031 assigned
     with IND BB+/Stable rating.

Analytical Approach: Ind-Ra continues to take a standalone view to
arrive at MSMPL's ratings.

Key Rating Drivers

The affirmation reflects a continuous decline in MSMPL's EBITDA
margins since FY22, despite a steady growth in revenue in FY23. The
revenue continued to grow to INR6,589 million in FY23 (FY22:
INR4,959 million, FY21: INR2,595 million) due to an increased
demand  post the COVID-19 impact. However, the EBITDA margins
reduced further to 1.46% in FY23 (FY22: 2.11%; FY21: 4.33%) due to
increased share of low-margin yarn dying in the sales mix since
FY22. Furthermore, the price of yarn has increased since FY22,
which is used as a raw material for manufacturing denim fabric,
thereby increasing its overall cost of production. The EBITDA
margins remained modest with a return on capital employed of 5.3%
in FY23 (FY22: 4.5%, FY21: 5.1%). The company booked revenue of
INR2,750 million in 1HFY24. Ind-Ra expects the revenue to slightly
decline in the near-to-medium term owing to the uncertain demand in
the textile industry, despite the likely completion of the ongoing
capex in the near term. The agency also expects the margins to
remain at a similar level in FY24, due to unstable cotton market
conditions.

Liquidity Indicator - Stretched:  MSMPL's average maximum use of
the working capital limits was 76% during the 12 months ended
September 2023 and is likely to have remained at similar levels
since then. The cash flow from operations plunged to INR18 million
in FY23 (FY22: INR242 million, FY21: negative INR191 million) owing
to reduced operational performance and unfavorable working capital
changes. This, coupled with a higher capex of INR59 million in FY23
(FY22: INR9 million) caused the free cash flow turned to turn
negative to INR41 million (INR233 million). Further, it had a low
cash balance of INR3.57 million at FYE23 (FYE22: INR3.7 million,
FYE21: INR3.7 million), against outstanding debt of INR676 million
(INR760 million, INR984 million). The working capital cycle reduced
to 33 days in FY23 (FY22: 52 days), mainly on account of a
reduction in the inventory holding period to 24 days (32  days) and
receivable period to 52 days (54 days), an increase in the creditor
period to 43 days (34 days). MSMPL has scheduled repayments of
around INR49.43 million and INR52 million in FY24 and FY25,
respectively, which are likely to be met through internal
accruals.

Further, the ratings continue to factor in MSMPL's modest credit
metrics. The interest coverage (operating EBITDA/gross interest
expenses) improved to 2.07x in FY23 (FY22: 1.52x, FY21: 1.94x) and
the net leverage (net debt/EBITDA; excluding unsecured loans) to
7.01x (7.23x, 8.73x) on account of a reduction in debt and the
consequent decline in interest cost, despite a decline in the
absolute EBITDA to INR95.9 million (INR104 million, INR112
million). Management expects the absolute EBITDA to increase
gradually from 4QFY24, considering the ongoing capacity expansion
in the group companies which will eliminate the processing cost.
Ind-Ra expects the credit metrics to remain modest during FY24.

The ratings also remain constrained by the intense competition the
company faces in the highly-fragmented textile industry, which
largely has several unorganized small-sized players. Furthermore,
entry barriers are low on account of low capital requirement and
technology intensity, and low differentiation in end-products.

The ratings, however, are supported by MSMPL's promoters'
experience of over three decades in the textile industry. This has
led to strong ties with customers and suppliers. Moreover, the
company has pan-India operations which mitigates any geographical
concentration risk. Also, the company continues to benefit from its
healthy operational synergies with its group companies due to their
vertically integrated operations with presence in yarn
manufacturing, weaving and processing. Additionally, its backward
integration of operations supports profitability and keeps working
capital requirements low.

Rating Sensitivities

Negative: A decline in the scale of operations or deterioration in
the liquidity position with the net leverage remaining above 5.0x
on a sustained basis would be negative for the ratings.

Positive: An increase in the scale of operations, an improvement in
the liquidity position with the net leverage reducing below 4.0x,
all on a sustained basis, would be positive for the ratings.

Company Profile

Established in 1981, MSMPL is engaged in converting grey cloth into
finished cotton and blended cotton fabric. The company purchases
raw materials mainly from its group companies and from Ahmedabad,
and after conversion, it sells the finished product in the domestic
market.



MBG COMMODITIES: Ind-Ra Affirms BB+ Term Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on MBG Commodities Private Limited's (MBG) debt
facilities:

-- INR50 mil. Fund-based working capital limits Outlook revised
     to Stable from Negative; affirmed with IND BB+/Stable/IND A4+

     rating; and

-- INR2.40 bil. Non-fund-based letter of credit Outlook revised
     to Stable from Negative; affirmed with IND BB+/Stable/IND A4+

     rating.

Analytical approach: Ind-Ra continues to take a standalone view of
MBG.

The Stable Outlook reflects Ind-Ra's expectation of an improvement
in MBG's scale of operations and profitability, aided by an
improved orderbook position at mid-November 2023, providing near
term revenue visibility. However, the ratings remain constrained by
the company's continued high receivables and payables.

Key Rating Drivers

Revenue Likely to Jump in FY24: Ind-Ra expects MBG's revenue to
improve significantly yoy in FY24 after rising to INR3,282.4
million in 7MYF24, majorly on account of increased orders from
power generation companies (gencos) for imported coal and cargo
handling. MBG has an impending order book of INR4,625 million for
FY24 to be executed over the year.

The revenue of the company had declined for the third consecutive
year in FY23, falling to INR397.20 million (FY22: INR825.40
million; FY21: INR932.50 million) owing to a halt in the trading of
imported coals, a decline in the income from cargo handling
services of the coal procured from the domestic suppliers for the
power gencos and a deferment/cancellation of the existing
tenders/orders floated by existing customers. MBG's revenues in
FY23 were supported by the jute and cargo handling segments, which
will remain key focus areas in FY24 as well. Post FY22, MBG has
halted the trading of polymers and iron ore/ manganese on account
of muted demand.

EBITDA Margins Likely to Improve in FY24 after Falling in FY23:
Ind-Ra expects MBG's EBITDA margins to improve significantly in
FY24 due to a recovery in the scale of operations. The EBITDA
margins deteriorated to negative 19.5% in FY23 (FY22: negative
15.8%) due to a bad debt of INR63.8 million being written off and
donations of INR30 million. However, MBG's operating EBITDA losses
had reduced to INR77.80 million in FY23 (FY22: loss of INR130.60
million; FY21: INR104.50 million).

Weak Credit Metrics; Likely to Improve in FY24: The ratings also
reflect MBG's continued weak credit metrics with the gross interest
coverage remaining negative in FY23 and the net financial leverage
(adjusted net debt/operating EBITDA) turning negative at 20.71x
(FY22: 4.44x) due to an increase in the corporate guarantee
requirements for Maheshwari Mining and Energy Pvt Ltd (a group
company). In FY24, Ind-Ra expects the credit metrics to improve due
to a recovery in operations, the lower utilization of working
capital limits and the absence of any significant debt-funded
capex.

Liquidity Indicator - Stretched: MBG's receivable days increased to
1,119 in FY23 (FY22: 656) despite the net working capital cycle
continuing to be negative at 1,209 days in FY23 (FY22: negative 508
days) on account of an increase in the credit payment period to
2,411 days (1,173 days) and the inventory holding period to 82 days
(nine days). MBG does not have any capital market exposure and
relies only on banks and financial institutions to meet its funding
requirements.  MBG's average maximum utilization of fund-based
limits was about 54.21% with two instances of overutilization of up
to one day and that of the non-fund-based limits was 27.21% during
the 12 months ended August 2023. In FY23, the cash flow from
operations fell to INR132.6 million (FY22: INR319.70 million) owing
to unfavorable changes in working capital. The inventory holding
period elongated in FY23 as jute was stocked for trading. The
company reported unencumbered cash equivalents of INR1,733.60
million at FYE23 (FYE22: INR1,894.40 million). MBG has debt
repayment obligations of INR6.1 million in FY24 and INR2.6 million
in FY25.

High Receivables: The ratings are constrained by the high
receivables of the company, even as they improved to INR1,217.90
million in FY23 (FY22: INR1,483.3 million; FY21: INR1,911.80
million). The debtor days continued to be stretched on account of
delays in the payment realizations from the customers that have
been facing a cash deficit. MBG's business remains exposed to the
weak credit profiles of state power generating utilities, which are
the bulk customers for the company's coal trading business. With
the ongoing shift in the business profile, the company's ability to
recover the delayed payments will remain a key monitorable.

High Payables: MBG's payables remained high and increased to
INR3,137.2 million in FY23 (FY22: INR3,072.40 million; FY21:
INR3,084.10 million). The company has an understanding with its
suppliers, wherein the supplier will be paid once the company
receives its payment from the customer. However, any payment
requirements can be funded out of the existing cash balances. In
case of any shortfall, as per the management, the company might
infuse additional capital to pay its suppliers and would not opt
for any external debt borrowings.

Diversification of Business Lines: MBG forayed into the real estate
segment in FY22, wherein it would be selling residential plotted
lands in the suburbs of Hyderabad. As per the management, all the
development and construction work has been completed, and all the
statutory clearances have been received, except the Real Estate
Regulatory Authority's approval, which is likely to be received by
February 2024. Once the approval is received, the company will
start selling the residential plotted lands. Centrum Developers
LLP, the joint venture partner in the project, has received an
advance of INR40 million from customers for the plotted land.

Long Track Record: The ratings, however, continue to be supported
by MBG's promoters' over a decade of experience in the trading
industry. This has facilitated the company to establish strong
relationships with customers as well as suppliers.

Rating Sensitivities

Negative: Any deterioration in the profitability and the debtor
cycle along with an increased liquidity mismatch on the outstanding
dues, leading to a substantial build-up of debt, could be negative
for the ratings.

Positive: A sharper-than-Ind-Ra-expected improvement in the scale
of operations and EBITDA margins, along with a significant
improvement in the debtor cycle, leading to a significant accretion
of cash and easing of the liquidity mismatch, could be positive for
the ratings.

Company Profile

Established in 1982 as Maheswari Brothers, MBG was converted into a
private limited company in 2012. MBG trades in imported coal, which
it imports mainly from Indonesia, South Africa, Russia and
Australia, and caters to the coal needs for the power sector.
Besides this, the company is also engaged in cargo handling for
gencos for domestically procured coal and is also engaged in
trading of polymer products and iron ore and manganese.


METROPOLITAN LIFESPACE: Ind-Ra Affirms B NCD's Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Metropolitan
Lifespace Real Estate Developers Private Limited's (MLREDPL)
non-convertible debentures (NCDs) as follows:

-- INR1,401.3** bil. (reduced from INR2.088 bil.) NCDs* due on
     March 2024 affirmed with IND B/Stable rating.

*Details in annexure
** Outstanding as of September 2023

The company has been formed to invest in real estate projects in
India. Over 2015-2020, MLREDPL raised INR5,708.4 million through
NCDs and compulsory convertible debentures, and invested these in
five projects as a co-developer. The projects were Jai Vijay, Auris
Serenity and Kanakia Paris in Mumbai, Aparna Elina in Bengaluru and
Bestech Altura in Gurugram. The first four projects are fully sold
out, and the company now has meaningful cash flow visibility only
in project Bestech Altura. The compulsory convertible debentures
were later converted into equity.  

Key Rating Drivers

Risk of a Shortfall in Full Redemption of NCDs: MLREDPL has cash
flow visibility only in the project Bestech Altura, to redeem the
outstanding NCDs of INR1,895.9 million (the other projects are sold
out). Any decline in the selling prices in this project can affect
the full redemption of NCDs.

