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

                     A S I A   P A C I F I C

          Thursday, December 21, 2023, Vol. 26, No. 255

                           Headlines



A U S T R A L I A

APOG BIDCO: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
BAM ENGINEERING: First Creditors' Meeting Set for Dec. 28
D DIGIANDOMENICO PTY: First Creditors' Meeting Set for Dec. 29
FIRETEC (NSW): First Creditors' Meeting Set for Jan. 2
FOURTEEN CONSULTING: Messy Fallout of Company's AUD66MM Collapse

MIKCON EMPLOYMENT: Liquidator Pleads Guilty to Dishonest Conduct
OYSTAR PROJECTS: Second Creditors' Meeting Set for Dec. 28
QANTAS AIRWAYS: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings
SB COMMERCIAL: First Creditors' Meeting Set for Dec. 29


C H I N A

CHINA SOUTH: Avoids Default on July 2024 US Bond
COUNTRY GARDEN: Affiliated Property Manager Writes Down US$576MM
GUANGXI FINANCIAL: Moody's Withdraws 'Ba1' Corporate Family Rating


I N D I A

A.K. SONI: CARE Keeps D Debt Ratings in Not Cooperating Category
ANAND GLASS: CARE Keeps C Debt Rating in Not Cooperating Category
BHAGAYALAKSHMI AGENCY: CRISIL Assigns B Rating to INR10cr Loan
BYJU'S: Gradeup Posts Profit; Auditor Flags Going Concern
CONCEPT MOTOR: CRISIL Assigns B+ Rating to INR34.34cr Loan

COTTON BLOSSOM: CRISIL Reaffirms D Ratings on Long/Short Debts
GALAXY CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
HERITAGE WORLD: CARE Keeps C Debt Rating in Not Cooperating
JHARKHAND ROAD: CRISIL Reaffirms D Rating on INR410.74cr NCD
MANAN IMPEX: CARE Lowers Rating on INR7.50cr LT Loan to B-

ORBIT EXPORTS: CRISIL Withdraws B Rating on INR17.5cr Cash Loan
PATEL EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
PINAKIN PLASTOFORMING: CARE Keeps D Ratings in Not Cooperating
QUADROS MOTORS: CARE Keeps D Debt Rating in Not Cooperating
RAGHU RAMA: CARE Keeps D Debt Rating in Not Cooperating Category

RUCHIRA PRINTING: CARE Keeps C Debt Rating in Not Cooperating
SARVOTTAM ATTA: CARE Keeps D Debt Ratings in Not Cooperating
SHANKAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating
SHIVALIK TRADING: CARE Keeps D Debt Rating in Not Cooperating
SOUTHERN PHARMA: CARE Keeps D Debt Rating in Not Cooperating

VARDHMAN WIRES: CRISIL Reaffirms B+ Rating on INR4.53cr Loan
VEEKAY POLYCOATS: CRISIL Withdraws D Rating on INR66.5cr Loan
VITTHAL GAJANAN: CARE Keeps D Debt Rating in Not Cooperating
YOURS PROJECTS: CARE Lowers Rating on INR15cr LT Loan to B-


J A P A N

AEON CO: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings
EAST JAPAN RAILWAY: Egan-Jones Retains 'BB' Unsecured Debt Ratings
FURUKAWA ELECTRIC: Egan-Jones Retains 'BB+' Unsecured Debt Ratings
GINZA CALLA: Hair-removal Chain Enters Bankruptcy Proceedings
KEISEI ELECTRIC: Egan-Jones Retains B+ Sr. Unsecured Debt Ratings

KOBE STEEL: Egan-Jones Retains B+ Sr. Unsecured Debt Ratings
TOKYO ELECTRIC: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings
TOSHIBA CORP: Delisted After 74 Years, Faces Future w/ New Owners


M A C A U

WYNN MACAU: Moody's Hikes Senior Unsec. Notes Rating to B1


N E W   Z E A L A N D

CROYDON INDUSTRIES: Creditors' Proofs of Debt Due on Feb. 2
GALAXY INVESTMENT: Court to Hear Wind-Up Petition on Feb. 2
GRIEVE INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 31
PROVIDENT INSURANCE: A.M. Best Affirms bb+ Issuer Credit Rating
QUITE USEFUL: Creditors' Proofs of Debt Due on Jan. 23

SACRED HILL: Creditors' Proofs of Debt Due on Feb. 1


P H I L I P P I N E S

CEBU AIR: Egan-Jones Retains CCC- Sr. Unsecured Debt Ratings


S I N G A P O R E

JURONG PRIMEWIDE: Creditors' Meetings Set for Jan. 5
PANCAST PTE: Creditors' Meetings Set for Dec. 29
RESOURCECO ASIA: Creditors' Proofs of Debt Due on Jan. 22
TECHNICORUM HOLDINGS: Court to Hear Wind-Up Petition on Dec. 29
TRANZPLUS ENGINEERING: Court Enters Wind-Up Order



S O U T H   K O R E A

HANJIN INT'L: Moody's Hikes CFR to 'Ba3', Outlook Positive

                           - - - - -


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

APOG BIDCO: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of APOG Bidco Pty Ltd, the owner of Icon Group and changed
the outlook to negative from stable. At the same time, Moody's has
affirmed APOG's B2 senior secured bank credit facility ratings.    
       

RATINGS RATIONALE

APOG's outlook change to negative reflects its elevated leverage
stemming from the acquisition by financial sponsor EQT in February
2022 and its weaker than expected earnings in fiscal year ended
June 2023 (fiscal 2023) resulting from one-off events, cost
inflation pressures and delays in cancer center roll outs. APOG's
leverage – as measured by Moody's gross adjusted debt to EBITDA,
which includes lease liabilities - registered at around 8.5x in
fiscal 2023 compared to Moody's original forecast of around 7.3x.

The affirmation reflects Moody's expectation that earnings growth
will accelerate supported by a further ramp up in centers EBITDA,
easing inflation pressures and fee initiatives as evidenced by the
strong earnings growth achieved in the first quarter of the fiscal
2024. Moody's forecasts stronger earnings to consistently reduce
leverage to around 6.7x-7.8x over the next 12-18 months.

APOG's interest coverage – as measured by Moody's adjusted EBITA
to Interest expense - reached 1.0x in fiscal 2023 compared to
Moody's expectation of 1.8x, which is a weak level for its rating
category. The lower coverage level reflected rising interest rates
and softer than expected earnings. Icon has around 83% of its first
lien debt hedged (69% on a total drawn debt basis) which should
partially mitigate further impact from higher interest rates.
Moody's expects interest coverage to improve with EBITA/Interest
expense of around 1.1x-1.3x over the next 12-18 months.

APOG has a good track record of ramping up new sites within the
2–3-year business case targets. However, the return of credit
metrics to levels more adequate for the B2 rating category will
depend on APOG continuing with the successful execution of site
ramp ups and cost management as earnings growth will be the main
driver of deleveraging.

Moreover, Moody's expects APOG to continue to be growth-oriented,
which could delay leverage reduction if the company pursues
inorganic growth initiatives, or continues to invest in additional
sites above its current business plans. While APOG is currently
free cash flow negative, Moody's expects this metric to turn
positive over the next 12 to 18 months as it enters a phase of
lower capital spending and higher earnings.

The B2 rating affirmation also continues to reflect Icon's strong
market positions across its key cancer care, oncology compounding
and hospital pharmacy services segments, each with high barriers to
entry. The ratings are further supported by favorable demographic
trends and expected solid demand growth for cancer oncology
services as Australia's population ages and cancer incidence rate
(particularly for those over 65 years of age) rises. APOG's rating
is also supported by the stable regulatory environment in Australia
and good liquidity profile following the acquisition by EQT
Infrastructure.

LIQUIDITY

APOG's liquidity is good supported by cash balances of around AUD83
million and committed undrawn facilities of around AUD110 million
at June 30, 2023, although Moody's expects the company to draw down
the remaining balance of around AUD20 million on its delayed draw
term loan to fund growth spending.

Moody's expects that these sources of liquidity, along with
operating cash flow, will be sufficient to cover capital
expenditure and lease payments of around AUD76 million in fiscal
2024. There are no upcoming debt maturities over the next 12
months, with the next material maturity being the revolving credit
facility due in March 2027.

The revolver has a springing first lien net leverage covenant that
would require APOG to maintain below an 8.95x net leverage ratio,
tested quarterly, if 40% or more of the revolver is drawn. Moody's
expects that APOG will maintain ample cushion under this covenant
for the next 12-18 months.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Environmental, social and governance (ESG) considerations have a
negative impact on APOG's credit ratings reflecting exposure to
social and governance considerations. APOG's governance risk
reflects the company's concentrated ownership by private equity and
currently elevated leverage levels. APOG social risks reflect its
role as a healthcare service provider, and like most issuers in the
sector, is exposed to customer relations and responsible production
and expected to perform in compliance with industry regulations.

OUTLOOK

The negative outlook reflects APOG's weak credit metrics and the
company's growth-orientated strategy, which could further delay its
deleveraging and FCF generation to levels more consistent with its
B2 rating over the next 12 to 18 months.

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

An upgrade of the ratings is unlikely in the near term. However,
Moody's could stabilize the outlook if APOG consistently reduces
leverage towards 7.0x and if interest coverage is above 1.2x while
trending consistently higher over the next 12-18 months. At the
same time, a stabilization of the outlook would require maintaining
conservative liquidity management and turning free cash flow
positive over the next 12-18 months.

Longer term, Moody's could upgrade the ratings if APOG executes on
its growth initiatives and achieves material earnings and margin
improvement. Additionally, an upgrade would require APOG's adjusted
debt/EBITDA below 6.0x, adjusted EBITA/Interest expense above 2.5x
and positive free cash flow generation, all on a sustained basis.

Moody's could downgrade the ratings if: (1) APOG's liquidity and/or
operating performance deteriorate; (2) it fails to effectively
execute its current initiatives to grow earnings and reduce
leverage, and/or (3) if its financial policies become more
aggressive. Specifically, an inability to reduce leverage and/or
improve coverage over the next 12 months, such that adjusted
debt/EBITDA remains above 7.5x, adjusted EBITA/Interest expense is
maintained below 1.2x, and/or, if free cash flow remains negative,
would likely lead to a downgrade.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.


