/raid1/www/Hosts/bankrupt/TCRAP_Public/240202.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, February 2, 2024, Vol. 27, No. 25

                           Headlines



A U S T R A L I A

CCH GROUP: Enters Liquidation After Being Hit With State Directive
DALMA FORM: Second Creditors' Meeting Set for Feb. 7
DURAR SERVICES: First Creditors' Meeting Set for Feb. 7
ILLAWARRA 2024-1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
INS DEVELOPMENTS: First Creditors' Meeting Set for Feb. 7

LANGDON BUILDING: First Creditors' Meeting Set for Feb. 8
MAJESTIC CINEMAS: Collapses Into Voluntary Administration
MAJESTIC CINEMAS: First Creditors' Meeting Set for Feb. 12
NOW & AGAIN: Festival Officially Cancelled Following Liquidation
NWFS EMPLOYMENT: Second Creditors' Meeting Set for Feb. 6



C H I N A

LVMAMA: E-Travel Platform Shuts Down Amid Cash Flow Crisis
SUNING: Expects to Narrow Fourth Annual Loss by Up to 80%
UXIN LIMITED: To Hold Extraordinary General Meeting on March 1
[*] Fitch Puts 19 IPF Issuers Under Criteria Observation


I N D I A

ABHYUDAYA GREEN: ICRA Keeps B+ Debt Rating in Not Cooperating
ARISTO TRANSMISSION: CRISIL Keeps B+ Rating in Not Cooperating
ASHOK HANDLOOMS: ICRA Keeps B Debt Rating in Not Cooperating
BARAKA OVERSEAS: ICRA Keeps B+ Debt Rating in Not Cooperating
BHARAT CHARITABLE: CRISIL Keeps B Debt Ratings in Not Cooperating

BHARAT MOTOR: CRISIL Keeps B+ Debt Rating in Not Cooperating
CHINTAMANIS JEWELLERY: ICRA Keeps D Ratings in Not Cooperating
DEVANGA SANGHA: ICRA Keeps B Debt Rating in Not Cooperating
DHANALAKSHMI SRINIVASAN: ICRA Keeps D Rating in Not Cooperating
EPYGEN BIOTECH: CRISIL Keeps D Debt Rating in Not Cooperating

GO FIRST: Lenders to Seek 60-Day Extension of Insolvency Process
HITRO ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
INSTYLE EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
JAIGO AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
KREDENCE MULTI: ICRA Keeps D Debt Rating in Not Cooperating

MAK CONSTRUCTIONS: ICRA Lowers Rating on INR18cr LT Loan to D
MARUTI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
NEOTECH EDUCATION: ICRA Keeps D Debt Rating in Not Cooperating
PRASAD MULTI: ICRA Keeps D Ratings in Not Cooperating Category
R N ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating

R.K. GROVER: ICRA Keeps D Debt Ratings in Not Cooperating
R.K. SCAN: CRISIL Keeps B- Debt Rating in Not Cooperating
SATKAR LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
SINNAR THERMAL: To Undergo IBC Process as NCLAT Vacates Stay
SS ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating

SWASTIK TRADELINK: ICRA Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

CIPUTRA DEVELOPMENT: Fitch Affirms 'BB-' LT IDR, Outlook Stable


N E W   Z E A L A N D

AGWATER ENGINEERING: Creditors' Proofs of Debt Due on Feb. 26
CHERRYLANE JERSEYS: Court to Hear Wind-Up Petition on Feb. 12
COMBINED PROPERTY: Creditors' Proofs of Debt Due on Feb. 29
FUTURE URBAN: Court to Hear Wind-Up Petition on Feb. 23
HYDRAULIC SOLUTIONS: Creditors' Proofs of Debt Due on Feb. 26

LOVEDAY HOSPITALITY: Court to Hear Wind-Up Petition on Feb. 12


S I N G A P O R E

FUSIONEX PTE: Court Enters Wind-Up Order
GUANGSHI TECHNOLOGY: Commences Wind-Up Proceedings
HATTEN LAND: Gets Notice of Default for US$20MM Convertible Loan
MAPLE (III): Creditors' Proofs of Debt Due on Feb. 29
RAICON SINGAPORE: Creditors' Meeting Set for Feb. 14


                           - - - - -


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

CCH GROUP: Enters Liquidation After Being Hit With State Directive
------------------------------------------------------------------
The Courier Mail reports that CCH Group Pty Ltd, trading as
Childers Concrete and Haulage, has folded after 44 years of
operation, weeks after receiving an EPA notice for 6 tonnes of
illegally dumped concrete waste.

The company owes AUD7.5 million, the report says.

Nick Combis of Vincents Accountants was appointed as the company's
liquidator on Jan. 15, 2024.

CCH Group Pty Ltd, trading as Childers Concrete and Haulage, is a
concrete supplier and transportation firm.


DALMA FORM: Second Creditors' Meeting Set for Feb. 7
----------------------------------------------------
A second meeting of creditors in the proceedings of Dalma Form
Specialist Pty Ltd has been set for Feb. 7, 2024, at 3:00 p.m. via
virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 6, 2024, at 4:00 p.m.

Bruce Gleeson and Daniel Robert Soire of Jones Partners Insolvency
& Restructuring were appointed as administrators of the company on
Dec. 21, 2023.


DURAR SERVICES: First Creditors' Meeting Set for Feb. 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Durar
Services Pty Ltd will be held on Feb. 7, 2024, at 10:30 a.m. via
Zoom Videoconferencing.

Bradd William Morelli and Hayden Gregory Asper of Jirsch Sutherland
were appointed as administrators of the company on Jan. 29, 2024.


ILLAWARRA 2024-1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by BNY Trust Co. of Australia Ltd. as trustee of Illawarra Series
2024-1 RMBS Trust. Illawarra Series 2024-1 RMBS Trust is a
securitization of prime residential mortgages originated by IMB
Ltd., trading as IMB Bank.

The preliminary ratings reflect the following factors.

The credit risk of the underlying collateral portfolio, including
the fact that this is a closed portfolio, means no further loans
will be assigned to the trust after the closing date.

S&P said, "We believe the credit support is sufficient to withstand
the stresses we apply. This credit support for the rated notes
comprises note subordination and lenders' mortgage insurance on
23.5% of the portfolio.

"We expect that the various mechanisms to support liquidity within
the transaction, including an excess revenue reserve funded by
available excess spread (subject to conditions), principal draws,
and a liquidity facility equal to 1.00% of the outstanding note
balance are sufficient under our stress assumptions to ensure
timely payment of interest." In addition, an amount equal to the
lower of 0.10% of the aggregate invested amount of the notes on the
closing date, the aggregate principal outstanding on all performing
common payment date loans, and the scheduled principal and interest
payments for the common payment date loans--assuming all loans
convert to principal and interest loans--will be provided for by
the liquidity facility provider as part of the liquidity facility
to mitigate the risk of commingling due to payments that are
contracted to be made on a common payment date each month by a
proportion of borrowers.

