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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, April 1, 2024, Vol. 27, No. 66

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2024-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
BLACK HOPS: Goes Into Voluntary Administration
BOD SCIENCE: Second Creditors' Meeting Set for April 8
DELTA GS: First Creditors' Meeting Set for April 8
ENTYR LIMITED: First Creditors' Meeting Set for April 9

TERENCE DEAN: Second Creditors' Meeting Set for April 8
URBAN PLUMBERS: Second Creditors' Meeting Set for April 8


C H I N A

CHINA AOYUAN: Reports US$3.9 Billion Hole in its Balance Sheet
DALIAN WANDA: Sells 60% of Mall Unit in US$8.3 Billion Deal
GOME RETAIL: Revenue Plunged 96% Last Year Despite Shrinking Loss
INNER MONGOLIA BAOTOU: Fitch Affirms & Withdraws 'BB+' IDR
PUTIAN STATE-OWNED: Fitch Affirms BB+ LongTerm IDRs, Outlook Neg.

SUNAC CHINA: Loss Falls 71% Due to Debt Restructuring


I N D I A

A K ENTERPRISES: CRISIL Reaffirms B- Rating on INR1cr New Loan
AAMANYA ORGANICS: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
ALIENS DEVELOPERS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANJALI JEWELLERS: CRISIL Withdraws B+ Rating on INR4cr LT Loan
ANJANEYA JEWELLERY: CRISIL Moves B Ratings from Not Cooperating

ARCHIS ENTERPRISES: Insolvency Resolution Process Case Summary
BALAJI ENAMEL: CRISIL Lowers Long/Short Term Debt Ratings to D
BALAMURUGAN ENGINEERING: CRISIL Cuts Rating on LT/ST Loans to D
BLUEAIR INDIA: Voluntary Liquidation Process Case Summary
DATALINK MULTI: Insolvency Resolution Process Case Summary

FABAPPS DIGITAL: Liquidation Process Case Summary
FLEXILIS PRIVATE: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
GREEN CONCRETE: CRISIL Reaffirms B Rating on INR5cr Cash Loan
GREEN INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
GSM MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating Category

HCP PLASTENE: CRISIL Keeps D Debt Ratings in Not Cooperating
INDOTECH INDUSTRIAL: CRISIL Keeps D Ratings in Not Cooperating
INKAL VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating
JMK MERCANTILE: Voluntary Liquidation Process Case Summary
KELVOLT (INDIA): Insolvency Resolution Process Case Summary

LANGTA BABA: CRISIL Withdraws B Rating on INR25cr Cash Loan
MAXIME INFRA: CRISIL Moves B Debt Rating from Not Cooperating
MSD WELLCOME: Voluntary Liquidation Process Case Summary
N. K. BHOJANI: CRISIL Keeps D Debt Ratings in Not Cooperating
NANCY KRAFTS: CRISIL Keeps D Debt Ratings in Not Cooperating

NEW HORIZONS: Insolvency Resolution Process Case Summary
NOBLE MOULDS: CRISIL Moves B Debt Ratings from Not Cooperating
OM SREE: Ind-Ra Keeps BB Bank Loan Rating in NonCooperating
OMKAR SPECIALITY: CRISIL Keeps D Debt Ratings in Not Cooperating
PALANI ANDAVAR: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable

RAI BAHADUR: Ind-Ra Moves D Bank Loan Rating to NonCooperating
RANI SATI: CRISIL Reaffirms B+ Rating on INR11.8cr Cash Loan
SCORE INFORMATION: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
SPICEJET LIMITED: CRISIL Lowers Rating on INR220cr Loan to D
THREENOTFIVE VENTURES: Voluntary Liquidation Process Case Summary

TRIMEX INDUSTRIES: CRISIL Withdraws B Rating on INR90.4cr LT Loan
TRN ENERGY: Ind-Ra Keeps D Loan Rating in NonCooperating
UNIVERSAL CONSTRUCTION: Insolvency Resolution Process Case Summary
ZEBION INFOTECH: Ind-Ra Moves BB- Loan Rating to NonCooperating


N E W   Z E A L A N D

EPA LIMITED: Blacklock Rose Appointed as Receivers and Manager
IT WATSON: Creditors' Proofs of Debt Due on April 12
LET'S GO: Creditors' Proofs of Debt Due on May 21
NEW ZEALAND: Slips Into Second Recession in 18 Months
ROTOKAURI NORTH: Creditors' Proofs of Debt Due on April 23

TIMES NEWSPAPERS: Blacklock Rose Appointed as Administrator


S I N G A P O R E

AGATHIS PTE: Creditors' Proofs of Debt Due on April 25
BOLDTEK HOLDINGS: Court to Hear Judicial Management Bid on April 8
EBONASEA LTD: Creditors' Proofs of Debt Due on April 25
HATTEN LAND: Unit Gets Notice of Default, Letter of Demand
HEALTH & HELP: Commences Wind-Up Proceedings

INDOCHINA SERVICES: Placed in Provisional Liquidation
[*] Singapore Court Recognizes Indonesian Restructuring Plan


V I E T N A M

CENTRAL POWER: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
NORTHERN POWER: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
SOUTHERN POWER: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR

                           - - - - -


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

ALLIED CREDIT 2024-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by AMAL Trustees Pty Ltd as trustee of
Allied Credit ABS Trust 2024-1.

Issuer: AMAL Trustees Pty Ltd as trustee of Allied Credit ABS Trust
2024-1

AUD26.25 million Class A-X Notes, Assigned (P)Aaa (sf)

AUD594.75 million Class A Notes, Assigned (P)Aaa (sf)

AUD51.00 million Class B Notes, Assigned (P)Aa2 (sf)

AUD24.75 million Class C Notes, Assigned (P)A2 (sf)

AUD12.75 million Class D Notes, Assigned (P)Baa2 (sf)

AUD32.25 million Class E Notes, Assigned (P)Ba2 (sf)

AUD6.75 million Class F Notes, Assigned (P)B2 (sf)

The AUD20.25 million Class G1 and AUD7.50 million Class G2 Notes
(together, the Class G Notes) are not rated by Moody's.

Allied Credit ABS Trust 2024-1 is a cash securitisation of loans
backed by auto, motorcycle or other assets by Allied Credit Pty Ltd
(Allied Credit, unrated). This is Allied Credit's sixth term ABS
transaction.

The loans are to either consumer (66.6%) or commercial (33.4%)
borrowers based in Australia. Loans backed by motor vehicles,
motorcycles and caravans represent 93.8%, 5.2% and 1.0% of the
securitised pool, respectively.

The receivables were originated by entities either 100% owned by
Allied Credit or 50% owned by Allied Credit together with a joint
venture partner. All receivables were underwritten by Allied
Credit. The receivables are serviced by Allied Retail Finance Pty
Ltd (ARF, unrated), a wholly owned subsidiary of Allied Credit.

Allied Credit's total loan book was around AUD3.4 billion as of
February 29, 2024, including AUD2.6 billion of retail auto loans.
Allied Credit, a privately owned company, was established in 2010
with the primary focus on financing of motorcycle and marine
consumer loans. In 2019, Allied expanded into financing of auto
loans.

Allied Credit's origination volumes of retail auto loans grew
significantly since 2022, following its acquisition of the auto
dealer finance portfolio in December 2021 from Macquarie Leasing
Pty Limited (Macquarie Leasing), a wholly owned subsidiary of
Macquarie Bank Limited (Aa2/P-1/Aa2(cr)/P- 1(cr)).

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 2.00% of the rated notes balance, the legal structure,
the experience of ARF as servicer and presence of AMAL Asset
Management Limited (AMAL) as a back-up servicer.

According to Moody's, the transaction benefits from granular
composition of the pool with good geographic diversification.

The key challenge is the presence of the Class A-X Notes. These
notes are not collateralised and repaid senior in the waterfall
from the available income, which reduces the excess spread
available to cover losses.

Another challenge is the limited historical performance data
available for motor vehicle loans. With limited historical
performance data available, the future performance of these loans
could be subject to greater variability than the current data
indicates.

Key transactional features are as follows:

-- Once step-down conditions are satisfied, all notes, including
the Class G Notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 27% subordination to
the Class A Notes and no unreimbursed charge-offs.

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

-- AMAL Asset Management Limited is the back-up servicer. If ARF
is terminated as servicer, AMAL will take over the servicing role
in accordance with the standby servicing deed and its back-up
servicing plan.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 19%. Moody's mean default for
this transaction is 4.3%. The assumed recovery rate is 34%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Key pool features are as follows:

-- Interest rates in the portfolio range from 4% to 18%, with a
weighted average interest rate of 10.2%.

-- Loans with balloon payments at the end of the term represent
around 19.1% of the pool. This includes 8.7% of loans with a
separate Guaranteed Future Value (GFV) contract between Allied
Credit and the loan obligor. Under the contract, Allied Credit
provides a guaranteed future value option for repurchase of the
underlying asset at the end of the term of the receivable, at its
final balloon loan amount. The total balloon with the GFV represent
around 4.3% of the pool.

-- The weighted average seasoning of the portfolio is 9.6 months,
while the weighted average remaining term of the portfolio is 53.5
months.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS " published in
November 2023.

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's subsequent expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors. The performance of the
Australian economy and job market are primary drivers of overall
performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's subsequent expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. Factors that could lead to poorer
performance than expected by Moody's include inadequate servicing,
errors made by parties involved in the transaction, a decline in
the credit quality of transaction counterparties, insufficient
transactional governance, and fraud.


BLACK HOPS: Goes Into Voluntary Administration
----------------------------------------------
7News.com.au reports that award-winning Queensland brewer Black
Hops (BH) has vowed to keep its taprooms open despite going into
voluntary administration.

7News.com.au relates that the Gold Coast-founded small business has
not revealed why it was forced to relinquish control to accountancy
firm Deloitte on March 25, other than to say it had "no
alternative".

"Today, the BH board has made the tough decision to place the
business into voluntary administration," read a message to "our
loyal customers and supporters" on Black Hops' Instagram page.

"Trust us when we say it hasn't been an easy decision to make;
however, our circumstances have meant there was no alternative."

Black Hops beer will continue to be sold in stores and pubs, and
"our taprooms will still be open and serving food", the post, as
cited by 7News.com.au, read.

Customers have been urged to "get around us . . . and support our
taprooms and retail sales".

"We will be working towards successfully getting through to the
other side of this restructure with a stronger business that
ultimately keeps Black Hops serving our epic beers and keeps all
our amazing staff on board," the company said.

"To you, our supporters and loyal patrons, we thank you from the
bottom of our beer glasses."

If the business were to shut, it would be a blow to southeast
Queensland's food and beverage scene, given there are two Black
Hops breweries on the Gold Coast (Burleigh and Biggera Waters) and
one in Brisbane (East Brisbane). The Burleigh venue has been
operating since 2016.

Black Hops has won a plethora of awards in national and local beer
contests, including the crown for Australia's best craft brewery in
the 2022 Beer Cartel Craft Beer Survey.

David Ian Mansfield and Timothy Joseph Heenan have been appointed
administrators, 7News.com.au discloses.

It's the latest craft brewery to go into administration in
Australia, after Melbourne's Deeds Brewing and Golden West Brewing
from Perth earlier in March, 7News.com.au notes.


BOD SCIENCE: Second Creditors' Meeting Set for April 8
------------------------------------------------------
A second meeting of creditors in the proceedings of BOD Science
Limited has been set for April 8, 2024 at 10:00 a.m. at the offices
of Chartered Accountants ANZ at the Kangaroo Room, Level 1, 33
Erskine Street in Sydney and via virtual meeting technology.

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 April 5, 2024 at 12:00 p.m.

Andrew James Barnden and Brent Morgan of Rodgers Reidy were
appointed as administrators of the company on Nov. 29, 2023.


DELTA GS: First Creditors' Meeting Set for April 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of Delta GS
Concrete Pumping Pty Ltd will be held on April 8, 2024 at 11:00
a.m. via teleconference only.

Richard Albarran and Kathleen Vouris of Hall Chadwick were
appointed as administrators of the company on March 27, 2024.


ENTYR LIMITED: First Creditors' Meeting Set for April 9
-------------------------------------------------------
A first meeting of the creditors of in the proceedings of these
five entities will be held on April 9, 2024 at 11:00 a.m. online
via MS Teams:

- Entyr Limited
- Australian Tyre Processors Pty Ltd
- Keshi Technologies Pty Ltd
- Pearl Global Management Pty Ltd
- Rubber Reclamation Industries Pty Ltd

Travis Anderson and Richard Hughes of Deloitte Financial Advisory
were appointed as administrators of the company on March 26, 2024.


TERENCE DEAN: Second Creditors' Meeting Set for April 8
-------------------------------------------------------
A second meeting of creditors in the proceedings of Terence Dean
Pty Ltd has been set for April 8, 2024 at 10:30 a.m. virtually via
Microsoft Teams.

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 April 5, 2024 at 5:00 p.m.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on March 6, 2024.


URBAN PLUMBERS: Second Creditors' Meeting Set for April 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of Urban Plumbers
Pty Ltd has been set for April 8, 2024 at 11:30 a.m. virtually via
Microsoft Teams.

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 April 5, 2024 at 5:00 p.m.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on March 4, 2024.




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

CHINA AOYUAN: Reports US$3.9 Billion Hole in its Balance Sheet
--------------------------------------------------------------
Caixin Global reports that China Aoyuan Group Ltd. reported a CNY28
billion (US$3.9 billion) gap in its 2023 financial results, with
the auditor warning of "significant uncertainties," underscoring
the company's dire financial situation.

At the end of 2023, China Aoyuan recorded total assets of CNY199.4
billion, with liabilities totaling CNY227.5 billion, resulting in a
shortfall of CNY28 billion, the company's newly released financial
results showed, Caixin discloses.

                        About China Aoyuan

China Aoyuan Group Limited, formerly China Aoyuan Property Group
Limited, is an investment holding company principally engaged in
the sales of properties. The Company operates its business through
three segments. The Property Development segment is engaged in the
development and sale of properties. The Property Investment segment
is engaged in the leasing of investment properties. The Others
segment is engaged in hotel operation, the provision of consulting
and management services. Through its subsidiaries, the Company is
also engaged in construction business.

China Aoyuan Group Limited and affiliate Add Hero Holdings Limited
sought creditor protection in the United States under Chapter 15 of
the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-12030) on
Dec. 20, 2023.

U.S. Bankruptcy Judge John P. Mastando III presides over the
Chapter 15 proceedings.


DALIAN WANDA: Sells 60% of Mall Unit in US$8.3 Billion Deal
-----------------------------------------------------------
Reuters reports that a group of investors led by private equity
firm PAG on March 30 announced an investment of US$8.3 billion for
a 60% stake in Chinese property giant Dalian Wanda's mall unit.

Dalian Wanda will retain 40% in Newland Commercial Management, the
holding company of Zhuhai Wanda Commercial Management Group Co, the
statement said.

CITIC Capital, the Abu Dhabi Investment Authority, Mubadala
Investment Company and Ares Management Corporation were also joint
investors in the deal, Reuters relays.

"We like the competitive edge and first mover advantage that
Newland has built and we think these advantages will allow it to
generate stable and growing cash flow to investors," Reuters quotes
David Wong, partner and co-head of private equity at PAG, as
saying.

Newland manages 496 large shopping malls across China, the
statement said.

In December last year, PAG and Dalian Wanda Commercial Management
Group jointly announced the signing of an investment framework to
restructure Zhuhai Wanda Commercial Management. The agreement
signed on March 30, implements this agreement, the statement, as
cited by Reuters, said.

                         About Dalian Wanda

Dalian Wanda Group Co., Ltd. operates real estate business. The
Company develops commercial property including commercial centres,
urban pedestrian streets, hotels, office buildings, and apartments.
Dalian Wanda Group also operates tourism investment, cultural, and
department store businesses.

