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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, December 16, 2024, Vol. 27, No. 251

                           Headlines



A U S T R A L I A

APH HOLDING: First Creditors' Meeting Set for Dec. 19
CAREER HOUSE: First Creditors' Meeting Set for Dec. 19
FINANCIAL ADVISORY: First Creditors' Meeting Set for Dec. 19
FP TURBO 2023-1: Moody's Upgrades Rating on Class F Notes to Ba3
GLOBAL COMPANY: First Creditors' Meeting Set for Dec. 18

GREENSILL CAPITAL: Lead Auditor Suspended by CADB Until June 2026
MACGILL FINANCIAL: ASIC Cancels Company's AFS Licence
NICHELIVING HOLDINGS: Owes WA State AUD600K in Unpaid Payroll Tax
OAKS CIVIL: First Creditors' Meeting Set for Dec. 19
RAF ABS 2024-1: Moody's Upgrades Rating on Class F Notes to Ba1

SAPPHIRE XXXI 2024-3: S&P Assigns B+(sf) Rating on Class F Notes
STAR ENTERTAINMENT: Star Gold Coast Casino CEO Steps Down


C A M B O D I A

ADVANCED BANK OF ASIA: S&P Affirms 'B+/B' ICRs on Improved Funding


C H I N A

HANGZHOU JI YUE: To Cut Operations & Payroll to Survive Brutal Race


I N D I A

ARYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating Category
BATLIBOI LIMITED: CRISIL Cuts Rating on Long Term Bank Debts to C
D. I. STEELS: Insolvency Resolution Process Case Summary
DABRA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
DUDHGANGA VEDGANGA: CRISIL Moves B+ Ratings from Not Cooperating

GEETA TEXTILE: Insolvency Resolution Process Case Summary
GOLDEN FOOD: CARE Keeps B- Debt Rating in Not Cooperating
GUJARAT GINNING: CARE Keeps C Debt Rating in Not Cooperating
ISHWAR OIL: CARE Keeps D Debt Rating in Not Cooperating Category
J.P ELECTRICAL: CRISIL Raises Long Term Rating to B-

JUBILEE INFRA: CARE Keeps D Debt Rating in Not Cooperating
JUHI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
KADWA SAHAKARI: CRISIL Reaffirms B+ Rating on INR120cr Cash Loan
KALAVAKURU ESTATES: CRISIL Keeps B+ Rating in Not Cooperating
MAHATMA JYOTIBA: CARE Keeps C Debt Ratings in Not Cooperating

MANTRI DEVELOPERS: NCLT Dismisses Indian Bank's Insolvency Plea
MEWAR FABRICS: CARE Keeps B- Debt Rating in Not Cooperating
MOHAN BREWERIES: CARE Lowers Rating on INR122.91cr LT Loan to D
NAGRAJ ALLOYS: Liquidation Process Case Summary
NAVYUG TELEFILMS: Insolvency Resolution Process Case Summary

PEARLTREE HOTELS: CARE Lowers Rating on INR5.64cr LT Loan to B-
PREMIERWORLD TECHNOLOGY: CARE Keeps D Ratings in Not Cooperating
PRIMAFLEX: CARE Keeps D Debt Rating in Not Cooperating Category
PRITHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
ROYAL INFRASOFT: Liquidation Process Case Summary

S.V.S COTTONS: CARE Lowers Rating on INR5cr LT Loan to B-
SIESTA HOSPITALITY: Insolvency Resolution Process Case Summary
SKYI PROPERTY: CARE Keeps D Debt Rating in Not Cooperating
SRINIVASA POULTRY: CARE Keeps C Debt Rating in Not Cooperating
SWASTIK COAL: CARE Keeps D Debt Ratings in Not Cooperating

TIRUMALA AGRO: CARE Keeps D Debt Rating in Not Cooperating
VISA ENERGY: Liquidation Process Case Summary
ZENITH MINING: Insolvency Resolution Process Case Summary


J A P A N

FUNAI ELECTRIC: Skyworth is in Talks to Buy Co.'s TV Business


M A L A Y S I A

LOTTE CHEMICAL: Shut Down Pasir Gudang Plant to Mitigate Losses


N E W   Z E A L A N D

CHRISTIAN SAVINGS: Fitch Affirms BB+ LongTerm IDRs, Outlook Stable
FP IGNITION 2011-1: Moody's Raises Rating on Class F Notes to B1
MATEC CABLING: Creditors' Proofs of Debt Due on Jan. 10
MTF NAVARRO 2024: Fitch Hikes Rating on Class F Notes to 'BBsf'
ROTO WHARE: Creditors' Proofs of Debt Due on Jan. 8

SCS 2022: Khov Jones Appointed as Receiver and Manager
SERUVATU HORTICULTURE: Court to Hear Wind-Up Petition on Feb. 5
TRIPLE CONNECTION: Court to Hear Wind-Up Petition on Feb. 13
UNITY CREDIT: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
WAIRARAPA BUILDING: Fitch Affirms BB+ LongTerm IDRs, Outlook Stable



S I N G A P O R E

13 HONEY: Court to Hear Wind-Up Petition on Dec. 27
KHG HOLDINGS: Court to Hear Wind-Up Petition on Dec. 27
KIMMINGSTON PTE: Creditors' Proofs of Debt Due on Jan. 13
SEA FRONT: Court to Hear Wind-Up Petition on Dec. 27
SYMPHONY W&C: Placed in Provisional Liquidation



S R I   L A N K A

SRI LANKA: Bondholders Back US$12.6 Billion Debt Restructuring


T A I W A N

SEMILEDS CORP: Fails to Meet NASDAQ Listing Requirement

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A U S T R A L I A
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APH HOLDING: First Creditors' Meeting Set for Dec. 19
-----------------------------------------------------
A first meeting of the creditors in the proceedings of APH Holding
Pty Ltd will be held on Dec. 19, 2024 at 10:30 a.m. via Microsoft
Teams.

Matthew James Byrnes and Jialan Xu of Grant Thornton Australia were
appointed as administrators of the company on Dec. 9, 2024.


CAREER HOUSE: First Creditors' Meeting Set for Dec. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Career House
Pty Ltd will be held on Dec. 19, 2024 at 3:00 p.m. at the offices
of Hamilton Murphy Advisory at Level 21, 114 William Street in
Melbourne and via virtual meeting technology.

Stephen Dixon of Hamilton Murphy Advisory were appointed as
administrators of the company on Dec. 9, 2024.


FINANCIAL ADVISORY: First Creditors' Meeting Set for Dec. 19
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Financial
Advisory Australia Pty Ltd will be held on Dec. 19, 2024 at 10:00
a.m.  via videoconference facilities.

Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Dec. 9, 2024.


FP TURBO 2023-1: Moody's Upgrades Rating on Class F Notes to Ba3
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on three classes of notes
issued by FP Turbo Series 2023-1 Trust.

The affected ratings are as follows:

Issuer: FP Turbo Series 2023-1 Trust

Class C Notes, Upgraded to Aa2 (sf); previously on Feb 6, 2024
Upgraded to Aa3 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Feb 6, 2024
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Feb 6, 2024
Upgraded to B1 (sf)

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

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the good performance of the
underlying collateral pool to date.

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

Following the November 2024 payment date, note subordination
available for the Class C, Class E and Class F Notes has increased
to 21.1%, 12.4% and 9.6%, respectively, from 15.9%, 9.0% and 6.7%,
at the time of the last rating action for these notes in February
2024. Principal collections have been distributed on a pro-rata
basis among the rated notes since the August 2024 payment date.
Current total outstanding notes as a percentage of the total
closing balance is 52.3%.

As of October 2024, 2.1% of the outstanding pool was 30-plus day
delinquent, and 0.5% was 90-plus day delinquent. The portfolio has
incurred 0.02% (as of original balance) of losses to date, which
have been covered by excess spread.

Based on the current portfolio characteristics and historical
performance data, Moody's have updated the haircuts to the residual
value cash flow: Aa2 haircut of 29.4%, Baa3 haircut of 20.2%, and
Ba3 haircut of 13.5%.

The transaction is an Australian cash securitisation of operating,
novated and finance leases extended to Australian government and
statutory corporations, corporates, small and medium-sized
businesses and their employees. The leases are secured by passenger
cars, commercial vehicles and equipment.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

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

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

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


GLOBAL COMPANY: First Creditors' Meeting Set for Dec. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Global
Company Service Pty Ltd will be held on Dec. 18, 2024 at 12:00 p.m.
via videoconference only.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Dec. 6, 2024.


GREENSILL CAPITAL: Lead Auditor Suspended by CADB Until June 2026
-----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) said
registered company auditor Joseph John Santangelo will not be able
to audit companies until June 2026 after the Companies Auditors
Disciplinary Board (CADB) found that he failed to carry out or
perform adequately and properly the duties of an auditor in
conducting the group audits of the financial statements of the
entity comprising Greensill Capital Pty Ltd and its subsidiaries
(the Greensill Group).