Liquidity Indicator - Stretched: The company had cash and cash
equivalents of about INR235 million on 30 September 2023. The NCDs
are zero coupon and there is no fixed redemption. The NCDs, which
mature in March 2024, will be redeemed from the surplus of the
project cash flows. The company will need to generate sufficient
sales velocity and the price for its units to redeem the debentures
in a timely manner. If the NCDs are not fully redeemed by the end
of maturity period, it will be considered as an event of default as
per the terms of the NCDs.

Project Concentration Risk in Single Project: The total saleable
area of Bestech Altura is 2,25,345sf, of which 53% has been sold,
reflecting a total sales value of INR940 million (committed
receivables: INR775 million). MLREDPL has received an occupancy
certificate for the project. The company also has no other
committed receivables from any other project. Hence, the company
will have to generate sufficient cash flows from Bestech Altura to
redeem the NCDs by March 2024

Risk of Project Completion Does Not Exist: The company took
exposure as a co-developer across the five projects; Jai Vijay
(Mumbai), Auris Serentiy (Mumbai), Aparna Elina (Bengaluru),
Kanakia Paris (Mumbai) and Bestech Altura (Gurugram). All the
projects have been completed and occupancy certificates received
for all projects

Favorable Terms of NCDs: The NCDs are unsecured and their
redemption will only happen if the projects have cash flows.
Furthermore, as per the terms of the NCDs, there would be no
amortization in the first 12 months from the date of allotment of
NCDs. From 12 to 24 months, cumulatively only up to 30% of
outstanding face value of NCDs can be repaid. From 24 to 36 months,
cumulatively only up to about 60% of the face value of NCDs can be
repaid and beyond 36 months, there is no restriction on
amortization and the repayment would only be done if the projects
have cash flows in all cases. Most of the NCDs are in the beyond 36
months stage and therefore, there is no restriction on the
amortization of these NCDs. The management has assured Ind-Ra that
the entire surplus of project would be used towards the
amortization of these NCDs.

Rating Sensitivities

Negative: A decline in the sales velocity and sales price in
Bestech Altura, leading to the risk of NCDs not being redeemed in a
timely manner could result in a rating downgrade.

Positive: An improvement in the sales velocity in Bestech Altura
and sales price such that NCDs can be redeemed in a timely manner
could result in an rating upgrade.

Company Profile

MLREDPL is a real estate company formed to invest in real estate
projects in India. The company is owned by two entities; IPF II
Singapore 5 Pte. Ltd (owns 99.99%) and IPF II Singapore 6 Pte. Ltd
(owns 0.01%). These entities are part of an offshore fund which is
managed by Apollo Management Singapore Pte. Ltd.



MVR SHIPPING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: MVR Shipping Services Private Limited
        3, Jafar Syrang Street
        Chennai 600001

Insolvency Commencement Date: November 23, 2023

Court: National Company Law Tribunal, Divisional Bench I, Chennai

Estimated date of closure of
insolvency resolution process: May 19, 2024

Insolvency professional: Satyadevi Alamuri

Interim Resolution
Professional:            Satyadevi Alamuri
                         No. 23 Lake Area
                         3rd Cross Street
                         Nungambakkam
                         Chennai 600034
                         E-mail: satyadevifcs@gmail.com

                            - and -

                         First Floor, 23, Lake Area
                         3rd Cross Street
                         Nungambakkam
                         Chennai 600034
                         Tamil Nadu, India
                         E-mail: cirp.mvrshipping@yahoo.com

Last date for
submission of claims:    December 7, 2023


N P INFRAPROJECTS: Ind-Ra Assigns BB Loan Bank Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated N P INFRAPROJECTS PVT
LTD's (NPIPL) bank facilities as follows:

-- INR180 mil. Fund-based facilities assigned with IND BB/Stable/

     IND A4+ rating; and

-- INR370 mil. Proposed non-fund-based Facilities assigned with
     IND A4+ rating.

Key Rating Drivers

The ratings reflect NPIPL's small scale of operations, as indicated
by revenue of INR2,411 million in FY23 (FY22: INR1,839 million). In
FY23, the revenue improved due to an increase in the number of
orders executed by the company. The absolute EBITDA rose to
INR146.23 million (FY22: INR110.24 million), backed by revenue
growth. The company had an order book of INR4,633 million as of
March 2023, to be executed by March 2024 During 1HFY24, NPIPL
booked revenue of INR1,330 million. In FY24, Ind-Ra expects the
revenue to improve on a yoy basis, backed by  the new orders in the
pipeline and better performance in the first half of the year
compared to previous years.

The ratings factor in NPIPL's average EBITDA margins due to the
nature of the business. The EBITDA margin  was almost stable at
6.06% in FY23 (FY22: 5.99%). The ROCE was 12.5% in FY23  (FY22:
24.2%). With the company having booked a higher EBITDA margin of 8%
in 1HFY24, backed by improved execution of the order book, Ind-Ra
expects the EBITDA margin to improve on a yoy basis  in FY24.

The ratings also reflect NPIPL's modest credit metrics due to the
average margins.  The metrics deteriorated in FY23 due to increased
utilization of the working capital limits, and the consequent rise
in interest expenses. The interest coverage (operating EBITDA/gross
interest expenses) was 6.53x in FY23 (FY22: 14.01x) and the net
leverage (total adjusted net debt/operating EBITDAR) was 3.65x
(2.71x).  In FY24 Ind-Ra expects the credit metrics to improve due
to the improved operating performance, backed by higher revenue.

Liquidity Indicator - Stretched: NPIPL's average maximum
utilization of the fund-based limits was 76%  during the 12 months
ended September 2023, with some instances of overutilization up to
10 days. The cash flow from operations fell to INR29.94 million in
FY23 (FY22: INR61.13 million) owing to unfavorable changes in the
working capital.  The free cash flow remained negative INR197
million in FY23 (FY22: negative INR57.30 million). The net working
capital cycle stretched to 25 days in FY23 (FY22: negative 12 days)
due to increase in inventory days to 15 days (two  days). The cash
and cash equivalents stood at INR 15 million at FYE23 (FYE22:
INR119 million), against repayment obligations of INR174 million
and INR64.60 million in FY24 and FY25, respectively.  NPIPL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations or orderbook and
EBITDA margins, leading to deterioration in the overall credit
metrics or liquidity profile, all on a sustained basis, could lead
to a negative rating action.

Positive: A significant increase in the scale of operations and
EBITDA margins, along with an improvement in the overall credit
metrics and liquidity profile, all on a sustained basis, could lead
to a positive rating action.

Company Profile

Established in year 2018 and located in Aurangabad, Maharashtra,
NPIPL is engaged in construction of infrastructure projects,
especially railways and tunnels. The company is promoted by S B
Zawar.



NEWGEN PAYMENT: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Newgen Payment Gateway Private Limited
        C-99, Block C
        Inderpuri
        New Delhi 110012

Liquidation Commencement Date: November 16, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Deepak Kumar Goyal

Interim Resolution
Professional:            Deepak Kumar Goyal
                         Flat no. 101
                         Shridher Apartment 884/6
                         Ward no. 6, Mehrauli
                         New Delhi 110030
                         Tel: 999045308
                         E-mail: ca.deepak.mba@gmail.com

Last date for
submission of claims:    December 15, 2023


NOBILITY ESTATES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Nobility Estates Private Limited

        Registered Office:
        711/92, Deepali Nehru Place
        New Delhi South
        Delhi 110019

        Principal Office:
        Plot No. 16, ATS Tower
        Sector 135, Noida
        Uttar Pradesh 201305

Insolvency Commencement Date: November 24, 2023

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Hitesh Goel

Interim Resolution
Professional:            Mr. Hitesh Goel
                         C4/1002 The Legend Apartments
                         Sector 57, Gurgaon
                         Haryana 122011
                         E-mail: iphiteshgoel@gmail.com

                            - and –

                         Alvarez and Marsal India Private Limited
                         1st Floor B Wing Prius Platinum Tower
                         Saket, New Delhi
                         Delhi 110017
                         E-mail: cirp.atslegrandiose@gmail.com

Classes of creditors:    Residential Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Prabhat Jain
                         Ms. Amarpal
                         Mr. Navin Khandelwal
                         IBBI, 7th Floor, Mayur Bhawan
                         Connaught Circus, New Delhi 110001

Last date for
submission of claims:    December 8, 2023


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

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

   Long-term–        52.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-        28.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with One Capitall 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.

One Capitall Limited was formed by Mr. Areef Patel to primarily
enter the investment business and finance corporates, firms, and
individuals. The company is a part of the House of Patels Group,
the flagship company of which is Patel Integrated Logistics Limited
(PILL). The Group had earlier ventured into financial services with
Wall Street Finance Limited and subsequently sold its stake in the
company. One Capitall Limited was incorporated on April 11, 2008 as
One Capital Private Limited. Its name was changed to One Capitall
Private Limited on July 1, 2009 and it was converted into a public
limited company on June 9, 2010. The company primarily focuses on
corporate lending, with its portfolio mainly consisting of loan
against property to small builders and developers, asset-backed
loans to small and medium enterprises and unsecured loans to
individuals known to the promoter.


PINK CITY: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Pink City Expressway Private Limited

        Registered Address:
        Flat No. 201, Jayam Block, 2nd floor
        Chitra Avenue, Choolaimedu
        Chennai 600094
        Tamil Nadu

        Principal Office:
        4th floor, Raheja Square
        IMT Manesar, Gurgaon
        Haryana 122001

Insolvency Commencement Date: November 21, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 15, 2024

Insolvency professional: Vikram Bajaj

Interim Resolution
Professional: Vikram Bajaj
              214, Tower A, Spazedge
              Sector 47, Gurgaon 110034
              E-mail: bajaj.vikram@gmail.com
                      ip.pinkcity@gmail.com

Last date for
submission of claims:    December 1, 2023


PRADHAMA MULTI: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pradhama
Multi speciality Hospitals & Research Institute Limited (PMSHRIL)
continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            1.75       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            0.75       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1.75       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        15          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        10          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PMSHRIL for
obtaining information through letters and emails dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PMSHRIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PMSHRIL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of PMSHRIL continues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in 2014, PMSHRIL is setting up a 593-bed
multi-specialty hospital in Visakhapatnam, Andhra Pradesh. The
operations of the hospital will be managed by Dr. Visweswara Rao
Pusarla and Dr. K Ramamurthy Kummaraganti. PMSHRIL started
commercial operations in July, 2017.


PRATYUSH INFRASTRUCTURE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Pratyush Infrastructure Private Limited
        A-42, Kailash Colony
        New Delhi, Delhi
        India 110048

Insolvency Commencement Date: November 24, 2023

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 22, 2024
                               (180 days from commencement)

Insolvency professional: Bishwa Ranjan Chatterjee

Interim Resolution
Professional:            Bishwa Ranjan Chatterjee
                         68 Pink City
                         IDA Scheme No. 94 Extn.
                         Opposite PTS Ring Road
                         Indore, Madhya Pradesh 452001
                         E-mail: brcind@gmail.com
                                 cirp.pratush@gmail.com

Last date for
submission of claims:    December 8, 2023


PREMIER JET: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Premier Jet Services Limited
        No. 31/14A, College Road
        The Bajaj Manor
        3rd 'C' Thousand Lights
        Chennai, Tamil Nadu
        India 600006

Insolvency Commencement Date: November 24, 2023

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 20, 2024

Insolvency professional: Mr. Ashok Mittal

Interim Resolution
Professional:            Mr. Ashok Mittal
                         S-138, 2nd floor, B-Wing
                         Express Zone Commercial Hub
                         Western Express Highway
                         Goregaon East, Mumbai 400063
                         E-mail: ashokmittal2020@gmail.com
                                 cirp.premierjet@gmail.com

Last date for
submission of claims:    December 6, 2023


R V REALTY: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R V Realty
(RVR) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       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 November 04,
2022, placed the rating(s) of RVR under the ‘issuer
non-cooperating' category as RVR 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. RVR
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 20, 2023, September 30, 2023, October
10, 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).