As reported in the Troubled Company Reporter-Asia Pacific in early
January 2024, Fitch Ratings downgraded Dalian Wanda Commercial
Management Group Co., Ltd.'s (Wanda Commercial) and Wanda
Commercial Properties (Hong Kong) Co. Limited's (Wanda HK)
Long-Term Foreign-Currency Issuer Default Ratings to 'RD' from 'C'
on completion of the distressed debt exchange (DDE).  Fitch
simultaneously upgraded the IDRs to 'CC' from 'RD', reflecting
Wanda Commercial's post-restructuring profile. Fitch believes that
the margin of safety from Wanda Commercial's liquidity in 2024 is
still low, as there are still execution risks related to getting
pre-IPO investors to agree to a new arrangement. However, Fitch
estimates that once the pre-IPO refinancing is completed as planned
by the company, Wanda Commercial will have sufficient liquidity to
repay the remaining bond maturities and Fitch may consider positive
rating action to reflect the latest capital structure.

Fitch has also upgraded the ratings on the US dollar notes
guaranteed by Wanda HK and issued by Wanda Commercial's
subsidiaries to 'CC' from 'C' with a Recovery Rating of 'RR4'.  


GOME RETAIL: Revenue Plunged 96% Last Year Despite Shrinking Loss
-----------------------------------------------------------------
Yicai Global reports that Gome Retail Holdings reported a 96
percent dip in annual revenue despite the cash-strapped Chinese
home appliance retailer's net loss shrinking.

Revenue was CNY647 million (USD89.5 million) in the 12 months ended
Dec. 31, versus CNY17.4 billion (USD2.4 billion) a year before, the
Beijing-based company announced March 28. Net loss halved to
CNY10.1 billion in the period, Yicai discloses.

Gome saw significant decreases in impairment of goodwill,
right-of-use assets, and marketing expenses last year, but they
were partially offset by a decline in gross profit due to lower
revenue and provisions for penalties over overdue debt interests,
the firm noted, Yicai relays.

According to Yicai, Gome had CNY19.3 billion worth of overdue
interest-bearing debts as of Feb. 29, about which the company was
actively discussing with creditors to change the terms or extend
their periods.

As of the end of last month, Gome had been involved in 990 pending
litigation cases worth a total of CNY4.5 billion (USD630 million),
and 922 cases involving about CNY13 billion had been decided by the
court. By then, Gome had frozen funds of CNY114 million.

Yicai relates that Gome is in a difficult situation, and the best
way for the company to get out of it might be through an
acquisition, according to a senior industry insider.

China's retail sales of home appliances rose 3.6 percent to
CNY849.8 billion last year from the previous one, Yicai discloses
citing data from Beijing All View Cloud Data Technology. But Gome's
market share plunged to under 1 percent in the period.

In recent years, Gome has been transitioning towards live-streaming
e-commerce. Its account on Chinese short-video platform Douyin has
240,000 followers.

Headquartered in Hong Kong, GOME Retail Holdings Limited (HK:0493)
-- https://www.gome.com.hk/-- together with its subsidiaries,
engages in the retail of electrical appliances, consumer electronic
products, and general merchandise in the People's Republic of
China. The company also sells its products online through
self-operated and platform models. In addition, it is involved in
the provision of logistics and procurement, storage and delivery,
IT development, and business management services; retailing of
mobile phones and accessories; and property holding activities.  


INNER MONGOLIA BAOTOU: Fitch Affirms & Withdraws 'BB+' IDR
----------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn China-based
Inner Mongolia Baotou Steel Union Co., Ltd.'s (BSUC) Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB+'.

BSUC's ratings are derived from its internal assessment of the
consolidated credit profile of its immediate parent, Baotou Iron &
Steel (Group) Co., Ltd (BISC). BSUC's ratings are linked to the
creditworthiness of BISC under the "strong parent, weak subsidiary"
path of Fitch's Parent and Subsidiary Linkage Rating Criteria due
to strong linkages between the two entities. BISC is 77% owned by
the Inner Mongolia Autonomous Region (IMAR) and Fitch assesses its
creditworthiness under its revised Government-Related Entities
Rating Criteria as at January 12, 2024.

Fitch has chosen to withdraw the ratings for commercial reasons.
Fitch will no longer provide ratings or analytical coverage for
this entity.

Commercial reasons.

KEY RATING DRIVERS

State's Strong Responsibility to Support: Fitch assesses the
government's decision-making and oversight over BISC as 'Strong'.
BISC's major decisions and strategic decisions require approval
from its parent the IMAR government and the company provides
frequent operational and project updates to the parent. Fitch also
assesses BISC's support precedents as 'Strong' given continuous
parent support in the form of funding support, subsidies and
preferential tax treatments.

Strong Support Incentive: Fitch evaluates BISC's preservation of
the government policy role as 'Strong' due to its position as the
largest corporation under the Inner Mongolia Autonomous Region
State-Owned Assets Supervision and Administration and the world's
largest producer of highly strategic rare earth. BISC currently
receives 75% (historically around half) of the annual rare earth
ore production quota issued by China's Ministry of Industry and
Information Technology. Fitch assesses the contagion risk following
a default by BISC as 'Strong', as it is an active bond issuer in
the IMAR and its default would significantly impact the funding of
other SOEs in the region.

'High' Operational, Strategic Support Incentive: Fitch assesses
BISC's operational and strategic incentive to support BSUC as
'High'. BISC owns 55% of BSUC, its main steel operating subsidiary,
which accounted for 70% of the group's total assets and 45% of
consolidated gross profit at end-September 2023. In addition, BISC
has absolute management control over BSUC, with significant
management overlap. Some of group's rare earths also serve as raw
material for BSUC's steel products.

'Medium' Legal Incentive for Support: Fitch believes that BISC has
a 'Medium' legal incentive to support BSUC, as it continuously
guarantees a significant part of BSUC's bank debt. According to
management, guarantees will decrease from the peak level seen in
2022 but Fitch expects the guarantee percentage to remain
meaningful. Fitch estimates BISC to guarantee over 40% of BSUC's
total debt in 2023.

Leverage to Drop Gradually: Fitch expects BSUC's leverage (net
debt/EBITDA) to drop to around 4.5x and 4.0x in 2023 and 2024
respectively (2022: 5.7x) and BISC' leverage to stay around 3.5x
due to rationalising raw material costs. BISC's leverage profile
outperformed BSUC's thanks to its rare earth operations that
benefited from improved volume and a favourable ASP. Fitch expects
both companies' leverage to continue improving in 2025-2027 on
normalising steel raw-material costs and solid rare earth earnings,
despite a capex pickup for environmental upgrades.

Financial Flexibility Offsets High Leverage: Despite its higher
leverage profile, BSUC benefits from solid financial flexibility
due to decent funding costs given its good banking relationships
and BISC's government-related entity status. Fitch expects BSUC's
EBITDA interest coverage to remain solid at around 5.0x in
2023-2024 (2022: 4.1x).

DERIVATION SUMMARY

Fitch rates BSUC on a top-down basis from its parent under its
Parent and Subsidiary Linkage Rating Criteria. Its internal
assessment of BISC's credit profile is based on its
Government-Related Entities Rating Criteria.

BSUC's rating is derived under the same methodology as used for
Aluminum Corporation of China Limited (A-/Stable) and Zhaojin
Mining Industry Company Limited (BB+/Stable).

KEY ASSUMPTIONS

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

- Revenue of around CNY70 billion in 2023 as declining steel ASP
will be partially offset by a volume increase. Revenue to remain at
around CNY70 billion in 2024 as steel prices continue to
normalise.

- EBITDA margin to improve to 9.5% in 2023 from lower raw material
costs before rising further to average over 10% in 2024-2026 on
continued raw material cost reduction.

- Capex of 2%-3% of revenue for BSUC during 2023-2026; capex will
be used mainly for environment-related facility upgrades and
automation.

RATING SENSITIVITIES

Not applicable as the ratings are being withdrawn.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: BSUC had CNY24 billion in short-term debt
outstanding at end-June 2023, against CNY5 billion in cash on hand
and CNY11 billion in unused available credit facilities. The credit
facilities were uncommitted, but Fitch believes they are adequate,
as committed facilities are uncommon in China. BSUC's debt maturity
is concentrated, with short-term debt accounting for over half of
total debt. Almost 65% of short-term debt is bank borrowing which
Fitch expects BSUC to be able to continue roll over, given good
banking relationships and support from BISC.

ISSUER PROFILE

Baotou Iron & Steel (Group) Co., Ltd (BISC) is mainly engaged in
iron ore and rare earth mining and steel production. It has two
listed subsidiaries, Inner Mongolia Baotou Steel Union Co., Ltd
(BSUC, BB+/Stable) and China Northern Rare Earth (Group) High-Tech
Co., Ltd (NRE). BISC is the largest company in Inner Mongolia by
asset size, and the largest steel maker in Inner Mongolia by
volume, and NRE is the largest rare earth producer in the world.

BSUC is the main operating subsidiary of BISC, and accounted for
around 45% and 70% of BISC's total gross profit and assets as of
3Q23. BSUC had around 17 mtpa of steel products production capacity
as of end-June 2023 and its main products include pipes, flat
steel, section steel and long products. BSUC has expanded its
business profile to include iron ore and rare earth mining in
recent years, via asset injections from BISC.

SUMMARY OF FINANCIAL ADJUSTMENTS

No adjustments made

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings are linked to Fitch's internal assessment of the Inner
Mongolia Autonomous Region.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Inner Mongolia Baotou
Steel Union Co., Ltd.   LT IDR BB+ Affirmed    BB+
                        LT IDR WD  Withdrawn   BB+

   senior unsecured     LT     BB+ Affirmed    BB+

   senior unsecured     LT     WD  Withdrawn   BB+


PUTIAN STATE-OWNED: Fitch Affirms BB+ LongTerm IDRs, Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed China-based Putian State-Owned Assets
Investment Co., Ltd.'s (PTSI) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB+'. The Outlook is Negative.

Fitch has also affirmed PTSI's USD265 million senior unsecured bond
due 2024 at 'BB+'. All of the ratings have been removed from Under
Criteria Observation (UCO).

The affirmation is based on a revision of Fitch's internal
assessment of the creditworthiness of PTSI's sponsor, the Putian
municipal government. It is also the result of a reassessment of
PTSI's key risk factors under Fitch's updated Government-Related
Entities (GRE) Rating Criteria and Public Policy Revenue-Supported
Entities Rating Criteria, both published on 12 January 2024. The
new GRE criteria have reframed and clarified the key rating
considerations, and eliminated 'Moderate' and 'Weak' factor
assessments.

Fitch classifies PTSI as a GRE under Putian municipality, as the
company is a state-owned comprehensive investment platform. PTSI
plays an important policy role in primary land development, urban
infrastructure construction, railway and port investment, and
promotion of investments in the industrial and financial sectors, a
strategy that is closely aligned with that of the Putian
government.

KEY RATING DRIVERS

Support Score Assessment 'Extremely likely'

Fitch regards support from the local government as extremely likely
to be available should PTSI default, with a support score of 35.
The Putian government is deemed to have a responsibility to support
PTSI in light of its very strong decision-making power and
oversight, evident from the strong precedents of support. Fitch
believes the government has a strong incentive to support PTSI, the
city's comprehensive investment platform, as a default could impair
the government's policy role and is likely to disrupt access to, or
cost of, financing for the government or its other GREs.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

The municipal government exerts tight control and oversight over
PTSI, and is the key decision-maker for its decisions. PTSI is
fully owned by the Putian State-owned Assets Supervision and
Administration Commission (SASAC), a government body of the
municipality.

The government appoints the company's board of directors and senior
management. Major corporate events, including strategic
development, mergers and acquisitions, annual budgets, investment
plans, and funding plans need government approval. The government
closely oversees PTSI, requiring frequent reporting on key
operating and financial performance measures. Putian SASAC sets
performance appraisal indicators and conducts performance
evaluations on an annual basis.

Precedents of Support 'Strong'

The municipal government has provided significant financial
support. PTSI receives recurring government capital grants, asset
injections and equity injections that improve its financial
stability and build up its financing capacity. The rise in its
capital reserves contributed 37.0% of the increase in total assets
from end-2019 to end-September 2023. PTSI also received CNY215.1
million of subsidies in 2020-2022, accounting for 32.4% of its net
profit, and CNY264.5 million in the first nine months of 2023.

However, the level of financial support fluctuates with the local
government's financial capability as well as the type of projects
the company carries out. The government support is not sufficient
for a stronger financial profile assessment that would result in a
'bb' Standalone Credit Profile (SCP) or above.

Incentives to Support

Preservation of Government Policy Role 'Strong'

Fitch views PTSI as having a key role in promoting Putian's urban
development, including primary land development and urban
infrastructure construction, such that a default would have a
direct material impact on key economic activities. A default by
PTSI would cause project delays and may have a long-term impact on
local economic development. The constraint against a higher
assessment is the availability of other GREs in the city to act as
substitutes if PTSI defaults.

Contagion Risk 'Strong'

PTSI is considered a high-profile GRE in Putian, given its policy
role and substantial operations, with the largest total assets
among GREs in Putian. The company finances key primary land
development, urban infrastructure construction, and railway and
port projects, and has maintained strong relationships with major
national financial institutions and local banks. In addition, it is
an active issuer in onshore and offshore bond markets. PTSI has not
experienced any financial tension, but Fitch believes a default
would be likely to disrupt access to or the cost of financing for
other GREs in the region.

Standalone Credit Profile

Fitch assesses the SCP at 'b', derived from a 'Midrange' risk
profile and 'b' financial profile. The notch-specific SCP also
takes into consideration peers that operate similar businesses in
comparable regions. The notch-specific SCP is not assessed at 'b-',
given PTSI's sufficient liquidity (liquidity coverage ratio in the
'bbb' category).

Risk Profile: 'Midrange'

Fitch's assessment of PTSI's risk profile reflects the combination
of the 'Midrange' assessments for revenue risk, expenditure risk,
and liabilities and liquidity risk.

Revenue Risk: 'Midrange'

Its revenue risk assessment is based on a combination of 'Midrange'
demand characteristics and 'Midrange' pricing characteristics. PTSI
has diverse revenue sources from primary land development,
infrastructure construction, property development and trading. The
revenue is related to the performance of the local economy, and
Putian's GDP growth has generally been in line with the national
level in the past years. Fitch expects revenue growth for PTSI will
be in line with the rate of inflation although the prices of policy
services PTSI provides are regulated.

Expenditure Risk: 'Midrange'

Expenditure risk is based on 'Midrange' assessments for operating
costs, supply risk and investment planning. PTSI has
well-identified cost drivers and established relationships with
suppliers. Cost of goods sold accounted for about 98% of its total
expenses in 2022. Its supply of resources and labour is adequate,
helped by the China's competitive construction industry. PTSI has
established mechanisms for investment planning and a proven record
of execution due to the direct supervision of the municipal
government.

Liabilities and Liquidity Risk: 'Midrange'

Liabilities and liquidity risk is based on 'Midrange' assessments
for debt characteristics and liquidity characteristics. PTSI has
diverse funding sources. Its debt is relatively concentrated in the
short to medium term, with debt maturing within a year forming 38%
of adjusted debt and debt maturing in three years accounting for
73% of adjusted debt as of end-September 2023. The weighted-average
life of its debt was short at 2.2 years, mitigated by its
relationships with policy, national and local banks, and access to
bond markets. PTSI has sufficient liquidity available for debt
service.

Financial Profile 'b'

Net leverage, measured by net adjusted debt/EBITDA, was 27.3x in
2022, improving from 36.3x as of end-2021. Fitch expects net
leverage to increase gradually to 37.7x by 2027 under Fitch's
rating case, commensurate with the 'b' category. Fitch deems that
the impact of the secondary metrics is asymmetric, with only weak
coverage ratios affecting the assessment.

