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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, March 25, 2024, Vol. 27, No. 61

                           Headlines



A U S T R A L I A

EDAPT EDUCATION: Second Creditors' Meeting Set for March 27
GOLDWIN HOLDINGS: First Creditors' Meeting Set for April 2
KRISNIC NOMINEES: First Creditors' Meeting Set for March 28
LAVO EMPLOYMENT: First Creditors' Meeting Set for March 27
MANSA GROUP: ASIC Secures Travel Restraint Orders vs. Directors

MORTGAGE HOUSE 2022-1: S&P Assigns B(sf) Rating on Class F Notes
PANORAMA AUTO 2023-3: Fitch Affirms B+sf Rating on Class F Notes
PROJECT SEA: Appeals Liquidation Order
PROSPAROUS TRUST 2024-1: Moody's Assigns (P)B2 Rating to E Notes
SEQUEL BOOKS: Stationery Supplier Enters Voluntary Liquidation

SITE SERVICES: First Creditors' Meeting Set for March 27
[*] AUSTRALIA: Business Insolvencies in Feb. Highest Since 2015


C H I N A

RADIANCE HOLDINGS: Defaults on US$300 Million Dollar Bond


I N D I A

ARAN KITCHEN: CRISIL Keeps B- Debt Rating in Not Cooperating
ELCON: CRISIL Keeps B Debt Rating in Not Cooperating Category
INDIABULLS HOUSING: S&P Assigns 'B/B' ICRs, Outlook Positive
MALABAR IMPEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MANGALMAY FOUNDATION: CRISIL Keeps B Ratings in Not Cooperating

PNP INFRAPROJECTS: CRISIL Keeps B Debt Ratings in Not Cooperating
PRIYA PETRO: CRISIL Keeps B Debt Rating in Not Cooperating
PRUTHVI DEVELOPERS: CRISIL Keeps B+ Rating in Not Cooperating
QUALITY FLAVOURS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RADHEY RADHEY: CRISIL Keeps B Debt Ratings in Not Cooperating

RADHIKA COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
RAGHURAM INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
RAM MAHENDER: CRISIL Keeps B Debt Ratings in Not Cooperating
RAPID TRANSPAY: CRISIL Keeps B Debt Ratings in Not Cooperating
REWA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating

S R COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
S.M. EDIBLES: CRISIL Keeps B+ Debt Rating in Not Cooperating
SANMATI JEWELLERS: CRISIL Keeps B Debt Rating in Not Cooperating
SKLS GALAXYMALL: CRISIL Keeps B Debt Rating in Not Cooperating
SPICEJET LTD: Alterna Aircraft Withdraws Insolvency Plea

SPICEJET LTD: Wilmington Trust Files Insolvency Appeal
SUMAN HOMETEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
UTTAM SEEDS: CRISIL Keeps B Debt Rating in Not Cooperating
VARDHMAN TEXTILES: CRISIL Keeps B+ Ratings in Not Cooperating
VARNIKA JEWELLERS: CRISIL Keeps B Debt Ratings in Not Cooperating



I N D O N E S I A

GOLDEN ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


N E W   Z E A L A N D

CYCLETREADS LIMITED: BDO Auckland Appointed as Receivers
KC MECHANICAL: Creditors' Proofs of Debt Due on April 15
NEW ZEALAND: Economy Slips Into Recession as GDP Falls
OUTDOORHQ LIMITED: Creditors' Proofs of Debt Due on April 11
PARURU TRANSPORT: Khov Jones Limited Appointed as Receivers

RUAPEHU ALPINE: NZ Government Again Bails Out Skified Operator
SELAH HOMES: Upmarket Builder Placed Into Liquidation
WOODSTOCK TRANSPORT: Rodewald Consulting Appointed as Receivers


S I N G A P O R E

ASIAN AMERICAN: Creditors' Proofs of Debt Due on April 22
GOLDEN EQUATOR: Court to Hear Wind-Up Petition on April 5


S O U T H   K O R E A

TERRAFORM LABS: Montenegro Court Confirms Kwon to be Extradited


S R I   L A N K A

SRI LANKA: Clinches Initial Approval for $337-Million IMF Loan


V I E T N A M

VIETNAM TECHNOLOGICAL: Moody's Affirms B3 Deposit & Issuer Ratings

                           - - - - -


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

EDAPT EDUCATION: Second Creditors' Meeting Set for March 27
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Edapt Education
Pty Ltd has been set for March 27, 2024 at 11:00 a.m. virtually via
Zoom.

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 March 26, 2024 at 5:00 p.m.

Nathan Deppeler and Matthew Kucianski of Worrells were appointed as
administrators of the company on Feb. 21, 2024.


GOLDWIN HOLDINGS: First Creditors' Meeting Set for April 2
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Goldwin
Holdings Pty Ltd will be held on April 2, 2024 at 2:00 p.m. at
Level 15, 300 Queen Street in Brisbane and via virtual meeting
technology.

Nikhil Khatri of Worrells was appointed as administrator of the
company on March 19, 2024.


KRISNIC NOMINEES: First Creditors' Meeting Set for March 28
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Krisnic
Nominees Pty Ltd will be held on March 28, 2024 at 11:00 a.m. via
virtual meeting only.

Christopher Damien Darin of Worrells was appointed as administrator
of the company on March 18, 2024.


LAVO EMPLOYMENT: First Creditors' Meeting Set for March 27
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Lavo
Employment Pty Ltd will be held on March 27, 2024 at 10:30 a.m. via
Microsoft Teams meeting.

Desmond Teng and John Refalo of Byrons Recovery were appointed as
administrators of the company on March 15, 2024.


MANSA GROUP: ASIC Secures Travel Restraint Orders vs. Directors
---------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) secured
travel restraint orders against current and former directors within
the Mansa Group, Krishnakumar Sitaram Agrawal, and Shashikumari
Krishnakumar Agrawal.

The orders, issued on March 18, 2024, include restrictions on Mr.
and Mrs. Agrawal from leaving or attempting to leave Australia
until Aug. 31, 2024 or until further order is made. Both Mr. and
Mrs. Agrawal consented to the orders.

ASIC is currently investigating Mr. and Mrs. Agrawal over their
roles in the collapse of the Mansa Group companies in July 2023.
ASIC applied for the travel restraint orders over concerns that Mr.
and Mrs. Agrawal may leave the country while it continues its
investigation.

The final travel restraint orders were made after ASIC successfully
applied for interim travel restraint orders at a hearing made
without notice to Mr. and Mrs. Agrawal on March 14, 2024.

ASIC's investigation into Mr. and Mrs. Agrawal and the Mansa Group
of companies is ongoing.

Mr. and Mrs. Agrawal are current and former directors of the 27
companies which are collectively known as the Mansa Group. The
Mansa Group companies were used for the funding, acquisition and
development of property in Sydney's west.

Between June 30 and Aug. 4, 2023, 16 Mansa Group companies were
placed into voluntary administration or liquidation either by Mr.
Agrawal or company creditors. 151 investors in Mansa Sons Pty Ltd,
the Mansa Group treasury company, have reported losing almost
AUD34.5 million in the collapse.

Liquidators, Michael Billingsley and Mohammad Mansoor of 'Olvera
Advisors', are appointed to Mansa Sons Pty Ltd, Dawn Enterprise Pty
Ltd, Tvesa Investments Pty Ltd, Siddhi Services Pty Ltd, and
Patidar Group Pty Ltd.

Liquidators, Shumit Banerjee and Rajiv Ghedia of Westburn Advisory,
are appointed to Pramukham Enterprises Pty Ltd, SK Homes Aus Pty
Ltd, SKTM Capital Pty Ltd, SKTM Capital Pty Ltd, TKA Investments
Pty Ltd, and SK Capital Pty Ltd.

Liquidators, Martin Walsh of Walsh & Associates, are appointed to
SK Homes Pty Ltd.

Liquidators, Simon Cathro and Declan Lane of Cathro & Partners, are
appointed to Samarpan Investments, Sahyog Developers Pty Ltd, and
United Capital Australia Pty Ltd.

The interim and final orders were made by Justice Lee after
hearings in the Federal Court.


MORTGAGE HOUSE 2022-1: S&P Assigns B(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings raised its ratings on two classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for Mortgage House
Capital Mortgage Trust No.1 - Mortgage House RMBS Series 2022-1. At
the same time, S&P affirmed its ratings on six classes of notes.

The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolio. The asset pool has continued to
amortize and has a pool factor of around 38.9% as of Feb. 29, 2024.
As of Feb. 29, 2024, loans greater than 30 days in arrears make up
2.52% of the current balance, of which 1.14% are more than 90 days
in arrears. There have been no losses to date. Furthermore, the
portfolio has strengthened, with a weighted-average current
loan-to-value ratio of 59.6% and weighted-average seasoning of 32.8
months.

While the transaction has recently converted to a pro rata payment
structure, there has been a significant buildup of subordination,
and credit support provided to each class of notes is commensurate
with the ratings assigned. Credit support is provided by
subordination and excess spread.

Under the pro rata payment structure, the class G allocated
principal is paid to the class F notes until the class F notes are
fully repaid, followed by the remaining subordinated notes. The
class F notes therefore will continue to benefit from an increase
in the percentage of credit support provided as the pool amortizes
under a pro rata structure, while the percentage of credit support
will remain static for the remaining rated notes.

A constraining factor on the degree of upgrades is the increasing
risk of borrower concentration as the pool continues to amortize.
The largest 10 borrowers make up 9.66% of the pool. The lower-rated
notes are more susceptible to this increasing borrower
concentration risk. Another constraining factor is the high
prepayment rate, which may reduce the level of excess spread
generated and lead to a deterioration in the credit quality of the
remaining pool if the stronger credit quality borrowers were to
prepay.