RV Realty is a special purpose vehicle (SPV) formed as a
partnership entity between the Pune based Vastushodh Group and the
Pune based Reelicon Group. The Reelicon group is a Pune based real
estate engaged mainly in the construction of residential projects.
The firm was promoted by 3 entrepreneurs in 1998, Mr. Anil Salunke,
Mr. Milind Jadhav and Mr. Dhananjay Nimbalkar each having 15 years
of experience.


RADHARANI EXPORTS: Liquidation Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Radharani Exports Private Limited
        457, Ganesh Nagar
        Niwaru Road, Jhotwara
        Jaipur RJ 302012
        IN

Liquidation Commencement Date: November 22, 2023

Court: National Company Law Tribunal, Jaipur Bench

Date of closure of
insolvency resolution process: October 9, 2023

Insolvency professional: Mr. Prashant Agrawal

Interim Resolution
Professional:            Mr. Prashant Agrawal
                         Building No. F-174
                         First Floor F-106
                         Sumer Complex, Gautam Marg
                         B/h Bagadia Bhawan, C-Scheme
                         Jaipur 302001
                         Rajasthan
                         E-mail: ippagrawal@gmail.com
                                 cirp.repl2023@gmail.com

Last date for
submission of claims:    December 22, 2023


RELIANCE COMMERCIAL: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating for the commercial paper programme of
Reliance Commercial Finance Limited in the 'ISSUER NOT COOPERATING'
category. The rating is denoted as '[ICRA]D; ISSUER NOT
COOPERATING'.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Commercial paper    1,200     [ICRA]D; ISSUER NOT COOPERATING;
   Programme                     Rating continues to remain under
                                 'ISSUER NOT COOPERATING'
                                 Category

ICRA has been trying to seek information from the entity to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. Further, ICRA has
been sending repeated reminders to the entity for the payment of
the surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. The
current rating action has been taken by ICRA basis best
available/dated/limited information on the issuer's performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the entity's credit risk profile. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Reliance Commercial Finance Limited (RCFL) was a part of Reliance
Capital Limited (RCL). The entity started its commercial finance
business in May 2007 and was primarily in the secured lending space
with a focus on equipment-and-property-backed small and medium
enterprise loans, loan against property, short-term infrastructure
loans and loans to microfinance institutions.

Pursuant to the implementation of RCFL's resolution plan, in terms
of the Reserve Bank of India (Prudential Framework or Resolution or
Stressed Assets) Directions, 2019, RCL disposed of its stake in
RCFL to Authum Investment and Infrastructure Limited (Authum) on
October 14, 2022. RCFL is currently a wholly-owned subsidiary of
Authum.


RELIANCE HOME: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the commercial paper programme of
Reliance Home Finance Limited in the 'ISSUER NOT COOPERATING'
category. The rating is denoted as '[ICRA]D; ISSUER NOT
COOPERATING'.

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Commercial paper   1,200      [ICRA]D; ISSUER NOT COOPERATING;
   Programme                     Rating continues to remain under
                                 'ISSUER NOT COOPERATING'
                                 category

ICRA has been trying to seek information from the entity to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. Further, ICRA has
been sending repeated reminders to the entity for the payment of
the surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. The
current rating action has been taken by ICRA basis best
available/dated/limited information on the issuer's performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating as
it may not adequately reflect the entity's credit risk profile. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Reliance Home Finance Limited (RHFL) was incorporated in FY2009. It
is registered as a housing finance company with National Housing
Bank and is engaged in mortgaged-based lending operations. RHFL was
listed on the stock exchanges in India in the second half of
September 2017 after it was hived off from Reliance Capital Limited
(RCL), basis which RCL's stake in the entity reduced to 47.9%. The
overall promoter holding in the entity reduced to 49.6% as on March
31, 2022 from 74.9% as on March 31, 2019. The entity ceased to be a
subsidiary of RCL with effect from March 5, 2020 and is now an
associate of RCL.


RELIANCE POWER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the borrowings of Reliance Power
Limited (R-Power) in the Issuer Not Co-operating category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING. The
company remains non-cooperative on fee.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–          402      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loans                   'Issuer Not Cooperating'
                                Category

   Long-term–           42      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/          146      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Non Fund Based               remain under 'Issuer Not
   Letter of Credit             Cooperating' Category


   Non-convertible     250      [ICRA]D ISSUER NOT COOPERATING;
   debenture (NCD)              rating continues to be under
                                Issuer Not Co-operating category

The ratings are based on the limited cooperation from the entity
since the time it was rated in November 2020. As a part of its
process and in accordance with its rating agreement with R-Power,
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 non-cooperative. In the
absence of the requisite cooperation and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's ratings continue to be in the Issuer Not Co-operating
category on fee.

Key rating drivers and their description

Credit strengths - None

Credit challenges

* Continuing delays in debt servicing: The financial profile of
R-Power continues to be weak, evident from its poor liquidity
position and weak debt servicing indicators. It continues to delay
on its debt servicing and is currently in discussions with the
lenders for debt resolution/settlement. R-Power repaid the debt
availed from Yes Bank (held by JC Flower ARC) in March 2023 through
a mix of external source of funding and use of surplus cash
upstreamed from its subsidiary, Rosa Power Supply Company Limited.
The company is engaged with its lenders for repayment of the
balance debt using the surplus from the operating assets under
subsidiaries, monetisation of certain assets and through external
sources of funding.

* Limited asset base and revenue streams given its status as
holding company: R-Power is the primary vehicle of the Reliance
Power Group for investments in the power generation sector. It
mainly acts as a holding company for different SPVs and has limited
asset base and revenue streams (except the 45-MW wind project). As
a result, the company depends on the timely ploughing back of funds
from the project SPVs to service debt.

* Butibori power project remains non-operational: The company's
operations have remained shut since January 15, 2019 and
consequently, it has continued to default on its debt servicing
obligations. After the expiry of the inter-creditor agreement (ICA)
signed between Vidarbha Industries Power Ltd (VIPL) and its lenders
on July 6, 2019, one of the lenders filed an application under the
provisions of the Insolvency & Bankruptcy Code (IPC), 2016 in
January 2020, seeking debt resolution of VIPL. The matter is still
pending for consideration by the NCLT and the company is yet to be
admitted to the NCLT for insolvency proceedings. VIPL has been
pursuing debt resolution with its lenders outside the corporate
insolvency resolution process and had submitted one time settlement
(OTS) proposal to its lenders. Meanwhile, the lenders assigned the
VIPL debt to asset restructuring companies (ARCs). VIPL has
challenged the assignment of debt to ARCs before the Bombay High
Court. Further, the offtaker, Adani Electricity Mumbai Limited
(AEML), issued a PPA termination letter to VIPL in April 2019,
citing below-threshold availability in certain years. While the
company has challenged the validity and legality of the termination
letter, it has received unfavourable rulings from the Maharashtra
Electricity Regulatory Commission (MERC) and the Appellate Tribunal
of Electricity (APTEL). At present, the matter is pending with the
Supreme Court. Meanwhile, after the PPA termination notice by the
procurer, the lenders have exercised their right to substitute VIPL
with other entities to operate the thermal station to recover their
dues, as per the provisions of the PPA.

* Uncertainty over non-operational Samalkot project: The Samalkot
project continues to face uncertainty given its non-operational
status. The debt servicing of the project commenced in April 2015
and was being met through support from R-Power. Given the concerns
related to gas availability in India, the company has planned to
deploy the unused equipment/module of 750-MW capacity (out of the
total planned capacity of 2,250 MW) at Samalkot to the Group's
ongoing project in Bangladesh. Reliance Bangladesh LNG & Power
Limited (RBLPL), the wholly-owned subsidiary of R-Power, is
developing a power project at Meghnaghat in Bangladesh. RBLPL
signed all the project agreements (power purchase agreement,
implementation agreement, land lease agreement and gas supply
agreement) with the Government of Bangladesh in September 2019 and
also inducted a strategic partner, JERA Power International (the
Netherlands), a subsidiary of JERA Co. Inc. (Japan), to invest 49%
equity in RBLPL on September 2, 2019. Samsung C&T (South Korea) has
been appointed as the EPC contractor for the Bangladesh project.
Samalkot Power Limited (SMPL) had signed an equipment supply
contract in March 2020 to sell equipment/module of 750-MW capacity.
The export of the module has been concluded and the proceeds from
the equipment supply have been used to pare the debt from US Exim
Bank.

* Exposure to counterparty credit risks associated with state-owned
distribution utilities and fuel supply risks: The projects under
the different SPVs of R-Power remain exposed to counterparty credit
risks associated with the sale of power to state-owned distribution
utilities as well as fuel supply risks. The counterparty credit
risks are partially mitigated by the payment security mechanism in
the PPAs. Further, the availability of fuel through fuel supply
agreements with Coal India Limited for Rosa Power and through
captive mines for Sasan Power lowers the fuel risk.

* High capex for installation of flue gas desulphurisation (FGD)
system: As per the revised environmental norms prescribed by the
Ministry of Environment and Forests, Government of India, all
thermal power plants in the country are required to reduce their
emissions of nitrogen oxide, sulphur dioxide and particulate
matter. To comply with these norms, the Group's operational thermal
power plants at Sasan (Madhya Pradesh) and Rosa (Uttar Pradesh) are
required to install FGD systems by December 31, 2026. The total
capital cost is estimated at INR2,434 crore for the Sasan power
plant and INR775 crore for the Rosa power plant, proposed to be
funded by a debt-to-equity mix of 70:30. While the cost incurred is
expected to be a pass-through under the tariff, the Group will
remain exposed to funding and execution risks for the timely
completion of this capex within the budgeted cost. As on date, the
debt funding tie-up as well as equity infusion is pending.

Liquidity position: Poor

RPL's liquidity position is poor with company delaying on its debt
servicing obligations owing to the inadequacy of cash flows from
operations. The company had cash and bank balances of INR708 crores
as on September 30, 2023, on a consolidated basis. However, most of
the cash is held in various RPower subsidiaries and is subject to
the restrictions imposed by the lenders at the project level. At a
standalone level, the cash balances remain low with cash and bank
balances of INR8.08 crore as on September 30, 2023.

Rating sensitivities Positive factors – Regular debt servicing
for minimum three consecutive months would be a positive rating
trigger.

Negative factors – Not applicable.

R-Power, a part of the Reliance Group, promoted by Mr. Anil D
Ambani, is the primary vehicle for investments in the power
generation sector. The company came out with an IPO in February
2008 and raised INR11,560 crore for funding the equity contribution
for some of the identified projects. As on date, the company's
generation capacity stood at 5,945 MW, including 5,760 MW of
thermal capacity and 185 MW of renewable energy-based capacity. Its
operational projects include Rosa Project at Shahajahnapur, Uttar
Pradesh (1,200 MW); Butibori Project at Nagpur, Maharashtra (600
MW), UMPP at Sasan (3,960 MW); solar PV Project at Dhursar,
Rajasthan (40 MW), concentrated solar power project at Pokhran,
Rajasthan (100 MW) and wind project at Vashpet, Maharashtra (45
MW).