Derivation Summary

PTSI is rated under Fitch's GRE criteria, reflecting its
assessments of the Putian municipal government's decision-making,
oversight, support precedents and incentives to support the
company. Fitch believes the municipal government is extremely
likely to step in to support should PTSI default. The ratings also
take into consideration the SCP assessment under its Public Policy
Revenue-Supported Entities Rating Criteria.

Issuer Profile

PTSI, established in 2004, is a comprehensive state-owned
investment platform in Putian, a city on China's south-eastern
coast. PTSI had total assets of CNY62.5 billion as of end-September
2023, the largest among the city's GREs. The second-largest GRE had
total assets of CNY44.5 billion as of end-June 2023.

PTSI is engaged mainly in primary land development, infrastructure
construction, railway and port investment, and the promotion of
investments in the industrial and financial sectors. The company
also has commodity trading and real-estate development operations.

KEY ASSUMPTIONS

Fitch's rating case is a "through-the-cycle" scenario that
incorporates a combination of revenue, cost and financial-risk
stresses. It is based on five years of historical figures and five
years of scenario assumptions.

RATING SENSITIVITIES

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

- A lowering of Fitch's credit view of the Putian municipal
government's ability to provide support or other legitimate
resources allowed under China's policies and regulations;

- A weakening in the government's decision-making or oversight, a
deterioration in its assessment of the precedents of support, a
weakening in the preservation of PTSI's government policy role, or
weaker implications of contagion risk.

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

- An improvement in Fitch's credit view of the Putian municipal
government's ability to provide support or other legitimate
resources allowed under China's policies and regulations;

- A more consistent record of support precedents, a strengthening
in the preservation of PTSI's government policy role, or stronger
implications of contagion risk.

ESG Considerations

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

   Entity/Debt                   Rating          Prior
   -----------                   ------          -----
Putian State-Owned
Assets Investment
Co., Ltd.             LT IDR      BB+   Affirmed   BB+

                      LC LT IDR   BB+   Affirmed   BB+

   senior unsecured   LT          BB+   Affirmed   BB+


SUNAC CHINA: Loss Falls 71% Due to Debt Restructuring
-----------------------------------------------------
Yicai Global reports that after domestic and overseas debt
restructuring, real estate developer Sunac China Holdings' net loss
shrank by 71 percent to CNY8 billion (USD1.1 billion) last year.
The company's shares rose.

Last year, Sunac completed two repayments of its onshore bonds that
were rolled over in 2022 and completed debt restructuring in the
overseas open market, reducing debt pressure by more than USD4.5
billion, the Tianjin-based firm's annual earnings report showed
March 28, Yicai relays.

Yicai relates that the company is also continuing to promote the
delivery of new developments, and its real estate sales revenue
increased by 91 percent from the prior year to CNY140.4 billion
(USD19.4 billion) in 2023. Revenue was CNY154.2 billion, up 59
percent.

After experiencing a total loss of CNY65.9 billion (USD9.1 billion)
in 2021 and 2022, as of the end of last year Sunac's current and
non-current loans were CNY18.12 billion and CNY96.6 billion
respectively, the outstanding loan principal was CNY116.7 billion,
and the cash balance was CNY24.6 billion.

Sunac's shares [HKG: 1918] closed up 0.9 percent at HKD1.12 (16 US
cents) each in Hong Kong on March 28, Yicai discloses. The stock
has fallen about 45 percent in the past 12 months.

According to Yicai, Sunac said that it will continue to communicate
with creditors on debt problems and potential debt pressure this
year. It will also deepen communication and cooperation with core
financial institutions, resolve debt risks, and use new financing
support policies in the industry.

Yicai relates that Chairman Sun Hongbin said that China's central
government is expected to adopt more active monetary and fiscal
policies to stabilize economic development this year, including
policies to support the healthy development of the real estate
industry. This will help Sunac to strengthen long-term confidence,
promote the delivery of buildings, resolve debt risks, and return
to healthy development, he said.

Regarding Sunac's financial report, the auditor BDO Hong Kong
stated that it does not have any opinion on the consolidated
financial statements because of a number of uncertainties related
to continuing operations and their potential impact, Yicai adds.

                        About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
21, 2023, Sunac China Holdings Limited sought creditor protection
in the United States under Chapter 15 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19.

U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15
proceedings.

Sidley Austin is the Legal Counsel to China Sunac.




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

A K ENTERPRISES: CRISIL Reaffirms B- Rating on INR1cr New Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating to the long term bank
facilities of A K Enterprises (AKE) at 'CRISIL B-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-
   Based Bank Limits      1         CRISIL B-/Stable (Reaffirmed)

The rating reflects AKE's exposure to inherent cyclicality in
demand, to intense industry competition and modest scale of
operation. These weaknesses are partially offset by its extensive
industry experience of the proprietor and its efficient working
capital cycle.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to inherent cyclicality in demand: The industry is
cyclical and moves in-line with the level of activity in the
construction sector. Thus, the company is likely to remain
susceptible to the inherent cyclicality in the end-user
industries.

* Modest scale of operation: AKE's business profile is constrained
by its scale of operations in the intensely competitive industry.
The company has multiple sources of revenue, yet the scale
continues to remain constrained. The firm achieved revenue of
INR1.05 crore in fiscal year 2023 and have reported about INR2.62
crore in 8 months of fiscal 2024. AKEs scale of operations will
continue to limit its operating flexibility.

Strengths:

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

* Above average financial risk profile: The financial risk profile
of the firm is above average as reflected by the gearing and debt
protection metrics. The firm has a gearing of 0.11 times as on
March 31, 2023, driven by absence of any external borrowings from
the banks. However, the net worth is modest at INR0.19 crore as on
March 31, 2023. An improvement in the net worth, supported through
strong accretion to reserves and capital infusion, will remain a
key monitorable. Further, the debt protection metrics are
comfortable as reflected by the interest coverage and net cash
accruals to total debt of 18.33 times and 1.97 times, respectively,
in fiscal 2023.

Liquidity: Stretched

Cash accruals are expected to be over INR15-17 lacs, which are
sufficient against term debt obligation of INR2 lacs in fiscal 2024
and nil repayment obligation over the medium term. In addition, it
will act as a cushion to the liquidity of the firm.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors:

* Sustained revenue growth over the medium term to over INR5-7
crore, with sustenance of operating margins over 5.5%, leading to
higher cash accruals
* Improvement in the financial risk profile, with improved net
worth

Downward factors:

* Decline in in revenue by over 20% or dip in operating profits
below 4%, leading to lower net cash accruals.
* Large debt funded capex or stretch in working capital cycle,
thereby deteriorating the financial or liquidity profile of the
company

AKE was set up in 2010, OMSCA is engaged in civil construction work
and also trades in construction material. The firm is also into the
business of supplying manpower. AKE is owned by Smt. Kumari
Ranjana.


AAMANYA ORGANICS: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Aamanya Organics
Private Limited's (AOPL) debt instruments as follows:

-- INR510 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR63.9 mil. Proposed fund-based working capital limits
     assigned with IND BB+/Stable/IND A4+ rating;

-- INR1,876.1 bil. Term loan due on September 2033 assigned with
     IND BB+/Stable rating; and

-- INR100 mil. Non-fund-based limits assigned with INDA4+ rating.

Analytical Approach

Ind-Ra has taken a standalone view of AOPL to assign the ratings.

Detailed Rationale of the Rating Action

The ratings reflect the under-construction stage of AOPL's fuel
grade ethanol plant of 250 kilo liters per day  (KLPD) and the time
and cost overruns associated with the project. The agency, however,
derives comfort from the ready demand for fuel-grade ethanol, with
the company having signed 10-year offtake agreements with three oil
marketing companies (OMCs). The total investment for the project is
INR2,305.1 million, out of which INR1876.1 million will be funded
through debt, INR194.3 million through equity, INR74.1 million
through issue of preference shares and INR169.5 million from
unsecured loans.

List of Key Rating Drivers

Weaknesses

Under-construction stage of plant
Time and cost overrun risks

Strengths

Revenue visibility over medium term

Geographical advantage

Promoters' experience

Detailed Description of Key Rating Drivers

Under-construction Stage of Plant: The ratings reflect the
under-construction stage of AOPL's fuel grade ethanol plant of
250KLPD in Ahmedabad. The site work has started and the building
structure has been partially completed. The management has informed
the agency that the commercial operations will commence from the
second quarter of FY25.

Time and Cost Overrun Risks: AOPL has entered into an agreement
with an engineering, procurement and construction contractor for
the construction of the plant.  The management expects the capex to
be completed by July 2024, and the commercial operations to begin
from 2QFY25. Timely commencement of operations will be a key
monitorable.

The total investment for the project is INR2,305.1million, out of
which INR1,876.1 million will be funded through debt, INR194.3
million through equity, INR74.1 million through issue of preference
shares and INR169.5 million from unsecured loans. The term loan of
INR1,876.1 million has been sanctioned.  In case of delays in the
completion of remaining capex, the expenses will be funded by
promoters through infusion of unsecured loans, but this could
impact the net leverage.

Revenue Visibility over Medium Term: The ratings are supported by
the 10-year offtake agreement entered with three OMCs (Indian Oil
Corporation (IND AAA/Stable), Bharat Petroleum Corporation Limited,
Hindustan Petroleum Corporation Limited (IND AAA/Stable)) to supply
49.5 million  liters (150KLPD x 330 days) to meet the OMCs' fuel
blending requirement as per the central government's ethanol
blending program, providing revenue visibility over the medium
term. Additionally, the company has been shortlisted for entering
into another off-take agreement with the OMCs to supply 75KLPD.
However, the company would have a total capacity of 250KLPD,
allowing for additional quantities to be sold either under the
long-term off-take agreement or to private players.

Geographical Advantage: The project also benefits from locational
advantages due to its proximity to ample raw material sources,
along with its ability to reach out to various oil blending depots
in the nearby areas. Furthermore, AOPL will also be entitled to
receive various fiscal benefits under the National Biofuel Policy
2018 and state policies.

Promoter Experience: The ratings are supported by the promoters'
experience of three decades in operating diverse businesses such as
transportation, waste management, chemicals and pharmaceuticals.
Although this project would be the promoters' first venture in fuel
grade ethanol, Ind-Ra believes their past experience would help in
successful execution of the project and subsequent ramp-up of
operations.

Liquidity

Stretched

The total investment for the project is INR2,305.1million, out of
which INR18,76.1 million will be funded through debt, INR194.3
million through equity, INR74.1 million through issue of preference
shares and INR169.5 million from unsecured loans. The term loan of
INR1876.1 million has already sanctioned. The promoters' individual
net worth further support liquidity.  The company's day-to-day
requirements will be met through fund-based working capital limits
of INR510 million, which has  already been sanctioned and will be
disbursed one month prior to the commencement of operations. The
promoters' individual net worth further supports liquidity.   

The management expects the capex to be completed by July 2024.  In
the event of any delay in the completion of remaining capex, the
expenses will be funded by promoters through unsecured loans.

Rating Sensitivities

Negative: Any delay in the commencement of operations and achieving
stable operating performance after the commencement of commercial
operations, weaker-than-expected credit metrics or deterioration in
the liquidity, could be negative for the ratings.

Positives: Timely commencement of operations and subsequent
achievement of stable operating profitability and liquidity will be
positive for the ratings.

About the Company

Incorporated in 2018, AOPL was previously involved in the business
of growing and selling organic vegetables and fruits. The company
is setting up a fuel grade ethanol plant of 250KLPD and a 11.15MW
cogeneration power plant in Ahmedabad. AOPL is promoted by Saurin
Dilipbhai Shah and Sunny Dilip Pandya.

ALIENS DEVELOPERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aliens
Developers Private Limited (ADPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         0.8         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            6.3         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.9         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with ADPL 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 ADPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ADPL, incorporated in 2004, is a Hyderabad-based company that
undertakes residential real estate projects across the city and its
adjacent locations. Mr Hari Challa and Mr Venkata Prasanna Challa
are the promoters.


ANJALI JEWELLERS: CRISIL Withdraws B+ Rating on INR4cr LT Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Anjali Jewellers on the request of the company and after receiving
no objection certificate from the bank. The rating action is
in-line with CRISIL Rating's policy on withdrawal of its rating on
bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term
   Bank Loan Facility      4         CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Working Capital
   Facility                4         CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with Anjali
Jewellers for obtaining information through letter and email dated
March 7, 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 Anjali Jewellers. This restricts
CRISIL Ratings' ability to take a forward looking view on the
credit quality of the entity. CRISIL Ratings believes that rating
action on Anjali Jewellers is consistent with 'Assessing
Information Adequacy Risk'. Therefore, on account of inadequate
information and lack of management cooperation, CRISIL Ratings has
migrated the ratings on the bank facilities of Anjali Jewellers to
'CRISIL B+/Stable Issuer not cooperating'.

Set up in 2005, Anjali Jewellers retails gold jewellery in Mehsana,
Gujarat. The firm is owned and managed by Rameshbhai Patel,
Ashwinbhai Patel , Jalpaben Patel and Ravi Patel.


ANJANEYA JEWELLERY: CRISIL Moves B Ratings from Not Cooperating
---------------------------------------------------------------
Due to non-receipt of No Default Statements (NDS) for three
consecutive months, CRISIL Ratings, in line with SEBI guidelines,
had migrated the ratings for bank loan facilities of Anjaneya
Jewellery (AJ) to 'CRISIL B/Stable' Issuer Not Cooperating'.
However, the rated entity has now shared NDS with CRISIL Ratings.
Consequently, CRISIL Ratings is migrating the rating on bank
facilities of AJ to 'CRISIL B/Stable' from 'CRISIL B/Stable' Issuer
Not Cooperating'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         25         CRISIL B/Stable (Migrated from
                                  CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Cash Credit         15         CRISIL B/Stable (Migrated from
                                  CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

The Rating Rationale dated February 17, 2023 is placed below with
necessary updates.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile: Financial risk profile is
below average because of high gearing of 2.94 times as on March 31,
2022, and below average debt protection metrics with interest
coverage of 1.14 times and net cash accruals to total debt is 1%
for FY 22.

* Exposure to intense competition: The domestic market for
manufacturing and retailing of gold jewellery in India is
characterised by a fragmented industry and intense competition
among players, leading to pressure on profitability. The firm faces
intense competition from regional, and branded players such as
Joyalukkas India Ltd, Lalitha Jewellery Mart Pvt Ltd, and Kalyan
Jewellers, which have pan India presence and enjoy better economies
of scale, apart from other regional players.

Strengths:

* Proprietor's extensive experience in the jewellery business: Mr.
Venkat Rao has rich experience in gold retailing from over 2
decades. Over the years, he has developed strong insight into
consumer buying patterns and identify trends in the jewellery
designs. Looking at the strong demand for gold jewellery and in
order expand in large scale the retail showroom in Labbipet was
opened in 2005. Over the years they have significantly ramped up
the operations of the showroom. Currently, AJ is one of the reputed
gold showrooms in Vijayawada. The long and established presence
also instils an element of trust among the consumers, which is an
important factor influencing jewellery buying decision. Over the
years the proprietor has developed strong relationships with major
customers and suppliers.

Liquidity: Streched

Bank limit utilisation is moderate at around 94.09 percent for the
past twelve months ended December 2022. Cash accruals are expected
to be over INR1-1.5 Crores which will be insufficient against term
debt obligation over the medium term. However rental income from
the properties owned by proprietor of around Rs. 2.50 Crores per
annum will be used to service the repayment obligations and
supports the liquidity profile of the firm to an extent.

Current ratio is healthy at 1.17 times on March 31, 2022.

Outlook: Stable

CRISIL Ratings believes that AJ will continue to benefit over the
medium term from its proprietor's extensive industry experience.

Rating Sensitivity factors

Upward factors:

* Sustenance of improvement in business performance with increase
in revenue by 20% resulting in higher cash accruals
* Improvement in gearing to less than 2.5 times

Downward factors:

* Fall in revenue by 40% resulting in decline in cash accruals
* Large debt funded capital expenditure that weakens the financial
risk profile

Set up in 2005, Anjaneya Jewellery is a proprietorship firm owned
by Mr. Venkat Rao. AJ retails gold, silver, platinum, diamond,
gemstones and studded jewellery jewellery at its showroom located
in Vijayawada, Andhra Pradesh'.


