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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, May 20, 2024, Vol. 27, No. 101

                           Headlines



A U S T R A L I A

AIR VANUATU: Owes at Least AUD99 Million, Liquidators Reveal
DBL FUNDING 2024-1: Moody's Assigns Ba2 Rating to AUD1.2MM E Notes
ELLIOTT BOOKS: First Creditors' Meeting Set for May 23
KEMBLAWARRA PORTUGUESE: First Creditors' Meeting Set for May 23
LA TROBE 2024-2: Moody's Assigns B2 Rating to AUD6MM Class F Notes

MINISO CASTLE: First Creditors' Meeting Set for May 23
OPENN PTY: First Creditors' Meeting Set for May 23
OZWIDE ENERGY: First Creditors' Meeting Set for May 23
REDZED TRUST 2023-2: Fitch Affirms 'BB-sf' Rating on Class F Notes
REDZED TRUST 2024-1: Fitch Assigns 'BB-sf' Rating to Class F Notes

SHIFT TRUST 2024-1: Moody's Assigns B2 Rating to AUD5.48MM F Notes
TOMBOLA GOLD: Shovel Ready, Near Production Operations Up For Sale


C A M B O D I A

CAMBODIA: Moody's Affirms B2 LT Issuer Rating, Outlook Now Stable


C H I N A

AGILE GROUP: Moody's Cuts CFR to Ca & Senior Unsecured Debt to C
COUNTRY GARDEN: Hong Kong Liquidation Hearing Adjourned to June 11


I N D I A

ANGLE INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
ARAYAA SPINTEX: Ind-Ra Moves B- Rating to NonCooperating
ASHUTOSH CHAWAL: CARE Keeps B- Debt Rating in Not Cooperating
BIVAB DEVELOPERS: CARE Lowers Rating on INR6.95cr LT Loan to B-
CABBANA INFRASTRUCTURES: Ind-Ra Moves D Rating to NonCooperating

CENTURY SHELTORS: Ind-Ra Moves D Rating to NonCooperating
CHENANI NASHRI: Ind-Ra Corrects January 16, 2024 Rating Release
CHHATRAPATI SAHAKARI: Ind-Ra Moves D Rating to NonCooperating
DECCAN INDUSTRIES: CARE Lowers Rating on INR9.40cr LT Loan to B
DEKSON CASTINGS: CARE Lowers Rating on INR12.62cr LT Loan to B-

DYNAMIC FINE: CARE Keeps B+ Debt Rating in Not Cooperating
ENEM NOSTRUM: Ind-Ra Moves D Loan Rating to NonCooperating
GEMUS ENGINEERING: Ind-Ra Cuts Loan Rating to D
GLOBAL COAL: Ind-Ra Moves D Rating to NonCooperating
GRACE SUPPLIERS: Ind-Ra Affirms BB Bank Rating, Outlook Stable

GUNA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
ILASAKAA STEELS: CARE Keeps D Debt Ratings in Not Cooperating
INDIGO FACILITY: CARE Lowers Rating on INR10.85cr LT Loan to C
KHOKHAR INFRASTRUCTURE: Ind-Ra Moves D Rating to NonCooperating
KUMARAPALAYAM TOLLWAYS: Ind-Ra Moves D Rating to NonCooperating

KUNDLI MANESAR: Ind-Ra Moves D Rating to NonCooperating
LAXMI OIL: CARE Keeps D Debt Rating in Not Cooperating Category
MARIGOLD TRUST: Ind-Ra Moves D Rating to NonCooperating
MERCATOR PETROLEUM: Indian Oil Completes Acquisition of Company
METRO SPARE: CARE Keeps B+ Debt Rating in Not Cooperating Category

MKR POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category
MODERN INDIA: CARE Keeps B Debt Rating in Not Cooperating Category
MUMBAI INTERNATIONAL: Fitch Affirms BB+ Rating on USD Sr. Sec Notes
OM SMELTERS: CARE Keeps B- Debt Rating in Not Cooperating Category
PRG BUILDCON: Ind-Ra Moves BB- Rating to NonCooperating

Q1 BONE: CARE Keeps B- Debt Rating in Not Cooperating Category
RELIANCE CAPITAL: Seeks 10-Day Extension to Transfer Assets
S.D.S. ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating
S.K. RICE: CARE Keeps D Debt Rating in Not Cooperating Category
SAB MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category

SAI SRINIVASA: CARE Keeps B- Debt Rating in Not Cooperating
SANDCITY AUTOTEC: CARE Keeps B- Debt Rating in Not Cooperating
SHIVPRASAD FOODS: Ind-Ra Moves D Rating to NonCooperating
SHRADDHA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
STAR GRANITO: CARE Lowers Rating on INR4.25cr LT Loan to B-

SUJAY FEEDS: CARE Keeps B- Debt Rating in Not Cooperating Category
SURABI JEWELLS: Ind-Ra Assigns BB Bank Rating, Outlook Stable
TIRTHAK PAPER: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
TIRUPATI STRUCTURES: Ind-Ra Moves B+ Rating to NonCooperating
VEEKAY PVC: CARE Keeps B- Debt Rating in Not Cooperating Category

VINP DISTILLERIES: Ind-Ra Moves D Rating to NonCooperating
WRITER LIFESTYLE: Ind-Ra Moves D Rating to NonCooperating


I N D O N E S I A

SAKA ENERGI: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


J A P A N

RAKUTEN GROUP: Logs 15th Quarter of Losses on Mobile Service Woes
UNIVERSAL ENTERTAINMENT: Fitch Puts 'B-' LongTerm IDR on Watch Neg.


N E W   Z E A L A N D

AVIATION PROPERTY: Creditors' Proofs of Debt Due on June 12
DATAXCHANGE LIMITED: Court to Hear Wind-Up Petition on May 24
GMACH PROJECTS: Court to Hear Wind-Up Petition on June 27
PENFOLD'S HOSPITALITY: Creditors' Proofs of Debt Due on June 11
REACTIVE SOLUTIONS: Creditors' Proofs of Debt Due on June 10



S I N G A P O R E

EMPIRE BULLION: Court Enters Wind-Up Order
JA ENGINEERING: Court Enters Wind-Up Order
NEW DAWN: Court to Hear Wind-Up Petition on May 31
NO SIGNBOARD: Gazelle Ventures' Cash Offer Closed on May 16
TRANSKY PTE: Court Enters Wind-Up Order

UOB KAY: Creditors' Proofs of Debt Due on June 17


S O U T H   K O R E A

ASIANA AIRLINES: Net Loss Widens in Q1 on Higher Operating Costs

                           - - - - -


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

AIR VANUATU: Owes at Least AUD99 Million, Liquidators Reveal
------------------------------------------------------------
Ayesha de Kretser at The Australian Financial Review reports that
Air Vanuatu's administrators said the airline was "clearly not in a
position to meet its financial commitments" well before it
collapsed earlier this month, and is more than AUD99 million short
of being able to pay back its customers, staff and lenders in
full.

In a lengthy report to creditors, EY, the company's liquidators,
said Air Vanuatu had a "high-cost base for the size of . . .
operations" and "a significant level of debt", employing "a high
number of staff for an operation of [its] size and nature".

Air Vanuatu has been financially supported by the Vanuatu
government for some time.

AFR Weekend reported that governments in the Pacific indebted to
Beijing for Belt and Road Initiative infrastructure spending have
begun cutting costs, which sources said was one reason why a
financial lifeline to the carrier had been cut.

Air Vanuatu flew to Brisbane, Sydney, Melbourne and Auckland, as
well as Nadi in Fiji and Noumea in New Caledonia, and operated a
small domestic fleet.

The airline fell into liquidation on May 10 after cancelling dozens
of its international flights, with airlines across the Pacific
rushing to help rescue stranded passengers, the Financial Review
says.

The Australian Financial Review reported on May 15 that Fiji
Airways was interested in acquiring Air Vanuatu. Fiji Airways and
Virgin Australia have added extra flights to Vanuatu to help
travellers stuck in Port Vila.

On May 16, the Financial Review's Street Talk column reported Nauru
Airlines was also interested in some of Air Vanuatu's assets.

Nauru Airlines is a wholly state-owned enterprise. It operates a
seven-plane fleet and flies to destinations such as Brisbane, Nadi
and Majuro in the Marshall Islands.

Earlier last week, Virgin applied to the International Air Services
Commission for permission to fly seven more services a week from
July, after the Department of Foreign Affairs and Trade asked the
airline for assistance, the Financial Review reports.

In its report to creditors, EY said Air Vanuatu had been "unable to
meet the costs of parts critical to the fleet's operation
(resulting in aircraft being grounded for extended periods of
time), and encountered issues, such as defaulting under supplier
arrangements".

"The company's financial position is dire, and it clearly cannot
fund its own operations."

Its initial estimates suggest the company owes US$73.5 million
(AUD110 million) -- a figure that does not consider employee
entitlements but does include a US$21.8 million loan from the
government -- but has a shortfall of US$65.9 million to pay all
creditors, the Financial Review relays.

"The liquidators understand that prior to the liquidators'
appointment, the government had been providing continual financial
support to assist the airline and its operations through the
financial challenges," the report, authored by EY's Morgan Kelly,
Andrew Hanson and Justin Walsh, reads.

"We note that due to the poor state of the company's financial
records, we are unable to verify whether this information is
accurate."

DBL FUNDING 2024-1: Moody's Assigns Ba2 Rating to AUD1.2MM E Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
notes issued by Perpetual Corporate Trust Limited in its capacity
as trustee of the DBL Funding Trust No. 1 in respect of the Salute
Series 2024-1.

Issuer: DBL Funding Trust No. 1 Salute Series 2024-1

AUD368.0 million Class A Notes, Assigned Aaa (sf)

AUD22.0 million Class B Notes, Assigned Aa2 (sf)

AUD2.4 million Class C Notes, Assigned A2 (sf)

AUD5.6 million Class D Notes, Assigned Baa2 (sf)

AUD1.2 million Class E Notes, Assigned Ba2 (sf)

The AUD0.8 million Class F Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
prime residential mortgages originated and serviced by Defence Bank
Limited (DBL, Baa1/P-2/A3(cr)/P-2(cr)).

DBL is an Australian mutually owned, authorised deposit-taking
institution providing financial products and services to the
members of Australian Defence Force (ADF), as well as the broader
community. As of December 2023, around 73% of DBL's home loans were
to current or former members of the ADF that are eligible to
receive a subsidy under the Defence Home Ownership Assistance
Scheme (DHOAS). DBL is one of the three lenders selected to provide
home loans to the members of the ADF under the DHOAS. This scheme,
supported by the Commonwealth Government and administrated by the
Department of Veterans' Affairs, subsidises a material portion of
monthly home loan interest payments. As of December 2023, DBL had
total assets of approximately AUD3.7 billion, with Australian
residential mortgage assets representing AUD2.9 billion.

RATINGS RATIONALE

The definitive 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;

-- The liquidity facility in the amount of 0.8% of the outstanding
principal balance of all performing receivables subject to a floor
of AUD320,000; and

-- The credit strength and experience of DBL as the servicer.

According to Moody's, the transaction benefits from credit
strengths such as subordination to the Class A Notes in excess of
the Moody's individual loan analysis (MILAN) Stressed Loss; around
70.5% of loans to "uniformed" employees of the ADF and 77.1% of
loans benefiting from DHOAS which reduces borrower default
probability. However, Moody's notes that the transaction features
some credit weaknesses such as a relatively high proportion of
loans (17.2%) with a scheduled LTV above 80%.

Moody's MILAN Stressed Loss for the collateral pool —
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario — is 3.7%. Moody's
median expected loss for this transaction is 0.4%, which represents
a stressed, through-the-cycle loss relative to Australian
historical data.

The key transactional features are as follows:

-- Principal collections will initially be distributed
sequentially. Starting from the second anniversary of the closing
date, all notes may be able to participate in proportional
principal collections distribution, subject to the step down
conditions being satisfied.

-- The principal paydown will revert to sequential pay once the
aggregate invested amount of all notes is less than or equal to
10.0% of the aggregate initial invested amount of all notes on the
issue date.

Key pool features are as follows:

-- The portfolio has a weighted-average seasoning of 25.8 months.

-- The portfolio has a weighted average scheduled LTV ratio of
66.1%.

-- Around 70% of loans in the pool are to borrowers who at the
time of origination were "uniformed" employees of the ADF. They
have a lower default risk than an average borrower given their
employment stability. Furthermore, 82.8% of these loans benefit
from the DHOAS, which further reduces their default probability
through subsidised interest payments and higher likelihood of these
borrowers remaining in the ADF.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in October
2023.

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

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 expectations of loss could
improve from its original expectations because of fewer defaults by
underlying obligors or higher recoveries on defaulted loans. The
Australian job market and the housing market are primary drivers of
performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in credit quality of
transaction counterparties, fraud or lack of transactional
governance.

ELLIOTT BOOKS: First Creditors' Meeting Set for May 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Elliott
Books Pty Ltd will be held on May 23, 2024 at 2:00 p.m. virtually
by Microsoft Teams Teleconference.

Andrew Reginald Yeo and Timothy James Bradd of Pitcher Partners
were appointed as administrators of the company on May 14, 2024.


KEMBLAWARRA PORTUGUESE: First Creditors' Meeting Set for May 23
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Kemblawarra
Portuguese Sports & Social Club Ltd will be held on May 23, 2024 at
11:00 a.m. at Kemblawarra Portuguese Sports & Social Club, 156
Shellharbour Road in Warrawong.

Christopher J MacDonnell and Greg Parker of Restructuring Solutions
were appointed as administrators of the company on May 13, 2024.


LA TROBE 2024-2: Moody's Assigns B2 Rating to AUD6MM Class F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by Perpetual Corporate Trust Limited as trustee of
La Trobe Financial Capital Markets Trust 2024-2.

Issuer: La Trobe Financial Capital Markets Trust 2024-2

AUD300.00 million Class A1S Notes, Assigned Aaa (sf)

AUD500.00 million Class A1L Notes, Assigned Aaa (sf)

AUD110.00 million Class A2 Notes, Assigned Aaa (sf)

AUD48.00 million Class B Notes, Assigned Aa2 (sf)

AUD11.50 million Class C Notes, Assigned A2 (sf)

AUD11.00 million Class D Notes, Assigned Baa2 (sf)

AUD7.00 million Class E Notes, Assigned Ba2 (sf)

AUD6.00 million Class F Notes, Assigned B2 (sf)

The AUD4.00 million Equity 1 and AUD2.50 million Equity 2 Notes are
not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by La Trobe Financial Services Pty
Limited (La Trobe Financial, unrated).

La Trobe Financial is an Australian asset manager and mortgage
originator and has been an originator of mortgage loans in
Australia since 1952. As of March 31, 2024, La Trobe Financial had
AUD19.0 billion in total funds under management.

La Trobe Financial has extensive securitisation experience through
its various warehouse funding arrangements and term RMBS
transactions it has completed since 2014. This is its second term
RMBS transaction for 2024.

RATINGS RATIONALE

The definitive 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; the availability of excess
spread over the life of the transaction; the liquidity facility in
the amount of 1.50% of the notes balance; the legal structure; the
experience of La Trobe Financial as servicer; and the presence of
Perpetual Corporate Trust Limited as the standby servicer.

According to Moody's, the transaction benefits from credit
strengths such as the Class A1 notes benefit from 20% subordination
compared with 6.4% MILAN Stressed Loss, the turbo amortization of
junior notes using excess spread and that no loans in the pool have
a scheduled LTV above 81.0%. However, Moody's notes that the
transaction features some credit weaknesses such as a portion of
the portfolio underwritten on an alternative documentation (alt
doc) basis (59.4%), loans granted to self-employed borrowers
(68.3%) and loans secured by investment properties (52.6%).

Moody's Individual Loan Analysis (MILAN) stressed loss for the
collateral pool — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 6.4%. Moody's expected loss for this transaction is 0.9%, which
represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

-- While the Class A2 Notes are subordinate to the Class A1S and
Class A1L Notes (collectively the Class A1 Notes) in relation to
charge-offs, Class A2 and Class A1L Notes rank pari passu in
relation to principal payments, based on their stated amounts,
before the call option date. This feature reduces the absolute
amount of credit enhancement available to the Class A1L Notes.

-- Principal collections will be distributed on a sequential basis
at first, with allocation to the Class A1L and Class A2 Notes
ranking pari passu in relation to principal payments before the
call option date. Starting from the second anniversary from
closing, all notes (other than the Equity 1 and Equity 2 Notes) may
participate in proportional principal collections distribution,
subject to the step down criteria being satisfied. The step down
criteria include, among others, full repayment to the Class A1S
Notes, no unreimbursed charge-offs on any of the notes and Class A2
Note subordination of at least double since closing. While any of
the other notes are outstanding, the Equity 1 and Equity 2 Notes'
share of principal will be allocated in reverse sequential order
starting from the Class F Notes.

The key pool features are as follows:

-- The pool has a weighted-average scheduled LTV ratio of 69.0%.

-- Around 68.3% of loans are to self-employed borrowers. The
income of these borrowers is subject to higher volatility compared
with that of salary employed borrowers, and they may experience
higher default rates.

-- Around 59.4% of the loans were extended on an alternative
documentation basis.

-- Loans secured by investment properties represent 52.6% of the
pool.

-- Based on Moody's classifications, around 7.3% of borrowers have
adverse credit histories.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in October
2023.

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

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 current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. The Australian jobs
market and housing market are major drivers of performance. Other
reasons for worse performance than Moody's expects include poor
servicing, error on the part of transaction parties, deterioration
in credit quality of transaction counterparties, fraud and
insufficient transactional governance.