A standby fixed- to floating-rate interest-rate swap is to be
provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS.

The legal structure of the trust, which is established as a
special-purpose entity, meets our criteria for insolvency
remoteness.

  Preliminary Ratings Assigned

  Illawarra Series 2024-1 RMBS Trust

  Class A, A$460.0 million: AAA (sf)
  Class AB, A$22.75 million: AAA (sf)
  Class B, A$7.40 million: AA (sf)
  Class C, A$5.15 million: A (sf)
  Class D, A$2.10 million: BBB (sf)
  Class E, A$1.35 million: BB (sf)
  Class F, A$1.25 million: Not rated


INS DEVELOPMENTS: First Creditors' Meeting Set for Feb. 7
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Ins
Developments Pty Ltd (formerly known as JPH Urban Pty Ltd) will be
held on Feb. 7, 2024, at 11:00 a.m. at Suite 1, Level 20, 20 Bond
Street, in Sydney, NSW, and via virtual meeting technology.

Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Jan. 28, 2024.


LANGDON BUILDING: First Creditors' Meeting Set for Feb. 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Langdon
Building Pty Ltd will be held on Feb. 8, 2024, at 11:00 a.m. at the
offices of Cor Cordis, Level 29, 360 Collins Street, in Melbourne,
Victoria, and via virtual meeting technology.

Sam Kaso and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on Jan. 29, 2024.


MAJESTIC CINEMAS: Collapses Into Voluntary Administration
---------------------------------------------------------
SmartCompany reports that Majestic Cinemas, a movie theatre
business operating screens across regional New South Wales and
Queensland, has collapsed into voluntary administration after a
punishing 18 months for independent cinema chains.

The business operates theatres in Nambour, Port Macquarie,
Inverell, Nambucca, Wynnum, Kempsey, Singleton, Sawtell, and Nelson
Bay, providing a movie-going experience in many regions without a
big-name multiplex.

A new FAQ section on the Majestic Cinemas website states the
business is seeking to restructure, and that "at this stage" all of
its theatres remain open to customers, SmartCompany relays.

Gift card holders, who would usually be considered unsecured
creditors in an administration, can redeem their unused gift cards
through matched cash spending.

"For example, if you make a purchase for $20 at the cinema, you can
use your Gift Card for $10 and pay the other $10 by cash or card,"
the website stated.

Documents listed by the Australian Securities and Investments
Commission show Majestic Cinemas Pty Limited has recruited Terry
Grant van der Velde and Terrence John Rose of SV Partners as joint
administrators.

The first meeting of creditors will take place on February 12,
SmartCompany discloses.

The administration arrives after what Majestic Cinemas founder and
CEO Kieren Dell described as a "pretty dire" 2023 for cinemas
across Australia.

Speaking to SmartCompany in July last year, when the 'Barbenheimer'
phenomenon inspired an exceptional burst of ticket sales at cinemas
nationwide, Mr. Dell said cinemas were hard-hit by broader economic
constraints.

"Everyone thinks that COVID was a tough time, but in fact, the last
financial year was probably one of the hardest for independent
cinemas, because there was no government support, no landlord
support, and no bank support," he said.

Looking beyond the success of Barbie and Oppenheimer, Mr. Dell said
box office revenues at independent cinemas outside of Sydney and
Melbourne fell in 2023.

"It's been pretty tough times," he continued.

"We need two things: we need these big movies to release, which is
exactly what's happened, and we need a stream of movies from here
onwards to encourage people to come back to the cinema."

SmartCompany adds that Mr. Dell flagged concerns over consumer
discretionary spending but was optimistic the upcoming slate of
movies, and the relatively affordable price of a movie ticket,
would encourage future box office revenues leading into 2024.

"I'm confident cinemas will get through these recessionary times,"
he said.


MAJESTIC CINEMAS: First Creditors' Meeting Set for Feb. 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Majestic
Cinemas Pty Limited Limited atf Majestic Cinema Trust (Trading
name: Majestic Cinemas, Majestic Cinemas & Event Centre Nambour,
RITZ Cinemas Port Macquarie, Inverell Cinema Centre, Nambucca
Cinema Centre, Norma Jean?s Caf?, Rose Point Cinemas, Majestic
Cinemas Wynnum, Majestic Cinemas Kempsey, Majestic Cinemas
Singleton, Majestic Cinemas Sawtell and Majestic Cinemas Nelson
Bay) will be held on Feb. 12, 2024, at 10:00 a.m. via virtual
facilities.

Terry Grant Van der Velde and Terrence John Rose of SV Partners
were appointed as administrators of the company on Jan. 31, 2024.


NOW & AGAIN: Festival Officially Cancelled Following Liquidation
----------------------------------------------------------------
The Music reports that Now & Again festival has officially been
cancelled after going into liquidation, with ticketholders
receiving an email from liquidators Deloitte on Jan. 24 informing
punters that "the 2024 festival will not be going ahead."

The Music relates that the line-up for this year's event was
announced in October. Led by US producer Metro Boomin', the
festival would've been a thrilling homecoming for Golden Features,
with additional acts including Milky Chance, Lastlings, Kolsch,
Dusky, Casso, Chris Lorenzo, Kaiit, Laura King, Manda Moore, Ollie
Lishman and more.

Less than a month after the line-up was revealed, the cracks began
to show: the Now & Again festival website became defunct, showing
only a 404 error message, indicating that it had been shut down.
Tickets were no longer available to buy from Oztix, the festival's
TikTok account disappeared, and comments were limited on the
event's Instagram account - all ominous signs, according to the
report.

The festival was due to take place at the Melbourne Showgrounds on
Saturday, February 3.

In November, The Music reached out to representatives of Now &
Again for comment. An anonymous source close to the festival told
The Music that communication issues were the core of its problems:
local promotors are reported unable to contact overseas parties
involved with the festival's operation, and promotional efforts
have effectively ceased.

An email sent to ticketholders from Michael Quin, Joint and Several
Liquidator for Deloitte, has confirmed that the festival has
officially been cancelled, The Music adds.


NWFS EMPLOYMENT: Second Creditors' Meeting Set for Feb. 6
---------------------------------------------------------
A second meeting of creditors in the proceedings of NWFS Employment
Pty Ltd has been set for Feb. 6, 2024, at 11:00 a.m. via video
conference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 5, 2024, at 5:00 p.m.

Richard Albarran, Kathleen Vouris and John Vouris of Hall Chadwick
were appointed as administrators of the company on Sept. 29, 2023.




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

LVMAMA: E-Travel Platform Shuts Down Amid Cash Flow Crisis
----------------------------------------------------------
Yicai Global reports that Lvmama had to suspend operation because
of cash flow distress, but it is seeking solutions, it told Yicai
after reports that reservations on the Chinese e-tourism website
were unavailable and most employees were laid off.