ARCHIS ENTERPRISES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Archis Enterprises (India) Private Limited
Plot No. 54, Bhageshree, Bhise Colony,
        Will Warale, Ambi Road,
        Tal Nawal Talegaon-410507 Maharashtra

Insolvency Commencement Date: March 12, 2024

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Rahul Drolia
       A-406 Shalbhadra Apartments Datta Mandr Road,
              Malad (East), Mumbai- 400 097
              Email: rahuldrolia@gmail.com
              Email: cirp.archis@gmail.com

Last date for
submission of claims: March 29, 2024


BALAJI ENAMEL: CRISIL Lowers Long/Short Term Debt Ratings to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Balaji Enamel Industry (BEI) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Short Term Rating       -         CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating reflects delay in regularizing the adhoc limit in March
2024 due to stretched liquidity. Liquidity is stretched on account
of working capital intensive operations and delays in realization
of receivables.

The ratings continue to reflect BEI's small scale of operations and
weak financial profile. These weaknesses are partially offset by
the extensive experience of the proprietor in the writing slates
business.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: BEI's business profile is constrained
by modest scale in the intensely competitive industry. The firm
registered operating revenue of INR17crore in fiscal 2022. BEI's
scale of operations will continue to limit its operating
flexibility.

* Weak financial risk profile: The networth is at INR0.88 crore and
gearing, high at 5.9 times in fiscal 2022. The interest coverage
and total outside liabilities to tangible networth (TOLTNW) ratios
are to remain weak at 1.20 times and 15.5 times, respectively, in
fiscal 2022.

Strength:

Extensive industry experience of the proprietor: The proprietor has
experience of over 10 years in the business. This has given her a
strong understanding of the market dynamics and enabled her to
establish healthy relationships with suppliers and customers.

Liquidity: Poor

Liquidity is poor due to modest net cash accrual and fully utilized
bank limits. The Cash Credit limit remains fully utilized with some
instances of overdrawing for a few days. Moreover, the company had
availed an adhoc limit which was regularized with a delay in March,
2024. Liquidity is expected to remain under pressure going forward
on account of large working capital requirements.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least 90 days
* Improvement in business performance and working capital cycle
resulting in better liquidity

Established in 2010, BEI is owned and managed by Mrs Yakkali Bala
Sulochana. The firm manufactures and trades in writing slates.
BEI's manufacturing facility is located in Markapur, Andhra
Pradesh, with installed capacity of 2,00,000 numbers per day.


BALAMURUGAN ENGINEERING: CRISIL Cuts Rating on LT/ST Loans to D
---------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank loan
facilities of Sri Balamurugan Engineering Works Private Limited
(SBEW) to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Short Term Rating       -         CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflects the delays in debt servicing for February
2024 on account of weak liquidity.

The rating continues to reflect company's modest scale of
operations with high customer concentration in revenues and
leveraged capital structure. These weaknesses are partially offset
by the extensive experience of the promoter in the boiler
fabrication industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations with high customer concentration in
revenues: Due to high customer concentration, and impact in demand
from the key customers, scale of operations remains small at
INR2.58 crore in fiscal 2023. Despite the long presence in the
industry the scale of operations has remained small in the past due
to the tender based nature of operations and this shall continue to
constrain the operating flexibility.

* Leveraged capital structure: The capital structure is weak on
account of small networth. Gearing was high at over 10 times as on
March 31, 2023.

Strength:

* Extensive experience of the promoters: Benefits from the
decade-long experience of the promoters and healthy relationships
with customers should continue to support the business risk
profile.

Liquidity: Poor

Liquidity is likely to remain constrained by leveraged capital
structure. Debt repayments for February 2024 have been made only in
March 2024. Bank limits are overutilized.

Rating Sensitivity factors

Upward factors:

* Track record of timely servicing of debt for at least three
months.
* Significant improvement in liquidity.

Incorporated in 1977, Tiruchirappalli (Tamil Nadu) based SBEW
undertakes heavy structural fabrication for boilers. Mr SMP Selvam
is the promoter.


BLUEAIR INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Blueair India Private Limited

Registered Address:
        S-327 Greater Kailash-II, South Delhi
        New Delhi, India, 11048

        Address at which the books of accounts are to be
maintained:
        902 Time Tower MG Road
        Gurugram, Haryana
        India, 122002

Liquidation Commencement Date: March 20, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Anagha Anasingaraju
     1-2, Aishwarya Sankul,
            17 G.A Kulkarni Path,
            Opp. Joshi's Railway Museum,
            Kothrud, Pune - 411038
            Email: rp.anagha@kanjcs.com
            Tel No: 020-25466265/25461561

Last date for
submission of claims: April 19, 2024


DATALINK MULTI: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Datalink Multi Trading Private Limited
S-106, Fantasia Plot No 47 Sec-30A Vashi, Thane,
        Navi Mumbai, Maharashtra, India, 400703

Insolvency Commencement Date: March 7, 2024

Estimated date of closure of
insolvency resolution process: September 3, 2024 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Arun Kaishanlal Bagaria
       701, Stanford Building
              Junction of S.V. Road and
              C D Burfiwala Marg.
              Andheri (W), Mumbai-400058
              Email: arun@bagariaco.com
              Email: bagaria.arun@gmail.com

Last date for
submission of claims: April 2, 2024


FABAPPS DIGITAL: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Fabapps Digital Private Limited
Fourth Floor, Halwasiya Court,
        Hazratganj, Lucknow,
        Uttar Pradesh, India, 226001

Liquidation Commencement Date: March 15, 2024

Court: National Company Law Tribunal Allahabad Bench

Liquidator: Mr. Anang Kumar Shandilya
     Office No. 143, Vardhman Sunrise Plaza,
            Vasundhara Enclave,
            National Capital Territory of Delhi - 110096

            2nd Floor Moolchand Towers
            I-Block, Sector 22, Noida - 201301
            Email: vl.fabapps@gmail.com
            Mobile: 9711914380

Last date for
submission of claims: April 13, 2024


FLEXILIS PRIVATE: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Flexilis Private
Limited's (FPL) bank loan rating of 'IND BB+ (ISSUER NOT
COOPERATING)' in non-cooperating category and has simultaneously
withdrawn it.

The issuer did not participate in the rating review despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating.

The detailed rating action is:

-- INR940 mil. Fund-based working capital limit* maintained in
     non-cooperating category and Withdrawn.

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

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

Detailed Rationale of the Rating Action

The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, information on corporate governance, and management
certificate. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with FPL while reviewing the
rating. Ind-Ra had consistently followed up with FPL over emails
starting from December 8, 2023, apart from phone calls. The issuer
has also not been submitting their monthly no default statement
(NDS).

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of FPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. FPL has been
non-cooperative with the agency since December 8, 2023.

About the Company

Incorporated in 1989, FPL is a family managed company engaged in
trading of synthetic rubber, carbon black, rubber chemicals and
rubber process oil. The Mumbai-based company has branch offices in
Ahmedabad (Gujarat), Chennai (Tamil Nadu), Faridabad (Haryana),
Agartala (Tripura) and Kochi (Kerala).



GREEN CONCRETE: CRISIL Reaffirms B Rating on INR5cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank loan facilities of Green Concrete Construction
(GCC).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         30         CRISIL A4 (Reaffirmed)

   Cash Credit             5         CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect  customer concentration in revenue,
average financial risk profile and stretched liquidity. These
weaknesses are partially offset by the extensive experience of the
partners in the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Customer concentration in revenue: Over 95% of revenue comes from
Velji Ratna Sorathia Infra Pvt Ltd, which exposes GCC to changes in
the vendor or trade policies of this client.

* Average financial risk profile: Gearing and total outside
liabilities to adjusted networth ratio were weak at 5.09 times and
14.07 times, respectively, as on March 31, 2023. This, along with
low cash accrual, led to muted debt protection metrics, as
reflected in interest coverage and net cash accrual to total debt
ratios of 2.44 times and 0.0018 times, respectively, in fiscal
2023. However, financial risk profile will likely improve over the
medium term with increase in revenue and profitability.

Strength:

* Extensive experience of the partners: Presence of around a decade
in the civil construction industry has enabled the partners to
develop a strong understanding of market dynamics and establish
healthy relationships with suppliers and customers.

Liquidity: Stretched

Bank limit utilisation was around 80% for the 12 months through
November 2023. Expected annual cash accrual, though low at INR1-2.5
crore, will support liquidity in the absence of debt obligation
over the medium term. Current ratio was weak at 0.78 time as on
March 31, 2023.

Outlook: Stable

GCC will continue to benefit from the extensive experience of its
partners and their established client relationship.

Rating Sensitivity factors

Upward factors:

* Increase in revenue by 20% and sustenance of operating margin
leading to higher cash accrual
* Efficient working capital management resulting in cushion in bank
limit

Downward factors:

* Decline in revenue by 20% and fall in operating margin leading to
lower-than-expected net cash accrual
* Any large capital withdrawal further weakening capital structure
and cash accrual

GCC undertakes civil construction, mainly construction of canal and
irrigation works; the firm is based in Vadodara, Gujarat. Mr Chetan
Dharmshi Sorathia and Mr Nilesh Ashok Sorathia own and manage the
business.


GREEN INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Green India
Irrigation Limited (GIIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Rupee Term Loan         5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GIIL 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 GIIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIIL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in August 2008, GIIL manufactures drip and sprinkler
irrigation systems. Mr. Diliprao Autade Patil, and Mr Mahesh Aher
are the promoters. The manufacturing unit is in Shrirampur MIDC,
Ahmednagar District, Maharashtra.


GSM MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GSM Mega
Infrastructures Private Limited (GSM) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Long Term Loan         35         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GSM 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 GSM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSM continues to be 'CRISIL D Issuer Not Cooperating'.

GSM was set up in 2011 by Mr M V S Seshagiri Rao, Mr Murali Mohan
Reddy, Mr Siva Shankar Reddy, and Mr Veera Sekhar Reddy. The
company develops real estate. Its ongoing commercial real estate
project, comprising a mall and a multiplex, is at Serilingampally
in Telangana.


HCP PLASTENE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of HCP Plastene
Bulkpack Limited (GPL; previously known as Gopala Polyplast
Limited) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           47.2        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.46       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             27.41       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GPL 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 GPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Originally incorporated in 1984 as a private limited company, GPL
was listed on the Bombay Stock Exchange in 1992-93 and
reconstituted as a public limited company. It manufactures
polypropylene woven sacks, primarily used for cement packaging. It
also produces woven labels used for manufacturing garments. Its
production units are in Gandhinagar and Silvassa.


INDOTECH INDUSTRIAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indotech
Industrial Solutions Private Limited (IISPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan    3.46        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             1.54        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with IISPL 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 IISPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IISPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IISPL continues to be 'CRISIL D Issuer Not Cooperating'.

IISPL, incorporated in June 2006 at Pune, Maharashtra undertakes
turnkey projects in dairy, sugar, food processing, power, and
telecom industries. Mr Bhausaheb Janjire and Ms Hemlata Janjire are
the promoters.


INKAL VENTURES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Inkal
Ventures Private Limited (IVPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        4.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          10.5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with IVPL 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 IVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IVPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2008, and based at Cochin, IVPL is a part of
Arabcal group of companies in the Middle East. The company has
diversified business streams, which include execution of
(Engineering, Procurement, and Construction) EPC projects, local
distributorship for global industrial machinery companies and food
processing (specifically dairy products). Mr. Prasad Balakrishnan
Nair manages the daily operations.


JMK MERCANTILE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: JMK Mercantile Limited
8th Floor, Eros Apartments 56, Nehru Place
        New Delhi DL 110019 India

Liquidation Commencement Date: March 14, 2024

Court: National Company Law Tribunal Delhi Bench

Liquidator: Atul Mittal
     163, BALCO Apartments, Plot No. 58, IP Extn.,
            Patparhanj, Delhi-110092
            Email: jmkmercantileltd@gmail.com
            Ph No: 9871830777

Last date for
submission of claims: April 13, 2024


KELVOLT (INDIA): Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kelvolt (India) Private Limited
Flat No 102 A, Plot No 6, Sector 19,
        Airol, Thane 400708
        Maharashtra, India

Insolvency Commencement Date: March 19, 2024

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Dhanshyam Patel
       322, Zest Business Spaces, M G Road,
              Ghatkopar East, Mumbai 400 077
              Email: dpatel@ckpatel.com
              Email: cirp.kevolt@gmail.com

Last date for
submission of claims: April 2, 2024


LANGTA BABA: CRISIL Withdraws B Rating on INR25cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Sri Langta Baba Steels Private Limited (SLBSPL) on the request of
the company and after receiving no objection certificate from the
bank. The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            25         CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Letter of Credit        1         CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Long Term      4.9       CRISIL B/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

   Term Loan               3.1       CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SLBSPL for
obtaining information through letters and emails dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SLBSPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SLBSPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of SLBSPL to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

SLBSPL was incorporated in 2005. SLBSPL is owned & managed by Mr.
Mohan Prasad Saw and Mr. Suraj Kumar Gupta. SLBSPL is engaged in
manufacturing of MS TMT bars, MS billets and other allied steel
products. It is running a fully automatic Steel Re-Rolling Mill
with Hot Charging, Two Induction Furnaces with Billet Caster, Slag
Crushing Machines at Giridih, Jharkhand. SLBSPL manufacturing
facility is located in Giridih, Jharkhand with an installed
capacity for TMT of 90000 MTPA, Billet of 60000 MTPA and Slag
crushing of 4320 MTPA.


MAXIME INFRA: CRISIL Moves B Debt Rating from Not Cooperating
-------------------------------------------------------------

Due to non-receipt of No Default Statements (NDS) for three
consecutive months, CRISIL Ratings, in line with SEBI guidelines,
had migrated the ratings for bank loan facilities of Maxime Infra
And Interiors (MII) to 'CRISIL B/Stable Issuer Not Cooperating'.
However, the rated entity has now shared NDS with CRISIL Ratings.
Consequently, CRISIL Ratings is migrating the rating on bank
facilities of MII to 'CRISIL B/Stable' from 'CRISIL B/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Fund-        12        CRISIL B/Stable (Migrated from
   Based Bank Limits               'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The Rating Rationale dated February 15, 2023 is placed below with
necessary updates.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation amid intense competition: MII's
business profile is constrained by its scale of operations in an
intensely competitive Home Furnishings industry. Operating income
was INR6.17 crore in fiscal 2022. Firm has achieved revenue of
around INR4.3 crore during 9M-FY23 and is expected to clock revenue
of around INR7.0-7.5 crore for full year FY23. Scale of operations
is expected to improve further backed by offtake from capacity
expansion. However, MII's modest scale of operations will continue
limit its operating flexibility. The furniture market in India is
dominated by unorganized players such as local carpenters. In the
organized segment, there are other large players and other brand
owners which have established retail networks. Moreover, entities
in this segment are also expected to face intense competition from
established international players entering the retail furniture
market in India. The technological abilities, established brand,
and financial resources of such players are likely to intensify
competition among organized Indian players.

* Working capital intensive operations: Operations are working
capital intensive in nature, as reflected in GCA days ranging
between 220-350 days over the three fiscals ended March 31, 2022
due to higher inventory and high debtor days in the range of
115-205 days and 110-150 days respectively. Due to its business
need, it holds large inventory. The same are funded by support from
creditors of around 170-245 days. Debtor and inventory levels had
increased in FY21 due to disruptions in operations on account of
Covid-19. GCA days are expected to in the range of 190-220 days,
with debtor days and inventory days of around 100-110 days each
going ahead. Working capital requirements would be adequately
supported by creditors (expected to be around 160-180 days over the
near to medium term).