S&P has also considered in its analysis the effects of the current
interest rate environment and cost-of-living pressures that could
lead to higher arrears across the market.

These qualitative factors constrain S&P's ratings beyond
quantitative factors alone.

  Ratings Raised

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS

  Series 2022-1

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)

  Ratings Affirmed

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS

  Series 2022-1

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)


PANORAMA AUTO 2023-3: Fitch Affirms B+sf Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has upgraded five and affirmed 16 classes of
asset-backed floating-rate notes from three Panorama Auto Trust
transactions. The Outlook is Stable on all notes.

The upgrades for the five note classes are driven by the build-up
of credit enhancement (CE).

The transactions are backed by a pool of first-ranking Australian
automotive lease and loan receivables originated by Angle Auto
Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate
Trust Limited as trustee.

The final rating analysis conducted by Fitch for Panorama 2023-2P
did not model the documented floor on the benchmark (BBSW) for the
notes. The correction in this rating action resulted in a one-notch
lower model-implied rating (MIR) for the class F notes. The notes
have been affirmed as additional sensitivity showed convergence of
the current rating with the MIR.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Panorama Auto
Trust 2023-1

   Commission
   AU3FN0077137        LT AAAsf  Affirmed   AAAsf

   A AU3FN0077145      LT AAAsf  Affirmed   AAAsf

   B AU3FN0077152      LT AAAsf  Upgrade    AAsf

   C AU3FN0077160      LT AAsf   Upgrade    Asf

   D AU3FN0077178      LT Asf    Upgrade    BBBsf

   E AU3FN0077186      LT BBBsf  Upgrade    BBsf

   F AU3FN0077194      LT BBsf   Upgrade    Bsf

Panorama Auto
Trust 2023-2P

   Commission
   AU3FN0079604        LT AAAsf  Affirmed   AAAsf

   A AU3FN0079521      LT AAAsf  Affirmed   AAAsf

   B AU3FN0079539      LT AA+sf  Affirmed   AA+sf

   C AU3FN0079547      LT A+sf   Affirmed   A+sf

   D AU3FN0079554      LT BBB+sf Affirmed   BBB+sf

   E AU3FN0079562      LT BB+sf  Affirmed   BB+sf

   F AU3FN0079570      LT BB-sf  Affirmed   BB-sf

Panorama Auto
Trust 2023-3

   Commission
   AU3FN0081873        LT AAAsf  Affirmed   AAAsf

   A AU3FN0081790      LT AAAsf  Affirmed   AAAsf

   B AU3FN0081808      LT AA+sf  Affirmed   AA+sf

   C AU3FN0081816      LT A+sf   Affirmed   A+sf

   D AU3FN0081824      LT BBB+sf Affirmed   BBB+sf

   E AU3FN0081832      LT BB+sf  Affirmed   BB+sf

   F AU3FN0081840      LT B+sf   Affirmed   B+sf

KEY RATING DRIVERS

Stable Asset Performance: Obligor default is a key assumption in
its quantitative analysis. Its weighted-average (WA) base-case
remaining default expectations (and 'AAAsf' rating stress
multiples) for this analysis are:

Panorama 2023-1: 2.2% (5.8x)

Panorama 2023-2P: 2.2% (5.8x)

Panorama 2023-3: 2.0% (6.1x) - unchanged from closing

Base-case recovery expectations (and 'AAAsf' recovery haircuts) are
as follows, all unchanged from closing:

Panorama 2023-1: 35.0% (50.0%)

Panorama 2023-2P: 35.0% (50.0%)

Panorama 2023-3: 35.0% (50.0%)

At end-January 2024, the transactions' 30+ day arrears ranged from
0.9% for Panorama 2023-3 to 1.6% for Panorama 2023-1, and 60+ day
arrears ranged from 0.4% for Panorama 2023-3 and 0.7% for Panorama
2023-1. Panorama 2023-1 and Panorama 2023-2P tracked above Fitch's
3Q23 Dinkum ABS Index 30+ arrears of 1.19% and the Dinkum ABS Index
60+ day arrears of 0.55%, whilst Panorama 2023-3 tracked below both
indices.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite rapid
interest-rate hikes in 2022-2023. GDP growth in 2023 was 1.5% and
unemployment was 4.1% in January 2024. Fitch expects economic
conditions to stabilise in 2024, with a slight deceleration of the
GDP growth rate to 1.4% and a marginal increase in unemployment to
4.2%. This reflects Fitch's anticipated effects of China's property
downturn and the ongoing impact of recent monetary tightening on
consumer spending.

Limited Liquidity Risk: Structural features include liquidity
facilities that are sufficient to cover liquidity shortfalls and
payment interruption risk. Updated cash flow analysis was performed
on Panorama 2023-1 and Panorama 2023-2P, and incorporates Fitch's
default and recovery expectations. Updated cash flow analysis was
not performed on Panorama 2023-3 as the transaction recently closed
and none of the variables affecting transaction performance have
changed beyond that expected at closing.

All three transactions are paying down sequentially, building up CE
for the rated notes. Sequential payment will continue until the pro
rata conditions are met.

Limited or No RV Exposure: Panorama 2023-1 and Panorama 2023-3 have
no RV exposure. For Panorama 2023-2P, 0.9% of the portfolio balance
is linked to loans in which borrowers have the option to deliver
the vehicle to discharge the final balloon instalment (ie residual
value, RV). The WA RV is 43.3% of the receivables, and RV accounts
for 0.5% of the pool portfolio balance.

There is no historical performance of AAF sale proceeds, but the RV
loss has been calibrated assuming car sale proceeds of 80% of the
final balloon instalments in a base-case scenario and rating
stresses were derived by applying upper haircuts. This reflects the
nature of the asset class, RV setting policy of AAF, the
distribution of scheduled maturities, manufacturer diversification
and the RV performance history of other auto receivable
transactions.

Low Operations and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
back-up servicing arrangements. The nominated back-up servicer is
Perpetual Corporate Trust. Fitch undertook an operational review
and found that the operations of the servicer were comparable with
those of other auto lenders.

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

RATING SENSITIVITIES

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

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

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

Downgrade Sensitivity

Panorama Auto Trust 2023-1

Note: Commission / A / B / C / D / E / F

Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf

Rating Sensitivity to Increased Default Rates

Defaults increase 10%: AAAsf / AAAsf / AA+sf / AA-sf / A-sf /
BBB-sf / BB-sf

Defaults increase 25%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BB+sf / B+sf

Defaults increase 50%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf
/ Bsf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBB-sf / BBsf

Recoveries decrease 25%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf /
BBB-sf / BB-sf

Recoveries decrease 50%: AAAsf / AAAsf / AA+sf / AA-sf / A-sf /
BB+sf / BB-sf

Rating Sensitivity to Increased Defaults and Reduced Recoveries

Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf /
AA+sf / AA-sf / A-sf / BBB-sf / BB-sf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AAAsf / AAsf
/ Asf / BBBsf / BBsf / Bsf

Defaults increase 50%/recoveries decrease 50%: AAAsf / AAsf / A+sf
/ BBB+sf / BB+sf / B+sf / below Bsf

Panorama Auto Trust 2023-2P

Note: Commission / A / B / C / D / E / F

Rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / BB-sf

Rating Sensitivity to Increased Default Rates

Defaults increase 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf /
Bsf

Defaults increase 25%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BB-sf / below Bsf

Defaults increase 50%: AAAsf / AAsf / Asf / BBB+sf / BB+sf / B+sf /
below Bsf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BB+sf / Bsf

Recoveries decrease 25%: AAAsf / AAAsf / AA+sf / A+sf / BBBsf /
BBsf / Bsf

Recoveries decrease 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ below Bsf

Rating Sensitivity to Increased Defaults and Reduced Recoveries

Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf / AAsf
/ Asf / BBBsf / BBsf / Bsf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AA+sf /
AA-sf / A-sf / BBB-sf / B+sf / below Bsf

Defaults increase 50%/recoveries decrease 50%: AAAsf / A+sf / A-sf
/ BBBsf / BBsf / below Bsf / below Bsf

Panorama Auto Trust 2023-3

For Panorama Auto Trust 2023-3, Fitch's previous rating
sensitivities were discussed in the rating action commentary,
published 7 November 2023.

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

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

Upgrade Sensitivities

The commission and class A notes for all three transactions as well
as the class B notes of Panorama Auto Trust 2023-1 are rated at
'AAAsf', which is the highest level on Fitch's scale, and cannot be
upgraded. For these notes that are rated at 'AAAsf', upgrade
sensitivity stresses are not relevant. However, results for the
remaining rated notes are as follows:

Panorama Auto Trust 2023-1

Rating Sensitivity to Reduced Defaults and Increased Recoveries

Note: C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf

Defaults decrease 10%/recoveries increase 10%: AA+sf / A+sf /
BBB+sf / BB+sf

Panorama Auto Trust 2023-2P

Note: B / C / D / E / F

Rating: AA+sf / A+sf / BBB+sf / BB+sf / BB-sf

Defaults decrease 10%/recoveries increase 10%: AAAsf / AA-sf / A-sf
/ BBB-sf / BB-sf

Panorama Auto Trust 2023-3

For Panorama Auto Trust 2023-3, Fitch's previous rating
sensitivities were discussed in the rating action commentary,
published 7 November 2023.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information as
part of its ongoing monitoring.

Prior to each transaction's closing, Fitch reviewed the results of
a third-party assessment conducted on the asset portfolio
information, and concluded that there were no findings that
affected the rating analysis.

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

ESG CONSIDERATIONS

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


PROJECT SEA: Appeals Liquidation Order
--------------------------------------
IntraFish reports that Project Sea Dragon (PSD), the mammoth
land-based shrimp farm being built in Australia, lodged an appeal
against a court order that its operations should be liquidated.