"The three-year Covid-19 pandemic has hit hard the tourism industry
and companies in the field," Lvmama said on Jan. 31. "The firm's
parent company Feilvwan finds it hard to get back over CNY2 billion
(USD279 million) that its business partners owe it in the short
term.

"In addition, it has loans of more than CNY500 million (USD70.4
million) forced to be repaid ahead of time, agreements on which are
terminated arbitrarily, or recovered in disguised form by banks,"
Lvmama added. These led to the firm being cash-strapped, it noted,
adding that some banks sued it, and its corporate account and
domain name have been closed, but it is in talks with related
parties seeking solutions.

According to Yicai, reports spread on Weibo earlier on Jan. 31 that
Lvmama had laid off most of its employees, its website, app, and
mini program have ceased operation, and it has not posted on its
WeChat accounts for months.

Its app and mini program are unavailable, with only some of its
WeChat accounts having stopped posting, while others were still
active as of last December, Yicai learned.

Established in 2008, Shanghai-based Lvmama provides booking
services for scenic spot tickets, resort hotels, transportation,
and customized, domestic, and outbound tours.


SUNING: Expects to Narrow Fourth Annual Loss by Up to 80%
---------------------------------------------------------
Yicai Global reports that Suning expects to have shrunk its annual
net loss, the electrical appliances retailer's fourth in a row, by
as much as 80% despite higher costs due to closing most Carrefour
brand stores.

The net loss likely narrowed 74% to 80% to between CNY3.3 billion
and CNY4.3 billion (USD464.8 million and USD605.6 million) in the
year ended Dec. 31, the Nanjing-based company said in an earnings
update on Jan. 30, Yicai relays.

Suning may have lost or earned up to CNY100 million (USD14 million)
in the fourth quarter, if investment losses, compensation, and
other expenses arising from Carrefour outlet closures are factored
out, it said.

At its annual work conference earlier this month, founder Zhang
Jindong revealed plans to make the company profitable again this
year, setting the goals of overall operating profitability and
scale profitability at its main 3C (computers, communications, and
consumer electronics) business, according to Yicai.

He also plans an organizational shakeup with the dual aims of
minimizing the management hierarchy and allowing more staff to face
the market and respond quickly to it.

Suning International, a subsidiary, acquired 80% of Carrefour China
for CNY4.8 billion in September 2019, Yicai recalls. It closed 137
of the supermarket chain's stores in the first nine months of last
year, keeping just 10 open. Carrefour China lost CNY1.3 billion in
the first half.

The shutterings resulted in sales revenue tumbling and compensation
costs climbing, Suning said. It has also made provisions for the
impairment of Carrefour China's goodwill and long-term assets.

Suning continued to focus on developing the home appliances 3C
business last year, the company noted, Yicai relates. Home
appliance sales jumped about 12%, and 2,686 new 'retail cloud
stores' were opened in lower-tier markets, it added. Suning had
10,729 such stores as of last year, with sales of goods climbing
more than 20% from a year earlier.

Suning will continue to develop in lower-tier markets this year,
Zhang also said earlier at its annual work conference, adds Yicai.
The firm will open more than 3,000 stores and accelerate the
development of its e-commerce business, Zhang added.

Suning.Com Co., Ltd., operates consumer electronic products and
appliances sales stores. The Company sells telecommunication
equipment, telecommunication components, household appliances,
digital equipment, refrigerators, washing machines, and other
products. Suning.Com also provides equipment installation and
repairing services.


UXIN LIMITED: To Hold Extraordinary General Meeting on March 1
--------------------------------------------------------------
Uxin Limited announced that it will hold an Extraordinary General
Meeting of Shareholders at 21/F, Donghuang Building, No. 16
Guangshun South Avenue, Chaoyang District, Beijing 100102, People's
Republic of China, at 10:00 am (Beijing time) on March 1, 2024. The
purpose of the EGM is for the Company's shareholders to consider
and, if thought fit, approve the increase in authorized share
capital of the Company.

Mr. Kun Dai, the Chairman of the Board, has fixed the close of
business on Feb. 5, 2024, as the record date, in order to determine
the shareholders entitled to receive notice of the EGM or any
adjourned or postponed meeting thereof.  The notice of EGM and form
of proxy for the EGM are attached as Exhibits to the Current Report
on Form 6-K furnished by the Company to the Securities and Exchange
Commission and are also available on the Company's website at
https://ir.xin.com/

Holders of the Company's ordinary shares whose names are on the
register of members of the Company at the close of business on the
Record Date are entitled to attend the EGM and any adjournment or
postponement thereof.  Holders of the Company's American depositary
shares ("ADSs") who wish to exercise their voting rights for the
underlying shares must act through The Bank of New York Mellon, the
depositary of the Company's ADS program.

                           About Uxin

Uxin is a China-based used car retailer, pioneering industry
transformation with advanced production, new retail experiences,
and digital empowerment.  The Company offers vehicles through a
reliable, one-stop, and hassle-free transaction experience.  Under
its omni-channel strategy, the Company is able to leverage its
pioneering online platform to serve customers nationwide and
establish market leadership in selected regions through offline
inspection and reconditioning centers.  

Shanghai, the People's Republic of China-based
PricewaterhouseCoopers Zhong Tian LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Aug. 14, 2023, citing that the Company has incurred net losses
since inception and incurred cash outflows from operating
activities during the fiscal year ended March 31, 2023.  In
addition, the Company has an accumulated deficit and net current
liabilities as of March 31, 2023.  These events and conditions
raise substantial doubt about the Company's ability to continue as
a going concern.


[*] Fitch Puts 19 IPF Issuers Under Criteria Observation
--------------------------------------------------------
Fitch Ratings has placed the ratings of 19 international public
finance (IPF) issuers Under Criteria Observation (UCO) following
the conversion of its "Exposure Draft: Government-Related Entities
(GRE) Rating Criteria" and "Exposure Draft: Public Policy
Revenue-Supported Entities Rating Criteria" to final criteria on 12
January 2024.

Fitch has received feedback during the exposure draft consultation
period. Its response to the feedback is available at "Feedback
Report: Government-Related Entities Rating Criteria" and "Feedback
Report: Public Policy Revenue-Supported Entities Rating Criteria",
published on 12 January 2024.

The UCO designation indicates that the existing ratings of the
entities listed at the end of this commentary may change as a
direct result of the application of the final criteria. It does not
indicate a change in the underlying credit profile, nor does it
affect existing Outlooks or Rating Watches.

Fitch will review all ratings placed on UCO within six months. Not
all ratings placed on UCO may change on the resolution of the UCO.

KEY RATING DRIVERS

Key Rating Factors Reframed: The new GRE criteria have reframed and
clarified the key rating considerations, and eliminated 'Moderate'
and 'Weak' factor assessments. Its four key rating considerations
continue to be based on responsibility and incentive to support, to
determine the extraordinary support Fitch expects from a government
to its GREs.

