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

                     A S I A   P A C I F I C

          Monday, February 5, 2024, Vol. 27, No. 26

                           Headlines



A U S T R A L I A

AMPLIFY MIDCO: S&P Withdraws 'B' Issuer Credit Rating
ASIAN AMERICAN: First Creditors' Meeting Set for Feb. 8
AUSTRALIAN POTASH: Exits Voluntary Administration
CITIUS PROPERTY: Second Creditors' Meeting Set for Feb. 8
DALTEX INDUSTRIES: First Creditors' Meeting Set for Feb. 13

DC LIVING: First Creditors' Meeting Set for Feb. 12
GODFREYS GROUP: Administrators Mail Out Flyers for Group
NORTHSIDE FABRICATIONS: First Creditors' Meeting Set for Feb. 13
RALAN GROUP: Ex-Managing Director Sentenced to 4 Years in Prison
SHIFT TRUST 2023-1: Moody's Upgrades Rating on Class F Notes to B1



C H I N A

CHINA EVERGRANDE: Three Attempts to Sell Fengtao's Assets Fail
CHINA EVERGRANDE: Unit Suspends Talks with NWTN on Redrafting Deal
[*] Moody's Affirms Ratings of 15 Chinese Infrastructure SOE Units
[*] Moody's Affirms Ratings of 34 Chinese Nonfinancial SOEs


I N D I A

AMBICA IRON: CARE Keeps B- Debt Rating in Not Cooperating Category
ARISTO TRANSMISSION: CRISIL Keeps B+ Rating in Not Cooperating
BAGH BAHAR: CARE Lowers Rating on INR80cr Long Term Loans to C
BHARAT CHARITABLE: CRISIL Keeps B Debt Ratings in Not Cooperating
BHARAT MOTOR: CRISIL Keeps B+ Debt Rating in Not Cooperating

BYJU'S: Says Investors Can't Oust CEO as Standoff Deepens
BYJU'S: US Unit Files for Chapter 11 Bankruptcy Proceedings
D.P. BANSAL: CARE Keeps B- Debt Rating in Not Cooperating Category
EPYGEN BIOTECH: CRISIL Keeps D Debt Rating in Not Cooperating
FALCON STEELS: CARE Keeps B- Debt Rating in Not Cooperating

GOYAL MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
GREENKO MAURITIUS: Moody's Rates New Sr. Unsecured USD Notes 'Ba2'
HITRO ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
HOUSING DEVELOPMENT: Moody's Affirms 'Caa1' CFR, Outlook Stable
HUBLI COTTON: CARE Keeps D Debt Rating in Not Cooperating Category

JALAN TRANSOLUTIONS: CARE Keeps D Debt Rating in Not Cooperating
KANTHARAJ H M: CARE Keeps B- Debt Rating in Not Cooperating
KARLA CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
KASTURI K12: CARE Keeps B Debt Rating in Not Cooperating Category
L. S. RICE: CARE Keeps B- Debt Rating in Not Cooperating Category

M & T CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating
MAA PRABHWATI: CARE Assigns B+ Rating to INR29.78cr LT Loan
POPULAR GROUP: CARE Keeps D Debt Rating in Not Cooperating
R.K. SCAN: CRISIL Keeps B- Debt Rating in Not Cooperating
R.S. FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category

RADHEY SHYAM: CARE Keeps C Debt Rating in Not Cooperating Category
RAJLAXMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
SS ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
SSK INFOTECH: CARE Lowers Rating on INR12.17cr LT Loans to C
SSK RETAILS: CARE Lowers Rating on INR25cr Long Term Loans to C

SWATHI RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
SYSKA LED: CARE Lowers Rating on INR98cr LT Loans to C
UNIVERSAL TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
URJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

ANTERIS NORTH: Creditors' Proofs of Debt Due on March 1
CHRISTIAN SAVINGS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
CITY CAKE: Creditors' Proofs of Debt Due on Feb. 27
DANCEWORKS 2021: Court to Hear Wind-Up Petition on Feb. 15
FIRST CREDIT: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable

GODFREYS GROUP: Administrators Close 5 Stores in Two Days in NZ
MATANGI BERRY: Court to Hear Wind-Up Petition on Feb. 12
NELSON BUILDING: Fitch Affirms BB+ LT IDR, Alters Outlook to Stable
STREAMERS TYRES: Court to Hear Wind-Up Petition on March 15
UNITY CREDIT: Fitch Lowers LongTerm IDR to 'B', Outlook Negative

WAIRARAPA BUILDING: Fitch Affirms BB+ LongTerm IDR, Outlook Stable


S I N G A P O R E

BLACKGOLD NATURAL: Placed Under Judicial Management
DA HANG: Court to Hear Wind-Up Petition on Feb. 16
DASIN RETAIL: Receives Letters of Demand from Executives
MERCATUS ZETA: Creditors' Proofs of Debt Due on March 1
PSV EXIM: Court to Hear Wind-Up Petition on Feb. 16

ZIPMEX PTE: Court to Hear Wind-Up Petition on Feb. 26

                           - - - - -


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

AMPLIFY MIDCO: S&P Withdraws 'B' Issuer Credit Rating
-----------------------------------------------------
S&P Global Ratings has withdrawn its 'B' issuer credit rating on
Amplify MidCo Pte. Ltd. at the company's request. S&P also withdrew
its 'B' issue-level rating on the company's first-lien term loan
and 'CCC+' issue-level rating on its second-lien term loan. The
outlook was stable at the time of the withdrawal.

Amplify MidCo operates across Australia and New Zealand in the
live-entertainment industry through its operating companies,
including Ticketek. The company recently completed a refinancing
and has repaid its rated debt.



ASIAN AMERICAN: First Creditors' Meeting Set for Feb. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Asian
American Medical Group Ltd will be held on Feb. 8, 2024, at 11:30
a.m. at the offices of Hall Chadwick, Level 11, 77 St Georges
Terrace, in Perth, WA, and via virtual meeting technology.

Aaron Dominish, Richard Albarran and Roberto Crispino of Hall
Chadwick were appointed as administrators of the company on Jan.
29, 2024.



AUSTRALIAN POTASH: Exits Voluntary Administration
-------------------------------------------------
Mining Weekly reports that Australian Potash, which owns the Lake
Wells sulphate of potash development in Western Australia, has
exited administration, with its directors fully back in control of
the company.

Australian Potash entered voluntary administration in December.

"We successfully and quickly negotiated our way through the
voluntary administration process, which now allows us to move
forward with having APC's shares requoted on the ASX," the report
quotes MD and CEO Matt Shackleton as saying.

According to Mining Weekly, the company's balance sheet has been
significantly restructured with all previous trade creditors and
other payables agreeing to the settlement terms proposed in the
deed of company arrangement.

Most creditors will receive 100c in the dollar.

Mining Weekly relates that Australian Potash said it had identified
walk-up drill targets to work on. The company would also push
forward with the requisite access and heritage agreements at the
Nexus rare earth element project in the West Arunta.

Further, it will shortly lodge a prospectus for the issue of shares
to fund the planned exploration programme, and heritage and access
work, the report notes. The capital raising process has been
managed by Canaccord Genuity and Cumulus Wealth, which will
underwrite AUD2.75-million of the targeted AUD6-million maximum
raise.

Australian Potash has appointed Jonathan Fisher to its board, while
Natalia Streltsova and Rhett Brans have resigned their
directorships, Mining Weekly adds.

                       About Australian Potash

Australian Potash Limited engages in the exploration of mineral
properties in Australia. The company explores for potash, gold, and
nickel sulphide minerals. Its flagship property is 100% owned Lake
Wells Sulphate of Potash project covering an area of approximately
1,200 square kilometers located in the northeast of Kalgoorlie,
Western Australia. The company was formerly known as Goldphyre
Resources Limited and changed its name to Australian Potash Limited
in November 2016.

Hayden White and Daniel Woodhouse of FTI Consulting were appointed
as administrators of the company on Dec. 6, 2023.

CITIUS PROPERTY: Second Creditors' Meeting Set for Feb. 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of Citius Property
Pty Ltd has been set for Feb. 8, 2024, at 10:30 a.m. at Level 7,
616 St Kilda Road, in Melbourne, VIC and via teleconference
facilities.

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. 7, 2024, at 4:30 p.m.

Gideon Isaac Rathner of Lowe Lippmann was appointed as
administrator of the company on Dec. 29, 2023.


DALTEX INDUSTRIES: First Creditors' Meeting Set for Feb. 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Daltex
Industries Pty Ltd (Trading name: Daltex Industrial) will be held
on Feb. 13, 2024, at 11:00 a.m. via virtual meeting technology.

Michael Gregory Jones of Jones Partners Insolvency & Restructuring
was appointed as administrator of the company on Feb. 1, 2024.


DC LIVING: First Creditors' Meeting Set for Feb. 12
---------------------------------------------------
A first meeting of the creditors in the proceedings of DC Living
Pty Ltd (Trading name: Living Homes VIC and Living Homes QLD) will
be held on Feb. 12, 2024, at 10:00 a.m. via teleconference only.

Daniel Jon Quinn and David Michael Stimpson of SV Partners were
appointed as administrators of the company on Jan. 31, 2024.


GODFREYS GROUP: Administrators Mail Out Flyers for Group
--------------------------------------------------------
Australian Financial Review's Street Talk reports that PwC is
pitching Godfreys' 90-year-history and a management-led turnaround
plan to potential buyers, after being called in as voluntary
administrators last week.

The confidential sale flyer, obtained by Street Talk, said PwC
would entertain offers for Godfreys' business and assets via a deed
of company arrangement, restructure or asset purchase in a
"multi-staged" process. Interested parties are being asked to sign
confidentiality agreements to receive an information pack.

Established in 1931, Godfreys is one of the world's largest vacuum
retailers and one of Australia and New Zealand's leading suppliers
of specialty commercial floor care and associated cleaning
products. The business operates 141 stores and employs more than
600 staff across Australia and New Zealand, with an additional 28
stores run by franchisees. In New Zealand, there are 16 Company
operated and nine franchised stores.

On Jan. 30, 2024, Craig Crosbie, Robert Ditrich and Daniel Walley
of PricewaterhouseCoopers (PwC) Australia were appointed as
administrators of Godfreys Group Pty Ltd, Australian Vacuum Cleaner
Co. Pty. Ltd., Electrical Home-Aids Pty. Limited, Godfreys Finance
Company Pty Ltd, Godfreys Franchise Systems Pty. Limited, Hoover
Floorcare Asia Pacific Pty Ltd, International Cleaning Solutions
Group Pty Ltd, and International Cleaning Solutions Pty Limited.

Stephen White and John Fisk of PwC New Zealand have been appointed
as Voluntary Administrators of New Zealand Vacuum Cleaner Company
Limited.

During the Administration period, Godfreys will continue to trade
while the Administrators undertake an immediate operational
restructure and sale process, PwC said.

As a result of the restructure, it is anticipated that 54 Godfreys
stores will be closed within the next 14 days.


NORTHSIDE FABRICATIONS: First Creditors' Meeting Set for Feb. 13
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Northside
Fabrications (NSW) Pty Ltd ATF The Trustee for Northside
Fabrications Unit Trust will be held on Feb. 13, 2024, at 10:00
a.m. virtual meeting technology.

Michael Gregory Jones of Jones Partners Insolvency & Restructuring
was appointed as administrator of the company on Feb. 1, 2024.




RALAN GROUP: Ex-Managing Director Sentenced to 4 Years in Prison
----------------------------------------------------------------
Former Ralan Group managing director William O'Dwyer has been
sentenced to immediate imprisonment after pleading guilty to six
offences of obtaining a financial advantage by deception contrary
to section 192E of the Crimes Act 1900 (NSW).

On Feb. 2, 2024, the District Court of NSW sentenced Mr. O'Dwyer to
four years imprisonment with a non-parole period of two years and
four months.

The charges that Mr. O'Dwyer pleaded guilty to related to the
following conduct:

   * That between April 17, 2015 and June 6, 2018, Mr. O'Dwyer, by
deception, dishonestly obtained for companies in the Ralan Group
the ability to draw down on finance facilities totalling AUD251
million.

   * The Ralan Group obtained the loans in respect of the
development of residential projects in Sydney, Arncliffe,
Turramurra and Gordon.

   * As part of the loan agreements, the companies were required to
satisfy lenders that pre-sale deposits paid by purchasers of
residences in the developments were held in trust before draw down
on the loans could occur.

   * Mr. O'Dwyer deceived the lenders into believing that the
pre-sale deposits were held in a trust account, when in fact they
had been loaned by the purchasers back to the respective
development company for use as working capital.

   * Approximately AUD132 million was drawn down upon the
facilities, with approximately AUD47 million repaid by the time the
companies in the Ralan Group went into administration in July 2019.
A further amount is expected to be recouped by the lenders
following their purchase and development of the Arncliffe
property.

In his sentencing remarks District Court Judge Anderson said that
the financial advantage obtained was 'enormous' and that O'Dwyer's
conduct was ongoing and deliberate, and a calculated fraud.

ASIC Deputy Chair Sarah Court said, 'Today's penalty is significant
and emphasises the seriousness of fraudulent activities, together
with ASIC's commitment to investigate and prosecute such cases, and
the importance of holding those responsible accountable for their
actions.'

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions following a referral by ASIC.

In July 2019, the companies in the Ralan Group entered voluntary
administration and were placed in liquidation by March 6, 2020.

In November 2019, the liquidator of the companies, Said Jahani at
Grant Thornton, estimated that the Ralan Group owed unsecured
creditors AUD323 million. Mr. O'Dwyer pleaded guilty to the charges
on Aug. 22, 2023.

Dishonestly obtaining any financial advantage by deception, fraud,
is an offence contrary to section 192E of the Crimes Act 1900
(NSW).

The maximum penalty is 10 years imprisonment.

SHIFT TRUST 2023-1: Moody's Upgrades Rating on Class F Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded ratings on five classes of
notes issued by Shift 2023-1 Trust.

The affected ratings are as follows:

Issuer: Shift 2023-1 Trust

Class B Notes, Upgraded to Aa1 (sf); previously on Mar 16, 2023
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Mar 16, 2023
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Mar 16, 2023
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Mar 16, 2023
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Mar 16, 2023
Definitive Rating Assigned B2 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the collateral performance to
date.

No action was taken on the remaining rated class in the deal as
credit enhancement for this class remains commensurate with the
current rating.

Following the January 2024 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 29.5%, 22.8%, 18.4%, 11.2% and 8.7%,
respectively, from 23.1%, 17.8%, 14.3%, 8.6% and 6.3% at closing.

As of end-December 2023, 2.1% of the outstanding pool was 30-plus
day delinquent, and 0.5% was 90-plus day delinquent. The deal has
incurred 0.4% of gross losses to date, which have been covered by
excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected portfolio gross loss assumption
at 6.5% of the current pool balance (equivalent to 5.4% of the
closing pool balance) and the Aaa portfolio credit enhancement at
38%.

Moody's has considered sensitivity scenarios with higher expected
portfolio loss rates and different default timing.

The transaction is a securitisation of a portfolio of commercial
equipment loans and leases originated by Shift Financial Pty Ltd.

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

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.



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

CHINA EVERGRANDE: Three Attempts to Sell Fengtao's Assets Fail
--------------------------------------------------------------
South China Morning Post reports that an attempt to auction assets
belonging to an onshore affiliate of mainland property giant China
Evergrande Group, which was ordered by a Hong Kong court to be
wound up earlier this week, failed for a third time.

The Post relates that assets of Fengtao (Shanghai) Property
Company, a property management services provider, were listed for
sale on Feb. 1 after two failed attempts last month, according to
information available on Jingdong Paimai, an auction platform under
Chinese e-commerce giant JD.com.

The assets were labelled as "other account receivables" totalling
CNY11.5 billion (US$6.2 billion). Despite a minimum reserve price
of CNY7.4 billion, no bids were received at the end of the 24-hour
auction period at 10:00 a.m. on Feb. 2, Beijing time, the Post
says.

Evergrande and its subsidiaries have total liabilities amounting to
some CNY300 billion, and are involved in 2,073 litigation cases for
amounts of more than CNY30 million as of the end of December 2023,
according to the company.

Fengtao made two unsuccessful attempts to sell its assets in
January, the Post notes. The reserve price at the first auction on
January 14 was CNY11.5 billion, which was lowered to CNY9.2 billion
on January 24, according to Jingdong Paimai, the Post relays.

Account receivables are dues owed to a company for goods and
services that have already been delivered or used, but not yet paid
for by the customers. The money is listed on the company's balance
sheet as an asset, and usually collected after a short period of
time, ranging from a few weeks to a year.

In Fengtao's case, the company has around CNY8.3 billion in
receivables from more than three years ago.

Fengtao was founded in 2009 in Shanghai and primarily engaged in
developing villa projects locally. It is one of Evergrande's more
than 140 principal subsidiaries, according to the developer's
annual report in 2022.

The subsidiary's bankruptcy and liquidation case was accepted by a
Shanghai court in May last year, with Watson & Band, a local law
firm, appointed as the case administrator, the Post discloses
citing an official announcement.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.  The court appointed Alvarez & Marsal as
provisional liquidators.

CHINA EVERGRANDE: Unit Suspends Talks with NWTN on Redrafting Deal
------------------------------------------------------------------
Reuters reports that China Evergrande New Energy Vehicle said on
Feb. 2 it has suspended negotiations on amendments to the terms of
a HK$3.89-billion ($497.42 million) share subscription agreement
with Dubai-based mobility firm NWTN.

In August, the electric vehicle unit of China Evergrande had agreed
to issue 6.18 billion new shares to NWTN to support its parent's
restructuring plan.

If the transaction had been completed, NWTN would have held a
27.50% stake in NEV, while China Evergrande's interest would have
been diluted to 46.86%, Reuters relates.

According to Reuters, NEV said if it decides to proceed with the
subscription deal with NWTN, the parties will renegotiate the
amendments to certain key terms.

The parties "are still considering whether the Proposed
transactions will proceed, and have yet to form a definitive view",
the EV unit said.

Reuters notes that the announcement comes days after China
Evergrande, the world's most indebted property developer, was
ordered to be liquidated after it was unable to offer a concrete
restructuring plan. This was more than two years after it defaulted
on its offshore debt and follows several court hearings.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.  The court appointed Alvarez & Marsal as
provisional liquidators.

[*] Moody's Affirms Ratings of 15 Chinese Infrastructure SOE Units
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of 15 Chinese
utilities and transportation state-owned enterprise (SOE)
subsidiaries and assigned each company a Baseline Credit Assessment
(BCA), following the publication of its updated Government-Related
Issuers (GRI) methodology on January 25, 2024.

The outlooks on all ratings remain unchanged.

Following the GRI methodology publication, the principal
methodology used in these ratings are GRI methodology and their
respective sector methodologies.

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

RATINGS RATIONALE

The rating action follows Moody's publication of its updated GRI
methodology. The rating agency has expanded the scope of the
methodology to include certain key SOE subsidiaries that are
indirectly owned by the government as GRIs, on the basis that: (1)
where Moody's considers the supporting government could exert a
very high level of control, either directly or through the rated
entity's parent, over the governance or financing of the rated
entity; and (2) where Moody's considers the rated entity
strategically important to the supporting government. The 15 SOE
subsidiaries whose ratings the agency has affirmed have met both
criteria and are likely to receive extraordinary support from the
Government of China (A1 negative) when needed.

Beijing Enterprises Group (BVI) Company Ltd (BE BVI)

BE BVI's Baa1 issuer rating incorporates its BCA of ba2 and a
four-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessments reflect BE BVI's full
government ownership and high strategic importance, considering its
commercial public role and the essentiality of its services as the
sole city gas distributor (through its indirect subsidiary Beijing
Gas Group Company Limited) that provides stable gas supplies in the
nation's capital and seat of the central government. The company is
also China's largest wastewater treatment operator (through its
listed subsidiary Beijing Enterprises Holdings Limited) and is
essential in implementing the government's environmental protection
plans.

BE BVI's BCA is supported by its stable cash flows from its
monopoly and leading positions in the gas and wastewater treatment
businesses. It also has solid waste treatment operations in China
and Germany. Its businesses in China will benefit from supportive
government policies amid rising environmental awareness, providing
growth opportunities over the next 3-5 years.

These strengths are counterbalanced by the company's high leverage,
driven by elevated capital spending, its lack of majority control
on key gas and wastewater treatment investments, and heightened
business risks arising from its minority investment in an overseas
oil and gas exploration and production project.

Beijing Enterprises Holdings Limited (BEHL)

BEHL's Baa1 issuer rating incorporates its BCA of ba2 and a
four-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessments reflect BEHL's controlling
government ownership and high strategic importance, considering its
commercial public role and the essentiality of its services as the
sole city gas distributor (through its subsidiary Beijing Gas Group
Company Limited) that provides stable gas supplies in the nation's
capital and seat of the central government. The company is also
China's largest wastewater treatment operator and is essential in
implementing the government's environmental protection plans.

BEHL's BCA is supported by its stable cash flows from its monopoly
and leading positions in the gas and wastewater treatment
businesses. It also has solid waste treatment operations in China
and Germany. Its businesses in China will benefit from supportive
government policies amid rising environmental awareness, providing
growth opportunities over the next 3-5 years.