On Dec. 9, 2024, the CADB ordered the suspension of Mr. Santangelo,
who is a partner of Nexia Sydney Audit Pty Ltd (NSA), until June 1,
2026.

ASIC Deputy Chair Sarah Court said, 'Auditors are a critical part
of the governance framework and are in a unique position to
identify and limit misconduct. The failure of auditors to meet the
standards required of them can have serious consequences for
investors and erode confidence in the integrity of Australia's
capital markets.

'Auditor misconduct was recently announced as a 2025 enforcement
priority for ASIC and we will continue to act against auditors who
fall short in meeting the standards required.'

Mr. Santangelo was also ordered to provide various undertakings to
ASIC, and to pay ASIC's costs fixed in the sum of AUD375,000. Mr.
Santangelo provided an undertaking to ASIC not to practice as a
registered company auditor from June 1, 2024.

ASIC commenced an application to the CADB in relation to Mr.
Santangelo in June 2023. The application related to the audits by
NSA of the financial statements of the Greensill Group for the
years ended December 2018 (FY18) and December 2019 (FY19).

The Greensill Group was a group of about 40 entitles, including
Greensill Capital (UK) Ltd, and Greensill Bank AG, the ultimate
holding company of which was Greensill Capital Pty Ltd. Mr.
Santangelo, as lead auditor and engagement partner of the Greensill
Group's consolidated financial statements, was required to ensure
that the audits of the FY18 and FY19 financial statements were
conducted by NSA in accordance with the Australian Auditing
Standards.

                          About Greensill

Greensill was an independent financial services firm and principal
investor group based in the United Kingdom and Australia.  It
offered structures trade finance, working capital optimization,
specialty financing and contract monetization.  Greensill Capital
Pty was the parent company for the Greensill Group.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited both entered into administration on March 8,
2021.  Greensill Limited entered into Creditors' Voluntary
Liquidation on July 30, 2021. Greensill Capital Securities Limited
entered into Creditors' Voluntary Liquidation on June 24, 2022.

Greensill Capital Pty Limited was the parent company to the
Greensill Group of which Greensill Capital (UK) Limited and
Greensill Limited formed a part.  It entered into administration in
Australia on March 9, 2021 and then subsequently into liquidation
in Australia on April 22, 2021.


MACGILL FINANCIAL: ASIC Cancels Company's AFS Licence
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
cancelled the Australian financial services licence held by Macgill
Financial Services Pty Ltd on Nov. 29, 2024, after finding it has
ceased to carry on a financial services business.

ASIC may suspend or cancel an AFS licence, by giving written
notice, if the licensee ceases to carry on the financial services
business under section 915B of the Corporations Act.

ASIC granted Australian financial services licence number 416722 to
Macgill Financial Services on Feb. 28, 2012.

Macgill Financial Services has the right to appeal to the
Administrative Appeals Tribunal for a review of ASIC's decision.


NICHELIVING HOLDINGS: Owes WA State AUD600K in Unpaid Payroll Tax
-----------------------------------------------------------------
Hamish Hastie at WAtoday reports that beleaguered WA developer
Nicheliving owes AUD600,000 to the state in unpaid payroll tax,
premier Roger Cook has revealed.

WAtoday says Mr. Cook made the revelation the same day the
opposition referred the company to the corporate watchdog over
concerns two of its business entities had traded insolvent for up
to two years.

On Dec. 11, Nicheliving directors Ronnie Michel-Elhaj and Paul
Bitdorf were successful in a bid to pull Nicheliving Holdings and
Projex Management out of administration after a majority of
creditors accepted their 2.7 million proposal, according to
WAtoday.

On Dec. 12, Mr. Cook revealed the state's Commissioner of State
Revenue Chris McMahon was also a creditor in that meeting thanks to
the AUD600,000 worth of unpaid payroll tax still owed by the
companies.

He said the state argued against accepting Bitdorf and
Michel-Elhaj's proposal.

"We're a creditor, and we believe that other steps should have been
taken in relation to the creditors receiving their money," he
said.

Under the rules of the state government's bailout announced in
October to get the unfinished homes of more than 200 Nicheliving
customers built, Michel-Elhaj and Bitdorf relinquished their
building licenses for 10 years.

Mr. Cook said that was still the case, WAtoday relays.

"Yesterday's meeting changes none of that. The fact of the matter
is that these [people] can still not build, they can still not lay
a brick," the report quotes Mr. Cook as saying.

WAtoday notes that the deed of company arrangement comprised a lump
sump payment of AUD2 million to both Nicheliving and its
construction arm Projex Management and Construction, bankrolled by
the sale of its Northbridge headquarters and a AUD200,000 deposit.

The remaining funds would be paid to the entities over nine monthly
instalments totalling AUD522,000, with the money to begin flowing
in shortly after Christmas.

A preliminary probe into the company's affairs has found
Nicheliving likely became insolvent in August 2022, while Projex
may have been insolvent from as early as June 2021, WAtoday
relays.

According to WAtoday, opposition leader Shane Love has formally
referred Nicheliving to the Australian Securities and Investments
Commission following the probe.

"ASIC's intervention is critical to ensure the directors of
NicheLiving are held accountable, and to demonstrate to the
building industry and consumers that improper conduct will not go
unchecked," WAtoday quotes Mr. Love as saying.

"These claims raise serious questions about the financial
management and solvency practices of both entities, with
significant implications for creditors, customers, and the wider
building industry in Western Australia."

Mr. Cook also revealed the the government had recieved 212 claim
under its home indemnity insurance scheme from Nicheliving
customers and to date 103 of those had been paid out to the value
of AUD19.1 million, WAtoday adds.

                         About Nicheliving

Perth-based Nicheliving offers services across house and land,
apartment developments, projects, construction, finance and real
estate.

Richard Scott Tucker and John Allan Bumbak of KordaMentha were
appointed as administrators of Nicheliving Holdings Ltd, Rubix
Future Building Technology Pty Ltd, and Projex Management &
Construction Pty Ltd on Nov. 6, 2024.


OAKS CIVIL: First Creditors' Meeting Set for Dec. 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of Oaks Civil
Construction Pty Ltd will be held on Dec. 19, 2024 at 10:00 a.m. at
the offices of Mackay Goodwin at Level 2, 68 St Georges Terrace in
Perth and via Teams.

Mathieu Tribut of Mackay Goodwin was appointed as administrator of
the company on Dec. 9, 2024.


RAF ABS 2024-1: Moody's Upgrades Rating on Class F Notes to Ba1
---------------------------------------------------------------
Moody's Ratings has upgraded ratings on four classes of notes
issued by RAF ABS Series 2024-1.

The affected ratings are as follows:

Issuer: RAF ABS Series 2024-1

Class B Notes, Upgraded to Aa1 (sf); previously on Mar 26, 2024
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa2 (sf); previously on Mar 26, 2024
Definitive Rating Assigned A1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Mar 26, 2024
Definitive Rating Assigned Baa1 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Mar 26, 2024
Definitive Rating Assigned Ba2 (sf)

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

RATINGS RATIONALE

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

No action was taken on the remaining rated classes in the deal as
credit enhancements remain commensurate with the current ratings
for the respective notes.

Following the November 2024 payment date, credit enhancement
available for the Class B, Class C, Class D, and Class F Notes has
increased to 23.4%, 17.4%, 12.6%, and 7.2% respectively, from
18.2%, 13.5%, 9.8% and 5.6% at closing in March 2024. Principal
collections have been distributed on a sequential basis starting
from Class A Notes. Current outstanding note balance as a
percentage of the closing note balance was 77.7%.

As of end-October 2024, 1.4% of the outstanding pool was 30-plus
day delinquent and 0.3% was 90-plus day delinquent. The portfolio
has incurred losses of 0.5% (as a percentage of the original pool
balance) to date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected default assumption at 5%
of the original balance (equivalent to 5.8% of the current
balance). Moody's have also maintained the Aaa portfolio credit
enhancement at 26.0%.

Moody's have also considered sensitivity scenarios with higher
default rate and lower recovery rate. The actual recovery
performance to date falls short of Moody's initial expectations.

The transaction is a cash securitisation of commercial auto and
equipment loans extended to small and medium sized businesses in
Australia originated by Resimac Asset Finance Pty Ltd.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

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

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

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


SAPPHIRE XXXI 2024-3: S&P Assigns B+(sf) Rating on Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Sapphire
XXXI Series 2024-3 Trust. Sapphire XXXI Series 2024-3 Trust is a
securitization of nonconforming and prime residential mortgages
originated by Bluestone Group Pty Ltd. and Bluestone Mortgages Pty
Ltd. (collectively Bluestone).

The ratings S&P has assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. Our assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, the yield reserve,
retention amount built from excess spread, and the provision of an
extraordinary expense reserve. Our analysis is on the basis that
the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and we assume the notes are not called at or beyond
the call-option date.