BAM ENGINEERING: First Creditors' Meeting Set for Dec. 28
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Bam
Engineering Pty Ltd will be held on Dec. 28, 2023, at 3:00 p.m. via
virtual meeting by Microsoft Teams.

Henry Kwok and Gavin Moss of Chifley Advisory were appointed as
administrators of the company on Dec. 14, 2023.


D DIGIANDOMENICO PTY: First Creditors' Meeting Set for Dec. 29
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of D
Digiandomenico Pty Limited will be held on Dec. 29, 2023, at 10:30
a.m. virtually via Zoom.

Scott Andersen and Matthew Kucianski of Worrells were appointed as
administrators of the company on Dec. 18, 2023.


FIRETEC (NSW): First Creditors' Meeting Set for Jan. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Firetec
(NSW) Pty Ltd will be held on Jan. 2, 2024, at 11:00 a.m. at the
offices of Greengate Advisory at Suite 32.02, Level 32, 31 Market
Street in Sydney and via Zoom platform.

John Chand and Patrick Loi of Greengate Advisory NSW were appointed
as administrators of the company on Dec. 18, 2023.


FOURTEEN CONSULTING: Messy Fallout of Company's AUD66MM Collapse
----------------------------------------------------------------
News.com.au reports that a company's AUD66 million collapse is
creating a messy fallout more than six months after the business
went bust.

In March, NSW-based Fourteen Consulting Services Pty Ltd was
court-ordered to go into liquidation.

News.com.au relates that the business, headquartered in Brighton Le
Sands in Sydney's south, offered labour hire services and had
racked up liabilities of more than AUD66 million by the time it
went under.

Last week, on Dec. 11, the liquidator in charge of Fourteen
Consulting Services, Darren Vardy, initiated winding up proceedings
against 16 other companies to recover some money for its 11
creditors, according to news.com.au.

Fourteen's former director, James Burns, ran the business for some
time while he was in jail on drug possession offences, after police
raided a residence in Sydney's Waterloo in 2018, the report
recalls. He resigned as the company's secretary in March 2021,
before Fourteen Consulting Services stopped trading in August of
that year. He resigned as director in March 2022.

According to the court judgment, police found Mr. Burns with cash,
including a tissue box filled with AUD20 and AUD50 notes, and a
number of illegal drugs such as cocaine, crystal meth and GHB, as
well as steroids and testosterone, news.com.au relays.

It was part of a police raid to dismantle drug supply in Sydney's
eastern suburbs.

A green Woolworths branded bag was found in the bust containing
168.4 grams of cocaine.

According to news.com.au, police found Mr. Burns in a room with an
unlocked padlock on the door which he said was his office and
gaming room.

Mr. Burns pleaded guilty to possession of three substances and also
to driving with illicit drugs present in his system.

He was sentenced to prison for three years and three months.

By the time Fourteen Consulting Services collapsed, he had resigned
as a director and there was another director in place, called
Nektarios Kalathas.


MIKCON EMPLOYMENT: Liquidator Pleads Guilty to Dishonest Conduct
----------------------------------------------------------------
Former registered liquidator Peter Andrew Amos appeared in the
Downing Centre Local Court on Dec. 19, 2023 charged with six counts
of dishonestly using his position as an officer of a company to
gain an advantage for his business and himself contrary to
s184(2)(a) of the Corporations Act.

Mr. Amos was a registered liquidator and business owner of Amos
Insolvency Pty Ltd.

ASIC alleges that in the period Oct. 6, 2016 to Dec. 31, 2022, Mr.
Amos transferred a total of AUD2,498,546.45 from the accounts of
the following companies to Amos Insolvency:

   * Mikcon Employment Services Pty Ltd (Deed of Company
     Arrangement);

   * TPC (Vic) Pty Ltd (Deed of Company Arrangement);

   * P O W 4X4 Pty Ltd (In Liquidation);

   * A-Force Electrics Pty Limited (In Liquidation); and

   * Conomi Group Pty Limited (Deed of Company Arrangement).

ASIC alleges that once the funds were transferred, they were used
to pay expenses of Amos Insolvency and for Mr. Amos' personal
purposes.

ASIC alleges that Mr. Amos and Amos Insolvency had no entitlement
to these funds, as all approved remuneration for Mr. Amos in the
administrations had been paid, and no additional remuneration
determinations had been made by the creditors of the companies.

ASIC also alleges that Mr. Amos diverted a contribution of
AUD500,000 for Conomi's Deed of Compony Arrangement to Amos
Insolvency. AUD390,000 of that amount was subsequently repaid.

Mr. Amos entered a plea of guilty to the six charges and was
committed for sentence to Sydney District Court for mention on 2
February 2024.

The investigation was a collaboration between ASIC and the ATO
under the Serious Financial Crime Taskforce (SFCT) and is being
prosecuted by the Commonwealth Director of Public Prosecutions.

Mr. Amos was a registered liquidator from May 11, 2006 to May 11,
2023.

Mr. Amos has been the sole director and a shareholder of Amos
Insolvency since Dec. 1, 2008.

Between 2015 and 2022, Amos Insolvency carried on business as an
insolvency practice.

Mr. Amos was appointed as Voluntary Administrator, and later as
Deed Administrator of a Deed of Company Arrangement, in relation to
Mikcon, TPC and Conomi. Mr. Amos was appointed as the liquidator of
POW and A-Force.

The holding of these positions rendered him an officer of these
companies for the purposes of the Act.

In relation to the offences committed prior to March 13, 2019, the
maximum applicable penalty is a fine of 2000 penalty units, or
imprisonment for five years, or both. For offences occurring after
March 13, 2019, the maximum penalty is 15 years imprisonment.
The Serious Financial Crime Taskforce is an ATO-led joint agency
taskforce that brings together the knowledge, resources and
experience of relevant law enforcement and regulatory agencies to
identify and address the most serious and complex forms of
financial crime.

The SFCT started operation on July 1, 2015.

From this date until Sept. 30, 2023, the Taskforce has progressed
cases that have resulted in:

- more than 1,900 audits and reviews
- the conviction and sentencing of 30 people
- raised liabilities of over AUD1.8 billion
- revenue collection of approximately AUD739 million.

For more information on the SFCT, including the identikit outlining
key financial crime personas, visit ato.gov.au/SFCT.


OYSTAR PROJECTS: Second Creditors' Meeting Set for Dec. 28
----------------------------------------------------------
A second meeting of creditors in the proceedings of Oystar Projects
Pty Ltd has been set for Dec. 28, 2023 at 11:00 a.m. via a Zoom
videoconferencing facility.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 27, 2023 at 4:00 p.m.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of the company on Nov. 21, 2023.


QANTAS AIRWAYS: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on December 14, 2023, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Qantas Airways Limited. EJR also withdraws the
rating on commercial paper issued by the Company.

Headquartered in Mascot, Australia, Qantas Airways Limited provides
airline services.


SB COMMERCIAL: First Creditors' Meeting Set for Dec. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of SB
Commercial Building Pty Ltd will be held on Dec. 29, 2023, at 10:00
a.m. via virtual meeting by Zoom.

Benjamin Joshua Ismay of Shaw Gidley Port Macquarie was appointed
as administrator of the company on Dec. 18, 2023.




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C H I N A
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CHINA SOUTH: Avoids Default on July 2024 US Bond
------------------------------------------------
South China Morning Post reports that China South City Holdings
averted a default on an offshore debt after winning consent from
creditors on deadline day, a narrow escape for the state-backed
developer struggling with a liquidity squeeze after months of
sliding home sales.

Bondholders agreed to extend the maturity of its US$235 million
July 2024 note by 37 months to August 2027, as well as lower the
annual coupon by half to 4.5 per cent, according to a statement
issued by its information agent D.F. King late on Dec. 19, the Post
relays. The consent solicitation exercise ended on Dec. 18.

"Requisite consents in respect of July 2024 notes have been
received" by the closing date, it added in an email. "Upon the
satisfaction of other relevant consent conditions, the proposed
amendments and waivers in respect of July 2024 notes will take
effect on December 19."

The developer had said earlier it had no money to pay the interest
on the July 2024 bond on December 19. That semi-annual coupon,
estimated at US$10.6 million, will now be paid in cash on July 19
next year under the amendments approved by the bondholders.

The Post notes that Chinese developers have muddled through the
past three years under financial distress, triggering more than
US$100 billion of debt defaults. Home sales slumped amid the
Covid-19 pandemic, while Beijing tightened lending to over-geared
home builders at the same time.

Apart from offshore bonds, China South City also has CNY500 million
(US$70 million) of loans to repay this month.

Even so, China South City did not disclose the outcome of its
proposal to restructure four other dollar-denominated bonds, each
maturing in April, June, October and December 2024 totalling
US$1.11 billion. The aggregate consent was 69.8 per cent, below the
75 per cent threshold, before the Monday (Dec. 18) deadline.

The Post adds that the developer was seeking to extend their
maturities by 33 to 39 months, and lower their annual coupon by
half to 4.5 per cent, according to its consent solicitation
statement. The company said amendments to the July 2024 note are no
longer dependent on the restructuring outcome.

Shenzhen SEZ Construction and Development Group, an entity owned by
the southern Chinese city's asset regulator, is a major shareholder
of China South City with a 29.3 per cent stake.

                       About China South City

China South City Holdings Limited is principally engaged in
property development. The Company operates its business through
five segments. The Property Development segment is engaged in the
development of integrated logistics and trade centers, residential
and commercial ancillary facilities. The Property Investment
segment is engaged in the investment in integrated logistics and
trade centers, residential and commercial ancillary facilities. The
Property Management segment is engaged in the management of the
Company's developed properties. The E-commerce segment is engaged
in the development, operations and maintenance of an E-commerce
platform. The Others segment is engaged in the provision of
advertising, exhibition, logistics and warehousing services, outlet
operations and other services.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
24, 2022, Fitch Ratings has affirmed the Long-Term Foreign-Currency
Issuer Default Rating (IDR) of China South City Holdings Limited
(CSC) at 'B-'. The Outlook remains Negative. Fitch has also
affirmed its senior unsecured ratings at 'B-', with a Recovery
Rating of 'RR4'.