MINISO CASTLE: First Creditors' Meeting Set for May 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

         - Miniso Castle Tower Pty Ltd;
         - Miniso (Galeries) Pty Ltd;
         - Miniso Life Australia Pty Ltd;
         - Miniso Master Franchisee Pty Ltd;
         - Miniso Parramatta Pty Ltd;
         - Miniso Rhodes Pty Ltd;
         - Miniso (Sydney Central) Pty Ltd;         
         - Miniso HR Pty Ltd;
         - Miniso Top Ryde Pty Ltd; and
         - Miniso Holdings Pty Ltd

will be held on May 23, 2024 at 11:00 a.m. at the offices of Jirsch
Sutherland at Suite 14.02, Level 14, 383 Kent St in Sydney.

(Melissa) Poh Bee Lau, Andrew John Spring and Peter John Moore of
Jirsch Sutherland were appointed as administrators of the company
on May 13, 2024.


OPENN PTY: First Creditors' Meeting Set for May 23
--------------------------------------------------
A first meeting of the creditors in the proceedings of Openn Pty
Ltd, Openn Negotiation Limited, Openn Tech Pty Ltd, and Openn World
Pty Ltd will be held on May 23, 2024 at 10:00 a.m. via virtual
meeting technology.

Richard Tucker and John Bumbak of KordaMentha were appointed as
administrators of the company on May 13, 2024.


OZWIDE ENERGY: First Creditors' Meeting Set for May 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Ozwide
Energy Group Pty Ltd will be held on May 23, 2024 at 3:00 p.m. at
the offices of Romanis Cant at Level 2, 106 Hardware Street in
Melbourne.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on May 13, 2024.


REDZED TRUST 2023-2: Fitch Affirms 'BB-sf' Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has upgraded two note classes and affirmed 10 from
two RedZed Trust Series transactions.

The transactions are backed by first-ranking Australian conforming
and non-conforming full- and low-documentation mortgage loans
originated by RedZed Lending Solutions Pty Limited. The notes were
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the series.

The upgrades to RedZed Trust Series 2021-3's class D and E notes
reflect the build-up of credit enhancement that has more than
offset the impact of increased arrears on the foreclosure frequency
of the transaction.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
RedZed Trust
Series 2021-3

   A-3yr AU3FN0063913   LT AAAsf  Affirmed   AAAsf
   B AU3FN0063921       LT AAAsf  Affirmed   AAAsf
   C AU3FN0063947       LT AAAsf  Affirmed   AAAsf
   D AU3FN0063939       LT AA+sf  Upgrade    A+sf
   E AU3FN0063954       LT A+sf   Upgrade    A-sf
   F AU3FN0063962       LT BBBsf  Affirmed   BBBsf

RedZed Trust
Series 2023-2

   A AU3FN0079034       LT AAAsf  Affirmed   AAAsf
   B AU3FN0079042       LT AAsf   Affirmed   AAsf
   C AU3FN0079059       LT Asf    Affirmed   Asf
   D AU3FN0079067       LT BBBsf  Affirmed   BBBsf
   E AU3FN0079075       LT BBsf   Affirmed   BBsf
   F AU3FN0079083       LT BB-sf  Affirmed   BB-sf

KEY RATING DRIVERS

Deteriorating Asset Performance, but Sufficient Credit Enhancement:
The 30+ day arrears for RedZed Trust Series 2021-3 and 2023-2 as of
end-March 2024 were 4.2% and 4.7%, respectively, both tracking
higher than Fitch's 4Q23 non-conforming Dinkum RMBS Index of 3.69%.
The transactions' 90+ day arrears were 1.6% and 0.4%, respectively,
lower than the Dinkum 90+ day arrears of 1.65%. The high arrears
follow faster and higher interest rate hikes by the issuer than by
the central bank and persistent inflation that has pressured
borrowers' repayment capacity. There has been one loss on Series
2023-2 to date of AUD832.

The 'AAAsf' weighted-average foreclosure frequency (WAFF) for
Series 2021-3 of 19.3% is driven by the foreclosure frequency floor
applied to loans in arrears, the WA unindexed current loan/value
ratio of 61.9%, self-employed borrowers making up 98.0% of the
pool, low documentation loans making up 92.7% and, under Fitch's
methodology, non-conforming and investment loans comprising 11.3%
and 50.8%, respectively.

The 'AAAsf' WAFF for Series 2023-2 of 20.3% is driven by the
foreclosure frequency floor applied to loans in arrears, the WA
unindexed current loan/value ratio of 65.9%, self-employed
borrowers making up 96.2% of the pool, low documentation loans
making up 89.1% and, under Fitch's methodology, non-conforming and
investment loans comprising 18.2% and 45.6%, respectively.

Credit Enhancement Supports Ratings: Both transactions have built
up credit enhancement through sequential principal repayment since
closing, which has offset elevated arrears, supporting the current
ratings in the cash flow model. Furthermore, increases in house
prices could mitigate potential losses as loans progress through
the foreclosure process. The class F notes for Series 2021-3 were
constrained from upgrade by Fitch's large obligor concentration
test. Series 2021-3 is currently paying principal pro rata and will
revert to sequential paydown if performance deteriorates
significantly or if the transaction reaches the clean-up call date.
Series 2023-2 is currently paying principal sequentially, building
up credit enhancement, and will switch to pro rata when the
principal step-down test is satisfied.

Liquidity Risk Mitigated: Structural features include retention and
amortisation amounts that redirect excess income to repay the
notes' principal balances and liquidity facilities sized at 1.5% of
the invested note balance (excluding class G), with a floor of
AUD600,000 for Series 2021-3 and AUD750,000 for Series 2023-2; this
is sufficient to mitigate payment interruption risk.

Low Operational and Servicing Risk: RedZed was established in 2006
and is an experienced specialist lender for self-employed
borrowers. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with
market standards.

Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes during 2022-2023. GDP
growth in 2023 was 1.5% and unemployment was 3.8% in March 2024.
Fitch expects economic conditions to stabilise in 2024, with a
slight deceleration of the GDP growth rate to 1.4% and a marginal
increase in unemployment to 4.2%. This reflects Fitch's anticipated
effects of China's property downturn and the ongoing impact of
recent monetary tightening on consumer spending.

RATING SENSITIVITIES

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

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

Downgrade Sensitivities:

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

RedZed Trust Series 2021-3:

Notes: Class A-3yr / B / C / D / E / F

Current rating: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBBsf

Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf

Increase defaults by 30%: AAAsf / AAAsf / AAAsf / AA-sf / Asf /
BBBsf

Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AA-sf / Asf /
BBBsf

Reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / A+sf / BBB+sf /
BBBsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AAAsf / A+sf / A-sf / BBBsf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AA+sf / BBB+sf / BBBsf / BB+sf

RedZed Trust Series 2023-2:

Notes: Class A / B / C / D / E / F

Current rating: AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf

Increase defaults by 15%: AA+sf / AA-sf / A-sf / BB+sf / B+sf /
B+sf

Increase defaults by 30%: AA+sf / A+sf / A-sf / BBsf / B+sf / Bsf

Reduce recoveries by 15%: AA+sf / A+sf / BBBsf / BB-sf / Bsf / Bsf

Reduce recoveries by 30%: AA-sf / BBB+sf / BB+sf / Bsf / Less than
Bsf / Less than Bsf

Increase defaults by 15% and reduce recoveries by 15%: AAsf / Asf /
BBB-sf / B+sf / Less than Bsf / Less than Bsf

Increase defaults by 30% and reduce recoveries by 30%: Asf / BBBsf
/ BB-sf / Less than Bsf / Less than Bsf / Less than Bsf

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

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch 's
baseline scenario or sufficient build-up of credit enhancement that
would fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

Upgrade sensitivity is not relevant for the class A-3yr, B and C
notes for Series 2021-3, and the class A notes for Series 2023-2 as
they are rated 'AAAsf', which is the highest level on Fitch's
scale.

The rating on the class F note for Series 2021-3 is constrained by
the large obligor concentration test, which limits the rating to
'BBBsf'. Prepayments to the loans with the largest obligor loss
exposure, which result in the notes passing Fitch's concentration
test, could lead to positive rating action for this class of notes,
all else being equal. Sensitivity stress results for the remaining
rated notes are as follows:

RedZed Trust Series 2021-3:

Notes: Class D / E

Current rating: AA+sf / A+sf

Reduce defaults by 15% and increase recoveries by 15%: AAAsf /
AA+sf

RedZed Trust Series 2023-2:

Notes: Class B / C / D / E / F

Current rating: AAsf / Asf / BBBsf / BBsf / BB-sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / AAsf
/ A-sf / BBB-sf / BB+sf

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

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

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for this
transaction.

As part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

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

REDZED TRUST 2024-1: Fitch Assigns 'BB-sf' Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to RedZed Trust STC Series
2024-1's mortgage-backed pass-through floating-rate bonds. The
issuance consisted of notes backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans as well as small ticket commercial
(STC) loans originated by RedZed Lending Solutions Pty Limited.

The notes were issued by Perpetual Trustee Company Limited in its
capacity as trustee of RedZed Trust STC Series 2024-1. This is a
separate and distinct series created under a master trust deed.

The final rating on the class F notes is one notch higher than the
expected rating. This was due to the reduction in the transaction's
weighted-average (WA) note margin from the indicative WA note
margin previously modelled, which increases the excess spread
available.

   Entity/Debt              Rating             Prior
   -----------              ------             -----
RedZed Trust STC
Series 2024-1

   A-1-L AU3FN0087128   LT AAAsf  New Rating   AAA(EXP)sf
   A-1-S AU3FN0087110   LT AAAsf  New Rating   AAA(EXP)sf
   A-2 AU3FN0087136     LT AAAsf  New Rating   AAA(EXP)sf
   B AU3FN0087144       LT AAsf   New Rating   AA(EXP)sf
   C AU3FN0087151       LT Asf    New Rating   A(EXP)sf
   D AU3FN0087169       LT BBBsf  New Rating   BBB(EXP)sf
   E AU3FN0087177       LT BBsf   New Rating   BB(EXP)sf
   F AU3FN0087185       LT BB-sf  New Rating   B+(EXP)sf
   G1                   LT NRsf   New Rating   NR(EXP)sf
   G2                   LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The collateral pool totalled AUD600 million and consisted of 906
obligors with a WA unindexed current loan/value ratio (LVR) of
63.8% at the 29 February cut-off date.

KEY RATING DRIVERS

Sufficient Credit Enhancement: The class A-1-S, A-1-L, A-2, B, C,
D, E and F notes benefit from credit enhancement of 25.0%, 25.0%,
15.0%, 9.5%, 6.5%, 4.1%, 2.3% and 1.1%, respectively. The
transaction is backed by residential loans, which form 75.1% of the
pool, and STC loans, which form 24.9%.

The combined 'AAAsf' portfolio loss is 13.2% (residential 7.1% and
STC 31.7%), against 12.8% (residential 8.4% and STC 29.9%) for the
previous RedZed Trust STC Series 2023-1. The decrease in
residential portfolio loss is due to lower WA current and indexed
scheduled LVRs and under Fitch's methodology, a lower proportion of
non-conforming loans. The increase in STC portfolio loss is due to
a higher one-year probability of default (PD) and higher share of
the portfolio being in arrears for 30 or more days.

STC Borrower Credit Risk: For the STC portion of the pool,
historical data analysis was performed to derive a one-year PD
assumption of 1.3%, based on the annual average historical 90 days
past due associated with the underlying portfolio. This is higher
than 1.1% at RedZed STC 2023-1's closing to account for the recent
uptick in STC portfolio arrears.

Fitch added the default probability assumption to its proprietary
Portfolio Credit Model (PCM), which also takes into consideration
other key variables, such as portfolio amortisation profile,
obligor concentration and industry distribution.

Empirical data show that not all loans that become 90 days past due
will end in foreclosure. Fitch has analysed the cure rate for
RedZed's STC portfolio for loans that entered 90 days past due and
concluded that around 50% of these loans were cured. In line with
the SME Balance Sheet Securitisation Rating Criteria, Fitch has
capped the base expected cure rate assumption at 40%, and tiered it
for higher rating scenarios. The cure rates are then applied to the
PD from PCM. The STC portfolio's mean default probability after the
application of cure rate reduces to 17.2%.

STC Recovery Rate Lower than for Residential: For the STC portion
of the pool, Fitch applied collateral haircuts in line with the SME
Balance Sheet Securitisation Rating Criteria. The 'AAAsf' WA
recovery rate (WARR) for the STC portion came to 39.9%, lower than
the 'AAAsf' WARR for the residential portion of 56.2%.

Exposure to Obligor Concentration: Its PCM modelling, which
stresses default probability, correlation and recovery assumptions
for large groups of obligors, found that the pool's largest obligor
and the top-10 obligors account for 2.0% and 15.8%, respectively,
of the STC asset balance.

Limited Liquidity Risk: Fitch's payment interruption risk is
mitigated by a liquidity facility sized at 1.5% of the invested
note balance (excluding class G1 and G2 notes), with a floor of
AUD900,000. Other structural features include a yield enhancement
reserve that traps excess income to cover class A-1-S, A-1-L and
A-2 notes' interest shortfall with a limit of AUD900,000, retention
amounts that redirect excess available income to repay note
principal in reverse sequential order (excluding class G1 and G2
notes) with a limit of AUD500,000, and post call amortisation
amounts that redirect after-tax excess income to repay note
principal through the principal priority of payments waterfall.

Low Operational and Servicing Risk: RedZed, established in 2006, is
an experienced specialist lender for self-employed borrowers. Fitch
undertook an operational review and found that the operations of
the originator and servicer were comparable with the market.

Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes during 2022-2023. GDP
growth in 2023 was 1.5% and unemployment was 3.8% in March 2024.

Fitch expects economic conditions to stabilise in 2024, with a
slight deceleration in GDP growth to 1.4% and an increase in
unemployment to 4.2%. This reflects the expected impact on
Australia's economy from China's property downturn and lagged
effects of tighter monetary policy on consumption.

RATING SENSITIVITIES

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

A downgrade could stem from portfolio composition migrating towards
STC loans, as the STC loans attract a higher portfolio loss than
residential loans. Portfolio migration may occur if residential
loans were to have a higher prepayment rate, increasing the
concentration of STC loans.

In addition, transaction performance may also be affected by
changes in market conditions and the economic environment.
Unanticipated deterioration in the frequency of defaults and
recoveries could produce loss levels higher than Fitch's base case
and are likely to result in a decline in credit enhancement and
remaining loss-coverage levels available to the notes. Decreased
credit enhancement may make certain note ratings susceptible to
negative rating action, depending on the extent of coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions.

Note: A-1-S/ A-1-L/ A-2/ B/ C/ D/ E/ F

Final Ratings: AAAsf/ AAAsf/ AAAsf/ AAsf/ Asf/ BBBsf/ BBsf/ BB-sf

Increase defaults by 15%: AAAsf/ AA+sf/ AA+sf/ A+sf/ BBB+sf/
BBB-sf/ BBsf/ B+sf

Increase defaults by 30%: AAAsf/ AA+sf/ AA+sf/ A+sf/ BBB+sf/ BB+sf/
BBsf/ B+sf

Reduce recoveries by 15%: AAAsf/ AAAsf/ AA+sf/ A+sf/ BBB+sf/ BB+sf/
B+sf/ B+sf

Reduce recoveries by 30%: AAAsf/ AA+sf/ AA+sf/ A-sf/ BBBsf/ BB+sf/
Bsf/ B-sf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf/
AA+sf/ AA+sf/ Asf/ BBBsf/ BB+sf/ B+sf/ B+sf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf/
AA-sf/ A+sf/ BBBsf/ BB+sf/ B+sf/ less than Bsf/ less than Bsf

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

An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of credit enhancement that would fully
compensate for credit losses and cash flow stresses commensurate
with higher rating scenarios, all else being equal.

The class A-1-S, A-1-L and A-2 notes' ratings are at the highest
level on Fitch's scale and cannot be upgraded.

Note: B / C / D / E / F

Final Ratings: AAsf / Asf / BBBsf / BBsf / BB-sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf/ AAsf/
Asf/ BBB+sf/ BBB-sf

CRITERIA VARIATION

The transaction features a threshold rate mechanism. This is a
common feature in Australian RMBS and is therefore contemplated
under the APAC Residential Mortgage Rating Criteria. However, 24.9%
of the pool consisted of STC loans which were analysed under the
SME Balance Sheet Securitisation Rating Criteria, which do not
contemplate the concept of a threshold rate and, instead, WA margin
compression is generally modelled.

Fitch has applied the threshold rate for both the residential and
STC portions of the pool, given the similar characteristics between
both loan types and Fitch's view that the servicer will have the
legal ability to increase interest rates to meet required payments.
The similarities include: variable rate loan products, pricing of
loans based on the applicable standard variable rate constructed by
RedZed, which is not linked to any particular index, and RedZed's
contractually documented ability to reprice loans at its
discretion. Fitch has cash flow modelled the threshold rate with a
maximum increase to asset margins of 2.0%, consistent with the APAC
Residential Mortgage Rating Criteria.

The impact of the variation was a one-notch higher assigned rating
for class B and C notes.

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

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

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available for this transaction.

As part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

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

SHIFT TRUST 2024-1: Moody's Assigns B2 Rating to AUD5.48MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to notes issued by
AMAL Trustees Pty Ltd, as trustee of Shift 2024-1 Trust.

Issuer: Shift 2024-1 Trust

AUD163.76 million Class A Notes, Assigned Aaa (sf)

AUD19.78 million Class B Notes, Assigned Aa2 (sf)

AUD13.11 million Class C Notes, Assigned A2 (sf)

AUD8.97 million Class D Notes, Assigned Baa2 (sf)

AUD13.80 million Class E Notes, Assigned Ba2 (sf)

AUD5.48 million Class F Notes, Assigned B2 (sf)

The AUD2.55 million Class G1 Notes and the AUD2.55 million Class G2
Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of commercial
equipment loans and leases originated by Shift Financial Pty Ltd
("Shift"). Shift will act as servicer of the transaction. This is
Shift's second public ABS transaction.