These strengths are counterbalanced by the company's high leverage,
driven by elevated capital spending, its lack of majority control
on key gas and wastewater treatment investments, and heightened
business risks arising from its minority investment in an overseas
oil and gas exploration and production project.

Beijing Gas Group Company Limited (Beijing Gas)

Beijing Gas' A3 issuer rating incorporates its BCA of a3, which
indicates its standalone credit quality, and Moody's assessment of
a high likelihood of extraordinary support from, and the company's
high level of dependence on, the Chinese government.

The support and dependence assessments reflect Beijing Gas'
controlling government ownership and high strategic importance as
the dominant city gas distributor that provides essential gas
supply services to end users in the nation's capital city and seat
of the central government. The assessments also consider the
strategic importance of natural gas as a key transitional fuel in
the government's decarbonization push.

Beijing Gas' BCA is supported by its dominant position in supplying
natural gas to the nation's capital city, and its long-standing
operating and cost pass-through track record, which mitigates its
exposure to China's evolving regulatory framework.

These strengths are counterbalanced by the company's high capital
spending on its city gas and related businesses over the next 2-3
years; the uncertainties over the future investment strategies and
dividend policies of PetroChina Beijing Pipeline Co., Ltd; and the
high business risks arising from Beijing Gas' minority investment
in Verkhnechonskneftegaz, a company principally engaged in oil and
gas exploration and production in Russia.

China Longyuan Power Group Corporation Ltd. (Longyuan)

Longyuan's A3 issuer rating primarily incorporates its BCA of baa3
and a three-notch uplift to reflect a high likelihood of
extraordinary support from, and the company's very high dependence
on, the Chinese government.

This support and dependence assessments reflect Longyuan's
controlling government ownership and high strategic importance as
China's largest wind power operator that implements the
government's decarbonization plans.

Longyuan's baa3 BCA reflects its strong market position, long track
record of expertise in the field and crucial role in developing
renewable energy for China. These strengths are counterbalanced by
the delays in the company's collection of renewable subsidies
because of deficits in China's Renewable Energy Fund, its high
capital spending on new wind capacity additions, and its
installation of associated energy storage facilities.

China Merchants Port Holdings Company Limited (CMPH)

CMPH's Baa1 issuer rating incorporates its BCA of ba1 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessments reflect CMPH's controlling
government ownership and high strategic importance, considering its
strategic port assets in China and overseas.

CMPH's BCA reflects its leading position as one of China's largest
port operators, including its joint ventures and associates; its
well-diversified global port portfolio; and its well-established
operating track record.

These strengths are counterbalanced by potentially slower growth in
the company's throughput volumes because of softened growth in
Chinese export demand and geopolitical tensions, the company's
acquisitive appetite, and its limited control over some of its port
joint ventures and associates, which have collectively become an
important source of cash flow.

China Resources Gas Group Limited (CR Gas)

CR Gas' A2 issuer rating incorporates its BCA of a3 and a one-notch
uplift to reflect a high likelihood of extraordinary support from,
and the company's very high level of dependence on, the Chinese
government.

The support and dependence assessments reflect CR Gas' controlling
government ownership and high strategic importance, considering its
leading position in the city-gas distribution sector and its key
role in maintaining the essential service of providing gas to end
users.

CR Gas' BCA reflects its expected steady growth in gas sales over
the next two years and its strong credit metrics. These strengths
are counterbalanced by China's evolving albeit improving regulatory
and operating environments and the company's risk appetite for
inorganic growth to expand its domestic footprint.

China Resources Power Holdings Co., Ltd (CR Power)

CR Power's Baa1 issuer rating incorporates its BCA of baa3 and a
two-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's very high level of dependence on,
the Chinese government.

The support and dependence assessments reflect CR Power's
controlling government ownership and high strategic importance,
considering its national footprint of power generation and key role
in renewables investment to achieve national energy transition
goals.

CR Power's BCA reflects its geographically diversified power asset
portfolio and good track record of expanding with
higher-than-industry efficiency, which supports its credit profile.
The company's strategy to expand its renewables capacity will
mitigate its carbon transition and environmental risks over time.
These strengths are counterbalanced by high coal prices and
evolving tariff adjustment, as well as the company's high capital
spending for renewables.

China Three Gorges International Limited (CTGI)

CTGI's A1 issuer rating incorporates the company's BCA of baa2 and
a four-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level dependence on, the
Chinese government.

This support and dependence assessments reflect CTGI's controlling
government ownership through its parent, China Three Gorges
Corporation (CTG, A1 negative), and high strategic importance, with
its strong track record of receiving business and financial support
from CTG.  CTGI is a major investment platform of CTG for the
group's overseas clean energy projects.  

CTGI's baa2 BCA reflects its stable financial profile, underpinned
by its diversified, operating clean energy assets and investments
that can provide stable cash flow to the company. This strength is
counterbalanced by the company's high exposure to
non-investment-grade countries that have comparatively weaker
regulatory frameworks and higher business risks than its
investments in developed markets. Moreover, CTGI has been pursuing
new-generation projects to execute CTG's overseas investment
initiatives, which could result in higher business risks and
financial leverage.

China Yangtze Power Co., Ltd (CYPC)

CYPC's A1 issuer rating primarily incorporates its BCA of baa1 and
a three-notch uplift to reflect a very high likelihood of
extraordinary support from, and the company's very high dependence
on, the Chinese government.

This support and dependence assessments reflect CYPC's controlling
government ownership through its parent, China Three Gorges
Corporation (CTG, A1 negative), and high strategic importance as
the world's largest listed hydropower company by installed
capacity. The company holds China and CTG's key hydropower assets
and is essential to the country's clean energy development,
ecological conservation and environmental protection.

CYPC's baa1 BCA reflects the company's robust credit profile,
leading market position and the favorable government policies that
support its profitability. These strengths are counterbalanced by
the inherent social and environmental risks associated with
operating mega-scale hydropower projects. Prolonged changes in
climate patterns and increasingly frequent and extreme weather
events will lead to increased volatility in CYPC's financials and
operations.

Hangzhou Water Group Co., Ltd (Hangzhou Water)

Hangzhou Water's Baa1 issuer rating incorporates its BCA of ba1 and
a three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessments reflect Hangzhou Water's
full government ownership and high strategic importance,
considering its commercial public role and the essentiality of its
services as primary water utility in Hangzhou city, the capital of
Zhejiang province, among the most economically vibrant provinces in
China.

Hangzhou Water's BCA reflects its dominant market position and the
city's favorable regulatory environment. Its water supply and
sewage treatment projects are under 20-30-year long-term
concessions or public-private partnership (PPP) contracts, which
provide stable cash flow to the group. These strengths are
counterbalanced by the company's policy-led expansions and a
further consolidation of water utility assets in Hangzhou city,
which could weigh on the company's financial metrics and increase
its execution risks.

Huaneng Power International, Inc. (HPI)

HPI's A2 issuer rating primarily incorporates its BCA of ba1 and a
five-notch uplift to reflect a very high likelihood of
extraordinary support from, and the company's very high dependence
on, the Chinese government.

This support and dependence assessments reflect HPI's controlling
government ownership and high strategic importance as one of
China's largest state-owned power generation companies that ensures
energy security and undertakes renewable expansion responsibilities
to achieve the nation's decarbonization goals.

HPI's ba1 BCA reflects the company's leading position as one of
China's largest power generation companies with national coverage
and a strong geographic focus on provinces with strong power
demand. This position accords HPI significant operating
flexibility, providing key credit support. These strengths are
counterbalanced by the company's high financial leverage and
China's evolving regulatory regime and difficult operating
environment.

Kunlun Energy Company Limited (Kunlun Energy)

Kunlun Energy's A2 issuer rating primarily incorporates its BCA of
baa1 and a two-notch uplift to reflect a high likelihood of
extraordinary support from, and the company's very high dependence
on, the Chinese government.

This support and dependence assessments reflect Kunlun Energy's
controlling government ownership and high strategic importance as
one of China's leading city gas distributors that provides
essential gas supply services to end users. The assessments also
consider the strategic importance of natural gas as a key
transitional fuel in the government's decarbonization push.

Kunlun Energy's baa1 BCA is underpinned by the company's strong
market position in the gas distribution sector with a
geographically diversified portfolio of city gas projects secured
under long-term franchised operating rights, and favorable industry
trends with strong growth potential. These strengths are
counterbalanced by China's evolving regulatory regime for the
natural gas sector; uncertainties surrounding the company's use of
its surplus cash; and its exposure to its more volatile
non-regulated businesses.

Shenzhen Expressway Corporation Limited (SZCL)

SZCL's Baa2 rating primarily incorporates its BCA of baa3 and a
one-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

This support and dependence assessments reflect SZCL's strategic
importance as Shenzhen's largest toll road operator and its status
as the sole municipal-owned toll road platform tasked with
strengthening transportation networks in Shenzhen and the Greater
Bay Area, as part of the country's development plan.

SZCL's baa3 BCA reflects the company's dominant position in
Shenzhen's toll road network and its quality toll road portfolio.
However, the company's financial profile will remain strained
because of its sizable capital spending. The company also faces
credit challenges related to execution risks stemming from its
major reconstruction works; its increasing exposure to its non-toll
road investments, which entail higher business and financial risks;
and China's evolving regulatory regime, which lacks a mechanism for
tariff adjustments.

Shenzhen International Holdings Limited (SZIH)

SZIH's Baa2 issuer rating primarily incorporates its BCA of ba1 and
a two-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessments reflect SZIH's status as a
key municipal-owned infrastructure platform that helps strengthen
the government's logistics network; the company's dominant role in
Shenzhen's toll road sector; and its business mix of quasi-public
services (toll roads and environment-related utilities) and
commercial activities (logistics facilities and property
businesses). Shenzhen municipality's leading role in the Greater
Bay Area also reinforces SZIH's strategic importance in the region
and to the success of the country's development plan for the
region.  

SZIH's ba1 BCA reflects the company's good asset quality and the
long operating history of its toll roads, which alleviate the
significant exposure of its income to the Shenzhen and the Greater
Bay Area regional economy. These strengths are counterbalanced by
SZIH's high leverage due to its sizable capital spending; its
higher business risks and financial volatility from its non-toll
road businesses; and the evolving regulatory regime for China's
toll road industry.

State Grid International Development Limited (SGID)

SGID's A1 issuer rating primarily incorporates its BCA of baa2 and
a four-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessments reflect SGID's high
strategic importance to China and the company's parent, State Grid
Corporation of China (State Grid, A1 negative). SGID is a major
investment platform of State Grid for its overseas electricity
transmission and distribution (T&D) projects, supporting China's
diplomatic strategy and foreign policy. The company is also highly
integrated with State Grid, China's largest utility and the sole
operator of the bulk of China's T&D grids.

SGID's BCA is underpinned by its fairly prudent financial
management and selective investment criteria, backed by financial
and management support from its parent. As a result, the company
will likely maintain a stable financial profile with a gradual
strengthening of its metrics over the next three years. However,
the company's asset quality remains mediocre because of its sizable
exposure to non-investment-grade assets, mainly in Brazil (Ba2
stable).

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

Moody's does not expect any upward rating pressure on companies
whose ratings are on negative outlook.

Moody's could return the outlook on these companies to stable if
(1) the outlook on China's sovereign rating returns to stable and
the agency assesses that support for the companies remains a
priority and unlikely to change amid ongoing reform efforts; and/or
(2) the companies' BCAs are able to temper the impact of weaker
government support.

Moody's would upgrade the ratings of companies on stable outlook if
their BCAs or strategic importance to their respective governments
strengthens substantially. An upgrade of their BCAs is likely if
their financial metrics exceed their respective rating parameters.

Conversely, Moody's could downgrade the ratings of these companies
if (1) the sovereign rating is downgraded or the government's
willingness to support them weakens; and/or (2) their BCAs weaken
meaningfully, with their financial metrics falling short of their
respective rating parameters.

[*] Moody's Affirms Ratings of 34 Chinese Nonfinancial SOEs
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings of 34 Chinese
nonfinancial state-owned enterprise (SOE) subsidiaries, and has
assigned a Baseline Credit Assessment (BCA) to each of these
subsidiaries, following the publication of Moody's updated
Government-Related Issuers (GRI) methodology on January 25, 2024.

The outlooks on all ratings remain unchanged.

Following the GRI methodology publication, the principal
methodologies used in these ratings became the GRI methodology and
their respective sector methodologies.

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

RATINGS RATIONALE

The rating action follows the publication of the updated GRI
methodology. Moody's has expanded the scope of the updated
methodology to include certain key SOE subsidiaries that are
indirectly owned by the government as GRIs, on the basis: (i) where
Moody's considers the supporting government could exert a very high
level of control, either directly or through the rated entity's
parent, over the governance or financing of the rated entity; and
(ii) where Moody's considers the rated entity is strategically
important to the supporting government. The issuers on the List of
Affected Credit Ratings have met both criteria as listed above and
are likely to receive extraordinary support from the Government of
China (A1 negative), when in need.

AVIC Automotive Systems Holding Co., Ltd. (AVIC Auto)

AVIC Auto's A3 issuer rating incorporates its BCA of baa2 and a
two-notch uplift to reflect a strong likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

This support and dependence assessment reflects AVIC Auto's
controlling government ownership and its high strategic importance
to Chinese government as the core subsidiary for managing Aviation
Industry Corporation of China, Ltd. (AVIC Group)'s auto parts
business and its strong business synergy with AVIC Group's aviation
business segment. It also reflects the track record of AVIC Auto
receiving support from the Chinese government through its parent,
AVIC Group.

AVIC Auto's baa2 BCA takes into account its solid market position,
diversified product portfolio, solid financial profile with high
financial flexibility, good ability to generate stable cash flow
and prudent financial policy. However, AVIC Auto's BCA is
constrained by its exposure to industry cyclicality, its developing
scale with some client concentration and its low effective stake
ownership in its major subsidiaries.

Baoshan Iron & Steel Co., Ltd. (BISC)

BISC's A2 issuer rating incorporates its BCA of baa1 and a
two-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects BISC's controlling
government ownership; its status as a flagship subsidiary of China
Baowu Steel Group Corporation Limited (Baowu, A2 stable), the
largest steelmaker in China; and the track record of receiving
support from the Chinese government through its parent Baowu.

BISC's baa1 BCA reflects its large-scale integrated steel
production and strong market position, premium product offering and
sound financial profile. However, BISC's BCA is constrained by the
cyclical nature of the steel industry and its exposure to volatile
raw material prices.

Taiyuan Iron & Steel (Group) Co., Ltd. (TISCO)

TISCO's A3 issuer rating incorporates its BCA of baa3 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects TISCO's controlling
government ownership; its strategically important policy role in
developing high-end stainless steel products in China; and the
track record of receiving support from the Chinese government.

TISCO's baa3 BCA reflects its position as one of the world's
largest stainless steelmakers; its diversified customer base, which
limits its exposure to a single downstream sector; its
one-of-a-kind product offerings for numerous nationally strategic
industries; its strong self-sufficiency in iron ore; its easy
access to high-quality and low-cost coal in Shanxi province; and
its proven access to funding. However, TISCO's BCA is constrained
by the company's exposure to volatile raw material costs; industry
challenges, including lower steel prices and high raw material
costs; and the company's relatively high leverage because of
expansions.

Beijing Automotive Group Co., Ltd. (BAIC Group)

BAIC Group's Baa3 issuer rating incorporates its BCA of ba3 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment takes into consideration BAIC
Group's importance to China's automotive industry in terms of
scale, measured as unit sales, and its contribution to new energy
vehicle development; BAIC Group's leading position among the
Beijing government's SOEs in terms of financial scale and fiscal
contribution; the Beijing government's effective 100% ownership of
the company through the company's parent, Beijing State-owned
Capital Operation and Management Co., Ltd. (BSCOMC, A1 negative)
via which Moody's expects the Chinese government to provide
support; and the government's track record of providing support to
BAIC Group.

BAIC Group's ba3 BCA reflects the company's strong competitive
position in China's auto market, which mirrors the strength of its
two key joint ventures, Beijing Benz Automotive Co., Ltd. and
Beijing Hyundai Motor Co., Ltd.; and its diversified product
lineup. At the same time, its BCA is constrained by its geographic
concentration in China and its moderate debt leverage.

Bright Food International Ltd. (BFI)

BFI's Baa3 issuer rating incorporates its BCA of ba3 and a
three-notch uplift to reflect a strong likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

This support and dependence assessment reflects BFI's 100% ultimate
ownership by government, and its strategic importance to the local
government and Chinese government, as it shares its parent Bright
Food (Group) Co., Ltd.'s (Baa2 stable) mission to secure food
supply and promote quality food consumption for Shanghai citizens.

BFI's ba3 BCA reflects its diversified geographic and business
profile, strong brand awareness and leading local market share in
certain subsegments. However, BFI's credit profile is constrained
by its modest financial profile, small scale and focus on the
downstream business that is more exposed to the increase in raw
material costs.

China Communications Construction Co., Ltd. (CCCC)

CCCC's Baa1 issuer rating incorporates its BCA of ba1 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's very high level of dependence on,
the Chinese government.

This support and dependence assessment reflects CCCC's
strategically important role in the development of China's various
transport infrastructure; the government's majority ownership of
and control over the company through its parent, China
Communications Construction Group Limited; and the track record of
government support.

CCCC's ba1 BCA is underpinned by its large scale and strong
business position in China's transportation and infrastructure
construction industry; good revenue visibility because of its ample
order backlog; and the solid and stable margins in its core
construction business.

At the same time, the company's BCA is constrained by its high
leverage because of its debt-funded investments in public-private
partnership (PPP) projects; and execution and geopolitical risks
related to these PPP investments, and the company's international
expansion.

China Energy Engineering Corporation Limited (CEEC)

CEEC's Baa1 issuer rating incorporates its BCA of ba1 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects CEEC's strategically
important role in the development of China's power sector; the fact
that its parent China Energy Engineering Group Co., Ltd (CEEG) is
the single-largest shareholder; and the track record of government
support for CEEC through CEEG.

CEEC's ba1 BCA is underpinned by its large business scale and
market dominance in the power construction sector; good revenue
visibility, supported by its strong order backlog; and largely
stable profit margin, benefiting from the high barriers to entry
for its core power construction business and moderate business
diversification. However, the company's BCA is constrained by its
high debt leverage because of its investments in power projects,
and build-operate-transfer (BOT) and PPP projects; and execution
risk related to the construction and operation of these projects.

China Gezhouba Group Corporation (CGGC Group)

CGGC Group's Baa2 issuer rating incorporates its BCA of ba2 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects CGGC Group's
strategic importance in China's clean energy construction; the fact
that its parent CEEG is the single-largest shareholder; the
important role that CGGC Group plays in its ultimate parent CEEG's
businesses; and the track record of government support for CGGC
Group through CEEG.

CGGC Group's ba2 BCA reflects its large scale and strong position
in China's energy construction industry; strong construction
backlog, which provides good revenue visibility; and diversified
business portfolio, which supports largely stable margins. However,
CGGC Group's BCA is constrained by its high leverage because of
large investments in BOT/ PPP projects and real estate development;
its exposure to policy risk and cyclicality related to its
commercial property business.

China Gezhouba Group Company Limited (CGGC)

CGGC's Baa2 issuer rating incorporates its BCA of ba2 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects the strategic
importance of CGGC in China's clean energy construction; the fact
that the credit profiles of CGGC and CGGC Group are closely linked,
given that CGGC is the group's key operating subsidiary; its parent
CEEG is the single-largest shareholder; the important role that the
company plays in its ultimate parent CEEG's business; and the track
record of government support for CGGC through CEEG.

CGGC's ba2 BCA reflects its large scale and strong market position
in China's energy construction industry; its strong construction
backlog, providing good revenue visibility; and its diversified
business portfolio, which supports largely stable margins. However,
CGGC's BCA is constrained by its high leverage because of its large
investments in BOT/ PPP projects and real estate development; and
its exposure to policy risk and cyclicality related to its
commercial property business.

China Mobile Limited (CML)

CML's A1 issuer rating incorporates its BCA of a1 and Moody's
assessment of a strong likelihood of extraordinary support from,
and the company's very high level of dependence on, the Chinese
government.

The support and dependence assessment reflects CML's controlling
government ownership and the strategic importance of the
telecommunications industry in China's building of a digital
economy. However, the BCA and issuer rating are constrained by the
sovereign rating and outlook.

CML's a1 BCA reflects the company's leading position in China's
mobile telecommunications and home broadband markets; and its very
strong financial profile and liquidity, supported by its solid
operating cash flow, moderate capital spending, strong cash
position and no reported debt (excluding lease liabilities).

China National Bluestar (Group) Co., Ltd. (Bluestar)

Bluestar's Ba1 corporate family rating (CFR) incorporates its BCA
of b1 and a three-notch uplift to reflect a high likelihood of
extraordinary support from, and the company's high level of
dependence on, the Chinese government.