S&P said, "Our ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider and
National Australia Bank Ltd. as liquidity facility provider. The
transaction documents for the facilities include downgrade language
consistent with S&P Global Ratings' counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Sapphire XXXI Series 2024-3 Trust

  Class A1S, A$168.00 million: AAA (sf)
  Class A1L, A$300.00 million: AAA (sf)
  Class A2, A$63.00 million: AAA (sf)
  Class B, A$33.12 million: AA (sf)
  Class C, A$12.48 million: A (sf)
  Class D, A$10.80 million: BBB (sf)
  Class E, A$8.10 million: BB (sf)
  Class F, A$2.10 million: B+ (sf)
  Class G1, A$1.20 million: Not rated
  Class G2, A$1.20 million: Not rated


STAR ENTERTAINMENT: Star Gold Coast Casino CEO Steps Down
---------------------------------------------------------
Reuters reports that Star Entertainment on Dec. 13 said the CEO of
its Star Gold Coast casino has resigned just three months into the
job and days after the casino's license suspension was extended
until March.

According to Reuters, Mark Mackay was appointed as the chief
executive officer of Queensland-based Star Gold Coast in September
to implement regulatory reforms that would help lift the suspension
of the casino's license, which was earlier set to expire on Dec.
20.

Earlier this month, Star Entertainment said that Queensland's
attorney general had extended the suspension of Star Gold Coast
casino's license until the end of March next year, Reuters relates.
The term of the regulator-appointed special manager, who oversees
Gold Coast's operations, was also extended to the end of June next
year.

Mr. Mackay's predecessor, Jessica Mellor announced her exit in
mid-April amid an exodus of the casino operator's top officials as
it faced a second inquiry into its Sydney operations, Reuters
notes.

               About The Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.




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C A M B O D I A
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ADVANCED BANK OF ASIA: S&P Affirms 'B+/B' ICRs on Improved Funding
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term and 'B' short-term
issuer credit ratings on Advanced Bank of Asia Ltd. (ABA). The
outlook on the long-term rating is stable.

S&P affirmed the ratings to reflect challenging operating
conditions for Cambodian banks, which will undermine asset quality
across the sector. As a domestically focused bank, ABA remains
exposed to a continued buildup of risks in the domestic economy.
That said, the bank has been improving its funding access.

ABA has been able to garner robust deposits even as it lowered
interest rates multiple times.  S&P believes ABA is no longer
paying a price premium to build its deposit franchise. The bank's
deposits increased 25% in 2023 versus the industry's 14%. This was
despite lower deposit rates than peers. The bank has low-cost
current and savings accounts of 60%-70%, well above the industry
average of below 50%. Its loan-to-deposit ratio of below 90%
compares well with the industry's more than 120%.

ABA's digital platform users increased over 2x over 2021-2023. This
reflected the bank's investments in technology over the years,
which help it stand out in Cambodia. The bank uses a combination of
in-house developed technology and solutions from leading IT
companies. Its strong digital platform helps it distinguish itself
in a system historically affected by low depositor confidence.

ABA's asset quality indicators will remain weak over the next 12-18
months.   The bank's nonperforming loan (NPL) ratio rose to 3.9% as
of end-2023, from 2.9% a year ago. Its NPLs and credit losses could
increase to 5.7% and 147 basis points respectively by 2026,
reflecting continued stress in some sectors it has exposure to. The
sectors hardest hit by the pandemic continue to lag the broader
economy.

Cambodia's economy relies heavily on high-spending Chinese tourists
and real estate investors. These segments have yet to fully
recover. S&P therefore believes industry NPLs will climb to just
under 8% by 2026 and credit losses will remain elevated at 160-170
basis points.

ABA's lower microfinance exposure, client selection aided by cash
flow analysis, and low share of loans to developers provide some
mitigation.

Risk-adjusted capital (RAC) ratio could normalize once domestic
credit growth revives.  ABA's RAC ratio could cross 8% in 2024 due
to slower loan growth than the recent past, placements with
overseas banks, and large capital infusions from its parent. S&P
expects the bank's loan growth to remain below 15% in 2024, before
picking up over fiscal 2025-2026. The bank's RAC ratio could trend
below 7% in 2026 as credit growth resumes and the bank redeploys
funds opportunistically placed with overseas banks to Cambodia.

S&P said, "The stable outlook on ABA reflects our view that the
bank will sustainably balance rapid loan growth with sufficient
deposit mobilization and sound underwriting standards over the next
12-18 months. We believe ABA's asset quality will deteriorate
because of macroeconomic conditions but stay manageable. We also
believe the bank will remain a moderately strategic subsidiary of
the National Bank of Canada over our outlook horizon.

"We see a downgrade as unlikely over the next 12-18 months. This is
because that will require a deterioration of two notches in our
assessment of ABA's stand-alone credit profile (SACP). The
two-notch buffer reflects the status of ABA as a moderately
strategic subsidiary of the National Bank of Canada.

"The SACP could come under pressure if ABA's asset quality, as
measured by its NPL ratio or credit costs, weakened significantly
from our base case. This would be particularly likely if the
deterioration coincided with a much weaker economic recovery than
we expect.

"We could upgrade ABA if economic risks in Cambodia ease, leading
to more supportive credit conditions. The SACP could improve if the
RAC ratio sustains above 7% while the bank maintains asset
quality."




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HANGZHOU JI YUE: To Cut Operations & Payroll to Survive Brutal Race
-------------------------------------------------------------------
Daniel Renin at South China Morning Post reports that Jiyue, a
premium electric vehicle (EV) maker backed by Chinese search-engine
firm Baidu, will downsize its operations while pursuing fresh
capital to withstand vicious competition.

Projects that do not improve the company's financial health will be
scrapped, and some business units will be merged to avoid
redundancy of human resources, the Shanghai-based carmaker said in
a statement on Dec. 11, the Post relays.

"We will make all-out efforts to focus on our goals to improve
efficiency in operation and management," the statement said. "All
measures will be taken to adapt to the new situations amid the
rebirth of the company."

According to the Post, the statement came after speculation on
social media in mainland China that Jiyue had edged closer to
liquidation due to poor sales in the world's largest EV market,
which is crowded with more than 50 major players.

In a letter to employees on Dec. 11, CEO Xia Yiping admitted that
the company was under pressure to stay afloat, and said that a
drastic revamp of existing operating units would be pivotal to
Jiyue's fate, the Post relates.

"The management will do its best to overcome difficulties," he said
in the letter seen by the Post. "The restructuring plan has
received full understanding and full support from the
shareholders."

The CEO did not elaborate on which business units would cease or
how many employees would be affected.

Based in Shanghai, China, Hangzhou Ji Yue Automobile Technology
Co., Ltd., trading as Ji Yue, manufactures intelligent electric
passenger cars. It was established in 2023 as a partnership between
Geely and Baidu.




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

ARYA MOTORS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arya Motors
(AM) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE C; 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 November 3,
2023, placed the rating(s) of AM under the 'issuer non-cooperating'
category as AM had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 18, 2024, September 28,
2024, October 8, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Established in August 1994, Arya Motors (AM) is an authorized
dealer for TVS Motor Company and Tractors and Farm Equipment
Limited (TAFE) for two-wheeler, tractors, spares & accessories in
Berhampur (Odisha). Currently, the firm has two showrooms cum
workshop. AM is promoted by Mr. Ranjit Kumar Panda, Mr. Rajanikanta
Mohapatra, Mr. Sivaram Mohapatra and Mr. Ranjan
Kumar Panda. Mr. Sivaram Mohapatra (aged, 87 years), having around
five decades of experience in the automobile industry, looks after
the day to day operations of the firm. He is supported by other
partner Mr. Ranjit Kumar Panda, Mr. Rajanikanta Mohapatra, Mr.
Ranjan Kumar Panda and a team of experienced professionals.


BATLIBOI LIMITED: CRISIL Cuts Rating on Long Term Bank Debts to C
-----------------------------------------------------------------
CRISIL Ratings has revised its rating on the long term bank
facilities of Batliboi Limited (Batliboi, part of Batliboi group)
to 'CRISIL C Issuer Not Cooperating' from 'CRISIL B/Stable Issuer
Not Cooperating' while rating on the short term bank facilities
continues to be 'CRISIL A4 Issuer Not Cooperating' based on
publicly available information.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.5       CRISIL C (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit            3         CRISIL C (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit            0.6       CRISIL C (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')
      
   Cash Credit            5         CRISIL C (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit            7.5       CRISIL C (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Letter of credit      15.6       CRISIL A4 (ISSUER NOT
   & Bank Guarantee                 COOPERATING; Rating continues
                                    at the same level)

   Letter of credit       5         CRISIL A4 (ISSUER NOT
   & Bank Guarantee                 COOPERATING; Rating continues
                                    at the same level)

   Letter of credit      11.9       CRISIL A4 (ISSUER NOT
   & Bank Guarantee                 COOPERATING; Rating continues
                                    at the same level)


   Letter of credit       1.4       CRISIL A4 (ISSUER NOT
   & Bank Guarantee                 COOPERATING; Rating continues
                                    at the same level)


   Letter of credit      10         CRISIL A4 (ISSUER NOT
   & Bank Guarantee                 COOPERATING; Rating continues
                                    at the same level)


   Proposed Long Term    10.25      CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating continues
                                    at the same level)


CRISIL Ratings has been consistently following up with Batliboi for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Batliboi, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Batliboi is consistent with 'Assessing Information Adequacy Risk'.