RKDS EXPORTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: RKDS Exports Private Limited
        100A, N.S.C. Bose Road
        Kolkata, West Bengal 700040
        India

Insolvency Commencement Date: November 21, 2023

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 8, 2024

Insolvency professional: Jitendra Lohia

Interim Resolution
Professional: Jitendra Lohia
              Klass Insolvency Resolution Professionals
              Pvt. Ltd.
              2/7 Sarat Bose Road
              Vasundhara Building, 2nd floor
              Kolkata 700020
              E-mail: jitulohia@knjainco.com
                      cirp.rkdsexports@gmail.com

Last date for
submission of claims: December 5, 2023


RSAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of RSAL Steel
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
   ----------     -----------   -------
   Long-term–        34.93      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        35.59      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term       206.55      [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 RSAL Steel 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.

RSAL Steel Private Limited (RSPL) was incorporated in December
2010, as a wholly owned subsidiary of Ruchi Strips & Alloys Limited
(RSAL), a Ruchi Group Company, with the objective of taking over
the steel business of the holding company. RSAL was founded in 1987
and is promoted by the Shahra family. The manufacturing facility of
RSAL is situated in Village- Sejwaya, District Dhar, Madhya
Pradesh, around 60 Kms from Indore. The plant commenced commercial
production in the year 1991, then under the name of RSAL.


SAMARTHA LEISURES: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Samartha Leisures and Restaurants Private Limited (SLRPL) to
'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit         3.5          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan      2.8          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SLRPL for
obtaining information through letter and email dated October 13,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLRPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SLRPL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2010, SLRPL, promoted by Mr Vinayak Phalak and Ms
Rohini Phalak, operates a hotel, Tanarika Resort, at Bhusaval. It
is equipped with 2 suites, 33 business class rooms, 2 banquet
halls, a bar, a multi-cuisine restaurant, a conference hall, a
lawn, and a swimming pool.


SANATAN MERCHANTS: Ind-Ra Moves BB Loan Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sanatan Merchants
Private Limited's (SMPL) bank facilities' ratings to the
non-cooperating category and has simultaneously withdrawn the same.


The instrument-wise rating actions are:

-- INR174.5 mil. Fund-based facilities migrated to noncooperating

     category and withdrawn; and

-- INR25.5 mil. Proposed fund-based facilities migrated to non-
     cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information. The ratings were last reviewed
on November 9, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

*Migrating to 'IND BB (ISSUER NOT COOPERATING)'/Stable/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

Key Rating Drivers

Ind-Ra has migrated the ratings to the non-cooperating category
because the issuer did not participate in the rating exercise
despite repeated requests by the agency through phone calls and
emails, and has not provided information about the interim
financials, sanctioned bank facilities and utilization, business
plan, and projections for the next three years, information on
corporate governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Incorporated in 1994 and with its registered office in Kolkata,
SMPL is engaged in the trading of hand tools and power tools such
as marble, stone cutting machines, granite cutting machines, wood
cutting machines, pesticide sprayers and rice processing machines,
and trades writing, stationary, personal care products and other
accessories.



SHIVAM HOSPITAL: CARE Lowers Rating on INR12.50cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shivam Hospital (SH), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; 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 its press release dated November 3,
2022, placed the rating(s) of SH under the ‘issuer
non-cooperating' category as SH 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. SH
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 19, 2023, September 29, 2023, October
09, 2023.

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

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

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

Shivam Hospital, a partnership concern, was established in 2010
with Dr. Raj Kumar Vasal, Mr. Sunder Sham Arora, Mr. Sanjeev Kumar
Vasal and Mr. Shadi Lal as its partners sharing profit and losses
equally. The operations of the hospital commenced from April 2011.
It operates a multi-speciality hospital by the same name, located
in Hoshiarpur (Punjab) with capacity of 250 beds. The hospital
provides healthcare services in a wide range of areas such as
neurology, cardiology, general surgery, ortho, plastic surgery,
paediatrics, dialysis, x-ray, endoscopy, medicine, Ear-Nose-Throat
(ENT), gynaecology etc.


SHREEDHAR SPINNERS: Ind-Ra Hikes Term Loan Rating to BB+
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Shreedhar Spinners Private Limited's (SSPL) debt
facilities:

-- INR120 mil. Fund-based working capital limits Long term
     upgraded and short term affirmed with IND BB+/Stable/IND A4+
     rating;

-- INR400 mil. Term loan due on January 2030 upgraded with
     IND BB+/Stable rating;

-- INR17.5 mil. Non-fund-based working capital limit assigned
     with IND A4+ rating;

-- INR200 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR12.5 mil. Derivative limits assigned with IND A4+ rating.

The upgrade reflects Ind-Ra's expectation of an improvement in
SSPL's revenue in FY24 led by the management capability to scale up
its operations.

Key Rating Drivers

SSPL has small scale of operations with its revenue of INR202.41
million in FY23. SSPL started its commercial operations in November
2022. Till 1HFY24, SSPL booked revenue of INR601.8 million and had
an order book of INR103.6 million as of October 2023, to be
executed by November 2023. In FY24, Ind-Ra expects the revenue to
improve, driven by an increase in the scale of operations supported
by new orders following stable demand for textile products.

The ratings also factor in SSPL's modest EBITDA margin of 7.64% in
FY23, due to higher fixed costs during the first five months of its
operations. The margins improved to 9.3% in 1HFY24. Its return on
capital employed stood at 1% in FY23. In FY24, Ind-Ra expects the
EBITDA margins to stabilize as it would be the first full year of
operations and also aided by government subsidies.

The ratings reflect SSPL's modest credit metrics with its gross
interest coverage (operating EBITDA/gross interest expenses) at
0.77x in FY23 and the net leverage (total adjusted net
debt/operating EBITDAR) at 31.03x.  In FY24, Ind-Ra expects the
credit metrics to improve, due to an increase in its EBITDA margins
and the repayment of its debt obligations. However, the credit
metrics would deteriorate in FY25, due to its planned debt-funded
capex of INR680 million over FY25-FY26 for to doubling its
production capacity. The capex would be funded through term loans
of INR420 million, the internal accruals and unsecured loans of
INR230 million.

Liquidity Indicator - Stretched: SSPL's net working capital cycle
stood at 184 days in FY23 majorly on account of higher inventory
days of 266 days in FY23 and the working capital cycle improved due
to the stabilization of its operations in 1HFY24. SSPL's average
maximum utilization of the cash-credit limit was 87.56%, the
warehousing limit remains unutilized and the consolidated
utilization of fund-based limits was 58.83% during the 12 months
ended October 2023 and that of the non-fund-based limits was 48.86%
during the four months ended October 2023. The cash flow from
operations stood at INR80.22 million in FY23. Its cash and cash
equivalents stood at INR0.6 million at FYE23. Furthermore, SSPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

However, the ratings are supported by the promoters' nearly three
decades of experience in the textile industry, leading to
established relationships with its customers as well as suppliers.

Rating Sensitivities

Positive: A significant increase in the scale of operations while
improving the credit metrics with the net leverage falling below
3.5x along with an improvement in liquidity, all on a sustained
basis, could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or pressure on the
liquidity position, all on a sustained basis, could lead to a
negative rating action.

Company Profile

Incorporated in December 2020, SSPL manufactures cotton yarn with
an installed capacity of 18,240 spindles, translating into 5240
metric tons per annum. The registered office is in Mumbai.

Its parent company, Shreedhar Cotsyn Private Limited, held a 96.67%
stake in SSPL. Other group companies are Siddhartha Super Spinning
Mills Limited and Ramkrupa Properties Private Limited.



SUGARCANE PRODUCERS: CARE Reaffirms B+ Rating on INR9cr Loan
------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Sugarcane Producers Vividh Karykari Sahakari Society Limited
(SPVK), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           9.00       CARE B+; Stable Reaffirmed

Rationale and key rating drivers

The rating assigned to the bank facilities of SPVK continues to
factor in small scale of operation, moderate profitability margins,
weak debt coverage indicators and stretched working capital cycle.
The rating further continues to be constrained by presence in
highly fragmented and competitive industry and its stretched
liquidity.

The rating however continues to derive strength from established
track record with experienced promoters and comfortable capital
structure.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Significant increase in scale of operations more than INR15.00
crore along with improvement in the profitability margins on
sustained basis

* Improvement in debt coverage indicators marked by interest
coverage ratio of more than 3 times and total debt/GCA of less than
8 times

Negative factors

* Deterioration in capital structure with overall gearing more than
1.5 times

* Adverse climatic condition leading to lower demand of the traded
goods

Analytical approach: Standalone

Outlook: Stable

CARE Ratings believes that entity will continue to benefit from its
experience of the promoters along with long track record of
operations.

Detailed description of the key rating drivers:

Key weaknesses

* Small scale of operations: Despite the long track record of the
society, the scale of operations has remained small with total
operating income (TOI) generated by the company of INR6.21 crore in
FY23 vis-à-vis INR4.84 crore in FY22. The same has slightly
improved during the year owing to the income derived from lending
business coupled with improvement in overall demand for seeds and
fertilizers. The trading business contributed 81% of total sales in
FY23 as against 78% in FY22. Furthermore, the society has booked
sales of about INR2.00 crore during H1FY24 vis-à-vis 2.91 crore in
H1FY23. Furthermore, the society has booked sales of about INR2.00
crore during H1FY24 vis-à-vis 2.91 crore in H1FY23. Moreover, the
tangible networth of the company remained moderately low at INR5.69
crore as on March 31, 2023 (vis-à-vis INR5.13 crore as on March
31, 2022) with GCA level of INR0.21 crore in FY23 (vis-à-vis
INR0.08 crore in FY22).

* Moderate profitability margins: The profit margins of the firm
have been fluctuating over the period FY18-FY22 led by variation in
cost of traded goods. PBILDT margin deteriorated on the account of
increase in prices of traded goods (seeds, fertilizers and
pesticides). The PBILDT margins deteriorated from 14.22% in FY22 to
11.70% in FY23 due to decline in realizations from the agriculture
related income in FY23. The PAT margin, however, improved from
1.13% in FY22 to 3.09% in FY23 due to non-operating income of
INR0.07 crore towards rental income derived from renting its godown
and grading machine.

* Weak debt coverage indicators: Due to improvement in cash
accruals of the society, the debt coverage indicators improved
significantly but stood weak with total debt to GCA of 13.72 in
FY23 vis-à-vis 33.72x in FY22. Further, interest coverage of the
society improved but stood weak at 1.32x in FY23 from 1.08x in FY22
due to improvement in PBILDT in FY23.

* Stretched working capital cycle: SPVK carries out trading of
seeds and fertilizers along with providing financing services to
farmers. The major income of the society is generated through
trading (80%) and other via lending activity (20%). The majority of
the funds are blocked in receivables which stood at INR4.27 crores
as on March 31, 2023, which is 68.70% of the total TOI of FY23.
Further, due to low bargaining power in their trading business, the
operating cycle stood high at 318 days in FY23 vis-à-vis 454 days
in FY22. For their lending activity, the credit given to the
farmers is 65% in the form of seeds and fertilizers while 35% in
cash, which helps society to increase its trading of seeds and
fertilizers.
Key strengths

* Established track record with experienced promoters: SPVK has a
track record of more than six decades and has reinforced its
footings in trading of agro products business. SPVK is promoted by
Mr. Ghanshyam Vijayrao Jadhav (Bhongale). Mr. Jadhav has an
experience of around 10 years in the industry thereby leading to
strong relationships with the customers as well as the suppliers.
Due to longstanding industry presence, the society has been able to
establish its own reputation. The society's sound market position
will facilitate it to enhance its size of operations.

* Comfortable capital structure: The capital structure of SPVK
continues to remain comfortable and marginally improved with
overall gearing of 0.52x as on March 31, 2023, vis-à-vis 0.51x as
on March 31, 2022, owing slight improvement in networth in FY23.
The increase in networth was due to an increase in capital on
account of receipt of fund. During FY20, a part of the office
premises of the society was taken over by government authorities in
the road development activity, the compensation for which was
received in the form of an on-time payment of INR0.65 crore in
FY23.