Shift is an Australian SME lender providing working capital
facilities, term loans and asset finance to Australian businesses
since 2014. As of 31 March 2024, Shift has lent circa AUD3.4
billion.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of the rated notes' balance, the legal
structure, the experience of Shift as servicer; and the presence of
AMAL Asset Management Limited as a standby servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses. The key challenge in
the transaction is the limited historical data available for the
portfolio. Shift is a relatively new originator, with historical
default data for its equipment commercial loan book only available
from 2016 and for its unsecured business loans and line-of-credit
facilites from 2015. As such, the pool's performance could be
subject to greater variability than the observed data indicates.

The transaction's key features are as follows:

-- Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 28.80%, 20.20%, 14.50%, 10.60%, 4.60%
and 2.20% of note subordination, respectively.

-- Once the A to F stepdown conditions are satisfied, all notes,
excluding the Class G notes, will receive their pro-rata share of
principal. Step-down conditions include, among others, 34.6%
subordination to the Class A Notes and no unreimbursed charge-offs.
Once the A to G stepdown criteria are satisfied, all notes,
including the Class G notes, will receive their pro-rata share of
principal.

-- A swap provided by National Australia Bank Limited
(Aa1/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow the
schedule amortization of the fixed rate portion of the portfolio.

-- AMAL Asset Management Limited (AMAL) is the back-up servicer.
If Shift is terminated as servicer, AMAL will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan. AMAL has delegated the standby servicer
function to Verofi, a specialist third-party standby servicer,
however AMAL retains legal responsibility for the standby
servicer's contractual obligations.

Key portfolio features are as follows:

-- The portfolio is diversified both at an obligor level and a
geographical level. The largest obligor concentration is 0.7%.

-- The portfolio has a high yield of 12.7% which provides excess
spread to cure portfolio losses.

-- Heavy commercial vehicle loans are the largest component making
up 47.7% of the portfolio, intangible tertiary assets such as
installations and fitouts are the second largest component making
up 23.8% of the portfolio.

Key model assumptions:

Moody's base case assumptions are a portfolio loss rate of 5.20%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 32.00%.

To address the limited historical loss data on Shift's portfolio,
Moody's have benchmarked the performance to data from comparable
Australian commercial auto and equipment ABS originators. Moody's
have also overlaid additional stresses into Moody's default and PCE
assumptions.

Methodology Underlying the Rating Action

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

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

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

TOMBOLA GOLD: Shovel Ready, Near Production Operations Up For Sale
------------------------------------------------------------------
Australasian Mine Safety Journal reports that buyers are wanted for
multiple mining assets in Central Queensland.

Tombola Gold recently appointed McGrathNicol as receivers and
managers to seek expressions of interest in the state's North West
Mineral Province.

According to the report, the company's assets include the "shovel
ready" Mount Freda operation (120km east of Mount Isa),
"near-production" Golden Mile site and 300 kilo tonne per annum
Lorena processing plant (15km east of Cloncurry).

AMSJ relates that all mining leases and exploration permits have a
combined resource base of 124 kilo ounces at 2.3 grams per tonne,
covering c.447 sq km. They have a mine lifespan of up to 2.5 years
with "significant resource growth opportunity via exploration".

"Expressions of interest are sought by no later than 5:00 p.m. AEST
[on] Wednesday, May 22, 2024," the receivers and managers said in a
public statement.

Successful bidders will be invited to enter into a deed of company
arrangement for some or all of the assets, AMSJ adds.

                         About Tombola Gold

Tombola Gold Limited operates as a mineral exploration company in
Australia. The company explores for copper, gold, and cobalt
deposits. It holds interest in the Burra project consisting of 18
exploration licenses covering an area of 6,500 square kilometers
located in Burra region, South Australia; and the Mt Freda complex
project consisting of exploration licenses and mining leases
located in Cloncurry district, Western Queensland. The company was
formerly known as Ausmex Mining Group Limited and changed its name
to Tombola Gold Limited in May 2021.

Jamie Harris and Rob Brauer of McGrathNicol were appointed
receivers of Tombola Gold Limited and certain related entities:
Ausmex Mining Pty Ltd, Ausmex SA Pty Ltd, Tombola Tenements, and
Ausmex Resources Pty Ltd.




===============
C A M B O D I A
===============

CAMBODIA: Moody's Affirms B2 LT Issuer Rating, Outlook Now Stable
-----------------------------------------------------------------
Moody's Ratings has changed the Government of Cambodia's outlook to
stable from negative and affirmed the B2 long term issuer rating.

The change in outlook to stable reflects Cambodia's improving
external position amid narrowing trade deficits and gradual
recovery in tourism and FDI inflows. In particular, Cambodia's
current account deficit narrowed sharply over the past year owing
to a significant reduction in non-monetary gold imports that
distorted external metrics during the pandemic, and a robust
recovery in tourism and moderating merchandise import growth. On
the income and financing side, remittances and FDI inflows have
recovered. Continued improvement in Cambodia's external position
will help stabilize the country's reserve buffers, making it more
resilient to the related downside risks than envisaged in 2022.
Against these positive developments, the stable outlook also
captures downside risks to financial stability and the banking
system stemming from the downturn in real-estate sector following a
period of sustained high credit growth.

The affirmation of the B2 rating balances a weak institutional
framework, low income level and political risks against strong
growth prospects and highly affordable government debt burden.

Cambodia's local and foreign currency country ceilings remain
unchanged at Ba3 and B1, respectively. The two-notch gap between
the local currency ceiling and the sovereign rating reflects low
economic diversification, weak institutional strength and a modest
government footprint, and a moderate external vulnerability risk.
The one-notch gap between the foreign currency ceiling and the
local currency ceiling incorporates Moody's assessment of
Cambodia's weak policy effectiveness, a track record of transfer
and convertibility restrictions in times of stress against a
relatively open capital account.

RATINGS RATIONALE

RATIONALE FOR THE CHANGE IN OUTLOOK TO STABLE

IMPROVING TRADE BALANCE, TOURISM AND FDI FLOWS TO ALLEVIATE
EXTERNAL PRESSURES

Cambodia's current account balance shifted to a surplus position
from the second quarter of 2023 after ten consecutive quarters of
recording deficits, and Moody's expects current account deficit of
around 4-5% of GDP in the near to medium term as the economy
gradually recovers with rising demand for imported goods.

The current account balance recorded 1.3% of GDP in 2023 from
deficit of 19% in 2022 and 29.6% in 2021 on the back of a
significant reduction in volatility around the non-monetary gold
imports, which was the main driver for the widening of current
account deficits in 2021-22, distorting the balance of payment
statistics. While garment sector exports remain weak amid a
slowdown in demand from advanced economies, Moody's expects
non-garment sector exports to continue to gradually expand from a
very low base, including electrical and vehicle parts that
accounted for about 13% of total exports in 2023 from 5% in 2019.

Service sector exports continue to recover gradually after a sharp
pick-up in international tourist arrivals reaching 5.4 million in
2023, approaching 82% of pre-pandemic level. However, recovery in
tourism receipts remain slow as the origin of tourists has changed,
with a significant decline in Chinese tourists only partly offset
by increased visitors from neighboring countries. Moody's expects
the gradual recovery in tourism to continue, although the sector is
likely to generate lower foreign-currency receipts than
pre-pandemic for the foreseeable future. Meanwhile, FDI remains
stable at around 10% of GDP in 2022-23 allowing the country to run
significant basic balance surpluses. While the structural slowdown
in China, the largest contributor to FDI inflows, and rising
geopolitical risks could reduce FDI flows, the government's efforts
to foster diversification and streamline investment incentives
partly mitigates this risk.

Cambodia's foreign exchange reserves recovered to $15 billion as of
September 2023 from trough below $14 billion in November 2022,
representing 7.4 months of merchandise imports cover on the back of
improving trade flows and stable FDI. Moody's expects the
foreign-exchange reserve position to remain broadly stable, with
reserves hovering around $17 billion at the end of the year 2024.

DOWNTURN IN REAL ESTATE SECTOR RAISES MACRO PRUDENTIAL RISKS

While credit growth moderated to 13.1% in 2023 following four
consecutive years of at around 25% year-on-year on average, the
credit-to-GDP ratio remains high, exceeding 120% of GDP in 2023,
while the combination of oversupply and a cyclical downturn in the
real-estate sector poses risks to Cambodia's growth and financial
sector stability. In particular, slower transaction volumes and
downward pressures on property prices can result in liquidity
concerns for some real-estate developers facing a credit crunch
while private consumption will be dampened, posing challenges on
the country's economic recovery.

Banking sector risk has risen on the back of weakening asset
quality and profitability. The withdrawal of regulatory forbearance
on loan classifications and restructuring in June 2022 combined
with weaker credit quality in the real-estate sector led to rising
non-performing loans (NPLs) in the banking and microfinance
sectors, to 5.4% and 6.7%, respectively in 2023, from previous 3.2%
and 2.6% in 2022. Meanwhile higher funding costs amid global
tightening cycle and a surge in loan-loss provisions will weaken
profitability further. Nonetheless, the banking sector's capital
buffers remain high at above 20% despite deterioration in internal
capital generation. Against this backdrop, the central bank raised
the reserve requirement for foreign currency deposits to 12.5% from
9.0% in 2024 to ensure financial institutions keep sufficient
liquidity.

Moody's assesses that the risk of potential spill-over to sovereign
as contingent liabilities is low because Cambodia's banking sector
is highly fragmented and the system is dominated by foreign banks
limiting financial support from the government in case of material
stress. However, Moody's sees ongoing contingent liability risks
related to PPP projects focused on infrastructure and
transportation following the property sector downturn and slower
investment from China.

RATIONALE FOR THE AFFIRMATION OF THE B2 RATING

Cambodia's credit profile balances a weak institutional framework,
low income levels and political risks against strong growth
prospects and a moderate and highly affordable government debt
burden.

Cambodia's weak institutional framework reflects low rankings in
governance indicators and constraints on monetary policy
effectiveness because of high dollarisation levels in the economy,
as well as transparency issues. However, it is balanced against
strengthening fiscal policy effectiveness, as shown by the
increasing government revenue generation prior to the pandemic.

Despite the recent handover of prime-ministership, domination of a
single party over the past two decades in the overall political
system has contributed to low domestic political accountability and
could have a bearing on geopolitical relations with potential
consequences for preferential trade access, access to funding for
the government and the flow of FDI. The materialisation of such
risks would impact Cambodia's credit profile through lower growth,
weaker public finances, and pressures on the financing of the
current account deficit.

Cambodia's general government debt burden will remain stable around
27-30% of GDP until 2025, well below the B-rated median of 53% to
55% of GDP. Cambodia mostly relies on official multilateral and
bilateral creditor support for deficit and debt financing. On the
external public debt side, more than 60% is bilateral funding, with
China as the largest single creditor and the Paris Club comprising
most of the remaining. Multilateral lending is almost entirely
sourced from the Asian Development Bank (ADB, Aaa stable) and the
World Bank (IBRD, Aaa stable). Cambodia's large share of
concessional financing with long maturities and grace periods
largely limit debt servicing pressures, underpinning low government
liquidity risks. Government's interest payments as a share of
general government revenue will remain around 1.0% to 1.5% between
2023-25, compared to the B-rated median of around 10%.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Cambodia's ESG Credit Impact Score CIS-4 indicates that the rating
is lower than it would have been if ESG exposures were not present,
reflecting exposure to environmental and social risks and overall
weak governance profile and limited resilience.

Cambodia's exposure to environmental risks (E-3 issuer profile
score) is driven by physical climate risks and carbon transition.
The economy has been subject to droughts and floods, which pose
disruptions to agricultural activity and can deter tourist
activity, both major economic drivers. Water scarcity is also a
consideration, since a large proportion of the rural population
lacks access to safe drinking water.

Exposure to social risks (S-4 issuer profile score) remains despite
a young and growing population, low per capita incomes and a poor
provision of health and education services as well as weak access
to other basic infrastructure have constrained human capital
development.

The influence of governance on Cambodia's credit profile (G-4
issuer profile score) reflects relatively weak institutional
arrangements, a high incidence of corruption, generally weak rule
of law, and transparency issues, which compound policy
effectiveness.

GDP per capita (PPP basis, US$): 7,154 (2022) (also known as Per
Capita Income)

Real GDP growth (% change): 5.1% (2022) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 2.9% (2022)

Gen. Gov. Financial Balance/GDP: -0.7% (2022) (also known as Fiscal
Balance)

Current Account Balance/GDP: -19% (2022) (also known as External
Balance)

External debt/GDP: 56.2% (2022)

Economic resiliency: b1

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On May 13, 2024, a rating committee was called to discuss the
rating of the Cambodia, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutions and governance strength, have not materially
changed. The issuer's governance and/or management, have not
materially changed. The issuer's fiscal or financial strength,
including its debt profile, has not materially changed. The
systemic risk in which the issuer operates has materially
increased. The issuer's susceptibility to event risks has not
materially changed.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Upward pressures on the rating would arise if reforms were likely
to address the country's institutional weaknesses and enhance
policy effectiveness; or if the implementation of structural
reforms that support competitiveness and reduce hurdles to doing
business contributed to a material increase in economic
diversification and incomes; or if material reduction in macro
prudential and banking sector risks contributed to a broad
financial stability leading to a stronger growth in foreign direct
investment and household income.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward pressures would arise if strains on asset prices were
material or prolonged, leading to liquidity and solvency concerns
in the banking system, and raising macro stability risks for the
sovereign. A sharp or sustained slowdown in growth beyond Moody's
baseline expectations, either owing to the impact of external
conditions, repercussions from the withdrawal of preferential trade
access, or an unexpected and sharp unwinding of credit growth would
also present downward pressures on the rating.

Other triggers for a downgrade could arise from a fall in foreign
direct investment inflows, possibly due to domestic, economic or
political, or external shocks. This would raise pressure on
financing of the current account deficit and present external
vulnerability risks.

The principal methodology used in these ratings was Sovereigns
published in November 2022.



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

AGILE GROUP: Moody's Cuts CFR to Ca & Senior Unsecured Debt to C
----------------------------------------------------------------
Moody's Ratings has downgraded Agile Group Holdings Limited's
corporate family rating to Ca from Caa2 and the company's senior
unsecured rating to C from Caa3/Ca. Moody's has also maintained the
negative outlook.

"The downgrade of Agile's ratings and the negative outlook reflect
the company's weak liquidity with an interest payment default, as
well as Moody's expectation of weak recovery prospects for the
company's bondholders," says Daniel Zhou, a Moody's Assistant Vice
President and Analyst.

RATINGS RATIONALE

On May 14, 2024, Agile announced that the company did not repay
interest on its USD483 million senior notes by the grace period
that ended on May 13, 2024.

The non-payment of interest on its USD senior notes reflects the
company's weak liquidity and constrained financial flexibility. It
could also trigger a cross-default and accelerate the repayment of
its other debt obligations.

Moody's expects the recovery prospects for Agile's offshore
bondholders to be low in a bankruptcy scenario, given its high debt
leverage and large amount of financing at the operating subsidiary
level.

The agency has downgraded Agile's senior unsecured ratings to C,
which is one notch below the CFR because of the risk of structural
subordination. This risk reflects the fact that most of the claims
are at the operating subsidiaries and have priority over claims at
the holding company level in a bankruptcy scenario. As a result,
the expected recovery rate for claims at the holding company will
be lower.

In terms of environmental, social and governance (ESG) factors, the
Credit Impact Score of CIS-5 on Agile reflects the impact of ESG
attributes, especially governance risk, on its rating. The
assessment of the company's governance risk considers its weak
liquidity management and corporate governance practices.

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

Moody's could further downgrade Agile's CFR if the recovery
prospects for its creditors deteriorate.

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could develop if Agile improves
its liquidity position materially and repays its maturing debt
obligations on time.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Agile is a property developer in China. Property development is the
company's largest business segment, followed by the property
management and environmental protection businesses.

COUNTRY GARDEN: Hong Kong Liquidation Hearing Adjourned to June 11
------------------------------------------------------------------
Reuters reports that a Hong Kong court adjourned to June 11 a
hearing of a petition on May 17 seeking liquidation of Country
Garden, providing a breather to the embattled Chinese developer
amid Beijing's efforts to revive the crisis-hit property sector.

A Hong Kong firm filed the petition against Country Garden in
February for non-payment of a $205 million loan, Reuters notes. The
developer defaulted on $11 billion of offshore bonds last year and
is in the process of an offshore debt restructuring.

Reuters says Country Garden applied for the adjournment to prepare
more evidence. The request was not opposed by the petitioner which
filed the action against the company.

If Country Garden is able to present progress on the debt
restructuring talks with its offshore creditors, it would help the
developer push back against the liquidation petition.

A key group of creditors, the ad hoc group of bondholders, have
signalled their "neutral stance" towards the liquidation petition,
according to the petitioner's lawyer, Reuters relays. In a letter
to the court, the law firm Kirkland & Ellis, representing the ad
hoc group, said they no longer intended to appear in the court.

According to Reuters, the hearing into the petition comes against
the backdrop of Chinese authorities stepping up efforts to revive
the property sector, which slipped into an unprecedented debt
crisis in mid-2021.

Over the past few years, a growing list of developers has defaulted
on debt repayment obligations and a handful of them, including
China Evergrande Group have been ordered to be liquidated, Reuters
states.

Beijing's various policy measures since 2022 have failed to turn
around the sector, which represents around a fifth of the economy
and remains a major drag on consumer spending and confidence.

Evergrande was ordered to be liquidated in late January by a Hong
Kong court after it failed to offer a concrete restructuring plan
to creditors more than two years after defaulting on its offshore
debt.

Country Garden told some of its offshore creditors last month it
planned to present a debt restructuring proposal in the second half
of this year, Reuters has reported, as the embattled developer
scrambles to stave off the liquidation petition.