The support and dependence assessment reflects Bluestar's full
ownership by the government through its ultimate parent Sinochem
Holdings Corporation Ltd. (Sinochem Holdings); and the company's
important role as Sinochem Holdings' core platform for new chemical
materials and specialty chemicals, which is strategically important
to the development of China's chemical industry.

Bluestar's BCA reflects the company's diversified specialty
chemical product portfolio, leading market positions for several
key product lines, and good long-term growth prospects because of
increasing domestic demand for animal nutrition and silicone
products in China. However, the company's BCA is constrained by its
leveraged capital structure with weak credit metrics, and volatile
operating and financial performance because of its exposure to
fluctuating prices of chemical products, such as methionine and
silicone, which contribute to most of the company's profitability.

China National Chemical Corporation Limited (ChemChina)

ChemChina's Baa2 issuer rating incorporates its BCA of ba3 and a
four-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects ChemChina's full
ownership by the government through its ultimate parent Sinochem
Holdings; its significant role as Sinochem Holdings' core and
direct subsidiary that carries out strategically important policy
functions and national missions in China's agriculture and chemical
industries.

ChemChina's BCA reflects the company's large business scale and
global market position in the chemical and agricultural industries;
the diversification in the company's business portfolio and
end-user industries; and its good access to domestic banks and
capital markets. However, the company's BCA is constrained by its
improved but still-high debt leverage; moderate profitability; and
challenges in integrating its large number of subsidiaries around
the world.

Sinochem Hong Kong (Group) Company Limited (Sinochem HK)

Sinochem HK's A3 issuer rating incorporates its BCA of ba1 and a
four-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects Sinochem HK's
controlling ownership by the government through its ultimate parent
Sinochem Holdings; its status as the overseas treasury center of
the parent; its important role in raising offshore funding for the
parent and in holding the parent's equity interest in its listed
real estate subsidiary China Jinmao Holdings Group Limited (China
Jinmao, Ba1 negative); its strategic importance to the government
in carrying out policy functions in the agriculture, chemical and
energy industries through its parent.

Sinochem HK's ba1 BCA reflects the company's competitive position
in its property businesses through China Jinmao, and the low
counterparty risk of the intercompany loans from Sinochem HK to its
parent. However, Sinochem HK's credit profile is constrained by its
moderate debt leverage, reflecting the financing needs of its
property businesses and the offshore treasury function on behalf of
its parent.

Sinochem International Corporation (Sinochem International)

Sinochem International's Baa1 issuer rating incorporates its BCA of
ba1 and a three-notch uplift to reflect a high likelihood of
extraordinary support from, and the company's high level of
dependence on, the Chinese government.

The support and dependence assessment reflects Sinochem
International's controlling ownership by the government through its
ultimate parent Sinochem Holdings; its status as a key listed
platform of Sinochem Holdings that develops the group's material
science business; the strategic importance to the Chinese
government in developing new chemical materials; and the track
record of support from the government through its parent.

Sinochem International's ba1 BCA reflects the company's diversified
business portfolio, strong market positions in its major business
areas, and sound track record of managing the transition and growth
of its business portfolio. However, Sinochem International's BCA is
constrained by its exposure to volatile commodity prices and
intense competition in the market sectors it operates in, and its
moderate financial profile.

Syngenta Group Co., Ltd. (Syngenta Group)

Syngenta Group's Baa1 issuer rating incorporates its BCA of ba2 and
a four-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects Syngenta Group's
controlling ownership by the government through its ultimate parent
Sinochem Holdings; and the company's strategic importance to China
in terms of food security, transformation and upgrade of China's
agriculture sector given its status as the key platform to
aggregate Sinochem Holdings' core agrochemical businesses.

Syngenta Group's BCA reflects its large operating scale in
agrochemicals, with a broad product offering and high geographic
diversification; its leading market positions in crop protection,
seeds and crop nutrition globally and in China; its strong research
and development capabilities and product pipelines that support
long-term growth; and its strong access to funding, backed by its
status as a core subsidiary of Sinochem Holdings. However, the
company's BCA is constrained by its moderate financial profile, its
relatively complex group structure and challenges in integrating
its various operating subsidiaries with operations across the
globe.

China Oilfield Services Limited (COSL)

COSL's A3 issuer rating incorporates its BCA of baa3 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects COSL's controlling
government ownership through its parent China National Offshore Oil
Corporation (CNOOC Group, A1 negative); its high strategic
importance to China's offshore drilling and oilfield service (OFS)
activities, given the company's leading position in the Chinese OFS
industry and its integral role as the primary OFS provider to its
parent CNOOC Group, one of the national oil companies securing
energy security for China.

COSL's baa3 BCA reflects its diversified product and service lines,
dominant position and strong franchise in China, sizable business
from CNOOC Group family companies, strong credit metrics and
excellent liquidity. However, COSL's BCA is constrained by its
earnings volatility, with a high exposure to the cyclical
international drilling and OFS businesses, and its geographic and
high customer concentration.

CNOOC Gas and Power Group Co., Ltd. (CNOOC G&P)

CNOOC G&P's A3 issuer rating incorporates its BCA of baa3 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

This support and dependence assessment reflects CNOOC G&P's
controlling government ownership through its parent CNOOC Group and
its high strategic importance for China's energy security as the
largest liquefied natural gas (LNG) importer, with a strong track
record of business and financial support from its parent CNOOC
Group.

CNOOC G&P's baa3 BCA is primarily underpinned by its dominant
position in China's LNG sector; integrated business profile with
large storage and transportation infrastructure that partially
tempers price risks; and strong financial and liquidity profiles.
At the same time, CNOOC G&P's BCA is constrained by its moderate
exposure to price and volume risks in its trading and gas power
generation businesses, and its geographic concentration in China.

CNOOC Limited

CNOOC Limited's A1 issuer rating incorporates its BCA of a2 and a
one-notch uplift to reflect a very high likelihood of extraordinary
support from, and the company's very high level of dependence on,
the Chinese government.

This support and dependence assessment reflects CNOOC Limited's
controlling government ownership through its parent CNOOC Group and
its very high strategic importance to the Chinese government as it
is one of the largest oil and gas producers in China, with a
dominant position in the offshore oil and gas development area.

CNOOC Limited's a2 BCA is underpinned by the company's dominant
position in the Chinese offshore oil and gas sector, substantial
reserves, proven exploration and production (E&P) track record,
prudent financial policy and very strong financial profile.

China Petroleum and Chemical Corporation (Sinopec Corp)

Sinopec Corp's A1 issuer rating incorporates its BCA of a2 and a
one-notch uplift to reflect a very high likelihood of extraordinary
support from, and the company's very high level of dependence on,
the Chinese government.

The support and dependence assessment reflects Sinopec Corp's
controlling government ownership through its parent company China
Petrochemical Corporation (Sinopec Group, A1 negative) and its
strategic importance as the largest refiner and one of the largest
oil and gas producers in China.

The company's BCA is supported by its dominant market position in
China's energy and petrochemical industries; large base of oil and
gas reserves; large production volumes; competitive advantages over
its domestic peers in terms of refining scale and efficiency; and
highly integrated business portfolio. Nevertheless, Sinopec Corp's
BCA is constrained by its exposure to oil price volatility and high
carbon transition risk.

SINOPEC Engineering (Group) Co., Ltd. (SEG)

SEG's A2 issuer rating incorporates its BCA of baa2 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment takes into consideration
SEG's ultimate controlling government ownership through its parent
Sinopec Group; its high strategic importance to China's oil
refining and petrochemical industries, given its leading position
in providing oil refinery and petrochemicals plant construction
services in China and its strong business link with Sinopec Group,
one of the national oil companies securing energy security for
China.

SEG's baa2 BCA reflects the company's well-established leadership
in the domestic engineering, procurement and construction
contracting sector for the oil refining, petrochemical industries
in China; the sizable captive work the company received from
Sinopec Group; and its solid financial metrics and strong
liquidity, with a constant net cash position. However, SEG's credit
profile is constrained by the company's high reliance on its energy
and chemical companies' capital spending, and the challenges from
rising raw material and operating costs.

China Railway Construction Corp Ltd (CRCC)

CRCC's A3 issuer rating incorporates its BCA of baa3 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's very high level of dependence on,
the Chinese government.

This support and dependence assessment reflects the government's
majority ownership in the company through China Railway
Construction Group Co., Ltd. (CRCCG); and CRCC's strategic
importance to China's railway sector and infrastructure
construction.

CRCC's BCA reflects the company's strong market position, solid
operational capabilities, long operating track record and good
earnings visibility as robust and diversified order backlogs
support revenue and margins. However, CRCC's credit profile is
constrained by its high and increasing capital spending in BOT and
PPP projects, and real estate development; and its exposure to
industry cyclicality and execution risks related to infrastructure
investment and overseas expansion.

China Railway Group Limited (CRG)

CRG's A3 issuer rating incorporates its BCA of baa3 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's very high level of dependence on,
the Chinese government.

This support and dependence assessment reflects CRG's strategically
important role in China's railway and infrastructure construction
sector; and the government's control and oversight over the company
through its parent China Railway Engineering Group Co Ltd (CREGC).

CRG's BCA is underpinned by its large scale, strong market position
and long operating track record of more than 70 years; its good
revenue visibility backed by its ample backlogs; and its
diversified business portfolio, which results in stable margins.
However, CRG's credit profile is constrained by its high and rising
debt driven by its investments in BOT and PPP projects, and, to a
lesser extent, by property development; and the execution risks
associated with its involvement in large and complex projects, and
overseas expansion.

China State Construction Engineering Corp Ltd (CSCECL)

CSCECL's A2 issuer rating incorporates its BCA of baa2 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's very high level of dependence on,
the Chinese government.

This support and dependence assessment takes into consideration
CSCECL's strategic importance in undertaking urban and
infrastructure development projects in China as the largest
construction company in China; its majority ownership by the
Chinese government; and the track record of government support for
the company.

CSCECL's baa2 BCA mainly reflects the company's large scale and
leadership position in China's construction industry; good revenue
visibility because of its large order backlog; and leading market
position in the property development business, principally
conducted under China Overseas Land & Investment Limited (Baa1
negative), against the current property downturn. However, CSCECL's
BCA is constrained by the company's exposure to the property
development sector, which is characterized by cyclicality and tight
regulatory controls; its increasing involvement in infrastructure
investments that have high funding needs; and its exposure to
execution risks associated with its overseas projects and
infrastructure investments.

China Travel Service (Holdings) Hong Kong Ltd (CTS)

CTS' A3 issuer rating incorporates its BCA of baa2 and a two-notch
uplift to reflect a strong likelihood of extraordinary support
from, and the company's very high level of dependence on, the
Chinese government.

This support and dependence assessment reflects CTS' controlling
government ownership, and its strategic importance to the Chinese
government through its parent China Tourism Group Corporation
Limited (CTG, A3 stable) given that CTG's and CTS' credit profiles
are closely linked and CTS' businesses are integral to CTG's
operations. In addition, CTS is the primary provider of travel and
travel document services (a key policy mandate being performed for
the Chinese government) to residents in Hong Kong SAR, China (Aa3
negative), Macao SAR, China (Aa3 negative) and Taiwan, China (Aa3
stable).

CTS' BCA reflects the company's strong brand in China as one of the
leading travel services providers; its track record of more than 90
years in China's travel services industry; and the steady rise in
demand for leisure travel in China.

However, CTS' BCA is constrained by its exposure to the volatile
residential property development market, which is under stress
because of weak profitability; and the expansion of its tourist
attraction business, which introduces execution risks such as
project cost overruns and completion delays.

CITIC Limited

CITIC Limited's A3 issuer rating incorporates its BCA of ba1 and a
four-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects controlling
government ownership through its parent CITIC Group Corporation
(CITIC Group, A3 stable); the systemic importance of CITIC
Limited's financial services businesses to China's financial
systems; and the track record of support from the Chinese
government.

CITIC Limited's BCA is underpinned by the credit profiles of China
CITIC Bank Corporation Limited (CITIC Bank, Baa2 stable, ba2) and
CITIC Securities Company Limited (CITIC Securities, Baa1 stable);
and is further supported by its broad lines of businesses, as well
as strong financial flexibility and access to funding.

However, CITIC Limited's BCA is constrained by the inherent risks
associated with its financial services businesses and the weak
financial profile of its cyclical business segments.

COFCO (Hong Kong) Limited (COFCO HK)

COFCO HK's A3 issuer rating incorporates its BCA of ba1 and a
four-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

This support and dependence assessment reflects COFCO HK's 100%
ultimate ownership by government through its parent COFCO
Corporation (COFCO Group); the company's strategic importance to
China in food supply and food safety; and the track record of
support from its parent COFCO Group.

COFCO HK's ba1 BCA reflects the company's diversified business
portfolio in the food value chain including trading, packaging and
processing; strong market positions in key businesses; and prudent
financial policy and improved leverage. However, COFCO HK's credit
profile is constrained by its exposure to the volatile trading
business and cyclical property business.

CRRC Corporation Limited (CRRC)

CRRC's A1 issuer rating incorporates its BCA of a3 and a two-notch
uplift to reflect a very high likelihood of extraordinary support
from, and the company's very high level of dependence on, the
Chinese government.

The support and dependence assessment reflects CRRC's controlling
ownership by the government through its parent CRRC Group
Corporation (CRRCG); its dominant position in China's rolling stock
industry; its strategic importance to China's transportation
infrastructure development plans and the Belt and Road Initiative;
its role in representing China's high-end equipment-manufacturing
capabilities on the global stage.

CRRC's a3 BCA reflects the company's leading scale and dominant
market position in the rolling stock industry in China; its
defensible operating profile in the Chinese market, which has high
barriers to entry; its resilient demand prospects; and its solid
financial profile. However, CRRC's BCA is constrained by the
company's concentrated exposure to China's railway infrastructure
spending and its international expansion, which entails rising
competition, geopolitical risks and project execution risks.

CRRC Zhuzhou Locomotive Co., Ltd. (CRRC ZELC)

CRRC ZELC's Baa1 issuer rating incorporates its BCA of baa3 and a
two-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's very high level of dependence on,
the Chinese government.

The support and dependence assessment reflects CRRC ZELC's ultimate
controlling ownership by the government through its parent CRRC (A1
negative); the integral and strategically important role within
CRRC's operations and products' contribution to China's strategy on
developing nationwide transportation infrastructure.

CRRC ZELC's baa3 BCA reflects the company's leadership role in the
domestic electric locomotive and mass transit vehicle markets; good
sales visibility; strong credit metrics and liquidity; and good
access to debt markets. However, CRRC ZELC's BCA is constrained by
the company's geographic and customer concentration risks, and the
execution risks arising from its overseas expansion.

Dongfeng Motor Group Company Limited (Dongfeng)

Dongfeng's A2 issuer rating incorporates its BCA of baa2 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's very high level of dependence on,
the Chinese government.

The support and dependence assessment takes into consideration the
increased strategic importance of China's auto industry; Dongfeng's
leading position in China's auto sector; the Chinese government's
effective 72.85% ownership in Dongfeng through wholly owned
Dongfeng Motor Corporation; and the government's track record of
providing support to the company.

Dongfeng's baa2 BCA reflects the company's leading position in
China's auto industry, diversified product portfolio, excellent
liquidity and net cash position. These strengths are partly offset
by the company's modest profitability and concentrated operations
in China.

China Metallurgical Group Corporation (CMGC)

CMGC's Baa1 issuer rating incorporates its BCA of baa3 and a
two-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects CMGC's controlling
government ownership through its parent China Minmetals Corporation
(China Minmetals, Baa1 stable) and its strategic importance to
China's metallurgical construction sector.

CMGC's BCA reflects the company's long track record, strong market
position and large operating scale in the Chinese engineering and
construction (E&C) sector, particularly in the construction of
steel plants; expansion into non-metallurgical construction, which
helps reduce its reliance on the mature metallurgical construction
sector; and good access to domestic banks and capital market
financing.

However, CMGC's BCA is constrained by its exposure to the cyclical
nature of the property development and steel industries; and the
execution and financial risks associated with its overseas E&C and
mining projects.

Metallurgical Corporation of China Ltd. (MCC)

MCC's Baa1 issuer rating incorporates its BCA of baa3 and a
two-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects MCC's controlling
government ownership through its direct parent CMGC and ultimate
parent, China Minmetals and its strategic importance to China's
metallurgical construction sector.

MCC's BCA reflects the company's long track record, strong market
position and large operating scale in the Chinese E&C sector,
particularly in the construction of steel plants; expansion into
non-metallurgical construction, which helps reduce its reliance on
the mature metallurgical construction sector; and good access to
domestic banks and capital market financing. The credit profiles of
MCC and CMGC are closely linked, given that MCC is the group's key
operating subsidiary.

However, MCC's BCA is constrained by the company's exposure to the
cyclical property development and steel industries; and the
execution and financial risks associated with its overseas E&C and
mining projects.

Shanghai Construction Group Co., Ltd. (SCG)

SCG's Baa2 issuer rating incorporates its BCA of ba1 and a
two-notch uplift to reflect a strong likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment reflects SCG's ultimate
controlling ownership by the government through its parent Shanghai
Construction Holdings Group Co., Ltd. (SCHG); its strategically
important role in the construction industry in China, and in
developing infrastructure and providing maintenance services in
Shanghai.

SCG's BCA is underpinned by the company's large scale, long track
record, strong presence in Shanghai and robust new order intake,
which supports revenue visibility. However, SCG's BCA is
constrained by the company's high financial leverage, relatively
low profit margin and concentrated operations in Shanghai.

Shanghai Electric Group Company Limited (SHE)

SHE's Baa3 issuer rating incorporates its BCA of ba3 and a
three-notch uplift to reflect a high likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

The support and dependence assessment is underpinned by SHE's
majority ownership by and close operational links with the Shanghai
and Chinese governments through the company's parent, Shanghai
Electric Holdings Group Co., Ltd. (SEGC, Baa3 negative); SHE's high
strategic importance to China as one of the top-three power
equipment manufacturers and among only a few nuclear power
equipment manufacturers in the country; and its history of
receiving government support.

SHE's BCA of ba3 reflects its market leadership in the
manufacturing of energy and industrial equipment, diversified
product portfolio that mitigates cyclicality in individual
segments, and very good liquidity and assets for monetization.
However, SHE's BCA is constrained by the company's high debt
leverage and weak EBITDA, despite a likely gradual improvement; and
execution risks stemming from expansion into overseas markets.

Yankuang Energy Group Company Limited (Yankuang Energy)

Yankuang Energy's Ba1 CFR incorporates its BCA of ba3 and a
two-notch uplift to reflect a strong likelihood of extraordinary
support from, and the company's high level of dependence on, the
Chinese government.

This support and dependence assessment reflects Yankuang Energy's
controlling government ownership through its parent Shandong Energy
Group Company Limited (Shandong Energy, Ba1 stable), as well as the
strategic importance of Yankuang Energy's mining assets to both the
Chinese and the Shandong provincial government, given the company's
significance to China's coal mining industry.

Yankuang Energy's ba3 BCA reflects its diversified coal mining
assets and related infrastructure, as well as the low-cost mining
operations in Shandong province and Australia (Aaa stable) through
its subsidiary Yancoal Australia Ltd. However, Yankuang Energy's
BCA is constrained by its improved but still moderate financial
profile, exposure to coal price volatilities as a single-commodity
producer and exposure to carbon transition risk in the medium to
long term.

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

For the affected issuers with negative outlooks, Moody's does not
expect any upward rating pressure on these companies.

A return of the rating outlook to stable for these issuers could
occur if: (i) the outlook on China's sovereign rating returns to
stable, while support for the companies remains a priority and is
unlikely to change; and/or (ii) the companies meaningfully
diversify their businesses outside China, significantly reducing
their exposure to systemic risk in China; and/or (iii) the BCAs of
these issuers provide sufficient mitigation to the negative impact
of weaker government support.

For the affected issuers with stable outlooks, Moody's would
upgrade their ratings if the companies' BCAs or their strategic
importance to the governments strengthens. Moody's could upgrade
their BCAs if the financial metrics exceed their respective rating
parameters.

Moody's could downgrade the ratings for these affected issuers if:
(i) the sovereign rating is downgraded, or the government's
willingness to support them weakens; and/or (ii) a weakening of the
BCAs occurs, including their financial metrics falling short of
their respective rating parameters.



=========
I N D I A
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AMBICA IRON: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ambica
Iron and Steel Private Limited (AISPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 23,
2022, placed the rating(s) of AISPL under the 'issuer
non-cooperating' category as AISPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. AISPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 8, 2023, November 18,
2023, November 28, 2023.

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

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

Ambica Iron & Steel Private Limited (AISPL) was incorporated in
January, 1983 for manufacturing of MS Rounds, Flats, Angles,
Channels, & Sq. Bar etc. However the company commenced commercial
operation from 1985. The company is promoted by Mr. Sanjay Kumar
Bansal and family, having its registered office at Bisra Road,
Rourkela, Dist - Sundargarh, Odisha - 769001, and manufacturing
facility located at Beldihi, Post - Kalunga, Dist - Sundargarh,
Odisha - 770031. It has a current installed capacity of 14500 MTPA
(approx), with capacity utilisation of around 90% in FY17. Mr. Kaur
Sain Bansal (aged, 75 years) having more than two decades of
experience in the same line of industry, looks after the day to day
operations of the company. He is supported by other directors Mr.
Sanjay Kumar Bansal (aged, 48 years), Mr. Akhil Gupta (aged, 37
years) along with a team of experienced professionals. Further, the
company started its operation since 1985 and has a satisfactory
track record of operation for more than three decades.