SCP Derivation Framework Reframed: The Standalone Credit Profile
(SCP) is now derived from a combined assessment of an entity's
overall risk profile, according to the new Public Policy
Revenue-Supported Entities Criteria. This incorporates the entity's
exposure to revenue, expenditure, liability and liquidity risk
factors, and a financial profile assessment. The financial profile
assessment is now derived from a combination of leverage and
coverage metrics, as well as a new sector-specific loan-to-value
metric, when relevant.

Expanded Notching Outcomes: The new GRE criteria introduce more
granular notching outcomes and place greater emphasis on the SCP in
the rating derivation, particularly when support is modest or the
SCP of an entity is weak relative to that of the government.

Change to Short-Term Rating Framework: Fitch has modified the
framework used for the derivation of short-term ratings for
entities with Long-Term Issuer Default Ratings that are driven by
their SCPs in the new criteria.

Potential Instrument Rating Changes: Instrument ratings could be
affected should there be a change in the rating approach for the
GRE as a result of the new criteria.

RATING SENSITIVITIES

The resolution of the UCO will depend on Fitch's assessment of the
appropriate rating outcome based on the new criteria over the next
six months.

Existing issuer rating sensitivities remain unchanged until the UCO
resolution.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of University Hospital of Angers (CHU Angers),
University Hospital of Nice (CHU Nice), Clesence, Erilia, LogiRep
and Residences le Logement des Fonctionnaires are linked to those
of France (AA-/Stable).

The ratings of Hemso Fastighets AB are linked to those of Sweden
(AAA/Stable).

The ratings of FNM S.p.A. are linked to Fitch's internal assessment
of the Region of Lombardy.

The ratings of Samruk-Kazyna Invest LLP are linked to those of
Kazakhstan (BBB/Stable).

ESG CONSIDERATIONS

University Hospital of Angers and University Hospital of Nice have
an ESG Relevance Score of '4' for Labour Relations and Practices
due to labour-related spending pressures on French hospitals, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

Clesence has an ESG Relevance Score of '4' for Energy Management,
as Fitch believes Clesence's high levels of dwellings classified as
E, F and G energy-wise (27% at end-2022) lead to a high level of
rehabilitation capex, because social housing providers have legally
binding deadlines to rehabilitate those dwellings. This, in
combination with other factors, contributes to higher leverage for
Clesence. This has a negative impact on its credit profile and is
relevant to its rating in conjunction with other rating factors.

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

The Entities involved are:

- Chongqing Nan'an Urban Construction & Development (Group) Co.,
Ltd.
- Ningbo Yincheng Group Co., Ltd.
- Sichuan Development Holding Co., Ltd.
- Anhui Transportation Holding Group Company Limited
- University Hospital of Nice (CHU Nice)
- Qingdao Haifa State-owned Capital Investment And Operation Group
Co., Ltd
- University Hospital of Angers (CHU Angers)
- Henan Airport Investment Group Co., Ltd.
- Clesence
- LogiRep
- Putian State-Owned Assets Investment Co., Ltd.
- Erilia
- Qingdao China Prosperity State-owned Capital Investment Operation
Group Co., Ltd
- Huatong International Investment Holdings Co., Limited
- Hemso Treasury OYJ
- Anhui Transportation Holding Group (H.K.) Limited
- Jiangxi Provincial Water Conservancy Investment Group Corp.
- Samruk-Kazyna Invest LLP
- FNM S.p.A.
- Residences le Logement des Fonctionnaires
- Hemso Fastighets AB
- Yieldking Investment Limited
- Chongqing International Logistics Hub Park Construction Co.,
Ltd.

A list of the Affected Ratings is available at:
https://www.fitchratings.com/research/corporate-finance/fitch-places-19-public-finance-issuers-under-criteria-observation-after-criteria-update-18-01-2024





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I N D I A
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ABHYUDAYA GREEN: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Abhyudaya Green Economic
Zones Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.35       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2013, Abhyudaya Green Economic Zones Private
Limited is setting up a 4.00 MW (AC) grid connected solar PV power
plant in Chevella Village, Ranga Reddy District, Telangana. The
operations are being managed by Dr. Vijay Kolaventy, who has more
than 25 years of experience in Information Technology, Information
Technology Enabled Services, Renewable Energy and Energy Efficiency
services. AGEZPL has signed PPA with TSSPDCL at a tariff rate of
INR6.49/- valid for 20 years. The total cost of solar power plant
is INR29.37 crore which is funded by INR7.34 crore of equity,
INR7.35 crore of term loan and INR14.68 crore by IFCI in the form
of Optionally Convertible Debentures (OCD). The expected COD of the
plant was March 2016.


ARISTO TRANSMISSION: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aristo
Transmission Private Limited (ATPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ATPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

ATPL, incorporated in 2009, manufactures mild-steel pipes and
galvanised iron pipes that are used in sectors such as
construction, automobile, engineering, agriculture, and irrigation.
It has a manufacturing facility in Siltara, near Raipur
(Chhattisgarh) with installed capacity of around 36,000 tonne per
annum.


ASHOK HANDLOOMS: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Ashok Handlooms Factory
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.60       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Ashok Handlooms Factory Private Limited was established in 1946 as
a proprietorship firm and was converted into a private limited
company in 1989. It manufactures home furnishing items, such as bed
sheets, pillow cases, cushion cover sets, curtains, and drapes,
which are marketed under the brand, Sonalika. The company's
manufacturing facility is situated in Meerut (Uttar Pradesh) with
an installed production capacity of 5,000 metres/day.


BARAKA OVERSEAS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Baraka Overseas Traders in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         18.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Baraka Overseas Traders was established as a partnership firm in
1979. The firm is involved in exports of frozen seafood with the
United States, Mauritius, France and the UK as key export
destinations. Major varieties of seafood exported by the firm
include Cuttle Fish, Ribbon Fish, Mackerel, Sardine and Squid,
among others. The firm's processing facility is in Ullal, Mangalore
district of Karnataka. The firm reported an operating income of
INR62.25 crore and a net profit of INR0.76 crore in FY2018 as
against an operating income of INR50.98 crore and a net profit of
INR0.94 crore in FY2017.


BHARAT CHARITABLE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bharat
Charitable Hospital Society (BCHS) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/           3          CRISIL B/Stable (Issuer Not  
   Overdraft facility                Cooperating)

   Cash Credit/           1          CRISIL B/Stable (Issuer Not  
   Overdraft facility                Cooperating)

   Long Term Loan         2.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         2.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BCHS for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

BCHS was set up in the year 1969 by Dr A.N Viswanathan Pillai. The
hospital runs a 250 bedded Multi-disciplinary super specialty
hospital in Kottayam, Kerala.