Incorporated in 1941, Batliboi manufactures machine tools, air
engineering, textile machinery, environmental engineering, wind
energy, motors, international marketing, and logistics. The machine
tools division manufactures conventional and computer numerical
controlled machines. The textile engineering division provides
equipment and designs for climate control in textile manufacturing
units.

The company has derecognised assets and liabilities associated with
AESA Air Engineering S.A. (AESA France, step down subsidiary) from
its consolidated financial statements, since AESA France has filed
for Judicial Redressment under French law and the court has
pronounced Liquidation Judicial for AESA France and its
subsidiaries. Batliboi Limited does not exert any control over this
company and its stepdown subsidiaries currently


D. I. STEELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: D.I Steels Private Limited
Unit 10a, Nandeep Ind Estate,
        Kondivita Lane, Andheri Kurla Road,
        Andheri East, Mumbai,
        Maharashtra, India 400069

Insolvency Commencement Date: November 13, 2024

Estimated date of closure of
insolvency resolution process: May 5, 2024 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench-IV

Insolvency
Professional: Anish Gupta
              105, Lutos Business Park,
              Ram Baug Lane, Off S V Road,
              Malad (West) Mumbai- 400064
              Email: ipanishgupta@gmail.com
              Email: cirpdisteel@gmail.com
  
Last date for
submission of claims: November 28, 2024



DABRA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dabra Agro
Private Limited (DAPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      24.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2023, placed the rating(s) of DAPL under the 'issuer
non-cooperating' category as DAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 21, 2024,
October 31, 2024, November 10, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

Dabra (Madhya Pradesh) based Dabra Agro Private Limited was
incorporated as a private limited company in 1996. DAPL is mainly
engaged in the processing of rice and is also engaged in the
trading of paddy. The company purchases paddy from traders as well
as farmers and sells rice (basmati, parmal, Shela etc.) to Gujarat,
etc. The company sells rice under the brand
name of 'Dinner King'.

Status of non-cooperation with previous CRA: India Ratings has
continued the rating assigned to the bank facilities of DAPL into
ISSUER NOT COOPERATING category vide press release dated March 14,
2024 on account of its inability to carry out a review in the
absence of requisite information from the company.

Brickwork has continued the rating assigned to the bank facilities
of DAPL into ISSUER NOT COOPERATING category vide press release
dated August 01, 2024 on account of its inability to carry out a
review in the absence of requisite information from the company.


DUDHGANGA VEDGANGA: CRISIL Moves B+ Ratings from Not Cooperating
----------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long-term bank facilities of Shree Dudhganga Vedganga
Sahakari Sakhar Karkhana Ltd (SDKL) to 'CRISIL B+/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information for carrying out a comprehensive
review of the rating. Consequently, CRISIL Ratings has migrated its
rating on the long-term bank facilities of SDKL to 'CRISIL
B+/Stable'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Sugar Pledge         240       CRISIL B+/Stable (Migrated from
   Cash Credit                    'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Sugar Pledge          60       CRISIL B+/Stable (Migrated from
   Cash Credit                    'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects below-average financial risk profile of the
company, given its large debt, along with susceptibility to
cyclicality and regulatory changes associated with the sugar
industry. These weaknesses are partially offset by the established
presence of the company in the sugar industry and moderate scale of
operations.

Analytical approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of SDKL.


Key rating drivers and detailed description

Weaknesses:

* Below-average financial risk profile: Capital structure has been
leveraged, as reflected in high gearing and total outside
liabilities to adjusted networth ratios of 6.04 times and 8.16
times, respectively, as on March 31, 2024. Debt includes sugar
pledge loans, medium-term loans and long term loans to fund the
recent capital expenditure (capex) towards expansion of mill
capacity. Utilisation of the fund-based facility is higher during
the peak season. As the company operates on a no-profit no-loss
basis, accretion to reserve is limited and hence, networth remains
modest in comparison to the scale. Due to high debt and low profit,
debt protection metrics remain weak, as reflected in interest
coverage ratio of 1.1 times for fiscal 2024.

* Exposure to regulatory changes and cyclicality in the sugar
industry and to risk associated with singular dependence on sugar
sales: The sugar industry tends to be cyclical, owing to the
dependence on monsoon and regulatory intervention, and these could
adversely impact the performance of SDKL. The government manages
the domestic demand-supply scenario by restricting imports and
exports and controlling prices of sugar cane. Moreover, due to the
non-integrated business model, the company is solely dependent on
sugar sales, which in turn remains susceptible to movement in
prices of sugar and sugarcane (to be paid to the farmers).

Strengths:

* Established presence of the company in the sugar industry: SDKL
has an operational track record of over five decades in the sugar
industry. Its longstanding association with a large number of
member farmers, from more than 200 villages, supports regular
procurement of sugarcane. The board of representatives comprises
directors elected by member farmers and other directors nominated
by various regulatory and industry bodies. The board is supported
by a qualified management team.

* Moderate scale of operations: The company has the capacity to
crush 7,500 tonne of cane per day (TCD). It has recorded net sales
of INR512 crore for fiscal 2024, up from INR458 crore in the
previous fiscal, mainly aided by higher crushing and longer
crushing season. Also, capex for the distillery is completed and
functional from April 2024, which will further boost revenue and
profitability with contribution from ethanol.

Liquidity: Stretched

Expected cash accrual of INR8-20 crore per fiscal will not suffice
to cover debt of INR30 crore over the medium term. Being a
cooperative sugar factory, the company operates on a no-profit
no-loss basis. Profits are distributed between members (usually
farmers), and thus, cash accrual remains low. However, funds can be
earmarked to service debt and the sugar pledge limit can be used to
meet the funding requirement. Moreover, the company always has an
option to retain profit in case of any internal requirement.

Outlook: Stable

SDKL will continue to benefit from its experienced and qualified
management and established relationship with member farmers.

Rating sensitivity factors

Upward factors:

* Steady growth in revenue and operating margin, leading to
higher-than-expected cash accrual

* Better working capital management and gearing improving to below
3 times on a sustained basis

Downward factors:

* Weaker operating performance due to shortage of sugar cane (less
than 6 lakh metric tonne) or lower realisations on sugar
* Sizeable stretch in the working capital cycle or any large,
debt-funded capex

SDKL was incorporated at Bidri (Kolhapur; Maharashtra) in 1963. It
has more than 60,000 members, of which around 60% are cane growers.
The sugar mill has a command area of around 218 villages near
Kolhapur. The chairman, Mr Krishnarao Parasharam Patil is a former
Member of the Legislative Assembly of Radhanagari and Bhudargad
talukas (both in Kolhapur). SDKL produces sugar at its plant in
Kolhapur and has installed capacity of 7,500 TCD. The sugar mill
has a 30-megawatt captive power generation capacity, which is
fueled using bagasse generated in sugar production. The company has
set up a molasses-based distillery plant (60 kilolitre per day),
which became functional from April 2024.


GEETA TEXTILE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shree Geeta Textile Mills Private Limited
295/2, Gram Amagird, Alamganj Ganpati Naka,
        Burhanpur, Madhya Pradesh,
        India, 450331

Insolvency Commencement Date: November 13, 2024

Estimated date of closure of
insolvency resolution process: May 5, 2025 (180 Days)

Court: National Company Law Tribunal, Indore Bench

Insolvency
Professional: Mrs. Chaya Gupta
       1, Bima Nagar, 202,
              Almas Dreams Apartment,
              Near Anand Bazaar,
              Indore, Madhya Pradesh, 450218
              Email: guptachayacs@gmail.com
              Email: cirp.shreegeeta@gmail.com
  
Last date for
submission of claims: November 28, 2024


GOLDEN FOOD: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Golden
Food Products (GFP) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.40       CARE B-; 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 December 1,
2023, placed the rating(s) of GFP under the 'issuer
non-cooperating' category as GFP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GFP continues to be non-cooperative despite repeated requests for
submission of information through emails dated October 16, 2024,
October 26, 2024, November 5, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

GFP was established in April 1998 as a partnership firm having Mr
Baldev Krishan and Mr Megh Raj as its partners, sharing profit and
loss equally. The firm is engaged in processing of paddy at its
manufacturing facility located at Nabha, Punjab Status of
non-cooperation with previous CRA: Acuite has continued the rating
assigned to the bank facilities of GFP into Issuer Not Cooperating
category vide press release dated June 10, 2024 on account of its
inability to carry out a review in the absence of requisite
information.