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.


BAGH BAHAR: CARE Lowers Rating on INR80cr Long Term Loans to C
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bagh Bahar Appliances Private Limited (BBAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       80.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2022, placed the rating(s) of BBAPL under the 'issuer
non-cooperating' category as BBAPL had failed to provide
information for monitoring of the rating. BBAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 22, 2023, January 17,
2024, among others and numerous phone calls.

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

The revision in rating to the bank facilities of Bagh Bahar
Appliances Private Limited takes into account the non-availability
of information.

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

Analytical approach: Combined

The rating is based on combined view of the financials of Shree
Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies
viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd
(SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd
(SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SYSKA
Group', as they have a similar line of business and are held by the
same promoters. Moreover, there are intercompany transactions
indicating operational linkages and also financial support is
offered to each other and corporate guarantees are given for
facilitating bank debt.

Detailed description of the key rating drivers:

At the time of last rating on December 6, 2022, the following were
the rating strengths and weaknesses considered (updated
for the information available from Annual Report).

Key weaknesses

* Continued full utilization of limits: During due diligence
exercise dated November 28, 2022, with the banker, Banker has
confirmed the limits remain fully utilized on account of increase
in working capital requirements, indicating stretched liquidity.

* Competitive and trading nature of business leading to low
profitability margins: The mobile distribution business remains
competitive with a low degree of product differentiation throughout
the industry with most of the players supplying mobile of limited
established brands. SYSKA group's PBILDT margins have improved by
87 bps to 1.85% in FY20 (as against 0.98% FY19) primarily on
account of recording higher level of PBILDT in one of the group
companies of Syska Group, namely SYSKA LED Lights Private Ltd., by
51.74% (from INR39.66 crore in FY19 to INR60.18 crore in FY20).
Furthermore, the PAT margin of the group has marginally improved
from 0.99% in FY19 to 1.10% in FY20) on account of lower taxes paid
in FY20.

* Working capital intensive nature of operations: Working capital
intensity is another inherent characteristic of the mobile
distribution business. In general, the group maintains around 21-25
days of inventory and receivables are generally realized within the
same time period. However, the group's operating cycle of around 44
days is in similar line as of previous year. Due to high
working capital intensity, there is high dependency on external
borrowing to fund its incremental working capital requirements.

* Limited bargaining power with principal and high supplier
concentration risk: Samsung contributes to around 90-95% in the
total revenue of the company. This exposes the company to supplier
concentration risk. Also, the group has low bargaining power with
the principal.

* Technology Obsolescence Risk: Technological obsolescence is an
inherent risk in any technology related business and also applies
to the mobile handsets distribution business. However, the
company's vendors continue to provide significant support against
technological obsolescence. SSKAPL is compensated when a new model
is launched, and the existing model is to be sold at a discount.
Nonetheless, SSKAPL continues to remain exposed to the risk
associated with inventory holding and stock liquidation, which
could have an adverse impact on its profitability in the event of
the company being unable to liquidate the inventory timely.

Key strengths

* Experienced promoters with long track record in Mobile
Distribution business: SYSKA group is promoted by Mr. Govind
Uttamchandani and Mr. Rajesh Uttamchandani, who have a rich
experience of over two decades in the mobile distribution industry.
The group has a long track record of operating in the mobile
distribution segment and has established itself as a sole
distributor of Samsung in the five states of India. [Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh].

* Diversified product portfolio: The group has a diversified
product portfolio with the majority of the revenue being generated
through the distribution of Samsung mobiles. The group is also into
distribution of Samsung home appliances and mobile accessories. The
group has forayed into assembling and selling LED lights under its
brand name 'SYSKA' and has been able to
establish its presence in the Indian market (operational as SLLPL).
It also provides electronic data delivery, printing of cheques and
current/savings account statements to banks/financial institutions.


* Widespread distribution network with a strong market position
viz. sole distributor of Samsung mobiles handsets in five states of
India: SYSKA group enjoys a strong market position in the mobile
distribution business as it has the sole National distributorship
of mobile handsets and tablets for Samsung India Electronics
Private Limited (Samsung) in five states of India namely, Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh.

* Established market presence backed by highest market share of
Principal (Samsung) in domestic market: SYSKA group has exclusive
distributorship of Samsung Smart phones and tablets in Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh &
Chhattisgarh. The principal Samsung has been having the largest
market share in India over the years. Samsung has a market share of
22.6% in the Indian Smart Phone market for the quarter ended June
2022.

The SSK Group comprises of the following entities:
1. Shree Sant Kripa Appliances Pvt Ltd (SSKAPL)
2. Bagh Bahar Appliances Pvt Ltd (BBAPL)
3. SSK Infotech Pvt Ltd (SIPL)
4. SSK Retails Pvt Ltd (SRPL)
5. SYSKA Led Lights Pvt Ltd (SLLPL)
6. SYSKA E-retails LLP (SEL)

SSKAPL is the flagship company of the Pune-based SSK group. It is
promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani.
Established as a partnership firm in 2002, and reconstituted as a
private limited company in 2006, SSKAPL is the exclusive
distributor of Samsung mobiles, accessories, and tablets for five
states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa,
Madhya Pradesh, and Chhattisgarh. It is also a distributor of
Samsung home appliances in the Mumbai region. BBAPL is a closely
held private limited company and dealer of the flagship company
SSKAPL. BBAPL is also the exclusive distributor for Samsung home
appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in
Maharashtra, and in Goa and mobile distribution in Pune.

SIPL provides electronic data services and solutions to telecom and
MNCs; and printing and mailing activities such as printing of
cheques and current/savings account statements, mainly for banks.
It has four printing facilities based out of Pune, Mumbai, Gurgaon,
and Hyderabad.

SRPL are dealers in a wide range of telecom devices/appliances,
accessories, and peripherals. SSKRPL operates 28 Samsung Smart
Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It
also deals in Mobile Gadget Secure of SYSKA brand.

SSK group forayed into electrical fittings in FY14 through
establishment of SLLPL. The company is in the business of
importing, testing, and sale of LED technology, Solar PV solutions,
Hi Tech Batteries System Integration, Solar based UPS & Inverters.
It imports LED products from various companies in South Korea,
assembles and sells under its brand name SYSKA. SLLPL does business
in 18 states in India through 489 distributors and exclusive retail
showrooms at 80 locations and is setting up operations in
international markets as well. The imported components are
assembled at Rabble factory in Maharashtra.

SEL was established in 2015 and is promoted by Ms. Honey
Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms. Gitika
Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The company
is engaged in the trading of SYSKA brand of products which includes
lighting products (LED bulbs, tube lights, panel lights etc),
personal grooming products (trimmers, shavers, hair straighteners,
irons, etc.) and several other (power banks, Bluetooth speakers)
through e-commerce platforms. The firm procures goods from group
companies namely SYSKA LED Lights Private Limited (SLLPL) and Shree
Sant Kripa Appliances Private Limited (SSKAPL) and sells to online
portals like Amazon, Flipkart, Paytm, Snapdeal, Tata Clip to name a
few.

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.


BYJU'S: Says Investors Can't Oust CEO as Standoff Deepens
---------------------------------------------------------
Reuters reports that Byju's said on Feb. 2 that investors such as
Prosus calling for leadership change at the Indian edtech firm
don't have the power to vote out its CEO, deepening a standoff
between investors and the startup which has been hit by a series of
crises.

Byju's, controlled by billionaire CEO Byju Raveendran, was one of
India's hottest startups and valued at $22 billion in 2022 as its
popularity rose by offering online and offline education courses.
More recently, however, it has seen its auditor Deloitte and board
members resign, and it has faced a U.S. lawsuit disputing terms and
payment of a loan, Reuters says.

On Feb. 1, a group of shareholders, including tech investor Prosus,
requested a meeting to resolve "financial mismanagement and
compliance issues" and called for the removal of founder Raveendran
and reconstitution of the board, according to Reuters.

"Under these unfortunate circumstances, we would emphasise that the
shareholder's agreement does not give them (investors) the right to
vote on CEO or management change," Byju's said in a statement on
Feb. 2.

Reuters notes that the startup has laid off thousands of employees
over the past year and seen its valuation nosedive in recent
months.

Some of Byju's investors said the company's valuation has fallen to
between $1 billion and $3 billion.

"The company and our employees are paying the price for a stand-off
triggered by some investors," Byju's said.

Byju's, which is currently raising $200 million through a rights
issue of shares, said such capital is "pivotal for a successful
turnaround" and it has received support for the capital raising
from multiple shareholders, adds Reuters.

                            About Byju's

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

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

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

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India, people directly aware of the development
said.

Moneycontrol related that the bankruptcy petition was filed in Jan.
2024 in the Bengaluru bench of the National Company Law Tribunal
(NCLT), the people said, requesting anonymity.


BYJU'S: US Unit Files for Chapter 11 Bankruptcy Proceedings
-----------------------------------------------------------
Reuters reports that a U.S. unit of Indian education technology
startup Byju's has filed for Chapter 11 bankruptcy proceedings in
the U.S. court of Delaware, listing liabilities in the range of $1
billion to $10 billion.

Byju's Alpha unit listed its assets in the range of $500 million to
$1 billion, according to a court filing, which showed estimated
creditors in the range of 100 to 199.

The ed-tech company, founded by Byju Raveendran, was one of India's
hottest startups, valued at $22 billion in 2022, but has more
recently seen lenders initiating bankruptcy proceedings against it.
Some of Byju's investors said the company's valuation had fallen to
between $1 billion and $3 billion.

Byju's said it would raise $200 million through a rights issue of
shares to clear "immediate liabilities" and for other operational
costs.

It has also been negotiating the repayment of a $1.2 billion term
loan in the last few months and laid off thousands of employees.

The firm has also been under the scanner of Indian authorities over
alleged violations of the country's foreign exchange laws.

                           About Byju's

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

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

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

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India, people directly aware of the development
said.

Moneycontrol related that the bankruptcy petition was filed in Jan.
2024 in the Bengaluru bench of the National Company Law Tribunal
(NCLT), the people said, requesting anonymity.

D.P. BANSAL: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of D.P.
Bansal Commercial Company Private Limited (DBCCPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.35       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 20,
2022, placed the rating(s) of DBCCPL under the 'issuer
non-cooperating' category as DBCCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. DBCCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 5, 2023, November 15,
2023, November 25, 2023.

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

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

D.P. Bansal Commercial Company Private Ltd (DBCCPL) was
incorporated in September 1984 by Bansal family of Bhilai,
Chhattisgarh. Since its inception, DBCCPL has been engaged in
trading of iron and steel products like mild steel angles, plate,
channels, TMT bars and beams etc. The company procures its trading
materials from Steel Authority of India Ltd, Mahamaya Steel
Industries Ltd, Top worth Steel & Power Pvt Ltd and other steel
manufactures and sells it to clients across India. DBCCPL is
currently managed by Mr. Rajneesh Bansal and Mr. Rahul Dev Bansal
who have about two decades of experience in this line of business.

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.


FALCON STEELS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Falcon
Steels (FS) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.98       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 13,
2023, placed the rating(s) of FS under the 'issuer non-cooperating'
category as FS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. FS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 29, 2023, December 09, 2023, December 19, 2023.

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

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

Falcon Steels (FCS) was established as a partnership firm in
February 2016 and is currently being managed by Mr. Akhil Singhal,
Mr. Raj Kumar, Mr. Pardeep Kumar Singhal, Mr. Rahul Singhal and Mr.
Sanchit Singhal as its partners. The commercial operations of the
firm started in April 2017. FCS is engaged in manufacturing of
Stainless steel (SS) products at its facility located in Kaithal,
Haryana. The main products include Stainless steel (SS) tubes, SS
Pipes, SS circles, SS rounds and SS squares.


GOYAL MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Goyal
Motors (GM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 29,
2022, placed the rating(s) of GM under the 'issuer non-cooperating'
category as GM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 14, 2023, November 24, 2023, December 4, 2023.

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

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

Goyal Motors (GM) was established as a proprietorship firm by Mr.
Amit Goyal with commencement of operations from August, 2015. Prior
to commencement of operations, the firm was engaged in the sale of
only spare parts of Tata Motors Ltd. and sale of second-hand
passenger vehicles. Presently, the firm is an authorized dealer of
TML and is engaged in the sale of passenger vehicles, servicing of
vehicles and sale of spare parts. The firm owns & operates a
showroom in Patiala (started operations from May2016), providing 3S
(sales, service and spare parts) facilities.

GREENKO MAURITIUS: Moody's Rates New Sr. Unsecured USD Notes 'Ba2'
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the proposed
backed senior unsecured USD notes of Greenko Mauritius (GM), the
proceeds of which will be used for refinancing. The rating outlook
is stable.

The proposed notes are unconditionally and irrevocably guaranteed
by Greenko Energy Holdings (GEH, Ba2 stable). GEH's obligations
under the guarantee will rank at least pari passu with all of its
other present and future unsubordinated and unsecured obligations.
Moody's view of GEH's unsecured obligations does not factor in any
notching for structural subordination because GEH is owned and
controlled by stronger entities and benefit from its shareholders'
likely support in a distress scenario.

As such, the rating for the notes to be issued by GM is in line
with GEH's corporate family rating (CFR) of Ba2.

RATINGS RATIONALE

GEH's Ba2 CFR combines (1) its standalone credit quality, which is
equivalent to a B1 level; and (2) Moody's assessment that there is
a strong likelihood that the company will receive support from its
shareholders, when needed. This results in a CFR that is two
notches above its standalone credit profile.

GEH's standalone credit quality reflects its diverse portfolio of
operating renewable energy assets backed by long-term contracts,
track record and large operating scale. GEH's pumped hydro storage
projects (PHSPs) will further enhance its portfolio diversification
once completed. Portfolio diversification helps mitigate the
resource risk from seasonal variability of renewable resources and
exposure to off-takers' weak financial profiles.

GEH has a substantial capital spending program, mainly for PHSPs,
which is mostly debt-financed. This significant capital spending
program is the key driver of GEH's weak financial metrics,
especially amid the current high interest rate environment. Moody's
expects GEH's funds from operations (FFO)/debt to remain in the
low-single-digit percentages for the next few years because of its
substantial capital spending program, which incorporates four PHSPs
over the period.

GEH's Ba2 CFR incorporates two notches of uplift stemming from
likely shareholder support, which is underpinned by the very strong
credit quality of, and strategic oversight by, the majority
shareholder, GIC Private Limited (GIC), a sovereign wealth fund of
the Government of Singapore (Aaa stable). Moody's expects GIC to
continue to support GEH's growth strategy based on the unique
importance of its investment in GEH. The control exercised by the
majority shareholder that has a very strong credit profile enhances
GEH's credit quality.

GM is an intermediate holding company in the Greenko group.
Proceeds from the USD notes issuance will be used to repay existing
corporate loans at the GM level, amounting to USD425 million, due
in February 2024. Notably, these loans had previously been utilized
to settle earlier GM-issued notes which matured in February 2023.

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

The stable outlook reflects Moody's expectation that GEH's credit
quality is appropriately positioned at the Ba2 level, reflecting
continued support from shareholders, which partly offsets the
funding and execution risks arising from the substantial capital
spending program.

Upward rating momentum could occur if GEH maintains a higher
consolidated FFO/debt of above 3%-4% on a sustained basis or if
Moody's assesses that shareholder support is likely to be
materially stronger than the agency's current assumption.

The rating could come under downward pressure if (1) weak
operational performance, crystallization of execution or other
risks in relation to PHSPs, or more aggressive acquisitions and
capital spending result in FFO/debt below 1% for sustained periods;
or (2) support from GEH's shareholders weakens, as reflected by a
significant decrease in GIC ownership or a more-than-expected
increase in debt leverage without new equity capital.

The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in December
2023.

Greenko Energy Holdings (GEH), a Mauritius-based company focused on
renewable energy generation in India, is a major energy company
that owns and operates a diversified portfolio of hydro, wind,
solar and biomass power plants. As of March 2023, GEH's total
consolidated capacity was 5,378 megawatts (MW), including 3,172 MW
of wind, 589 MW of hydro, 1,538 MW of solar and 78 MW of biomass.

Greenko Mauritius is an intermediate holding company in the Greenko
group, wholly and directly owned by GEH. Greenko Mauritius holds
directly and/or indirectly the capital stock of GEH's other
subsidiaries that comprise substantially all of the business of
GEH.              

GEH has four indirectly wholly owned subsidiaries, Greenko Dutch
B.V. (Ba2 stable), Greenko Solar (Mauritius) Limited (Ba2 stable),
Greenko Power II Limited (Ba2 stable) and Greenko Wind Projects
(Mauritius) Ltd (Ba2 stable), which are restricted subsidiaries
that are part of their respective restricted groups.

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.


HOUSING DEVELOPMENT: Moody's Affirms 'Caa1' CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed Housing Development
Corporation Limited's (HDC) Caa1 corporate family rating and caa1
Baseline Credit Assessment (BCA). The rating outlook remains
stable.

"The rating affirmation reflects HDC's high strategic importance to
the Government of Maldives (Caa1 stable) given the company's
exclusive role in developing the Hulhumale, Thilafushi and
Gulhifalhu islands, as well as the very high proportion of HDC's
debt guaranteed by the government," says Hui Ting Sim, a Moody's
Assistant Vice President and Analyst.

"These factors support Moody's assessment of HDC's very high
likelihood of extraordinary support from its government, as well as
the very high default dependence between the two entities," adds
Sim.

RATINGS RATIONALE

HDC has relied on funds from the government or borrowings
guaranteed by the government to develop social housing projects in
Hulhumale and infrastructure at its islands. Around 95% of the
company's outstanding external debt was guaranteed by the sovereign
as of the end of September 2023. A cross default on its
sovereign-guaranteed debt will be triggered if HDC defaults on any
of its debt obligations that exceed $1 million. Moody's expects
sovereign-guaranteed debt will continue to account for the majority
of HDC's total debt.

HDC's caa1 BCA reflects its strategically important and exclusive
role in developing the Hulhumale, Thilafushi and Gulhifalhu
islands, and the regular financial support it receives from its
government. These strengths are counterbalanced by the company's
untenable capital structure and weak liquidity. As well, HDC's
planned pivot to a commercial portfolio also raises execution risk
and potentially affects its strategic importance to the sovereign
over the medium term.

HDC's capital structure is highly levered because it has raised
significant borrowings in the last decade to fund social housing
and infrastructure projects that yield little immediate cash
inflows. The company has elevated investment plans over the next
three years to continue developing similar projects as well as
expand its commercial portfolio. But HDC's investment plan will
likely be limited by its financial capacity constraints, and the
company will have to prioritize resources and shelve some of its
projects in the pipeline.

Moody's expects HDC's revenue and earnings to improve over 2023-24
as the company recognizes revenue from a social housing project
with 1,344 housing units, the majority of which will be scheduled
for handover to buyers in 2024. The company also expects to
increase its earnings and cash flows through the sale of land and
development rights.

Consequently, Moody's forecasts HDC's adjusted debt/EBITDA and
adjusted EBIT/interest to be around 6.0x and 2.0x, respectively,
over the next 12-18 months. These projections incorporate the
agency's expectation that the company will spend around MVR2
billion ($130 million) on infrastructure and housing projects in
2024-25. The forecasts also assume that HDC will not incur any cash
payments for its reclamation of Ras Male, a project it embarked on
in late 2023. Ras Male is three times the size of and a few
kilometers away from Hulhumale, and will be the most extensive
reclamation project Maldives has undertaken to date.

LIQUIDITY

HDC has weak liquidity. It had cash and cash equivalents of MVR205
million, against total short-term debt of MVR1.7 billion as of
September 2023. Moody's expects the Government of Maldives to
provide timely financial support to address the company's liquidity
needs if required, given that most of the external debt maturing
over the next 12 months is guaranteed by the government.

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

The rating outlook is stable, in line with the stable outlook on
the rating of the Government of Maldives.

Moody's will upgrade HDC's rating if it upgrades Maldives' Caa1
sovereign rating and the support assessment incorporated in HDC's
rating remains unchanged.

Upward momentum on HDC's BCA will be limited. Over the longer term,
Moody's could raise the company's BCA if it (1) improves its
profitability, cash flow and liquidity, such that it is more viable
on a standalone basis; (2) establishes a track record of executing
commercial projects and increasing its recurring income streams;
and (3) reduces spending on public infrastructure projects for a
sustainable period of time.

Credit metrics indicative of upward momentum on the BCA include
adjusted debt/EBITDA below 6.0x and adjusted EBIT/interest expense
above 1.5x.

On the other hand, Moody's will downgrade HDC's rating if it
downgrades Maldives' sovereign rating.