* Modest networth and below-average capital structure: Company has
a modest networth due to low profits. Networth stood at INR1.19
crore as on March 31, 2022 and is expected to be around INR2.5
crore as on March 31, 2023. Due to weak networth and high reliance
on creditors, the capital structure is moderately high, as
reflected in TOLTNW ratio of 3.22 times, as on March 31, 2022.
TOLTNW ratio is expected to be around 1.6 times as on March 31,
2023. With addition of debt to fund the capacity expansion, the
TOLTNW ratio is expected to be around 2.5-2.6 times going ahead.

Strengths:

* Extensive industry experience of the partners: The partner have
an extensive experience of around a decade in home furnishings
industry. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

* Comfortable debt protection metrics: Debt protection metrics are
comfortable due to low debt levels. Interest cover and NCAAD were
12.06 times and 0.16 time in fiscal 2022. Interest cover and NCAAD
are expected to be around 19 times and around 0.35 time in fiscal
2023. However, with additional of term loan from FY24, interest
cover and NCAAD are expected to moderate to ~2.5 times and ~0.05
time, respectively, in FY24.

Liquidity: Stretched

The firm is not availing any fund-based limits. Net cash accruals
are expected to be around INR0.35-0.60 crore per year against
yearly debt repayment obligations of INR0.07-0.09 crore during
fiscal 2023 and fiscal 2024. Net cash accruals are expected to be
around INR1.4 crore against repayment obligations of INR1.33 crore
during fiscal 2025 (the repayments would increase from FY25 on
account of repayment starting for the new term loan that would be
availed for the capex). Unsecured loan was INR0.78 crore as on
March 31, 2022. Cash and bank balance stood at INR0.04 crore as on
March 31, 2022, and is expected to be around INR0.06-0.08 crore per
year going ahead. Current ratio is moderate and was 1.34 times as
on March 31, 2022 and it is expected to be around 1.4 times as on
March 31, 2023. Partners would infuse additional unsecured loans as
and when necessary. There was capital withdrawal of INR0.08 crore
in FY22. Capital withdrawals are expected to remain at similar
level going ahead.

Outlook: Stable

CRISIL Ratings believe MII will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward Factors:

* Timely conclusion of capacity expansion and offtake from the same
resulting in sustained growth in scale of operations by over 60%
along with operating margin of over 8-10% resulting in
better-than-expected net cash accruals
* Improved working capital cycle

Downward Factors

* Decline in operating margin to be 5% resulting in
lower-than-expected cash accruals and impacting the liquidity
* Higher than expected debt funded capital expenditure or any large
capital withdrawal impacting the financial risk profile and
liquidity

Maxime Infra and Interiors (MII) was established in February 2017.
It is a partnership firm which is owned and managed by Mr. Rohitash
Dhankar and Ms. Yogita Chaudhary. MII is engaged in manufacturing
and supply of modular kitchen, storages (including wardrobes),
wooden bedside table, wooden coffee table, etc. for residential,
industrial and office spaces. MII's facility is located at Surajpur
Industrial Area, Greater Noida, Uttar Pradesh.


MSD WELLCOME: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: MSD Wellcome Trust Hilleman Laboratories Private Limited
D-15, Ground Floor, Hilleman Estancion
        Delhi-110014, India

Liquidation Commencement Date: March 20, 2024

Court: National Company Law Tribunal, Delhi Bench

Liquidator: Adv Deepe Gupla
     S-2/110, Sector 15, Ground Floor,
            Rohini Delhi-110005
            Email: advocate.dagan.gupta@gmail.com
            Mobile No: 9372093578

Last date for
submission of claims: April 19, 2024


N. K. BHOJANI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N. K. Bhojani
Private Limited (NKBPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Short Term Rating       -         CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with NKBPL 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 NKBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NKBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NKBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

NKBPL, incorporated in 1996, is promoted and managed by Mr N K
Bhojani. The company manufactures sponge iron, mines iron ore, and
has a dealership contract with Larsen & Toubro Ltd for sale of
spares and for service. Its manufacturing facilities are in Rugudi,
Odisha.


NANCY KRAFTS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nancy Krafts
Private Limited (NKPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting      1.25        CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing       11.60        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing        5.61        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Letter of credit      3.70        CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)


   Letter of credit      1.80        CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Proposed Long Term    6.04        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with NKPL 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 NKPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NKPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NKPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of NKPL and Nancy Krafts (NK).
This is because the two entities, together referred to as the Nancy
group, are in the same line of business, with a common customer
base, and shared promoters and management.

NKPL was established in 1988 as a private-limited company. Nancy
Krafts was set up in 1980 as a partnership.

The two entities manufacture readymade garments, especially for
women and children, at their plants in New Delhi. The entities
cater to the export market and supply their products to retailers
and wholesalers in Latin America, Mexico, Spain, the US, and
Europe.


NEW HORIZONS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: New Horizons Asphalt Private Limited
Plot No. 745, GIDC,
        Manjusar, Taluka-Salvi,
        Vadadora, Gujarat,
        India, 391775

Insolvency Commencement Date: March 13, 2024

Estimated date of closure of
insolvency resolution process: September 8, 2024 (180 Days)

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Parag Sheth
       404, Sachet II,
              Opp. GLS University,
              Maradia Plaza Lane, C G Road,
              Ahmedabad 380006
              Email: pksheth@hotmail.com
              Email: cirp.newhorizons@gmail.com

Last date for
submission of claims: April 3, 2024


NOBLE MOULDS: CRISIL Moves B Debt Ratings from Not Cooperating
--------------------------------------------------------------
Due to non-receipt of No Default Statements (NDS) for three
consecutive months, CRISIL Ratings, in line with SEBI guidelines,
had migrated the ratings for bank loan facilities of Noble Moulds
Private Limited (NMPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the rated entity has now shared NDS with
CRISIL Ratings. Consequently, CRISIL Ratings is migrating the
rating on bank facilities of NMPL to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit       5          CRISIL A4 (Migrated from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Open Cash Credit      14          CRISIL B/Stable (Migrated  
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

   Open Cash Credit       3          CRISIL B/Stable (Migrated  
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan             14          CRISIL B/Stable (Migrated  
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

The Rating Rationale dated March 02, 2023 is placed below with
necessary updates.

Key Rating Drivers & Detailed Description

Weaknesses:

* Highly leveraged capital structure: NMPL has average financial
profile marked by high total outside liabilities to adj tangible
networth (TOL/ANW) at 4.07 times as on 31st March 22 and has been
above 4 times for last three year ending on 31st March 2022.

* Fluctuations in operating margins: Operating margins have
remained in the range of 5-6% and improved to 8.3% per annum in
fiscal 2022 on account of better priced orders. The company is
expecting the same to remain around similar levels over medium term
however sustenance of margins around 8% shall remain key
monitorable.

* Extensive working capital cycle leading to stretch in liquidity
profile: Gross current assets were at 134-194 days over the three
fiscals ended March 31, 2022. Its moderate working capital
management is reflected in its gross current assets (GCA) of 194
days as on March 31, 2022. It is required to maintain high
inventory to supply on time and as per the seasonal requirement. As
the customers are small and medium size player who require credit.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over 30 years in Consumer Durables - Consumer
Electronic products industry. This has given them an understanding
of the dynamics of the market and enabled them to establish
relationships with suppliers and customers.

Liquidity: Poor

Bank limit utilization is moderate at around 97.98 percent for the
past twelve months ended Nov-2022. Cash accruals are expected to be
over INR5 crore which are just sufficient against term debt
obligation of INR3.5-4.5 crore over the medium term. Current ratios
are moderate at 1.08 times on March31, 2022.

Outlook: Stable

CRISIL Ratings believe NMPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation and sustenance of
operating margin above 6% per annum, leading to higher cash
accruals above INR7 crore

* Bank Limit Utilization to remain below 90% on sustained basis.

* Improvement in working capital cycle

Downward factor

* Decline in scale of operations leading to fall in revenue and
profitability margin below 5%, hence leading to net cash accrual
lower than INR6 crore.

* Large debt-funded capital expenditure weakens capital structure

* Any further stretch in working capital cycle leading to lower
deterioration in liquidity profile.

NMPL, was incorporated in 1992, it is engaged in manufacturing
mouldings and other plastic products used in electronic goods such
as televisions, washing machines and refrigerators. Its facilities
are located in Noida (Uttar Pradesh).


OM SREE: Ind-Ra Keeps BB Bank Loan Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Om Sree Papertek
Private Limited's (OSPPL) bank loan ratings in the non-cooperating
category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn;

-- INR20 mil. Non-fund-based working capital limit# maintained in

     non-cooperating category and withdrawn; and

-- INR225 mil. Term loan^ maintained in non-cooperating category
     and withdrawn.

*Maintained at 'IND BB/Negative (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

#Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

^Maintained at 'IND BB/Negative (ISSUER NOT COOPERATING)' before
being withdrawn

WD - Rating Withdrawn

Detailed Rationale of the Rating Action

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
interim financials, sanctioned bank facilities and utilization,
business plans and projections for next three years, information on
corporate governance, and management certificate. This is in
accordance with Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with OSPPL while reviewing the
ratings. Ind-Ra had consistently followed up with OSPPL over emails
starting from January 2020, apart from phone calls. The issuer has
also not been submitting their monthly no default statement (NDS).

Limitations regarding Information Availability

Ind-Ra has reviewed the of the credit ratings of OSPPL on the basis
of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect OSPPL's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. OSPPL has been
non-cooperative with the agency since 17 January 2020.

About the Company

Incorporated in August 2016, OSPPL runs a 200 tons per annum kraft
paper manufacturing unit in Dillai Kulcharam village (Telangana).
The company is promoted by Chamanbhai Patel Chaturbhai, Gautam
Devajibhai Kotadiya, Hardik Patel, Rajesh Marvaniya, Shankar Patel
and Vipul Patel.


OMKAR SPECIALITY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Omkar
Speciality Chemicals Limited (OSCL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       10         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            46         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            25         CRISIL D (Issuer Not
                                     Cooperating)

   Corporate Loan         50         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       60         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with OSCL 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 OSCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OSCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OSCL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

OSCL, set up in 1983, manufactures specialty chemicals, organic and
inorganic chemicals, and inorganic intermediates such as iodine,
selenium, molybdenum and their derivatives. The pharmaceutical
industry remains the major end user segment of the company,
accounting for nearly 70-75% of its revenues, with poultry, glass
and water treatment being the other major end user segments. The
company has 6 manufacturing facilities in Badlapur, Maharashtra.


PALANI ANDAVAR: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated The Palani Andavar
Mills Private Limited's (TPAMPL) bank facilities as follows:

-- INR100 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR16 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating;

-- INR41.4 mil. Term loan due on February 29, 2028 assigned with
     IND BB+/Stable rating; and

-- INR150 mil. Proposed term loan assigned with IND BB+/Stable
     rating.

Analytical Approach

Ind-Ra has assessed the company on a standalone basis while
assigning the ratings.

Detailed Rationale of the Rating Action

The ratings reflect TPAMPL's small scale of operations and
geographical concentration risks with the top five customers in
Maharashtra accounting for 45% of the revenue. The company's credit
metrics were comfortable in FY23, but are likely to deteriorate in
FY24 due to a decline in EBITDA coupled with an increase in debt to
fund capex for setting up a 3,900KW solar power for captive
consumption. The EBITDA margins are modest; however, Ind-Ra expects
the EBITDA margins to improve following the operationalization of
solar power plant, resulting in savings in power cost.

List of Key Rating Drivers

Weaknesses

- Small scale of operations
- High geographical concentration
- Credit metrics to deteriorate further in FY24

Strengths

- EBITDA margins to improve post operationalization of solar power
plant
- Low customer concentration
- Experienced promoters

Detailed Description of Key Rating Drivers

Small Scale of Operations: TPAML's revenue was almost stable at
INR564.37 million in FY23 (FY22: INR571.64 million) as the company
is operating at a maximum practical capacity. In 9MFY24, it booked
revenue of INR410 million. The company takes only one month of
advance orders, and produces and sells INR40 million-45 million
worth of cotton yarn per month. Ind-Ra expects the revenue to
remain at FY23 levels in the near-to-medium term because the
company is likely to operate at similar capacity.

High Geographical Concentration: The top five customers, who
accounted for 45% of the revenue, are from Maharashtra, denoting
the company's significance reliance on one state.

Credit Metrics to Deteriorate Further in FY24: TPAML's credit
metrics were comfortable, despite deteriorating with interest
coverage (operating EBITDA/gross interest expenses) at 7.01x in
FY23 (FY22: 13.67x) and net leverage (total adjusted net
debt/operating EBITDAR) at 2.45x (0.98x). The deterioration was
largely due to a reduction in the EBITDA to INR45.4 million in FY23
(FY22: INR105.67 million). Ind-Ra expects the credit metrics to
deteriorate further in FY24 due to likely decline in the EBITDA
coupled with an increase in the debt (FYE23: INR111.20 million,
FYE22: INR113.75 million) to fund capex. In FY25, the agency
expects the interest coverage to decline due to an increase in
finance cost resulting from the increased debt but the net
financial leverage to improve because of a likely improvement in
the EBITDA due to savings in power cost from the new solar power
plant.

The company plans to set up 3,900 KWDC solar power plant at a total
cost of INR205 million, to be funded by a term loan of INR150
million and the remaining through internal accruals. The plant is
likely to become operational from May 2024 and the management
expects the plant to generate 6.4 million units of power with
saving of INR5.6 per unit.  

EBITDA Margins to Improve post Operationalization of Solar Power
Plant: The ratings also factor in TPAML's modest EBITDA margins of
8.04% in FY23 (FY22: 18.50%) with a return on capital employed of
6.4% (23.3%). In FY23, the EBITDA margins declined due to an
increase in price of cotton due to lower production in India. In
FY24, Ind-Ra expects the EBITDA margins to decline further due to
constant high cotton prices. However, the agency expects the
margins to improve in FY25, due to savings in power cost.

Low Customer Concentration: The top five customer accounted for
only 45% of the total revenue, indicating the company's low
reliance on any single customer.

Experienced Promoters: The ratings benefit from the promoters'
experience of over four decades in the spinning industry and the
established track record of the company of over eight decades,
which has led to strong relationships with the customers and
suppliers.

Liquidity

Stretched

TPAML's cash flow from operations declined to INR35.06 million in
FY23 (FY22: INR63.86 million) due to the reduction in EBITDA.
Further, the free cash flow turned negative to INR3.66 million
(FY22: INR35.63 million) on account of capex of INR41.62 million in
FY23. The net working capital cycle was elongated and stood at 221
days in FY23 (FY22: 259 days), although shortened due to a
reduction in the inventory holding period to 208 days in FY23
(FY22: 238 days) and receivable period to 14 days (23 days). The
cash and cash equivalents stood low at INR0.18 million at FYE23
(FYE22: INR10.16 million). Moreover, TPAML does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The average maximum
utilization of the fund-based limits was 19.95% while the
non-fund-based limits remained unutilized during the 12 months
ended January 2024. It has scheduled repayments of INR27.3 million,
INR21.1 million and INR26 million in FY24, FY25 and FY26,
respectively.

Rating Sensitivities

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

Negative: A decline in the scale of operations leading to
deterioration in overall credit metrics with the net leverage
exceeding 4.5x and/or pressure on the liquidity position, all on a
sustained basis, could lead to negative rating action.

About the Company

Incorporated on April 25, 1933, TPAML manufactures cotton yarn at
its manufacturing unit in Udumalai, Tamil Nadu with an installed
capacity of 35,072 spindles.  The company's day-to-day activities
are managed by the Managing Director, Girija Parthasarathy along
with the Joint Managing Director, R Mahendran. The major raw
material being ginned cotton, is procured from the ginning mills.
TPAML produces cotton yarn in the count of 60s, 67s and 92s.



RAI BAHADUR: Ind-Ra Moves D Bank Loan Rating to NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rai Bahadur Narain
Singh Sugar Mills Limited's (RBNS) bank facilities' ratings to the
non-cooperating category.