BHARAT MOTOR: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bharat Motor
Parcel Service (BMPS) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Loan Against           10        CRISIL B+/Stable (Issuer Not
   Property                         Cooperating)

CRISIL Ratings has been consistently following up with BMPS for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

BMPS, setup in 1960 in Vijaywada, by Mr. T Sesharao and his
brothers, Mr. T Vara Prasad, Mr. T. Sathyanarayana and Mr. T
Ramakrishna, is engaged in the business of road transportation and
has a fleet of 120 trucks. It primarily deals in transportations of
food items, apart from pharmaceutical products, paints and
batteries.


CHINTAMANIS JEWELLERY: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Chintamanis
Jewellery Arcade Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/ [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        18.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short Term-      (10.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Chintamanis Jewellery Arcade Pvt. Ltd. (CJAPL) is involved in the
retailing of gold, silver and diamond ornaments. It was established
in 1972 as a proprietorship concern by Mr. Arun Kaigaonkar. In the
year 2003, it was converted into a private limited companyand the
name was changed to its current name. CJAPL is a family run
business and primarily deals in gold based jewellery which
contributes more than 95% of the total sales. The company sources
gold, silver and diamond from the local market in Mumbai. CJAPL has
five retail outlets in Mumbai and one retail outlet in Goa.


DEVANGA SANGHA: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Devanga Sangha in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         11.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 1924, the Devanga Sangha (DS) society provides
education facilities to the people of weaker sections of the
society. It is registered under the Karnataka Societies
Registration Act and has around 18,500 members in Bangalore. It is
managed by a body which is elected through open general body
elections, held every three years. It started its operations by
providing hostel facilities to poor students and opened schools and
colleges gradually. At present, the society has a school, a
pre-university college and a first-grade college. The educational
institutions are supported through income generated from the
rentals of a function hall and commercial complexes. It has
commercial complexes at S.R. Nagar (started in 1943), Avenue Road
(started in 2015) and K.G Road, Bangalore (started in 2015 by the
name of Devanga Sangha Tower).


DHANALAKSHMI SRINIVASAN: ICRA Keeps D Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Dhanalakshmi Srinivasan
Hotels Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        52.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.


EPYGEN BIOTECH: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Epygen Biotech
Private Limited (EBPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              25         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with EBPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2011, EBPL is setting up a manufacturing facility
for producing the life-saving thrombolytic enzyme drug- Recombinant
- Streptokinase for the cardiovascular market. The company was
incorporated by Mr Debayan Sukhamoy Ghosh and Mr Ineeyan
Ariyaratnam. The manufacturing facility has been set up at
Patalganga, Maharashtra and the incubation center is located at
Navi Mumbai.


GO FIRST: Lenders to Seek 60-Day Extension of Insolvency Process
----------------------------------------------------------------
Reuters reports that lenders to India's Go First are looking to
seek an extension of the insolvency process by another 60 days amid
interest from potential suitors, two banking sources said.

Under the country's Insolvency and Bankruptcy Code, the National
Company Law Tribunal (NCLT) has the authority to extend the
resolution timeframe to a maximum of 330 days.

Go First, which filed for bankruptcy in May last year, would have
been under the resolution process for 270 days as on Feb. 4.

The beleaguered airline has received expressions of interest from
SpiceJet promoter Ajay Singh, UAE-based Sky One and Busy Bee,
Reuters reports citing sources, who did not want to be identified
as they are not authorised to speak to the media.

"Formal expressions of interest and bank guarantees have been
submitted by the three suitors and they will need 15-20 more days
to conduct due diligence and place formal bids," said the first
banker with state-run bank that has exposure to Go First.

Go First's bankruptcy filing lists Central Bank of India, Bank of
Baroda, IDBI Bank and Deutsche Bank among creditors to which the
carrier owes a total of INR65.21 billion ($785.67 million).

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.


HITRO ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hitro Energy
Solutions (HES) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.5        CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        6.0        CRISIL B-/Stable (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with HES for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

HES is a proprietary concern incorporated on January 28, 2014. The
firm is based in Chennai and is engaged in providing complete
indoor and outdoor lighting solutions for professional
applications. HES is the energy partner for Thorn lighting, and
provides services to commercial, retail, healthcare, hospitality,
and industrial segments. The firm's daily operations are managed by
Mr. Rangachari.


INSTYLE EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Instyle
Exports Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        52.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         5.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         3.75      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Instyle Exports Private Limited (IEPL) was incorporated in 1981 for
manufacturing and exports of garments. IEPL supplies women's
garments primarily blouses, skirts, jackets, trousers, etc. IEPL
has two manufacturing facilities, both located in Gurgaon, Haryana,
with a collective manufacturing capacity of 4 Lakh pieces per
month. The company primarily exports to European countries like
Germany, France, Denmark, Netherlands, and Turkey.


JAIGO AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Jaigo
Agro Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Jaigo Agro Industries was incorporated in 2015 as a partnership
firm by merging four proprietorship concerns owned by the
managing partner and his family members, namely, Murrali Modern
Rice Mill engaged in operating a rice mill since 2004, Sumathi
Traders and Perumal Traders which have been engaged in the trading
of dhal and rice since 2013 and Goutham Dhall Mill which has been
operating a dhal mill from 2015. It is engaged in milling,
processing, sorting and trading of rice and dhal.


KREDENCE MULTI: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Short-Term rating of Kredence Multi Trading
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term        295.00     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Incorporated on February 4, 1984, KMTL is promoted by Miglani
family and is engaged in trading of flat steel products. The
trading portfolio includes products like Hot Rolled (HR) coils,
Cold Rolled (CR) coils and sheets and galvanized products
comprising Galvanized Plain (GP) and Galvanized Corrugated (GC)
coils and sheets. KMTL is a part of Uttam Group which is engaged in
the manufacturing and trading of various flat steel products for
close to five decades. The company has gained considerable
expertise and linkage to both the suppliers and customers across
various geographical locations. KMTL also acts asan investment arm
for the promoters.


MAK CONSTRUCTIONS: ICRA Lowers Rating on INR18cr LT Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of MAK
Constructions (MAK), as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        18.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Cash Credit                  [ICRA]B+(Stable) ISSUER NOT
                                COOPERATING Category and
                                Continues to remain under 'Issuer
                                Not Cooperating' category

Rationale

Material event
The rating downgrade reflects Delay in Debt Repayment as mentioned
in the publicly available sources.

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

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

MAK Constructions (MAK) is a partnership concern established in
2001 with Mr. R.T. Venkatesh Kumar, Mr. S.R. Chandra Mohan and Mrs.
R. Mekhala as partners. This firm undertakes small scale
infrastructure projects and is primarily focused on the laying and
maintenance of roads (national highways, state highways and private
roads) and bridges. MAK undertakes projects within a 100 km radius
of Madurai, Tamil Nadu. The managing partner, Mr. S.R. Chandra
Mohan, has been involved in the construction segment as a
proprietor since 1989; while his partner, Mr. R.T. Venkatesh Kumar,
began his career as a construction contractor in 1995.