According to IntraFish, the instruction to the Seafarms-owned,
Nissui-backed shrimp farm was made Feb. 23 by an Australian federal
court judge after a pay dispute with the construction company
Canstruct, which is working on the project.

IntraFish relates that the project, a staged development of up to
10,000 hectares of shrimp production ponds, supported by a series
of geographically separate facilities across northern Australia,
has had a decade-long history of challenges.

Shaun McKinnon and Andrew Fielding of BDO were appointed as
administrators of Project Sea Dragon on Feb. 14, 2023.


PROSPAROUS TRUST 2024-1: Moody's Assigns (P)B2 Rating to E Notes
----------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by PROSPArous Trust 2024-1.

Issuer: PROSPArous Trust 2024-1

AUD124.4 million Class A Notes, Assigned (P)Aa2 (sf)

AUD10.4 million Class B Notes, Assigned (P)A2 (sf)

AUD25.0 million Class C Notes, Assigned (P)Baa2 (sf)

AUD11.0 million Class D Notes, Assigned (P)Ba2 (sf)

AUD11.6 million Class E Notes, Assigned (P)B2 (sf)

The AUD7.6 million Class F Notes and the AUD10.0 million Seller
Notes are not rated by Moody's.

PROSPArous Trust 2024-1 is a securitisation of Australian small
business loans and line of credit facilities. All portfolio
receivables were originated by Prospa Advance Pty Ltd (Prospa,
unrated). This is Prospa's third term securitisation.

Prospa is an Australian online small business lender offering
high-yielding, unsecured and secured short-term loans, line of
credit and business-to-business payment solutions to small
businesses in Australia and New Zealand. Prospa started originating
loans in 2012. As of Dec. 31, 2023, Prospa had originated over
AUD3.9billion of loans and had 20,900 active customers.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 3.00% of the rated notes balance, the legal structure,
the experience of Prospa as servicer and presence of Perpetual
Corporate Trust Limited as a back-up servicer.

Key transactional features are as follows:

-- Once step-down conditions are satisfied, Class A to Class F
Notes, will receive their pro-rata share of principal. Step-down
conditions include, among others, 53% subordination to the Class A
Notes and no unreimbursed charge-offs or principal draws.

-- An asset funding facility established to fund line of credit
facility draws in excess of available principal proceeds. The asset
funding facility will be repaid senior to the rated notes. Line of
credit facility draws in excess of available principal proceeds
will be funded by the asset funding facility in conjunction with
the issuance of Class L notes to Prospa. Class L notes will be
repaid subordinate to the rated notes. The utilisation of asset
funding facility draws and Class L notes issuance will be
proportioned to maintain Class A Notes credit enhancement levels.

-- National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)), will
provide an interest rate cap, hedging the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The interest rate cap notional will follow a
schedule based on the amortisation rate of the underlying
receivable assuming certain prepayment rate.

-- Perpetual Corporate Trust Limited is the back-up servicer. If
Prospa is terminated as servicer, Perpetual will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.

Notable underlying portfolio features are as follows:

-- The portfolio obligors are micro-size companies and individual
entrepreneurs.

-- 40.0% of the collateral pool are line of credit facilities with
a maximum redraw period of 24 months.

-- Granularity of the portfolio: The securitised portfolio is
highly granular, with the largest borrower representing 0.25% of
the pool and the 10 largest borrowers representing 1.7% of the
pool. The total number of borrowers  is 4,020.

-- Short weighted average life of the portfolio: 60.0% of the
collateral pool are fully amortising term loans. The maximum loan
maturity is 36 months. The portfolio weighted average life is 12
months, calculated on the assumption that all line of credit
facilities are refinanced out of the portfolio on the expiry of
their redraw period.

-- High portfolio yield: The transaction benefits from the
collateral pool's high weighted average interest rate of 29.69%.

-- Portfolio concentration in certain industry sectors: Borrowers
active in the Construction Services and Other Store-Based Retailing
industries, as defined by the Australian and New Zealand Standard
Industrial Classification (ANZSIC), account for 16.6% and 16.4% of
the loan portfolio, respectively.

-- 91.8% of the portfolio are unsecured loans. These loans are
collateralised by personal guarantees only, and recoveries on
defaulted loans often rely on the realization of this personal
guarantee.

Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 8.9% for
the initial and subsequent portfolios over a weighted average life
(WAL) of 1.03 years (equivalent to a B2 proxy rating as per Moody's
Idealized Default Rates). This default assumption is based on: (1)
the available historical vintage data; (2) the performance of
previous warehouse transactions originated by the originator and
(3) the characteristics of the loan-by-loan portfolio information.
Moody's took also into account the current economic environment and
its potential impact on the portfolio's future performance, as well
as industry outlooks or past observed cyclicality of
sector-specific delinquency and default rates.

Default rate volatility and recovery rate: Moody's assumed a
coefficient of variation (i.e. the ratio of standard deviation over
the mean default rate explained above) of 47.8%, as a result of the
analysis of the portfolio concentrations in terms of single
obligors and industry sectors. Moody's assumes a recovery rate of
10%, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information,
complemented by the available historical vintage data.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "SME
Asset-Backed Securitizations methodology" published in December
2023.

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

Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Additionally, Moody's
could downgrade the ratings in case of poor servicing, error on the
part of transaction parties, a deterioration in the credit quality
of transaction counterparties, or lack of transactional governance
and fraud.


SEQUEL BOOKS: Stationery Supplier Enters Voluntary Liquidation
--------------------------------------------------------------
Pranav Harish for Daily Mail Australia reports that Stationery
supplier Sequel Books and Stationery has collapsed after more than
three decades in business delivering books to more than 50
schools.

Daily Mail Australia relates that the firm, located in Willawong in
Brisbane's south, entered voluntary liquidation on March 18, with
the company struggling to deliver orders to customers since the
start of this year.

The business now owes creditors AUD5 million including AUD2.3
million that needs to be paid to suppliers.

Frustrated customers flooded the business with a massive 1,700
emails asking why their orders were not delivered before the start
of term one.

The embattled firm was forced to turn off the comments section of
their Facebook page amid a torrent of anger.

According to Daily Mail Australia, Christopher Baskerville from
insolvency firm Jirsch Sutherland has been appointed as liquidator
and will take over the finances of the company.

Mr. Baskerville told Daily Mail Australia in a statement that it is
not yet known how many creditors need to be paid.

'Our focus is on working expeditiously to ensure an orderly winding
up of the company,' he said.

'We understand this is a difficult time for the directors,
customers, and suppliers, and are now working closely with the
directors of the business to achieve the best return for
creditors.'

The business had employed 50 workers during peak periods and
delivered books and Stationery, for 55 schools in Queensland.

According to Daily Mail Australia, Anna Henderson, the Executive
Director of Sequel Books and Stationery, issued a statement on the
company's website, to inform customers the business had reluctantly
decided to enter liquidation.

'The economic challenges proved insurmountable for our business,
leading to the difficult conclusion of nearly three decades of
operation,' she said.  

Ms Henderson acknowledged the hard work of staff who contributed to
the success of the business over the years.

'The challenges you have endured over the past few months have been
huge and you have all faced them with such grace, I am in awe of
you,' she said.  

The company was originally founded as Bakers Bookstore in 1902
before the business went onto to become BCF (Barker Conlan, and
Ferrett). The firm then later became Sequel Books and Stationery.


SITE SERVICES: First Creditors' Meeting Set for March 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Site
Services S.A. Pty Ltd will be held on March 27, 2024 at 10:30 a.m.
at the offices of Oracle Insolvency Services at Suite 1104, 147
Pirie Street in Adelaide.

Dominic Charles Cantone of Oracle Insolvency Services was appointed
as administrator of the company on March 15, 2024.


[*] AUSTRALIA: Business Insolvencies in Feb. Highest Since 2015
---------------------------------------------------------------
SmartCompany reports that monthly business insolvencies have risen
to a level not seen since 2015, as a long-expected landslide of
corporate collapses hits the Australian economy.

According to SmartCompany, figures presented by the Australian
Securities and Investments Commission (ASIC) last week show 967
businesses entered external administration or had a controller
appointed to them in February.

That is a significant jump over the 555 collapses recorded in
January, and the single largest monthly tally since October 2015.

SmartCompany says the construction sector remains particularly
vulnerable, ASIC data shows, with 272 businesses going under in the
month of February alone, the most of any industry sector.

Accommodation and food services were the next hardest hit, tallying
137 collapses.

All told, 406 more businesses collapsed in February 2024 than the
combined February average of 2017, 2018, and 2019.

While the numbers are startling, the spiking number of businesses
going bust is not a surprise.

Difficult trading conditions, inflationary pressures raising the
cost of doing business, and the Australian Taxation Office's (ATO)
changing approach to debts accrued through the COVID-19 pandemic
are forcing businesses to make hard decisions about their future.

Industry onlookers have suggested the long-expected spike is not a
freak event, but a catch-up to the number of insolvencies that
would have occurred if extraordinary business support measures were
not enacted through pandemic lockdowns.

As the ATO takes a stronger approach to debt collection and
compliance than in years past, it is still advising businesses to
step forward and inform the tax office of their hardship before
their liabilities grow.

For businesses that do face insurmountable challenges, there are
ways to avoid the harshest crackdowns from the ATO.

In September last year, former ATO commissioner Chris Jordan said
tax advisors should guide their clients towards voluntary
administration before the tax office pursues its own wind-up
orders, SmartCompany recalls.

"You know the signs when a business is struggling, on the brink of
insolvency, or perhaps needs to be told the time has come to exit
gracefully," he said.