A downgrade is also likely if Moody's assesses that the likelihood
of extraordinary support from the Government of Maldives has
declined. Factors that could drive such an assessment include (1) a
reduction in the sovereign's ownership of HDC; (2) a change in
HDC's policy role such that it materially weakens its strategic
importance to the government;, (3) the proportion of
sovereign-guaranteed loans in its capital structure declines
significantly; (4) HDC repays its shareholder loans despite its
limited ability to do so; or (5) the government does not extend
financial support on a timely basis, resulting in elevated
liquidity risk at HDC.

Downward pressure on HDC's BCA could develop if (1) the capacity
under the financial covenants of its loan agreements tightens; (2)
the execution of its projects is much weaker than anticipated; or
(3) its degree of cash burn is more rapid than expected, which
could be driven by factors including cost overruns and higher
spending on public infrastructure.

METHODOLOGY

The methodologies used in these ratings were Homebuilding and
Property Development published in October 2022.

COMPANY PROFILE

HDC is wholly owned by the Maldivian government and is the largest
state-owned enterprise in terms of asset size in the country. The
company was incorporated in 2005 with the mandate to develop
Hulhumale, a 404-hectare reclaimed island in the
Hulhule-Farukolhufushi lagoon in Maldives. In late 2020, following
its merger with Greater Male Industrial Zone Ltd (GMIZL), HDC's
mandate was expanded to include the development of Gulhifalhu and
Thilafushi, two adjacent industrial islands located around six to
seven kilometers west of Male.

HUBLI COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hubli
Cotton Industries (HCI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of HCI under the 'issuer
non-cooperating' category as HCI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. HCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 20, 2023, November 30, 2023, December
10, 2023.

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

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

Karnataka based, Hubli Cotton Industries (HCI) was established on
July 18, 2015 as a partnership firm and its commercial operations
started from January, 2017. The firm is promoted by Mr.
Maheshchandra P Khandelwal along with his family members. The firm
is engaged in processing of cotton lint and seeds.


JALAN TRANSOLUTIONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jalan
Transolutions (India) Limited (JTL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      53.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 11,
2022, placed the rating(s) of JTL under the 'issuer
non-cooperating' category as JTL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JTL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 27, 2s023, October 7, 2023, October
17, 2023.

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

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

JTIL [ISIN: INE349X01015] formerly incorporated as Jalan Carriers
Private Limited in April, 2003. Subsequently, the constitution of
the company changed to a Public Limited Company in January 30,
2008. The company provides logistics services primarily to
two-wheeler companies. Headquarter of the company is situated in
Delhi with 25 branches located in all major cities in India. JTIL
has developed pan India operations with owned fleet of over 400
single/multi axle carriers, providing diverse range of logistic
services.


KANTHARAJ H M: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kantharaj
H M (KHM) continue to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of KHM under the 'issuer
non-cooperating' category as KHM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KHM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 20, 2023, November 30, 2023, December
10, 2023.

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

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

Kantharaj H M (KHM) is a proprietorship firm established in 1997 by
Mr. Kantharaj H M in Hassan, Karnataka. The firm is a class I
contractor for Public Works Department (PWD), Karnataka for
undertaking civil constructions of buildings, roads, bridges
etc.Over the last few years, KHM has undertaken various contracts
for construction of roads, buildings in Hassan, Shimoga, Mysore,
Mandya and Bengaluru regions of Karnataka for the Public Works
Department.

KARLA CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Karla
Constructions (KC) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      5.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of KC under the 'issuer non-cooperating'
category as KC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 20, 2023, November 30, 2023, December 10, 2023.

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

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

Karla Constructions (KC), based out of Udupi, Karnataka is a sole
proprietorship firm established in 1972. KC is engaged in executing
civil construction contracts such as construction of National
Highways and roads for government organizations. The firm's
operations are managed by its promoter, Mr. Shivaram Shetty. The
firm is a class I govt. contractor registered with public works
department (PWD).


KASTURI K12: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kasturi
K12 Services Private Limited (KKSPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 23,
2022, placed the rating(s) of KKSPL under the 'issuer
non-cooperating' category as KKSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. KKSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 8, 2023, November 18,
2023, November 28, 2023.

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

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

Kasturi K12 Services Private Limited (KKSPL) was incorporated in
January'2015, promoted by Mr. P. Sreemannarayana (Director), Mr. R.
Praneeth (Managing Director) and family members for the purpose of
providing hostel services to students, with facilities i.e., mess,
internet facility, dry cleaning amount others. The company renders
its services to students of Viswa Bharathi Educational Society, in
which the promoter of the company is Secretory. The promoters of
the company are qualified post graduate and Mr. P. Sreemannarayana
has more than five decades of experience in education industry,
where as other directors have more than a decade of experience in
the same industry. The company has started its commercial operation
in April'2016. The company purchases the raw material from local
traders in and around Krishna Dist., Andhra Pradesh.


L. S. RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of L. S. Rice
Exports Private Limited (LSREPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.83       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 8,
2022, placed the rating(s) of LSREPL under the 'issuer
non-cooperating' category as LSREPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. LSREPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 24, 2023, November 3,
2023, November 13, 2023.

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

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

Analytical approach: Standalone

Outlook: Stable

Incorporated in 2008, L.S Rice Exports Private Limited (LSREPL) is
engaged in the processing of paddy to produce basmati rice and
non-basmati rice at its manufacturing facility located at Samna
(Punjab). The company is also engaged in milling for various
government entities.

M & T CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of M & T
Constructions (MTC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of MC under the 'issuer non-cooperating'
category as MTC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MTC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 11, 2023, November 21, 2023, December 1, 2023.

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

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

MTC is a partnership firm established in the year 1993 by the
partners Mr. Manoj Krishna and Mr. Thomas V.T. The profits of the
firm are shared equally between the partners. The firm is
registered as an 'A' class contractor with Public Works Department
(PWD) of State Government of Kerala from the year 2003. MTC
constructs roads and bridges for PWD and Kerala State Construction
Corporation Limited in Kerala which contributes the entire revenue
of the firm.

MAA PRABHWATI: CARE Assigns B+ Rating to INR29.78cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned the ratings on certain bank facilities of
Maa Prabhwati Textile Mills (MPTM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           29.78      CARE B+; Stable Assigned


Rationale and key rating drivers for the credit enhanced debt

The rating assigned to bank facilities of MPTM is constrained by
project implementation risk, constitution as partnership firm
exposing it to risk of withdrawal of capital, dependence on
vagaries of nature exposing the company to raw material price
volatility risk, presence in highly competitive market and inherent
cyclicality associated with textile industry and working capital
intensive nature of business. The rating, however, derive comfort
from long experience of promoters in textile trading, financial
tie-up of debt and availability of various subsidies from Bihar
government.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely completion and commencement of the project without any
cost and time overrun.

Negative factors

* Deterioration in capital structure with overall gearing of more
than 2.00x due to cost overrun.

Analytical approach: Standalone

Outlook: Stable

The stable outlook on long term rating of MPTM is based on the
expectation that MPTM will continue to benefit from the experience
of its promoters and various incentives from government once it
commences its operations helping it to achieve envisaged financial
performance.

Detailed description of the key rating drivers:

Key weaknesses

* Project implementation risk: The firm is setting up a unit for
manufacturing and printing work unit for Bed sheet, Mink, Polar
Fleece Blanket at Industrial Area Gurau, Dist. Gaya, Bihar at an
estimated project cost of INR39.57 crore which will be funded
through a debt of INR27.08 crore from Punjab National Bank and
remaining INR12.49 crore through equity/unsecured debt form
partners. The promoters have infused capital of INR7.42 crore till
Dec 2023 to fund cost already incurred. Although debt portion has
been sanctioned, the same has not yet been drawn till Dec 2023. The
project is expected to become operational from April 2024.
Constitution as a partnership firm exposing it to risk of
withdrawal of capital Maa Prabhawati Textile Mills's legal status
as partnership firm exposes it to the risk of withdrawal of capital
by the partners at times of personal contingency of the partners
and limited ability of the firm to raise capital.

* Dependence on vagaries of nature exposing the company to raw
material price volatility risk: The profitability of manufacturer
of bed sheet and linen shirting and other textile item depends
largely on the prices of cotton and cotton yarn which are governed
by various factors such as area under cultivation, monsoon,
international demand-supply situation, etc. The cotton textile
industry is inherently prone to volatility in cotton and yarn
price.

* Presence in highly competitive and Inherent cyclicality
associated with textile industry: The textile industry in India is
highly fragmented and dominated by many medium and small-scale
unorganized players leading to high competition in the industry.
Smaller manufacturing processing units like MPTM are more
vulnerable to intense competition and have limited pricing
flexibility, which constrains their profitability as compared to
larger integrated textile companies who have better efficiencies
and pricing power considering their scale of operations. Textile is
a cyclical industry and closely follows the macroeconomic business
cycles. Further, the prices of raw materials and finished goods are
determined by global demand supply scenario and are not limited to
only domestic factors. Hence, any shift in macroeconomic
environment globally would have an impact on domestic textile
industry. The textile industry is also intensely competitive in
nature.

* Working capital intensive nature of operation: The operation of
the firm is working capital intensive in view of adequate inventory
to be kept and credit period to be given to customers to gain
market share. This leads to higher working capital requirement. The
working capital requirement of the firm will be mainly financed
through bank borrowings and creditors.

Key Strengths

* Long experience of promoters in textile trading: The partners of
Maa Prabhawati Textile Mills (MPTM) include Pawan Kumar, Rajesh
Kumar, Suresh Kumar, Beena Devi, Punam Devi & Sangita Devi. The
partners have overall experience of more than 15 years through
Pragati Enterprise & Beena traders, engaged in manufacturing and
trading of blanket, Mosquito net, bed sheet etc and also engaged in
trading of the same through proprietorship concern namely, Madras
Handloom and Rajesh Textiles.

* Financial Tie-Up of debt: The company has already received tie-up
of term loan of INR27.08 crore to fund project cost of INR39.57
crore from Punjab National Bank coupled with a Cash Credit limit of
INR2.70 core.

* Availability of various subsidy from Bihar Government: The entity
is eligible for various subsidy from Bihar Government like interest
subsidy up to 10% interest or actual cost whichever
is lower, subsidy on account of SGST for a period of 5 years from
the date of commencement of operation and labour incentive upto
INR20,000 per employee on a condition that entity shall have to
employ employee for a period of atleast 1 year.

Liquidity: Stretched

Liquidity position of the firm is expected to remain stretched in
near future as financing of project cost is contingent upon debt
and promoter fund. Any delay in disbursement of debt/infusion of
promoter funds may lead to delay in completion of project.
Nonetheless, partners have already infused around INR7.41 out of
partner contribution of INR12.91 crore till December 31, 2023.
In FY25, the firm has debt repayment obligation of INR4.06 crore
which is expected to be met out of cash accruals or funded by
promoters in case of requirement.

Incorporated on September 05, 2021, Maa Prabhawati Textile Mills
(MPTM) is a partnership concern based in Patna, Bihar. The firm is
setting up a plant having capacity of 720 M.T. per annum for
polyester bed sheet and 3,00,000 Mtrs per annum for Mink, Polar and
Fleece Blanket at a project cost of INR39.57 crore funded through
debt of INR27.08 crore and rest through partner's capital. The
plant is expected to become operational by April 2024.

The partners include Pawan Kumar, Rajesh Kumar, Suresh Kumar, Beena
Devi, Punam Devi & Sangita Devi. The partners have overall
experience of more than 15 years through Pragati Enterprise & Beena
traders, engaged in sewing and trading of blanket, Mosquito Net,
bed sheet etc and also engaged in trading of the same through
proprietorship concern namely, Madras Handloom and Rajesh
Textiles.


POPULAR GROUP: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Popular
Group Mangalore (PGM) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Popular Group Mangalore (PGM) was established in the year 2014, as
a partnership firm by Mr. B.A. Mohideen, Mr. Abubakar Siddiq, Mr.
B.M. Ishaq and Mr. Nurul Ameen Damudi. The partners are qualified
graduates and each of the partners has 10-15 years of experience in
various field i.e. Constructions and sanitary ware. The firm is
planning to construct commercial complex for lease rental purpose.

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.


R.S. FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R.S. Foods
(RF) continue to remain in the 'Issuer Not Cooperating' category.

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

Rationale & Key Rating Drivers

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

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

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

R.S. Foods (RSF) was established in April, 2015 as a proprietorship
firm by Mr. Satish Kumar. The constitution was converted into a
partnership firm in April 2016 and is currently being managed by
Mr. Ram Lal Singla and Mr. Atul Singla as its partners sharing
profit and losses equally. The firm is engaged in processing of
paddy and trading of rice at its manufacturing facility in Karnal,
Haryana.


RADHEY SHYAM: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Radhey
Shyam and Sons (RSS) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     14.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 27,
2022, placed the rating(s) of RSS under the 'issuer
non-cooperating' category as RSS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RSS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 12, 2023, November 22, 2023, December
2, 2023.

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

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

Delhi based, Radhey Shyam and Sons (RSS) was established in year
September 1995 as a proprietorship firm of Mr. Radhey Shyam
Aggarwal. The firm reconstituted into a partnership firm in 2014
with Mr. Radhey Shyam Aggarwal and Mr. Pravesh Gupta as partners.
RSS is engaged into trading of timber wood at its facility located
in Delhi. RSS procures the raw material of timber logs from agents
based in Malaysia and New Zealand and sells to further timber
traders in Delhi NCR.

RAJLAXMI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajlaxmi
Agro Processor Private Limited (RAPPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 29,
2022, placed the rating(s) of RAPPL under the 'issuer
non-cooperating' category as RAPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RAPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 14, 2023, November
24, 2023, December 4, 2023.

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

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

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

Analytical approach: Standalone

Outlook: Stable

Rajlaxmi Agro Processor Pvt Ltd (RAPPL) was incorporated during
March 2014 to initiate a rice milling unit at Murshidabad in West
Bengal. The area and the surrounding districts are important
agricultural and commercial areas in West Bengal where availability
of paddy and demand of rice and related products are increasing.
The day-to-day affairs of the company are looked after by Mr.
Mrinal Kanti Das along with other director Mrs Sujata Das (wife of
Mr. Mrinal Kanti Das) and a team of experienced personnel.


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.


SSK INFOTECH: CARE Lowers Rating on INR12.17cr LT Loans to C
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SSK Infotech Private Limited (SIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.17      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2022, placed the rating(s) of SIPL under the 'issuer
non-cooperating' category as SIPL had failed to provide information
for monitoring of the rating. SIPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails dated October 22, 2023, January 17, 2024, among others and
numerous phone calls.

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

The revision in rating to the bank facilities of SSK Infotech
Private Limited takes into account the non-availability of
information.

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

Analytical approach: Combined

The rating is based on combined view of the financials of Shree
Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies
viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd
(SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd
(SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SYSKA
Group', as they have a similar line of business and are held by the
same promoters. Moreover, there are intercompany transactions
indicating operational linkages and also financial support is
offered to each other and corporate guarantees are given for
facilitating bank debt.

Detailed description of the key rating drivers:

At the time of last rating on December 6, 2022, the following were
the rating strengths and weaknesses considered (updated for the
information available from Annual Report).

Key weaknesses

* Continued full utilization of limits: During due diligence
exercise dated November 28, 2022, with the banker, Banker has
confirmed the limits remain fully utilized on account of increase
in working capital requirements, indicating stretched liquidity.

* Competitive and trading nature of business leading to low
profitability margins: The mobile distribution business remains
competitive with a low degree of product differentiation throughout
the industry with most of the players supplying mobile of limited
established brands. SYSKA group's PBILDT margins have improved by
87 bps to 1.85% in FY20 (as against 0.98% FY19) primarily on
account of recording higher level of PBILDT in one of the group
companies of Syska Group, namely SYSKA LED Lights Private Ltd., by
51.74% (from INR39.66 crore in FY19 to INR60.18 crore in FY20).
Furthermore, the PAT margin of the group has marginally improved
from 0.99% in FY19 to 1.10% in FY20) on account of lower taxes paid
in FY20.

* Working capital intensive nature of operations: Working capital
intensity is another inherent characteristic of the mobile
distribution business. In general, the group maintains around 21-25
days of inventory and receivables are generally realized within the
same time period. However, the group's operating cycle of around 44
days is in similar line as of previous year. Due to high
working capital intensity, there is high dependency on external
borrowing to fund its incremental working capital requirements.

* Limited bargaining power with principal and high supplier
concentration risk: Samsung contributes to around 90-95% in the
total revenue of the company. This exposes the company to supplier
concentration risk. Also, the group has low bargaining power with
the principal.

* Technology Obsolescence Risk: Technological obsolescence is an
inherent risk in any technology related business and also applies
to the mobile handsets distribution business. However, the
company's vendors continue to provide significant support against
technological obsolescence. SSKAPL is compensated when a new model
is launched, and the existing model is to be sold at a discount.
Nonetheless, SSKAPL continues to remain exposed to the risk
associated with inventory holding and stock liquidation, which
could have an adverse impact on its profitability in the event of
the company being unable to liquidate the inventory timely.

Key strengths

* Experienced promoters with long track record in Mobile
Distribution business: SYSKA group is promoted by Mr. Govind
Uttamchandani and Mr. Rajesh Uttamchandani, who have a rich
experience of over two decades in the mobile distribution industry.
The group has a long track record of operating in the mobile
distribution segment and has established itself as a sole
distributor of Samsung in the five states of India. [Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh].

* Diversified product portfolio: The group has a diversified
product portfolio with the majority of the revenue being generated
through the distribution of Samsung mobiles. The group is also into
distribution of Samsung home appliances and mobile accessories. The
group has forayed into assembling and selling LED lights under its
brand name 'SYSKA' and has been able to establish its presence in
the Indian market (operational as SLLPL). It also provides
electronic data delivery, printing of cheques and current/savings
account statements to banks/financial institutions.

* Widespread distribution network with a strong market position
viz. sole distributor of Samsung mobiles handsets in five states of
India: SYSKA group enjoys a strong market position in the mobile
distribution business as it has the sole National distributorship
of mobile handsets and tablets for Samsung India Electronics
Private Limited (Samsung) in five states of India namely, Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh.

* Established market presence backed by highest market share of
Principal (Samsung) in domestic market: SYSKA group has exclusive
distributorship of Samsung Smart phones and tablets in Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh &
Chhattisgarh. The principal Samsung has been having the largest
market share in India over the years. Samsung has a market share of
22.6% in the Indian Smart Phone market for the quarter ended June
2022.

The SSK Group comprises of the following entities:
1. Shree Sant Kripa Appliances Pvt Ltd (SSKAPL)
2. Bagh Bahar Appliances Pvt Ltd (BBAPL)
3. SSK Infotech Pvt Ltd (SIPL)
4. SSK Retails Pvt Ltd (SRPL)
5. SYSKA Led Lights Pvt Ltd (SLLPL)
6. SYSKA E-retails LLP (SEL)

SSKAPL is the flagship company of the Pune-based SSK group. It is
promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani.
Established as a partnership firm in 2002, and reconstituted as a
private limited company in 2006, SSKAPL is the exclusive
distributor of Samsung mobiles, accessories, and tablets for five
states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa,
Madhya Pradesh, and Chhattisgarh. It is also a distributor of
Samsung home appliances in the Mumbai region. BBAPL is a closely
held private limited company and dealer of the flagship company
SSKAPL. BBAPL is also the exclusive distributor for Samsung home
appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in
Maharashtra, and in Goa and mobile distribution in Pune.

SIPL provides electronic data services and solutions to telecom and
MNCs; and printing and mailing activities such as printing of
cheques and current/savings account statements, mainly for banks.
It has four printing facilities based out of Pune, Mumbai, Gurgaon,
and Hyderabad.

SRPL are dealers in a wide range of telecom devices/appliances,
accessories, and peripherals. SSKRPL operates 28 Samsung Smart
Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It
also deals in Mobile Gadget Secure of SYSKA brand.

SSK group forayed into electrical fittings in FY14 through
establishment of SLLPL. The company is in the business of
importing, testing, and sale of LED technology, Solar PV solutions,
Hi Tech Batteries System Integration, Solar based UPS & Inverters.
It imports LED products from various companies in South Korea,
assembles and sells under its brand name SYSKA. SLLPL does business
in 18 states in India through 489 distributors and exclusive retail
showrooms at 80 locations and is setting up operations in
international markets as well. The imported components are
assembled at Rabble factory in Maharashtra.

SEL was established in 2015 and is promoted by Ms. Honey
Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms. Gitika
Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The company
is engaged in the trading of SYSKA brand of products which includes
lighting products (LED bulbs, tube lights, panel lights etc),
personal grooming products (trimmers, shavers, hair straighteners,
irons, etc.) and several other (power banks, Bluetooth speakers)
through e-commerce platforms. The firm procures goods from group
companies namely SYSKA LED Lights Private Limited (SLLPL) and Shree
Sant Kripa Appliances Private Limited (SSKAPL) and sells to online
portals like Amazon, Flipkart, Paytm, Snapdeal, Tata Clip to name a
few.  

SSK RETAILS: CARE Lowers Rating on INR25cr Long Term Loans to C
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SSK Retails Private Limited (SRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2022, placed the rating(s) of SRPL under the 'issuer
non-cooperating' category as SRPL had failed to provide information
for monitoring of the rating. SRPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails dated October 22, 2023, January 17, 2024, among others and
numerous phone calls.