The affirmations reflect Fitch's view that CSC has sufficient
liquidity to address its US dollar bonds due February 2022, despite
its consent solicitation announcement to extend the bonds'
maturity. Fitch also believes an equity transaction agreement with
Shenzhen SEZ Construction and Development Group Co Ltd (SZCDG), an
enterprise wholly owned by the state under Shenzhen province's
State-owned Assets Supervision and Administration Commission, is
likely to improve its onshore funding access and funding cost.

The Negative Outlook is due to the company's continued tight
liquidity, with execution risks in terms of the timing of planned
asset sales.


COUNTRY GARDEN: Affiliated Property Manager Writes Down US$576MM
----------------------------------------------------------------
Caixin Global reports that Country Garden Services Holdings Co.
Ltd. anticipates a decrease in profit of up to CNY4.1 billion
(US$576 million) this year due to impairments, indicating the
prolonged debt crisis developers are facing is spilling over to
their business partners.

Hong Kong-listed Country Garden Services said it will book an
impairment provision of between CNY1.8 billion and CNY2.3 billion
for the trade receivables due from related parties, according to a
filing on Dec. 18.

Without specification, Country Garden Services said related party
customers, engaging in real estate development and related
business, are under periodical liquidity pressures. The company has
continued efforts with various measures for collecting trade
receivables at its best efforts, is said, Caixin relays.

According to Caixin, Country Garden Services is also writing down
between CNY1.4 billion and CNY1.8 billion on goodwill and other
intangible assets, because some subsidiaries failed to meet
expectations and some businesses are under adjustments. The payment
cycles of some clients are getting longer, resulting in
less-than-ideal cash flow, the company said.

Country Garden Services was previously the property management unit
of Country Garden Holdings Co. Ltd., China's biggest homebuilder.
The unit was spun off from the developer in 2018 for an independent
listing.

Currently, there is no shareholding relations between Country
Garden Services and Country Garden. But both companies are
controlled by Yang Huiyan, chair of Country Garden.

Property management companies separated from real estate companies
often rely on affiliated developers as a significant source of
revenues, including management and maintenance services for their
projects, Caixin says.

As China's property industry crisis stretches for over three years,
property managers' financials are also coming under mounting
pressures. "If affiliated real estate companies face financial
challenges and are unable to fulfill their financial commitments to
property management firms, the likelihood of recovering the money
is small," Caixin quotes Dennis Huang, co-founder of Synergy
Solution Management Group, as saying.

Country Garden's financial woes were exposed in August when it
failed to meet interest payments on two offshore U.S. dollar bonds,
the report notes. The company, which was China's top developer in
terms of sales for six consecutive years from 2017, formally logged
its first default on dollar bonds in late October.

According to Country Garden Services' half-year financial report,
trade receivables from affiliated parties rose 32.9% year-on-year
to CNY2.3 billion as of June 30, Caixin discloses.

The impaired assets will lead to a reduction of the company's net
assets by CNY3.2 billion to CNY4.1 billion, Country Garden Services
said in the filing. It added that the provisions will not impact
its cash flow.

In 2022, Country Garden Services booked CNY2.3 billion in net
profit. Profits for the first half of 2023 totaled CNY2.5 billion.

Global rating agency Fitch Ratings in a Dec.12 report said Country
Garden Services maintains a strong net cash position, but its
funding access could be affected by the evolving situation of
Country Garden. Fitch warned that most of Country Garden Services'
revenue from Country Garden will not be collected from the second
half of 2023.

                        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 on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.

The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.

Fitch has chosen to withdraw CGS' ratings for commercial reasons.


GUANGXI FINANCIAL: Moody's Withdraws 'Ba1' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn Guangxi Financial
Investment Group Co., Ltd's (GXFIG) Ba1 corporate family rating.

Prior to the withdrawal, the entity-level outlook on GXFIG was
stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Guangxi Financial Investment Group Co., Ltd (GXFIG) is a
conglomerate that mainly engages in financial service businesses,
including property and casualty insurance, leasing, factoring,
distressed asset management, credit guarantee and microfinance, and
capital investment through its subsidiaries. The company is a
subsidiary of Guangxi Investment Group Co. Ltd (Baa2, RUR), which
is wholly owned by the Guangxi Autonomous Region Government and
supervised by the Guangxi State-owned Assets Supervision and
Administration Commission. GXFIG is headquartered in Nanning,
Guangxi, and reported consolidated total assets of RMB118.2 billion
as of the end of June 2023.




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A.K. SONI: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A.K. Soni
Hosiery Mills Private Limited (ASHMPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.96       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.50       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 14,
2022, placed the rating(s) of ASHMPL under the 'issuer
non-cooperating' category as ASHMPL 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. ASHMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 30, 2023, October
10, 2023, October 20, 2023.

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

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

A.K Soni Hosiery Mills Private Limited (ASHMPL) incorporated in
August, 2004 is currently being managed by Mr. Anand Kumar Soni,
Mrs. Rajrani and Mr. Sanjeev Soni. Prior to ASHMPL, the
promoters-directors were carrying out operations through a
proprietorship firm 'A.K. Soni Hosiery Mills' (operational since
1971) engaged in similar business. The company is engaged in
manufacturing of knitted fabric.

ANAND GLASS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anand
Glass Works (AGW) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.83       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.52       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 16,
2022, placed the rating(s) of AGW under the 'issuer
non-cooperating' category as AGW 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. AGW
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 2, 2023, October 12, 2023, October 22,
2023.

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

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

Anand Glass Works (AGW) was incorporated in 2001 as a partnership
firm and is currently managed by Mr. Rajendra Prasad Jain, Mr.
Devendra Kumar Jain. AGW is engaged in the manufacturing of glass
containers and tableware. The manufacturing facility of the firm is
located at Firozabad, Uttar Pradesh.


BHAGAYALAKSHMI AGENCY: CRISIL Assigns B Rating to INR10cr Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facilities of Bhagayalakshmi Agency (BA).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Fund-          10        CRISIL B/Stable (Assigned)
   Based Bank Limits        

The rating reflects BA's low operating margins due to the trading
nature of the business, modest scale of operation and leveraged
capital structure. These weaknesses are partially offset by its
extensive industry experience of the proprietor, moderate working
capital cycle.

Key Rating Drivers & Detailed Description

Weaknesses:

* Low operating margins due to trading nature of the business: The
small initial investment and the low complexity of operations have
resulted in existence of innumerable entities, much smaller in
size, leading to significant fragmentation and low operation
margins.

* Modest scale of operation: BAs business profile is constrained by
its scale of operations in the intensely competitive Trader's
industry.  BAs scale of operations will continue limit its
operating flexibility. The firm achieved a revenue of Rs.32.63
crore in FY 23. Improvement in the scale sof operation is key
monitorable.

* Leveraged capital structure:  BA has leveraged financial profile
marked by low gearing and high total outside liabilities to adj
tangible net worth (TOL/ANW) of 0.30 times and 25.59 times (mainly
on the higher creditors) for last three year ending on 31st March
2023.It is expected to be remains similar level over the medium
term.

Strengths:

* Extensive industry experience of the proprietor: The proprietor
has extensive experience in industry. This has given them an
understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers.

* Moderate working capital cycle: Gross current assets were at
92.60-12.46 days over the three fiscals ended March 31, 2023. It is
expected to remain similar over the medium term.

Liquidity: Stretched

Net Cash accruals are modest over INR0.13 crore per annum, which is
sufficient against term debt obligation of INR0.02 crore per annum
over the medium term. In addition, it will act as cushion to the
liquidity of the firm. The firm does not have any working capital
limit.

Outlook: Stable

CRISIL Ratings believes BA will continue to benefit over the medium
term from its healthy customer concentration and the experience of
the management to mitigate the inherent risk in the trading
business.

Rating Sensitivity Factors

Upward factor:

* Sustenance in operating performance at 20% with profitability
margin over 1% leading to higher cash accrual.
* Improvement in financial risk profile especially TOL/TNW.

Downward factors:

* Decline in revenue performance less than 20% with lesser
profitability margin at 0.20% leading to lower cash accrual.
* Further deterioration in financial risk profile.

BA was engaged in the trading of cotton yarn; the firm is owned by
Mr. Arun Dadhich having 7yrs experience in this field.


BYJU'S: Gradeup Posts Profit; Auditor Flags Going Concern
---------------------------------------------------------
Inc42 reports that BYJU'S-owned Gradeup turned profitable in the
financial year ended March 31, 2023. The exam preparation startup
reported a net profit of INR15.2 Cr in the financial year 2022-23
(FY23) as against a net loss of INR133 Cr in the previous fiscal
year.

The edtech startup's operating revenue surged 214% to INR154.1 Cr
in FY23 from INR49.1 Cr in the previous fiscal year, Inc42
discloses.

GradeUp's overall expenses fell 24% to INR139 Cr during the year
from INR182.5 Cr in FY22.

However, there's a caveat in the rise in its operating revenue. For
one, the company generated revenue of INR34.7 Cr from education and
related activities, which was 29% lower than INR49.1 Cr it
generated in the previous fiscal year, Inc42 notes.

At INR119.3 Cr, a majority of the edtech startup's revenue came
from "business support services" provided to Think & Learn Pvt Ltd,
the parent of BYJU'S. Revenue under this bucket was nil in FY22.

According to Inc42, Gradeup explained business support services as,
"Recovered from Holding Company against cost incurred by the
company (with a markup of 10%) towards business support services in
the field of education and related activities."

Without "business support services", Gradeup incurred a loss of
INR104 Cr in the year.

Besides, GradeUp also borrowed an additional INR3 Cr from Think &
Learn during the year under review. As of March 31, 2023, the
startup owed INR99 Cr to BYJU'S, over 6X of its net profit during
the year, Inc42 says.

Of all the costs disclosed by the startup, employee benefit
expenses accounted for the biggest chunk.