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

RADIANCE HOLDINGS: Defaults on US$300 Million Dollar Bond
---------------------------------------------------------
Bloomberg News reports that Radiance Holdings Group Co. defaulted
on a $300 million bond after it missed a payment due on March 20,
dealing a shock to investors who bet on a timely repayment over the
past few days.

According to Bloomberg, the Beijing-based builder pointed to
extreme pressure in China's property sector and lack of improvement
in sales, in a statement filed to the Hong Kong exchange, saying
that it will "exert its utmost effort" to ensure property
delivery.

Radiance's default caps a turbulent month for the builder, during
which its bonds soared to 88 cents on the dollar as of March 19
after trading at a deeply distressed level of around 50 cents two
weeks ago.

Bloomberg notes that Chinese developers may face more defaults as
home sales and buyer confidence remain weak. Declines in prices of
both new and used homes deepened last month from a year earlier,
even as they eased slightly on a month-on-month basis, official
data showed. Policy steps to shore up the beleaguered market have
so far failed to prevent more delinquencies in the bond market.

Radiance was China's 50th biggest developer by sales last year,
according to research firm China Real Estate Information Corp. Its
key onshore unit has sold two local bonds guaranteed by state-owned
China Bond Insurance Co., including an CNY800 million ($111
million) note in December, according to Bloomberg. As one of the
few developers that has access to local refinancing support, its
default could further weaken investor confidence over other
cash-strapped developers.

                       About Radiance Holdings

Radiance Holdings (Group) Company Limited operates as a real estate
development company. The Company develops and markets high-rise
residential buildings, low-rise apartments, villas, commercial
facilities, office buildings, and other related areas. Radiance
Holdings (Group) markets its products throughout China.

As reported in the Troubled Company Reporter-Asia Pacific in
September 2023, Moody's Investors Service downgraded Radiance
Holdings (Group) Co. Ltd.'s corporate family rating to Caa1 from
B3, and the company's senior unsecured rating to Caa2 from Caa1.
The rating outlook remains negative.  "The downgrade reflects
Radiance's heightened refinancing risks due to its weakened
liquidity from weak contracted sales and sizable debt maturities
over the next 6-12 months," said Alfred Hui, a Moody's Analyst.
"The negative outlook reflects uncertainties over the company's
ability to generate sufficient operating cash flow and raise new
funding to manage its refinancing needs and replenish its
balance-sheet liquidity over the next six to 12 months," Hui
added.




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

ARAN KITCHEN: CRISIL Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aran Kitchen
World India Private Limited (AKWIPL) continues to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            14         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AKWIPL for
obtaining information through letter and email dated February 15,
2024 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 AKWIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
AKWIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of AKWIPL continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

AKWIPL was incorporated as a joint venture between Aran Cucine (49%
of the shareholding) and Bohra Kitchenware Pvt Ltd (51% of the
shareholding) in 2008. The company distributes Italian-made modular
kitchens.


ELCON: CRISIL Keeps B Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Elcon (Elcon;
part of the Elcon group) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Elcon for
obtaining information through letter and email dated February 15,
2024 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 Elcon, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Elcon
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Elcon continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has consolidated the
financial and business profiles of Elcon and its group entity Linga
Bhairavi Enterprises (Linga). This is because the two entities
together referred to as the Elcon group are in the same line of
business and have common promoters.

                           About the Group

Set up in 2007, Elcon is engaged in manufacture of heavy pressed
and fabrication components. Linga was incorporated in 2016 and is
also engaged in manufacture of heavy duty press parts. The day to
day operations are promoted by Mr. Ganesh and Mrs Kalpana.

INDIABULLS HOUSING: S&P Assigns 'B/B' ICRs, Outlook Positive
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term and 'B' short-term
issuer credit ratings to India-based Indiabulls Housing Finance
Ltd. (IBHFL). The outlook on the long-term rating is positive.

S&P's ratings on IBHFL reflect its view that the company's access
to funding will stay susceptible to market conditions, constraining
its business profile. IBHFL's funding is concentrated, with a heavy
reliance on a top few lenders and sale of assets. The company's
very strong capitalization and ample liquidity buffers temper these
risks. IBHFL is a midsize housing finance company in India. It is
primarily involved in the origination of mortgage loans and selling
them to banks and other financial institutions.

S&P's starting point for rating finance companies (fincos) in India
is 'bb', two notches below the anchor for the banking sector in the
country. It believed Indian fincos face greater industry risk than
banks because they generally have no access to central bank
funding. While the regulations for fincos are tightening, the
sector remains subject to less onerous regulations than banks, in
our view. This is notwithstanding some requirements on capital
adequacy, liquidity, and asset quality management.

IBHFL's weak business stability constrains its business position.
The company's growth and profitability took a severe hit in the
past five years as access to liquidity became more selective in
India's non-bank financial sector. The company had to curtail
growth due to acute funding challenges, leading to its loan
portfolio and profitability becoming half of pre-2019 levels. The
deterioration was sharper for IBHFL than for other rated fincos.

IBHFL has a small and declining market share in India's financial
sector, with an asset base of Indian rupee (INR) 734 billion (US$9
billion) as of Dec. 31, 2023. It is smaller than most rated peers
such as Bajaj Finance Ltd. (INR3.1 trillion), Shriram Finance Ltd.
(INR2.4 trillion), Tata Capital Ltd. (INR1.3 trillion), and Muthoot
Finance Ltd. (INR880 billion) but larger than Manappuram Finance
Ltd. (INR443 billion) and Hero Fincorp Ltd. (INR435 billion).

S&P believes housing loans and loans to small and midsize
enterprises (SMEs) backed by property collateral will be key growth
drivers for IBHFL over the next two years. Meanwhile, the company's
exposure to real estate developers will continue to reduce. This in
line with its strategy to do this business via alternative
investment funds to limit growth in balance sheet.

IBHFL will continue to see contraction in its loan portfolio unless
growth picks up significantly. This is given a change in the
company's business model to focus on origination and sale of loans
to banks and other financial institutions, repayment of legacy
loans, and rapidly reducing developer loans. IBHFL retains only a
small portion of the loans on its balance sheet depending on the
method of selldown i.e. 20% in the case of co-lending with partner
banks and 5% in the case of direct assignment. The retained portion
formed 20%-25% of loan book on average over the past four years.

IBHFL's management and governance is fair, in S&P's opinion. The
group has faced no significant regulatory actions. However, there
have been many regulatory breaches and litigations against the
company in the past. IBHFL has taken various steps to address
negative perception of its management and governance. These include
changing the shareholding and board composition. The change in
business model has helped the company to operate at lower
leverage.

IBHFL will likely maintain very strong capitalization. S&P
forecasts the company's risk-adjusted capital (RAC) ratio will
increase to 22%-25% over the next two years, compared with about
19% as of March 31, 2023. This reflects a decline in the loan
portfolio, equity raising of INR37 billion in February 2024, and
limited dividend payouts over the next 24 months.

S&P forecasts IBHFL's return on assets will improve to 1.7%-1.8%
over the next two years, from 1.6% annualized for the nine months
ended Dec. 31, 2023. Higher fee income from co-lending
partnerships, and stable credit costs will support the improvement
in profitability.

S&P expects IBHFL's asset quality to remain stable amid improved
operating conditions. The company's average credit cost of 1% of
loans is comparable to that of peers, and lower than that of peers
operating in riskier segments such as commercial vehicles or
personal loans. IBHFL's reported nonperforming loans (NPLs) of 3.5%
of total loans are higher than those of housing fincos, mainly due
to a shrinking loan portfolio.

IBHFL has managed its stressed loans by writing off or selling them
to asset reconstruction companies. Given the upturn in the real
estate sector in India, recoveries from such loans have been
significant. This has lowered the company's credit costs. IBHFL's
stage 2 loans declined to 7.6% of total loans as of end-December
2023, compared with 33% as of end-March 2021.

IBHFL's concentration in the real estate sector exposes it to a
downturn in the sector. Although the share of developer loans is
declining in the company's portfolio, single-name concentration
remains material. The top 20 borrowers accounted for 26% of its
total loan portfolio, as of March 31, 2023.

Also, the share of riskier loans -- such as loans against property
to SMEs, and developer loans -- remains significant, at 28% of the
loan book. Coverage on NPLs and foreclosed assets appears low at
about 30%. However, S&P notes that property collateral is likely to
limit ultimate losses.

IBHFL's funding profile is weak and concentrated. The company's
funding access is volatile and susceptible to market perception.
This is reflected in higher cost of funding.

IBHFL has access to multiple sources of funding, with selldown
lines having the largest share at 40% of total borrowings
(including off-book borrowings against sale of assets), followed by
non-convertible debentures (30%), and bank loans (28%). Reliance on
commercial paper is nil, limiting rollover risks.

The lack of backing from a parent group makes IBHFL's funding
access susceptible to operating conditions. The share of
confidence-sensitive sources such as selldowns is higher than for
rated peers. Funding is also more concentrated than rated peers',
with significant reliance on the top few lenders. The share of the
top few lenders as a percentage of the total on-book funding has
increased due to a reduced borrowing base.

Within selldown lines also, reliance on top few lenders is
material. Some of these concentrations, for example in selldown
lines, could reduce as company increases co-lending partnerships.

The Reserve Bank of India's strict actions in the past few months
against non-compliance, and operational and governance deficiencies
have heightened regulatory risk for fincos in India, including
IBHFL. The company's ability to scale up its asset-light business
model while reducing funding volatility remains to be seen.

IBHFL's assets and liabilities are broadly matched. The company has
been creating voluntary reserve funds to manage upcoming
repayments. Liquidity is adequate, at 10% of total assets and
mainly comprises bank balances and cash. IBHFL's assets are liquid
and can be sold in the event of liquidity stress. Overall, the
company has sufficient liquidity for the next 12 months.