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

The revision in rating to the bank facilities of SSK Retails
Private Limited takes into account the non-availability of
information.

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

Analytical approach: Combined

The rating is based on combined view of the financials of Shree
Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies
viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd
(SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd
(SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SYSKA
Group', as they have a similar line of business and are held by the
same promoters. Moreover, there are intercompany transactions
indicating operational linkages and also financial support is
offered to each other and corporate guarantees are given for
facilitating bank debt.

Detailed description of the key rating drivers:

At the time of last rating on December 6, 2022, the following were
the rating strengths and weaknesses considered (updated for the
information available from Annual Report).

Key weaknesses

* Continued full utilization of limits: During due diligence
exercise dated November 28, 2022, with the banker, Banker has
confirmed the limits remain fully utilized on account of increase
in working capital requirements, indicating stretched liquidity.

* Competitive and trading nature of business leading to low
profitability margins: The mobile distribution business remains
competitive with a low degree of product differentiation throughout
the industry with most of the players supplying mobile of limited
established brands. SYSKA group's PBILDT margins have improved by
87 bps to 1.85% in FY20 (as against 0.98% FY19) primarily on
account of recording higher level of PBILDT in one of the group
companies of Syska Group, namely SYSKA LED Lights Private Ltd., by
51.74% (from INR39.66 crore in FY19 to INR60.18 crore in FY20).
Furthermore, the PAT margin of the group has marginally improved
from 0.99% in FY19 to 1.10% in FY20) on account of lower taxes paid
in FY20.

* Working capital intensive nature of operations: Working capital
intensity is another inherent characteristic of the mobile
distribution business. In general, the group maintains around 21-25
days of inventory and receivables are generally realized within the
same time period. However, the group's operating cycle of around 44
days is in similar line as of previous year. Due to high
working capital intensity, there is high dependency on external
borrowing to fund its incremental working capital requirements.

* Limited bargaining power with principal and high supplier
concentration risk: Samsung contributes to around 90-95% in the
total revenue of the company. This exposes the company to supplier
concentration risk. Also, the group has low bargaining power with
the principal.

* Technology Obsolescence Risk: Technological obsolescence is an
inherent risk in any technology related business and also applies
to the mobile handsets distribution business. However, the
company's vendors continue to provide significant support against
technological obsolescence. SSKAPL is compensated when a new model
is launched, and the existing model is to be sold
at a discount. Nonetheless, SSKAPL continues to remain exposed to
the risk associated with inventory holding and stock liquidation,
which could have an adverse impact on its profitability in the
event of the company being unable to liquidate the inventory
timely.

Key strengths

* Experienced promoters with long track record in Mobile
Distribution business: SYSKA group is promoted by Mr. Govind
Uttamchandani and Mr. Rajesh Uttamchandani, who have a rich
experience of over two decades in the mobile distribution industry.
The group has a long track record of operating in the mobile
distribution segment and has established itself as a sole
distributor of Samsung in the five states of India. [Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh].

* Diversified product portfolio: The group has a diversified
product portfolio with the majority of the revenue being generated
through the distribution of Samsung mobiles. The group is also into
distribution of Samsung home appliances and mobile accessories. The
group has forayed into assembling and selling LED lights under its
brand name 'SYSKA' and has been able to establish its presence in
the Indian market (operational as SLLPL). It also provides
electronic data delivery, printing of cheques and current/savings
account statements to banks/financial institutions.

* Widespread distribution network with a strong market position
viz. sole distributor of Samsung mobiles handsets in five states of
India: SYSKA group enjoys a strong market position in the mobile
distribution business as it has the sole National distributorship
of mobile handsets and tablets for Samsung India Electronics
Private Limited (Samsung) in five states of India namely, Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh.

* Established market presence backed by highest market share of
Principal (Samsung) in domestic market: SYSKA group has exclusive
distributorship of Samsung Smart phones and tablets in Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh &
Chhattisgarh. The principal Samsung has been having the largest
market share in India over the years. Samsung has a market share of
22.6% in the Indian Smart Phone market for the quarter ended June
2022.

The SSK Group comprises of the following entities:
1. Shree Sant Kripa Appliances Pvt Ltd (SSKAPL)
2. Bagh Bahar Appliances Pvt Ltd (BBAPL)
3. SSK Infotech Pvt Ltd (SIPL)
4. SSK Retails Pvt Ltd (SRPL)
5. SYSKA Led Lights Pvt Ltd (SLLPL)
6. SYSKA E-retails LLP (SEL)

SSKAPL is the flagship company of the Pune-based SSK group. It is
promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani.
Established as a partnership firm in 2002, and reconstituted as a
private limited company in 2006, SSKAPL is the exclusive
distributor of Samsung mobiles, accessories, and tablets for five
states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa,
Madhya Pradesh, and Chhattisgarh. It is also a distributor of
Samsung home appliances in the Mumbai region. BBAPL is a closely
held private limited company and dealer of the flagship company
SSKAPL. BBAPL is also the exclusive distributor for Samsung home
appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in
Maharashtra, and in Goa and mobile distribution in Pune.

SIPL provides electronic data services and solutions to telecom and
MNCs; and printing and mailing activities such as printing of
cheques and current/savings account statements, mainly for banks.
It has four printing facilities based out of Pune, Mumbai, Gurgaon,
and Hyderabad.

SRPL are dealers in a wide range of telecom devices/appliances,
accessories, and peripherals. SSKRPL operates 28 Samsung Smart
Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It
also deals in Mobile Gadget Secure of SYSKA brand.

SSK group forayed into electrical fittings in FY14 through
establishment of SLLPL. The company is in the business of
importing, testing, and sale of LED technology, Solar PV solutions,
Hi Tech Batteries System Integration, Solar based UPS & Inverters.
It imports LED products from various companies in South Korea,
assembles and sells under its brand name SYSKA. SLLPL does business
in 18 states in India through 489 distributors and exclusive retail
showrooms at 80 locations and is setting up operations in
international markets as well. The imported components are
assembled at Rabble factory in Maharashtra.

SEL was established in 2015 and is promoted by Ms. Honey
Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms. Gitika
Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The company
is engaged in the trading of SYSKA brand of products which includes
lighting products (LED bulbs, tube lights, panel lights etc),
personal grooming products (trimmers, shavers, hair straighteners,
irons, etc.) and several other (power banks, Bluetooth speakers)
through e-commerce platforms. The firm procures goods from group
companies namely SYSKA LED Lights Private Limited (SLLPL) and Shree
Sant Kripa Appliances Private Limited (SSKAPL) and sells to online
portals like Amazon, Flipkart, Paytm, Snapdeal, Tata Clip to name a
few.

SWATHI RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Swathi
Rice Mill Co Private Limited (SRMCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.05       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 21,
2022, placed the rating(s) of SRMCPL under the 'issuer
non-cooperating' category as SRMCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SRMCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 6, 2023, November 16,
2023, November 26, 2023.

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

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

SRMCPL, incorporated in April 2008 by Mr. Provash Chowdhury, Mr.
Sushil Biswas, Mr. Arun Saha, Mr. Biplab Paul, Mr. Surajit
Gadhadhar Paul, Mr. Arun Saha, Mrs. Parbati Paul and Mrs. Sujata
Saha of Malda, West Bengal. SRMCPL is into processing and milling
of non-basmati rice with an aggregate installed capacity of 54,000
metric ton per annum. The milling unit of the company is located at
Malda, West Bengal. SRMCPL procures paddy from farmers & local
agents and sells its products through the wholesalers and
distributors within the state.


SYSKA LED: CARE Lowers Rating on INR98cr LT Loans to C
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SYSKA Led Lights Private Limited (SLLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       98.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank     52.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2022, placed the rating(s) of SLLPL under the 'issuer
non-cooperating' category as SLLPL had failed to provide
information for monitoring of the rating. SLLPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 22, 2023, January 17,
2024, among others and numerous phone calls.

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

The revision in rating to the bank facilities of SYSKA Led Lights
Private Limited takes into account the non-availability of
information.

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

Analytical approach: Combined

The rating is based on combined view of the financials of Shree
Sant Kripa Appliances Pvt Ltd (SSKAPL) with its group companies
viz. Bagh Bahar Appliances Pvt Ltd (BBAPL), SSK Retail Pvt Ltd
(SRPL), SYSKA Led Lights Pvt Ltd (SLLPL), SSK Infotech Pvt Ltd
(SIPL) and SYSKA E Retails LLP (SEL), collectively called as 'SYSKA
Group', as they have a similar line of business and are held by the
same promoters. Moreover, there are intercompany transactions
indicating operational linkages and also financial support is
offered to each other and corporate guarantees are given for
facilitating bank debt.

Detailed description of the key rating drivers:

At the time of last rating on December 6, 2022, the following were
the rating strengths and weaknesses considered (updated
for the information available from Annual Report).

Key weaknesses

* Continued full utilization of limits: During due diligence
exercise dated November 28, 2022, with the banker, Banker has
confirmed the limits remain fully utilized on account of increase
in working capital requirements, indicating stretched liquidity.

* Competitive and trading nature of business leading to low
profitability margins: The mobile distribution business remains
competitive with a low degree of product differentiation throughout
the industry with most of the players supplying mobile of limited
established brands. SYSKA group's PBILDT margins have improved by
87 bps to 1.85% in FY20 (as against 0.98% FY19) primarily on
account of recording higher level of PBILDT in one of the group
companies of Syska Group, namely SYSKA LED Lights Private Ltd., by
51.74% (from INR39.66 crore in FY19 to INR60.18 crore in FY20).
Furthermore, the PAT margin of the group has marginally improved
from 0.99% in FY19 to 1.10% in FY20) on account of lower taxes paid
in FY20.

* Working capital intensive nature of operations: Working capital
intensity is another inherent characteristic of the mobile
distribution business. In general, the group maintains around 21-25
days of inventory and receivables are generally realized within the
same time period. However, the group's operating cycle of around 44
days is in similar line as of previous year. Due to high
working capital intensity, there is high dependency on external
borrowing to fund its incremental working capital requirements.

* Limited bargaining power with principal and high supplier
concentration risk: Samsung contributes to around 90-95% in the
total revenue of the company. This exposes the company to supplier
concentration risk. Also, the group has low bargaining power with
the principal.

* Technology Obsolescence Risk: Technological obsolescence is an
inherent risk in any technology related business and also applies
to the mobile handsets distribution business. However, the
company's vendors continue to provide significant support against
technological obsolescence. SSKAPL is compensated when a new model
is launched, and the existing model is to be sold at a discount.
Nonetheless, SSKAPL continues to remain exposed to the risk
associated with inventory holding and stock liquidation, which
could have an adverse impact on its profitability in the event of
the company being unable to liquidate the inventory timely.

Key strengths

* Experienced promoters with long track record in Mobile
Distribution business: SYSKA group is promoted by Mr. Govind
Uttamchandani and Mr. Rajesh Uttamchandani, who have a rich
experience of over two decades in the mobile distribution industry.
The group has a long track record of operating in the mobile
distribution segment and has established itself as a sole
distributor of Samsung in the five states of India. [Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh].

* Diversified product portfolio: The group has a diversified
product portfolio with the majority of the revenue being generated
through the distribution of Samsung mobiles. The group is also into
distribution of Samsung home appliances and mobile accessories. The
group has forayed into assembling and selling LED lights under its
brand name 'SYSKA' and has been able to establish its presence in
the Indian market (operational as SLLPL). It also provides
electronic data delivery, printing of cheques and current/savings
account statements to banks/financial institutions.

* Widespread distribution network with a strong market position
viz. sole distributor of Samsung mobiles handsets in five states of
India: SYSKA group enjoys a strong market position in the mobile
distribution business as it has the sole National distributorship
of mobile handsets and tablets for Samsung India Electronics
Private Limited (Samsung) in five states of India namely, Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh, and
Chhattisgarh.

* Established market presence backed by highest market share of
Principal (Samsung) in domestic market: SYSKA group has exclusive
distributorship of Samsung Smart phones and tablets in Gujarat,
Maharashtra (inclusive of Mumbai), Goa, Madhya Pradesh &
Chhattisgarh. The principal Samsung has been having the largest
market share in India over the years. Samsung has a market share of
22.6% in the Indian Smart Phone market for the quarter ended June
2022.

The SSK Group comprises of the following entities:
1. Shree Sant Kripa Appliances Pvt Ltd (SSKAPL)
2. Bagh Bahar Appliances Pvt Ltd (BBAPL)
3. SSK Infotech Pvt Ltd (SIPL)
4. SSK Retails Pvt Ltd (SRPL)
5. SYSKA Led Lights Pvt Ltd (SLLPL)
6. SYSKA E-retails LLP (SEL)

SSKAPL is the flagship company of the Pune-based SSK group. It is
promoted by Mr. Govind Uttamchandani and Mr. Rajesh Uttamchandani.
Established as a partnership firm in 2002, and reconstituted as a
private limited company in 2006, SSKAPL is the exclusive
distributor of Samsung mobiles, accessories, and tablets for five
states in India: Gujarat, Maharashtra (inclusive of Mumbai), Goa,
Madhya Pradesh, and Chhattisgarh. It is also a distributor of
Samsung home appliances in the Mumbai region. BBAPL is a closely
held private limited company and dealer of the flagship company
SSKAPL. BBAPL is also the exclusive distributor for Samsung home
appliances in Jalgaon, Aurangabad, Pune, Satara and Sangli in
Maharashtra, and in Goa and mobile distribution in Pune.

SIPL provides electronic data services and solutions to telecom and
MNCs; and printing and mailing activities such as printing of
cheques and current/savings account statements, mainly for banks.
It has four printing facilities based out of Pune, Mumbai, Gurgaon,
and Hyderabad.

SRPL are dealers in a wide range of telecom devices/appliances,
accessories, and peripherals. SSKRPL operates 28 Samsung Smart
Phone Cafes across India (in Maharashtra, MP, Gujarat, and Goa). It
also deals in Mobile Gadget Secure of SYSKA brand.

SSK group forayed into electrical fittings in FY14 through
establishment of SLLPL. The company is in the business of
importing, testing, and sale of LED technology, Solar PV solutions,
Hi Tech Batteries System Integration, Solar based UPS & Inverters.
It imports LED products from various companies in South Korea,
assembles and sells under its brand name SYSKA. SLLPL does business
in 18 states in India through 489 distributors and exclusive retail
showrooms at 80 locations and is setting up operations in
international markets as well. The imported components are
assembled at Rabble factory in Maharashtra.

SEL was established in 2015 and is promoted by Ms. Honey
Uttamchandani (daughter of Mr. Govind Uttamchandani) and Ms. Gitika
Uttamchandani (daughter of Mr. Rajesh Uttamchandani). The company
is engaged in the trading of SYSKA brand of products which includes
lighting products (LED bulbs, tube lights, panel lights etc),
personal grooming products (trimmers, shavers, hair straighteners,
irons, etc.) and several other (power banks, Bluetooth speakers)
through e-commerce platforms. The firm procures goods from group
companies namely SYSKA LED Lights Private Limited (SLLPL) and Shree
Sant Kripa Appliances Private Limited (SSKAPL) and sells to online
portals like Amazon, Flipkart, Paytm, Snapdeal, Tata Clip to name a
few.

UNIVERSAL TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Universal
Traders (UT) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 16,
2022, placed the rating(s) of UT under the 'issuer non-cooperating'
category as UT had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. UT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 1, 2023, November 11, 2023, November 21, 2023.

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

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
  
Uttar Pradesh based Universal Traders was incorporated in April,
2019. The firm is currently being managed by Mr. Vishnu Kumar
Saraswat, Mr. Abhishek Gautam (S/O Mrs. Lata Devi) and Mr. Punit
Kumar. Firm is involved in authorized wholesale of foreign liquor
and beer.

URJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Urja
Automobiles Private Limited (UAPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.81       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 7,
2022, placed the rating(s) of UAPL under the 'issuer
non-cooperating' category as UAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. UAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 23, 2023, November 2, 2023, November 12,
2023.

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

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

Urja Automobiles Private Limited (UAPL) was incorporated during
February 2013 by Mr. Rahul Kumar of Danapur in Patna. Subsequently,
the company started to initiate an auto dealership business and has
setup a selling and servicing facility at Saguna in Danapur. The
company has entered into dealership authority from Nissan Motor
India Pvt. Ltd. (NMIPL) for selling and servicing passenger
vehicles. Later on the company started sales and service facility
at other three locations in Bihar, namely, Araa, Patliputra and
Purnia. The day-to-day affairs of the company are looked after by
Mr. Rahul Kumar (Managing Director) with adequate support from
other three directors and a team of experienced personnel.



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

ANTERIS NORTH: Creditors' Proofs of Debt Due on March 1
-------------------------------------------------------
Creditors of Anteris North Shore Limited are required to file their
proofs of debt by March 1, 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:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


CHRISTIAN SAVINGS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch has affirmed Christian Savings Limited's (CSL) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'.
The Outlook is Stable. At the same time, Fitch has affirmed the
Short-Term IDRs at 'B', Viability Rating (VR) at 'bb+' and
Government Support Rating (GSR) at 'ns'.

KEY RATING DRIVERS

Asset Quality, Capital Underpin Ratings: CSL's Long-Term Issuer
Default Ratings (IDRs) are driven by its Viability Rating (VR). The
VR is supported by CSL's strong asset quality, capital support and
funding profile. However, these factors are offset by its modest
franchise and limited pricing power relative to the larger lenders
and deposit takers in the market.

Economic Growth to Slow: Fitch expects slower economic growth in
New Zealand in 2024. The higher cost of living is likely to put
pressure on borrowers, although Fitch expects the unemployment rate
to remain low, which should support borrower repayment capacity.
This underpins the stable outlook on its operating environment
score of 'a-' for non-bank deposit takers (NBDTs), which is below
the 'aa' category score implied by Fitch's criteria to reflect the
high household debt in New Zealand.

Fitch also incorporates the less stringent regulatory oversight of
NBDTs relative to registered banks in the operating environment
assessment, resulting in a score one notch below that of New
Zealand banks. New Zealand is in the process of aligning regulation
of all deposit takers under one framework, and Fitch may consider
aligning the NBDT operating environment score with that of New
Zealand banks once this is in place. However, finalisation of this
framework is still a number of years away.

Modest, Niche Franchise: CSL accounts for less than 0.1% of New
Zealand's bank and non-bank system assets, although it is the
country's largest lender within its niche market. CSL's business
profile score of 'bb-' is above the implied 'b' category score due
to its consistent business model and stable performance. This
provides some offset to CSL's limited franchise. CSL also has some
competitive advantages stemming from the close relationships with
its borrowers.

Low-Risk Lending Practices: CSL's risk appetite score of 'bb+' is
two notches above the business profile score. This reflects the
company's conservative approach to loan origination and low
loan/value ratio. CSL's close relationships with its customer base
allows it to make more informed decisions on borrowing capacity and
repayment ability. Risk controls are appropriate for the
organisation's size and not dissimilar to those of peers.

Strong Loan Performance: Fitch expects CSL's impaired-loan ratio to
remain very low over the next two years. CSL reported no stage 3
loans at end-August 2023, and Fitch expects this to continue in the
financial year ending August 2024 (FY24). This reflects CSL's
underwriting and strong collateral positions across its loan
portfolio. CSL's asset quality score of 'bbb-' is below the implied
'aa' category score as Fitch applies a negative adjustment for the
high level of single-name and segment concentration.

Modest Weakening in Profitability: Fitch expects moderate weakening
in earnings and profitability for CSL from contracting margins and
ongoing inflationary pressures on costs. Notwithstanding this,
Fitch forecasts the four-year average of operating
profit/risk-weighted asset ratio to remain broadly stable and
supportive of the current factor score. The assigned score of 'bb+'
is lower than the implied 'bbb' category score to reflect CSL's
concentration and low revenue diversification.

Appropriate Capital Buffers: Fitch believes CSL's Fitch Core
Capital (FCC) and total regulatory capital ratios will stay broadly
stable and at the higher-end of its peer group. CSL's regulatory
capital ratio stood at 14.2% at FYE23. Fitch has maintained the
factor score of 'bb+', below the implied 'a' category score, due to
the small absolute size of CSL's capital base.

Operations Wholly Deposit Funded: Fitch expects CSL's funding and
liquidity profile to remain generally stable. Its core metric, the
loan/customer deposit ratio, is likely to remain at around 100%
over the next two years. The four-year average of the core metric
implies a 'a' category score, but Fitch applies a negative
adjustment to reflect CSL's lack of access to the Reserve Bank of
New Zealand's (RBNZ) lender of last resort liquidity facilities.

RATING SENSITIVITIES

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

The VR and Long-Term IDRs are sensitive to a loss of support from
CSL's target market, as this would ultimately diminish the
company's viability.

CSL's Long-Term IDRs and VR may be downgraded if there is a
weakening in the business profile, potentially reflected in growth
in deposits and loans that is persistently below the system's pace,
ongoing above-system net interest margin attrition or a prolonged
deterioration in the loan/customer deposits ratio. Growing
regulatory and investment burdens in an increasingly digitised
market may reduce CSL's competitive standing and put pressure on
the business profile assessment. This may, in turn, prompt CSL to
increase its appetite for riskier exposures, resulting in greater
earnings volatility and pressure on capitalisation through the
cycle.