Employee Benefit Expenses: The startup's employee benefit increased
19% to INR89.4 Cr as compared to INR75.4 Cr in FY22.

Advertising Expenses: The other big cost for the startup was
advertising expenses, however, it declined 64% to INR19 Cr from
INR53.2 Cr in FY22.

Meanwhile, the startup's auditor flagged concern about its ability
to continue as a going concern basis, Inc42 reports.

"The company has significant accumulated losses which has resulted
in erosion of its entire net worth as at March 31, 2023. Further,
current liabilities exceeds current assets by INR11,117.74 Lakhs .
. . These conditions indicates that a material uncertainty exists
that may cast significant doubt on the Company's ability to
continue as a going concern basis," auditor Lodha & Co said.

"Company's ability to continue as a going concern depends on
generation of the expected cash flows to be able to meet its
obligations as and when arises. In view of continued financial
support of Think and Learn Private Limited and merger application
with Think and Learn Private Limited filed with NCLT Bengaluru,
management considers it appropriate to prepare these financial
statements on a going concern basis," it added, Inc42 relays.

It is pertinent to note that Gradeup was BYJU'S eighth acquisition
in 2021, when the edtech decacorn was on an acquisition spree and
splurged over US$2 billion. As per reports, BYJU'S had spent US$40
million to US$50 million for the acquisition of GradeUp from Times
Internet.

Post the acquisition of Gradeup, BYJU'S rebranded it to BYJU'S Exam
Prep.

Inc42 notes that the financial numbers come at a time when BYJU'S
is fighting multiple fires, including delay in filing financial
statements, debt repayment issues, an ongoing ED investigation, and
other legal cases.

Great Learning, another company of BYJU'S group, reported a net
loss of INR357.3 Cr in FY23, Inc42 relays.

Meanwhile, BYJU'S last month disclosed select FY22 numbers for its
standalone operations. After multiple delays, the startup has
convened an annual general meeting (AGM) on December 20 to seek
approval for its financial statements for FY22, adds Inc42.

                            About Byju's

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

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

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

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

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


CONCEPT MOTOR: CRISIL Assigns B+ Rating to INR34.34cr Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Concept Motor Garage Private Limited (CMGPL).

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Inventory Funding
   Facility                7.2        CRISIL B+/Stable (Assigned)

   Inventory Funding
   Facility               10          CRISIL B+/Stable (Assigned)

   Inventory Funding
   Facility               34.34       CRISIL B+/Stable (Assigned)

   Proposed Inventory
   Funding                 0.46       CRISIL B+/Stable (Assigned)

The rating reflects CMGPL's extensive industry experience of the
promoters and healthy debt protection. These strengths are
partially offset by its intense competition in the automobile
dealership industry and highly leveraged capital structure.

Analytical Approach

Unsecured Loans of INR6.24 crore as on march 2023 has been treated
as debt.

Key Rating Drivers & Detailed Description

Weakness:

* Intense competition in the automobile dealership industry: The
automotive sector is intensely competitive with a large number of
players in the mini, compact, mid-size, executive, premium, and
luxury passenger car segments. CMGPL faces intense competition from
the unorganized used car market and from dealers of other leading
and established players in the segment.

* Highly leveraged capital structure: CMGPL has average financial
profile marked by high total outside liabilities to adj tangible
networth (TOL/ANW) for last three year ending on 31st March 2023.

Strengths:

* Extensive industry experience of the promoters: The promoters
have experience of over 25 years in automotive dealers industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers.

* Healthy debt protection: CMGPL's debt protection measures have
been at comfortable level despite leverage due to moderately
healthy profitability. The interest coverage and net cash accrual
to total debt (NCATD) ratio are at 2.91 times and 0.07 times for
fiscal 2023. CMGPL debt protection measures are expected to remain
at similar level over medium term.

Liquidity: Stretched

Cash accruals are expected to be over INR2.50 crore which are
sufficient against term debt obligation of INR2.04 rore over the
medium term. However the cushion is tight and will be key
monitorable. Inventory funding utilization of around 80% for the
last 12 months ended November 2023.

Current ratio is moderate at 1.13 times on March 31, 2023. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believes CMGPL will continue to benefit over the
medium term from its longstanding relationships with principals and
experience of the management to mitigate the inherent risk in
trading business.

Rating Sensitivity factors

Upward factors

* Sustained revenue growth of 30 percent over the medium term while
ensuring an improvement in financial risk profile.
* Improvement in working capital cycle with GCA days below 40
days.

Downward factors

* Decline in operating income leading to Net cash accruals below
INR1.8 crore.
* Deterioration in financial risk profile with TOL/TNW above 12
times

CMGPL was incorporated in 2018. CMGPL is wholly owned subsidiary of
Concept Motors India Private Limited (CMPL; rated CRISIL
BB+/Stable). It is an authorized dealer for the passenger cars of
MG Motor India Limited (Morris Garages). CMGPL operates through a
showroom and service centre in Ahmedabad, Gujarat.

CMGPL is promoted by Mr. Pranav Nanda.

COTTON BLOSSOM: CRISIL Reaffirms D Ratings on Long/Short Debts
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D/CRISIL D' ratings on
the bank facilities of Cotton Blossom India Pvt Ltd (CBIPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          CRISIL D (Reaffirmed)
   Short Term Rating     -          CRISIL D (Reaffirmed)

The rating reflects continued delay in servicing obligations
towards the guaranteed emergency credit line over the three months
ended October 2023.

The ratings reflect the below-average financial risk profile,
susceptibility of operating margin to volatility in raw material
prices, and the working-capital-intensive operations. These
weaknesses are partially offset by the extensive experience of the
promoters in the knitted garments industry and their established
relationships with customers.

Key Rating Drivers & Detailed Description:

Weaknesses:

* Below-average financial risk profile: Financial risk profile is
marked by a modest net worth and high gearing of INR59.36 crore and
around 2.04 times, respectively, as on March 31, 2023. Debt
protection metrics have improved, aided by better profitability,
with interest coverage and net cash accrual to total debt ratios of
1.52 times and 0.06 time, respectively, for fiscal 2023.

* Susceptibility of operating margin to volatility in raw material
prices: Operating margin has been volatile during the past five
years. The margin rose to 10.86% in fiscal 2023, from 9.65% in
fiscal 2020, primarily on account of favourable raw material prices
and cost rationalization measures. As operations of CBIPL are
integrated, with most processing activities carried out in-house
and with effective utilization of installed capacities, the margin
should remain moderate. Nevertheless, it would be susceptible to
fluctuations in raw material prices and foreign currency rates over
the medium term.

* Working-capital-intensive operations: Gross current assets were
high at 272 days as on March 31, 2023, owing to sizeable inventory
of 30-60 days. Exports are against letter of credit and domestic
sales are either backed by letter of credit or open credit of 30-60
days. Working capital requirements are met via credit extended by
suppliers and external debt.

Strength:

* Extensive experience of the promoters and established
relationships with customers: The two-decade-long experience of the
promoters in the knitted garments industry has enabled them to
maintain healthy relationships with clients such as C&A, Mother
care and Primark. Over the years, the management has integrated the
facilities by setting up spinning, knitting, and dyeing units
in-house.

Liquidity: Poor

Average Bank limit utilization is moderate in the past 12 months
ended in October 2023. Delays were observed several times in the
servicing of term debt obligation in the last 6 months.

Rating Sensitivity Factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days
* Growth in revenue by over 30%, leading to higher cash accrual
* Better working capital management, aiding financial risk profile,
especially liquidity

CBIPL was formed as a partnership between Mr Milton Ambrose John
and his brother, Mr. Joseph Antony John in 1997, and reconstituted
as a private limited company in 2001. The company manufactures and
exports knitted readymade garments, mainly  hosiery fabrics and
knitwear, including T-shirts, pyjamas and bermudas. It specialises
in ladies garments, kidswear and sportswear.


GALAXY CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Galaxy
Construction and Contractors Private Limited (GCCPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      32.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 11,
2022, placed the rating(s) of GCCPL under the 'issuer
non-cooperating' category as GCCPL 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. GCCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 27, 2023, October 7,
2023, October 17, 2023.

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

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

Incorporated in the year 2001, GCCPL is promoted by Mr. Deepak
Gugale and Mr. Amit Thepade. The company is engaged in the civil
construction of commercial and residential projects and undertakes
project on contract basis for various customers including
government, semi-government and private entities.

HERITAGE WORLD: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Heritage
World School (HWS) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE C; 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 14,
2022, placed the rating(s) of HWS under the 'issuer
non-cooperating' category as HWS 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. HWS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 30, 2023, October 10, 2023, October
20, 2023.

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

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

Heritage Education & Human Welfare Society is incorporated under
the society registration act 1860. The society is establishing a
senior secondary school in the name of Heritage World School at
Chandauli, Varanasi. The school is being promoted by Sri Lal Ji
Rai, Sri Pankaj Rai, Smt Divya Rai and they are having experience
in health care industry for more than two decades.
Heritage group is one of the leading groups in Varanasi from last
20 years in Health Care and Construction Industry. The health care
business is looked after by and Dr. Anshuman Rai, whereas real
estate sector is being looked after by Shri Pankaj Rai. Heritage
group is running a multi-specialty hospital i.e. Heritage hospital
ltd in Lanka, Varanasi (Uttar Pradesh).


JHARKHAND ROAD: CRISIL Reaffirms D Rating on INR410.74cr NCD
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the
non-convertible debentures (NCDs) of Jharkhand Road Projects
Implementation Company Limited (JRPICL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible     410.74       CRISIL D (Reaffirmed)
   Debentures          

The rating continues to reflect delay in meeting interest and
principal obligations on the NCDs, which were due on July 19, 2023,
and October 19, 2022, as confirmed by the trustee (IDBI
Trusteeships Ltd) and investors. This is on account of delay in
receipt of annuities from the government of Jharkhand (GoJ).