It also hired Kroll to carry out a liquidation analysis for the
lawsuit, Reuters reported in April, to assess potential recovery
rates for offshore creditors that they can present in court.

A liquidation order against Country Garden would worsen the outlook
for China's property sector.

Country Garden shares in Hong Kong have been suspended from trading
since April 2, pending the release of its 2023 financial results.

                       About Country Garden

Country Garden Services Holdings Co Ltd (HKE:6098) is an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

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

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

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



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

ANGLE INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Angle
Infrastructure Private Limited (AIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      90.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2023, placed the rating(s) of AIPL under the 'issuer
non-cooperating' category as AIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 14, 2024, January 24, 2024, February 3,
2024.

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

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

Incorporated in April 30, 2010, Angle Infrastructure Private
Limited (AIPL) is engaged in the development of residential/group
housing project in Gurgaon (Haryana). AIPL is a part of Delhi based
Krrish Group, which has interests in liquor business in Delhi,
Haryana, Bihar, Jharkhand, U.P. and real estate business in
Gurgaon, Faridabad and Delhi in India and Colombo in Sri Lanka. The
group is present in liquor business for over three decades through
Frost Falcon Distilleries Limited. The group entered the real
estate business in 2011 by launching its first ultra -luxury
project Provence Estate (under Jasmine Buildmart Pvt. Ltd. (JBPL),
a 10 lsf residential project in Gurgaon.


ARAYAA SPINTEX: Ind-Ra Moves B- Rating to NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
ARAYAA SPINTEX PRIVATE LIMITED to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B-/Stable (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR150 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B-/Stable (ISSUER NOT
     COOPERATING)/ IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR402.2 mil. Term Loan due on September 1,2031 migrated to
     non-cooperating category with IND B-/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

Incorporated in 2020, ASPL manufactures cotton yarn. Its
manufacturing unit, which is located in Burhanpur, Madhya Pradesh,
has an installed capacity of 4,096 rotors translating into a
production capacity of 8,700 metric tons per annum of cotton yarn.
The promoters are Krishna Kanhaiya Mittal, Ajay Mittal, Mohit
Mittal and Vishnu Mittal. The registered office is in Delhi.


ASHUTOSH CHAWAL: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ashutosh
Chawal Udyog (ACU) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      31.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 17, 2023,
placed the rating(s) of ACU under the 'issuer non-cooperating'
category as ACU had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ACU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 2, 2024, March 12, 2024, March 22, 2024.

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

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

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

Bundi (Rajasthan) based ACU was formed in 1981 as a proprietorship
concern by Mr. Chouthmal Maheshwari for carrying out the business
of trading and processing of paddy to produce rice. However, due to
death of the proprietor in February 2013, the constitution of the
firm was changed to partnership. Currently, there are four partners
in the firm viz. Mr. Vijendra Kumar Maheshwari, Mr. Satya Narayan
Jajoo, Mr. Chetanya Kumar Jajoo and Mr. Narendra Kumar Jajoo
sharing profit and loss equally. Its rice mill is located in Bundi
and spread across 2623 sq. meter area with installed capacity of 8
Ton Per Hour (TPH). The firm sells rice under the brand name of
'Double Katar' and 'Basant Bahar'. Further, the firm also sells
by-products of rice viz. husk and rice bran.


BIVAB DEVELOPERS: CARE Lowers Rating on INR6.95cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bivab Developers Private Limited (BDPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.95       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 27,
2023, placed the rating(s) of BDPL under the 'issuer
non-cooperating' category as BDPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BDPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 13, 2024, January 23, 2024, February 2,
2024.

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

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

The ratings assigned to the bank facilities of BDPL have been
revised on account of non-availability of requisite information.
The revision also factored in decline in overall profit levels,
increase in total debt levels and deteriorated capital structure
during FY23.

Incorporated in the year 1997, Bivab Developers Private Limited
(BDPL) was promoted by Mr. Binay Krishna Das and Mrs. Evarani
Pattnaik based out of Bhubaneshwar, Odisha. Since its inception,
BDPL's has been engaged in development of real estate projects in
the state of Odisha. The entity has already developed a residential
cum commercial real estate project namely 'Bivab Heritage' with
total saleable area of 36,000 square feet. In the aforesaid
project, the entity has developed G+4 with 36 units with parking
facilities. Out of 36, 000 square feet saleable area, 30,617 square
feet has already been sold out. Currently, it is developing four
new projects in the name of 'Bivab Nest', 'Bivab Square', 'Bivab
Sai Manour' and 'The Zeus'.  The aggregate costs for the four
projects are estimated to be INR165.82 crore which is be funded by
term loan of INR24.00 crore, promoter's funds of INR53.41 crore and
balance through customer advances. The entity has spent around
INR53.41 crore till August 31, 2019 in the aforesaid projects
funded through promoters' contributions.


CABBANA INFRASTRUCTURES: Ind-Ra Moves D Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Cabbana Infrastructures Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR250 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR113.72 mil. Term loan due on August 31, 2024 migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

Incorporated in 2008, CIPL is a five-star hotel located in
Jalandhar, Punjab.



CENTURY SHELTORS: Ind-Ra Moves D Rating to NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Century Sheltors Developers Pvt Ltd to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR1.50 bil. Non-Convertible Debenture due on September 30,
     2024 migrated to non-cooperating category with IND D (ISSUER
     NOT COOPERATING) rating; and

-- INR1.50 bil. Non-Convertible Debenture due on September 30,
     2024 migrated to non-cooperating category with IND D (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

Incorporated in 2007, CSDPL is engaged in buying, selling, renting
and operating of self-owned or leased real estate such as apartment
building and dwellings, non-residential buildings, and developing
and subdividing real estate into lots.


CHENANI NASHRI: Ind-Ra Corrects January 16, 2024 Rating Release
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Chenani Nashri
Tunnelway Limited's (CNTL) rating published on January 16, 2024 to
include the rating sensitivities.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has affirmed Chenani Nashri
Tunnelway Limited's (CNTL) bank loans' ratings as follows:

-- INR29,760 bil. (INR27,721.1 bil. outstanding on August 30,
     2020) Senior long-term bank loans (Long-term)* affirmed with
     IND D rating; and

-- INR3,720 bil. (INR3,342.5 bil. outstanding on August 30, 2020)

     Subordinated long-term bank loans (Long-term) affirmed with
     IND D rating.

* including USD43 million external commercial borrowings

Analytical Approach: Ind-Ra has taken a standalone view of CNTL to
arrive at the ratings.

CNTL has been providing project-related information in a timely
manner since September 2022 in line with regulatory compliance.

Key Rating Drivers

Liquidity Indicator – Poor: The affirmation reflects CNTL's
continued delays in debt servicing since September 2018, as per the
agency's discussions with management and lenders. The ratings also
factor in the lack of any clarity on the right of sponsor-infused
unsecured loans to call an event of default on CNTL's loans.  

As per the National Company Law Appellate Tribunal ruling dated
March 12, 2020, CNTL continues to be classified as an amber entity,
based on its debt-servicing ability, indicating its inability to
meet all its payment obligations, other than operational and
payment obligations towards senior secured financial creditors.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

Company Profile

CNTL, which is  wholly owned by IL&FS Transporation Networks
Limited ('IND D'), is a special purpose vehicle created to
implement the four-laning of the Chenani-to-Nashri section of the
National Highway 1A (including a two-lane, 9km tunnel in the
Udhampur district near Jammu).


CHHATRAPATI SAHAKARI: Ind-Ra Moves D Rating to NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Chhatrapati Sahakari Sakhar Karkhana Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR822.40 mil. Fund Based Working Capital Limit migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR40.625 mil. Term loan migrated to non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

CSSKL is a co-operative sugar factory located in Sawargaon,
Majalgaon, in Beed (Maharashtra). It has an installed sugar
crushing capacity of 1,250 tons of cane per day.



DECCAN INDUSTRIES: CARE Lowers Rating on INR9.40cr LT Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Deccan Industries (DI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.40       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 22,
2023, placed the rating(s) of DI under the 'issuer non-cooperating'
category as DI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 8, 2024, January 18, 2024, January 28, 2024.

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

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

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

Deccan Industries (DI) was established in 1981 as a partnership
firm. The firm is mainly engaged in manufacturing of submersible
pump set which finds its usage in irrigation pumping, building
services, solar pumping and water supply engineering. The firm has
in house manufacturing facilities for producing submersible pump
sets. The firm has customer bandwidth with dealers of which
majority of them located in Tamil Nadu region. The installed
capacity of manufacturing unit is 1500 pumps per month as on date
December 7, 2020. The firm's manufacturing unit is located in
Coimbatore and sells its products in its own brand named "Deccan"
in Coimbatore.


DEKSON CASTINGS: CARE Lowers Rating on INR12.62cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Dekson Castings Limited (DCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.62       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 15,
2023, placed the rating(s) of DCL under the 'issuer
non-cooperating' category as DCL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. DCL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 1, 2024, January 11, 2024, January 21,
2024.

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

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

The ratings have been revised on account of non-availability of
requisite information. Further, the revision considers the
continuing net loss and highly leveraged capital structure in
FY23.

Dekson Castings Limited (DCL) was established in the year 1993 as a
proprietorship concern and was later reconstituted as a private
limited company in the year 2005 and later as a public limited
company in February, 2014. DCL is engaged in the
manufacturing of aluminium sand castings and gravity die castings
(GDC) components and caters mainly to the two- wheeler segment in
the auto industry as well as non-auto applications, viz, electrical
energy. The manufacturing unit of the company is located in
Aurangabad.

DYNAMIC FINE: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dynamic
Fine Paper Mill Private Limited (DFPMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 01, 2023,
placed the rating(s) of DFPMPL under the 'issuer non-cooperating'
category as DFPMPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DFPMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2024, January 25, 2024, February 4, 2024.

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

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

Kota (Rajasthan) based Dynamic Fine Paper Mill Private Limited
(DFPMPL) was incorporated in 2013 by Mr. Madan Mohan Gupta and Mr.
Shailendra Gupta with an objective to set up plant for
manufacturing of kraft paper. It has started commercial operations
from 2017. The manufacturing facility of the company is located at
Village Polai Kalan, Kota. The company procures raw material i.e.
waste paper mainly from local suppliers and supplies finished
products mainly through dealer's network in Madhya Pradesh,
Rajasthan and NCR.


ENEM NOSTRUM: Ind-Ra Moves D Loan Rating to NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Enem Nostrum Remedies Pvt. Ltd. to the non-cooperating category as
per IndRa's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR139 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR191.6145 bil. Term loan migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

Enem Nostrum Remedies was incorporated on January 1, 2001. The
company is a contract research organization which provides research
and development services to healthcare companies specializing in
generics globally. The company has its corporate office and
research center at Mumbai.


GEMUS ENGINEERING: Ind-Ra Cuts Loan Rating to D
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Gemus
Engineering Limited's (GEL) bank facilities' ratings to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BB-/Stable (ISSUER NOT
COOPERATING)' while maintaining the ratings in the non-cooperating
category. The issuer did not participate in the rating review
despite continuous requests and follow-ups by the agency. The
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating.

The detailed rating actions are:

-- INR135 mil. Fund-based working capital limits (Long-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based working capital limits (Short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR18.09 mil. Term loans (Long-term) due on September 2024
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.

Analytical Approach

Not applicable

Detailed Rationale of the Rating Action

The downgrade reflects delays in debt servicing by GEL. Ind-Ra has
relied on information available in the public domain. However,
Ind-Ra has not been able to ascertain the reason for the delays, as
the company has been non-cooperative.

The ratings continue to be maintained in 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 GEL while reviewing the
rating. Ind-Ra had consistently followed up with GEL over emails,
apart from phone calls. The issuer has also not been submitting
their monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of GEL, 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. GEL has been
non-cooperative with the agency since January 13, 2021.

About the Company

Incorporated in 1996, GEL manufactures cast iron components of
various grades and shapes at its 7,000-metric ton-per-annum
facility in Birshibpur in the Uluberia industrial region of West
Bengal. The company is promoted by Rajeev Sharma.

GLOBAL COAL: Ind-Ra Moves D Rating to NonCooperating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Global Coal and Mining Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR550 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR9.510 bil. Non-Fund Based Working Capital Limit migrated to

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR1.587 bil. Term loan due on November 30, 2025 migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

Incorporated in 1998, GCMPL is engaged in coal beneficiation,
transportation and logistics of coal, and coal trading in
mineral-rich states, Odisha, Andhra Pradesh and Telangana. It has a
total installed capacity of 10 million tons per annum (mtpa)
distributed among its four coal washeries located in Odisha at
Talcher (4.0mtpa) and IB Valley (3.5mtpa), and in Telangana at
Ramagundam (1mtpa) and Manuguru (1.5mtpa).


GRACE SUPPLIERS: Ind-Ra Affirms BB Bank Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Grace Suppliers Private Limited's (GSPL) bank
facilities:

-- INR500 mil. Fund-based working capital limits affirmed with
     IND BB/Stable rating;

-- INR36.2 mil. (reduced from INR53.5 mil.) Term loan due on
     February 2027 affirmed with IND BB/Stable rating; and

-- INR63.8 mil. Proposed fund-based working capital limits
     assigned with IND BB/Stable rating.

Analytical Approach

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

Detailed Rationale of the Rating Action

The affirmation reflects GSPL's modest EBITDA margins and credit
metrics. However, the ratings are supported by the company's
continued medium scale of operations and experienced promoters.

List of Key Rating Drivers

Weaknesses

Modest EBITDA margins
Modest credit metrics

Strengths

Medium scale of operations
Experienced promoters

Detailed Description of Key Rating Drivers

Modest EBITDA Margin: GSPL's EBITDA margins marginally increased
but remained modest at 4.97% in FY23 (FY22: 4.39%), due to a
decrease in its personnel expenses. The return on capital employed
increased to 10.7% in FY23 (FY22:  8.5%). Ind-Ra expects the EBITDA
margins to have remained stable in FY24.

Modest Credit Metrics: The ratings factor in GSPL's modest credit
metrics, which improved in FY23 due to an increase in its operating
EBTIDA to INR80.67 million (FY22: INR55.34 million) and a fall in
the debt levels. The gross interest coverage (operating
EBITDA/gross interest expense) increased to 2.31x in FY23 (FY22:
2.06x) and the net financial leverage (adjusted net debt/operating
EBITDA) reduced to 6.11x (7.53x). In FY24, Ind-Ra expects the
credit metrics to have remained stable, due to the absence of any
capex plans.

Medium Scale of Operations: The affirmation reflects GSPL's
continued medium scale of operations, with its revenue increasing
to INR1,849 million in FY24, as per the management (FY23:
INR1,623.81 million; FY22: INR1,260.86 million), due to an increase
in gold prices.  Ind-Ra expects GSPL's revenue to remain at similar
levels in FY25, with the similar nature of operations.

Experienced Promoters: The ratings are also supported by the
promoters' experience of over two decades in the jewelry industry,
leading to established relationships with its customers and
suppliers.

Liquidity

Stretched: GSPL's does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. GSPL's working capital cycle remained elongated but
reduced to 146 days in FY23 (FY22: 165 days), mainly on account of
a decrease in its inventory days to 146 (165). GSPL's average
maximum utilization of the fund-based limits was 92.87% during the
12 months ended April 2024. The cash flow from operations remained
negative but improved to INR23.64 million in FY23 (FY22: negative
INR75.44 million), due to an increase in the EBITDA. The free cash
flow remained negative INR41.04 million in FY23 (FY22: negative
INR81.17 million). The cash and cash equivalents stood at INR7.87
million at FYE23 (FYE22: INR5.30 million). The company has
repayment obligations of INR16.7 million in FY25 and INR9.1 million
in FY26.

Rating Sensitivities

Negative: Significant deterioration in the scale of operations,
leading to deterioration in the liquidity profile and the credit
metrics, with the interest coverage falling below 1.5x, will be
negative for the ratings.  

Positive: A significant increase in the scale of operations while
maintaining the overall credit metrics and an improvement in the
liquidity profile, on a sustained basis, will be positive for the
ratings.

About the Company

GSPL has been a franchise holder of Titan Industries Limited's
jewelry brand, Tanishq, since 2002. It has two showrooms in
Jamshedpur, with a product portfolio of rings, earrings, necklaces,
bangles and gold coins. GSPL is managed by Anil Agarwal.



GUNA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guna
Poultry Feeds (GPF) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 1, 2023,
placed the rating(s) of GPF under the 'issuer non-cooperating'
category as GPF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GPF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2024, January 25, 2024, February 4, 2024.

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

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

Guna Poultry Feeds (GPF) was established in the year 2002 as
proprietorship firm by Mrs. R. Gunavathi. The firm is engaged in
manufacturing of poultry feed with an installed capacity of 40 tons
per day at Rajagoundanur, Namakkal, Tamil Nadu. The firm is also
engaged in trading of eggs. The firm purchases major raw materials
(Maize, Soya) from the local dealers in and around Namakkal. The
firm sells the poultry feeds to its associate concern Rajamanickam
Poultry Farm (RPF) (75% of total poultry feed sales) and other
local poultry farms (25% of total poultry feed sales). The firm
purchases eggs from RPF and sells them to local traders.


ILASAKAA STEELS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ilasakaa
Steels Limited (ISL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      29.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 22,
2023, placed the rating(s) of ISL under the 'issuer
non-cooperating' category as ISL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ISL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 8, 2024, January 18, 2024, January 28,
2024.

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

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

Ilasakaa Steels Limited was established in January 2009 by Mr.
Ashwani Kumar Sharma, Mr. Ashok Kumar Jain, Mr. Anand Kumar Bindal,
and Mr. Ajay Kumar Bindal (brother of Mr. Anand Kumar Bindal). The
company is engaged into manufacturing steel CR strips and sheets
and has its plant located in Bahadurgarh (Haryana).