The issuer did not participate in the rating review despite
continuous requests and follow-ups by the agency. The ratings are
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using the
ratings.

The detailed rating actions are:

-- INR516 mil. Term loan (Long Term)^ due on December 2027
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR2.260 bil. Fund based working capital facilities (Long term

     /short term)^ migrated to non-cooperating category with IND D

     (ISSUER NOT COOPERATING) rating; and

-- INR244 mil. Proposed term loan (Long Term)^ migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: Issuer did not cooperate; based on the best-available
information.

^Details in Annexure I

Detailed Rationale of the Rating Action

The ratings are migrated to the non-cooperating category in
accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with RBNS while reviewing the
ratings. Ind-Ra had consistently followed up with RBNS over emails
starting from December 11, 2023, apart from phone calls. The issuer
has also not been submitting their monthly no default statement
(NDS).

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit ratings of RBNS, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Incorporated in 1932, RBNS has an integrated sugar plant in
Uttarakhand having a cane crushing capacity of 8,400 tons per day,
distillery capacity of 60 kiloliters per day, and co-generation
capacity of 29.6MW. The company also has a bottling plant with a
capacity of 500 cases per day.


RANI SATI: CRISIL Reaffirms B+ Rating on INR11.8cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Sree Rani Sati Overseas Pvt Ltd (SRSOPL;
part of the Sree Rani Sati group).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            11.8      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the low profitability of the Sree
Rani Sati group, its working capital-intensive operations and
average financial risk profile. These weaknesses are partially
offset by the promoters' extensive experience in the timber trading
business.

Analytical Approach

CRISIL Ratings has combined the business and financial risk
profiles of SRSOPL and SRS Overseas Pte Ltd (SRS). This is because
the two companies, together referred to as the Sree Rani Sati
group, are under a common management and have significant
operational and financial linkages. Furthermore, SRSOPL holds 100%
stake in SRS.

Key Rating Drivers & Detailed Description

Weaknesses:

* Low operating profitability: The operating profitability of the
group has been low. The operating margin dipped to 2.4% in fiscal
2023 from 4.1% in fiscal 2020 on account of higher input cost. The
margin is expected to pick up to ~3% in fiscal 2024 on the back of
lower input prices and should remain at a similar level over the
medium term. The profitability is higher in the Indian entity
compared to the overseas entity. The profitability is low on
account of lower margins earned by SRS because of competitive
pricing pressure. Ability to improve operating profitability will
remain a key monitorable.

* Working capital-intensive operations: The group is expecting to
have gross current assets of 216-220 days as on March 31, 2024,
driven by high receivables of 160-165 days. The large high working
capital requirement has led to extensive utilisation of bank lines,
at 934%, on average, for the 12 months through November 2023.
Efficient working capital management leading to moderation in bank
line utilisation will remain monitorable.

* Average financial risk Profile: The group had a leveraged capital
structure, reflected in modest networth of INR9-10 crore and high
gearing and total outside liabilities to tangible networth ratio of
2.1-2.2 times and 4.6-4.7 times, respectively, expected as on March
31, 2024. The leverage will remain high over the medium term. Debt
protection metrics are average, with interest coverage and net cash
accrual to adjusted debt ratios at 1.6-1.7 times and 0.03-0.04
time, respectively, expected in fiscal 2024. The debt protection
metrics remain constrained by modest operating margin and
significant reliance on external debt to fund working capital
requirement. However, the financial risk profile is expected to
improve over the medium term in the absence of incremental
debt-funded capital expenditure (capex).

Strength:

* Extensive experience of the promoters: Experience of over two
decades in the timber trading business has helped the promoters
develop a strong understanding of the industry and market dynamics.
Resultantly, the group has formed a strong network of both,
suppliers and customers, which will help scale up operations over
the medium term. CRISIL believes that the company will continue to
benefit from the extensive promoter experience over the medium
term.

Liquidity: Stretched

Bank limit utilisation is high at around 93% for the past twelve
months ended November 2023. Cash accruals are expected to be over
INR0.8-0.9 crores which are matching against term debt obligation
of INR0.6-0.7 crores over the medium term. Current ratio is
expected to be moderate at 1.5-1.6 times on March 31, 2024.
Promoters have also extended unsecured loans (outstanding at
INR10.48 Cr. as on December 31, 2023 and expected to be at similar
level in fiscal 2024) and may continue to offer funding support to
cover the working capital expense which provides support to
liquidity to an extent.

Outlook: Stable

CRISIL Ratings believes the Sree Rani Sati group will continue to
benefit from the extensive experience of its promoters in the
timber trading business.

Rating Sensitivity factors

Upward factors:

* Sustained revenue growth and steady operating profitability of
2-3%, leading to higher net cash accrual with net cash accrual to
debt obligation ratio above 1.2 times
* Efficient working capital management leading to moderation in
utilisation of bank lines

Downward factors:

* Decline in revenue or operating profitability falling below 1.5%,
leading to lower net cash accrual
* Sizeable stretch in the working capital cycle weakening the
financial risk profile, especially liquidity

                          About the Group

Delhi-based SRSOPL was set up by Mr Sanjay Poddar and his family in
2010. It trades in and processes timber logs, mainly teakwood.

SRS was incorporated in 2017 and is based in Singapore. It trades
in timber, teakwood, pulses, cashew. The company exports 90% of the
traded goods to India and 10% to Singapore.


SCORE INFORMATION: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Score Information
Technologies Limited's (SITL) bank facilities as follows:

-- INR55 mil. Fund-based working capital limits affirmed with IND

     BB-/Stable rating;

-- INR100 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating; and

-- INR30 mil. Non-fund-based working capital limits assigned with

     IND A4+ rating.

Analytical Approach

Ind-Ra continues to take a standalone view of SITL to arrive at the
ratings.

Detailed Rationale of the Rating Action

The affirmation reflects SITL's continued small scale of operations
and modest EBITDA margins. The EBITDA margins were modest due to
high input cost and lower margin contracts undertaken by the
company during FY23. The ratings also reflects SITL's continued
weak credit metrics with an increase in debt level in FY23.
However, SITL has a revenue visibility as reflected by an
unexecuted order book of INR154.14 million as of November 2023,
which the company expects to be completed in the next three-to-four
months. Also, the company is focusing on higher margin products,
which will improve the EBITDA margins in the medium term.

List of Key Rating Drivers

Weaknesses

- Sustained small scale of operations
- Continued modest EBITDA margins
- Weak credit metrics

Strength

- Group support

Detailed Description of Key Rating Drivers

Sustained Small Scale of Operations: The ratings reflect SITL's
continued small scale of operations with the revenue declining to
INR275.34 million in FY23 (FY22: INR333.42 million) due to a delay
in execution of projects. Till 9MFY24, the company booked revenue
of INR229.57million. As of November 2023, it had an unexecuted
order book of INR154.14 million as of November 2023, to be
completed in next three-to-four months. Ind-Ra expects the revenue
to improve in the near-to-medium term because of timely execution
of ongoing projects.

Continued Modest EBITDA Margins: SITL's EBITDA margins contracted
to 3.41% in FY23 (FY22:  8.06%) due to high input cost and
execution of lower margin projects. The return on capital employed
was 2.2% in FY23 (FY22: 7.3%). During 9MFY24, the company booked
EBITDA of INR9.88 million with a margin of 4%, led by stabilization
in input prices. Ind-Ra expects the EBITDA margin to improve over
FY24 and FY25, due to a likely higher margin from existing projects
and timely execution of ongoing projects, which will reduce penalty
charges.

Weak Credit Metrics: The gross interest coverage (operating
EBITDAR/gross interest expense) deteriorated to 1.17x in FY23
(FY22: 4.03x) and net financial leverage (adjusted net
debt/operating EBITDAR) to 9.37x (3.34x ) due to a decline in the
EBITDA to INR9.39 million (INR26.88 million) as well as an increase
in total debt. The total debt increased to INR135.73 million at
FYE23 (FY22: INR106.27 million) as the company availed unsecured
loans of INR36.92 million from group non-banking financial
companies. Ind-Ra expects the credit metrics to improve in FY24 and
medium term on the back of a likely improvement in the scale of
operations and the absence of any debt-led capex plans.

Group Support: The ratings are supported by SITL being a part of
the Kolkata-based Kankaria group, which is among the largest jute
manufacturers in India. SITL has received support from the group's
non-banking financial companies in the form of unsecured loans of
INR 36.92 million in FY23. The company's bank facilities are
guaranteed by the group's promoter. Ind-Ra expects SITL to continue
to receive support from the group in the long term.

Liquidity

Stretched

SITL's average utilization of the fund-based and non-fund-based
limits was 91.82% and 118.22%, respectively, during the 12 months
ended January 2024. The bank provides bank guarantees above
sanctioned limit of INR130 million on 100% fixed deposit margin.
Also, the cash flow from operations turned negative to INR20.08
million in FY23 (FY22: INR16.07 million) due to high working
capital requirements. The cash and cash equivalents stood low at
INR0.09 million at FYE23 (FYE22: INR0.09 million). SITL has
repayment obligation of INR2.3 million and INR0.6 million for FY24
and FY25, respectively. The working capital cycle stretched further
to 247 days in FY23 (FY22: 168 days), on account of delay in
realization from government customers due to delayed approvals from
authorities as reflected by long receivable period of 199 days (187
days) as well as a decline in the payable period to 18 days (73
days). Moreover, the company relies on a single bank to meet its
funding requirement and does not have access to the capital market.
SITL does not have any long-term debt obligations.

Rating Sensitivities

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

Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics with the interest coverage
exceeding 1.5x and/or an improvement in the liquidity position and
working capital cycle, all on a sustained basis, could lead to a
positive rating action.

About the Company

Incorporated in 2000, SITL operates in the information and
technology sector and is majorly involved in closed circuit
television surveillance system integration. It also deals in issue
of smart cards, installation of public address systems (PA
systems), software development, and maintenance and smart card
application solutions. The company has its registered office in
Kolkata.

SPICEJET LIMITED: CRISIL Lowers Rating on INR220cr Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the short-term bank
facilities of SpiceJet Limited (SpiceJet) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL A4 Issuer Not Cooperating' due to delays
in servicing debt obligation.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit       220        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SpiceJet,
for obtaining information through letters and email dated July 28,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using 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 company management,
CRISIL Ratings failed to receive any information on the financial
performance or strategic intent of SpiceJet, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Spicejet is consistent with 'Assessing Information Adequacy Risk'

Analytical Approach

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SpiceJet and its
subsidiaries. This is because all these companies, collectively
referred to as SpiceJet, are in the same line of business and have
a common management.

SpiceJet is promoted by Mr Ajay Singh, who held around 48% stake in
the company as on February 21, 2024. The company is a low-cost
carrier and the fifth largest airline in India by number of
domestic passengers carried.

Set up as an air taxi provider in 1984, it diversified into
domestic aviation services in 1993, and was renamed Modiluft Ltd in
1994. The company got its current name in 2005 when services were
relaunched after being shut down in 1996. SpiceJet operated its
first flight in May 2005. Mr Kalanidhi Maran acquired controlling
stake in the company in June 2010, through the Sun group. The stake
was sold back to Mr Ajay Singh in January 2015. The airline
operates a fleet of Boeing 737 and Bombardier Dash aircrafts.

For the six months ended Sept. 30, 2023, the company reported
operating revenue of INR3,427 crore and net loss of INR227 crore,
against INR4,409 crore and INR1,627 crore, respectively, in the
corresponding period of the previous fiscal.


THREENOTFIVE VENTURES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Threenotfive Ventures Private Limited
T2, 2301, Blue Ridge Hinjawadi Pune,
        Maharahstra - 411057

Liquidation Commencement Date: March 18, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Mr. Satish Kumar Arora
     1101, Dalamal Tower, Free Press Journal Marg,
            Nariman Point, Mumbai-400021
            Email: liquidation.tvpl@decoderesolvency.com
            Tel No: +91 2243456200

Last date for
submission of claims: April 17, 2024


TRIMEX INDUSTRIES: CRISIL Withdraws B Rating on INR90.4cr LT Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Trimex Industries Private Limited (Trimex) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            25         CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Letter of credit
   & Bank Guarantee       15         CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Long Term     90.4       CRISIL B/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with Trimex for
obtaining information through letter and email dated March 07, 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 Trimex . This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on Trimex is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the ratings on
the bank facilities of Trimex to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

Established in 1984 as Trimex Agencies Ltd, Chennai-based TIPL
trades in industrial minerals, predominantly barite. Mr Pradeep
Koneru is the promoter.


TRN ENERGY: Ind-Ra Keeps D Loan Rating in NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained TRN Energy
Private Limited's debt facilities in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency through phone
calls and emails. Therefore, investors and other users are advised
to take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR28,156.90 bil. (INR26,457.9 bil. outstanding as of June 30,

     2021) Term loan (long-term) due on January 15, 2038
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR2,412.5 bil. (USD38.21 mil.) External commercial borrowing
     (ECB; long-term)^ maintained in non-cooperating category with

     IND D (ISSUER NOT COOPERATING) rating;

-- INR2,050.0 bil. Fund-based limits (long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR2,250.0 bil. Non-fund-based limits (long-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR700 mil. Loan equivalent risk (long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

^Conversion rate as per hedged rate of USD1 = INR63.13

Note: ISSUER NOT COOPERATING; based on the best-available
information. The ratings were last reviewed on November 12, 2021.

Analytical Approach

Ind-Ra has been taking a standalone view of TRN Energy to arrive at
the ratings.

Detailed Rationale of the Rating Action

Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings. The ratings continue to
be maintained in non-cooperating category in accordance with
Ind-Ra's Guidelines on What Constitutes Non-Cooperation.

About the Company

Incorporated on November 17, 2006, TRN Energy has developed a 600MW
(2 x 300MW) coal-based thermal power plant in Raigarh district,
Chhattisgarh.



UNIVERSAL CONSTRUCTION: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Universal Construction Machinery and Equipment Limited

        Registered Office:
        Universal House,
        Warje Jakatnaka,
        Kothurd Naka, Kothurd,
        Pune - 411038

        Other Office:
        Gate No. 327, 328 & 329, at Shivare post,
        Bhor Taluk, Pune- District,
        Shivare-412205

Insolvency Commencement Date: March 13, 2024

Estimated date of closure of
insolvency resolution process: September 9, 2024

Court: National Company Law Tribunal, Mumbai Bench-II

Insolvency
Professional: Mr. Anurag Kumar Sinha
       Flat No. 3602, Redwood (Tower No. 7),
              Runwal Greens, Mulund-Goregaon Link Road,
              Bhandup (West),
              Mumbai City, Maharashtra, 400078
              Email: aksinhaip3@gmail.com

              AAA Insolvency Professionals LLP
              144, Mittal Court,
              B Wing, Nariman Point,
              Mumbai, Maharashtra - 400002
              Email: universalconstruction.ibc@gmail.com

Last date for
submission of claims: March 30, 2024


ZEBION INFOTECH: Ind-Ra Moves BB- Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Zebion Infotech
Private Limited's bank facilities' ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
phone calls and emails. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
ratings will now appear as 'IND BB-/Stable (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are as follows:

-- INR201 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR10 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR19 mil. Term loan migrated to non-cooperating category with
     IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

The ratings were last reviewed on January 12, 2023. Ind-Ra is
unable to provide an update, as the agency does not have adequate
information to review the ratings.

Analytical Approach

Analytical Approach: Ind-Ra has been taking a standalone view to
arrive at the ratings.

About the Company

Established in 2010, Pune-headquartered Zebion Infotech is engaged
in the trading of information technology products, including closed
circuit televisions, computer peripherals and accessories. The
company imports products mainly from China and Taiwan on contract
manufacturing basis and sells it under the Zebion brand. Its
promoters are Abhishek Lodha, Abhinandan Dagale and Yogesh Dagale.




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

EPA LIMITED: Blacklock Rose Appointed as Receivers and Manager
--------------------------------------------------------------
Garry Whimp and Benjamin Francis of Blacklock Rose Limited on March
22, 2024, were appointed as receivers and managers of Epa Limited.