Liquidity: Stretched

The liquidity position remained stretched as marked by cushion in
accruals against no repayment obligations and cash balance of
INR0.36 crore as on March 31, 2023. Its cash credit limits of
INR6.97 crore is average utilized at 90% during past twelve months
ended October, 2023. Further, the current ratio and quick ratio
stood at 1.99x and 1.76x respectively as on March 31, 2022
(visà-vis 1.89x and 1.69x respectively as on March 31, 2022).
Further cash flow from operations was positive at INR1.23 crore in
FY22. The working capital requirements are met by the cash credit
facility and through internal accruals.

Sugarcane Producers Vividh Karykari Sahakari Society Ltd (SPVK) is
Malshiras, Solapur based cooperative society established in the
year 1957 under the Societies Registration Act 1860. The society is
promoted by Mr. Ghanshyam Vijayrao Jadhav (Bhongale) in the
strength of Chairman. The society generates income from financial
activities and trading of fertilizers, pesticides & seeds. The
servicing facility is located at Malinagar, Solapur, Maharashtra.
The entity has branches in two cities namely Akluj, Maharashtra and
Tembhurni (Tal-Indapur), Maharashtra. Under financial activities,
society provides crop loans to the farmers for sugarcane
production, fruits and other crops. The average tenure for the crop
loan is about one and a half year and development loan are for a
term of three years. The society generates income from two segments
namely income from financial activities and trading activity in the
ratio of 20:80.


SUJYOT INFRASTRUCTURE: Liquidation Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Sujyot Infrastructure Private Limited
        F/103, Setellite Center
        Opp. Setellite Tower
        Premchand Nagar Road
        Vastrapur, Ahmedabad
        GJ 380015
        IN

Liquidation Commencement Date: October 30, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Date of closure of
insolvency resolution process: November 3, 2023

Insolvency professional: Mr. Ramakant Gupta

Interim Resolution
Professional:            Mr. Ramakant Gupta
                         E-6/B, Poddar Residency
                         Opp. G D Goyenka School
                         Canel Road, Surat 395007
                         Gujarat
                         E-mail: bajajgupta@yahoo.com

                            - and -

                         609, 21st Century Building
                         Ring Road, Surat 395002
                         Gujarat
                         E-mail: liquidation.sujyotinfra@gmail.com

Last date for
submission of claims:    December 2, 2023


SUN SHINE: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sun Shine
Rice Unit (SSRU) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.25       CARE B-; Stable; 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 November 3,
2022, placed the rating(s) of SSRU under the 'issuer
non-cooperating' category as SSRU 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. SSRU
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 19, 2023, September 29, 2023, October
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).

Karnal (Haryana) based Sun Shine Rice Unit (SSRU) is a partnership
firm established in 2010 by Mr Inder Parkash, Mr Narain Parkash,
Mr. Vijay Kumar, Mr Sanjay Kumar and Ms. Sudesh Rani. SSRU
commenced commercial operations from July 2011, and is engaged in
the processing of basmati rice. The manufacturing facility is
located at Taraori, Haryana.



SUNDIAL MINING: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Sundial Mining and Metals LLP (SMML) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          9          CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan            3          CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SMML for
obtaining information through letter and email dated October 13,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SMML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMML
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SMML to 'CRISIL D Issuer not cooperating'.

SMML was set up in September 2013 as a limited-liability
partnership between Mr. G Ravi Kumar and family. This
Bengaluru-based firm trades in and exports bauxite and iron ore; it
primarily exports to China.


SUNSHINE EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Short-Term rating of Sunshine Exports in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term–        6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Sunshine Exports (SE), established in the year 2006, is a
proprietorship firm based out of Nagpur, Maharashtra. The firm is
managed by its proprietor, Mrs. Aruna Moorthy and her husband, Mr.
DTS Moorthy. The firm is engaged in export of Agro products,
primarily rice and sugar.


TOSHALI CEMENTS: ICRA Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Toshali
Cements Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        14.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating moved to the 'Issuer Not
   Cash Credit                   Cooperating' Category

   Long-term–
   Non-fund Based     1.10       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating moved to Issuer Not
                                 Cooperating category

   Long-term/        14.90       [ICRA]D/[ICRA]D ISSUER NOT
   Short-term–                   COOPERATING; Rating moved to
   Unallocated                   Issuer Not Cooperating category

The rating is based on limited cooperation from the entity since
the time it was last rated in March 2023. As a part of its process
and in accordance with its rating agreement with Toshali Cements
Private Limited, 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 cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the rating has been moved to the "Issuer Not
Cooperating" category. The rating action has been taken in
accordance with ICRA's policy on non-cooperation by a rated entity
available at www.icra.in.

Toshali Cements Private Ltd (TCPL) was incorporated in 2002 and is
involved in manufacturing and sale of Portland Pozzolana Cement
(PPC), Ordinary Portland Cement (OPC-53 grade), Portland Slag
Cement (PSC), Ground Granulated Blast Furnace Slag (GGBS) and other
construction materials for binding such as 'nanofine' cement
additive. The company has a clinker production capacity of
1,000-tonnes per day (TPD) and a 700-TPD cement production
(grinding unit) capacity at its Ampavalli plant in Odisha. It has a
1,200-TPD grinding unit at Choudwar, Odisha. Overall, it has a
clinker production capacity of 1,000 TPD (around 0.33 million MTPA)
and a cement production capacity of 1,900 TPD (0.63 million MTPA).
TCPL sells its cement under the Gajapati brand name.


TRIPURARI PROPERTIES: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Tripurari Properties Private Limited
        4, Dr. Rajendra Prasad Sarani
        3rd floor, Room No. 303
        Kolkata 700001, West Bengal

Liquidation Commencement Date: November 20, 2023

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: November 20, 2023

Insolvency professional: Rashmi Chhawchharia

Interim Resolution
Professional:            Rashmi Chhawchharia
                         2A, Nandlal Jew Road
                         Kolkata 700026, West Bengal
                         E-mail: rashmi.chhawchharia@gmail.com

                            - and -

                         Annapurna Apartments, Flat 1A, 12A
                         Suhasini Ganguly Sarani
                         Kolkata 700025
                         E-mail: cirp.tripurari@gmail.com

Last date for
submission of claims:    December 20, 2023


UP KORAUN: Ind-Ra Keeps B- Term Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained UP Koraun Urja
Private Limited's rupee term loan in the non-cooperating category
and has simultaneously withdrawn it.

The detailed rating action is:

-- INR1.690 bil. Rupee term loan due on December 31, 2035
     maintained in non-cooperating category and withdrawn.

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

The rating was last reviewed on August 27, 2019. Ind-Ra is unable
to provide an update, as the agency does not have adequate
information to review the rating.

*Maintained at 'IND B- (ISSUER NOT COOPERATING)'/Negative before
being withdrawn

Key Rating Drivers

Ind-Ra has maintained the rating in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
emails and phone calls and has not provided information pertaining
to the sanctioned bank facilities and utilization, latest financial
statements, business plans and projections for the next three
years, and information on corporate governance.

Ind-Ra is no longer required to maintain the rating as the agency
has received a no-objection certificate from the rated facilities'
lender. This is consistent with Ind-Ra's Policy on Withdrawal of
Ratings. Ind-Ra will no longer provide analytical and rating
coverage for UP Koraun Urja Private Limited.

Company Profile

UP Koraun Urja was formed by Essel Green Energy Private Limited for
the development of a 40MW AC solar power project in Koraon Tehsil,
Prayagraj District, Uttar Pradesh.


UP MEHRAUNI II: Ind-Ra Keeps B- Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained UP Mehrauni II
Urja Private Limited's rupee term loan in the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating action is:

-- INR1.790 bil. Term loan due on December 31, 2035 maintained in

     non-cooperating category and withdrawn.

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

The ratings were last reviewed on August 27, 2019. Ind-Ra is unable
to provide an update, as the agency does not have adequate
information to review the ratings.

*Maintained at IND B- (ISSUER NOT COOPERATING)/Negative before
being withdrawn.

Key Rating Drivers

Ind-Ra has maintained the ratings in non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
emails and phone calls and has not provided information pertaining
to the sanctioned bank facilities and utilization, latest financial
statements, business plans and projections for the next three
years, and information on corporate governance.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the rated facilities'
lender. This is consistent with Ind-Ra's Policy on Withdrawal of
Ratings. Ind-Ra will no longer provide analytical and rating
coverage for the company.

Company Profile

UP Mehrauni II Urja was formed by Essel Green Energy Private
Limited for the development of a 40MW AC solar power project in the
Rijola village, Usawan Tehsil, Budaun District of Uttar Pradesh.


UP POWER: Ind-Ra Cuts NonConvertible Debts Rating to D
------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on U.P. Power Corporation Limited's (UPPCL) debt
instruments:

-- INR49,997.50 bil. Non-convertible debentures (NCDs) (Series
     1)*# downgraded and reassigned with IND A+(CE)/Stable rating;

-- INR21,168.00 bil. (reduced from INR22,491.00 bil.) NCDs
     (Series 2 Tranche 1)* affirmed with IND A+(CE)/Stable rating;

-- INR29,070.00 bil. NCDs (Series 2 Tranche 2)* affirmed with
     IND A+(CE)/Stable rating;

-- INR39,512.00 bil. NCDs (Series 3 Tranche 1)* affirmed with
     IND A+(CE)/Stable rating;

-- INR34,880.00 bil. NCDs (Series 3 Tranche 2)* affirmed with
     IND A+(CE)/Stable rating; and

-- Unsupported rating$ affirmed with IND BBB+/Stable rating.

*Details in the annexure

Ind-Ra has assigned the unsupported rating in compliance with the
Securities Exchange Board of India's circular dated June 13, 2019,
which requires credit rating agencies to disclose unsupported
ratings without factoring in the explicit credit enhancement (CE)
and supported rating after factoring in the explicit CE.

#*Downgraded to 'IND D' before being reassigned

Analytical Approach: All the three series of NCDs are backed by an
unconditional, irrevocable, pre-default guarantee from the GoUP,
which is the principal debtor for the timely debt servicing
throughout the bond tenor. Also, the NCDs have trustee monitored
structured payment mechanism, wherein UPPCL's daily collections
flow into a designated receipt account (DRA) on a first priority
basis and then flow into the designated UPPCL bond servicing
account (UBSA) of each series on a daily basis, so that sufficient
funds are build up T-15 days from the due date of debt servicing.

For Series-1 bonds: Ind-Ra has factored in the state's consolidated
fund support for the timely payment of debt servicing and the
replenishment of the debt service reserve account (DSRA); this is
almost similar to the comfort available to state development loan
investors. This extraordinary cushion available to investors of
Series-I was reflected in the two-notch rating differential from
Series-2 and Series-3 bonds earlier.

For Series-2 bonds: Ind-Ra has factored in the structured payment
mechanism, adequate liquidity buffer and escrow mechanism to trap
the UPPCL's subsidy receipts from the GoUP to replenish the DSRA,
in case it falls below the requirement.

For Series-3 bonds: Ind-Ra has factored in the structured payment
mechanism, the commitment by the GoUP to extend budgetary support
for the repayment of bonds and the escrow mechanism to trap the
UPPCL's revenue receipts from the irrigation and agriculture
departments of the state government against power sales to
replenish the DSRA, in case it falls below the requirement.

UPPCL's unsupported rating continues to be based on the credit
profile of the GoUP, its ongoing support and the strength of
linkage between the corporation and the state government.