INDIGO FACILITY: CARE Lowers Rating on INR10.85cr LT Loan to C
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Indigo Facility Services Private Limited (IFSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.85       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 2, 2023,
placed the rating(s) of IFSPL under the 'issuer non-cooperating'
category as IFSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IFSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 16, 2024, January 26, 2024, February 5, 2024.

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

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

The ratings assigned to the bank facilities of IFSPL have been
revised on account of non-availability of requisite information.
The revision also factored in accumulation of operating losses
during FY23.

Hyderabad based, Indigo Facility Services Private Limited (IFSPL)
was incorporated by Mr. Gadde Babji and Mrs. Vijayabharathiin the
year 2000 as a private limited company. The directors of the
company have more than two decades of experience in the manpower
industry. The company offers services in sectors such as property
management, housekeeping and security services. IFSPL serves and
provides services for all individual and organizational needs as it
has the skills, expertise and operational infrastructure to
efficiently deliver the end user requirements. The examples of the
trading materials are harpic products, Lysol, housekeeping material
and stationary items etc. Additionally, IFSPL also sells its
cleaning products in the brand name of 'SPARKLZ' and 'DETSOL'. The
company procures its orders through online and through dedicated
purchase department. To meet the timely manpower requirements of
organizations, IFSPL maintains a separate recruitment team and
executes the orders through best available quotations. Presently,
IFSPL has availed services of around 400 security guards and other
management teams to provide quality of services.

KHOKHAR INFRASTRUCTURE: Ind-Ra Moves D Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Khokhar Infrastructure Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR300 mil.  Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

Incorporated in 2007, KIPL, a first-A class contractor registered
in Jharkhand and Bihar, is engaged in the construction of roads and
bridges.



KUMARAPALAYAM TOLLWAYS: Ind-Ra Moves D Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the ratings of
Kumarapalayam Tollways Limited's  (KTL) bank loans to the
non-cooperating category as per Ind Ra's policy on Issuer
Non-Cooperation following the non-submission of no default
statement continuously for three months despite continuous requests
and also, Ind-Ra's inability to validate timely debt servicing
through other sources it considers reliable. No Default Statement
in the format prescribed by the Securities and Exchange Board of
India is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time. Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR1,246.8 bil. Long-term senior project bank loan (long-term)

     migrated to Non-Cooperating Category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR98.2 mil. Subordinated loan (long-term) migrated to Non-
     Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of 'Issuer Non-Cooperation'.

Non-Cooperation by the Issuer

Ind-Ra has not received no default statement continuously for three
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with KTL over emails starting
from August 31, 2023, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of KTL 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 KTL's credit strength. If an issuer does not provide timely
no default statement, it indicates weak governance, particularly in
'Timely debt servicing'. 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

KTL, which is wholly owned by IVRCL Limited (debt rated at 'IND D
(ISSUER NOT COOPERATING)'), is a special purpose company that was
set up to widen, operate and maintain a 48km road stretch on the
National Highway-47 between Kumarapalayam and Chengappalli in Tamil
Nadu. Salem Tollways Limited is a project company that was set up
to undertake the upgrade and operation of the adjoining 53km of the
same highway. KTL and Salem Tollways have a cross-default clause in
the financing agreements of both projects.


KUNDLI MANESAR: Ind-Ra Moves D Rating to NonCooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the ratings of
Kundli Manesar Expressway Limited's (KMEL) term loans to the
non-cooperating category as per Ind-Ra's policy on Issuer
Non-Cooperation, following non-submission of no default statement
continuously for three months despite continuous requests and also,
Ind-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by the Securities and Exchange Board of India is
required to be shared by the issuer every month as a confirmation
that all financial obligations are being serviced on time.
Investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR11,141.6 bil. Term loans (Long-term) due on February 2032
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of 'Issuer Non-Cooperation'.

Non-Cooperation by the Issuer

Ind-Ra has not received no default statement continuously for three
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with KMEL over emails starting
from February 29, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of KMEL 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 KMEL's credit strength. If an issuer does not provide
timely no default statement, it indicates weak governance,
particularly in 'Timely debt servicing'. 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

KMEL is a special purpose vehicle formed by Essel Infraprojects for
implementing the development of access controlled six-lane
Kundli-Manesar Expressway from km 0+000 to km 83+320 in Haryana on
build operate and transfer annuity basis. The total project cost
was INR19,154.70 million, financed by promoter's contribution of
INR6,154.70 million and the rest through debt. The project was
awarded a concession period of 17 years, including construction
period of 910 days (two years and six months) from the appointed
date. The project achieved provisional commercial operations date
on December 4, 2018.



LAXMI OIL: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Laxmi Oil
And Vanaspati Private Limited (LOVPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank       50.00       CARE D; ISSUER NOT COOPERATING
   Facilities                       Rating continues to remain
                                    under ISSUER NOT COOPERATING
                                    category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 27,
2023, placed the rating(s) of LOVPL under the 'issuer
non-cooperating' category as LOVPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. LOVPL continues to be non-cooperative despite
repeated requests for submission of information through emails,
phone calls and a letter/email dated January 13, 2024, January 23,
2024, February 2, 2024.

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

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

Laxmi Oil & Vanaspati Pvt Ltd (LOVPL) was incorporated in April
2003 as a private limited company. The company is engaged in
business of manufacturing of refined oil. The company also has a
packaging unit for the packaging the oil into pouch, tin, jar and
bottle for supply to distributors. The company primarily caters to
the wholesalers and suppliers of packaged refined oil. It holds the
FSSAI compliance certificates. The company also sells refined and
blended rice bran oil under the brand name of 'Parv' which is sold
by a distribution network in the rural markets of eastern Uttar
Pradesh, Madhya Pradesh and Bihar.

MARIGOLD TRUST: Ind-Ra Moves D Rating to NonCooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
MARIGOLD TRUST to the non-cooperating category as per Ind Ra's
policy on Issuer Non-Cooperation, following non-submission of No
Default Statement continuously for 3 months despite continuous
requests and follow-ups by the agency and also IND-Ra's inability
to validate timely debt servicing through other sources it
considers reliable. No Default Statement in the format prescribed
by SEBI is required to be shared by the issuer every month as a
confirmation that all financial obligations are being serviced on
time., Investors and other users are advised to take appropriate
caution while using these ratings. The rating will now appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR245 mil. Bank Loan migrated to non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

MT was formed in 2018 by Ujwala Nagaraja Rao Jagdale. The trust
manages the Marigold International School in Bangalore. Marigold
International School, a CBSE school, started in FY21 and offers
education to K-10 students.


MERCATOR PETROLEUM: Indian Oil Completes Acquisition of Company
---------------------------------------------------------------
The Economic Times reports that Indian Oil Corp Ltd (IOCL), India's
largest oil marketing company, has completed the INR148 crore deal
to acquire oil and gas company Mercator Petroleum, its first
acquisition through the insolvency and bankruptcy code (IBC).  

ET relates that the deal was completed on May 14 after the company
transferred the amount to lead lender Bank of Baroda (BoB), people
familiar with the matter said.

The INR148 crore transaction represents approximately a 31%
recovery for the total admitted dues of INR482 crore, ET adds.

                      About Mercator Petroleum

Mercator Petroleum Ltd. (MPL) was a wholly-owned subsidiary of
Mercator Ltd. MPL is engaged in the business of petroleum
exploration, development and production in India and abroad.

Mercator Petroleum Limited commenced insolvency proceedings on Aug.
31, 2020.

METRO SPARE: CARE Keeps B+ Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Metro Spare
Part (India) Private Limited (MSPPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 22,
2023, placed the rating(s) of MSPPL under the 'issuer
non-cooperating' category as MSPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MSPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 8, 2024, January 18,
2024, January 28, 2024.

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

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

Metro Spare Part (India) Private Limited (MSPPL) was incorporated
in November 2007 by one Mrs. Madhushree Choudhury of Bhubaneswar,
Odisha. Subsequently, the company started to initiate an automobile
spare parts trading business and has setup a selling and servicing
facility at Badajena Complex near Bhubaneswar. The company sells
two and three wheeler spare parts of brands like Bajaj, Piaggio,
Bharat Motors etc.

MKR POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of MKR
Poultry Farm (MPF) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 1, 2023,
placed the rating(s) of MPF under the 'issuer non-cooperating'
category as MPF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MPF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2024, January 25, 2024, February 4, 2024.

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

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

M.K.R Poultry farm (MPF) was established in the year 1994 by Mr.
Krishna Reddy. The proprietor has more than two decades of
experience in poultry business. The firm is engaged in farming of
egg, laying poultry birds (chickens) and trading of eggs, cull
birds and their Manure.


MODERN INDIA: CARE Keeps B Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Modern
India Creative Private Limited (MICPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 27,
2023, placed the rating(s) of MICPL under the 'issuer
non-cooperating' category as MICPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MICPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 13, 2024, January 23,
2024, February 2, 2024.

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

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

Modern India Creative Private Limited (MICPL) was incorporated in
February 2012 by one Mr Suresh Kumar Choudhury of Bhubaneswar,
Odisha. Subsequently, the company started to initiate a two wheeler
spare parts trading business and has setup a selling and servicing
facility at Badajena Complex near Bhubaneswar. Currently the
company is the sole dealers for selling TVS Motors Two Wheelers for
Puri District and sole dealers for selling TVS Motors spare parts
for State of Odisha. Furthermore, the company has opened three
selling and servicing facilities in Puri and Bhubaneswar area.
Moreover, the company has not availed any moratorium from its
lender that could be availed under the terms of recent RBI
circular.


MUMBAI INTERNATIONAL: Fitch Affirms BB+ Rating on USD Sr. Sec Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on Mumbai International
Airport Limited's (MIAL) USD750 million senior secured notes due
2029. The Outlook is Stable.

MIAL is an SPV that was incorporated in 2006 to design, construct,
operate, maintain and manage Mumbai's Chhatrapati Shivaji Maharaj
International Airport (CSMIA), India's second-largest airport.

RATING RATIONALE

The rating reflects MIAL's regulated asset base, which allows the
airport concessionaire in Mumbai, India's industrial and financial
hub, to earn a return on its regulatory asset base. The rating is
also based on Mumbai's strong passenger medium- to long-term growth
potential and the higher contribution from stable domestic traffic
over international traffic, as reflected in the quick recovery to
pre Covid-19 pandemic levels by end of financial year ended March
2023 (FY23) and continued strong growth in FY24.

Fitch believes the issuer has an adequate financial profile and
that MIAL is ringfenced from Navi Mumbai International Airport
Limited (NMIAL), the city's second airport, which will absorb
additional growth from FY25. Fitch forecasts leverage of 5.4x over
FY25-FY27 in its rating case. The Stable Outlook reflects MIAL's
headroom against its negative rating action trigger of 7.5x for
leverage. Fitch assumes tariffs under control period 4 (CP4), which
spans FY25-FY29, will be implemented with a nine-month delay and
will be based on base airport charges, which would be lower than
CP3 tariffs, which cover FY20-FY24.

Fitch believes risks to MIALs funding access and costs stemming
from an investigation into alleged governance issues at Adani
Group, MIAL's sponsor, have eased after the Indian Supreme Court's
judgement in January 2024. The court said the case does not warrant
a transfer of investigation from the regulator, the Securities and
Exchange Board of India, and has found no regulatory failure. Adani
Group has also demonstrated sound access to the domestic and
international debt market over the last six months.

Fitch expects MIAL's bond holders to benefit from a robust cash
flow waterfall mechanism and covenants that restrict cash
upstreaming to shareholders and limit indebtedness.

KEY RATING DRIVERS

Continued Traffic Growth: Volume Risk - High Stronger

CSMIA is an origin-and-destination airport to Mumbai's 22 million
population. Passenger traffic rose by over 9% in the five years to
FY20, prior to the pandemic, and has now recovered to pre-pandemic
levels, with an enplanement base of 52.8 million in FY24 (FY23:
43.9 million, FY20: 45.8 million) and a mix of business and leisure
travel. NMIAL is set to start operating by FY25, with capacity for
20 million passengers by FY27, expandable to 60 million passengers.
CSMIA will remain Mumbai's primary integrated airport, with NMIAL
absorbing rising domestic demand and spillover international
demand.

Shift Towards Non-Aeronautical Revenue: Price Risk - Midrange

The Airports Economic Regulatory Authority has sanctioned the use
of a hybrid till framework, with 30% of non-aeronautical revenue
used for cross-subsidisation. Fitch expects MIAL to derive the
majority of revenue from non-aeronautical services, where it will
have more flexibility in determining prices for the services
offered.

The regulatory regime is still maturing, as evident from delays in
various control-period tariff orders, but there are no major
disputes before the regulator. The implementation of tariffs under
CP3 was delayed by two years to April 2021 due to the pandemic.
Fitch expects tariffs for CP4 to be delayed by around nine months,
to come into effect from January 2025, and be no less than the base
airport charges, as stipulated in the state support agreement,
according to the regulator.

Capacity Constrained, Mainly Maintenance Capex: Infrastructure
Development/Renewal - Midrange

Fitch expects CSMIA to reach full capacity of 60 million passengers
by FY28, a year earlier than under its previous rating case. CSMIA
is the world's busiest single-runway airport, with capacity to
handle up to 53 air-traffic movements per hour and on peak days, up
to 1,004 movements a day. Its rating case estimates that MIAL will
incur annual maintenance capex of INR3 billion-4 billion over the
next few years. Fitch believes Adani Group has the execution
capabilities for MIAL's capex plan, although contracts are yet to
be finalised.

Ringfenced Structure, Manageable Refinance Risk: Debt Structure -
Midrange

The US-dollar notes benefit from seniority, security and a
protective debt structure, including ringfencing of all cash flow
and covenants limiting leverage - defined as net debt/EBITDA - to
5x and funds from operations/net debt to not less than 10%. There
is a 40% margin above both covenants for a 24 month period post
issuance or a shorter period at the company's discretion.

Refinancing risk is mitigated by a sweep sinking fund mechanism and
a long 30 year concession life, which is extendable for another 30
years to 2066. Noteholders benefit from an escrow account for the
notes, which have a cash waterfall mechanism that excludes airport
development fee (ADF) receipts and funds received from NMIAL or for
investment in NMIAL. This insulates MIAL from NMIAL's obligations.
Noteholders also benefit from a six-month reserve for interest.

Financial Profile

Its base case forecasts leverage averaging at 4.7x over FY25-FY27
and assumes traffic will reach maximum capacity of 60 million
passengers by FY27, a year earlier than the previous base case.
Fitch only considers contracted revenue from commercial-property
development and assume tariffs under CP4 will be implemented with a
nine-month delay. Fitch assumes the tariffs at the base airport
charge, which would be lower than the current tariffs, and that
capex will be funded by internal accruals. This results in no
reliance on the sponsor's support or debt.

Its rating case forecasts leverage averaging at 5.4x over FY25-FY27
and assumes traffic will reach maximum capacity by FY28, a year
earlier than the previous rating case. Fitch only considers
contracted revenue from commercial-property development and assume
tariffs under CP4 will be implemented with a nine-month delay.
Fitch assumes the tariffs at the base airport charge, which would
be lower than the current tariff, and that capex to be funded by
internal accruals. This results in no reliance on the sponsor's
support or debt.

PEER GROUP

Delhi International Airport Limited (DIAL, BB-/Positive) is MIAL's
closest peer. Fitch assesses volume risk at both operators as
'Higher Stronger'; DIAL and CSMIA are India's largest and
second-largest airports. DIAL caters to the national capital region
and CSMIA to India's financial and industrial hub. Fitch assesses
price risk at both airports as 'Midrange', because there is some
regulatory uncertainty on tariff implementation. However, base
airport charges mitigate downside risk to aeronautical tariff
determination. Fitch estimates MIAL's leverage at around 5.0x for
FY25, below DIAL's 10x in FY25, which supports MIAL's two-notch
higher credit assessment. DIAL's leverage is expected to gradually
reduce from FY26 with an expected increase in tariff. Both
operators have similar debt structures.

MIAL can also be compared with GMR Hyderabad International Airport
Limited (GHIAL, BB+/Stable). MIAL has a stronger catchment area
than GHIAL. GHIAL serves Hyderabad, a vibrant but smaller city than
Mumbai. Fitch assesses price risk for both operators as 'Midrange'.
GHIAL's recovery from the pandemic has been quicker, as it is a
regional mid-sized airport with a higher domestic passenger base,
but it has higher leverage. Nevertheless, its sharp deleveraging
estimates for GHIAL beyond its capex expansion term justify a
similar credit assessment.

The planned strategy of dual airports catering to different routes
and segments in Mumbai is similar to London, where Heathrow
Airport, financed by Heathrow Funding Limited (senior secured class
A bonds: A-/Stable), is the primary international gateway, while
Gatwick Airport, financed by Gatwick Funding Limited (senior
secured debt: BBB+/Stable), caters to the domestic market and
low-cost carriers.

RATING SENSITIVITIES

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

- Net debt/EBTIDA remaining above 7.5x for a sustained period

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

- Net debt/EBTIDA remaining below 5.5x for a sustained period.

- EBITDA/net interest sustained above 2.0x

TRANSACTION SUMMARY

MIAL used the senior secured note proceeds to repay part of its
bridge financing, with the balance coming from a USD228 million
equity injection by Adani Group. The bridge financing covered
MIAL's existing loans. All debt was raised by MIAL and Adani
Airport Holdings Limited does not guarantee the notes. The notes
are secured by a charge over all accounts, MIAL's movable
properties and operating cash flow, except amounts and accounts
pertaining to the ADF.

CREDIT UPDATE

MIAL's passenger traffic rose by 24% in FY24 to reach 52.8 million
passengers, of which around 70% were domestic. This saw revenue
from operations increase by 23% to INR40.8 billion. EBITDA,
adjusted for full-year fee payments, stood at INR17.0 billion.