Till March 2023, GoJ released a lumpsum payout of annuities worth
INR358.14 crore, leading to decrease in receivables to INR539 crore
as of December 2023. The payout was channelised for covering
interest and principal obligation of INR225 crore due till January
2023

As on September 30, 2023, liquidity was poor with cash and
equivalent of INR58.81 crore, which would be significantly
inadequate for payment of interest of INR41.30 crore and principal
redemption of INR103.07 crore due in April 2023, July 2023 and
October 2023. Additionally, debt service reserve account (DSRA) and
major maintenance reserve account (MMRA) continue to be constrained
by non-receipt of annuities. This has delayed major maintenance
works on two out of five road stretches. Regular operations and
maintenance (O&M) expenses are being manged through short-term bank
lines.

The rating also reflects the weak financial risk profile of the
company, its exposure to risks related to O&M, major maintenance
and legal risks. These weaknesses are partially offset by a stable
revenue profile, given the annuity-based model.

For arriving at its ratings, CRISIL Ratings has taken a standalone
view of JRPICL.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest financial risk profile: The financial risk profile
marginally improved in December 2022 and March 2023 following
receipt of annuities worth INR358.14 crore, which was channelised
for meeting interest and principal obligation. However, debt
servicing for April 2023, July 2023 and October 2023 was defaulted
owing to depleted liquidity. Average debt service coverage ratio
(DSCR; including unsecured and subordinate loans) is expected below
1 time.


* Exposure to O&M risk: If JRPICL does not meet the prescribed O&M
standards, it faces the risk of reduction in annuity payments from
GoJ. Frequent material breaches in O&M may lead to termination of
contract by the state government. The O&M and major maintenance are
being carried out by ITNL [IL&FS Transportation Networks Limited],
which is undergoing resolution under National Company Law Appellate
Tribunal (NCLAT), being a part of the IL&FS group. Therefore, the
ability of ITNL to adequately meet its obligations under the fixed
price contract is a key risk. Major maintenance works for three
road stretches (out of five) are completed, while for the remaining
two projects, works are delayed because of shortage of funds.
Timely completion of major maintenance remains a key monitorable.

* Susceptibility to legal risks: In a letter to the trustee, the
company stated that the NCLAT stay order given to the IL&FS group
encompasses normal debt servicing. As a result, despite having
adequate funds, the company defaulted on payments to senior secured
NCD holders. Though the debt has been restructured and JRPICL
reclassified as Green by NCLAT, legal risk persists owing to the
ongoing resolution at the IL&FS group.

Strength:

Stable revenue profile: The company benefits from the annuity
nature of its ongoing build-operate-transfer project. GoJ released
annuities totalling INR358.14 crore in December 2022 and March
2023.

Liquidity: Poor

Following receipt of annuities worth INR358.14 crore as on March
31, 2023, liquidity improved with cash and equivalent at INR367.5
crore. However, post meeting interest and principal obligations,
liquid surplus depleted to INR58.81 crore as of September 2023.

Rating Sensitivity factors

Upward factors

* Timely receipt of overdue as well as future annuities leading to
build-up of required DSRA and MMRA
* Reduction in debt leading to increase in DSCR (above 1 time) on
NCDs

JRPICL is a special-purpose vehicle set up to develop five road
stretches under Jharkhand Accelerated Road Development Programme
(JARDP). All five road stretches, Ranchi Patratu-Dam Road, Patratu
Dam-Ramgarh Road, Ranchi ring road, Chaibasa Kandra-Chowka Road and
Adityapur Kandra Road, have begun commercial operations and have
been receiving annuity payments. ITNL and IL&FS hold 93.43% and
6.57%, respectively, in JRPICL.

                            About ITNL

ITNL was incorporated in 2000 by IL&FS to consolidate its road
infrastructure projects and pursue projects in surface
transportation infrastructure through public-private partnership.
ITNL is engaged in the development and O&M of national and state
highways. It has diversified into other segments such as mass rapid
transport system, urban transportation infra system, car parking
and border check-posts.

                            About IL&FS

IL&FS is one of India's leading infrastructure development and
finance companies. It was promoted by the Central Bank of India
('CRISIL AA-/CRISIL A+/Stable'), Housing Development Finance
Corporation Ltd and Unit Trust of India. Over the years, IL&FS has
broad-based its shareholding and inducted institutional
shareholders, including State Bank of India ('CRISIL AAA/CRISIL
AA+/Stable/CRISIL A1+'), Life Insurance Corporation of India, ORIX
Corporation – Japan, and Abu Dhabi Investment Authority.

IL&FS and its group companies (including ITNL) are going through
severe financial stress and have defaulted on some debt since
August 2018. The Government of India had, on October 1, 2018,
replaced the board of directors at IL&FS to turn around the group
and restore the confidence of financial markets after its default.


MANAN IMPEX: CARE Lowers Rating on INR7.50cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Manan Impex (MI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 31,
2022, placed the rating(s) of MI under the 'issuer non-cooperating'
category as MI 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. MI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 8, 2023, November 9, 2023, November 22, 2023.

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

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

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

Jodhpur (Rajasthan) based Manan Impex (MI) was established as a
proprietorship firm in 1999 by proprietor Ms. Preeti Lodha who is
assisted by her husband Mr. Aditya Lodha. It is engaged into the
business of trading of Plastic granules and Agro commodities (like
Cumin seeds, Mustard seeds, Guar gum and Castor seeds). W.e.f
April, 2021, firm has also started erection & commissioning of
telecom towers. It carries its trading activities from its sole
commercial unit located at Jodhpur (Rajasthan).


ORBIT EXPORTS: CRISIL Withdraws B Rating on INR17.5cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Orbit Exports Ltd (OEL) on the request of the company and receipt
of no dues and no objection certificate from its bankers. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of its ratings on bank loan facilities.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1          CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit          17.5        CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           6          CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Foreign Exchange      2.31       CRISIL A4/Issuer Not
   Forward                          Cooperating (Withdrawn)

   Foreign Exchange      0.24       CRISIL A4/Issuer Not
   Forward                          Cooperating (Withdrawn)

   Rupee Term Loan      30.78       CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with OEL through
letters and emails dated July 30, 2022, August 30, 2022 and
February 22, 2023 among others, apart from telephonic
communication, for obtaining information. 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 Orbit Exports Ltd, which
restricts CRISIL Ratings' ability to take a forward looking view on
the entity's credit quality. CRISIL Ratings believes that rating
action on Orbit Exports Ltd is consistent with 'Assessing
Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of Orbit Exports Ltd
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

OEL, incorporated in 1983 as Orbit Exports Pvt Ltd was
reconstituted as a public limited company in 1994. It is currently
headed by Mr Pankaj Seth and his wife, Ms Anisha Seth, who acquired
the company in 2004. OEL is listed on the Bombay Stock Exchange and
the National Stock Exchange. It manufactures and exports fancy
fabrics, and operates across multiple verticals in the value-added
fabric market, from women's apparel to Christmas crafts and home
decor, with special interests in occasion-specific fabrics and
finished products. The company is based in Mumbai with
manufacturing facilities in Surat, Gujarat, and in Bhiwandi,
Maharashtra.


PATEL EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Patel
Education Society (PES) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.73       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 10,
2022, placed the rating(s) of PES under the 'issuer
non-cooperating' category as PES 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. PES
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).

Indore (Madhya Pradesh)–based PES was established as an
educational society in September, 2006 with an objective to impart
technical education by Mr. Rakesh Kumar Sharma, Mr. Shivnarayan
Sharma, Mrs. Sharda Sharma. PES manages five colleges namely B. M.
College of Technology, B. M. College of Management and Research, B.
M. College of Pharmaceutical Education and Research, Shri Bherulal
Pharmacy Institute and B.M. College of Professional Studies which
offers a range of
undergraduate and postgraduate programmes in Engineering, Pharmacy,
Commerce, Computer Application and Management.


PINAKIN PLASTOFORMING: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pinakin
Plastoforming Limited (PPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.50       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 October 19,
2022, placed the rating(s) of PPL under the 'issuer
non-cooperating' category as PPL 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. PPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 4, 2023, September 14, 2023, September
24, 2023.

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

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

Vadodara-based (Gujarat) PPL was incorporated in 2002 by Joshi
family as a private limited company and changed its constitution to
closely held limited company during February 2016. The operation of
PPL is currently managed by Mr. Dinesh Joshi, Mr. Divyesh Joshi and
Ms. Pratiksha Joshi. PPL is engaged into manufacturing
Polypropylene (PP) Disposable plastic products such as disposable
glass, cups etc. PFL is operating from its sole manufacturing unit
located in Vadodara (Gujarat).


QUADROS MOTORS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Quadros
Motors Private Limited (QMPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.20       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 14,
2022, placed the rating(s) of QMPL under the 'issuer
non-cooperating' category as QMPL 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. QMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 30, 2023, October 10, 2023, October
20, 2023.

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

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

Incorporated in the year 2005, QMPL is an authorized dealer for
Suzuki Motors India Private Limited (Suzuki) for its two wheelers
and covers the whole Goa State, being a '3-S' dealer, it also
provides spares and services. QMPL had four showrooms located at
Margao, Ponda, Mapusa and Vasco.


RAGHU RAMA: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Raghu Rama
Renewable Energy Limited (RRREL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2022, placed the rating(s) of RRREL under the 'issuer
non-cooperating' category as RRREL 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. RRREL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 7, 2023, September
17, 2023, November 28, 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).

Raghu Rama Renewable Energy Limited (RRREL) was incorporated in
2001 and is a subsidiary of Ind-Barath Power Infra Limited (IBPIL)
of the Ind-Barath Group. The company operates 18-MW Biomass-based
power plant in Ramnad district of Tamil Nadu with the plant
commencing operation from October 2004. The primary source of fuel
is biomass such as Prosopis Juliflora shrubs combined with wood
powder and matchbox waste.


RUCHIRA PRINTING: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ruchira
Printing and Packaging (RPP) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.75       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.10       CARE A4; 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 10,
2022, placed the rating(s) of RPP under the 'issuer
non-cooperating' category as RPP 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. RPP
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).

RPP is a partnership firm established in the year 2003 by its
partners Mr Deepan Garg, Mr Atul Garg and Mr Lucky Garg. The firm
is primarily engaged in the printing and the packaging business
through manufacturing of various types of cartons viz. duplex mono
cartons, paper board cartons, E-flute cartons, etc, for various
industry segments like FMCG, pharmaceuticals, electrical
appliances, etc. The manufacturing facility of the firm is located
at Kala Amb (Himachal Pradesh).