The positive rating outlook reflects S&P's view of a one-in-three
chance that IBHFL's funding concentration could reduce over the
next two years. This could happen, for example, if the company
onboards more co-lending partners and its funding access remains
stable through periods of market volatility. IBHFL's capitalization
and liquidity will likely continue to support its credit profile.

S&P could upgrade IBHFL by a notch if the company's funding
diversity and stability improve over the next two years.

S&P could revise the rating outlook on IBHFL to stable if funding
access remains concentrated and reliant on the top few lenders, or
if business growth stalls. Regulatory risk could also exert
downward pressure on the ratings.


MALABAR IMPEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Malabar Impex
Solutions (MIS) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             8.5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Working Capital       4.5         CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with MIS for
obtaining information through letter and email dated February 15,
2024 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 MIS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2018 as a partnership firm by Mr Moosa Kunnath and Mr
Mohammed Kunnath, MIS is setting up a plant in Malappuram, Kerala,
to process frozen seafood products, food grains, and spices.


MANGALMAY FOUNDATION: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mangalmay
Foundation Trust (MFT) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     6.8        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     4.2        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

CRISIL Ratings has been consistently following up with MFT for
obtaining information through letter and email dated February 15,
2024 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 MFT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MFT continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

MFT was set up in May 2000 by Mr. Atul Mangal. In 2001, the trust
commenced operations through its institute, Mangalmay Institute of
Management and Technology (MIMT) in Greater Noida (Uttar Pradesh).
Currently, MIMT offers graduate and postgraduate degree courses in
business management, education, and biotechnology. In 2011-12, MFT
established Mangalmay Institute of Engineering Technology, which
offers graduate degree courses in four engineering streams. Mr.
Mangal's wife, Ms. Shikha Mangal, and his brother, Mr. Anuj Mangal,
are MFT's other trustees.


PNP INFRAPROJECTS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PNP
Infraprojects Private Limited (PNPIPPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            40         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PNPIPPL for
obtaining information through letter and email dated February 15,
2024 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 PNPIPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PNPIPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of PNPIPPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Incorporated in 2015 and based in Maharashtra, PNPIPPL is owned and
managed by Mrs. Chitralekha Nrupal Patil and Mr Nrupal Jayant
Patil. PNPIPPL is engaged in carrying on the business of
infrastructure provider in all areas of marine and marine
activities and for that purpose to take own, take on license, hire
charter, develop and operate in land port, jetty, inland
waterways.


PRIYA PETRO: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Priya Petro
Products (PPP) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PPP for
obtaining information through letter and email dated February 15,
2024 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 PPP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PPP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PPP continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

PPP is a Chennai based partnership firm promoted by Mr Ravi. The
firm reprocesses and refines waste oil into base oil and fuel oil.


PRUTHVI DEVELOPERS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pruthvi
Developers (PD) 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 PD for
obtaining information through letter and email dated February 15,
2024 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 PD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PD
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Formed in 2003 as a partnership, PD undertakes residential real
estate projects. PD is promoted by Mr. Appasaheb J. Patil, Mr.
Ankit Butala, Mr. Girish Dang, Mr. Pratik Sanghvi and Mr. Nandkumar
Lunawat along with his family member. The firm is currently
executing residential real estate project 'Misty Greens' in
Chikhali, Pune.


QUALITY FLAVOURS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Quality
Flavours Export (QFE) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Foreign Bill          5.5         CRISIL B+/Stable (Issuer Not
   Purchase                          Cooperating)

CRISIL Ratings has been consistently following up with QFE for
obtaining information through letter and email dated February 15,
2024 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 QFE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on QFE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
QFE continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 1999 in Moradabad, Uttar Pradesh, as a partnership
firm by Mr Rishik Gupta and family, QFE manufactures mint
products.


RADHEY RADHEY: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Radhey
Radhey Ispat Private Limited (SRRIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.8        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit           13          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        11.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility     0.7        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRRIPL for
obtaining information through letter and email dated February 15,
2024 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 SRRIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SRRIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SRRIPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of SRRIPL, Kundan Casting
Private Ltd (KCL), and Sigma Casting Ltd (SCL). The companies,
collectively referred to as the Shree Radhey Radhey group, have
operational linkages, the same management, and a common marketing
network.

The Shree Radhey Radhey group is owned and managed by Mr N K Jain
and his son Mr Naveen Jain.

In 2008, the group acquired SRRIPL, which was established in 2002.
The company manufactures thermosmechanically treated (TMT) bars
under the Kamdhenu brand.

KCPL (established in 1994) and SCL (1990), manufacture ingots and
trade in various products such as iron ore, steel scrap,
machinery-related products, pre-fabricated buildings, and cloth.


RADHIKA COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhika Cotex
(RC) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.50       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.38       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1.12       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RC for
obtaining information through letter and email dated February 15,
2024 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 RC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RC
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2005, RC is a partnership firm based in Amreli (Gujarat)
that gins and presses raw cotton and sells cotton lint and cotton
seeds. Mr Ramesh Vadera and Mr Sharad Vadera are the partners.


RAGHURAM INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raghuram
Industries (Raghuram) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Raghuram for
obtaining information through letter and email dated February 15,
2024 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 Raghuram, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Raghuram is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Raghuram continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Established in 2009 as a partnership firm, Raghuram is engaged in
milling and processing of paddy into rice, rice bran, broken rice,
and husk. Its rice mill is located in Nalgonda, Telangana. The firm
is managed by Mr Sri Emmadi Anjaiah, Mr Sri Emmadi Somanarsaih, and
Mr Sri Emmadi Somaiah who are also the partners.


RAM MAHENDER: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Ram
Mahender Kishore International Private Limited (SRMK) continue to
be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/
   Overdraft facility      6         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Credit Limit
   Under Gold Card         4         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Credit Limit
   Under Gold Card         4.7       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRMK for
obtaining information through letter and email dated February 15,
2024 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 SRMK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRMK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRMK continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SRMK was set up in 2002 by Mr Mandeep Kishore Goel, and his two
brothers, Mr Rajan Kishore Goel and Mr Sanjay Kishore Goel. The
company started operations by taking over the operations of a
partnership firm engaged in jewellery retail operations since 1993.
The company, through a showroom in Sadar Bazar, Gurgaon, Haryana,
retails gold, silver and diamond-studded jewellery such as
necklaces, bracelets, earrings, cuffs, and bangles, and also sells
in bullion form.


RAPID TRANSPAY: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rapid
Transpay Private Limited (RTPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1         CRISIL B/Stable (Issuer Not
                                     Cooperating)
          
   Term Loan               7         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RTPL for
obtaining information through letter and email dated February 15,
2024 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 RTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RTPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

RTPL, based in Delhi, was incorporated in March 2010, promoted by
Mr Vivek Anand and Mr Sumanth Koorapati. The company provides
information technology services, consultation, and business
solutions primarily in the ambit of modernisation of urban
transport by means of innovative technological solutions. The
company possesses extensive expertise in providing
technology-enabled payment solutions to a host of industries.



REWA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Rewa
Rice Mills Private Limited (SSRMPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan              7.45       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSRMPL for
obtaining information through letter and email dated February 15,
2024 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 SSRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSRMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSRMPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Incorporated in 2013, SSRMPL has set up a rice milling unit with
processing capacity of 100 tonnes per day at Udaipura in Raisen
(Madhya Pradesh). The company is promoted by Mr. Rajendra Singh
Raghuvanshi and Mr. Sandeep Raghuvanshi. Its registered office is
at Udaipura.


S R COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S R Cotton
Private Limited (SRCPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         3          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRCPL for
obtaining information through letter and email dated February 15,
2024 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 SRCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRCPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2014, SRCPL is promoted by Mr. Rajesh C Jambigi and
Dr. Sunil C Jambigi, and is engaged in cotton ginning and pressing
business, with an installed capacity of 40,000 bales per annum at
Ranebennur, Karnataka.


S.M. EDIBLES: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.M. Edibles
Private Limited (SMEPL) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMEPL for
obtaining information through letter and email dated February 15,
2024 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 SMEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMEPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SMEPL, incorporated in 2005, trades in sugar. It is the flagship
company of the SM group, which has interests in sugar trading,
rolling mills, cylinder manufacturing, electronics distribution,
and medical supplies. The company is promoted by Mr Rakesh Kumar
Agarwal and Mr Arvind Kumar Agarwal. It has offices in Noida,
Ghaziabad, and Muzaffarnagar in Uttar Pradesh, and in Delhi.


SANMATI JEWELLERS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sanmati
Jewellers (SJ) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SJ for
obtaining information through letter and email dated February 15,
2024 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 SJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJ is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SJ
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

New Delhi-based SJ, commenced operations in 1998 as a proprietary
concern; in fiscal 2012, it was reconstituted as a partnership
firm. The firm is a manufacturer and wholesaler of gold bars and
ornaments and is managed by Mr. Vineet Jain and family.


SKLS GALAXYMALL: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SKLS
Galaxymall Private Limited (SKLS) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SKLS for
obtaining information through letter and email dated February 15,
2024 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 SKLS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKLS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKLS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SKLS, set up in 2016, is constructing a shopping mall cum multiplex
in Chennai.


SPICEJET LTD: Alterna Aircraft Withdraws Insolvency Plea
--------------------------------------------------------
Moneycontrol reports that Ireland-based aircraft lessor Alterna
Aircraft BV Limited on March 18 withdrew its insolvency plea
against low-cost airline SpiceJet at the National Company Law
Tribunal (NCLT). The lessor plans to fight the same at an
appropriate forum.