The receivers and managers may be reached at:

          Blacklock Rose Limited
          PO Box 6709
          Auckland 1142


IT WATSON: Creditors' Proofs of Debt Due on April 12
----------------------------------------------------
Creditors of I T Watson Limited are required to file their proofs
of debt by April 12, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 18, 2024.

The company's liquidator is:

          Andrew John Hawkes
          Anthem Partners Limited
          58a Grove Road
          Christchurch 8011


LET'S GO: Creditors' Proofs of Debt Due on May 21
-------------------------------------------------
Creditors of Let's Go Beverages NZ Limited are required to file
their proofs of debt by May 21, 2024, to be included in the
company's dividend distribution.

The High Court at Auckland appointed Lynda Smart and Derek Ah Sam
of Rodgers Reidy as liquidators on March 21, 2024.


NEW ZEALAND: Slips Into Second Recession in 18 Months
-----------------------------------------------------
The Associated Press reports that New Zealand has entered its
second recession in 18 months after the latest round of GDP figures
confirmed its economy contracted in the last quarter of 2023.

The country's economy shrank by 0.1% in the quarter to December,
and 0.7% in per capita terms, the New Zealand's official statistics
agency, Stats NZ, announced on March 28.

The latest slip follows a 0.3% contraction in the September
quarter, which fulfils the technical definition of a recession. It
is New Zealand's second recession event in the past 18 months.

According to the AP, Stats NZ said the country New Zealand had
returned negative GDP figures in four of the last five quarters,
and had a stagnant annual growth rate of just 0.6%.

The slump was largely expected with New Zealand's central bank
forecasting a flat figure, while bank economists suggested a range
of results between a narrow contraction and fractional growth.

The data made for worse reading in a per capita context with the
last five quarters all retreating by an average of 0.8%.

Helping to prop up the south Pacific island nation's economy has
been a record migration intake, which hit a record peak of 141,000
new arrivals in 2023.

Without that population growth stimulating an otherwise stagnant
economy, New Zealand's economic position would be slipping at an
even faster rate.

Regulation Minister David Seymour said the current economic
conditions would lead to cuts in the country's forthcoming budget,
including cutting the number of government workers.

"We're in a slump, but that won't be news to you, because you've
already been living in it," the AP quotes Mr. Seymour as saying.


ROTOKAURI NORTH: Creditors' Proofs of Debt Due on April 23
----------------------------------------------------------
Creditors of Rotokauri North Holdings Limited are required to file
their proofs of debt by April 23, 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 22, 2024.


TIMES NEWSPAPERS: Blacklock Rose Appointed as Administrator
-----------------------------------------------------------
Benjamin Francis and Garry Whimp on March 22, 2024, were appointed
as administrators of Times Newspapers Limited.

The administrators may be reached at:

          Blacklock Rose Limited
          PO Box 6709
          Auckland 1142




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

AGATHIS PTE: Creditors' Proofs of Debt Due on April 25
------------------------------------------------------
Creditors of Agathis Pte. Ltd. are required to file their proofs of
debt by April 25, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 21, 2024.

The company's liquidators are:

          Mr. Ngoh York Chao Nicholas
          Ms. Pong Siew Inn
          PKF-CAP Corporate Services
          c/o 6 Shenton Way #38-01
          OUE Downtown 1
          Singapore 068809


BOLDTEK HOLDINGS: Court to Hear Judicial Management Bid on April 8
------------------------------------------------------------------
A petition to place the operations of Boldtek Holdings Limited
under Judicial Management will be heard before the High Court of
Singapore on April 8, 2024, at 10:00 a.m.

The application to place the company under Judicial Management was
filed on Feb. 20, 2024.

Tan Wei Cheong and Lim Loo Khoon of Deloitte & Touche LLP have been
nominated as the Judicial Managers.


EBONASEA LTD: Creditors' Proofs of Debt Due on April 25
-------------------------------------------------------
Creditors of Ebonasea Ltd are required to file their proofs of debt
by April 25, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 21, 2024.

The company's liquidators are:

          Mr. Ngoh York Chao Nicholas
          Ms. Pong Siew Inn
          PKF-CAP Corporate Services
          c/o 6 Shenton Way #38-01
          OUE Downtown 1
          Singapore 068809


HATTEN LAND: Unit Gets Notice of Default, Letter of Demand
----------------------------------------------------------
The Business Times reports that MDSA Resources, an indirect wholly
owned subsidiary of Hatten Land, has received a notice of default
and a letter of demand from Kenanga Investment Bank for a total of
MYR14,114,652.15, it said on March 28.

The sum owed was in relation to Hatten Land's medium-term note
(MTN) programme, BT says.

According to BT, Hatten Land has engaged Deloitte & Touche
Financial Advisory Services to develop a restructuring plan and
explore fundraising strategies amid its financial challenges.

BT says the notice of default from the trustee representing Kenanga
Investment Bank – the principal adviser, lead arranger, lead
manager and facility agent of the MTN programme – was in relation
to the MYR12,350,000 Notes issued by MDSA Resources under the
programme.

BT relates that the sum of MYR12,350,000 and MYR492,646.58, being
the outstanding principal sum and coupon of the programme
respectively, should be paid to the trustee no later than April 5,
2024, said the notice, dated March 25, 2024.

MDSA Resources also received a letter of demand dated March 25 from
the solicitor representing Kenanga in relation to the MTN
programme, for the outstanding amount of MYR1,272,005.57 as at
March 20.

This sum, together with late payment interest accrued at 10 per
cent per annum from March 21, 2024, till the date of full
settlement, should be paid to Kenanga no later than seven days from
the date of the letter, the letter, as cited by BT, said.

BT notes that the notice and letter are the latest in a series of
financial troubles for the real estate developer. The company, or
its subsidiaries, have also received notices or letters from
Haitong International Financial Products (Singapore), Bank
Kerjasama Rakyat Malaysia, certain bondholders and HSBC Bank.

Haitong International asked for US$21.5 million, Bank Kerjasama
Rakyat Malaysia demanded MYR60 million, bondholders sought US$23
million, and HSBC Bank is looking for MYR6 million.

Hatten Land "remains committed in engaging proactively with
Kenanga" with its financial adviser's assistance to resolve the
matter, it said, BT relays.

The company's controlling shareholders have entered into a term
sheet with a reputable financial institution in Singapore in their
personal capacity for fundraising facilities, which will be secured
with their personal assets, Hatten Land added. This is meant to
provide a shareholders' loan to the company for it to repay its
secured bonds.

It is currently at the legal documentation stage, BT notes.

"Barring any unforeseen circumstances, the group expects to
drawdown the fundraising facilities in FY2024."

On whether it has resolved issues relating to previous letters of
demand, Hatten Land said it continues to engage its lenders, adds
BT.

                         About Hatten Land

Hatten Land Limited (SGX:PH0)-- https://hattenland.com.sg/ --
operates as a property developer. The Company develops malls,
hotels, and residential properties. Hatten Land serves customers in
Singapore and Malaysia.


HEALTH & HELP: Commences Wind-Up Proceedings
--------------------------------------------
Members of Health & Help Pte Ltd, on March 15, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Lai Seng Kwoon
          c/o 7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


INDOCHINA SERVICES: Placed in Provisional Liquidation
-----------------------------------------------------
Chee Fung Mei of Chee FM & Associates on March 12, 2024, was
appointed as Provisional Liquidator of Indochina Services (S) Pte.
Ltd.

The Provisional Liquidator may be reached at:

          Chee Fung Mei
          Chee FM & Associates
          110 Middle Road #05-03
          Singapore 188968


[*] Singapore Court Recognizes Indonesian Restructuring Plan
------------------------------------------------------------
JDSupra reports that the Singapore International Commercial Court
("SICC") has handed down its first insolvency-related ruling.  The
court granted recognition and full force and effect to Indonesia's
flagship airline's restructuring plan.  That plan had been approved
in accordance with Indonesian law. In granting recognition to the
Indonesian plan under Singapore's version of the UNCITRAL Model Law
on Cross-Border Insolvency, the SICC overruled objections to
recognition from aircraft lessors.

According to JDSupra, the objections asserted that recognition of
the Indonesian proceeding would violate Singapore's public policy
because, among other things, the Indonesian plan set forth a
different classification regime than would be permitted under
Singapore law, and the debtors did not negotiate with all unsecured
creditors regarding alternative aircraft leasing arrangements. The
court held that the public policy exception to recognition under
the Singapore Model Law should be narrowly construed and that
courts should not refuse to recognize a foreign insolvency
proceeding merely because the restructuring laws of the foreign
court and the recognizing court differ.  

Importantly, the decision addressed the Gibbs rule, an English law
precedent that forms part of the case law of many Commonwealth
countries, including Australia. The Gibbs rule provides that debt
must be restructured in accordance with its governing law. While
there is lack of modern Australian precedent concerning the
application of the Gibbs rule, its historical recognition creates
uncertainty and execution risk with respect to the ability to
enforce a foreign restructuring plan in Australia.  

JDSupra relates that in addressing this issue in the Singapore
context, Christopher Sontchi (who is a former U.S. bankruptcy judge
currently serving on the SICC panel) upheld an existing exception
to the Gibbs rule, finding that the rule did not bar recognition of
the Indonesian plan, as the creditors had submitted to the
jurisdiction of the Indonesian court by filing proofs of claim in
the Indonesian proceeding. Judge Sontchi also expressed skepticism
regarding the soundness of the Gibbs rule in the context of modern
cross-border insolvency. The decision tracks key aspects of the
analysis that has been developed in the United States under chapter
15 of the U.S. Bankruptcy Code, which contains the United States'
version of the UNCITRAL Model Law on Cross-Border Insolvency.  

JDSupra notes that the decision brings Singapore one step closer to
its goal of establishing itself as a regional restructuring hub and
may be cause for reflection on whether Australia should modernize
its approach to the Gibbs rule.




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

CENTRAL POWER: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has affirmed Central Power Corporation's (EVNCPC)
Long-Term Foreign Currency Issuer Default Rating at 'BB+' with a
Stable Outlook.

The rating on EVNCPC is equalised with that of the parent, Vietnam
Electricity (EVN, BB+/Stable), which wholly owns EVNCPC, in line
with Fitch's Parent and Subsidiary Linkage Rating Criteria. Fitch
assesses EVN's overall incentive to support the EVNCPC as 'High',
based on 'Low' legal and 'High' operational and strategic
incentives.

Fitch continues to assess EVNCPC's standalone credit profile (SCP)
at 'bb', at the same level as EVN's SCP, because EVN exerts
significant control over EVNCPC's financial profile, including
determining its profitability. This is despite EVNCPC's financial
profile being much stronger relative to its SCP. The SCP also
reflects EVNCPC's stable operating profile as a pure distribution
utility with monopoly position in its area of operation.

KEY RATING DRIVERS

'High' Strategic Incentives: Fitch believes EVN has 'High'
strategic incentive to support EVNCPC, should it face financial
difficulties given its monopoly position in electricity
distribution in the central region of Vietnam. Fitch believes
EVNCPC, similar to EVN's other four power distribution companies
(PCs) that each enjoy a regional monopoly position, provide high
competitive advantage to EVN given their critical role in the power
sector.

'High' Operational, 'Low' Legal Incentives: Fitch regards
operational synergies between EVN and EVNCPC as 'High' as it is an
integral part of EVN's electricity value chain in Vietnam. EVN also
has significant control over strategic, operational and financial
decisions at EVNCPC. Fitch views the legal incentives as 'low' in
the absence of any parent guaranteed debt or cross-default
provisions in the parent's debt.

Strong Market Position: EVNCPC benefits from its monopoly position
in electricity distribution in central Vietnam. Fitch expects
Vietnam's strong growth prospects to continue to drive power demand
and revenue growth for EVNCPC.

Diversified Counterparties, Low Receivable Risks: EVNCPC benefits
from its stable and diversified customer base with the top-20
customers accounting for only 8.1% of total revenue. Lower
counterparty risk is also reflected in EVNCPC's high collection
rates of almost 100% and low receivable days of around eight days.

Controlled Tariff Increases: EVN can raise retail electricity
tariffs every six months, in line with rising production costs,
under the regulatory framework introduced in August 2017. Automatic
adjustments are limited to 5%. Price increases of 5%-10% require
approval from the Ministry of Industry and Trade, and larger
increases need the prime minister's approval. The government raised
electricity tariffs by about 3% in May 2023 and 4.5% in November
2023 amid higher fuel prices. Fitch expects minimal tariff
increases over the next three year based on its assumption of
moderating commodity prices.

Lower ROE: Fitch expects EVNCPC's return on equity (ROE), which
averaged 1.0% from 2023-2026 (2022: 1.4%), to remain under pressure
from higher fuel prices. EVN sets the bulk-supply tariff, the major
cost component for distribution companies, including for EVNCPC,
with the aim of providing a modest level of profit.

Fall in Capex; Improving Leverage: Fitch expects EVNCPC's capex to
fall to VND3.5 trillion in 2023 (2022: VND5.1 trillion) and range
between VND3.5 trillion and VND 4.0 trillion annually during
2024-2026. EVNCPC's capex is mainly for enhancing the distribution
grid and building substations and transmission lines to improve the
power-supply capacity. Fitch estimates EVNCPC's EBITDA net leverage
at around 2.2x in 2023 (2022: 2.4x) and it will improve to around
1.8x by 2026.

DERIVATION SUMMARY

EVNCPC's rating is equalised to that of its parent, state-owned
EVN, which owns 100% of EVNCPC, based on 'High' incentives to
support in line with the Parent Subsidiary Linkage Rating
Criteria.

The assessment is similar to that Northern Power Corporation
(EVNNPC, BB+/Stable), the only distribution company in northern
Vietnam (except Hanoi); Southern Power Corporation (EVNSPC, BB+/
Stable), the monopoly electricity distribution company in southern
Vietnam (except Ho Chi Minh City); as well as Hanoi Power
Corporation (EVNHANOI, BB+/Stable) and Ho Chi Minh City Power
Corporation (EVNHCMC, BB+/Stable), the monopoly electricity
distribution companies in those two cities. The ratings of these
four PCs are also equalised with that of EVN. Fitch assesses EVN's
overall incentive to support the five PCs as 'High', based on 'Low'
legal and 'High' operation and strategic incentives. Fitch assesses
all the PCs' SCPs as 'bb', the same as that of EVN.

In comparison, the rating on National Power Transmission
Corporation (EVNNPT, BB+/ Stable) reflects its SCP. EVNNPT has
lower operating risk as a pure transmission player with better
geographical diversification than EVNCPC. Furthermore, EVNNPT's ROE
is determined by the regulator, albeit in consultation with EVN.
This compares with EVN's more significant influence on EVNCPC,
including determining the profitability, which explains why
EVNCPC's SCP is a notch lower than that of EVNNPT. EVNNPT's ratings
will be equalised with EVN's rating if its SCP is weaker than its
parent's rating. This is based on its assessment of 'High'
strategic and operational incentives for EVN to support EVNNPT in
line with the Parent and Subsidiary Linkage Rating Criteria.

KEY ASSUMPTIONS

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

- EVNCPC's electricity demand to remain at 8% in 2023 and 3% to 7%
from 2024 -2026

- Weighted average retail tariffs to increase by 4% annually in
2023-2024 and 0.2% in 2025-2026

- Bulk supply tariffs (BST) to grow by 14% in 2023, 6% in 2024 and
between 1%-2% from 2025 to 2026

- Distribution losses to remain around 4% in next three years
(2022: 4%).

- Annual capex of VND3.5 trillion-4.0 trillion over the next four
years.

- No dividend payouts

RATING SENSITIVITIES

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

- Positive rating action on EVN.

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

- Negative rating action on EVN.