SARVOTTAM ATTA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sarvottam
Atta Private Limited (SAPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 20,
2022, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL 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. SAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 5, 2023, September 15, 2023, September
25, 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).

SAPL was established as a proprietorship firm by Mr. Jilubhai
Chauhan in 2005 and was reconstituted as a private limited company
in June 2014. SAPL is engaged in the business of grain processing
(wheat) and produces flour and semolina (rava) and sells it under
the brand name 'Vanraj'. Its manufacturing facility is located at
Sihor in Gujarat and operates with an installed capacity of 200
metric tonnes per day.


SHANKAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shankar
Agro Food (SAF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 25,
2022, placed the rating(s) of SAF under the 'issuer
non-cooperating' category as SAF 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. SAF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 11, 2023, October 21, 2023, October 31,
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).

Shankar Agro Food (SAF) was established in April 2009 as a
partnership concern by Mr. Kewal Krishan, Mr. Bal Krishan, Mr.
Jagdish Rai and Mr. Raghav Garg. Earlier the business operations
were being managed through a proprietorship firm under the name of
"M/s Shankar Agro Food" since 2005 and the business was
subsequently taken over by SAF. The firm is engaged in processing
of paddy and also does the same on job work basis for 'Shakti Bog
Foods Limited'. The manufacturing unit of the firm is located at
Moga, Punjab.


SHIVALIK TRADING: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivalik
Trading Company (STC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 21,
2022, placed the rating(s) of STC under the 'issuer
non-cooperating' category as STC 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. STC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 8, 2023, November 9, 2023, November 22,
2023.

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

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

Mul-Chandrapur (Maharashtra) based Shivalik Trading Company (STC)
was formed in 2004 as a proprietorship concern by Mr. Deepesh Patel
for carrying out the business of trading rice. STC procures paddy
from local market and send the same to its associate concern- Datta
Rice Mill for milling work to produce rice. The firm sells rice
under its own brand name 'Aishwarya'.


SOUTHERN PHARMA: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Southern
Pharma India Private Limited (SPIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.80       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2022, placed the rating(s) of SPIPL under the 'issuer
non-cooperating' category as SPIPL 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. SPIPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 7, 2023, September
17, 2023, November 28, 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).

Southern Pharma India Private Limited (SPIPL), was incorporated on
April 22, 2015 promoted by Mr. Venkat Raju and Mr. Rakesh. The
company has proposed to set-up a manufacturing unit of API and
intermediaries with a proposed installed capacity of 700 MTPA. The
manufacturing unit of the company is located at Plot No.28, I & H,
APIIC, Denotified Area, Rambilli Mandal, Atchutapuram,
Visakhapatnam. SPIPL planning to manufacture the products like
Atorvastatin Calcium (Ulcer), Esomeprazole Magnesium Trihydrate
(anti vomting) and Rabeprazole Sodium (gastric) among others.


VARDHMAN WIRES: CRISIL Reaffirms B+ Rating on INR4.53cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Vardhman Wires & Cables - Dadra
and Nagar (VWCDN).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1          CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      1.5        CRISIL A4 (Reaffirmed)

   Proposed Fund-
   Based Bank Limits     4.53       CRISIL B+/Stable (Reaffirmed)

   Term Loan             2.97       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect moderate scale of operations and
leveraged capital structure of the firm. These weaknesses are
partially offset by the extensive experience of the partners in the
electrical wires and cables industry.

Analytical approach

Unsecured loan of INR0.92 crore as on March 31, 2023, from the
partners has been treated as debt due to limited track record.


Key rating drivers and detailed description

Weaknesses:

* Moderate scale of operations: The firm has commenced business
operations in fiscal 2023 and is yet to demonstrate full year of
stabilized business performance. Though expected to increase, the
revenues of the company are modest marked by revenues of INR3.5
crores in fiscal 2023 and revenues of around Rs. 15-20 crore in the
period April to November in fiscal 2024. Further, the industry is
marked by the presence of many organized and unorganized players
with intense completion which restrains the ability of players to
command pricing and grow rapidly thereby also constraining the
profitability. Also, profitability remains vulnerable to any sharp
and sudden commodity price fluctuations. Successful stabilization
of operations by increasing scale of operating and generating
stable margins amid intense competition would be a key monitorable
over the medium term.

* Leveraged capital structure: Networth of the firm is low at Rs.
0.3 crore with high gearing and total outside liabilities to
adjusted networth ratio of 17.51 times and 20.36 times,
respectively, as on March 31, 2023. This is due to debt-funded
capital expenditure (capex) to set up the unit led to high Capital
structure is expected to remain leveraged over the medium term.

Strengths:

* Extensive experience of the partners: Presence of over a decade
in the wires and cables industry through group entities has enabled
the partners to develop strong understanding of market dynamics and
establish relationships with customers and suppliers. The adoption
of latest machinery will add operating efficiency and support the
business risk profile.

Liquidity: Poor

Expected cash accrual of INR0.6-0.65 crore will be insufficient to
cover debt obligation of INR0.7-0.75 crore in fiscal 2024. Bank
limit was utilised 100% on average in the 12 months through
September 2023. Cash and bank balance stood at INR35 lakh and
current ratio at 0.99 time as on March 31, 2023. Liquidity is
however supported by need-based funding from the partners.

Outlook: Stable

VWCDN will benefit from the extensive experience of its partners.

Rating sensitivity factors

Upward factors

* Improvement in the scale of operations while generating stable
operating margins leading to cash accrual above INR1.5 crore.
* Improvement in the financial profile owing to sizeable equity
infusion by the partners.

Downward factors

* Lower than expected revenue or profitability resulting in cash
accrual of INR0.5 crore.
* Further weakening of liquidity or financial profile.

VWCDN was set up in June 2021 as a partnership by Mr Aagaum
Rajkumar Sanklecha and Ms Sangeeta Sanklecha. The firm manufactures
electrical wires and cables at its capacity of 400 kilometre per
month in Dadra and Nagar Haveli.


VEEKAY POLYCOATS: CRISIL Withdraws D Rating on INR66.5cr Loan
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Veekay Polycoats Limited
(VPL) to 'CRISIL D/CRISIL D/Issuer Not Cooperating'. CRISIL Ratings
has withdrawn its rating on bank facility of VPL following a
request from the company and on receipt of a 'no dues certificate'
from the banker. Consequently, CRISIL Ratings is migrating the
ratings on bank facilities of VPL from 'CRISIL D/CRISIL D/Issuer
Not Cooperating to 'CRISIL D/CRISIL D'. The rating action is in
line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Cash Credit           66.5      CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Letter of Credit      66        CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Proposed Long Term    44.39     CRISIL D (Migrated from
   Bank Loan Facility              'CRISIL D ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan             25.61     CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Working Capital       22.5      CRISIL D (Migrated from
   Term Loan                       'CRISIL D ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

VPL was set up by Mr. Vinod Garg in 1992. The company manufactures
synthetic leather, vinyl flooring, and Polyvinyl Chloride (PVC)
films, and commenced manufacturing of non-woven fabric in 2006. It
has two manufacturing facilities, in Gurgaon (Haryana) and Bhiwadi
(Rajasthan).


VITTHAL GAJANAN: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vitthal
Gajanan Sugar Private Limited (VGSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.60       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 14,
2022, placed the rating(s) of VGSPL under the 'issuer
non-cooperating' category as VGSPL 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. VGSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 30, 2023, October
10, 2023, October 20, 2023.

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

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

Satara-based (Maharashtra) VGSPL was incorporated in 2013 by Mr.
Chandrakant Pawar, Mr. Yashwant Mali and Mr. Prasad Jugdar. The
company is in the process of setting up a jaggery manufacturing at
Satara, Maharashtra.


YOURS PROJECTS: CARE Lowers Rating on INR15cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Yours Projects Private Limited (YPPL), as:

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 19,
2022, placed the rating(s) of YPPL under the 'issuer
non-cooperating' category as YPPL 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. YPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 4, 2023, September 14, 2023, September
24, 2023.

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

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

The ratings assigned to the bank facilities of YPPL have been
revised on account of non-availability of requisite information.
The revision also factored in decline in scale of operations and
reported net loss during FY22.

YPPL, incorporated in November 2009, belongs to the Kolkata Based
BBA Group. The company has entered into a joint venture agreement
with Oodalbari Company Ltd. (OCL, the owner of the land for the
said project) for construction of a residential housing complex (by
the name "Ananda") comprising of five towers at Jessore Road,
Kolkata. CARE does not have any update on the latest developments
in this regard.



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

AEON CO: Egan-Jones Retains 'BB' Sr. Unsecured Debt Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on December 11, 2023, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by AEON CO., LTD.

Headquartered in Chiba, Chiba, Japan, AEON CO., LTD. operates
general merchandise stores, supermarkets, and convenience stores
throughout Japan.


EAST JAPAN RAILWAY: Egan-Jones Retains 'BB' Unsecured Debt Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on December 12, 2023, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by East Japan Railway Company. EJR also withdraws
the rating on commercial paper issued by the Company.

Headquartered in Shibuya City, Tokyo, Japan, East Japan Railway
Company provides rail transportation services in the Kanto and
Tohoku regions, including Tokyo.


FURUKAWA ELECTRIC: Egan-Jones Retains 'BB+' Unsecured Debt Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on December 6, 2023, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Furukawa Electric Co., Ltd.

Headquartered in Chiyoda City, Tokyo, Japan, Furukawa Electric Co.,
Ltd. manufactures wires, cables, and metal products.


GINZA CALLA: Hair-removal Chain Enters Bankruptcy Proceedings
-------------------------------------------------------------
The Asahi Shimbun reports that the operator of major hair-removal
salon chain Ginza Calla has entered bankruptcy proceedings, leaving
more than 100,000 creditors and customers with little recourse.

According to the report, the chain's financial difficulties are
among the nationwide troubles involving the industry, which
attracts customers through advertising that seems like a
subscription, but can mean expensive installment plans that last
beyond treatments.