GUJARAT GINNING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gujarat
Ginning & Oil Industries (GGOI) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE C; 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 October 20,
2023, placed the rating(s) of GGOI under the 'issuer
non-cooperating' category as GGOI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GGOI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 4, 2024,
September 14, 2024 and September 24, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable
GGOI was promoted in 1994 as a partnership firm; currently there
are two partners Mr. Maganlal Parvadia having 65% share and Mr.
Chandulal Parvadia having 35% share in the firm. GGOI is involved
in the cotton ginning & pressing and crushing of cotton seed with
main products as cotton bales, cotton seeds and cotton seed oil. It
has an installed capacity of 300 bales per day (annualized capacity
of 90,000 bales as 300 working days) and 50 MT Cotton Oil per day
(annualized capacity of 15000 MT as 300 working days) for cotton
bales as on March 31, 2018 at its sole manufacturing facility
located at Gondal (Gujarat). The firm has two associate concerns
named Gujarat Hy-spin Private Limited and Paras Cotton.

Status of non-cooperation with previous CRA: CRISIL has continued
ratings of GGOI to 'Issuer Not Cooperating' category vide press
release dated November 18, 2024 on account of its inability to
carry out a review in the absence of the requisite information from
the firm.


ISHWAR OIL: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ishwar Oil
Industries (IOI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.53       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 October 16,
2023, placed the rating(s) of IOI under the 'issuer
non-cooperating' category as IOI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
IOI continues to be non-cooperative despite repeated requests for
submission of information through emails dated August 31, 2024,
September 10, 2024 and September 20, 2024 among others.

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

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

Analytical approach: Standalone

Rajkot (Gujarat) based Ishwar Oil Industries (IOI) was established
on 11th November 2013 by Mr. Rameshbhai Gamdha, Mr. Jadavbhai
Gamdha and Mr. Ketanbhai Gamdha. IOI is a partnership firm engaged
in manufacturing of cotton seed cake and trading of all
agricultural produce. However, the commercial operation commenced
from November, 2014. The day-to-day operations are managed by Mr.
Rameshbhai Gamdha and he has experience of more than a decade in
this industry. The firm procures cotton seeds from traders and
cotton ginning units, and undertakes processing on the same, while
the finished products are sold to oil refining companies and
industrial users.


J.P ELECTRICAL: CRISIL Raises Long Term Rating to B-
----------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank loan facilities
of J.P Electrical Industries (JPEI) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

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

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

The ratings upgrade reflects track record of timely repayment of
debt obligations for more than 90 days owing to improved liquidity
and support from promoters.

The rating reflects JPEI's weak financial risk profile and working
capital intensive operations. These weaknesses are partially offset
by the extensive experience of the proprietor in the industry

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of JPEI.


Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Capital structure is expected to
remain leveraged, marked by estimated total outside liabilities to
adjusted networth (TOL/ANW) ratio of 3.9-4.1 times, as on March 31,
2025, owing to high dependence on debt and low networth. Due to
high finance costs, the debt protection metrics remained average,
as reflected in expected interest coverage of 1.4-1.5 times for
fiscal 2025 (1.5 times in fiscal 2024). In the absence of any major
debt-funded capital expenditure plans and accretion to reserves,
the financial risk profile is expected to improve over the medium
term but shall still remain weak and its improvement will be a key
rating sensitivity factor.

* Working capital intensive operations: The firm's intensive
working capital management is reflected in its gross current assets
(GCA) of 330 days as on March 31, 2024. Its large working capital
requirements arise from its high debtors (168 days) and inventory
levels (183 days). Due to business need, it is required to extend
long credit period leading to debtors of 168 days and and hold
large work in process & inventory as government places orders on
need basis which makes the business operations working capital
intensive leading to high utilization of bank lines. Improvement in
working capital cycle leading to lower dependence on bank lines
remains monitorable.

Strength:

* Extensive experience of the proprietor: The proprietor's
experience of over 20 years in the power industry, understanding of
market dynamics, and established relationships with suppliers and
customers will continue to support the business. The firm's scale
of operations are expected to remain stagnant, as has achieved INR4
crore of revenue till October 2024 and have healthy order book
which provides revenue visibility and expecting to achieve around
INR6-7 crore of revenue in fiscal 2025 (Rs 6.5 crore in FY24) but
timely execution of these orders leading to significant improvement
in business risk profile will remain a key monitorable.

Liquidity: Poor

The bank limit utilisation was high at 99% on average for the 6
months through October 2024. Cash accrual is expected to be over
INR1-10 Lakh in fiscal 2024 which is insufficient against term debt
obligation of INR50-60 Lakh over the medium term. However, the
promoters are likely to extend support in the form of equity and
unsecured loans to meet the working capital requirement and debt
obligations. Timely repayment of debt obligations will remain a key
monitorable.

Outlook: Stable

CRISIL Ratings believe JPEI will continue to benefit from the
extensive experience of the proprietor and established
relationships with clients.

Rating sensitivity factors

Upward factors:

* Improvement in liquidity profile marked by improvement in net
cash accruals to repayment obligation ratio
* Sustained improvement in scale of operations and sustenance of
operating margin over 13-14%, leading to higher-than-expected net
cash accruals

Downward factors:

* Stretched working capital cycle or large, debt-funded capital
expenditure weakening the financial or liquidity profile
* Lower than expected revenue and operating margins below 10-11%
leading to lower cash accruals

Based in Dehradun, Uttarakhand, JPEI was established in 1997. The
firm manufactures and repairs power and distribution transformers.
It is owned and managed by Mr Anand Kumar Pandey.


JUBILEE INFRA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jubilee
Infrastructures (JI) continue to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 25,
2023, placed the rating(s) of JI under the 'issuer non-cooperating'
category as JI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. JI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 9, 2024, September 19,
2024 and September 29, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Telangana based, Jubilee Infrastructures (JI) was established in
August 2017 as a proprietorship firm by Mrs. Vinaya Sri Talla. The
firm is engaged in providing construction services like
construction of buildings, canals and roads relating to government
Department.


JUHI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Juhi
Industries Private Limited (JIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      219.10      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 November 3,
2023, placed the rating(s) of JIPL) under the 'issuer
non-cooperating' category as JIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 18, 2024,
September 28, 2024, October 8, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

JIPL, incorporated in October 1998, is promoted by Mr Mithilesh
Pandey and Mr. Sanjay Kumar Shah. JIPL is engaged in the business
of manufacturing TMT bars at its plant located in Saraikela,
Jharkhand. The Company sells its products in the local market
through a network of dealers under the regionally known brand name
"Ultrashakti". The board of directors consists of promoter
directors, Mr Mithilesh Pandey (Chairman) and Mr. Sanjay Kumar
Shah.


KADWA SAHAKARI: CRISIL Reaffirms B+ Rating on INR120cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Kadwa Sahakari Sakhar Karkhana Ltd
(KSSKL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            120       CRISIL B+/Stable (Reaffirmed)

   Medium Term Loan        49       CRISIL B+/Stable (Reaffirmed)

   Medium Term Loan        11       CRISIL B+/Stable (Reaffirmed)

   Proposed Term Loan      20       CRISIL B+/Stable (Reaffirmed)

The ratings reflect the below-average financial risk profile,
exposure to cyclicality and regulatory changes associated with the
sugar business, and the large working capital requirement of the
company. These weaknesses are partially offset by the extensive
experience of the promoters in the sugar industry and their healthy
relationship with cane farmers.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of KSSKL.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Gearing and total outside
liabilities to adjusted tangible networth (TOL/ANW) ratios of 4.32
times and 6.76 times, respectively, as on March 31, 2024, on
account of high debt and modest networth of INR28.20 crore. Debt
levels remain high due to the large working capital requirement.
Ramp up in scale of operations and better profitability are crucial
for improvement in networth and the overall financial risk profile.
The society plans to undertake capital expenditure (capex) to
expand its distillery and crushing capacities in the near term.
Being a co-operative society, the profit is distributed among
farmer members via incremental sugarcane procurement prices. Hence,
profitability and accretion to reserves are limited, thereby
constraining the financial risk profile.

* Susceptibility to regulatory changes and cyclicality: Regulatory
mechanisms and dependence on rainfall lead to cyclicality in the
sugar industry, which may impact performance of sugar mills. The
government regulates the domestic demand-supply scenario by
restricting imports, exports and the price of sugarcane. Moreover,
performance of sugar mills depends on adequate rainfall and sugar
cane crushing.

* Working capital-intensive operations:  Gross current assets were
high at 373 days as on March 31, 2024, driven by large inventory of
over 12 months towards end of the fiscal. Seasonal crushing and
maintenance of high inventory leads to larger working capital
requirement and shall be funded via sugar pledged cash credit (CC)
limits

Strengths:

* Established market position backed by longstanding presence and
healthy relationships with member farmers: The society has an
operational track record of around four decades and an established
presence in its area of operation. This, coupled with association
with several member farmers from nearby villages, assures a regular
supply of sugarcane.