For EVN's rating, the following sensitivities were outlined by
Fitch in a Rating Action Commentary on 13 December 2023:

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

- Positive rating action on the sovereign, provided the likelihood
of state support does not deteriorate significantly

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

- Negative rating action on the sovereign

- Deterioration in EVN's SCP, along with significant weakening in
linkages with the state. Fitch sees this as a remote prospect in
the medium term.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch estimates EVNCPC's cash of around VND5.5
trillion at end-2023 can cover debt maturities of VND2.8 trillion
in the next 12 months. Fitch expects the company to generate
neutral to modestly positive free cash flow over the near to medium
term due to the high planned capex. However, Fitch does not expect
liquidity to be a risk for the company as it benefits from its
relatively robust funding access, given its direct and indirect
linkages to EVN and the state, respectively.

ISSUER PROFILE

EVNCPC is one of five electricity distribution companies in Vietnam
with a monopoly over electricity distribution in central Vietnam.
EVNCPC is responsible for the development, operation, and
maintenance of facilities for the distribution of electricity.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EVNCPC's rating is directly linked to the credit quality of the
parent, EVN. A change in Fitch's assessment of the credit quality
of the parent would automatically result in a change in EVNCPC's
rating.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Central Power
Corporation          LT IDR BB+  Affirmed   BB+


NORTHERN POWER: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed Northern Power Corporation's (EVNNPC)
Long-Term Foreign-Currency Issuer Default Rating at 'BB+'. The
Outlook is Stable.

The rating on EVNNPC is equalised with that of the parent, Vietnam
Electricity (EVN, BB+/Stable), which wholly owns EVNNPC, in line
with Fitch's Parent and Subsidiary Linkage Rating Criteria. Fitch
assesses EVN's overall incentive to support the EVNNPC as 'High',
based on 'Low' legal and 'High' operational and strategic
incentives.

Fitch continues to assess EVNNPC's Standalone Credit Profile (SCP)
as 'bb', the same level as EVN's SCP, because EVN exerts
significant control over EVNNPC's financial profile, including
determining its profitability. This is despite EVNNPC's financial
profile being much stronger relative to its SCP. The SCP also
reflects EVNNPC's stable operating profile as a pure distribution
utility with monopoly position in its area of operation.

KEY RATING DRIVERS

'High' Strategic Incentives: Fitch believes EVN has 'High'
strategic incentive to support EVNNPC, should it face financial
difficulties given the subsidiary's monopoly position in
electricity distribution in the northern region of Vietnam (except
Hanoi). Fitch believe EVNNPC, similar to EVN's other four power
distribution companies (PCs) that each enjoy a regional monopoly
position, provide high competitive advantage to EVN given their
critical role in the power sector.

'High' Operational, 'Low' Legal Incentives: Fitch regards
operational synergies between EVN and EVNNPC as 'High' because the
subsidiary is an integral part of EVN's electricity value chain in
Vietnam. EVN also has significant control over strategic,
operational and financial decisions at EVNNPC. Fitch views the
legal incentives as 'Low' in the absence of any parent guaranteed
debt or cross-default provisions in the parent's debt.

Strong Market Position: EVNNPC benefits from its monopoly position
in electricity distribution in northern Vietnam (except Hanoi).
Fitch expects Vietnam's strong growth prospects to continue to
drive power demand and revenue growth for EVNNPC.

Demand Recovery in 2024: Fitch forecasts electricity demand to
increase by around 4.8% in 2024; power demand in 2023 rose by 4.7%
after power supply shortages in 1H23 due to low water levels in key
reservoirs. Fitch expects demand growth to improve to around 6.0%
from 2025 to 2026, in line with Fitch's expectations for strong GDP
growth of 6.3%-6.5% for Vietnam.

Diversified Counterparties, Low Receivables Risk: EVNNPC's credit
profile benefits from its stable and diversified customer base with
its top-20 customers accounting for only around 10% of total
revenue. Lower counterparty risk is also reflected in EVNNPC's high
collection rates of almost 100% and low receivable days of around
three days.

Controlled Tariff Increases: Fitch expects minimal tariff increases
over the next three years, based on its assumption of moderating
commodity prices. EVN can raise retail electricity tariffs every
six months, in line with rising production costs, under the
regulatory framework introduced in August 2017. Automatic
adjustments are limited to 5%. Price increases of 5%-10% require
approval from the Ministry of Industry and Trade, and larger
increases need the prime minister's approval. The government raised
electricity tariffs by about 3% in May 2023 and 4.5% in November
2023 amid higher fuel prices.

ROE to Remain Low: Fitch expects EVNNPC's return on equity (ROE) to
remain under pressure from higher fuel prices and stay around 1.0%
(2022: 1%). EVN sets the bulk-supply tariff, the major cost
component for distribution companies, including for EVNNPC, with
the aim of providing a modest level of profit.

High Capex Forecast, Stable Leverage: Fitch expects EVNNPC's capex
to remain high, ranging between VND11.6 trillion and VND13.4
trillion annually during 2023-2026. EVNNPC's capex is mainly for
enhancing the distribution grid and building substations and
transmission lines to improve the power-supply capacity. Fitch
estimates EVNNPC's EBITDA net leverage at around 2.5x during
2023-2026.

DERIVATION SUMMARY

EVNNPC's rating is equalised to that of its parent, state-owned
EVN, which owns 100% of EVNNPC, based on 'High' incentives to
support, in line with its Parent and Subsidiary Linkage Rating
Criteria.

The assessment is similar to that on Central Power Corporation
(EVNCPC, BB+/Stable), the only distribution company in central
Vietnam; Southern Power Corporation (EVNSPC, BB+/ Stable), the
monopoly electricity distribution company in southern Vietnam
(except Ho Chi Minh City); as well as Hanoi Power Corporation
(EVNHANOI, BB+/Stable) and Ho Chi Minh City Power Corporation
(EVNHCMC, BB+/Stable), the monopoly electricity distribution
companies in those two cities.

The ratings of these four PCs are also equalised with that of EVN.
Fitch assesses EVN's overall incentive to support the five PCs as
'High', based on 'Low' legal and 'High' operation and strategic
incentives. Fitch assesses all the PCs' SCPs as 'bb', the same as
that of EVN.

In comparison, the rating on National Power Transmission
Corporation (EVNNPT, BB+/ Stable) reflects its SCP. EVNNPT has
lower operating risk as a pure transmission player with better
geographical diversification than EVNNPC. Furthermore, EVNNPT's ROE
is determined by the regulator, albeit in consultation with EVN.
This compares with EVN's more significant influence on EVNNPC,
including determining the profitability, which explains why
EVNNPC's SCP is a notch lower than that of EVNNPT.

EVNNPT's ratings will be equalised with EVN's rating if its SCP is
weaker than its parent's rating. This is based on its assessment of
'High' strategic and operational incentives for EVN to support
EVNNPT, in line with its Parent and Subsidiary Linkage Rating
Criteria.

KEY ASSUMPTIONS

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

- Electricity demand to rise by 5% annually in 2023-2024 and 6.0%
annually in 2025-2026;

- Weighted-average retail tariffs to increase by 4% in 2023, 5% in
2024 and between 0.1%-1.7% in 2025-2026;

- Bulk-supply tariffs (BST) to increase by around 6% annually in
2023-2024 and 1% annually in 2025-2026;

- Distribution losses to improve to around 4% over the next three
years (2022: 4.1%);

- Capex of around VND11.6 trillion-13.4 trillion a year during
2023-2026;

- No dividend payouts.

RATING SENSITIVITIES

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

- Positive rating action on EVN.

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

- Negative rating action on EVN.

For EVN's rating, the following sensitivities were outlined by
Fitch in a Rating Action Commentary on 13 December 2023:

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

- Positive rating action on the sovereign, provided the likelihood
of state support does not deteriorate significantly.

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

- Negative rating action on the sovereign;

- Deterioration in EVN's SCP, along with significant weakening in
linkages with the state. Fitch sees this as a remote prospect in
the medium term.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch estimates EVNNPC's cash of around VND11.2
trillion can cover debt maturities of VND7.1trillion in the next 12
months. Fitch expects the company to generate negative free cash
flow over the near to medium term, due to high planned capex.
However, Fitch does not expect liquidity to be a concern for
EVNNPC, as the company has direct linkages to EVN and indirect to
the state.

ISSUER PROFILE

EVNNPC is the sole distribution company in North Vietnam, except
Hanoi. It caters for around 10 million end users of EVN in the
region, the highest number of customers handled by any of the
parent's distribution company. It has the longest operational
history and experience in the difficult terrains of North Vietnam,
adding to its importance to EVN.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EVNNPC's rating is directly linked to the credit quality of the
parent, EVN. A change in Fitch's assessment of the credit quality
of the parent would automatically result in a change in EVNNPC's
rating.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Northern Power
Corporation          LT IDR BB+  Affirmed   BB+


SOUTHERN POWER: Fitch Affirms 'BB+' LongTerm Foreign Currency IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed Southern Power Corporation's (EVNSPC)
Long-Term Foreign-Currency Issuer Default Rating at 'BB+'. The
Outlook is Stable.

The rating on EVNSPC is equalised with that of the parent, Vietnam
Electricity (EVN, BB+/Stable), which wholly owns EVNSPC, in line
with Fitch's Parent and Subsidiary Linkage Rating Criteria. Fitch
assesses EVN's overall incentive to support EVNSPC as 'High', based
on 'Low' legal and 'High' operational and strategic incentives.

Fitch continues to assess EVNSPC's Standalone Credit Profile (SCP)
as 'bb', the same level as EVN's SCP, because EVN exerts
significant control over EVNSPC's financial profile, including
determining its profitability. This is despite EVNSPC's financial
profile being much stronger relative to its SCP. The SCP also
reflects EVNSPC's stable operating profile as a pure distribution
utility with monopoly position in its area of operation.

KEY RATING DRIVERS

'High' Strategic Incentives: Fitch believes EVN has a 'High'
strategic incentive to support EVNSPC, should it face financial
difficulties given the subsidiary's monopoly position in
electricity distribution in the southern region of Vietnam (except
Ho Chi Minh City). Fitch believes EVNSPC, similar to EVN's other
four power distribution companies (PCs) that each have a regional
monopoly position, provide high competitive advantages to EVN given
their critical role in the power sector.

'High' Operational, 'Low' Legal Incentives: Fitch regards
operational synergies between EVN and EVNSPC as 'High' because the
subsidiary is an integral part of EVN's electricity value chain in
Vietnam. EVN also has significant control over strategic,
operational and financial decisions at EVNSPC. Fitch views the
legal incentives as 'Low' in the absence of any parent guaranteed
debt or cross-default provisions in the parent's debt.

Strong Market Position: EVNSPC benefits from its monopoly position
in electricity distribution in southern Vietnam (except Ho Chi Minh
City). Fitch expects Vietnam's strong growth prospects to continue
to drive power demand and revenue growth for EVNSPC.

Diversified Counterparties, Low Receivables Risk: EVNSPC's credit
profile benefits from its stable and diversified customer base,
with the top 20 customers accounting for around 11% of total
revenue. Lower counterparty risk is also reflected in EVNSPC's high
collection rates of well above 99% and low receivable days of less
than five days.

Controlled Tariff Increases: Fitch expects minimal tariff increases
over the next three years, based on its assumption of moderating
commodity prices. EVN can raise retail electricity tariffs every
six months, in line with rising production costs, under the
regulatory framework introduced in August 2017. Automatic
adjustments are limited to 5%. Price increases of 5%-10% require
approval from the Ministry of Industry and Trade, and larger
increases need the prime minister's approval. The government raised
electricity tariffs by about 3% in May 2023 and 4.5% in November
2023 amid higher fuel prices.

ROE to Remain Low: Fitch expects EVNSPC's return on equity (ROE),
which averaged 0.9% during 2023-2026 (2022: 0.6%), to remain under
pressure from higher fuel prices. EVN sets the bulk-supply tariff,
the major cost component for distribution companies, including
EVNSPC, with the aim of providing them a modest level of profit.

High Capex Forecast; Leverage Remains Low: Fitch expects EVNSPC's
capex to remain high, ranging between VND9.1 trillion and VND12.0
trillion annually during 2023-2026. EVNSPC's capex is mainly for
enhancing the distribution grid and building substations and
transmission lines to improve the power-supply capacity. Fitch
estimates EVNSPC's EBITDA net leverage to be around 1.7x to 2.3x
during 2023-2026.

DERIVATION SUMMARY

EVNSPC's rating is equalised to that of its parent, state-owned
EVN, which owns 100% of EVNSPC, based on 'High' incentives to
support, in line with its Parent and Subsidiary Linkage Rating
Criteria.

The assessment is similar to that Central Power Corporation
(EVNCPC, BB+/Stable), the only distribution company in central
Vietnam; Northern Power Corporation (EVNNPC, BB+/ Stable), the
monopoly electricity distribution company in northern Vietnam
(except Hanoi); as well as Hanoi Power Corporation (EVNHANOI,
BB+/Stable) and Ho Chi Minh City Power Corporation (EVNHCMC,
BB+/Stable), the monopoly electricity distribution companies in
those two cities.

The ratings of these four PCs are also equalised with that of EVN.
Fitch assesses EVN's overall incentive to support the five PCs as
'High', based on 'Low' legal and 'High' operation and strategic
incentives. Fitch assesses all the PCs' SCPs as 'bb', the same as
that of EVN.

In comparison, the rating on National Power Transmission
Corporation (EVNNPT, BB+/ Stable) reflects its SCP. EVNNPT has
lower operating risk as a pure transmission player with better
geographical diversification than EVNNSPC. Furthermore, EVNNPT's
ROE is determined by the regulator, albeit in consultation with
EVN. This compares with EVN's more significant influence on EVNSPC,
including determining the profitability, which explains why
EVNSPC's SCP is a notch lower than that of EVNNPT.

EVNNPT's ratings will be equalised with EVN's rating if its SCP is
weaker than its parent's rating. This is based on its assessment of
'High' strategic and operational incentives for EVN to support
EVNNPT in line with its Parent and Subsidiary Linkage Rating
Criteria.

KEY ASSUMPTIONS

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

- Electricity demand to rise by 3% annually in 2023-2024, before
recovering to 6%-7% in 2025-2026;

- Weighted-average retail tariffs to increase by 4% in 2023 and
between 3%-4% in 2024-2026;

- Bulk-supply tariffs to increase by 6% annually in 2023 and
average 0.1% annually in 2024-2026;

- Distribution losses to remain stable around 4% over the next four
years;

- Capex of around VND9.1 trillion in 2023, and around VND10.8
trillion-12.0 trillion a year in 2024-2026;

- No dividend payouts.

RATING SENSITIVITIES

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

- Positive rating action on EVN.

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

- Negative rating action on EVN.

For EVN's rating, the following sensitivities were outlined by
Fitch in a Rating Action Commentary on 13 December 2023:

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

- Positive rating action on the sovereign, provided the likelihood
of state support does not deteriorate significantly

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

- Negative rating action on the sovereign

- Deterioration in EVN's SCP, along with significant weakening in
linkages with the state. Fitch sees this as a remote prospect in
the medium term.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: EVNSPC had VND3.9 trillion of cash and cash
equivalents at end-2023, against current debt maturities of VND2.2
trillion. Fitch expects the company to generate negative free cash
flow in the near to medium term, due to high planned capex. Fitch
does not expect liquidity to be a concern for EVNSPC, as the
company has direct linkages to EVN and indirect to the state.

ISSUER PROFILE

EVNSPC is the second-largest electricity distribution company in
south Vietnam with around 30% market share in terms of customer
base and a monopoly position in electricity distribution in 21
provinces in the southern region, except Ho Chi Minh City.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EVNSPC's rating is directly linked to the credit quality of the
parent, EVN. A change in Fitch's assessment of the credit quality
of the parent would automatically result in a change in EVNSPC's
rating

ESG CONSIDERATIONS

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

   Entity/Debt            Rating          Prior
   -----------            ------          -----
Southern Power
Corporation        LT IDR BB+  Affirmed   BB+



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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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

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

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