Ginza Calla grew its name recognition as a hair-removal salon chain
and lured customers through advertisements featuring celebrities.

The company posted annual revenues of roughly JPY12.56 billion ($88
million) in the fiscal year ending in April 2020, when it had about
50 stores across Japan, The Asahi Shimbun discloses citing Teikoku
Databank Ltd.

However, the COVID-19 pandemic led to fewer customers, worsening
the company's performance, the report notes. Despite efforts to
improve profitability by eliminating and consolidating stores,
operations became difficult.

The majority of the chain's approximately 100,000 creditors, the
most in the hair-removal salon industry, are believed to be
customers.

The Asahi Shimbun notes that many customers may have felt safe in
signing contracts, assured by the company's prominence in
advertisements and their ratings on review sites.

Interest and demand for hair-removal services are especially high
among young people, regardless of gender.

In addition, an increasing number of middle-age and older people
are choosing to have their pubic hair removed.

With growing demand, many new companies have entered the market,
but bankruptcies are also on the rise.

At least 10 hair-removal salons have gone bankrupt in 2023
including Ginza Calla, a sharp increase from four in the previous
year, according to Teikoku Databank.


KEISEI ELECTRIC: Egan-Jones Retains B+ Sr. Unsecured Debt Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on December 12, 2023, maintained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by Keisei Electric Railway Co., Ltd. EJR also
withdraws the rating on commercial paper issued by the Company.

Headquartered in Ichikawa, Chiba, Japan, Keisei Electric Railway
Co., Ltd. provides passenger rail and bus transportation services
in the Metropolitan Tokyo and Chiba prefecture areas.


KOBE STEEL: Egan-Jones Retains B+ Sr. Unsecured Debt Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on December 13, 2023, maintained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by Kobe Steel, Ltd. EJR also withdraws the rating on
commercial paper issued by the Company.

Headquartered in Kobe, Hyogo, Japan, Kobe Steel, Ltd. is a supplier
of aluminum and copper product including core products.


TOKYO ELECTRIC: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on December 12, 2023, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Tokyo Electric Power Company Holdings,
Incorporated.

Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power
Company Holdings, Incorporated generates, transmits, and
distributes electricity.


TOSHIBA CORP: Delisted After 74 Years, Faces Future w/ New Owners
-----------------------------------------------------------------
Reuters reports that Toshiba Corp. was delisted on Dec. 20 after 74
years on the Tokyo exchange, following a decade of upheaval and
scandal that brought down one of Japan's biggest brands and ushered
in a buyout and an uncertain future.

According to Reuters, the conglomerate is being taken private by a
group of investors led by private equity firm Japan Industrial
Partners (JIP) that also includes financial services firm Orix,
utility Chubu Electric Power and chipmaker Rohm.

Reuters relates that the $14 billion takeover puts Toshiba in
domestic hands after protracted battles with overseas activist
investors that paralysed the maker of batteries, chips, and nuclear
and defence equipment.

Toshiba "will now take a major step toward a new future with a new
shareholder," the company said in a statement, adding that it would
appreciate continuous understanding and support from its
stakeholders, Reuters relays.

Although it is not clear what shape Toshiba will ultimately take
under its new owners, Chief Executive Taro Shimada, who is staying
in his role following the buyout, is expected to focus on
high-margin digital services.

JIP's support for Shimada had derailed its earlier plan to team up
with a state-backed fund. Some industry insiders say splitting up
Toshiba may be a better option.

"Toshiba's difficulties ultimately were caused by a combination of
bad strategic decisions and bad luck," Reuters quotes Damian Thong,
head of Japan research at Macquarie Capital Securities, as saying.

"I hope that through divestitures, Toshiba's assets and human
talent can find new homes where their full potential can be
unleashed."

Japan's government will be keeping a close watch, the report notes.
The company employees around 106,000 people and some of its
operations are seen as critical to national security.

Reuters says four JIP executives will join the board, as well as
one each from investors Orix and Chubu Electric. The new management
team will be joined by a senior adviser from Toshiba's main lender,
Sumitomo Mitsui Financial Group.

Toshiba has begun moving already, teaming up with Rohm to invest
$2.7 billion in manufacturing facilities to jointly produce power
chips.

The company needs to get out of lower-margin businesses and develop
stronger commercial strategies for some of its advanced
technologies, said Ulrike Schaede, a professor of Japanese business
at the University of California, San Diego.

"If management can figure out a way to let those engineers truly
engage in breakthrough innovation activities, they can emerge as an
important player," the report quotes Mr. Schaede as saying.
"They're a deep tech company."

                         About Toshiba Corp

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

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

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




=========
M A C A U
=========

WYNN MACAU: Moody's Hikes Senior Unsec. Notes Rating to B1
----------------------------------------------------------
Moody's Investors Service affirmed Wynn Resorts Finance, LLC's
("WRF" or "Wynn") B1 Corporate Family Rating, B1-PD Probability of
Default rating, and existing Ba1 senior secured revolver and term
loan ratings. Moody's upgraded the rating on WRF's senior unsecured
notes to B1 from B2. Moody's also upgraded Wynn Macau, Limited
("WML") and Wynn Las Vegas, LLC's ("WLV", a wholly-owned subsidiary
of WRF) senior unsecured notes rating to B1 from B2. WML is a 72.2%
owned subsidiary of WRF, which in turn is a wholly-owned subsidiary
of Wynn Resorts, Limited. Moody's changed the outlook for WRF, WML,
and WLV to stable from negative. WRF's speculative-grade liquidity
rating remains at SGL-2.

The rating affirmation and stable outlook reflects Moody's
expectation that Wynn's financial leverage will continue to
decline, as Macau's gaming market will recover strongly after China
lifted its pandemic-related travel restrictions earlier this year
and visitation and gaming revenue rebounds. The expected recovery
in Macau, coupled with the strong performance at the company's Las
Vegas and Encore Boston Harbor properties will support revenue and
EBITDA growth and drive leverage down. The stable outlook
incorporates Moody's view that the company will maintain good
liquidity, with ample cash balances.

The upgrade to the company's senior unsecured notes reflects a
reduction in total debt levels as well as the change in the
relative mix of secured versus unsecured debt in the company's
capital structure. The reduction in secured debt, which has
priority over unsecured debt, increases recoveries on the unsecured
debt. Moody's expects the company to continue to reduce the
relative proportion of secured debt relative to unsecured debt in
the future.

RATINGS RATIONALE

Wynn Resorts Finance, LLC's (B1 Stable) credit profile reflects the
improving performance of the company's Macau operations as the
recovery continues, and the continued strong performance of the
company's US operations, driving leverage down from elevated
levels. The rating is supported by the quality, popularity, and
favorable reputation of the company's resort properties -- a factor
that continues to distinguish Wynn from other gaming operators --
along with the company's well established and very successful track
record of building large, high quality destination resorts. Wynn's
good liquidity and relatively low cost of debt capital also support
the ratings. The B1 Corporate Family Rating also incorporates that
Wynn's Macau operations will continue to recover, reducing leverage
levels closer to pre-pandemic levels. Key credit concerns include
Wynn's limited diversification, despite being one of the largest
U.S. gaming operators in terms of revenue, and exposure to
reductions in cyclical discretionary consumer and business
spending. Wynn's revenue and cash flow will remain heavily
concentrated in the Macau gaming market. Moody's also expects that
Wynn will be presented with and pursue other large, high profile,
integrated resort development opportunities around the world, such
as its development in the United Arab Emirates. As a result, there
will likely be periods where the company's leverage increases due
to partially debt-financed, future development projects.

The stable outlook reflects Moody's expectation that visitation and
gaming revenues will continue to ramp in 2024, enabling Wynn to
restore credit metrics to levels in line with Moody's expectations
for the B1 Corporate Family Rating, including leverage below 7x.
The outlook also incorporates Moody's expectation that the company
will maintain ample liquidity, and manage its upcoming maturities
in a timely manner and reduce overall debt levels.

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

Ratings could be downgraded if liquidity deteriorates or if Moody's
anticipates Wynn's earnings to decline from current levels.
Reductions in discretionary consumer spending and visitation and an
inability to reduce debt-to-EBITDA leverage to near 7x could also
lead to a downgrade.

Ratings could be upgraded if debt/EBITDA on a Moody's adjusted
basis is maintained below 6.0x. Good liquidity and continued
revenue growth with strong positive free cash flow would also be
needed for an upgrade.

The principal methodology used in these ratings was Gaming
published in June 2021.

Wynn Resorts Finance, LLC is an indirect wholly-owned subsidiary of
publicly-traded Wynn Resorts, Limited, and holds all of Wynn
Resorts, Limited's ownership interests in Wynn Las Vegas, LLC,
which owns and operates the Wynn Las Vegas integrated resort in Las
Vegas, Nevada (excluding certain leased retail space that is owned
by Wynn Resorts directly), Wynn Asia, and Wynn MA, LLC, which owns
and operates Encore Boston Harbor. The company owns 72% of Wynn
Macau, Limited. Consolidated revenue for the last twelvemonth
period ended September 30, 2023 was approximately $5.7 billion.




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

CROYDON INDUSTRIES: Creditors' Proofs of Debt Due on Feb. 2
-----------------------------------------------------------
Creditors of Croydon Industries Limited are required to file their
proofs of debt by Feb. 2, 2024, to be included in the company's
dividend distribution.

The High Court at Invercargill appointed Wendy Somerville and
Malcolm Hollis of PwC as liquidators on Dec. 14, 2023.


GALAXY INVESTMENT: Court to Hear Wind-Up Petition on Feb. 2
-----------------------------------------------------------
A petition to wind up the operations of Galaxy Investment Group
Limited will be heard before the High Court at Auckland on Feb. 2,
2024, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 27, 2023.

The Petitioner's solicitor is:

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


GRIEVE INVESTMENTS: Creditors' Proofs of Debt Due on Jan. 31
------------------------------------------------------------
Creditors of Grieve Investments Trading Limited are required to
file their proofs of debt by Jan. 31, 2024, to be included in the
company's dividend distribution.

The High Court at Wellington appointed Kelera Nayacakalou of
Liquidateit as the company's liquidator on Oct. 10, 2023.