* Moderate scale of operations: The society has the capacity to
crush 2,500 tonne of cane per day (TCD) and crushes 3-4 lakh metric
tonne of cane regularly.  It also has a distillery with capacity of
30 kiloliters per day (KLPD). Revenue has declined to INR147 crore
in fiscal 2024, though around 3.29 lakh tonne of sugarcane was
crushed.

Liquidity: Stretched

Bank limit utilisation is moderate averaging around 46.58% for the
12 months ended October 31, 2024. Expected cash accrual of
INR6.5-9.5 crore per fiscal will be tightly matched against yearly
debt obligation of around INR15 crore over the medium term. Being a
cooperative sugar factory, the society distributes its profit among
members (usually cane farmers) via incremental procurement prices
for sugarcane. Accordingly, the society generates low cash accrual.
However, it can earmark funds for debt repayment and use the sugar
pledge limit of INR100 crore to cover its funding needs. Moreover,
the society always has an option to retain profit in case of higher
internal requirement.

Outlook: Stable

CRISIL Ratings believes KSSKL will continue to benefit from the
extensive experience of its members in the sugar industry.

Rating sensitivity factors

Upward factors:

* Sustained improvement in scale and margin, leading to higher cash
accrual

* Better working capital management and improvement in gearing,
TOL/TNW (below 5 times on a sustained basis) and liquidity

Downward factors:

* Weaker operating performance due to shortage of sugar cane
(crushing less than 3 lakh metric tonne) or lower sugar
realisations, leading to cash accrual below INR6 crore

* Increase in working capital requirement or any large debt-funded
capex, weakening liquidity and financial risk profile.

KSSKL was incorporated in 1979. It manufactures sugar at its plant
at Nashik, Maharashtra which has an installed capacity of 2,500
tonne crushing per day (TCD) and 30 KLPD molasses-based ethanol
plant (or distilleries).


KALAVAKURU ESTATES: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kalavakuru
Estates Private Limited (KEPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with KEPL for
obtaining information through letter and email dated November 22,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of KEPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated May 16, 2024.

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

Detailed Rationale

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

KEPL is incorporated in 2006 and is engaged in operating a
self-owned 42 room 5-star hotel and luxury resort in Wayanad,
Kerala. The company also owns 2 commercial properties which are
rented out.

KEPL is promoted by Kalavakuru Sundararama Reddy and Jayaseena
Reddy.


MAHATMA JYOTIBA: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mahatma
Jyotiba Fule Vidhyapeeth Samiti (MJFVS) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.49       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           1.50       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 4,
2023, placed the rating(s) of MJFVS under the 'issuer
non-cooperating' category as MJFVS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MJFVS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 19, 2024, October 29, 2024, December 4, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

MJFVS was established on 1994 under the Rajasthan Society
Registration Act, 1958, with an objective to provide education
services. The society is running various institutions under the
brand name "Mahatma Jyotiba Fule" (MJF) The society is currently
managed by Mrs Hansha Saini as its Chairman. The society under its
different institutions provides graduates / diploma courses in
Nursing Midwifery, Veterinary Science & Animal Husbandry,
Compounder diploma course, Bachelor of Ayurveda, Medicine and
Surgery (BAMS) and Bachelor of Education. The course being offered
is approved by Veterinary Council of India, while the nursing
courses are approved by Indian Nursing Council. The society also
runs two schools in the name of MJF Vidyapeeth Senior Secondary
School (Hindi-medium school) and Oasis Public School
(English-medium school).


MANTRI DEVELOPERS: NCLT Dismisses Indian Bank's Insolvency Plea
---------------------------------------------------------------
CNBC-TV18, citing Bar and Bench, reports that the National Company
Law Tribunal (NCLT) in Bengaluru on Dec. 10 dismissed an insolvency
petition filed by Indian Bank against Mantri Developers, a major
real estate company with various residential projects and malls in
Bengaluru.

The petition, filed in 2022, was based on an alleged default of
INR153 crore by Mantri Developers, CNBC-TV18 discloses. The NCLT
bench, consisting of Judicial Member K. Biswal and Technical Member
Manoj Kumar Dubey, passed the order rejecting the insolvency
application.

Mantri Developers was admitted to the Corporate Insolvency
Resolution Process (CIRP) in 2023 after a petition filed by India
Bulls, alleging a default of over INR500 crore, Bar and Bench said,
CNBC-TV18 relays.

Following this, the NCLT disposed of a plea by the Indian Bank,
allowing it to intervene in the CIRP initiated by India Bulls.
However, Mantri Developers later reached a settlement with India
Bulls, leading to the withdrawal of the petition.

Mantri Developers, established in 1999 by Sushil Mantri, is a
prominent real estate company headquartered in Bengaluru. It has a
presence across major cities like Bengaluru, Chennai, Pune, and
Hyderabad. The company claims to have completed a portfolio of 23
completed projects covering 10 million square feet, Bar and Bench
reported.


MEWAR FABRICS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mewar
Fabrics Private Limited (MFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.28       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 28,
2023, placed the rating(s) of MFPL under the 'issuer
non-cooperating' category as MFPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 13, 2024,
October 23, 2024 and November 2, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Bhilwara-based (Rajasthan) MFPL, was incorporated in 1985, by Mr
Jagdish Agarwal along with Ms Kusum Nenavati. MFPL was set up to
primarily engaged in the business of manufacturing of synthetic
grey fabrics from polyester yarn and outsources the processing work
required for the manufacturing of finished fabrics on job work
basis to the nearby process house located at Bhilwara.


MOHAN BREWERIES: CARE Lowers Rating on INR122.91cr LT Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mohan Breweries and Distilleries Limited (MBDL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     122.91       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

   Short Term Bank      0.55       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 November 27,
2023, placed the rating(s) of MBDL under the 'issuer
non-cooperating' category as MBDL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MBDL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 12, 2024,
October 22, 2024 and November 1, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Mohan Breweries and Distilleries Ltd (MBDL) was incorporated in
1982 to manufacture and sell Indian Made Foreign Liquor (IMFL) in
Tamil Nadu. MBDL was set up in collaboration with M/s. Mohan
Meakins Ltd (MML). MBDL was originally promoted by three
individuals namely Mr. Nandhagopal, Mr. Ethurajan and Mr. Udayar.
MBDL has installed capacity of 78.63 lakh cases of IMFL in TN,
12.00 lakh cases of IMFL in AP, 105.3 lakh cases of Beer in TN, 62
KLPD distillery unit in TN and 78,000 TPA (tones per annum)
installed capacity of glass production. MBDL also has a 35.2 MW
wind farm plant.


NAGRAJ ALLOYS: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Nagraj Alloys Private Limited
        Flat No 004, Maa Bambleshwari Apartment
        Near Patidar Bhawan,
        Quetta Colony, Nagpur
        Maharashtra, India 440008

Liquidation Commencement Date: November 11, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Abhijit Shrikrishna Gokhale
            M/s Orion Resolution & Turnaround Private Limited
            811, 8th Floor, Meadows, Sahar Plaza Complex
            Off. J B Nagar/Chakala Metro Station,
            Andheri - Kurla Road
            Andheri East, Mubai 400093
            Email: ipe@orionipe.com
            Email: liquidation.nagraj1110@gmail.com

Last date for
submission of claims: December 26, 2024


NAVYUG TELEFILMS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Navyug Telefilms Pvt. Ltd.
Flat No 2, Ground Floor, Duplex Heights CHS LTD,
        Lokhandwala Complex, Millat Nagar, Andheri (W),
        Mumbai Suburban, Andheri,  
        Mumbai, Maharashtra, India, 400053

Insolvency Commencement Date: November 13, 2024

Estimated date of closure of
insolvency resolution process: May 13, 2025 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Pankaj Bhattad
              Finvin Turnaround and Restructuring Pvt. Ltd
              605, Sunteck Crest, Mukund Nagar,
              Andheri Kurla Road, Andheri (E),  
              Mumbai City, Maharashtra, 400059
              Email: rppankajbhattad@gmail.com
              Email: navyug.cirp@gmail.com

Last date for
submission of claims: November 28, 2024


PEARLTREE HOTELS: CARE Lowers Rating on INR5.64cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pearltree Hotels & Resorts Private Limted (PHRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.64       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 25,
2023, placed the rating(s) of PHRPL under the 'issuer
non-cooperating' category as PHRPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PHRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 9, 2024, September 19, 2024 and September 29, 2024 among
others.