MARUTI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Maruti Cotton Industries in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

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

   Long-term–         1.95      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Established in 2014, Maruti Cotton Industries (MCI) commenced
commercial operations on 28th December 2014 and is engaged in
manufacture of cotton bales through ginning and pressing of raw
cotton. The manufacturing unit of the company is located at Kadi
(Mehsana) -an area with easy availability of raw cotton, and is
equipped with 24 ginning machines and one fully automated pressing
machine having a production capacity of 250 bales per day.


NEOTECH EDUCATION: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Neotech Education Foundation
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        15.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in November 2011, under Section 25 of Company's act
1956, Neotech Education Foundation (NEF) has set up a college
namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NEF
is a part of Gujarat Technical University (GTU) and affiliated to
All India Council for Technical Education (AICTE) norms. The
college offers civil, electrical and mechanical engineering courses
at undergraduate level. Additionally, the college also started
offering Diploma courses in civil, computer, electrical and
mechanical streams with the total intake of 300 students per batch
from academic year 2014-15.


PRASAD MULTI: ICRA Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of Prasad Multi
Services Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

   Long-term–         9.78      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         2.27      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term/         1.11      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

Incorporated in 1999, Prasad Multi Services Private Limited is
primarily involved in the construction and infrastructure
equipments rental business to reputed companies like Larsen & Turbo
(L&T), Reliance Industries Limited (RIL), TATA Steel, Adani Group
etc. PMS also provides other facilities like ready mix concrete
(RMC), operations and maintenance (O&M) and annual maintenance
contract (AMC) services. PMS was promoted by Kavar family, who have
more than a decade of experience in the construction equipment
solution business through their associations with PMS Piling &
Infrastructure Pvt. Ltd., Shree Buildcon, Prasad Marine Services
Pvt. Ltd. and PMS Infotech Pvt. Ltd.


R N ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of R N
Enterprises in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        10.76      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         4.24      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

RNE was set up as a partnership firm in 2010. It is an authorized
distributor of Mitsubishi range of airconditioners in Telangana and
Andhra Pradesh. The company is managed by Mr. Rajesh Malik and Mr.
NeerajMalik. RNE is part of the Malik group which is involved in
automobile dealerships.


R.K. GROVER: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of R.K. Grover &
Co. in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         1.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         4.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Established in 1984 as a proprietorship concern, RKGC is constructs
roads, bridges, border fencing and coal handling plants in Assam,
Meghalaya, West Bengal, Delhi, and Bihar. Subsequently, it was
converted into a partnership firm in 2006 and is at present a
registered contractor with the National Buildings Construction
Corporation Limited.


R.K. SCAN: CRISIL Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.K. Scan
Centre continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          9         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with R.K. Scan
Centre for obtaining information through letter and email dated
December 12, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in the year 1995 R.K. Scan Centre is propertiorship
firm run by Mr. Kovi Ramana Kumar which provides various scan
services like MRI Scan, Ultrasound Scan and other Laboratory
Services. The Entity has 2 scan centers in Guntur.


SATKAR LOGISTICS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Satkar Logistics Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        15.36      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         2.64      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Incorporated in 2005, Satkar Logistics Private Limited is a freight
forwarder offering air freight services, railways transportation
services, roadways cargo services, sea cargo services, air freight
logistics, customs clearance services, port handling services,
warehousing services, etc. It also provides solutions to meet the
relocation needs of corporate and residential clients. SLPL
specialises in providing integrated multimodal logistic services
across domestic as well as overseas markets by offering a 'one-stop
logistics solution' for export-import cargo movement. Apart from
cargo handling services, it also provides other complimentary
services like customs clearing and documentation assistance for
providing complete logistic solutions to its clients. Besides SLPL,
the promoters also have other group companies engaged in the
logistics sector, namely Satkar Terminals (for empty container
warehousing, handling, transportation, container survey and repair)
and Satkar Air (for air freight forwarding).


SINNAR THERMAL: To Undergo IBC Process as NCLAT Vacates Stay
------------------------------------------------------------
The Economic Times of India reports that former Indiabulls promoter
Rajiv Rattan has lost control of Sinnar Thermal Power after the
bankruptcy appellate court vacated a stay to initiate corporate
insolvency against the company.

Sinnar Thermal Power (STPL) is a subsidiary of the listed company
RattanIndia Power, one of the largest distressed power producers,
which has a 1,350 MW power plant at Nashik in Maharashtra.

The National Company Law Tribunal (NCLT) admitted the company for
corporate insolvency on Sept. 19, 2022. However, a week later, the
appellate tribunal stayed insolvency proceedings in the backdrop of
the government's initiative to revive thermal power projects due to
a shortage of power.

ET says Shapoorji Pallonji and Co, operational creditors, pleaded
to vacate the stay on the power company. It had a contract to
construct a part of the plant at Sinnar, in the Nashik district.
The work done by Shapoorji Pallonji was worth INR208 crore, of
which it received payment of INR146 crore, and INR62 crore is
outstanding. The Delhi High Court stayed the revocation of the bank
guarantee on Aug. 20, 2019.

ET relates that RattanIndia alleged that payment was not made due
to slow progress which delayed the project. While vacating the
stay, the National Company Law Appellate Tribunal stated, "the
alleged delay during the course of execution of contracts cannot be
treated as an issue which may adversely affect rights of the
operational creditor under Section 9 of the Code".

Lenders are hoping to recover at least half of their debt since in
recent months, several corporates such as Adani Power, Jindal Power
and Vedanta have shown interest in acquiring distressed power
companies under the Insolvency and Bankruptcy Code.

The total debt of STPL is estimated at INR6,000 crore, said a
lender, ET discloses. STPL has five commissioned units but is
unable to commence commercial operations due to a lack of a power
purchase agreement for the offtake of power, according to the
disclosure made to the exchanges. It has coal linkages from Coal
India's subsidiaries, the company disclosed on its website.

RattanIndia has two special purpose vehicles for power production -
in Amravati and Nashik - both with installed capacity of 1,350 MW.
While the Amravati power plant's INR6,574 crore debt was
restructured in 2019, RattanIndia failed in its attempt to recast
the debt of the Nashik power plant, the report notes.


SS ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SS Aluminium
Private Limited (SSAPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4.9        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1.6        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.42       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.92      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SSAPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SSAPL, incorporated in 2013 and based in Balasore, Odisha,
manufactures aluminium extrusions for door and window frames. Mr
Jadabendra Pradhan and his wife Ms Madhusmita Pradhan manage the
operations.


SWASTIK TRADELINK: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Swastik Tradelink Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term/        (2.00)     [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term–                  COOPERATING; Rating moved to the
   Interchangeable              'Issuer Not Cooperating'
                                Category

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

Incorporated in 2001, Swastik Tradelink Private Limited (STPL) is
engaged in trading of grey cloth, chemicals, paper, steel and
cement. STPL is also a distributor of LG mobile phones and Reliance
'Jio' in Gujarat state. The company is promoted by Mr. Sandeep Jain
and his family members.