The above scenario may be reflected in a combination of the
following:

- the four-year average of stage 3/gross loans increases to be
consistently above 3% (FY20-FY23 average of 0%);

- the four-year average operating profit/risk-weighted assets falls
below 0.5% for a sustained period (FY20-FY23 average of 1.2%); or

- the FCC ratio declines below 11.5% without a clear path to return
to above this level (14.4% at FYE23); or

- the four-year average of the loan/customer deposit ratio
sustained significantly above 100% (FY20-FY23 average of 89.8%).

CSL's Short-Term IDR would only be downgraded if the Long-Term IDR
were downgraded to 'CCC+' or below.

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

An upgrade of the Long-Term IDRs and VR is unlikely in the short
term, as this would require significant growth in CSL's franchise.

An upgrade of the Short-Term IDR would require an upgrade of the
Long-Term IDR to at least 'BBB-'.

The GSR of 'ns' (no support) assigned to CSL reflects its
expectation that there is no reasonable assumption of support being
forthcoming because of New Zealand's open bank resolution scheme
(OBR). CSL is not part of the OBR, which allows for the imposition
of losses on depositors and senior debt holders to recapitalise
failed institutions. However, Fitch believes that the existence of
the scheme, in conjunction with CSL's low systemic importance,
makes sovereign support doubtful.

The GSR is already at the lowest level on Fitch's rating scale and
cannot be downgraded.

An increased propensity for New Zealand's authorities to provide
support would be required for an upgrade of the GSR, but this
appears unlikely in light of the resolution framework in place and
CSL's small size relative to the country's overall financial
system.

VR ADJUSTMENTS

The operating environment score of 'a-' has been assigned below the
'aa' category implied score because of the following adjustment
reasons: level and growth of credit (negative), regulatory and
legal framework (negative).

The business profile score of 'bb-' has been assigned above the 'b'
category implied score because of the following adjustment reason:
business model (positive).

The asset-quality score of 'bbb-' has been assigned below the 'aa'
category implied score because of the following adjustment reason:
concentration (negative)

The earnings and profitability score of 'bb+' has been assigned
below the 'bbb' category implied score because of the following
adjustment reason: revenue diversification (negative)

The capitalisation and leverage score of 'bb+' has been assigned
below the 'a' category implied score because of the following
adjustment reason: size of capital base (negative).

The funding and liquidity score of 'bbb-' has been assigned below
the 'a' category implied score because of the following adjustment
reason: liquidity access and ordinary support (negative).

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
   -----------                         ------          -----
Christian Savings
Limited              LT IDR             BB+ Affirmed   BB+
                     ST IDR             B   Affirmed   B
                     LC LT IDR          BB+ Affirmed   BB+
                     LC ST IDR          B   Affirmed   B
                     Viability          bb+ Affirmed   bb+
                     Government Support ns  Affirmed   ns

CITY CAKE: Creditors' Proofs of Debt Due on Feb. 27
---------------------------------------------------
Creditors of The City Cake Company Limited are required to file
their proofs of debt by Feb. 27, 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:
          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


DANCEWORKS 2021: Court to Hear Wind-Up Petition on Feb. 15
----------------------------------------------------------
A petition to wind up the operations of Danceworks 2021 Limited
will be heard before the High Court at Palmerston on Feb. 15, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 7, 2023.

The Petitioner's solicitor is:

          Julia Marie Snelson
          Legal Services, Asteron Centre
          55 Featherston Street (PO Box 1462)
          Wellington


FIRST CREDIT: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed New Zealand-based First Credit Union's
(FCU) Long-Term Issuer Default Ratings (IDRs) at 'BB', Short-Term
IDRs at 'B' and Viability Rating (VR) at 'bb'. The Outlook is
Stable.

KEY RATING DRIVERS

IDRs Driven by VR: FCU's Long-Term IDRs are driven by its VR, which
is assigned in line with the implied VR. The VR captures its
greater risk appetite relative to New Zealand banks and building
societies, reflected in its higher exposure to personal loans than
sector peers. This could make FCU's financial profile more volatile
through the cycle. The ratings also capture FCU's small size
compared with total system assets and geographical concentration in
parts of New Zealand.

Economic Growth to Slow: Fitch expects slower economic growth in
New Zealand in 2024. The higher cost of living is likely to put
pressure on borrowers, although Fitch expects the unemployment rate
to remain low, which should support borrower repayment capacity.
This underpins the stable outlook on its operating environment
score of 'a-' for non-bank deposit takers (NBDTs), which is below
the 'aa' category score implied by Fitch's criteria to reflect the
high household debt in New Zealand.

Fitch also incorporates the less stringent regulatory oversight of
NBDTs relative to registered banks in the operating environment
assessment, resulting in a score one notch below that of New
Zealand banks. New Zealand is in the process of aligning regulation
of all deposit takers under one framework, and Fitch may consider
aligning the NBDT operating environment score with that of New
Zealand banks once this is in place. However, finalisation of this
framework is still a number of years away.

Concentrated, Consistent Business Model: FCU's simple and
consistent business model partly offsets the credit union's small
market position, contributing to Fitch assigning a business profile
factor score of 'bb', above the 'b' category implied score. FCU
accounts for less than 0.1% of combined bank and NBDT system
assets, which limits its pricing power.

Exposure to Non-Mortgage Loans: FCU has greater exposure to
consumer loans than most New Zealand bank and building-society
peers, which Fitch considers an indication of an above-average risk
appetite. The proportion of non-mortgage consumer loans in FCU's
loan book has dropped in recent years, but remains high relative to
that of broader-sector peers.

Modest Asset-Quality Weakening: Fitch expects modest weakening in
FCU's impaired-loan ratio over 2024 as the impact of sharply higher
interest rates is felt by borrowers. However, still low
unemployment and FCU's increase in residential mortgage lending
over recent years should limit the deterioration. The factor score
of 'bb' is lower than the implied 'bbb' category score due to FCU's
product and geographical concentration.

Profitability Below Peers: Fitch expects FCU's profitability
metrics to remain modest over the financial year ending June 2024
(FY24), driven by higher operating expenses from the merger with
two smaller credit unions in previous years. Fitch believes
profitability will improve over the long term once the merged
companies are fully integrated and cost synergies are achieved.

Robust Capital Buffers: Fitch expects the Fitch Core Capital and
total regulatory capital ratios to remain broadly stable in FY24
and for FCU to maintain strong buffers over regulatory minimums.
Merger activity in 2023 did not have a significant impact on FCU's
capitalisation. Its forecast for modest loan growth means
capitalisation is unlikely to be under pressure over the next two
years.

However, retained earnings generation is also likely to be weaker
until cost synergies from the mergers are realised. The assigned
'bb+' score is below the implied 'a' category score due to the
small absolute size of the capital base of only NZD68 million
(USD37 million) at FYE23.

Fully Deposit-Funded: Fitch expects FCU's funding profile to be
broadly stable over the next two years and for FCU to remain wholly
deposit-funded. Fitch has applied a negative adjustment on FCU's
funding score of 'bbb-' from the 'a' category implied score to
reflect the lack of access to the Reserve Bank of New Zealand's
liquidity facilities.

RATING SENSITIVITIES

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

IDRs and VR

FCU's Long-Term IDRs and VR may be downgraded if there is a
weakening in the business profile, potentially reflected in
persistent below-system growth in deposits and loans, ongoing
above-system net interest margin attrition due to the need to price
more sharply to compete or a prolonged deterioration in the
loan/customer deposit ratio. Growing regulatory and investment
burdens in an increasingly digitalised market may reduce FCU's
competitive standing and also pressure the business profile
assessment. This may in turn prompt FCU to increase its appetite
for riskier exposures, resulting in greater earnings volatility and
pressure on capitalisation through the cycle.

The above scenario may be reflected in a combination of the
following:

- the four-year average of stage 3/gross loans increasing above 4%
for a sustained period (FY20-FY23 average: 2.5%);

- the four-year operating profit/risk-weighted asset ratio falling
to below 0.25% for a sustained period (FY20-FY23 average: 0.6%);
or

- the Fitch Core Capital ratio declining to below 9.5% without a
credible plan to replenish regulatory capital buffers (FY23:
16.1%); or

- the four-year average of the loan/customer deposit ratio
sustained significantly above 100% (FY20-FY23 average of 78.0%).

The Short-Term IDR would only be downgraded if the Long-Term IDR
were downgraded to 'CCC+' or below.

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

An upgrade of the VR and Long-Term IDRs is unlikely in the short
term, as it would require a significant improvement in the risk
profile that results in more stable asset quality and earnings
through the cycle.

An upgrade of the Short-Term IDR would require an upgrade of the
Long-Term IDR to at least 'BBB-'.

The Government Support Rating (GSR) of 'ns' (no support) reflects
its view that there is no reasonable assumption that support from
the New Zealand sovereign would be forthcoming if required. Fitch
believes the existence of an open bank resolution scheme lowers the
propensity of the sovereign to support its banks. The scheme allows
for the imposition of losses on depositors and senior debt holders
to recapitalise a failed institution.

GSR

The GSR is already at the lowest level on Fitch's rating scale and
cannot be downgraded.

An increased propensity for the New Zealand authorities to provide
support would be required for an upgrade of the GSR, but appears
unlikely in light of the resolution framework in place and FCU's
small size relative to the country's overall financial system.

VR ADJUSTMENTS

The operating environment score of 'a-' has been assigned below the
'aa' category implied score because of the following adjustment
reasons: level and growth of credit (negative), regulatory and
legal framework (negative).

The business profile score of 'bb' has been assigned above the 'b'
category implied score because of the following adjustment reason:
business model (positive).

The asset-quality score of 'bb' has been assigned below the 'bbb'
category implied score because of the following adjustment reason:
concentration (negative)

The capitalisation and leverage score of 'bb+' has been assigned
below the 'a' category implied score because of the following
adjustment reason: size of capital base (negative).

The funding and liquidity score of 'bbb-' has been assigned below
the 'a' category implied score because of the following adjustment
reasons: liquidity access and ordinary support (negative).

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
   -----------                         ------          -----
First Credit Union   LT IDR             BB  Affirmed   BB
                     ST IDR             B   Affirmed   B
                     LC LT IDR          BB  Affirmed   BB
                     LC ST IDR          B   Affirmed   B
                     Viability          bb  Affirmed   bb
                     Government Support ns  Affirmed   ns

GODFREYS GROUP: Administrators Close 5 Stores in Two Days in NZ
---------------------------------------------------------------
Stuff.co.nz reports that two days after Godfreys Group went into
voluntary administration, five of its New Zealand stores were
closed.

The 90-year-old vacuum and cleaning retailer went into
administration on Jan. 30, citing sales and profitability
problems.

Stephen White and John Fisk of PricewaterhouseCoopers (PwC) were
appointed administrators of the Australian-owned group's New
Zealand arm, and indicated that, while they planned to sell the
business as a going concern, some stores would be closed.

On Feb. 1, Mr. Fisk told BusinessDesk five "loss-making" Godfreys
stores had been closed. Those stores were in Paraparaumu, Porirua,
Nelson, Hamilton Central, and New Plymouth.

The remaining network of 20 stores were all "profitable, viable"
businesses, he said.

Godfreys employs around 600 staff across 141 company-owned stores
in Australia and New Zealand, with an additional 28 stores operated
by franchisees.

About 190 staff, including 22 in New Zealand, were expected to be
affected by "the difficult decision" to enter administration, the
company said.

"Sadly, like many retailers, we have been heavily impacted by
consumer confidenceand spending due to the economic era of high
inflation, rising interest rates, and intense cost of living
pressures.

"We are also still suffering from the unprecedented business
disruptions of the Covid-19 pandemic."

                           About Godfreys

Established in 1931, Godfreys is one of the world's largest vacuum
retailers and one of Australia and New Zealand's leading suppliers
of specialty commercial floor care and associated cleaning
products. The business operates 141 stores and employs more than
600 staff across Australia and New Zealand, with an additional 28
stores run by franchisees. In New Zealand there are 16 Company
operated and nine franchised stores.

On Jan. 30, 2024, Craig Crosbie, Robert Ditrich and Daniel Walley
of PricewaterhouseCoopers (PwC) Australia were appointed as
administrators of Godfreys Group Pty Ltd, Australian Vacuum Cleaner
Co. Pty. Ltd., Electrical Home-Aids Pty. Limited, Godfreys Finance
Company Pty Ltd, Godfreys Franchise Systems Pty. Limited, Hoover
Floorcare Asia Pacific Pty Ltd, International Cleaning Solutions
Group Pty Ltd, and International Cleaning Solutions Pty Limited.

Stephen White and John Fisk of PwC New Zealand have been appointed
as Voluntary Administrators of New Zealand Vacuum Cleaner Company
Limited.

During the Administration period, Godfreys will continue to trade
while the Administrators undertake an immediate operational
restructure and sale process, PwC said.

As a result of the restructure, it is anticipated that 54 Godfreys
stores will be closed within the next 14 days.


MATANGI BERRY: Court to Hear Wind-Up Petition on Feb. 12
--------------------------------------------------------
A petition to wind up the operations of Matangi Berry Farm Limited
will be heard before the High Court at Hamilton on Feb. 12, 2024,
at 10:45 a.m.

Pure Pac Sales Limited filed the petition against the company on
Dec. 22, 2023.

The Petitioner's solicitor is:

          Michael Richard Walker
          Todd & Walker Law
          Level 2, 36 Grant Road
          Queenstown 9371


NELSON BUILDING: Fitch Affirms BB+ LT IDR, Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Nelson Building Society's
(NBS) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to Stable from Positive, and affirmed the ratings at 'BB+'.
At the same time, the Short-Term IDRs have been affirmed at 'B',
the Viability Rating (VR) at 'bb+' and the Government Support
Rating (GSR) at 'ns'.

The Outlook revision reflects that Fitch now expect NBS to take
more than two years to increase its regulatory capital ratio to
above 15%. This, together with a stronger business profile while
maintaining or improving other aspects of its credit profile, are
thresholds set for an upgrade of the VR and IDRs.

KEY RATING DRIVERS

VR Underpins IDRs: NBS's Long-Term IDRs are driven by its VR, which
reflects sound asset quality and strong profitability among
non-bank deposit takers (NBDTs) in New Zealand. This is partly
offset by a small domestic franchise. The VR is below the implied
VR of 'bbb-' due to the society's weaker core capitalisation
relative to peers.

Improved Capitalisation: Fitch expects a steady organic improvement
in NBS's capital ratios over the next two years, supported by its
profitability. Fitch maintains the positive outlook on the 'bb'
factor score as the Reserve Bank of New Zealand (RBNZ) has
finalised a capital instrument for use by mutual banks and NBDTs in
New Zealand, which may allow NBS to bolster its Fitch Core Capital
ratio more quickly and address the weakness in its VR.

The high influence of NBS's capitalisation factor score reflects
the negative adjustment on its implied VR, as capitalisation is
NBS's weakest financial profile factor.

Economic Growth to Slow: Fitch expects slower economic growth in
New Zealand in 2024. The higher cost of living is likely to put
pressure on borrowers, although Fitch expects the unemployment rate
to remain resilient, which should support borrower repayment
capacity. This underpins the stable outlook on its operating
environment score of 'a-' for NBDTs, which is below the 'aa'
category score implied by Fitch's criteria to reflect the high
household debt in New Zealand.

Fitch also incorporates the less stringent regulatory oversight of
NBDTs relative to registered banks in the operating environment
assessment, resulting in a score one notch below that of New
Zealand banks. New Zealand is in the process of aligning regulation
of all deposit takers under one framework, and Fitch may consider
aligning the NBDT operating environment score with that of New
Zealand banks once this is in place. However, finalisation of this
framework is still a number of years away.

Small, Stable Franchise: NBS's business profile factor score of
'bb+' is above the 'b' category implied score, reflecting the
society's simple business model that focuses on the provision of
lower-risk residential mortgages and secured loans to small
businesses. This offsets its modest franchise and limited pricing
power. NBS is the largest NBDT in New Zealand by total assets, but
its lending market share (less than 0.2%) is insignificant in the
national context.

Credit Risk Drives Risk Profile: NBS's main risk is credit risk,
which stems from its loan portfolio, and this appears to be
well-managed by the society. Residential mortgages continue to be
the largest exposure accounting for 62% of gross loans at the end
of the financial year to March 2023 (FYE23). Fitch does not expect
the society's risk appetite to change materially in the next two
years underpinned by its long-standing business model.

Some Asset Quality Pressure: Fitch expects NBS to face some asset
quality pressure over the next two years as sharply higher interest
rates and inflation affect borrowers' repayment capability.
However, low unemployment in New Zealand should limit deterioration
in asset quality. NBS's asset-quality factor score of 'bbb' is
lower than the implied 'a' category to reflect product and
geographical concentration in the loan portfolio.

Earnings Pressure: Fitch expects NBS's earnings to face some
pressure in the next two years as the interest rate cycle peaks,
competition for loans remains intense and funding costs rise.
Higher operating expenses will also squeeze earnings. Fitch
forecasts the four-year average of the operating profit/
risk-weighted assets ratio to be around 1.4% through to FY25. These
metrics should remain broadly consistent with its current earnings
and profitability factor score of 'bbb' and Fitch has maintained
the stable outlook to reflect this.

Steady Funding Profile: Fitch expects NBS's funding profile to
remain generally stable over the next two years, with deposit
growth broadly in line with its loan growth. The funding and
liquidity score of 'bbb-' is below the 'a' category implied score
to reflect the society's lack of access to the RBNZ's liquidity
facilities.

RATING SENSITIVITIES

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

NBS's Long-Term IDRs and VR may be downgraded if there is a
weakening in the business profile, potentially reflected in growth
in deposits and loans that is persistently below the pace of the
system, ongoing above-system net interest margin attrition due to
the need to price more sharply to compete, or a prolonged
deterioration in the loan/customer deposits ratio. Growing
regulatory and investment burdens in an increasingly digitised
market may reduce NBS's competitive standing and pressure the
business profile assessment. This may, in turn, prompt NBS to
increase its appetite for riskier exposures, resulting in greater
earnings volatility and pressure on capitalisation through the
cycle.

The above scenario may be reflected in a combination of the
following:

- stage 3 loans/gross loans increasing above 3% for a sustained
period (FY20-FY23 average: 0.4%);

- operating profit/risk-weighted assets falling below 0.5% for a
sustained period (FY20-FY23 average: 1.8%); and

- the regulatory total capital ratio declining below 9.5% without a
credible plan to replenish regulatory capital buffers (13.3% at
end-September 2023)

- the four-year average of the loan/customer deposit ratio
sustained significantly above 100% (FY20-FY23 average of 86.7%).

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

The ratings may be upgraded if the society can increase its
regulatory capital ratio to above 15% or its Fitch Core Capital
ratio to around 14% and sustain it at this level, while at the same
time, improving its business profile without weakening other
aspects of its credit profile.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The Short-Term IDRs map to the Long-Term IDRs.

The GSR of 'ns' (no support) assigned to NBS reflects its
expectation that there is no reasonable assumption of support being
forthcoming because of New Zealand's open bank resolution scheme
(OBR). NBS is not part of the OBR, which allows for the imposition
of losses on depositors and senior debt holders to recapitalise
failed institutions. However, Fitch believes that the existence of
the scheme, in conjunction with NBS's low systemic importance,
makes sovereign support doubtful.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

A downgrade of the Short-Term IDRs appears unlikely, as this would
require a downgrade of the Long-Term IDRs to 'CCC+' or below.

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

An upgrade of the Short-Term IDRs would require an upgrade of the
Long-Term IDRs to at least 'BBB-'.

GSR

The GSR is already at the lowest level on Fitch's rating scale and
cannot be downgraded.

An increased propensity for the New Zealand authorities to provide
support would be required for an upgrade of the GSR, but appears
unlikely in light of the resolution framework in place and NBS's
small size relative to the country's overall financial system.

VR ADJUSTMENTS

The VR of 'bb+' has been assigned below the 'bbb-' implied VR
because of the following adjustment reason: weakest link -
capitalisation and leverage (negative).

The operating environment score of 'a-' has been assigned below the
'aa' category implied score because of the following adjustment
reason: level and growth of credit (negative), regulatory and legal
framework (negative).

The business profile score of 'bb+' has been assigned above the 'b'
category implied score because of the following adjustment reason:
business model (positive).

The asset quality score of 'bbb' has been assigned below the 'a'
category implied score because of the following adjustment reason:
concentrations (negative)

The funding and liquidity score of 'bbb-' has been assigned below
the 'a' category implied score because of the following adjustment
reason: liquidity access and ordinary support (negative).

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
   -----------                        ------           -----
Nelson Building
Society             LT IDR             BB+  Affirmed   BB+
                    ST IDR             B    Affirmed   B
                    LC LT IDR          BB+  Affirmed   BB+
                    LC ST IDR          B    Affirmed   B
                    Viability          bb+  Affirmed   bb+
                    Government Support ns   Affirmed   ns

STREAMERS TYRES: Court to Hear Wind-Up Petition on March 15
-----------------------------------------------------------
A petition to wind up the operations of Streamers Tyres And
Automotive Limited will be heard before the High Court at Auckland
on March 15, 2024, at 10:00 a.m.