The NCLT thus permitted it to withdraw the plea and gave it the
liberty to move the plea at the forum it thinks fit. Sources close
to the development told Moneycontrol that Alterna is likely to
approach the Delhi High Court soon.

Alterna had filed the plea to recover $11.1 million and GBP265,000
awarded to it by English courts against SpiceJet. However, the NCLT
questioned how it could move an insolvency plea when it had to
recover an amount awarded by another court.

According to Alterna's plea, which Moneycontrol was able to access,
the High Court of England and Wales awarded these amounts in its
favour in March 2023. Since SpiceJet has not appealed against the
High Court's order for close to a year now, the lessor claims that
the order has attained finality.

On January 4 and 5, the court exhaustively heard the arguments by
the lessor on how the amount could be classified as a financial
debt and how SpiceJet could be admitted to the corporate insolvency
proceedings to recover the same, Moneycontrol relates. However,
SpiceJet contended that the plea is not maintainable as IBC is not
meant for recovery.

Three aircraft lessors filed four insolvency pleas against SpiceJet
in 2023 for the non-payment of dues. Other than the aircraft
lessors, a tech services provider has also moved an insolvency plea
against SpiceJet, Moneycontrol notes.

While the NCLT has issued notice only in Aircastle's first plea, it
has been urging the airline to settle with the lessors. In August,
SpiceJet allotted over 48 million shares to nine aircraft lessors
to clear outstanding dues worth INR2.31 billion (nearly $28
million), as the troubled airline looks to return to full
operation.

Aircastle Ireland Ltd, Wilmington and Celestial filed petitions,
asking NCLT to admit SpiceJet to the insolvency process to enable
them to recover their dues. Of these pleas, NCLT dismissed pleas
filed by aircraft lessors Willis and Wilmington. SpiceJet has also
entered into a settlement with an aircraft lessor called Celestial
Aviation Services.

                          About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.  

This is the third case filed against the airline, according to The
Economic Times.  Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.

Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.

The National Company Law Tribunal (NCLT) on Dec. 4, 2023, dismissed
Willis Lease' insolvency petition.

In January 2024, the NCLT dismissed another insolvency plea filed
against SpiceJet by Wilmington Trust SP Services.

In August 2023, aircraft lessor Celestial Aviation Services Ltd had
approached the tribunal to initiate insolvency proceedings against
the low-cost airline for a default of $29.9 million for nine
aircraft.


SPICEJET LTD: Wilmington Trust Files Insolvency Appeal
------------------------------------------------------
Deccan Herald reports that aircraft lessor Wilmington Trust SP
Services has moved NCLAT, filing an appeal against an earlier order
of NCLT, which had dismissed its insolvency plea against low-cost
carrier SpiceJet.

Deccan Herald relates that Wilmington Trust's petition had been
listed for hearing on March 21 before a bench headed by the
Chairperson Justice Ashok Bhushan of the National Company Law
Appellate Tribunal (NCLAT).  

Earlier, on January 29, the Delhi-based bench of the National
Company Law Tribunal (NCLT) dismissed the insolvency petition filed
by Wilmington Trust SP Services against SpiceJet, the report
recalls.

Wilmington, the aircraft lessor based in Dublin, Ireland had moved
the insolvency plea against SpiceJet in June 2023 over unpaid
dues.

However, SpiceJet had argued before NCLT that Wilmington was a part
of Aircastle, which had moved two insolvency pleas.

This was contended by Wilmington arguing that it was a trustee of
Aircastle and under the Insolvency & Bankruptcy Code its plea was
maintainable, Deccan Herald relates.

SpiceJet faced insolvency pleas filed by its aircraft lessors,
including Willis Lease, Aircastle Ireland Ltd, Wilmington, and
Celestial Aviation.

Earlier this month, Alterna Aircraft BV Ltd, another Ireland-based
aircraft lessor withdrew its insolvency plea against SpiceJet at
the National Company Law Tribunal (NCLT). The lessor plans to fight
the same at an appropriate forum.

In December 2023, NCLT had also dismissed the insolvency plea filed
by aircraft lessor Willis Lease.

                           About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.  

This is the third case filed against the airline, according to The
Economic Times.  Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.

Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.

The National Company Law Tribunal (NCLT) on Dec. 4, 2023, dismissed
Willis Lease' insolvency petition.

In January 2024, the NCLT dismissed another insolvency plea filed
against SpiceJet by Wilmington Trust SP Services.

In August 2023, aircraft lessor Celestial Aviation Services Ltd had
approached the tribunal to initiate insolvency proceedings against
the low-cost airline for a default of $29.9 million for nine
aircraft.


SUMAN HOMETEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suman Hometex
Private Limited (SHPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan        4.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated February 15,
2024 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 SHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2015 by Mr. Rajendra Chirmade, SHPL is engaged in
weaving of fabrics of different specifications and is mainly used
for bedsheets and pillow covers. It has its manufacturing facility
in Jalgaon, Maharashtra. Presently the firm is having 24 power loom
machines installed at its factory.


UTTAM SEEDS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Uttam Seeds -
Hisar (USH) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with USH for
obtaining information through letter and email dated February 15,
2024 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 USH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on USH
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
USH continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1992 as a proprietorship firm by Mr Ramesh Kumar Bansal,
USH tests, processes, and grades different seeds; and also trades
in BT cotton seed. The processed seeds are certified by the Haryana
State Seed Certification Agency and are sold under the Uttam Seed
brand. Processing unit is in Hisar, Haryana.


VARDHMAN TEXTILES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vardhman
Textiles - Ahmedabad (VTA) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash
   Credit Limit            2         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility     10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VTA for
obtaining information through letter and email dated February 15,
2024 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 VTA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VTA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VTA continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2018 as a partnership firm by Mr. Tushar Gosalia and Mr.
Ankit Sheth, VTA is establishing a greenfield project in Ahmedabad
to manufacture fabric from yarn. Unit will have an installed
capacity of 24.84 lakh tonne per annum and is expected to begin
commercial operations from November 2019.


VARNIKA JEWELLERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Varnika
Jewellers (VJ) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Electronic Dealer       8         CRISIL B/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                
                                     
   Proposed Long Term      2         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VJ for
obtaining information through letter and email dated February 15,
2024 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 VJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VJ is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VJ
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

VJ was formed as a partnership firm in March 2011 by Mr Pawan
Mangla, Mr Raman Kumar, Mr Ashok Kumar, and Mr Sanjeev Kumar. The
firm started operations in August 2011 and is a Tanishq franchisee.
It has a three-storey showroom in Bathinda (Punjab). Its operations
are managed by Mr Raman Kumar and Mr Sanjeev Kumar.




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

GOLDEN ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed PT Golden Energy Mines Tbk's (GEMS)
Long-Term Issuer Default Rating at 'BB-'. At the same time, Fitch
Ratings Indonesia has affirmed GEMS' National Long-Term Rating at
'A+(idn)'. The Outlook is Stable.

The affirmation reflects that GEMS' business profile is
commensurate with that of 'BB-' rated peers in Indonesia,
underpinned by its operational scale and ability to manage costs
during coal-price downturns. GEMS' production continues to
increase, reaching 46 million tonnes (mt) in 2023, and its
financial profile, with a consistent net cash position, remains
conservative for its rating level.

'A' National Long-Term Ratings denote expectations of low default
risk relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher rated category.

KEY RATING DRIVERS

Enhanced Production Scale: GEMS' production scale continues to
increase, with 2023 production reaching 46mt (2022: 38mt). This
helped the company maintain its position among Indonesia's
top-three thermal coal miners. Fitch expects annual production to
reach 52-54mt per annum in the next year or two, in line with
management guidance, and then stabilise. However, this is
contingent on receiving the necessary regulatory annual production
quota approvals.

Modest Capex Requirement: Fitch expects capex for infrastructure
expansion to support a larger scale will remain minimal, at about
USD25 million-30 million over 2024-2027, mainly to upgrade hauling
roads, coal-handling plants and barge-loading facilities. GEMS'
strong operating cash flow should comfortably fund its capex
without the need for external funding. Furthermore, Fitch expects
that GEMS will have sufficient flexibility around the timing of
capex, which it can delay during coal prices downturns.

Cost flexibility: GEMS' business profile benefits from a robust
cost position, with a life-of-mine strip ratio of 4.5x (2023: 5.6x)
and ability to curtail costs during periods of low coal prices.
GEMS maintained reasonable EBITDA per tonne during the previous
market downturn by curtailing costs. Fitch expects the company's
EBITDA per tonne to remain at about USD7-8 (2023: USD15) through
2024-2027, even as Fitch assumes substantially lower coal prices,
in line with its commodity price deck.

Limited Asset Diversity: GEMS's mine, PT Borneo Indobara (BIB),
accounts for more than 90% of its total production and about 67% of
proven and probable (2P) reserves. The company's other mines do not
have any substantial growth plans and are likely to remain small.
Fitch thinks GEMS' reserve concentration risk if mitigated by BIB's
spread-out operation, supported by a large scale. Operational risk
is somewhat managed by contracts with established mining service
contractors with good records, such as PT Putra Perkasa Abadi and
PT Cipta Kridatama, a subsidiary of PT ABM Investama Tbk
(B+/Stable).

Long Reserve Life: GEMS has the fourth-largest reserves in
Indonesia, with proven reserves of around 773mt and 2P reserves of
about 957mt. This translates to a proven reserve life of around 20
years. GEMS' BIB mine contributes 73% of the proven reserves, at
about 562mt, with the mining licence valid until 2036.

Conservative Financial Profile: Fitch expects GEMS to maintain a
conservative financial profile on strong operating cash flow from
increasing volume coupled with minimal capex requirements. This is
even as Fitch expects the company to continue its policy of paying
about 80% of free cash flow as dividends to shareholders. Fitch
forecasts gross leverage, defined by gross debt/EBITDA, to remain
below 0.1x and GEMS' net cash position to be maintained over the
next four years.