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

CIPUTRA DEVELOPMENT: Fitch Affirms 'BB-' LT IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Ciputra
Development Tbk's (CTRA) Long-Term Issuer Default Rating (IDR) at
'BB-' with a Stable Outlook. Fitch has also affirmed the senior
unsecured rating on CTRA's SGD150 million unsecured notes due 2
February 2026 at 'BB-'.

The affirmation reflects its view that CTRA will sustain its annual
attributable contracted sales, excluding minorities' share, above
IDR6.5 trillion over the next two years. Fitch expects presales to
be supported by continued demand for affordable landed houses, amid
Indonesia's steady medium-term growth prospects and rising
urbanisation. Fitch believes that CTRA's geographic and product
diversification will enable it to flexibly meet customer demand.
CTRA's rating is constrained by its smaller scale, based on
attributable contracted sales, relative to higher-rated global
peers.

KEY RATING DRIVERS

Growing Contracted Sales: Fitch forecasts CTRA's attributable
contracted sales will grow to IDR6.8 trillion-7 trillion in 2024
and 2025. Fitch believes growth will be driven by growing demand
for affordable landed houses priced under IDR2 billion. This
segment caters to first-time home buyers and upgraders and will
benefit from rising home ownership and urbanisation amid
medium-term economic growth. In the near-term, Fitch believes the
value-added tax (VAT) rebate announced in November 2023 will
support demand in this price segment.

The VAT rebate will provide a 11% discount on the first IDR2
billion of the total value of completed homes until end-June 2024,
with the rebate falling by 50% until end-December 2024. Fitch
expects CTRA to accelerate the completion and handover of some
developments to maximise the number of units that can benefit from
this scheme.

Tighter Mortgage Market: Fitch believes housing demand could be
reduced by an increase in mortgage rates, with some domestic banks
raising rates by up to 100bp in January 2024. This is a change from
2023, when mortgage rates were relatively flat despite a 200bp
increase in the Bank Indonesia policy rate. Fitch expects higher
mortgage rates to lead to a decline in the proportion of contracted
sales funded by mortgages. The majority of CTRA's contracted sales
in 2023 were funded by mortgages (63%), followed by cash (21%) and
instalments (15%).

Neutral Impact of Election: Fitch believes the upcoming general
elections in February will have a neutral impact on contracted
sales in 2024 as the majority of housing demand is driven by
end-users rather than investors. Nevertheless, Fitch expects new
project launches to be delayed until 2H24, which may lead to softer
contracted sales in 1H24. The drag from delayed launches should be
counterbalanced by accelerating sales of completed or nearly
completed inventory as some projects will benefit from the VAT
rebate.

Net Cash Position: Fitch forecasts CTRA will remain in a net cash
position in 2024, but Fitch believes cash collections will moderate
as the mix of mortgage-funded presales may reduce amid rising
mortgage rates. Fitch also expects capex and dividends to increase,
but for capex to remain measured, with the issuer focusing on new
hospitals and shopping malls in its existing townships. Fitch
forecasts this will lead to negative free cash flow (FCF) of around
IDR250 billion in 2024.

Fitch does not expect CTRA to engage in large scale land banking,
but the company may opportunistically acquire completed hospitals
or shopping malls. The scale of these acquisitions could be
significant, which would reduce the company's large consolidated
cash balance of IDR9.5 trillion at end-September 2023. However, the
timing and amount of these acquisitions is uncertain, and therefore
Fitch treats them as event risks and have not included these in its
forecasts.

Diversified Sales Mix: CTRA's geographic and product
diversification increases the stability of its contracted sales.
Contracted sales in 2023 were supported by an increase in sales in
Greater Jakarta, which offset weaker sales in Sumatra and Sulawesi.
The company's exposure to a wide range of price points enables it
to tailor new projects to customer demand. In 2023, the majority of
sales growth was from landed houses that cost IDR1 billion-2
billion per unit. Fitch expects CTRA to continue to focus on
affordable landed houses in the medium term.

Stable Non-Development Income: Fitch forecasts non-development
revenue will increase to around 23% of total revenue in 2024 and
2025 (1H23: 22%). Fitch expects shopping mall revenue to continue
to recover as tenant rental discounts fall away and occupancy
improves. Fitch forecasts hotel revenue will also improve as
occupancy and average room rates normalise with the return of
domestic business travel, which drives the majority of demand for
CTRA's hotels. Fitch believes hospital revenue will stabilise
following several years where revenue was boosted by services
related to the Covid-19 pandemic.

Large Land Bank, Joint Operations: CTRA owns a land bank of over
2,200 hectares, largely in the main urban areas of Greater Jakarta
and Greater Surabaya. The large land bank provides CTRA with the
flexibility and assurance that it can continue to develop projects
in the long term. The company also develops projects with other
land owners on a profit- or revenue-sharing basis. It reports joint
operations on a proportionally consolidated basis, while Fitch
proportionally consolidates its key joint ventures (JV) - reported
using the equity method - when calculating credit metrics.

DERIVATION SUMMARY

CTRA's rating compares well with that of Indonesia-based PT Pakuwon
Jati Tbk (PWON, BB/Stable) and PT Bumi Serpong Damai Tbk (BSD,
BB-/Stable), as well as Vietnam-based BIM Land Joint Stock Company
(B/Negative).

PWON is one of Indonesia's leading shopping-mall owners and a
mixed-use property developer. PWON is rated one notch higher than
CTRA because of its substantial non-development cash flows that are
more stable than property presales. The majority of PWON's
operating cash flow is from its portfolio of shopping malls, hotels
and offices. This offsets risks from Pakuwon's smaller
property-development business, although this is prudently managed
as construction is mostly funded by customer presales rather than
debt.

BSD is one of the largest property developers in Indonesia and is
rated at the same level as CTRA. Fitch forecasts BSD's attributable
contracted sales will be similar to that of CTRA in 2023 and 2024.
CTRA has greater geographic diversification than BSD as the
majority of BSD's contracted sales are from the Tangerang region in
Greater Jakarta. However, BSD has a larger land bank than CTRA,
which supports its long-term development pipeline and provides it
with the flexibility to sell land to regional property developers
for collaboration. Both BSD and CTRA maintain low leverage and have
strong liquidity. BSD repaid most of its USD300 million unsecured
notes due in January 2025 in November 2023 via a par-for-par tender
offer.

BIM Land is rated two notches below CTRA. BIM Land has a weaker
business profile than CTRA as it has significant exposure to
tourism-led properties such as a condotels and rental villas, where
the demand is more cyclical than for residential units. BIM Land
also has weaker geographic diversification than CTRA with the
majority of its contracted sales concentrated in North Vietnam. The
financial profile of BIM Land is weaker than CTRA as it has higher
leverage and a weaker liquidity profile. The Negative Outlook on
BIM Land reflects the potential for sustained weakness in cash
collection, which could affect banking access and pressure
liquidity.