PROVIDENT INSURANCE: A.M. Best Affirms bb+ Issuer Credit Rating
---------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb+" (Fair) of Provident
Insurance Corporation Limited (PICL) (New Zealand). The outlook of
these Credit Ratings (ratings) is positive.

The ratings reflect PICL's balance sheet strength, which AM Best
assesses as adequate, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management (ERM).

The positive outlooks reflect an improving trend in balance sheet
fundamentals, including an increase in and greater stability of
PICL's risk-adjusted capitalization, combined with growth of the
company's absolute capital base. Additionally, successful execution
of PICL's business plan is expected to further support prospective
internal capital generation.

The balance sheet strength assessment is underpinned by PICL's
risk-adjusted capitalization, which is at the strongest level in
fiscal year (FY) 2023, as measured by Best's Capital Adequacy Ratio
(BCAR). AM Best expects PICL's risk-adjusted capitalization to
remain at least at the strong level over the medium term, supported
by positive retained earnings and conservative investment strategy.
An offsetting balance sheet factor includes exposure to
long-duration policies that increases reserving risk.

AM Best views PICL's operating performance as adequate. The company
reported a five-year average return-on-equity ratio of 13.8% (FYs
ending 31 March 2019 – 2023), showing a positive trend in
underwriting performance over this period. PICL has made
significant investments into its information technology and pricing
capabilities, which will increase the expense ratio in the short
term but are expected to support prospective operating
performance.

AM Best assesses PICL's business profile as limited. This reflects
the company's relatively modest scale of operations and limited
geographical diversification, with all business emanating from New
Zealand. PICL is a niche insurer that focuses on mechanical
breakdown insurance and private motor vehicle products, largely
distributed through motor dealerships and several distribution
partners across its domestic market.

AM Best assesses PICL's ERM as appropriate, given the size and
complexity of its operations. AM Best views the successful
execution of the company's underwriting strategy and planned
infrastructure investment to be a key risk exposure. Over the
medium term, PICL's risk management capabilities are expected to
continue to develop in order to support increasing operational
scale and widening product offerings.


QUITE USEFUL: Creditors' Proofs of Debt Due on Jan. 23
------------------------------------------------------
Creditors of Quite Useful Company Limited are required to file
their proofs of debt by Jan. 23, 2024, to be included in the
company's dividend distribution.

The High Court at Palmerston North appointed Hamish John Pryde of
CS Insolvency as the company's liquidator  on Dec. 14, 2023.


SACRED HILL: Creditors' Proofs of Debt Due on Feb. 1
----------------------------------------------------
Creditors of Sacred Hill Winery Limited are required to file their
proofs of debt by Feb. 1, 2024, to be included in the company's
dividend distribution.

The High Court at Napier appointed Rhys Cain and Larissa Logan of
Ernst & Young as liquidators on Dec. 14, 2023.




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

CEBU AIR: Egan-Jones Retains CCC- Sr. Unsecured Debt Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on December 5, 2023, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Cebu Air Inc. EJR also withdraws the rating on
commercial paper issued by the Company.

Headquartered in Pasay, Philippines, Cebu Air Inc. operates an
airline which provides air transportation services.




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

JURONG PRIMEWIDE: Creditors' Meetings Set for Jan. 5
----------------------------------------------------
Jurong Primewide Pte. Ltd. will hold a meeting for its creditors on
Jan. 5, 2024, at 11:30 a.m. via Zoom.

Agenda of the meeting includes:

   a. to nominate liquidator(s) or to confirm members' nomination
      of liquidator(s);

   b. to receive a full statement of the Company's affairs
      together with a list of its creditors and the estimated
      amount of their claims;

   c. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of such winding up; and

   d. Any other business.

Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC on Dec. 12,
2023, was appointed as provisional liquidator of the company.


PANCAST PTE: Creditors' Meetings Set for Dec. 29
------------------------------------------------
Pancast Pte Ltd will hold a meeting for its creditors on Dec. 29,
2023, at 10:30 a.m. via video conference.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint Liquidators;

   c. to appoint a Committee of Inspection if deemed necessary;
and

   d. Any other business.


RESOURCECO ASIA: Creditors' Proofs of Debt Due on Jan. 22
---------------------------------------------------------
Creditors of Resourceco Asia (S) Pte. Ltd. are required to file
their proofs of debt by Jan. 22, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 12, 2023.

The company's liquidators are:

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


TECHNICORUM HOLDINGS: Court to Hear Wind-Up Petition on Dec. 29
---------------------------------------------------------------
A petition to wind up the operations of Technicorum Holdings Pte
Ltd will be heard before the High Court of Singapore on Dec. 29,
2023, at 10:00 a.m.

Lee Yeungjun filed the petition against the company on Dec. 5,
2023.

The Petitioner's solicitors are:

          Cairnhill Law LLC
          30 Cecil Street
          #10-05, Prudential Tower
          Singapore 049712


TRANZPLUS ENGINEERING: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Dec. 8, 2023, to
wind up the operations of Tranzplus Engineering (S) Pte. Ltd.

RHB Bank Berhad filed the petition against the company.

The company's liquidators are:

          Lim Loo Khoon
          Tan Wei Cheong
          Deloitte & Touche LLP
          6 Shenton Way
          #33-00 OUE Downtown 2
          Singapore 068809




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

HANJIN INT'L: Moody's Hikes CFR to 'Ba3', Outlook Positive
----------------------------------------------------------
Moody's Investors Service has upgraded Hanjin International
Corporation's (HIC) corporate family rating to Ba3 from B1. At the
same time, Moody's has upgraded to Ba1 from Ba2 the backed senior
secured rating on HIC's term loan due September 2025, which is
guaranteed by HIC's parent, Korean Air Lines Co., Ltd. (KAL).

Moody's has also maintained the positive outlook on HIC.

"The rating upgrade is driven by the guarantor and parent KAL's
robust operating performance and the enduring improvement in its
capital structure and liquidity position," says Sean Hwang, a
Moody's Vice President and Senior Analyst.

"The positive outlook indicates further upgrade potential if KAL
maintains an adequate financial profile following its potential
acquisition of Asiana Airlines, Inc.," adds Hwang.

RATINGS RATIONALE

HIC's Ba3 CFR primarily reflects Moody's assessment of a high
likelihood of support from the company's parent, KAL, when needed
because KAL guarantees all of HIC's external debt. HIC's credit
quality is therefore closely linked to KAL's, resulting in a
three-notch uplift from HIC's standalone credit quality.

Moody's expects that despite a moderate softening, KAL's earnings
over the next 12-18 months will remain above pre-pandemic levels as
its recovering passenger business will partly offset the moderating
earnings from its cargo business. Solid demand for international
travel and lingering capacity constraints resulting from limited
new aircraft supply will continue to support adequate passenger
yields during this period.

At the same time, KAL will likely maintain its improved capital
structure because its solid operating cash flow and large excess
cash will allow it to fund its increasing aircraft-related capital
spending without significant debt increases. The company
drastically reduced its adjusted net debt to KRW6.3 trillion as of
September 30, 2023 from KRW18.5 trillion as of December 31, 2019,
based on its large equity offerings, asset sales and strong cargo
earnings through the pandemic.

Moody's estimates that KAL's adjusted debt/EBITDA will moderate
slightly to 3.2x-3.4x over the next 12-18 months from around 3.0x
for the 12 months ended September 30, 2023, mainly because of its
moderating earnings. Its adjusted net debt/EBITDA will remain low
at 1.6x-1.8x, compared with around 1.6x for the latest 12-month
period.

These financial metrics provide a significant financial buffer to
absorb earnings volatility and the company's pending acquisition of
Asiana, which has significantly higher leverage than KAL. Moody's
estimates the combined airline company will have a pro forma
adjusted debt/EBITDA of around 4.5x and pro forma adjusted net
debt/EBITDA of around 3.5x in 2024-25.

The estimated pro forma metrics would position the combined company
strongly for the current rating category, supporting the positive
outlook. That said, uncertainty remains around this estimate at
this point, given the lack of clarity over the integration strategy
and related costs, amid an ongoing delay in the regulatory
approvals for the acquisition.

KAL's credit quality continues to be underpinned by its leading
position as Korea's largest flagship carrier and air cargo
operator, and Moody's assessment that the company would benefit
from governmental and institutional support when needed because of
its significant importance to the Korean economy.

HIC's Ba1 secured term loan remains two notches higher than the
company's CFR, reflecting the first lien on the majority of HIC's
assets, including mainly the Wilshire Grand Center (WGC), which
significantly enhances recovery prospects for its term loan
creditors.

In terms of environmental, social and governance (ESG)
considerations, HIC is exposed to (1) physical climate risks due to
its geographically concentrated operations, (2) long-term societal
risk stemming from potential changes in business travel and
workplace flexibility, and (3) governance risks associated with the
company's track record of high leverage and its concentrated
ownership, although its parent's explicit support eases these
risks.

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

Moody's could upgrade HIC's CFR and term loan rating if KAL
maintains an adequate pro forma financial profile after its
acquisition of Asiana, while continuing its strong support for HIC
through guarantees. Credit metrics that would support the upgrade
include KAL's adjusted debt/EBITDA (pro forma for the acquisition
of Asiana) remaining below 4.5x-5.0x.

Moody's could change the outlook on HIC to stable if KAL's credit
quality weakens significantly because of higher debt-funded
investment or weaker synergies from the Asiana acquisition than the
agency currently expects, such that KAL's adjusted debt/EBITDA
stays above 5.0x. A material deterioration in the company's
liquidity and access to external funding would also pressure the
ratings.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Hanjin International Corporation (HIC), a wholly-owned subsidiary
of Korean Air Lines Co., Ltd. (KAL), owns the Wilshire Grand Center
(WGC), a 73-story Class A mixed-use building in Los Angeles in the
US.

Korean Air Lines Co., Ltd. is a leading airline company in Korea.
As of September 30, 2023, the company owned a fleet of 133
passenger aircraft and 23 cargo aircraft serving 120 destinations
across 43 countries.



                           *********


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

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

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

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

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



                *** End of Transmission ***