MIAL invoked the force majeure provision under the concession
agreement during the pandemic to claim relief from the payment of
its annual fee to the Airports Authority of India. In January 2024,
the tribunal decided in MIAL's favour and asked the authority to
refund the fee paid during the pandemic, but the authority has
appealed the decision in the High Court. MIAL continues to make fee
payments in the interim. Fitch no longer assumes the payment of
unpaid dues of INR2.7 billion to the authorities or any refund of
the paid fees.

The Enforcement Directorate of India is investigating GVK Group,
the previous owner of MIAL, and MIAL over alleged irregularities in
maintaining Mumbai airport. The investigation authorities have
alleged that INR8.5 billion was diverted from MIAL through fake
contracts and the Ministry of Corporate Affairs has asked MIAL to
submit information pertaining to the period from 2017 to 2022. MIAL
responded to the notice in February 2024, citing the notice as
unsustainable in law, even though the company had already shared
the information and data pursuant to the first notice. The
government has said no further action is warranted with regard to
the information and data. Fitch would consider an unfavourable
outcome against MIAL as an event risk.

SECURITY

The security package includes:

- First-ranking charge project assets and project documents with
carve-outs for the ADF over all the accounts, excluding all
accounts related to ADF.

- First-ranking pari passu charge on all the company's accounts,
excluding those maintained in relation to ADF and lenders of the
ADF refinancing facility, and the monies lying therein/receivables,
excluding dues owed to the Airports Authority of India and ADF.

- Right to substitute the borrower under the operations, management
and development agreement and other project documents as defined in
the agreement, as per the terms of the substitution agreement and
to the extent allowed under the operations, management and
development agreement.

- First-ranking charge over all book debt, operating cash flow,
receivables, current assets, commissions, revenue of the borrower,
both present and future, excluding amount pertaining to the ADF and
the investments made in NMIAL.

- Pledge over 74% of the shares issued by MIAL.

ESG CONSIDERATIONS

MIAL has an ESG Relevance Score of '4' for Governance Structure,
due to the concentration of ownership, with a large majority stake
indirectly held by Adani Group. This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.

MIAL has an ESG Relevance Score of '4' for Group Structure, due to
the structure's complexity at the shareholder level. This has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.

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

   Entity/Debt                      Rating          Prior
   -----------                      ------          -----
Mumbai International
Airport Limited

   Mumbai International
   Airport Limited/Airport
   Revenues - First Lien/1 LT   LT BB+  Affirmed    BB+

OM SMELTERS: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om Smelters
and Rollers Private Limited (OSRPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2023, placed the rating(s) of OSRPL under the 'issuer
non-cooperating' category as OSRPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. OSRPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 14, 2024, January 24,
2024, February 3, 2024.

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

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

Jhansi (U.P.) based, Om Smelters and Rollers Private Limited
(OSRPL) was established in April, 2009 as a private limited company
and is currently being managed by Mr. Ashutosh Bansal and Mr. Kapil
Bansal. The company is engaged in manufacturing of TMT bars and
billets at its manufacturing facility located at Gwalior, Madhya
Pradesh with an installed capacity of 18,000 metric tonnes per
annum as on October 15, 2018. The company sells its products under
the brand name Kamdhenu Steel. The company procures it's the
raw-material i.e. sponge iron from traders and manufacturers in
Chhattisgarh, Raipur and Orissa and scrap from local auctions and
vendors.

PRG BUILDCON: Ind-Ra Moves BB- Rating to NonCooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
PRG BuildCon India Pvt Ltd to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 3 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING) rating; and

-- INR380 mil. Non-Fund Based Working Capital Limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

Incorporated in December 2014 as Naya Infrastructure Pvt Ltd and
later renamed as PRG, the company primarily undertakes civil
contracting works in irrigation, building and drinking water supply
projects in Andhra Pradesh, Telangana and Kerala. PRG has been
certified as a special class civil contractor by the government of
Telangana. The daily operations of the company are managed by Sunil
Kumar Bontha.



Q1 BONE: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Q1 Bone &
Joint Hospital (QBJH) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.12       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2023, placed the rating(s) of QBJH under the 'issuer
non-cooperating' category as QBJH had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. QBJH
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 14, 2024, January 24, 2024, February 3,
2024.

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

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

Q1 Bone & Joint Hospitals (QBJH) was set up in 2012 by Dr. Ramana
Murthy (Managing Partner) and Dr. Madhavi (Partner). QBJH had setup
a super specialty hospital with 100 beds (General Wards 28, Private
Rooms with AC 26, private rooms without AC 25, Intensive care unit
with 21 beds) capacity in Visakhapatnam, Andhra Pradesh. QBJH have
modern equipment and infrastructure which includes fully automated
biochemistry analyser, biometric Mini Vidas, Radio meter,
Microscope and Coagulation Analyser among others. The hospital has
a panel of specialists in the field of Orthopedics, Urology,
Nephrology, Neuro surgeon and their services are available on
regular and consultancy basis as well. QBJH runs with all moderate
equipments and facilities like, Ultrasound, X ray, Laboratory, 24
hours Ambulances service, ICU, Medical store, C.T. Scan, 2D Echo
and operation Theatre. The building premise is located at Health
City, Arilova, Visakhapatnam, Andhra Pradesh.


RELIANCE CAPITAL: Seeks 10-Day Extension to Transfer Assets
-----------------------------------------------------------
The Economic Times reports that the administrator of debt-ridden
Reliance Capital (RCAP) has approached the Reserve Bank to seek a
10-day extension of the deadline to transfer businesses to a
successful bidder -- a Hinduja Group company, sources said. The
deadline for the transfer of Reliance Capital's asset to Aasia
Enterprises, a Hinduja Group company, ended on May 17, they added.

The RBI approval granted on Nov. 17, 2023, was valid for only 6
months.

According to ET, the RCAP Administrator has sought an extension of
10 days till May 27 from the RBI, sources said.

It may be mentioned that May 27 also happens to be the deadline for
the implementation of the resolution plan by the Hinduja Group
company as per the NCLT order.

ET says the National Company Law Tribunal (NCLT) Mumbai, while
approving the resolution plan on February 27, directed IndusInd
International Holdings Ltd to implement it within 90 days ending
May 27.

The tribunal had approved Hinduja Group firm IndusInd International
Holdings Ltd's INR9,650-crore resolution plan for Reliance
Capital.

In November 2021, the Reserve Bank superseded the board of Reliance
Capital on governance issues and payment defaults by the Anil
Dhirubhai Ambani Group company. The central bank had appointed
Nageswara Rao Y as the administrator, who invited bids in February
2022 to take over the company.

Reliance Capital had a debt of over INR40,000 crore, and four
applicants had initially bid with resolution plans. However, the
committee of creditors rejected all four plans for lower bid
values, and a challenge mechanism was initiated in which IIHL and
Torrent Investments participated.

                      About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.

In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.

S.D.S. ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S.D.S.
Electronics Private Limited (SEPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2023, placed the rating(s) of SEPL under the 'issuer
non-cooperating' category as SEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 14, 2024, January 24, 2024, February 3,
2024.

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

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

SEPL was incorporated in 1993. The company is promoted and managed
by Mr Yogeshwar Sahdev and Mr Kuldeep Sahdev. SEPL is engaged in
the manufacturing as well as trading of electronic security
equipments, Bomb Detection and Disposal Solution (BDDS) and
Anti-sabotage equipments which include the products like non-linear
junction detection, explosive detector, mine detector, deep search
metal/mine detector, bomb disposal suit, digital portable X-Ray
machine, multi zone walk through metal detector, search lights,
flash lights, search and rescue devices, etc. Its manufacturing
facility is located at Panchkula, Haryana.

S.K. RICE: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.K. Rice
industries (SRI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2023, placed the rating(s) of SRI under the 'issuer
non-cooperating' category as SRI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SRI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 14, 2024, January 24, 2024, February 3,
2024.

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

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

S.K. Rice Industries was Established in the year 2008 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. SRI is promoted by Mr. Syed Altaf Ahmed
(partner), Mr. Syed Israr Ahmed (Partner) and Mrs. Syed Rehana
(Partner). Mr. K. Syed Altaf Ahmed has over two decades of
experience in rice milling industry as he was in the same business
with his father. The rice mill is located at Davangere district,
Karnataka.


SAB MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sab Motors
Private Limited (SMPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank      139.00       CARE D; ISSUER NOT COOPERATING
   Facilities                       Rating continues to remain
                                    under ISSUER NOT COOPERATING
                                    category

Rationale and key rating drivers

CARE Ratings Limited (CARE) has revised the ratings assigned to the
bank facilities of SMPL to CARE D. Facilities with this rating are
in default or are expected to be in default soon. The revision in
ratings on bank facilities of SMPL takes into account the instances
of delays in servicing of debt obligations by the company.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely servicing of debt obligations for more than 90 days.

Analytical approach: Standalone.

Outlook: Not applicable.

Detailed description of the key rating drivers

Key weaknesses

* Instances of delays in servicing of debt obligations: As per bank
statements received, SMPL has reported instances of delays in the
repayment of tranches due in inventory funding account from
September 2023 to March 2024. Moreover, there is instance of
overutilization of limit in inventory funding account for a
continuous period of more than 30 days in the month of October
2023. The instances of overutilization were largely on account of
poor liquidity position of the company.

* Low profitability margins: The profitability margins of the
company improved though remain low as marked by the PBILDT and PAT
margins of 3.12% and 0.52% respectively in FY24 (Provisional) as
against to 2.08% and 0.47% respectively in FY23 (Audited). The
improvement in margins is on account of lower discounts offered by
the company to its customers and its focus on sale of spare parts
which fetch better margins. Further, the company achieved a total
operating income of INR602.83 crore in FY24 (Provisional)
vis-à-vis INR599.00 crore in FY23 (Audited).

* Leveraged capital structure and weak debt coverage indicators: As
on March 31, 2024 (Provisional), the debt profile of the company
comprises of term loans of INR19.38 crore, unsecured loan from
promoters and related parties of INR27.46 crore and working capital
borrowings of INR124.62 crore as against tangible net worth of
INR28.19 crore. The capital structure of the company remained
leveraged as marked by overall gearing ratio of 6.08x on March 31,
2024 (Provisional) as against 6.21x on March 31, 2023 (Audited).
The slight improvement was largely on account of increase in equity
share capital of the company.  Due to low profitability margins and
high debt levels, the debt coverage indicators of the company
remained weak as marked by interest coverage ratio and total debt
to gross cash accruals of 1.32x and 35.46x in FY24 (Provisional) as
against 1.45x and 25.42x in FY23 (Audited).

* Intense competition, regional concentration and linkage to
fortunes of Tata Motors Limited: The company procures its products
directly from its Original Equipment Manufacturer (OEM), i.e., Tata
Motors Limited. Thus, the fortunes of the company are directly
linked to its OEM which exposes the company's revenue growth and
profitability to its OEM's future growth prospects. Any impact on
business and financial profile of the OEM will also have an impact
on the growth prospects of the company. Further, the operations of
the company are geographically concentrated in the regions of Delhi
NCR and Uttar Pradesh. Moreover, it faces an aggressive competition
from various other established auto dealers of OEMs like Maruti
Suzuki, Hyundai, Honda, Kia Corporation, etc. In order to capture
market share, auto dealers have to offer better buying terms such
as providing credit period or allowing discounts on purchases which
create pressure on the margins and negatively impact their earning
capacity.

Key strengths

* Experienced promoters and management team: SMPL is managed by Mr.
Rama Kant Sharma (Director), who is a postgraduate by qualification
and has an experience of around two decades in the auto-dealership
and auto service business through his association with this company
and other family businesses. Further, the company has a dedicated
team of marketing and sales professionals, service in-charge and
customer relation officers, who have over one decade of experience
in their respective fields, which strengthens the company's
business risk profile.

Liquidity: Poor

SMPL has poor liquidity position as marked by instances of
overutilization of limits and delays in repayment of tranches due
in the inventory funding accounts.

Incorporated in the year 2009, SMPL is a Ghaziabad, Uttar Pradesh
based company. It is an authorized dealer of Tata Motors Limited
and deals exclusively in the sale of Tata's passenger cars and
spare parts. The company is authorized to sell all models
of Tata Motors Limited. Currently, SMPL is running 12 showrooms and
7 workshops in regions of Delhi NCR and Uttar Pradesh.


SAI SRINIVASA: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Sai
Srinivasa Rice Industries (SSSRI) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2023, placed the rating(s) of SSSRI under the 'issuer
non-cooperating' category as SSSRI had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SSSRI continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 19, 2024, April 22,
2024, April 25, 2024.

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

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

Sri Sai Srinivasa Rice Industries is established in December 2009.
The firm is promoted by T. Nageshwarao and T. Kiran Kumar and their
family members. The firm is into rice milling and processing of
rice and the promoter has the business vintage of over a decade in
the rice milling business. It has total production capacity of 4
M.T per hour. The firm majorly deals in rice, steamed rice, boiled
rice, broken rice, rice bran, etc. The firm purchases its raw
material i.e. paddy from local farmers and process the paddy in
their plant and sells the final product to customers located across
Karnataka, Andhra Pradesh and Telangana.


SANDCITY AUTOTEC: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sandcity
Autotec Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.78       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2023, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 14, 2024, January 24, 2024, February 3,
2024.

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

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

SAPL was incorporated in June, 2014 by Shri Shiv Kumar Poddar and
Shri Ankit Poddar of Balasore, Odisha. However, the company
commenced operations from January, 2015. It is an authorized dealer
of Hyundai Motor India Ltd (HMIL) for its passenger vehicles,
spares & accessories in Balasore, Odisha. Currently, SAPL has its
only vehicle showroom and workshop at Balasore (Odisha) where it
also provides repair and refurbishment services for HMIL passenger
vehicles.


SHIVPRASAD FOODS: Ind-Ra Moves D Rating to NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Shivprasad Foods and Milk Products to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR140 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR13.36 mil. Working Capital Demand Loan migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)   
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

Established in 2009, Maharashtra-based Shivprasad Foods & Milk
Products processes milk and manufactures milk products.



SHRADDHA ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shraddha
Energy and Infraprojects Private Limited (SEIPL) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     164.31       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     13.95       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 1, 2023,
placed the rating(s) of SEIPL under the 'issuer non-cooperating'
category as SEIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SEIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2024, January 25, 2024, February 4, 2024.

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

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

SEIPL, promoted by Mr. Shivaji Bhagwanrao Jadhav in 1986, is the
flagship company of Shraddha group. The company is engaged in the
business of sugar manufacturing, co-generation from Sugar Unit and
construction work related to dams, barrages lift irrigation, etc
and power generation through wind energy.


STAR GRANITO: CARE Lowers Rating on INR4.25cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Star Granito (SG), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 12, 2023,
placed the rating(s) of SG under the 'issuer non-cooperating'
category as SG had failed to provide information for monitoring of
the rating and had not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
SG continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 26, 2024, March 7, 2024, March 17,
2024.

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

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

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

Star Granito (SG) based out at Kishangarh-Rajasthan was formed on
April 18, 2017 as a partnership concern by Jain family. SG is
engaged in trading, processing and cutting of marbles and granites.
The firm purchases rawmaterial directly from Udaipur and Pali and
sells its products all over India and exports its products through
third party. The manufacturing unit of the firm is situated at
Kishangarh and operating at an installed capacity of 1,000 Tonnes
per Month (TPM) of Marble and 1,500 TPM of granite slabs as on
March 31, 2021.

SUJAY FEEDS: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sujay Feeds
(SF) continues to remain in the 'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 21,
2023, placed the rating(s) of SF under the 'issuer non-cooperating'
category as SF had failed to provide information for monitoring of
the rating and had not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
SF continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 7, 2024, January 17, 2024, January 27,
2024.

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

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

Bangalore based, Sujay Feeds (SF) was established in 1991 by its
founder Late Mr. B R Murthy. In the year 1991, Late Mr. Murthy
started his commercial feed plant with the capacity of producing
2700 tons per month of poultry mash feed and sold under the brand
name of "SUJAY FEEDS". From 2012 onwards, Mr. B R Sujay looks after
the day to day operations of the firm. In 1994, the promoter has
undertaken the expansion of SF by starting a new project of Broiler
parent breeding activity i.e., Hatching and processing of chicken
under the brand name of "Uncle Chicken". The firm has four outlets
for selling its chicken product to its customers and is likely to
increase its outlets in the near future to expand its customer
base.


SURABI JEWELLS: Ind-Ra Assigns BB Bank Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Surabi Jewells' bank
facilities as follows:

-- INR400 mil. Fund-based working capital limit assigned with
     IND BB/Stable/IND A4+ rating; and

-- INR10 mil. Proposed bank loan assigned with IND BB/Stable/IND
     A4+ rating.

Analytical Approach

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

Detailed Rationale of the Rating Action

The ratings reflect SJ's modest EBITDA margins and modest credit
metrics. The ratings factor in Ind-Ra's expectation that the firm
would be able to maintain its medium scale of operations over the
near-to-medium term, and the liquidity buffer in the fund-based
working capital limits. The credit metrics improved in  FY24
(provisional numbers) and are likely to remain at similar levels in
the near-to-medium term due to absence of any debt-led capex.

List of Key Rating Drivers

Weaknesses

Modest EBITDA margins
Modest credit metrics
Partnership nature of business

Strengths

Adequate liquidity
Medium scale of operations
Extensive experience of the promoters
Moderate customer concentration

Detailed Description of Key Rating Drivers

Modest EBITDA Margins: SJ's EBITDA margins fell to 0.95% in FY23
(FY22: 1.98%) due to an increase in the prices of raw material. The
ROCE was 10% in FY23 (FY22: 12%). In FY24, the margins improved to
1.6% due to an increase in income from job-work and the shift
towards manufacturing, both of which yield higher profitability.
SJ's margins are susceptible to the intense competition in the
jewelry industry, given the large number of established as well as
small players in the retail and wholesale jewelry segment, which
restricts its pricing flexibility. The margins are also vulnerable
to the volatility in raw material prices. Ind-Ra expects the EBITDA
margin to remain at a similar level in the medium term due to
similar nature of operations.