KEY ASSUMPTIONS

- Attributable contracted sales (excluding minority interests'
share) of IDR6.8 trillion in 2024 and IDR7 trillion in 2025

- Attributable land acquisition spending of around IDR500 billion a
year in 2024 and 2025

- Capex of IDR700 billion-750 billion a year in 2024 and 2025

- Dividends increasing to IDR500 billion-600 billion a year in 2024
and 2025

RATING SENSITIVITIES

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

- Fitch does not expect positive rating action in the next 24
months, as CTRA's attributable contracted sales should remain
steady. Over the longer term, a significant and sustained increase
in attributable contracted sales while maintaining a conservative
financial profile could lead to a rating upgrade.

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

- Annual attributable contracted sales sustained below IDR5.0
trillion.

- Net debt/net property assets above 40% for a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: CTRA reported IDR9.5 trillion of consolidated
cash and cash equivalents as of end-September 2023 and a
Fitch-estimated IDR9.2 trillion excluding minorities' share. CTRA
also has access to significant committed undrawn construction
lines. This is more than sufficient to cover short-term debt
maturities of around IDR550 billion and projected negative free
cashflows of around IDR250 billion. The company is currently in a
net cash position.

CTRA has solid access to its domestic bank market and its funding
sources are diversified. Only around 20% of its debt is denominated
in a foreign currency. This relates to its SGD150 million of
medium-term notes maturing in February 2026. The principal amount
is partially hedged using call spread options with strike rates
between IDR/SGD 12,220 and 12,350 (end-2023 exchange rate:
IDR11,677).

ISSUER PROFILE

CTRA is a leading Indonesian homebuilder with a land bank of over
2,200 hectares spread across several areas in the country. It is
also one of the most diversified Indonesian homebuilders with over
80 projects in 34 cities, and contracted sales are spread across
low, mid and upper-income customer segments.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Prior
   -----------             ------           -----
PT Ciputra
Development Tbk      LT IDR BB-  Affirmed   BB-

   senior
   unsecured         LT     BB-  Affirmed   BB-



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

AGWATER ENGINEERING: Creditors' Proofs of Debt Due on Feb. 26
-------------------------------------------------------------
Creditors of Agwater Engineering Limited are required to file their
proofs of debt by Feb. 26, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 26, 2024.

The company's liquidators are:
          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour, Auckland 0751


CHERRYLANE JERSEYS: Court to Hear Wind-Up Petition on Feb. 12
-------------------------------------------------------------
A petition to wind up the operations of Cherrylane Jerseys Limited
will be heard before the High Court at Hamilton on Feb. 12, 2024,
at 10:45 a.m.

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

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton



COMBINED PROPERTY: Creditors' Proofs of Debt Due on Feb. 29
-----------------------------------------------------------
Creditors of Combined Property Maintenance Limited and KVN Builders
2020 Limited are required to file their proofs of debt by Feb. 29,
2024, to be included in the company's dividend distribution.

Combined Property and KVN Builders commenced wind-up proceedings on
Jan. 25, 2024.

The company's liquidator is:

          Bryan Williams
          c/o BWA Insolvency Limited
          PO Box 609
          Kumeu 0841



FUTURE URBAN: Court to Hear Wind-Up Petition on Feb. 23
-------------------------------------------------------
A petition to wind up the operations of Future Urban Limited will
be heard before the High Court at Auckland on Feb. 23, 2024, at
10:00 a.m.

Yue Wang filed the petition against the company on Nov. 21, 2023.

The Petitioner's solicitor is:

          D. B. Hickson
          PCW Law Limited
          1 Millhouse Drive
          Northpark, Auckland


HYDRAULIC SOLUTIONS: Creditors' Proofs of Debt Due on Feb. 26
-------------------------------------------------------------
Creditors of Hydraulic Solutions Southland Limited are required to
file their proofs of debt by Feb. 26, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 26, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141



LOVEDAY HOSPITALITY: Court to Hear Wind-Up Petition on Feb. 12
--------------------------------------------------------------
A petition to wind up the operations of Loveday Hospitality Group
Limited will be heard before the High Court at Hamilton on Feb. 12,
2024, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 13, 2023.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton





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

FUSIONEX PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 26, 2024, to
wind up the operations of Fusionex Pte. Ltd.

The company's liquidators are:

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


GUANGSHI TECHNOLOGY: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Guangshi Technology Singapore Pte Ltd on Jan. 24, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Tan Eng Soon
          c/o 7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


HATTEN LAND: Gets Notice of Default for US$20MM Convertible Loan
----------------------------------------------------------------
The Business Times reports that Hatten Land has received a notice
of default for a US$20 million convertible loan obtained in 2017
and extended by its lender in 2020.

BT relates that the lender, Haitong International Financial
Products (Singapore), had issued the notice of default on Jan 30.
It demanded the repayment of US$21.5 million, which includes the
principal sum and the interest accrued as at Jan. 18, 2024, within
five business days of the notice.

In its written response to the property developer validating the
notice, Haitong said that it is prepared to withhold taking
recovery actions against Hatten Land until March 31, 2024. This is
while both parties negotiate a settlement agreement.

According to BT, Haitong and Hatten Land first entered into the
loan agreement in 2017. The facility was obtained to finance the
completion of the group's Hatten City project and other approved
development projects.

BT says Hatten Land was given more time to repay the loan on May
21, 2020, after it pledged an additional 360 million ordinary
shares to Haitong, bringing the total stake pledged to about 53 per
cent.

The loan facility is secured by a corporate guarantee from Hatten
Land's Malaysia subsidiary, a charge of 760 million Hatten Land
shares, 345 retail units and a personal guarantee by certain
company directors, BT notes.

Hatten Land Limited operates as a property developer. The Company
develops malls, hotels, and residential properties. Hatten Land
serves customers in Singapore and Malaysia.


MAPLE (III): Creditors' Proofs of Debt Due on Feb. 29
-----------------------------------------------------
Creditors of Maple (III) Pte. Ltd., Ueno (III) Pte. Ltd. and Yanagi
(III) Pte. Ltd are required to file their proofs of debt by Feb.
29, 2024, to be included in the company's dividend distribution.

Maple (III), Ueno (III) and Yanagi (III) commenced wind-up
proceedings on Jan. 26, 2024.

The company's liquidator is:

          Mr. Liew Khee Soon
          60 Paya Lebar Road
          #04-51, Paya Lebar Square
          Singapore 409051


RAICON SINGAPORE: Creditors' Meeting Set for Feb. 14
----------------------------------------------------
Raicon Singapore Pte Ltd will hold a meeting for its creditors on
Feb. 14, 2024, at 3:00 p.m. at 133 New Bridge Road #08-01 Chinatown
Point Singapore 059413 and using audio visual conference tool.

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.



                           *********


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 2024.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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