Patricia Mary Sheehy and SCO Trustees No 2 Limited, (as Trustees of
the Sheehy Investment Trust) filed the petition against the company
on Dec. 19, 2023.

The Petitioner's solicitor is:

          Ben Lupton
          Insight Legal
          17A Neville Street
          Warkworth


UNITY CREDIT: Fitch Lowers LongTerm IDR to 'B', Outlook Negative
----------------------------------------------------------------
Fitch Ratings has downgraded New Zealand-based Unity Credit Union's
(UCU) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to 'B', from 'BB'. The Outlook is Negative. UCU's Viability
Rating (VR) has also been downgraded to 'b', from 'bb'. The
Short-Term IDRs have been affirmed at 'B' and the Government
Support Rating (GSR) at 'ns' (no support).

The rating downgrade reflects its expectation that UCU will
continue to report operating losses over the next two years,
limiting the credit union's ability to rebuild its thin regulatory
capital buffers. The Negative Outlook reflects ongoing risks to the
board's strategy to reset and rebuild the business over the next
two years, which Fitch expects will be difficult amid high interest
rates and strong competition.

KEY RATING DRIVERS

Consistent Losses: UCU's Long-Term IDRs are driven by its VR, which
is assigned below the implied VR of 'b+' due to ongoing operating
losses that will make it difficult for UCU to rebuild capital
buffers. The VR downgrade reflects the continued weakening in its
earnings profile, compared with other Fitch-rated New Zealand
non-bank deposit takers (NBDTs), and limited capital buffers.

Weak Earnings Prospects: Fitch expects UCU to continue to report
operating losses through to the financial year ending 30 June 2025
(FY25), with the net interest margin falling as the loan book is
rebalanced, loan growth slows and operating expenses remain high.
Impairment charges are also likely to remain high by historical
standards due to asset-quality pressure, although Fitch expects
them to moderate from the levels reported in FY22 and FY23. Fitch
has revised the factor score to 'b-', from 'bb-', and maintain the
negative factor outlook to reflect this.

Economic Growth to Slow: Fitch expects slower economic growth in
New Zealand in 2024. The higher cost of living is likely to put
pressure on borrowers, although Fitch expects the unemployment rate
to remain resilient, which should support borrower repayment
capacity. This underpins the stable outlook on its operating
environment score of 'a-' for NBDTs, which is below the implied
'aa' category score to reflect the high household debt in New
Zealand.

Its operating environment assessment also incorporates the less
stringent regulatory oversight of NBDTs relative to registered
banks, resulting in a score one notch below that of New Zealand
banks. New Zealand is in the process of aligning the regulation of
all deposit takers under one framework. Fitch may consider aligning
the NBDT operating environment score with that of New Zealand banks
once this is in place. However, this framework is still a number of
years from finalisation.

Weakened Business Model: UCU's strategy to stabilise, reset and
rebuild the business is key to restoring profitability and
rebuilding capital buffers. However, a prolonged period of loan and
deposit contraction has weakened the credit union's franchise.
Fitch has lowered the business profile factor score to 'b+' from
'bb-' to reflect this, and maintain a negative outlook as UCU
implements its strategy in a more challenging macroeconomic
environment.

Above-Peer Risk Profile: UCU has worked on strengthening its
governance and risk management framework since mid-2022, including
rebalancing the loan portfolio towards lower risk mortgages. Even
so, the credit union maintains substantial exposures to unsecured
consumer loans and residential mortgages with higher loan/value
ratios, reflecting a larger risk appetite relative to other New
Zealand NBDTs. Fitch has lowered the risk profile factor score to
'bb-', from 'bb' and maintain a negative outlook, to reflect risks
related to the execution of management's strategy in rebalancing
the loan book.

Deterioration in Asset Quality: Fitch expects asset-quality metrics
to deteriorate in FY24 as UCU resolves some legacy consumer-loan
issues and higher interest rates put pressure on some borrowers.
Fitch has lowered the factor score to 'bb-', from 'bb', to reflect
UCU's weaker asset-quality metrics compared with other New Zealand
NBDTs. A further lowering of the score would require significant
weakening beyond its forecast, as reflected in its revision of the
factor outlook to stable from negative. The factor score is below
the implied 'bbb' category score due to geographic and product
concentrations.

Capitalisation to Weaken: Fitch expects UCU's Fitch Core Capital
ratio to remain pressured over the next two years, given its weak
earnings prospects. Fitch has lowered its capitalisation and
leverage factor score to 'b', from 'bb-', and revised the outlook
to negative to reflect its expectation that UCU will continue to
have only thin regulatory capital buffers for a sustained period of
time. The factor score is below the implied 'bbb' category to
reflect UCU's limited capital buffers and its small absolute
capital base - NZD44 million (USD27 million) at FYE23 - which
leaves it susceptible to severe downturns.

Entirely Deposit Funded: Fitch expects UCU to remain completely
funded by retail deposits over the next two years. UCU's deposit
base has seen a decline in the past five years and Fitch expects it
to rely on price-driven deposit growth to attract new customers.
Fitch has revised the factor score to 'bb', from 'bbb-', to capture
this. This contributed to a funding and liquidity factor score
below the implied 'a' category score. Fitch also accounts for UCU's
lack of access to the central bank's lender-of-last-resort
facilities in this assessment, as this makes it susceptible to
deposit outflows in a severe funding-market shock.

RATING SENSITIVITIES

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

The Long-Term IDRs and VR may be downgraded if UCU is unsuccessful
in rebalancing the loan portfolio and restoring balance-sheet
growth, profitability and capital buffers. This would most likely
result in Fitch lowering multiple factor scores. In particular, a
lower earnings score could result in a downgrade even if the
implied VR remains at 'b+', as retained earnings remains the
primary source of capital accumulation for UCU and capital buffers
are limited.

The above scenario may be reflected in one or more of the
following:

- UCU becomes structurally unprofitable, possibly through the
continued erosion of loans and deposits, requiring the credit union
to price more sharply than peers and eroding the net interest
margin; or

- the regulatory total capital ratio declines below 9% without a
credible plan to replenish regulatory capital buffers (9.47% at
end-September 2023).

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

UCU's Outlook may be revised to Stable if the credit union is
successful in rebalancing its loan portfolio towards lower-risk
residential mortgages, restoring balance-sheet growth and
profitability. This should, in turn, improve asset-quality metrics
and result in improved capital ratios, with buffers to the
regulatory minimum increasing. This may be reflected in a positive
operating profit/risk-weighted assets ratio that is maintained
consistently and a total capital ratio above 9.75%.

An upgrade of the Long-Term IDRs and VR appears unlikely in the
short term.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The Short-Term IDRs map to the Long-Term IDRs.

The GSR of 'ns' assigned to UCU reflects its expectation that there
is no reasonable assumption of support being forthcoming because of
New Zealand's open bank resolution scheme (OBR). UCU is not part of
the OBR, which allows for the imposition of losses on depositors
and senior debt holders to recapitalise failed institutions. Fitch
believes the existence of the scheme, in conjunction with UCU's low
systemic importance, makes sovereign support doubtful.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

UCU's Short-Term IDRs would only be downgraded if the Long-Term
IDRs were downgraded to 'CCC+' or below.

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

An upgrade of the Short-Term IDRs would require an upgrade of the
Long-Term IDRs to at least 'BBB-'.

GSR

The GSR is already at the lowest level on Fitch's rating scale and
cannot be downgraded further.

An increased propensity for the New Zealand authorities to support
would be required for an upgrade of the GSR, but appears unlikely
in light of the resolution framework in place and UCU's small size
relative to the country's overall financial system.

VR ADJUSTMENTS

The VR of 'b' has been assigned below the 'b+' implied score on the
following adjustment reason: weakest link - earnings and
profitability.

The operating environment score of 'a-' has been assigned below the
'aa' category implied score on the following adjustment reasons:
level and growth of credit (negative), regulatory and legal
framework (negative).

The asset-quality score of 'bb-' has been assigned below the 'bbb'
category implied score on the following adjustment reason:
concentrations (negative)

The capitalisation and leverage score of 'b' has been assigned
below the 'bbb' category implied score on the following adjustment
reasons: size of capital base (negative), regulatory capitalisation
(negative).

The funding and liquidity score of 'bb' has been assigned below the
'a' category implied score on the following adjustment reasons:
liquidity access and ordinary support (negative), deposit structure
(negative).

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
   -----------                         ------          -----
Unity Credit Union   LT IDR             B  Downgrade   BB
                     ST IDR             B  Affirmed    B
                     LC LT IDR          B  Downgrade   BB
                     LC ST IDR          B  Affirmed    B
                     Viability          b  Downgrade   bb
                     Government Support ns Affirmed    ns

WAIRARAPA BUILDING: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed New Zealand-based Wairarapa Building
Society's (WBS) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) at 'BB+'. The Outlook is Stable. Fitch has
also affirmed the Short-Term IDRs at 'B', Viability Rating (VR) at
'bb+' and Government Support Rating (GSR) at 'ns'.

KEY RATING DRIVERS

VR Underpins Ratings: WBS's Long-Term IDRs are driven by its VR,
which is in line with the implied VR. The VR is underpinned by good
asset quality, reflecting its underwriting standards, and
satisfactory capitalisation. A small national franchise and modest
scale leave WBS susceptible to shocks and constrain potential for
positive changes in the VR.

Economic Growth to Slow: Fitch expects slower economic growth in
New Zealand in 2024. The higher cost of living is likely to put
pressure on borrowers, although Fitch expects the unemployment rate
to remain resilient, which should support borrower repayment
capacity. This underpins the stable outlook on its operating
environment score of 'a-' for non-bank deposit takers (NBDTs),
which is below the 'aa' category score implied by Fitch's criteria
to reflect the high household debt in New Zealand.

Fitch also incorporates the less stringent regulatory oversight of
NBDTs relative to registered banks in the operating environment
assessment, resulting in a score one notch below that of New
Zealand banks. New Zealand is in the process of aligning regulation
of all deposit takers under one framework, and Fitch may consider
aligning the NBDT operating environment score with that of banks
once this is in place. However, finalisation of this framework is
still a number of years away.

Simple Business Model: WBS has a modest franchise with a market
share of less than 0.1% of combined banking and NBDT system assets
at end-September 2023. This means it is generally a price-taker in
its main operating segments and has limited competitive advantages.
Fitch views the consistent and stable business model that is
focused on residential mortgages and term deposits as a positive
for the business profile, contributing to the factor score of
'bb-', which is above the implied 'b' category score.

Modest Risk Appetite: WBS has a focus on mortgages, both
residential and commercial, with loan/value ratios (LVRs) that are
generally lower than the market. This results in a high level of
security over the loan portfolio and supports the risk profile
score of 'bb+', two notches above the business profile score. Risk
controls are less advanced than larger peers in New Zealand but
appear adequate for the risks faced by the society.

Manageable Asset-Quality Pressure: Fitch expects asset quality to
come under pressure over 2024 as the full impact of rapid
interest-rate increases and high inflation hits borrowers. However,
WBS's focus on low LVR residential mortgages, along with only a
moderate weakening in unemployment, should limit this
deterioration. This should result in a modest weakening in WBS's
stage 3 loan ratio over 2024 (end-September 2023: 0.8%). The factor
score of 'bb+' is below the implied 'a' category score due to WBS's
product and geographic concentration.

Some Earnings Volatility: WBS's earnings and profitability score of
'bb+' is below the implied 'bbb' category score due to WBS having
less diverse revenue streams than larger peers in New Zealand. The
score also reflects some volatility in earnings metrics due to fair
value changes in the society's investment property portfolio.

Sound Capital Ratios: Fitch expects WBS to maintain capital ratios
towards the top end of its peer group over the next two years. The
Fitch Core Capital (FCC) and total capital ratios improved in the
first half of the financial year ending March 2024 (1HFY24), with
the latter at 15.8% and well above board and regulatory minimums.
The assigned 'bb+' factor score is below the implied 'a' category
score to reflect the small absolute size of the society's capital
base (NZD28 million or USD17 million at end-1HFY24). This leaves
WBS's capital base more susceptible to shocks than larger peers.

Stable Funding Profile: Fitch expects the loan/customer deposit
ratio to remain at about 95% through to FYE26. This is an
improvement from 110% at FYE23, reflecting strong deposit growth
and a modest contraction in loans during 1HFY24. The funding
profile remains stable though, with all non-equity funding sourced
from customer deposits. WBS is more reliant on price-driven
deposits than many peers, in part because it does not offer
transactional banking. Holdings of liquid assets in the form of
bank deposits help offset this risk.

RATING SENSITIVITIES

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

IDRs and VR

WBS's Long-Term IDRs and VR may be downgraded if there is a
weakening in the business profile, potentially reflected in growth
in deposits and loans that is persistently below the system pace,
ongoing above-system net interest margin attrition due to the need
to price more sharply to compete, or a prolonged deterioration in
the loan/customer deposit ratio. Growing regulatory and investment
burdens in an increasingly digitised market may reduce WBS's
competitive standing and pressure the business profile assessment.
This may, in turn, prompt WBS to increase its appetite for riskier
exposures, resulting in greater earnings volatility and pressure on
capitalisation through the cycle.

The above scenario may be reflected in a combination of the
following:

- the four-year average of stage 3 loans/gross loans increasing to
above 3% for a sustained period (FY20-FY23 average of 1.1%);

- the four-year average of operating profit/risk-weighted assets
falling to below 0.5% for a sustained period (FY20-FY23 average of
1.3%); or

- the FCC ratio declining to below 11.5% without a credible plan to
replenish regulatory capital buffers (17.2% at end-1HFYE24); or

- the four-year average of the loan/customer deposit ratio
sustained significantly above 100% (FY20-FY23 average of 94.4%).

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

IDRs and VR

An upgrade of WBS's Long-Term IDRs and VR appears unlikely as this
would require a significant increase in its market share without
materially weakening its underwriting standards and overall risk
profile. This would also require sustained improvements in a number
of WBS's financial metrics.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Short-Term IDRs

The Short-Term IDRs map to the Long-Term IDRs.

GSR

The GSR of 'ns' (no support) assigned to WBS reflects its
expectation that there is no reasonable assumption of support being
forthcoming because of New Zealand's open bank resolution scheme
(OBR). WBS is not part of the OBR, which allows for the imposition
of losses on depositors and senior debt holders to recapitalise
failed institutions. However, Fitch believes that the existence of
the scheme, in conjunction with WBS's low systemic importance,
makes sovereign support doubtful.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

The Short-Term IDRs would only be downgraded if the Long-Term IDRs
were downgraded to 'CCC+' or below.

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

The Short-Term IDRs would be upgraded if the Long-Term IDRs were to
be upgraded to at least 'BBB-'.

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

The GSR is already at the lowest level on Fitch's rating scales and
cannot be downgraded further.

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

An increased propensity for the New Zealand authorities to support
would be required for an upgrade of the GSR, but appears unlikely
in light of the resolution framework in place and WBS's small size
relative to the country's overall financial system.

VR ADJUSTMENTS

The operating environment score of 'a-' has been assigned below the
'aa' category implied score because of the following adjustment
reason: level and growth of credit (negative), regulatory and legal
framework (negative).

The business profile score of 'bb-' has been assigned above the 'b'
category implied score because of the following adjustment reason:
business model (positive).

The asset quality score of 'bb+' has been assigned below the 'a'
category implied score because of the following adjustment reason:
concentrations (negative).

The earnings and profitability score of 'bb+' has been assigned
below the 'bbb' category implied score because of the following
adjustment reason: revenue diversification (negative).

The capitalisation and leverage score of 'bb+' has been assigned
below the 'a' category implied score because of the following
adjustment reason: size of capital base (negative).

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
   -----------                         ------           -----
Wairarapa Building
Society              LT IDR             BB+  Affirmed   BB+
                     ST IDR             B    Affirmed   B
                     LC LT IDR          BB+  Affirmed   BB+
                     LC ST IDR          B    Affirmed   B
                     Viability          bb+  Affirmed   bb+
                     Government Support ns   Affirmed   ns



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

BLACKGOLD NATURAL: Placed Under Judicial Management
---------------------------------------------------
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
Judicial Manager of Blackgold Natural Resources Limited on Jan. 26,
2024.

The Judicial Manager may be reached at:

          Farooq Ahmad Mann
          M/s Mann & Associates PAC
          3 Shenton Way
          #03-06C, Shenton House
          Singapore 068805


DA HANG: Court to Hear Wind-Up Petition on Feb. 16
--------------------------------------------------
A petition to wind up the operations of Da Hang Trading Pte Ltd
will be heard before the High Court of Singapore on Feb. 16, 2024,
at 10:00 a.m.

The Hongkong And Shanghai Banking Corporation Limited filed the
petition against the company on Jan. 24, 2024.

The Petitioner's solicitors are:

          Withers Khattarwong LLP
          80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


DASIN RETAIL: Receives Letters of Demand from Executives
--------------------------------------------------------
The Business Times reports that the trustee-manager of Dasin Retail
Trust said in a bourse filing on Feb. 2 that it has received
letters of demand from four individuals, for alleged outstandings
owed in respect of monthly salary, payments made on the behalf of
its trustee-manager, and/or a loan extended to its
trustee-manager.

In the letters dated Jan. 24, 2024, the trustee-manager was asked
by its chief executive officer Wang Qiu; chief financial officer Ng
Mun Fai; chief investment officer Lu Zhiqi, and executive secretary
Liu Ting, for payments totalling SGD783,376, BT relays.

It also received a letter of demand, dated Jan 25, 2024, from Zhang
Guiming, in relation to alleged outstandings of SGD272,000 under
two short-term advance agreements dated May 12, 2022 and Jan 18,
2023.

Zhang Guiming is the nephew of Zhang Zhencheng, a non-executive
director on Dasin Retail Trust's board.

According to BT, Dasin Retail Trust Management said that it is
"seeking legal advice" on the matter.

Its major shareholder has confirmed that it will continue to
provide the trustee-manager with financial support under the
shareholders' agreement dated Jul 23, 2021, the board understands.
The major shareholder will also "assist the trustee-manager in
properly resolving the relevant claims".

BT adds that the letters of demand come after Dasin Retail Trust
received a requisition notice for an extraordinary general meeting
from its unitholders, which it said was invalid.

                         About Dasin Retail

Dasin Retail Trust's principal investment mandate is to invest in,
own or develop land, uncompleted developments and income-producing
real estate in Greater China (comprising People's Republic of
China, Hong Kong and Macau), used primarily for retail purposes, as
well as real estate-related assets, with an initial focus on retail
malls. The portfolio of Dasin Retail Trust comprises seven retail
malls strategically located in Foshan, Zhuhai and Zhongshan Cities
in PRC. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd.("Trustee-Manager"). The Trustee-Manager's key
objectives are to provide Unitholders of Dasin Retail Trust with an
attractive rate of return on their investment through regular and
stable distributions to Unitholders and to achieve long-term
sustainable growth in DPU and net asset value per Unit, while
maintaining an appropriate capital structure for Dasin Retail
Trust.

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, Dasin Retail Trust has received a notice declaring
that an event of default has occurred under its onshore syndicated
term loan facility of up to CNY400 million.

Issued by the Bank of China's Zhongshan branch as the facility and
security agent of the onshore facility, the bank is claiming an
outstanding sum of CNY355.2 million plus interest after the term
loan matured on Dec. 31, 2022, according to BT.

This interest shall go on accruing until full payment is made by
Dasin Retail Trust's subsidiary, Zhongshan Yuanxin Commercial
Property Management, noted the trustee-manager late on Sept. 4, BT
related.

Notices of these facilities were dated Aug. 31, 2023, and issued to
the trust's subsidiaries, including Zhongshan Yuanxin.

MERCATUS ZETA: Creditors' Proofs of Debt Due on March 1
-------------------------------------------------------
Creditors of Mercatus Zeta Co-Operative Limited are required to
file their proofs of debt by March 1, 2024, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chan Li Shan
          c/o Agile 8 Solutions
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


PSV EXIM: Court to Hear Wind-Up Petition on Feb. 16
---------------------------------------------------
A petition to wind up the operations of PSV Exim Pte Ltd will be
heard before the High Court of Singapore on Feb. 16, 2024, at 10:00
a.m.

United Overseas Bank Limited filed the petition against the company
on Jan. 25, 2024.

The Petitioner's solicitors are:

          Quantum Law Corporation
          No. 10 Anson Road
          #26-10 International Plaza
          Singapore 079903


ZIPMEX PTE: Court to Hear Wind-Up Petition on Feb. 26
-----------------------------------------------------
A petition to wind up the operations of Zipmex Pte Ltd will be
heard before the High Court of Singapore on Feb. 26, 2024, at 2:30
p.m.

Richard Chua Fen Peng filed the petition against the company on
Jan. 12, 2024.

The Petitioner's solicitors are:

          Withers Khattarwong LLP
          80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624




                           *********


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

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



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