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 PHRPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Advantage Vinimay Pvt Ltd (AVPL), incorporated in March 24, 2007 is
promoted by Mr. Naresh Kumar Agarwal along with his brother Mr.
Bishnu Kumar Agarwal based out of Kolkata, West Bengal. AVPL was
developing a 3 star hotel (Pearl Tree Hotel) in Purulia, West
Bengal constructed on a land admeasuring 30,000 Sq. ft at a cost of
INR21.66 crore financed by promoters contribution of INR13.26 crore
and term loan of INR8.40 crore. In accordance with the scheme of
amalgamation under Section 391 and Section 394 of the Companies
Act, 1956, sanctioned by the Hon'ble Court of Calcutta on 22nd
April, 2016, the hotel division of AVPL was transferred to and
vested in Pearltree Hotels & Resorts Pvt Ltd. (PHRPL). The scheme
has accordingly been given effect to in these accounts for FY17.
The hotel commenced its operation from September, 2016, with 50
rooms and a suit along with ancillary facilities like restaurants,
banquet hall and swimming pool. PHRPL belongs to the Kushal Bharat
Group of Kolkata which has diversified business interests,
comprising woven sacks, polymer distribution, cement, real estate,
hotel and railway engineering products.


PREMIERWORLD TECHNOLOGY: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Premierworld Technology Limited (PTL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.51       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     13.21       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 October 20,
2023, placed the rating(s) of PTL under the 'issuer
non-cooperating' category as PTL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PTL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 4, 2024,
September 14, 2024 and September 24, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

PTL: (erstwhile Premier Irrigation Equipment Ltd) was promoted by
Late Mr. Kedar Nath Goenka. In 1989, the company started commercial
production of fountains and installation of fountains for
beautification purpose (mainly for government contracts). In 1999,
it started manufacturing hydraulic and pneumatic ride simulators.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of PTL into
Issuer Not Cooperating category vide press release dated September
20, 2024 on account of its inability to carry out a review in the
absence of requisite information.


PRIMAFLEX: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Primaflex
continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.30      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 October 19,
2023, placed the rating(s) of Primaflex under the 'issuer
noncooperating' category as Primaflex had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. Primaflex continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated September 3, 2024, September 13, 2024 and September 23, 2024
among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Primaflex was formed in 2015 as a partnership concern by Mr.
Rishipal Bhatiya and Mr. Mishipal Bhatiya in Indore (Madhya
Pradesh) with an objective to set up a green field project for
manufacturing of printed and laminated flexible packaging.
Primaflex envisaged total project cost of INR8.96 crore towards the
project envisaged to be funded through term loan of INR6.30
crore and promoter's contribution of INR2.66 crore in form of
partner's capital and unsecured loan from partners. Primaflex had
envisaged that project would be completed by last week of July,
2017 and is expected to commence its operations from last week of
July, 2017. The plant has the processing capacity of 200 Metric
Tonnes Per Month (MTPM) of flexible packaging.



PRITHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prithvi
Developers (PD) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.91       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2023, placed the rating(s) of PD under the 'issuer non-cooperating'
category as PD had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 21, 2024, October 31,
2024, November 10, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

Jagdalpur (Chhattisgarh) based Prithvi Developers (PD) was
established in 2000 as a partnership firm by Mr. Ashok Kumar Lunkad
and Mrs. Anju Lunkad. Since its inception, the firm has been
engaged in development of real estate projects in the state of
Chhattisgarh. The firm has already developed six residential
projects with total saleable area of 12.6 lakh square feet since
its inception in the state. Currently, the firm is developing its
seventh project 'Ashoka Greens' a residential bungalow complex with
an aggregate project cost of INR23.72 crore with a saleable area of
1.44 lakh square feet. The project is located in the prime location
of Halba Kachora, Jagdalpur in Chhattisgarh.


ROYAL INFRASOFT: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Royal Infrasoft Private Limited
        207, Maharshi Debendra Road
        3rd Floor, Room No. 64
        Kolkata, West Bengal, India 700007

Liquidation Commencement Date: November 5, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Sriram Mittal
            Sriram Mittal & Co.
            Room No 611, 6th Floor
            P-41, Princep Street
            Kolkata, West Bengal 700072
            Email: srirammittal.ey@gmail.com

                -- and --

            AAA Insoolvency Professionals LLP
            15B Ballygunge Circular Road
            Mousumi Apartments, Ground Floor
            Kolkata 700019
            Email: rispl.liqui@gmail.com

Last date for
submission of claims: December 26, 2024


S.V.S COTTONS: CARE Lowers Rating on INR5cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
S.V.S Cottons (India) Private Limited (SCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 25,
2023, placed the rating(s) of SCPL under the 'issuer
non-cooperating' category as SCPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SCPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 9, 2024,
September 19, 2024 and September 29, 2024 among others.

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 SCPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Telangana based, S.V.S Cottons (India) Private Limited (SCPL) was
incorporated in the year 2013 by Mr. G. Narsimaha Reddy and family.
The company is engaged in cotton ginning and pressing. The
manufacturing unit of the company is located at Mahabubnagar,
Telangana. The company procures the raw material (raw cotton) from
the traders and farmers located in Telangana region. The company
sells its products i.e. cotton lint and cotton seeds to the
spinning millers and traders located in the states of Gujarat,
Maharashtra and Telangana.


SIESTA HOSPITALITY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Siesta Hospitality Services Limited
S-621, 6TH Floor, South Block, 47,
        Dickenson Road, Bangalore-560042

Insolvency Commencement Date: November 14, 2024

Estimated date of closure of
insolvency resolution process: May 13, 2025

Court: National Company Law Tribunal, Bangaluru Bench

Insolvency
Professional: Abhijith C
       #886, 1st Floor, South End F Cross,
              Jayanagar 9TH Block,
              Bangalore South,
              Near Ragigudda Temple,
              Bangalore, Karnataka - 560069
              Email: acs.abhijith@gmail.com
              Email: siesta.cirp@gmail.com

Last date for
submission of claims: November 28, 2024


SKYI PROPERTY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Skyi
Property Ventures Limited Liability Partnership (SPVLLP) continue
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 04,
2023, placed the rating(s) of SPVLLP under the 'issuer
non-cooperating' category as SPVLLP had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SPVLLP continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 29, 2024, December 2, 2024 and December 4, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Skyi Property Ventures Limited Liability Partnership (SPVLLP)
(Formerly known as Pate Future Constructions Limited Liability
Partnership) is a limited liability partnership firm formed on
January, 2015 and belongs to Pune based Pate Developers. SPVLLP was
formed for developing a budget residential development under the
name "LIFE MAXIMA" at Kirkatwadi, Pune. CARE does not have any
update on the latest developments in this regard.


SRINIVASA POULTRY: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Poultry Farm (SPF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.43       CARE C; 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 November 02,
2023, placed the rating(s) of SPF under the 'issuer
non-cooperating' category as SPF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SPF continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 17, 2024,
September 27, 2024, October 7, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Srinivasa Poultry Farm (SPF) was established in the year 1990 by
Mr. Mekala Siva Rama Krishnaiah. The firm is engaged in farming of
egg, laying poultry birds (chickens) and trading of eggs, cull
birds and their Manure. The firm sells its total products like eggs
and cull birds to SSS Traders located in Vijayawada. The firm buys
chicks (small chickens) from Srinivasa Hatcheries Private
Limited, Vijayawada and raw materials for feeding of birds like
rice brokens, maize, sun flower oil cake, shell grit, minerals and
soya from local suppliers.

SWASTIK COAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Swastik
Coal Corporation Private Limited (SCCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       55.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     320.00      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 October 20,
2023, placed the rating(s) of SCCPL under the 'issuer
non-cooperating' category as SCCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 4, 2024, September 14, 2024, September 24, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

SCCPL is a flagship company of Swastik group (SG) and Mr. Vishnu
Prasad Jindal is the founder promoter of the company. SCCPL imports
its coal requirement directly or through merchant importers in
India and supplies it to the domestic market for usage by various
industries like cement, captive power plants, steel and bricks.
SCCPL is also engaged in trading of domestic coal purchased through
e-auction route from Coal India Ltd. and its subsidiaries. SG,
based out of Indore, Madhya Pradesh, is primarily involved in the
business of coal trading. The group has presence of more than two
decades with interests in diversified businesses including coal
trading, logistics, construction and real estate.

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of SCCPL to 'Issuer Not
Cooperating' category vide press release dated October 21, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.

India Ratings has continued the ratings assigned to the bank
facilities of SCCPL to 'Issuer Not Cooperating' category vide press
release dated January 17, 2024 on account of its inability to carry
out a review in the absence of the requisite information from the
company.


TIRUMALA AGRO: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Tirumala Agro Industries (STAI) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 2,
2023, placed the rating(s) of STAI under the 'issuer
non-cooperating' category as STAI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
STAI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 17, 2024,
September 27, 2024, October 7, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Karnataka based, Shree Tirumala Agro Industries (STAI) was
established in the year 2011 as a partnership firm. The rice
milling unit of the firm is located at Raichur, Karnataka with the
area covering two acres. The main raw material, paddy, is purchased
from the local farmers located in and around Raichur. The firm
sells the rice majorly in the state of Karnataka. The rice milling
unit of the firm has an installed capacity of 4 metric ton of rice
per day.