Modest Credit Metrics: SJ's interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 1.26x in FY23
(FY22: 2.21x) due to an increase in interest expenses. The net
leverage (adjusted net debt/operating EBITDAR) improved to 5.75x in
FY23 (FY22: 7.01x) because of an increase in the cash balances. In
FY24, the credit metrics improved owing to an increase in the
EBITDA to INR52.4 million (FY23: INR41.27 million; FY22: INR22.74
million), with interest coverage of 1.60x and net leverage of
5.26x. As of April 2024, the firm did not have any major external
borrowings apart from its fund-based working capital limit of
INR400 million. SJ had unsecured loans of INR 118.5 million from
the promoters at FYE24.

Partnership  Nature of Business: SJ is a partnership firm, which
restricts its overall financial flexibility in terms of limited
access to external funds for any future expansion plans, unless
otherwise provided in the partnership deed. Furthermore, there is
an inherent risk of a possible withdrawal of capital and the
dissolution of the firm in case of death/insolvency/separation of
its partners.

Adequate Liquidity: SJ's average maximum utilization of the
fund-based limits was 88.07% during the 12 months ended March 2024.
The cash and cash equivalents rose to INR39.62 million at FYE23
(FYE22: INR0.15 million).  SJ does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The cash flow from operations turned positive
at INR84.08 million in FY23 (FY22: negative INR156.32 million), due
to favorable changes in the working capital. Ind-Ra expects the
cash flow from operations to have remained stable in FY24 due to
increase in EBITDA and low capex requirements.

Medium Scale of Operations: SJ's revenue increased to INR4,360.92
million in FY23 (FY22: INR1,147.61 million), due to an improvement
in gold prices and gold ornament sales volumes. The firm was set up
in October 2021, and FY23 was the first full year of operations for
SJ. The nascent stage of operations constrains the business risk
profile. In FY24, the firm received more job work orders than
direct manufacturing orders. Revenue from job work is reported
under operating income, and not revenue; hence,  SJ's operating
income increased to INR105 million in FY24 (FY23: INR63 million),
but its revenue fell on a yoy basis to INR3,548.39 million during
the year. Of SJ's total sales, 60% are order-backed and 40% are
open orders. Furthermore, most of the revenue is generated from
India (90%) and rest from Malaysia, the US, Dubai and Singapore. SJ
has also started manufacturing gold jewelry from April 2024. Ind-Ra
and the management expect the revenue to improve in the medium
term, led by volume growth via its strong network of retail and
wholesale jewelry businesses. FY24 numbers are provisional in
nature.

Extensive Experience of Promoters: The firm is promoted by all 24
partners, who have been in the gold, jewelry and bullion trading
segment for over three decades. The day-to-day operations are
managed by K. Vasudevan, B. Subramanian and Sathish Kumar. SJ has a
clientele of renowned jewelry retailers, including GRT Jewellers
(India) Private Limited ('IND AA-'/Negative(ISSUER NOT
COOPERATING)) and Thangamayil Jewellery Limited. Being a strong B2B
player with an established clientele ensures revenue visibility for
SJ.

K. Vasudevan also owns Surabi Bullion, a gold bullion supplier that
accounts for over 50% of SJ's gold purchases.  The promoters' vast
experience in the jewelry business helps them identify trends in
jewelry designs and has helped SJ to establish strong relationships
with customers as well as suppliers.

Moderate Customer Concentration: In FY23, the top five customers
accounted for 21.39% of the total revenue, while the top five
suppliers accounted for 83.4% of the total purchase of raw
materials.

Liquidity

Adequate:  SJs average maximum utilization of the fund-based limits
was 88.07% during the 12 months ended March 2024. The cash and cash
equivalents rose to INR39.62 million at FYE23 (FYE22: INR0.15
million).  SJ does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. The company's cash flow from operations turned
positive at INR84.08 million in FY23 (FY22: negative INR156.32
million), due to favorable changes in the working capital.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the interest
coverage falling below 1.25x and/or pressure on the liquidity
position, all on a sustained basis, could lead to a negative rating
action.

Positive:  A significant increase in the scale of operations along
with an improvement in the credit metrics with the interest
coverage remaining above 1.5x and an improvement in the liquidity,
all on a sustained basis, could lead to a positive rating action.

About the Company

Incorporated in October 2021, SJ is engaged in the business of
trading and manufacturing of gold jewelry. SJ is a partnership firm
with 24 partners, who have been part of the jewelry industry in
different areas such as manufacturing, trading, retail and
wholesale business. The firm's registered office is in Coimbatore,
Tamil Nadu.



TIRTHAK PAPER: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Tirthak Paper Mill
Private Limited's (TPMPL) bank facilities as follows:

-- INR85 mil. Term loan due on March 2025 affirmed with IND BB+/
     Stable rating;

-- INR260 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable/IND A4+ rating; and

-- INR75 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

Analytical Approach

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

Detailed Rationale of the Rating Action

The ratings reflect a decline in TPMPL's revenue over FY23-FY24
amid intense competition, moderate credit metrices, and modest
EBITDA margins. Furthermore, the company's liquidity position
remained stretched on account of lower profitability and the low
unencumbered cash balance of INR4.99 million in FY23. Ind-Ra
expects the weak profitability coupled with significant debt-funded
capex in FY25 to deteriorate the credit metrics if the capex is not
fully operationalized in FY25. However, the ratings are supported
by the likely improvement in TPMPL's margin in the near- to medium
term, following the company's proposed capex, resulting in power
savings costs despite a sharp decline in the EBITDA.

List of Key Rating Drivers

Weaknesses

Decline in revenue amid intense competition
Significant deb-funded capex to exert pressure on credit metrics
Modest EBITDA margins amid lower capacity utilizations

Strengths

Proposed capex to increase margins
Engagement with established network of dealers

Detailed Description of Key Rating Drivers

Decline in Revenue amid Intense Competition: As per the provisional
numbers, TPMPL's revenue declined to INR3,910 million in FY24
(FY23: INR5,292.37 million; FY22: INR5,245.08 million), mainly due
to intense competition from domestic players, leading to lower
realizations in the duplex paper segment. The increased competition
was mainly due to the shrinkage in the export demand, following
supply-chain disruptions amid Red Sea crisis, leading to an
increase in freight costs. As a result, the countries started
sourcing paper from countries other than India in the duplex paper
segment, leading to increased supply in the domestic market and
weak demand, impacting the realizations of this segment in FY24.
Its realizations declined to around INR36,178.07 per million ton
(MT) in FY24 (FY23: INR48,866.05 MT). The agency expects the
realizations to remain at subdued levels in the near to medium
term.

Ind-Ra expects the revenue to remain at lower levels in the near to
medium term on account of intense competition from the domestic
players, leading to lower realizations which would continue until
the export demand picks up. TPMPL's share of exports declined to
10% of the revenue in FY24 from 20% historically. The company
exports to countries like United Arab Emirates, Bangladesh, Kenya
and Greece.

Debt-funded Capex to Exert Pressure on Credit Metrices: The
entity's gross interest coverage (operating EBITDA/gross interest
expense) declined to 2.88x in FY23 (FY22: 4.90x), mainly on account
of a decrease in its absolute EBITDA to INR167.83 million
(INR306.35 million). The net leverage (adjusted net debt/operating
EBITDA) increased substantially to 4.21x in FY23 (FY22: 1.91x) on
account of an increase in its net debt to IN706.53 million
(INR584.61 million) coupled with lower absolute EBITDA. Ind-Ra
expects the term loan availed by the company to fund the proposed
capex of INR700 million to exert pressure on the credit metrics in
the near to medium term.

Modest EBITDA Margins amid Lower Capacity Utilization: TPMPL's
capacity utilizations remained low at 72% in FY23 as the entity
increased its capacity to 144,000 metric tons (MT; FY22: 108,000
MT). However, since FY23, the entity has not been able to utilize
the additional capacity installed due to intense competition.
Ind-Ra expects the capacity utilization to remain at the similar
levels in the near to medium term, considering the headwinds in the
industry due to intense competition impacting the order volume.
Furthermore, TPMPL's EBITDA margin deteriorated to 3.17% in FY23
(FY22: 5.84%) due to lower capacity utilization, as the company
fully absorbed the fixed costs incurred for its capacity additions,
lowering its margins. Until February 2024, the EBITDA margins stood
at 3.90%.

Proposed Capex likely to Increase Margins: TPMPL plans to set up an
18 MW solar power plant for its captive consumption for about
INR800 million. The capex would be funded through a term debt of
INR700 million and the remaining will be through internal accruals.
The facility would be operational by FY25. Furthermore, the
successful implementation of the capex will result in the company
saving power costs, leading to an improvement in the margins for
the entity. Ind-Ra expects the margins to improve in the near to
medium term considering lower fixed costs through the
implementation of the solar power plant, resulting in costs savings
for the entity.

Engagement with Established Network of Dealers: Over the years, the
company has established its presence as a duplex paper board
supplier and has a wide dealership network in the industry. The
entity only has relationship with dealers for supply of the duplex
paper boards. The dealers are well diversified as the top-five
dealers contributed 34.37% of its FY23 revenue. As per the
management, the order execution is fast and takes a maximum of 10
days to complete.

Liquidity

Stretched: TPMPL's unencumbered cash position reduced to INR4.99
million in FY23 (FY22: INR47.13 million), mainly due to the capex
of INR181.10 million. As a result, the free cash flow remained
negative INR118.24 in FY23 (FY22: negative INR0.31 million). Ind-Ra
expects the free cash flow to remain negative in FY25 considering
the substantial debt-funded capex. The cash flow from operations
stood at INR62.86 million in FY23 (FY22: INR34.82 million) mainly
due to unfavorable changes in the working capital. Its inventory
days increased to 58 days (41 days) while the debtor days remained
stable at 62 days and payable days increased to 46 days (41 days).
Further, the average fund-based and non-fund-based utilization
stood at 90.03% and 67.62% for the 12 months ended March 2024.
TPMPL has debt repayments of INR129.3 million in FY25 and INR221.7
million in FY26.

Rating Sensitivities

Negative: Deterioration in the scale of operations or the
profitability or liquidity or a delay in the implementation of the
proposed capex or further deterioration of the credit metrics would
be negative for the ratings.

Positive: A substantial improvement in the scale of operations and
the profitability, along with the successful implementation of the
capex and an improvement in the credit metrics and liquidity, all
on a sustained basis, will be positive for the ratings.

About the Company

Morbi, Gujarat-based TPMPL was established in 2006 and manufactures
paper for the paper boards used in the segments of pharmaceutical,
apparel, match box, cigarette, liquid packaging, and food
packaging. The company has an installed capacity of 144,000MT.



TIRUPATI STRUCTURES: Ind-Ra Moves B+ Rating to NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Tirupati Structures (India) Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING) rating; and

-- INR130 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B+/Stable(ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

Incorporated in 2000 by Anand Agrawal, TSIPL supplies a wide range
of ISI certified mild steel products that are used in various
construction works. Also, the entity is the authorized distributor
of the mild steel products manufactured by the Steel Authority of
India Limited ('IND AA'/Stable) and Jindal Steel and Power
Limited.


VEEKAY PVC: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Veekay PVC
Profiles (VPP) continues to remain in the 'Issuer Not Cooperating'
category.
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.01       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 12, 2023,
placed the rating(s) of VPP under the 'issuer non-cooperating'
category as VPP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VPP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 26, 2024, March 7, 2024, March 17, 2024.

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

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

Veekay PVC Profiles (VPP) was established in the year 2001 as
partnership firm by Mr. Valerian Lobo and his wife Mrs. Flavia
Kanthi Lobo. The firm is engaged in processing of raw cashew nut
into cashew kernels with installed capacity of 6000 kilograms per
day at Udupi District, Karnataka. The process involves steam
roasting, shell cutting, peeling and grading. The firm majorly
procures raw material (raw cashew nuts) from African countries like
Benin, Togo, Ivory Coast, and Tanzania etc. The firm imports 100%
of the raw cashew nut (85% of total purchases) owing to better
quality and relatively lower prices as compared to the domestic
market. The firm is also engaged in trading of cashew kernels. The
firm purchases the cashew kernels for trading from the local
traders in Karnataka. The firm sells the processed cashew kernels
in Bangalore, Mangalore, Mumbai, Delhi and Punjab. The firm also
generates income from sale of by-products cashew shells, cashew
husk and rejections. The firm
exports 40% of cashew kernels in international market places like
Dubai and Singapore.


VINP DISTILLERIES: Ind-Ra Moves D Rating to NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
VINP Distilleries and Sugars Private Limited to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following non-submission of No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency and
also IND-Ra's inability to validate timely debt servicing through
other sources it considers reliable. No Default Statement in the
format prescribed by SEBI is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR900 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR2.50 bil. Term Loan due on March 31, 2027 migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

About the Company

VINP was incorporated on January 27, 2021. It has set up a
distillery plant with a capacity of 300 kilo liters per day (for
producing ethanol and a 14MW power plant at Konankeri Village,
Haveri District in Karnataka. VINP has entered into agreements with
Bharat Petroleum Corporation Limited, Indian Oil Corporation
Limited (IND AAA/Stable), and Hindustan Petroleum Corporation
Limited (IND AAA/Stable) for the sale of ethanol. The company
started its operations from January 2023.


WRITER LIFESTYLE: Ind-Ra Moves D Rating to NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Writer Lifestyle Private Limited (WLPL) to the non-cooperating
category as per Ind Ra's policy on Issuer Non-Cooperation,
following the non-submission of the no default statement for three
consecutive months despite continuous requests and follow-ups by
the agency and also Ind-Ra's inability to validate timely debt
servicing through other sources it considers reliable. The no
default statement in the format prescribed by the Securities and
Exchange Board of India is required to be shared by the issuer
every month as a confirmation that all financial obligations are
being serviced on time. Investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR137.3 mil. Bank overdraft (short term) migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR307.4 mil. Term loan (long term) due on June 30, 2025
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received the no default statement  for three
consecutive months despite continuous requests and follow-ups by
the agency. Ind-Ra had consistently followed up with WLPL over
emails starting from February 29, 2024, apart from phone calls.  

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of WLPL 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 Writer Lifestyle's credit strength. If an issuer does not
provide timely no default statement, it indicates weak governance,
particularly in 'Timely debt servicing'. 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

WLPL is a part of Mumbai-based Writer Corporation group, which is
engaged in diversified businesses such as relocation services,
information and records management services, cash management
services and hospitality.




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

SAKA ENERGI: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed PT Saka Energi Indonesia's Long-Term
Issuer Default Rating at 'B+'. The Outlook is Stable.

Saka's rating benefits from a two-notch uplift from its Standalone
Credit Profile (SCP) of 'b-', based on its assessment of parent PT
Perusahaan Gas Negara Tbk's (PGN, BBB-/Stable) 'Medium' incentive
to provide support, in line with its Parent and Subsidiary Linkage
Rating Criteria. The 'b-' SCP reflects the constraints of the small
size of its operations.

The Stable Outlook reflects its view that Saka's operating profile
will remain adequate with proved reserve life maintained at 6.7
years at end-2023 (2022: 6.2 years).

KEY RATING DRIVERS

'Medium' Legal, Operational Incentive: Fitch believes PGN has
'Medium' legal incentive to support Saka, as PGN's loans include
joint several and cross-default clauses with subsidiaries. PGN has
also included Saka as a co-borrower in a debt facility for up to
USD50 million, reflecting its support commitment. PGN's control
over Saka's board and management drive its 'Medium' operational
incentive assessment.

Low Leverage: Fitch forecasts Saka's EBITDA net leverage to improve
to 0.5x in 2024, (2023:0.7x), as it fully repaid its outstanding
bond of USD156 million in May through internal cash. Fitch expects
Saka to repay another USD120 million of shareholder loans to PGN by
end-2024 and remaining shareholder loans of USD163 million by
end-2025. Fitch expects EBITDA net leverage to remain low at around
1.0x by 2026 even as Fitch forecasts lower oil prices. Fitch
forecasts Saka's net debt to decline to USD127 million by end-2024
(2023: USD439 million; 2022: USD737 million).

Saka Misaligned in Group Structure: Saka's position in PGN's group
structure remains uncertain. PGN has explicitly expressed its
intention to provide liquidity support to Saka, but there is still
lack of clarity about the subsidiary's position in the group after
a restructuring of state-owned oil and gas companies that
transferred the state's 57% ownership of PGN to PT Pertamina
(Persero) (BBB/Stable) in mid-2018. There has been no clarity from
PGN or Pertamina on Saka's position to date, resulting in its
'Weak' assessment of the parent's strategic incentive to support
Saka.

'b-' Standalone Profile: Saka's SCP reflects its small operating
scale, with proved reserves stable at 72 million barrels of oil
equivalent (mmboe) as of December 2023 (2022: 76mmboe) and proven
and probable reserves of 99mmboe (2022: 114mmboe). Saka added
6.8mmboe to its proved reserves against production of 10.7mmboe
during 2023 (2022 production: 12.2mmboe) through organic growth.

However, reserves and production are still at the lower end of that
of 'B' rated peers. Saka's proved reserve life of 6.7 years at
end-2023 was based on its 2023 production volume of 10.7mmboe.
Fitch expects production to range between 10mmboe and 12mmboe per
year over the next three years. In the absence of inorganic growth,
Saka is likely to face challenges in maintaining its reserve
profile on a sustained basis over the medium term.