DERIVATION SUMMARY

GEMS's closest peer is PT Indika Energy Tbk (BB-/Stable). Fitch
thinks both companies have a competitive cost position with
demonstrated ability to manage costs in line with coal price
movements and an adequate reserve life for key mines. GEMS'
moderately larger scale, with plans to expand further, offsets
Indika's stable and well-established operations with a much longer
record.

Indika's diversification strategy beyond thermal coal should help
it mitigate the challenges arising from tightening funding access
for thermal coal companies amid increasing environmental, social
and governance considerations. However, Fitch thinks this
difference is offset by GEMS' more conservative financial profile,
with a net cash position and limited dependence on external
funding. This justifies the same ratings for both peers.

KEY ASSUMPTIONS

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

- Volume reaching 50mt per annum in 2024 (2023: 46mt per annum),
before increasing to 52mt in 2025 and 54mt thereafter.

- Coal prices in line with the coal price deck on an
energy-adjusted basis, which includes Indonesian coal price for GAR
4,200 at USD42/tonne in 2024 and USD40/tonne from 2025 onwards.

- Strip ratio for the BIB mine of 4.5x-4.7x in 2024-2027, as Fitch
factors in the company's flexibility to reduce costs amid lower
coal prices.

- Annual capex of USD25 million in 2024-2027.

- Dividend payout ratio of 80%. Special dividend of USD300 million
in 2024, USD100 million in 2025 and USD50 million in 2027 to
maintain the cash balance in line with historical levels.

RATING SENSITIVITIES

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

Fitch does not expect an upgrade in the near term, as Fitch
forecasts the company's operational scale to remain commensurate
with its current rating in the medium term.

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

- Sustained increase in the net debt/EBITDA ratio to above 2.0x
(2023: xx).

- Evidence of weakened external funding access.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: GEMS has strong free cash flow generation,
and a net cash position, which support its comfortable liquidity
position. Fitch does not expect its debt to increase over the next
three-to-four years because of its modest capex requirements. Its
debt, which is all working capital related short term debt is about
USD156 million, which is easily covered by its cash position of
about USS202 million as of Oct-2023.

ISSUER PROFILE

GEMS, a coal-mining company in Indonesia, operates three mining
concessions. Indonesia based PT Dian Sentosa Swastika owns 55% of
GEMS and ABM owns 30% via a subsidiary.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The following information, which is not discussed in the criteria,
was also used: high annual and special dividends to the parent. For
details, please see the Limited Information section below.

Sinar Mas, a conglomerate with various businesses across Indonesia,
is GEMS' ultimate parent, with an indirect majority stake. However,
Fitch does not have detailed financial information, as Sinar Mas is
a private company. To take account of the limited information
available on the parent, Fitch factors in GEMS' high annual
dividend payments, which include special dividends in addition to
the 80% of free cash flow that maintain the cash balance in line
with historical levels.

ESG CONSIDERATIONS

GEMS has an ESG Relevance Score of '4' for GHG Emissions & Air
Quality, as its revenue is concentrated in thermal coal and it
faces the risk of declining demand in the medium-term because of
its high carbon footprint. Funding access for thermal coal
companies has also progressively tightened, which has a negative
impact on GEMS's credit profile and is relevant to the rating in
conjunction with other factors.

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

   Entity/Debt              Rating             Prior
   -----------              ------             -----
PT Golden Energy
Mines Tbk            LT IDR  BB-    Affirmed   BB-

                     Natl LT A+(idn)Affirmed   A+(idn)




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

CYCLETREADS LIMITED: BDO Auckland Appointed as Receivers
--------------------------------------------------------
Rees Graham Logan and George Paul Burns Bannerman of BDO Auckland
on March 18, 2024, were appointed as receivers and managers of
Cycletreads Limited and Northern Accessories Limited.

The receivers and managers may be reached at:

          BDO Auckland
          PO Box 2219
          Auckland 1140


KC MECHANICAL: Creditors' Proofs of Debt Due on April 15
--------------------------------------------------------
Creditors of KC Mechanical & Engineering Limited are required to
file their proofs of debt by April 15, 2024, to be included in the
company's dividend distribution.

The High Court at Auckland appointed Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators on March 14, 2024.


NEW ZEALAND: Economy Slips Into Recession as GDP Falls
------------------------------------------------------
Otago Daily Times reports that New Zealand has entered technical
recession, with suspicions finally confirmed on March 21.

Gross domestic product (GDP) fell 0.1 percent in the December 2023
quarter, compared with the September quarter, ODT relates.

Economists traditionally define a recession as two successive
quarters where the economy contracts.

GDP per capita fell 0.7 percent in the last three months of the
year, Stats NZ said March 21.

And real gross national disposable income fell 1.4 percent.

ODT says the economy shrank despite record migration levels and
population growth.

Manufacturing, wholesale trade, retail trade and accommodation, and
the transport, postal, and warehousing sectors all took a hammering
in the quarter, ODT relays citing Stats NZ data.

Wholesale trade was the largest downwards driver this quarter, with
falls in grocery and liquor wholesaling leading the plunge.

Suspicions of widespread trouble in the retail sector were
confirmed, with falls in furniture, electrical, and hardware
retailing.

According to ODT, Stats NZ national accounts industry and
production senior manager Ruvani Ratnayake said increased activity
associated with the NZ general election contributed to growth in
the public administration, safety, and defence sectors.

Despite the grim quarterly news, GDP rose 0.6 percent over the year
ended December 2023.

That was largely thanks to a relatively strong June quarter, when
the economy grew by 0.5 percent.

As for whether New Zealand is still in the economic quagmire, GDP
data for the current January to March quarter will likely not be
released for another three months.


OUTDOORHQ LIMITED: Creditors' Proofs of Debt Due on April 11
------------------------------------------------------------
Creditors of OutdoorHQ Limited are required to file their proofs of
debt by April 11, 2024, to be included in the company's dividend
distribution.

The High Court at Christchurch appointed Benjamin Francis and Garry
Whimp of Christchurch as liquidators on March 14, 2024.


PARURU TRANSPORT: Khov Jones Limited Appointed as Receivers
-----------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones Limited on March 20,
2024, were appointed as receivers and managers of Paruru Transport
Limited.

The receivers and managers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


RUAPEHU ALPINE: NZ Government Again Bails Out Skified Operator
--------------------------------------------------------------
NZ Herald reports that the operator of the Whakapapa skifield has
received another government bailout, but Regional Development
Minister Shane Jones insists it is the last one.

According to NZ Herald, Cabinet has agreed to provide NZD7 million
of financial support to Ruapehu Alpine Lifts (RAL).

It also pledged to provide NZD3.05 million in equity and loan
funding to enable the sale of the Tūroa skifield assets to Pure
Tūroa Ltd (PTL), a company owned by property developer Cam
Robertson and businessman Greg Hickman.

For the last 17 months, the insolvent, not-for-profit operator RAL
has been kept afloat with NZD20 million of taxpayer money, NZ
Herald says.

According to NZ Herald, Mr. Jones said the move would provide more
certainty for Tūroa, adding: "The Government cannot indefinitely
sustain the skifields. That is why Cabinet is signalling a clear
end point. If no acceptable commercially led solution can be found
within the next year, there will be no additional government
funding for RAL's Whakapapa ski operations."

Mr. Jones said the 2024 ski season would be able to go ahead on
both sides of Mount Ruapehu, which contributes significantly to the
central North Island economy.

"Snow tourism is a large employer in the region, supporting an
estimated 880 fulltime-equivalent jobs and a regional visitor spend
of about NZD100 million each year," he said.

NZ Herald says the agreement for the Government to provide PTL with
NZD3.05 million to buy Tūroa's skifield assets relies on the
company obtaining a concession from the Department of
Conservation.

"The concession process for Tūroa skifield is under way. If the
concession is granted, PTL will operate Tūroa skifield
commercially," Conservation Minister Tama Potaka said.

In February, receivers and liquidators for RAL faced an urgent
application from a group of people owed money by the operator.

The skifields have been subject to insolvency processes since
October 2022.

NZ Herald adds that the lawyer for the receivers, David Friar, told
the High Court at Auckland that about a million dollars was at
stake and that money was needed.

But the receivers and liquidators for RAL argued that if the
liquidators are paying anyone, it would be the Crown because it has
a security arrangement and therefore is first in line.

One of the largest creditors is Crown Regional Holdings, which is
owed about NZD42 million, NZ Herald notes.

                        About Ruapehu Alpine

Ruapehu Alpine Lifts Limited (RAL) operates the Whakapapa and Turoa
skifields in the central North Island.

John Fisk and Richard Nacey of PwC were appointed voluntary
administrators of RAL on Oct. 11, 2022, following a resolution of
the Directors of the Company.

Ruapehu Alpine Lifts was put into liquidation on June 21, 2023.


SELAH HOMES: Upmarket Builder Placed Into Liquidation
-----------------------------------------------------
Stuff.co.nz reports that an award winning bespoke home building
company has collapsed leaving a trail of angry tradies, and three
homes unfinished.

Selah Homes Ltd built high-end family homes designed by award
winning architects for more than a decade.

Its sole-director, Mark Berryman, is an award winning builder who
has travelled to Samoa with the charity Habitat for Humanity.

But on March 13, the Auckland company was placed into liquidation,
Stuff discloses.

Joint-liquidator Adam Botterill, from Waterstone Insolvency, told
Stuff that three houses Selah Homes was building weren't finished
when it failed. He said he understood Berryman had tried to
"connect" the home owners with another builder but was unsure if
they had taken up the offer.