The downgrade of Series-1 NCDs rating reflects the delay in the
interest payment of ISIN-INE540P07087, INE540P07095, INE540P07103
and INE540P07079 of the series-I bonds. The delay is equivalent to
the interest of one day. The reassignment of 'IND A+(CE)' rating is
based on Ind-Ra's view on the event and the subsequent remedial
measures taken by UPPCL, which have been detailed below. The
structure had been working since the bond issuance and sufficient
amount was available in the escrow account and the bond servicing
account. The agency's concerns had been related to governance and
management effectiveness. The default has not occurred because of
deterioration in the credit quality, and willingness and ability to
pay. As a result, the rating of bond Series-1 has been capped at
'IND A+(CE)' with Stable Outlook, and the ratings for Series-II and
Series-III have been affirmed at 'INDA+(CE)'/Stable.

Key Rating Drivers

Adequacy of Credit Enhancement - Unconditional, Irrevocable
Guarantee: The GoUP has extended an unconditional and irrevocable
guarantee for the rated bonds. The respective structures define the
event for invocation of the guarantee by the trustee and other
credit enhancers. Ind-Ra, in its analysis, has stressed the GoUP's
credit profile by considering a sizeable portion of the guarantee
to devolve. As per Ind-Ra's analysis, the guarantor, even in the
stress scenario, was found to be meeting all the guaranteed debt
obligations.

Breach in Compliance: The interest payment for Series-1 is to be
done on a quarterly basis, with the dates being fixed at May 15,
August 16, November 15 and February 15. While the issuer has
confirmed that they have serviced the bonds on a timely basis,
misinterpretation of Business Convention Day led to the interest
payout being calculated until November 13, 2023, instead of
November 14, 2023, and the interest payment was made accordingly.
However, as and when the error came into the notice of the company,
the company rectified and made the payment of one-day shortfall in
interest along with the delayed interest payment charge to the
debenture holders on 17 November 2023 and 18 November 2023,
respectively. The default has occurred on account of procedural or
system issues or human errors (often termed as technical defaults)
and that have been rectified by the issuer promptly when the issue
was raised by the debenture trustee.

Furthermore, 15 days before the debt servicing (part of the
structure monitored by the trustee), the balance in UPPCL's account
for debt servicing of Series 1 was more than sufficient to service
the interest and principal obligation, and the event therefore took
place solely due to misinterpretation of the Business Day
Convention. Until this event, there had not been any instances of
delay/default by the company since the issuance of the bonds and it
has adhered to the structured payment mechanism. In addition, the
pre-default guarantee given by the government of Uttar Pradesh
(GoUP) has not been invoked for any series and the consolidated
fund of the GoUP has not been utilized for debt servicing of Series
1 bonds so far. The availability of funds and the payment being
made before the due date reflects that the company had the ability
and willingness to pay. Therefore, Ind-Ra believes that the event
does not inherently reflects any deterioration in the credit
profile of the company, and it expects that the company would
strengthen its standard operating procedure and internal control
mechanism to ensure strict adherence to the required compliances
and payments as per schedule. The ratings of the other instruments
have accordingly been affirmed.

Structured Debt Servicing Mechanism (Series – 3): The rating is
supported by the presence of a debt servicing mechanism to tap into
UPPCL's top line/cash flows. The mechanism will ensure a minimum
daily transfer of INR90 million from UPPCL's daily collections to a
DRA on first priority basis, which would then flow into UBSA. The
transfers into the DRA will remain free from any encumbrance.
Starting from the first day of each quarter, a prorated amount will
be auto transferred to the UBSA from the DRA. Daily transfers into
the UBSA would be such that the entire amount required for the
immediate debt servicing will be available in the UBSA 15 days
prior to the servicing date (T-15). The structure provides for the
GoUP budgetary support for servicing the bonds by way of the
requisite fund infusion in the default escrow account anytime
between 15 and 45 prior to every quarterly bond servicing date. On
the 14th day prior to the bond service date (T-14 day), in case the
built-up is insufficient, the debenture trustee would inform the
GoUP and seek the amount to cover up the shortfall by 10 days prior
to the bond servicing date (T-10 day). If the GoUP fails to cover
up the shortfall in the UBSA T-10 day, the trustee will call upon
the GoUP guarantee on the T-9 day to the extent of shortfall.
Thereafter, the GoUP will have to make good the UBSA shortfall by
T-3 days.

Rolling DSRA (Series-3): The ratings are further supported by the
liquidity buffer available for the bond servicing in the form of a
rolling DSRA, which, at all times, has to be maintained at an
amount equivalent to the total debt servicing obligation (principal
and interest) for the next two quarters. The initial DSRA will be
created one day prior to the pay-in date. If the shortfall in the
UBSA persists on the T-2 day, the trustee would transfer the funds
from the DSRA to make good the shortfall in the UBSA.

As it is a rolling DSRA, for tranche 1, UPPCL will need to top it
up to meet the enhanced principal repayment requirement falling due
from the ninth and 10th quarter within 15 days after the expiry of
the seventh and eighth quarter; meanwhile, for tranche 2, the
topping will have to be done within 15 days after the expiry of the
fifth and sixth quarter for the principal repayment requirement
falling due from the seventh and eighth quarter.

DSRA Replenishment from Agriculture and Irrigation Department
Accounts (Series-3): The power revenue received by UPPCL from the
agriculture and irrigation department of the state government will
become available to the trustees for recouping the DSRA in case of
its impairment. The revenue received by UPPCL from the agriculture
and irrigation department for during FY23 was INR46.18 billion
(FY22: INR44.93 billion). This revenue will be routed into a
specified account with a default escrow mechanism. In case of a
DSRA impairment or a shortfall, the escrow mechanism will be
activated.

Furthermore, in case the revenue receipt from the irrigation and
agriculture department on a quarterly basis falls short of INR5
billion per quarter for any two consecutive quarters, then the
structure provides for the allocation of one or more urban domestic
circles/divisions. UPPCL will hypothecate the revenue flow from
urban domestic circles/divisions in favor of the debenture trustee
until the flow into this subsidy account is restored to INR6
billion per quarter.

During DSRA Impairment (Series-3): In case of a DSRA impairment,
firstly the escrow mechanism on UPPCL's default escrow account
would be activated on the very next working day on the instruction
of the debenture trustee. All funds available in the account would
be immediately transferred into the DSRA. Secondly, all amounts in
the UBSA and the DRA will be transferred to the DSRA on an ongoing
basis until the DSRA is fully replenished and the full requisite
amount for servicing of the bonds for the next quarterly pay-out
date is built-up in the UBSA.

Secured Bonds (Series-3): The bonds shall be secured by way of a
charge on the residual current assets, including receivables of the
company after considering prior charges in favor of the existing
secured lenders, with a minimum cover of 1.0x to be maintained
during the tenure of the bonds. The receipts for supplying power
from the irrigation and agriculture departments and the assigned
revenue inflows from urban domestic divisions (if required to be
allocated) will carry first charge and would also be hypothecated
(to the extent of INR6 billion) in favor of the trustee. The charge
pertaining to hypothecated assets would be filed with the offices
of Registrar of Companies and other appropriate agencies.

Adherence of Servicing Mechanism: The ratings continue to be
supported by the presence of a well-orchestrated debt servicing
mechanism to ensure the timely servicing of the bonds. The
mechanism, which has been ensuring a daily pre-defined transfer of
funds from UPPCL's daily collections to the respective debt
servicing accounts of different bonds, is being duly adhered to for
Series-1 and Series-2.

Rolling DSRA Coverage for Series 1 and Series 2: The affirmation is
supported by the adequate liquidity buffer available for bond
servicing in the form of a rolling DSRA. The account, at all times,
has to be maintained at an amount equivalent to the total debt
servicing obligation (principal and interest) for the next one
quarter for Series 1 and two quarters for Series 2. UPPCL has been
maintaining comfortable coverages, based on the structure payment
mechanism, for both DSRAs and bond servicing accounts.

Reducing Power Losses; Improvement in Collection Efficiency:
UPPCL's aggregate technical and commercial (AT&C) losses declined
over FY19-FY23 to 22.14% in FY23 (FY22:31.22%). However, they are
still high. The agreed milestone of AT&C losses is 15% under the
Ujjwal DISCOM Assurance Yojana. Its collection efficiency improved
to 93.41% in FY23 (FY22: 91.30%). Also, the billing efficiency of
UPPCL improved to 83.35% in FY23 (FY22: 80.29%).

To increase its collection efficiency further, UPPCL is changing
its billing agencies, increasing the payment gateways and enabling
more mobile billing and payment options for consumers. However,
Ind-Ra believes UPPCL's collection efficiency might take time to
show results and will remain at the same level over the medium
term. To bring down the losses, the company is stepping up its
investments in the distribution infrastructure and feeder
segregation and pre-paid metering under the Revamped Distribution
Sector Scheme.

UP's Sustained Revenue Surplus in FY23: Post witnessing a deficit
in its revenue account after a span of 14 years in FY21, the
revenue account of Uttar Pradesh returned to a surplus of 1.8% of
gross state domestic product (GSDP) in FY22. As per the revised
estimates (RE) for FY23, the revenue surplus of the state improved
further to 2.6% of GSDP (INR539.07 billion) against the budget
estimate (BE) of 2.1% (INR431.24 billion). This was higher than
Ind-Ra's projection of 1.1% for FY23. While nominal GSDP grew by a
modest 9.9% yoy in FY23 (RE), the revenue receipts grew 29.1% yoy
during the year. This is higher than the current expenditure of
25.9% yoy in FY23. Notwithstanding the higher revenue surplus, the
fiscal deficit was estimated at INR813.26 billion in FY23 (RE)
(4.0% of GSDP), against INR811.8 billion (4.0% of GSDP) in FY23
(BE). This is due to higher allocation for capex. The state has
budgeted the revenue surplus and fiscal deficit for FY24 at 2.8%
and 3.5% of GSDP, respectively. The debt burden of the state in
FY24 has been budgeted at 32.1% of GSDP, down from 34.2% in
FY23(RE).

Liquidity Indicator - Adequate: UPPCL continues to rely heavily on
the state government in the form of equity and fresh loans from
banks/financial institutions for meeting its operational
expenditure obligations, including debt servicing. For FY23, UPPCL
has received and equity infusion of INR87,884 million (FY22: 55,529
million).

UPPCL needs to repay INR143 billion in FY24, as debt obligation
(both interest and principal). Although the principal repayment for
Series 3 bonds will start after eight quarters of issuing the bonds
(Q1FY24), UPPCL will have to service interest from the end of the
first quarter of FY23. Ind-Ra believes the liquidity available for
bond servicing is adequate, given the available credit enhancers in
the form of DSRA and the escrow of revenue for debt servicing. The
GoUP has agreed to extend the budgetary support for the repayment
of Series 3 bonds. The average maximum working capital utilization
in the 12 months ending September 2023 was 29.15% (maximum:
51.31%).

Unsupported Rating Based on Support and Linkages with GoUP: UPPCL
is 100% owned by the GoUP. It has a monopoly over power
distribution in Uttar Pradesh. The tariffs are fixed by the state
regulator, thus mitigating large fluctuations in its financial
performance. However, insufficient and infrequent tariff revisions
have been impacting UPPCL's financial performance. The last tariff
hike of 11.69% was allowed in FY20.

The GoUP provides revenue subsidy to UPPCL for supplying power to
below-poverty-line families and agriculture consumers. The projects
implemented by UPPCL are supported by capital grants under various
schemes sponsored by the state and center governments. UPPCL has
been regularly receiving grants/equity from the GoUP, which has
helped it manage its repayment obligations on time. During
FY19-FY23, the GoUP extended equity support of INR272 billion to
UPPCL. Furthermore, in terms of revenue subsidy, UPPCL had received
INR430.97 billion from the GoUP during FY19-FY23. In addition, for
1HFY24, UPPCL has received revenue subsidy of INR46 billion. Also,
the GoUP has been providing support for the loss funding under
RDSS. The loss will be taken over by GoUP in a phased manner, and
by FY26, 100% loss funding would be given. UPPCL received
loss-funding subsidy of INR254.29 billion during FY19-FY23, and
INR28.40 billion in 1HFY24.