DERIVATION SUMMARY

Saka's 'b-' SCP is comparable with that of other small independent
rated oil and gas companies globally. The ratings of Colombia's
Gran Tierra Energy International Holdings Ltd. (GTE, B/Stable) and
Frontera Energy Corporation (B/Stable) are constrained to the 'B'
category, due to the inherent operational risks from their small
scale and the low diversification of their oil and gas production
profiles.

Saka's low production of 33 thousand of barrels of oil equivalent
per day (mboepd) is similar to that of 'B' rated peers. Fitch
expects Saka's production to average around 37mboepd, which is
still lower than GTE's forecast production of 47mboepd and
Frontera's 42mboepd. GTE and Frontera have proved reserve lives of
4.0 years and 8.6 years, respectively. Saka is smaller in scale
comparatively and is likely to face greater challenges in
sustaining its reserve profile, which explains the difference in
their standalone assessments.

KEY ASSUMPTIONS

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

- Oil (Brent) price of USD80/barrel (bbl) in 2024, USD70/bbl in
2025 and USD65/bbl thereafter in line with Fitch's oil and gas
price assumptions.

- Natural gas sales prices based on contracted Indonesian
production prices for the next three years; Henry Hub price of
USD3.5/thousand cubic feet (mcf) in 2024, USD3.0/mcf in 2025 and
USD2.75/mcf thereafter.

- Oil and gas production of 33mboepd in 2024, 36mboepd in 2025, and
40mboepd in 2026 (2022: 33mboepd, 2023: 29mboepd)

- Capex of around USD134 million in 2024, USD218 million in 2025,
and USD294 million in 2026 (2022: USD58 million, 2023: USD85
million)

RATING SENSITIVITIES

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

- Strengthening of linkages with PGN upon clarity of Saka's
position within the group structure;

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

- Weakening of linkages with PGN in the absence of significant
additional support and a deterioration in Saka's position within
the group structure;

Sensitivities for Saka's SCP

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

- Sustained improvement in reserve life to above seven years while
maintaining production levels above 40mboepd and conservative
financial profile with EBITDA net leverage of 2.0x or below.

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

- Weakening of Saka's business profile, including rapidly declining
reserves or production in the absence of reserve acquisitions, or a
weakening of its liquidity position.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Support from Parent Required: Fitch expects Saka to
utilise a USD50 million joint facility with PGN in 2024 as free
cash flow generated is insufficient to fully fund its capex plans
and expected repayment of USD120 million of shareholder loans due
in December 2024. Saka has another shareholder loan of USD163
million due in December 2025, which Fitch expects to be rolled over
if Saka requires help in financing.

ISSUER PROFILE

Saka, a wholly owned subsidiary of PGN, engages in oil and gas
exploration and production and acts as PGN's upstream arm.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Saka's ratings benefit from a two-notch uplift from its SCP based
on its assessment of moderate linkages with the parent.

ESG CONSIDERATIONS

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

   Entity/Debt           Rating          Prior
   -----------           ------          -----
PT Saka Energi
Indonesia          LT IDR B+  Affirmed   B+



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

RAKUTEN GROUP: Logs 15th Quarter of Losses on Mobile Service Woes
-----------------------------------------------------------------
The Japan Times reports that Rakuten Group on May 14 logged its
fifteenth consecutive quarter in the red as losses at its mobile
service network unit outweighed a record performance from its
financial unit.

According to the Japan Times, the internet conglomerate logged an
operating loss of JPY33.3 billion (US$213 million) in
January-March, in line with estimates. The result was around half
its loss in the same quarter a year earlier but little changed from
the previous quarter.

Its financial unit which offers online banking, brokerage, credit
card and insurance services, logged an operating profit of JPY39.3
billion, up 47% from a year earlier, as its customer base grew.

But the mobile business, which has struggled with huge build-out
costs and lackluster subscriber growth since its launch in 2020,
recorded an operating loss of JPY71.9 billion, the Japan Times
discloses.

While its number of mobile subscribers rose to 6.48 million at the
end of March - increasing by around 1.5 million since the end of
August last year - average revenue per user (ARPU) increased only
fractionally.

According to the Japan Times, Rakuten has offered generous joining
bonuses for new customers, who gain further discounts and perks
across the other services in Rakuten's ecosystem, helping generate
subscriber growth but limiting the unit's profits.

The building out of the mobile network has resulted in massive debt
and Rakuten has JPY627 billion ($4 billion) of outstanding bonds to
be redeemed by the end of 2025, according to LSEG data.

Chief Financial Officer Kenji Hirose, however, told a briefing that
he was confident in Rakuten's capacity to refinance its upcoming
debt redemptions, the Japan Times relays.

In January, Rakuten refinanced around $1.75 billion of its U.S.
dollar-denominated debt at an interest rate of 11.25%, to be paid
off in 2027, the Japan Times recalls. The new fundraising helped
Rakuten redeem two tranches of bonds which had interest rates of
10.25% and 3.546% respectively.

                        About Rakuten Group

Japan-based Rakuten Group provides e-commerce, fintech, digital
content, and communications products and services.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-April 2024, S&P Global Ratings has assigned its 'BB' issue
credit rating to yen-denominated senior unsecured bonds that
Japan-based internet services company Rakuten Group Inc.
(BB/Negative/--) is due to issue. The issue amount of the bonds is
JPY50 billion. They have a coupon rate of 6.0% and mature in 2029.


UNIVERSAL ENTERTAINMENT: Fitch Puts 'B-' LongTerm IDR on Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has placed Japan-based Universal Entertainment
Corporation's (UE) 'B-' Long-Term Issuer Default Rating (IDR) and
the 'B-' rating on UE's outstanding US-dollar senior secured notes
on Rating Watch Negative (RWN).

The RWN reflects the fact that the maturity of the USD760 million
notes due December 2024, which constitutes the bulk of the
company's debt, is drawing closer. While the company is in advanced
stages of executing a refinancing plan, legally binding commitments
to refinance are not in place. Fitch will resolve the RWN if the
company successfully refinances its debt. Any delays in refinancing
execution will likely lead to further negative actions.

KEY RATING DRIVERS

Imminent Maturity: UE's debt maturity is concentrated in December
2024. The USD760 million of outstanding US dollar senior secured
notes are substantial relative to its liquidity and cash flow
profile. UE has demonstrated to Fitch that it is in advanced stages
of refinancing the USD760 million notes. Its plans appear
reasonable, particularly given the company's quality assets and
improved cashflows. However, execution risks remain.

IR Growth to Soften: Following a strong 2023 performance, Fitch
forecasts UE's revenue growth to flatten in 2024 before rising from
2025, albeit at a moderate rate. However, Fitch has revised down
its forecast for revenue from the company's integrated resort (IR)
in the Philippines, although Fitch believes prospects for the IR
remain positive, underpinned by the Philippines' healthy economic
growth and continued recovery in visitations. UE's IR revenue fell
qoq in 4Q23 and 1Q24 due to weaker performance in its VIP segment.
Its non-VIP segment remained resilient and recorded consistent
earnings during 1Q24.

Mature Amusement Equipment Segment: UE's earnings from its mature
amusement equipment (AE) business in Japan remain consistent,
despite uncertainties about end-market demand. UE's sales volume of
pachinko/pachislot machines continued to increase in recent years
due in part to emerging replacement demand and its ability to
develop machines that are in demand and comply with regulations in
a timely manner. Fitch forecasts near-term performance of the AE
segment to remain steady, though downside could arise from players'
changing preferences.

Limited Operating Scale: UE's credit profile remains constrained by
its limited operating scale. UE's 2023 revenue of JPY179 billion
remains significantly smaller than the reported revenues of rated
gaming peers. Over half of UE's EBITDA is from its IR operation,
comprising a single casino asset in the Philippines, which presents
heightened concentration risk. Furthermore, UE's business profile
is weighed down by bleak long-term growth prospects in the domestic
pachinko/pachislot market.

Positive FCF Generation: Fitch expects UE to sustain positive free
cash flow (FCF) generation in the near term, driven by steady
earnings, reduced capex requirements and the absence of material
definitive investment plans. With the major construction work at
Okada Manila completed, UE's capex on the IR is likely to remain
modest. Fitch also believes UE's shareholder remuneration
activities should continue to be prudently controlled in accordance
with business performance as well as debt covenants.

DERIVATION SUMMARY

US regional gaming operator, Bally's Corporation (B/Negative) is
comparable with UE in terms of revenue and profitability, but
Bally's has a more diversified business as it owns and operates 14
properties in 10 different states.

Macau-based gaming operator SJM Holdings Limited (SJMH, BB-/Stable)
and UE are geographically concentrated, but SJMH is rated at a
higher level as it is much larger in terms of revenue.

KEY ASSUMPTIONS

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

- Revenue growth to moderate to CAGR of 3.3% over 2024-2027

- EBITDA margin of 24.2% on average

- Annual capex of JPY7 billion-8 billion in 2024-2027

- Cash dividend of up to JPY3 billion annually

RECOVERY ANALYSIS

Fitch assumes the issuer would be restructured as a going concern
(GC) with 10% administrative expenses.

Its GC EBITDA of JPY37 billion reflects a 15% discount to its
projected EBITDA of JPY44 billion under its base case scenario.
Fitch assumes earnings would weaken upon bankruptcy due to
reputational damage that will lead to lower visitation.

Fitch continues to believe an enterprise value (EV) multiple of
5.25x, which is applied to GC EBITDA to derive a
post-reorganisation EV, is appropriate for UE. This reflects UE's
positive cash flow prospects, strategic location of its IR business
and relatively higher entry barriers for both the IR and AE
sectors.

Conclusion

While its analysis suggests that all the debt instruments would be
fully recovered, Fitch notes that a significant amount of UE's EV
is tied to assets located in the Philippines (BBB/Stable).
Therefore, the country cap for the Philippines will be applied,
which limits the Recovery Rating to 'RR4' as per Fitch's Country
Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

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

Fitch will resolve the Rating Watch Negative following the
successful refinancing of senior secured notes maturing in December
2024.

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

- Sustained cash burn from aggressive expansion plan.

- Failure to secure funding needed for refinancing by July 2024

LIQUIDITY AND DEBT STRUCTURE

Liquidity Under Pressure: UE's liquidity is under pressure due to
the upcoming maturity of the USD760 million of secured notes, which
represent the majority of its debt. While the company says it is on
track for timely refinancing, there is still no conclusion to the
refinancing transaction despite declining time to maturity.

ISSUER PROFILE

UE is a Japanese gaming equipment manufacturer listed on the Tokyo
Stock Exchange. The company operates in two segments:

1) the AE segment engaged in the development, manufacturing and
sale of pachislot and pachinko machines

2) the IR segment engaged in the operation of Manila Okada, a
casino resort in Entertainment City in Manila, the Philippines.

ESG CONSIDERATIONS

Universal Entertainment Corporation has an ESG Relevance Score of
'4' for Governance Structure due to ownership being concentrated in
the hands of the founding family and disputes with its founder and
former chairman Kazuo Okada. These have a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.

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

   Entity/Debt             Rating              Recovery   Prior
   -----------             ------              --------   -----
Universal
Entertainment
Corporation          LT IDR B- Rating Watch On            B-

   senior secured    LT     B- Rating Watch On   RR4      B-



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

AVIATION PROPERTY: Creditors' Proofs of Debt Due on June 12
-----------------------------------------------------------
Creditors of Aviation Property Developments Limited are required to
file their proofs of debt by June 12, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 19, 2024.

The company's liquidator is Ryan Eathorne.


DATAXCHANGE LIMITED: Court to Hear Wind-Up Petition on May 24
-------------------------------------------------------------
A petition to wind up the operations of DataXchange Limited will be
heard before the High Court at Auckland on May 24, 2024, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 27, 2024.

The Petitioner's solicitor is:

          K. H. Morrison
          Meredith Connell
          Level 7, 8 Hardinge Street
          Auckland


GMACH PROJECTS: Court to Hear Wind-Up Petition on June 27
---------------------------------------------------------
A petition to wind up the operations of Gmach Projects Limited will
be heard before the High Court at Auckland on June 27, 2024, at
10:00 a.m.

Ele Limited filed the petition against the company on April 29,
2024.

The Petitioner's solicitors are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


PENFOLD'S HOSPITALITY: Creditors' Proofs of Debt Due on June 11
---------------------------------------------------------------
Creditors of Penfold's Hospitality Limited are required to file
their proofs of debt by June 11, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 13, 2024.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


REACTIVE SOLUTIONS: Creditors' Proofs of Debt Due on June 10
------------------------------------------------------------
Creditors of Reactive Solutions Limited, Anime Newmarket Limited,
Rabz Barber & Beauty Limited, Total Home Services Limited and
Revive Festival NZ Limited are required to file their proofs of
debt by June 10, 2024, to be included in the company's dividend
distribution.

Reactive Solutions Limited and Anime Newmarket Limited commenced
wind-up proceedings on May 6, 2024.

Rabz Barber & Beauty Limited and Total Home Services Limited
commenced wind-up proceedings on May 7, 2024.

Revive Festival NZ Limited commenced wind-up proceedings on May 8,
2024.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240




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

EMPIRE BULLION: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 10, 2024, to
wind up the operations of Empire Bullion Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
April 22, 2024.

The company's liquidator is:

          Mr. Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


JA ENGINEERING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 10, 2024, to
wind up the operations of JA Engineering and Trading Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
April 22, 2024.

The company's liquidator is:

          Mr. Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square


NEW DAWN: Court to Hear Wind-Up Petition on May 31
--------------------------------------------------
A petition to wind up the operations of New Dawn Frozen Food Pte.
Ltd. will be heard before the High Court of Singapore on May 31,
2024, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


NO SIGNBOARD: Gazelle Ventures' Cash Offer Closed on May 16
-----------------------------------------------------------
The Business Times reports that the mandatory unconditional cash
offer launched by Gazelle Ventures to acquire all the issued and
paid-up ordinary shares of No Signboard Holdings closed on May 16.

The number of public acceptances stood at 0.5022 per cent or 1.55
million shares, BT relates. Gazelle Ventures is the investor for
the Catalist-listed restaurant operator.

On April 19, Gazelle Ventures announced its intention to acquire
all the issued and paid-up ordinary shares of No Signboard,
excluding those already owned by the investor and its allies.

The offer price of SGD0.0021 per share was at a 97.5 per cent
discount over the last transacted price preceding the offer
announcement on March 28, BT relates.

"The offeror concert party group's intention is for the company to
continue carrying on its business in the food and beverage
industry, and to maintain its listing status on the SGX-ST," said
the offer document released by Gazelle Ventures in April.

                         About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
23, 2024, No Signboard said in its annual report release on Jan. 19
that the company's auditor, PKF-CAP, flagged uncertainty over the
company's ability to continue as a going concern.

According to The Business Times, the auditor noted that the company
posted a net loss of SGD4.7 million for the financial year ended
Sept. 30, 2022, with net cash outflow from operating activities of
SGD982,000.

In addition, it noted that the company's current liabilities
exceeded current assets by SGD6.6 million, while total liabilities
exceeded total assets by SGD7.1 million as at Sept. 30, 2022.

The net current liabilities included bank borrowings of SGD2.1
million that were reclassified from non-current to current as the
company defaulted on monthly repayments due to insufficient funds.

TRANSKY PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on May 10, 2024, to
wind up the operations of Transky Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
April 22, 2024.

The company's liquidator is:

          Mr. Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


UOB KAY: Creditors' Proofs of Debt Due on June 17
-------------------------------------------------
Creditors of UOB Kay Hian Trading Pte. Ltd. are required to file
their proofs of debt by June 17, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 10, 2024.

The company's liquidator is:

          Mr. Chan Yee Hong
          CLA Global TS Risk Advisory
          80 Robinson Road, #25-00
          Singapore 068898





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

ASIANA AIRLINES: Net Loss Widens in Q1 on Higher Operating Costs
----------------------------------------------------------------
Yonhap News Agency reports that Asiana Airlines, Korea's
second-largest carrier, has widened its net loss in the first
quarter due to increased operating costs and the weakening of the
local currency, the company said May 16.

Asiana Airlines recorded a net loss of KRW174.4 billion (US$129.6
million) in the January-March period, compared with a loss of KRW62
billion from the same period last year, the company said.

Its sales increased 12.1 percent on-year to KRW1.63 trillion, the
highest for a first quarter, but the company shifted to an
operating loss of KRW31.2 billion from a profit of KRW92.5 billion
a year ago, Yonhap discloses.

According to Yonhap, the company said its sales were up thanks to
an expansion of its air routes, but its net loss deepened due to
higher operating costs from an increase in transportation volume
and a weak won.

"We have been replacing our planes under a long-term aircraft
operation plan," an official from Asiana said, noting the company
is pushing to strengthen its hardware competitiveness.

Yonhap relates that Asiana said its profitability is expected to
improve in the second half of this year, noting it is working to
expand its service in long distance routes to the Americas and
Europe and routes to China.

In detail, Asiana saw its sales from passenger business climb 26.3
percent on-year to 1.09 trillion won in the first quarter on the
increase of its air routes to Japan, Southeast Asia and Australia.

But its cargo business posted a 12.4 percent decrease in sales to
KRW352.4 billion as competition in the market escalated following
the COVID-19 pandemic, Yonhap adds.

                       About Asiana Airlines

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.

State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat.  In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April 2020 until business circumstances normalize,
Yonhap noted.  Asiana's executives have also agreed to forgo 60% of
their wages, though no specific time frame was given for how long
the pay cuts will remain in effect.

In November 2020, Korean Air said it will acquire Asiana Airlines
in a deal valued at KRW1.8 trillion that could create the world's
10th-biggest airline by fleets, Yonhap said.

So far, 11 countries, including Britain, Australia and Singapore,
have approved the KRW1.8 trillion merger deal announced in 2020,
but the airlines have yet to receive approval from three key
markets: the European Union, the United States and Japan, according
to Yonhap.



                           *********


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

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

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

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

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



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