In their report, the liquidators said they'd been told the reasons
for the company's failure were the "poor health conditions of the
sole director", an increase in building costs and "cashflow
difficulties".

According to Stuff, the report said the liquidators would review
yet-to-be completed building projects to determine if there is any
liability.

It also said it was unknown if IRD was owed money and it was too
soon to know what, if anything, would be paid to creditors.

A creditors' meeting was scheduled for March 27 at the Pupuke Golf
Club in Auckland's Campbells Bay.

An owner/operator electrician told Stuff his company was owed
NZD20,000 for work on two Riverhead properties.

The man laughed when asked if he was hopeful of getting that money
back.

"I'm a small cog in the wheel - I'm not expecting anything."

He said the loss of NZD20,000 really hurts.

"For us, it's the profit for the last couple of months . . . NZD20k
would've paid a couple of week's wages."

The electrician said the liquidation came without warning, and
Berryman had stopped answering emails and phone calls.


WOODSTOCK TRANSPORT: Rodewald Consulting Appointed as Receivers
---------------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting Limited on March 20,
2024, was appointed as receiver and manager of Woodstock Transport
Limited.

The receiver and manager may be reached at:

          c/- Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road
          Tauranga 3110




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

ASIAN AMERICAN: Creditors' Proofs of Debt Due on April 22
---------------------------------------------------------
Creditors of Asian American Healthcare Ventures Pte. Ltd. are
required to file their proofs of debt by April 22, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 15, 2024.

The company's liquidators are:

          Mr. Don M Ho
          Mr. David Ho Chjuen Meng
          c/o Hall Chadwick (Singapore)
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


GOLDEN EQUATOR: Court to Hear Wind-Up Petition on April 5
---------------------------------------------------------
A petition to wind up the operations of Golden Equator Private
Capital II Pte Ltd will be heard before the High Court of Singapore
on April 5, 2024, at 10:00 a.m.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542




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

TERRAFORM LABS: Montenegro Court Confirms Kwon to be Extradited
---------------------------------------------------------------
The Associated Press reports that an appeals court in Montenegro on
March 20 confirmed that a South Korean mogul known as "the
cryptocurrency king" will be handed over to his native country.

Both South Korea and the U.S. had requested Do Kwon's extradition
from Montenegro, the AP relates.  A Montenegrin court initially
decided he should be handed over to the U.S. but that ruling was
later overturned in favor of South Korea.

According to the AP, the Appeals Court of Montenegro approved an
earlier ruling by the High Court to extradite Kwon to South Korea
rather than the United States, a statement said.  He has no further
avenues for appeal.

Kwon was charged in the U.S. with fraud by federal prosecutors in
New York.

It was not immediately clear when Kwon would be handed over. Kwon's
lawyer in Montenegro, Goran Rodic, said that "we are content with
the decision of the Appeals Court."

"It is now a binding decision and the law envisages that further
handover procedure will be handled by the justice ministries of
Montenegro and South Korea, as well as the relevant police
authorities who will determine the time, location and conditions of
the handover," Rodic told The Associated Press.

The 32-year-old Kwon was arrested in the Balkan nation last year
over a $40 billion crash of Terraform Labs' cryptocurrency, which
devastated retail investors around the world.

The AP says Kwon and another South Korean were arrested while
trying to depart for Dubai, United Arab Emirates, using fake Costa
Rican passports. He has served a prison term in Montenegro for
using a fake passport.

Kwon and five others connected to Terraform had been wanted on
allegations of fraud and financial crimes in relation to the
implosion of its digital currencies in May 2022.

TerraUSD was designed as a "stablecoin," a currency which is pegged
to stable assets like the dollar to prevent drastic fluctuations in
prices. However, around $40 billion in market value was erased for
the holders of TerraUSD and its floating sister currency, Luna,
after the stablecoin plunged far below its $1 peg.

                        About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency.  In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest.  He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024.  In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor is represented by:

     Zachary I Shapiro, Esq.
     Richards, Layton & Finger, P.A.
     1 Wallich Street
     #37-01
     Guoco Tower 078881




=================
S R I   L A N K A
=================

SRI LANKA: Clinches Initial Approval for $337-Million IMF Loan
--------------------------------------------------------------
Bloomberg News reports that Sri Lanka secured initial approval for
the next loan tranche from a $3 billion International Monetary Fund
bailout program, as the nation seeks to complete its debt
restructuring.

The staff-level agreement for the second review of the program
gives the nation access to a payout of about $337 million - subject
to approval from the IMF's executive board, the Washington-based
lender said in a statement, Bloomberg relates.

Funding is also contingent on implementation of prior actions,
completion of financing assurances and adequate progress on debt
restructuring, according to the statement. Some reforms are still
ongoing and the IMF is closely monitoring the implementation of the
Public Finance Management Bill, senior mission chief Peter Breuer
told reporters in Colombo on March 21.

According to Bloomberg, almost two years after falling into a
historic sovereign default, Sri Lanka remains dependent on IMF aid
as the South Asian nation faces nearly $7 billion of external
financing needs this year. The IMF lifeline is crucial in restoring
growth to the economy, which has been hit hard by the pandemic and
the debt crisis.

"Sustaining the reform momentum is critical to put the economy on a
path towards lasting recovery and stable and inclusive economic
growth," the IMF said.

Bloomberg notes that investors are optimistic over Sri Lanka's
prospects, with the currency approaching its strongest level since
June, while dollar bonds are up about 9% this year, among the best
performers in Asia.

Dollar bonds maturing in 2030 extended early gains to climb 1.9
cents to 56.6 cents on the dollar, the highest since November 2021
according to indicative pricing compiled by Bloomberg. Notes
maturing in 2027, 2028, and 2029 also gained.

Investors and Sri Lankan officials are expected to start
negotiations aimed at restructuring $12 billion in defaulted global
bonds next week, Bloomberg reported earlier. President Ranil
Wickremesinghe said earlier in March that progress is being made as
the nation seeks relief from payments through 2027.

Bloomberg adds that Sri Lanka has already secured an initial
restructuring deal with official creditors including India, China
and the Paris Club. It still needs to clinch a deal with China
Development Bank.

                           About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'.  The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.




=============
V I E T N A M
=============

VIETNAM TECHNOLOGICAL: Moody's Affirms B3 Deposit & Issuer Ratings
------------------------------------------------------------------
Moody's Ratings has affirmed Vietnam Technological and Commercial
Joint Stock Bank's (Techcombank) Ba3 long-term (LT) local currency
(LC) and foreign currency (FC) bank deposit ratings and LT LC and
FC issuer ratings, and revised the outlook to stable from
negative.

Moody's has also affirmed Techcombank's Baseline Credit Assessment
(BCA) and Adjusted BCA of ba3, LT FC and LC Counterparty Risk
Ratings (CRRs) of Ba2, and its LT Counterparty Risk (CR) Assessment
of Ba2(cr).

At the same time, Moody's has affirmed the bank's Not-Prime (NP)
short-term (ST) FC and LC deposit ratings, NP ST FC and LC issuer
ratings, NP ST FC and LC CRRs, and NP(cr) ST CR Assessment.

RATINGS RATIONALE

The ratings, BCA affirmation and outlook revision to stable from
negative reflect Techcombank's above industry average
capitalization and profitability, supported by its stable funding.
Moody's expects credit risks from the bank's sizeable exposure to
the real estate sector to stabilize over the next 12-18  months.

Real estate transactions in Vietnam are gradually recovering with
more supply coming to the market, while mortgage interest rates
have declined by 200-300 basis points in the recent past.

Vietnam's strong economic growth momentum and supportive regulatory
policies will aid the sector's recovery. Moody's expects
Techcombank will benefit from higher primary property purchase
transactions, which will help increase the bank's mortgage loans
while lowering its exposure to real estate developers . Bank has
exposure to relatively better-quality developers in the industry.

Techcombank's above industry average capitalization and
profitability will support its ratings. Its Tier 1 capital ratio
was at 14% as of the end of December 2023 while its return on
average assets (ROAA) was 2.4% in 2023, compared to the peer
average ROAA of 1.4% over the same period.

Moody's expects the bank's loans to grow at around 20% and its net
interest margins to improve over the next 12-15 months because of
lower funding costs. However, its credit costs and hence overall
profitability are susceptible to asset quality risks because of its
concentrated loan book. The bank's share of real estate loans
increased to 34% at the end of December 2023 from 26% a year ago.

Techcombank's funding and liquidity will remain broadly stable. Its
deposit base improved in 2023 with gains in its current and savings
account deposits (CASA) ratio to 40%, a level that is one of the
highest among Vietnamese banks rated by Moody's, which helped lower
its loan-to-deposit ratio to 114% as of the end of December 2023
from 122% as of June 2023. Policy rate cuts by the central bank,
the bank's efforts to mobilize deposits and the satisfactory
liquidity in the system supported its good deposit growth in 2023.

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

Moody's could upgrade Techcombank's ratings if the bank reduces its
loan concentration in the real estate sector significantly while
maintaining stable asset quality, capital and profitability. A
reduction in its reliance on market funds while strengthening its
share of high quality liquid assets to more than 15% of its
tangible banking assets on a sustainable basis will be positive for
the ratings and BCA.

On the other hand, Moody's could downgrade Techcombank's ratings if
its BCA downgrades by more than one notch. A downgrade of the
bank's BCA is likely if its solvency weakens because of a sharp
spike in its nonperforming assets, or if its loan concentration in
real estate developers continues to increase. Any indication of
constrained access to funding will also be negative for the BCA.

The principal methodology used in these ratings was Banks
Methodology published in March 2024.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank)
is headquartered in Hanoi and reported total assets of VND849
trillion as of December 31, 2023.



                           *********


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
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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