State's Weak Economic Performance: During FY12-FY22, the gross
state value added (GSVA, at FY12 prices) of UP grew at 5.1% CAGR,
lower than the national growth rate of 5.5%. GSVA stood at
INR11,235 billion in FY22. The base effect and the bounce back in
services and industrial sector propelled the state economy to grow
9.5% yoy in FY22 (FY21: negative 5%). The overall economic
structure of UP is similar to the national economic structure. The
share of services in the Indian economy increased to 53.0% in FY22
from 49.0% in FY12. During the same period, the share of services
in UP's economy rose to 47.6% from 45.5%. The trend was similar in
agriculture. The share of agriculture in the national economy
declined to 15.6% in FY22 from 18.5% in FY12. But in case of UP it
declined to 23.1% from 26.9% and remained much higher than the
national economy. The share of industrial sector in UP was 29.2% in
FY22 compared with 31.2% the national level.

Rating Sensitivities

For Bonds

Positive: Not applicable due to event of default

Negative: Any one or all of the following will result in a negative
rating action:

- any deviation from the terms of the bonds or the structured
payment mechanism

- a weakening of the credit profile of the state

For Unsupported Ratings

Positive: The following developments can lead to a positive rating
action:

- an improvement in the GoUP's credit profile

- sustaining positive EBIDTA (consolidated) at least for two
consecutive years

- UPPCL's debt/EBITDA (consolidated) staying below 8.0x for two
consecutive years

Negative: Events that could, individually or collectively, lead to
a negative rating action include:

- a significant deterioration in the GoUP's credit profile

- any weakening of UPPCL's linkages with the GoUP

- a delay in receipt of subsidy from the GoUP (subsidy receivables
increasing to more than 90 days for two consecutive years)

Company Profile

UPPCL is the power distribution company of GoUP. UPPCL was
incorporated on 30 November 1999 after the unbundling of UP State
Electricity Board and became functional on 15 January 2000. It
undertakes business through five subsidiaries.

UP SARILA: Ind-Ra Keeps B- Term Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained UP Sarila Urja
Private Limited's rupee term loan in the non-cooperating category
and has simultaneously withdrawn it.

The detailed rating action is:

-- INR2.0 bil. Project term loan due on December 31, 2035
     maintained in non-cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate; based
on the best available information. The ratings were last reviewed
on August 27, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

*Maintained at 'IND B- (ISSUER NOT COOPERATING)'/Negative before
being withdrawn.

Key Rating Drivers

Ind-Ra has maintained the rating in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
emails and phone calls and has not provided information pertaining
to the sanctioned bank facilities and utilization, latest financial
statements, business plans and projections for the next three
years, and information on corporate governance.

Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-objection certificate from the rated facilities'
lender. This is consistent with Ind-Ra's Policy on Withdrawal of
Ratings. Ind-Ra will no longer provide analytical and rating
coverage for UP Sarila Urja

Company Profile

UP Sarila Urja was formed by Essel Green Energy Private Limited for
the development of a 40MW AC solar power project in the Rijola
village, Usawan Tehsil, Budaun District of Uttar Pradesh.



VINP DISTILLERIES: Ind-Ra Cuts Loan Rating to D, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded VINP
Distilleries and Sugars Private Limited's (VINP) bank facilities'
ratings to 'IND D' from 'IND B+'. The Outlook was Stable.

The detailed rating actions are:

-- INR900 mil. Fund-based limits (Long-term/Short-term loan)
     downgraded with IND D rating; and

-- INR2.50 bil. Term loans (Long-term) due on March 2027
     downgraded with IND D rating.

Key Rating Drivers

The downgrade reflects VINP's delays in debt servicing during
October 2023.

Liquidity Indicator- Poor: The company could not service the
interest on its term loan during October 2023 due to insufficient
funds.

Rating Sensitivities

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

Company Profile

VINP was incorporated on 27 January 2021. It has set up a
distillery plant with a capacity of 300 kilo liters per day (for
producing ethanol and a 14MW power plant at Konankeri Village,
Haveri District in Karnataka. VINP has entered into agreements with
Bharat Petroleum Corporation Limited, Indian Oil Corporation
Limited (IND AAA/Stable), and Hindustan Petroleum Corporation
Limited (IND AAA/Stable) for the sale of ethanol. The company
started its operations from January 2023.






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

KAWASAN INDUSTRI: Fitch Hikes LongTerm IDR to 'B-', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded PT Kawasan Industri Jababeka Tbk's
(KIJA) Long-Term Issuer Default Rating (IDR) to 'B-', from 'CCC+'.
The Outlook is Stable. The agency has also upgraded the rating on
KIJA's USD185.9 million secured notes due 15 December 2027 to 'B-'
with a Recovery Rating of 'RR4', from 'CCC+/RR4'. The 2027 secured
notes are issued by KIJA, guaranteed by certain subsidiaries and
secured by first-ranking mortgages over land parcels.

Fitch Ratings Indonesia has simultaneously upgraded KIJA's National
Long-Term Rating to 'BB+(idn)', from 'BB-(idn)'. The Outlook is
Stable.

The upgrade reflects its view of KIJA's improved liquidity such
that its cash and equivalents will remain steady over the medium
term despite rising loan amortisations. This is supported by
neutral-to-positive free cash flow (FCF) and improved access to
domestic banks that Fitch believes the company may use to fund
capex and construction costs as required.

The 'B-' IDR also reflects KIJA's small contracted sales scale and
the cyclicality of its industrial land sales, counterbalanced by
improving non-development cash flow from its power plant, dry port
and estate-management services, covering its interest expense.

'BB' National Ratings denote an elevated default risk relative to
other issuers or obligations in the same country or monetary
union.

KEY RATING DRIVERS

Improved Liquidity: Fitch expects KIJA to maintain adequate
liquidity over the medium term, supported by neutral-to-positive
FCF and adequate access to domestic banks to fund capex and
construction. Consequently, Fitch forecasts the company's cash
balance to remain steady despite rising debt repayments of around
IDR700 billion in 2024 and 2025 combined. KIJA obtained a term loan
of USD14 million (around IDR220 billion) from PT Bank Mandiri
(Persero) Tbk (BBB-/AA+(idn)/Stable) to fund capex in 2023 and is
in negotiations for further facilities with other banks.

Healthy Non-Development Interest Cover: Fitch expects KIJA to
maintain steady cash flow from its non-development sources,
counterbalancing its cyclical industrial-property sales. Fitch
forecasts non-development EBITDA of IDR458 billion in 2023 and
IDR490 billion in 2024 from rising power sales, throughput at
KIJA's dry port, and estate management as the township scales up.
This will counter the coupon step-up on KIJA's 2027 notes.
Consequently, Fitch expects non-development EBITDA/interest cost to
increase to around 1.3x-1.4x in the next few years (2022: 1.1x).

Small, Steady Presales Scale: Fitch forecasts presales, excluding
KIJA's joint venture - PT Kawasan Industri Kendal - to remain
steady at around IDR900 billion in the next few years. This is
supported by Indonesia's strong foreign direct investment (FDI)
record. Fitch believes FDI inflows will remain steady, even if they
are temporarily slower in 1H24 due to general elections starting in
February. Industrial land and building sales will account for the
majority of presales in the next two years, with affordable homes,
shophouses and commercial land plots making up the balance.

Benefit from VAT Rebate: Fitch expects Indonesia's value-added tax
(VAT) rebate on homes priced below IDR2 billion to support KIJA's
residential presales in 2024. KIJA's completed inventory of around
IDR300 billion are mostly landed houses and apartments valued at
below IDR2 billion, which will fall within the scope of the rebate.
The regulation provides a 11% discount on homes in this price
segment if they are sold and handed over between November 2023 and
June 30, 2024, with 50% of the discount applying to homes handed
over from July 2024 until end-December 2024.

Kendal JV Deconsolidated: Fitch has deconsolidated KIJA's 51% joint
venture (JV) in Kendal in its rating assessment. Kendal is not a
guarantor to the US dollar notes, and KIJA requires the consent of
its 49% partner, PT Sembcorp Development Indonesia, to extract
dividends. KIJA received a first-time dividend of IDR132 billion
from Kendal in 2023, but the visibility of subsequent dividend
payments remains low owing to the JV's development plans.

Fitch does not anticipate support for the JV from KIJA, as Kendal
is self-sufficient with steady operating cash flow, IDR1.1 trillion
of presales in 9M23 and no debt. Neither KIJA nor Sembcorp have
guaranteed Kendal's debt in the past.

DERIVATION SUMMARY

KIJA's ratings are comparable with those of PT Alam Sutera Realty
Tbk (ASRI, B-/Stable) and PT Lippo Karawaci Tbk (LPKR; IDR: CCC+,
National Rating: B+(idn)/Negative).

KIJA and ASRI have similar business and financial risk profiles,
and are therefore rated at the same level. KIJA's business profile
is similar to ASRI's, as its smaller presale scale - mostly from
cyclical industrial land sales - is compensated by steady cash flow
from non-development sources that covers its interest expense.
ASRI's residential products exhibit more stable demand, given its
established residential townships and product diversity, and
support its higher presales scale of IDR2 trillion. Both KIJA and
ASRI have similar liquidity positions, as they rely on external
financing or asset sales to repay debt.

KIJA is rated higher than LPKR on both the international and
national scale. KIJA's smaller presales size in comparison to LPKR
is counterbalanced by KIJA's improving liquidity following the
restructuring of its US dollar notes in late 2022 and
neutral-to-positive FCF. KIJA does not have any material maturities
in the next three years, while LPKR's 2025 bonds will mature in 14
months.

LPKR's 'CCC+' rating reflects not only the heightened liquidity and
refinancing risks around its USD237 million bond due 22 January
2025, but also the availability of several levers to support the
process, including a large pool of unpledged assets and a
turnaround time of around 12 months.

KEY ASSUMPTIONS

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

- Presales, excluding the Kendal joint venture, of IDR919 billion
in 2023 and IDR927 billion in 2024

- Non-development EBITDA of IDR458 billion in 2023 and IDR490
billion in 2024

- Land banking and capex, excluding Kendal, of around IDR325
billion in 2023 and in 2024

- Dividend income from Kendal of IDR132 billion in 2023. Fitch does
not assume any dividend income from Kendal in 2024, considering its
ongoing development plans.

RECOVERY ANALYSIS

KEY RECOVERY RATING ASSUMPTIONS

Fitch assumes KIJA will be liquidated in a bankruptcy rather than
continue as a going concern, as it is an asset-trading company.

- Fitch uses KIJA's financials excluding Kendal to compute
liquidation value under a distressed scenario of IDR4.9 trillion as
of end-December 2022.

- The estimate reflects its assessment of the value of trade
receivables at a 75% advance rate, inventory at a 50% advance rate,
and property, plant and equipment at a 50% advance rate, which
primarily comprised a power plant, dry port and waste water
treatment plant. The discount considers the power plant's young
age, at less than 10 years, with more than 10 years remaining under
its power purchase agreement, and the dry port's strategic
location.

- Fitch believes the 25% discount over trade receivables is more
than sufficient to cover potential bad debt, given KIJA's allowance
for bad debt of less than 5% of total receivables as of end-2022.

- Fitch assigns a 50% advance rates to inventory, which
incorporates a substantial discount to market value, as KIJA
reports inventory at historical acquisition cost. Fitch also
assigns a 50% recovery rate to KIJA's 51% share of the Kendal joint
venture, as Kendal's net worth mainly reflects its inventory
balance.

These assumptions result in a 'RR2' Recovery Rate for the
outstanding bonds. Nevertheless, Fitch rates the outstanding bonds
at 'B-' with a Recovery Rating of 'RR4', because Indonesia falls
into Group D of creditor-friendliness under its Country-Specific
Treatment of Recovery Ratings Criteria and the instrument ratings
of issuers with assets in this group are subject to a soft cap at
the company's IDR.

RATING SENSITIVITIES

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

- Fitch does not expect positive rating action in the medium term
given KIJA's limited presales scale compared with its peers.

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

- Weakened liquidity, evidenced by an inability to maintain a
steady cash balance

- Non-development EBITDA gross interest cover below 1.0x for a
sustained period

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: KIJA had around IDR660 billion of cash at its
wholly owned subsidiaries as of end-September 2023. This, combined
with its belief that the company will be FCF neutral to positive in
2023-2024, provides adequate cover over the IDR373 billion of debt
due in the next 12-15 months. The debt mostly comprises the
amortisation of the USD100 million (around IDR1.6 trillion) Mandiri
loan. Fitch expects KIJA will be able to tap adequate external
financing to fund capex and construction spend if required, freeing
up its cash flow to meet the loan amortisation and maintain cash
reserves.

ISSUER PROFILE

KIJA is an Indonesia-based industrial township developer. The
company generates presales from its two flagship projects, Kota
Jababeka in Cikarang, West Java, and Kendal, in Central Java. It
had over 1,700 hectares of landbank across its two estates at
end-September 2023, which was sufficient for more than 20 years of
development.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating           Recovery   Prior
   -----------               ------           --------   -----
PT Kawasan Industri
Jababeka Tbk          LT IDR  B-      Upgrade            CCC+

                      Natl LT BB+(idn)Upgrade            BB-(idn)

   senior secured     LT      B-      Upgrade   RR4      CCC+




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

SOGO & SEIBU: Prospects Uncertain After Troubled Sale
-----------------------------------------------------
The Japan Times reports that the future of Sogo & Seibu, a
loss-making major department store operator seeking a business
turnaround, remains uncertain following its troubled sale to U.S.
investment fund Fortress Investment Group in September.

The Japan Times says the sale, orchestrated by its previous parent
company, retail giant Seven & I Holdings, was marred by a heated
confrontation with the Sogo & Seibu labor union, resulting in the
first strike in Japan's department store industry in 61 years.

The labor dispute was fueled by concerns about the preservation of
the department store business and job security under the management
of the new parent company.

In November 2022, Seven & I decided to sell Sogo & Seibu in
February of this year, the report recalls. However, opposition
arose, notably from Yukio Takano, then mayor of Tokyo's Toshima
Ward, who raised specific objections to a proposal from major
electronics retailer Yodobashi Holdings, a business partner of
Fortress Investment, to open an outlet at Sogo & Seibu's flagship
Seibu Ikebukuro department store in the ward. The late mayor
expressed concerns about the potential negative impact on the
cultural foundation of the area.

According to the Japan Times, negotiations with the Toshima Ward
office and the Sogo & Seibu labor union also hit obstacles, leading
Seven & I to postpone the sale twice. The labor union resisted the
sale, citing unresolved concerns such as potential job losses, and
used the right to strike to press Seven & I to take action.

But Seven & I President Ryuichi Isaka expressed the view that an
early decision on stock transfers would expedite the rebuilding of
Sogo & Seibu. He pledged to consider relocating surplus personnel
from the Seibu Ikebukuro department store to other outlets, and
committed to facilitating discussions even after the sale.

Still dissatisfied, the labor union initiated an unprecedented
strike at the Seibu Ikebukuro department store on Aug. 31,
resulting in the store's closure. On the same day, Seven & I held
an extraordinary board meeting and decided to proceed with the sale
on Sept. 1 - more than six months later than in the originally
planned timeline, the report relays.

The Japan Times relates that the business reconstruction of Sogo &
Seibu faces a rough road ahead. Yodobashi plans to use about half
of the sales floor at the Seibu Ikebukuro main store, as well as
opening outlets at the Seibu Shibuya department store in central
Tokyo and the Sogo Chiba department store in Chiba. But there is
uncertainty surrounding strategies to revitalize underperforming
regional stores, including the Seibu Akita store in northeastern
Japan and the Seibu Fukui store in central Japan.

Despite assurances from Fortress Investment to retain jobs and all
10 Sogo & Seibu stores, concerns persist within the labor union.

Yasuhiro Teraoka, head of the labor union, criticized "the lack of
any prospect whatsoever" for improved management under Fortress
Investment's umbrella, according to the Japan Times. "It will be
difficult to achieve growth again because they (the new management)
plan to leave loss-making stores unattended and cut back on the
flagship store in Ikebukuro, the top profit earner," he said.

Drawbacks will arise if high-end brands withdraw from Sogo & Seibu
department stores due to reduced sales areas, risking the loss of
affluent customers from the chain, the report notes.

For years, the department store business model has been viewed as
out of step with the times. The market is shrinking, leading to the
closure of numerous stores in recent years. This trend encompasses
both long-established stores in rural areas and iconic ones in
central Tokyo.

Some in the industry have responded by renting out floor space to
tenants, declaring a departure from the traditional department
store business.

Seibu Department Stores, a predecessor of Sogo & Seibu, was once a
trendsetter with the catchy slogan of "delicious life," positioning
itself not only as a merchandise retailer but also as a hub for
cultural interaction.

With the flagship Seibu Ikebukuro department store expected to
reopen following renovations, probably in September next year, eyes
will be on whether it can demonstrate a new approach for survival
by a department store operator under the management of an
investment fund, the report states.




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

CLOUGH TRANSPORT: Court to Hear Wind-Up Petition on Dec. 14
-----------------------------------------------------------
A petition to wind up the operations of Clough Transport Limited
will be heard before the High Court at Dunedin on Dec. 14, 2023, at
10:00 a.m.

Transport Repairs Limited filed the petition against the company on
Dec. 14, 2023.

The Petitioner's solicitor is:

          Michael Bede O'Regan
          Cameron & Co Lawyers
          Level 1
          322 Riccarton Road
          Christchurch


LILY ROSE: Creditors' Proofs of Debt Due on Dec. 31
---------------------------------------------------
Creditors of Lily Rose Beauty Limited and RDN Future Limited are
required to file their proofs of debt by Dec. 31, 2023, to be
included in the company's dividend distribution.

The companies commenced wind-up proceedings on Nov. 27, 2023.

The company's liquidator is David Thomas.


RN MOTORS: Commences Wind-Up Proceedings
----------------------------------------
Members of RN Motors Limited on Dec. 3, 2023, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Iain Andrew Nellies
          c/- Insolvency Management Limited
          PO Box 1058
          Dunedin 9054


SACRED HILL: Court to Hear Wind-Up Petition on Dec. 14
------------------------------------------------------
A petition to wind up the operations of Sacred Hill Winery Limited
will be heard before the High Court at Napier on Dec. 14, 2023, at
10:00 a.m.

Sacred Hill Vineyards Limited filed the petition against the
company on Oct. 2, 2023.

The Petitioner's solicitor is:

          Matt Kersey
          Russell McVeagh
          Level 30
          48 Shortland Street
          Auckland


SAIL & VINE: Commences Wind-Up Proceedings
------------------------------------------
Members of Sail & Vine Limited and MRS L Limited on Nov. 10, 2023,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Iain Andrew Nellies
          c/o Insolvency Management Limited
          PO Box 1058
          Dunedin 9054




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

PH RESORTS: Okada Manila Owner to Buy Stalled Cebu Casino
---------------------------------------------------------
Bilyonaryo.com reports that just weeks after resolving a nasty
takeover battle with its founder, the owner and operator of Okada
Manila has emerged as the new prospective buyer of the long-delayed
Cebu casino project of Duterte crony Dennis Uy.

According to Bilyonaryo.com, Universal Entertainment Corp.
announced that its subsidiary, Tiger Resort Leisure and
Entertainment Inc. (TRLEI), which operates Okada Manila casino
hotel, has entered into a preliminary agreement with a subsidiary
of Mr. Uy's PH Resorts Group Holdings (PHR), for the acquisition of
a majority stake in the Emerald Bay Resort on Mactan Island,
Lapu-Lapu City Cebu.

TRLEI, led by president and CEO Byron Yip, and PHR signed a term
sheet on December 8 with a definitive agreement to be signed by
July 2024, Bilyonaryo.com relates.

Bilyonaryo.com says TRLEI is targeting to open the project, which
has suspended construction this year due to lack of cash, in 2026.
Mr. Uy had originally planned to open phase one of Emerald Bay in
2022 or before the end of Duterte's term.

TRLEI is the third investor group to enter into a preliminary
agreement with Mr. Uy for acquiring PHR - Bloomberry Resorts of
ultra bilyonaryo Ricky Razon in May of the previous year, and
AppleOne of government contractor Ray Manigsaca.

However, both Bloomberry and AppleOne withdrew from the deal after
conducting due diligence on PHR, Bilyonaryo.com nots. As of now,
Mr. Uy has not refunded the PHP1 billion deposit made by Bloomberry
last year

PHR was granted a casino license for Cebu and Clark by the
Philippine Amusement Gaming Corp. in 2017 under the Duterte
administration.

According to its initial blueprint, Emerald Bay is set to construct
a luxurious five-star hotel along 300 meters of beachfront,
Bilyonaryo.com discloses.

The hotel will feature two 15-story towers, providing a total of
642 rooms. Additionally, the facilities will include four pools, 18
dining venues, retail spaces, conference and exhibition facilities,
and an expansive gaming floor with over 700 electronic gaming
machines and more than 140 tables.

TRLEI has a capital of PHP8.7 billion or nearly six times more than
PHR's PHP1.5 billion.

TRLEI recently put an end to a contentious boardroom dispute, as
the Supreme Court upheld the removal of Japanese billionaire Kazuo
Okada from the board. The court confirmed that Tomohiro Okada, his
son, now holds complete control of the company.

                          About PH Resorts

PH Resorts Group Holdings Inc. operates as a holding company. The
Company, through its subsidiaries, manages and maintains
tourism-related businesses which includes resort and casino
projects. PH Resorts Group holdings serves customers in the
Philippines.

As of end end-2022, SGV & Co. reported that the company has PHP2.6
billion in capital deficit, PHP11 billion in net liabilities
payable in one year, and PHP146 million in cash deficit, according
to Bilyonaryo.com.




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

BERT'S AIR-CONDITIONING: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Singapore entered an order on Dec. 1, 2023, to
wind up the operations of Bert's Air-Conditioning Pte Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


IBM SERVICES: Creditors' Proofs of Debt Due on Jan. 6
-----------------------------------------------------
Creditors of IBM Services Talent Delivery Pte Ltd are required to
file their proofs of debt by Jan. 6, 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:


          Lim Loo Khoon
          Tan Wei Cheong
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


IDV CONCEPTS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Dec. 1, 2023, to
wind up the operations of IDV Concepts Asia Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


NEW ASIA: Court to Hear Wind-Up Petition on Dec. 22
---------------------------------------------------
A petition to wind up the operations of New Asia (M&E) Pte Ltd will
be heard before the High Court of Singapore on Dec. 22, 2023, at
10:00 a.m.

Grundfos (Singapore) Pte Ltd filed the petition against the company
on Nov. 28, 2023.

The Petitioner's solicitors are:

          JWS Asia Law Corporation
          168 Robinson Road
          #11-01 Capital Tower
          Singapore 068912


UNIQFOOD PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Dec. 1, 2023, to
wind up the operations of Uniqfood Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



                           *********


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
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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
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