VISA ENERGY: Liquidation Process Case Summary
---------------------------------------------
Debtor: Visa Energy Ventures Limited
        5B, Express Tower,
        42A Shakespeare Sarani,
        Kolkata 700017,
        West Bengal, India

Liquidation Commencement Date: November 26, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Bishwanath Choudhary
            Flat No. 8F, Block 7, Prasad Exotica,
            71/3 Canal Circular Road,
            Kolkata, West Bengal 700054
            Email: choudhary_bishwanath@rediffmail.com

                 -- and --

            104, S. P. Mukherjee Road,
            Sagar Trade Cube, 2nd Floor,
            Kolkata 700026,
            West Bengal, India
            Email: cirp.vevl@gmail.com

Last date for
submission of claims: December 26, 2024


ZENITH MINING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Zenith Mining Private Limited
Tulsipur, Cuttack, Orissa India - 753008
Other Address: KOIRA, Orrisa

Insolvency Commencement Date: November 7, 2024

Estimated date of closure of
insolvency resolution process: May 6, 2025 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Sanjeet Kumar Sharma
       BE 149, Street No. 5
              Hari Nagar, Delhi-110064
              Email: sansharma1975@gmail.com
              Email: cirp.zenithmining@gmail.com

Last date for
submission of claims: November 21, 2024




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

FUNAI ELECTRIC: Skyworth is in Talks to Buy Co.'s TV Business
-------------------------------------------------------------
Yicai Global reports that Skyworth Group is negotiating with Funai
Electric for the Japanese consumer electronics firm's television
business, according to a source close to the Chinese home appliance
giant.

It is still uncertain whether Skyworth will ultimately agree to
purchase Funai Electric's TV business because it has contacted many
manufacturers, the source told Yicai on Dec. 12.

Funai Electric filed for bankruptcy in Tokyo on Oct. 24 due to
long-term losses, with the Osaka-based company having around
JPY46.1 billion (USD301.2 million) in liabilities.

Funai Electric has an exclusive Funai-branded TV supply deal with
leading consumer electronics retailer Yamada Denki in Japan and
Philips-branded TV business in the US, selling hundreds of
thousands of TVs in the two countries a year, Zhang Bing, research
director of Omdia China, said to Yicai. Its global share in the TV
market of over 200 million annual sales is less than 1 percent,
Zhang added.

Skyworth's TV sales rank among the top six globally and the top
four in China. Its net profit was CNY384 million (USD52.8 million)
in the first half of this year, with a turnover of CNY30.2 billion
(USD4.1 billion).

The potential acquisition of Funai Electric's TV business in Japan
and the US will help Skyworth expand its independent brand and
influence overseas, Zhang pointed out, Yicai relays.

In 2015, Skyworth bought German high-end TV manufacturer Metz.

                       About Funai Electric

Funai Electric Co., Ltd., -- https://www2.funai.co.jp/en/ --
manufactures audio-visual equipment such as televisions and
DVD/Blue-ray recorder. The Company also produces office equipment
such as printers and computer related equipment. The company
produces products as OEM (Original Equipment Manufacturer) as well
as sells at own brand worldwide.

As reported in the Troubled Company Reporter-Asia Pacific in late
October 2024, Funai Electric received court approval for its
bankruptcy plan on Oct. 24, credit research firm Teikoku Databank
said.  The Japan Times, citing Teikoku Databank, related that Funai
Electric, based in Daito, Osaka Prefecture, had some JPY46.1
billion ($303.6 million) in liabilities.




===============
M A L A Y S I A
===============

LOTTE CHEMICAL: Shut Down Pasir Gudang Plant to Mitigate Losses
---------------------------------------------------------------
The Malaysian Reserve reports that Lotte Chemical Titan Holdings
Bhd (LC Titan) announced the temporary shutdown of its Naphtha
Cracker Number 1 plant at the Pasir Gudang Complex in Johor,
effective December 15, to address losses caused by a prolonged
downturn in the petrochemical industry.

The plant has a capacity of 430,000 tonnes per annum.

The Malaysian Reserve reports that LC Titan told the stock exchange
in filing on Dec. 13 that it will consider resuming operations if
market conditions improve.

The shutdown results in a revised 2024 operating guidance of
55%-60% for its plants in Malaysia and Indonesia.

According to the report, the company has faced ongoing challenges,
including negative margins over the past two years, contributing to
a widening net loss.

For 3Q 2024, LC Titan's net loss grew to MYR246.42 million,
compared to MYR55.58 million in the same period last year.

For the first nine months of 2024, the net loss increased to
MYR673.33 million from MYR593.81 million in 2023, the report
discloses.

The company's stock hit an all-time low of 3 sen, closing at 63 sen
on Dec. 13 with a market capitalisation of MYR1.45 billion.

Lotte Chemical Titan Holding Sdn Bhd engages in the ownership and
operation of polypropylene plants, polyethylene plants, ethylene
crackers, and aromatic plants. It offers high-density polyethylene
(HDPE), Low-density polyethylene (LDPE), and Linear low-density
polyethylene (LLDPE) for various kinds of applications, room
household goods to automotives products. The company also
manufactures low-density polyethylene for injection molding for
cosmetic containers, bottle closures, and food containers, and is
based in Pasir Gudang, Malaysia.




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

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

Key Rating Drivers

Asset Quality, Capital Underpin Ratings: CSL's Long-Term IDRs are
driven by its VR, which is supported by low impaired loans and
capital buffers. However, these factors are offset by CSL's modest
franchise and limited pricing power relative to the larger lenders
and deposit takers in the market.

Reduced Household Sector Risk: Fitch has revised the operating
environment score for New Zealand non-bank deposit takers (NBDTs)
to 'a'/stable, from 'a-'/stable. This change reflects a sustained
reduction in risks from the household sector over the past decade,
due partly to a strengthened regulatory environment in the banking
sector, which has also benefited the NBDTs. However, household debt
remains high relative to many other jurisdictions, so Fitch
maintains the score below the implied 'aa' category score to
reflect this.

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

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

Low-Risk Lending Practices: CSL's risk appetite score of 'bb+' is
two notches above the business profile score. This reflects its
conservative approach to loan origination and low loan/value ratio.
CSL's close relationships with its customer base allows it to make
more informed decisions on borrowing capacity and debt repayment
ability. Risk controls are appropriate for the company's size and
similar to those of peers.

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

Modest Weakening in Profitability: Fitch expects the operating
profit/risk-weighted asset (RWA) ratio to stabilise over the next
two years after a weakening in FY24 due to inflationary pressures
on costs and expansion of employees. Fitch forecasts the four-year
average of the operating profit/RWA ratio to remain broadly
supportive of the current factor score. The assigned score of 'bb+'
is lower than the implied 'bbb' category score to reflect CSL's
concentration and low revenue diversification.

Appropriate Capital Buffers: Fitch believes CSL's Fitch Core
Capital (FCC) and total regulatory capital ratios will be under
some pressure in 2025 due to strong loan growth but will remain at
the higher end of its peers. Its regulatory capital ratio stood at
14.3% at the financial year end-August 2024 (FYE24). The
capitalisation and leverage factor score of 'bb+', below the
implied 'a' category score, is due to the small absolute size of
CSL's capital base.

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

Rating Sensitivities

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

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

The Long-Term IDRs and VR may be downgraded if there is a weakening
in the business profile, potentially reflected in growth in
deposits and loans that is persistently below the system's pace,
above-system net interest margin attrition or a prolonged
deterioration in the loan/customer deposit ratio.

Growing regulatory and investment burdens in an increasingly
digitised market may reduce CSL's competitive standing and put
pressure on the business profile assessment. This may prompt CSL to
increase its appetite for riskier exposures, resulting in greater
earnings volatility and pressure on capitalisation through the
cycle.

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

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

- the four-year average of the operating profit/RWA ratio falls
below 0.5% for a sustained period (FY20-FY23 average of 1.2%);

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

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

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

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

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

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

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

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

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

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

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

GSR

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

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

VR ADJUSTMENTS

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

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

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

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

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

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

ESG Considerations

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

   Entity/Debt                        Rating           Prior
   -----------                        ------           -----
Christian Savings
Limited             LT IDR             BB+  Affirmed   BB+
                    ST IDR             B    Affirmed   B
                    LC LT IDR          BB+  Affirmed   BB+
                    LC ST IDR          B    Affirmed   B
                    Viability          bb+  Affirmed   bb+
                    Government Support ns   Affirmed   ns


FP IGNITION 2011-1: Moody's Raises Rating on Class F Notes to B1
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued by FP Ignition Trust 2011-1 - New Zealand, Series 2022-1.

The affected ratings are as follow:

Issuer: FP Ignition Trust 2011-1 - New Zealand, Series 2022-1

Class C Notes, Upgraded to A2 (sf); previously on Aug 15, 2022
Definitive Rating Assigned A3 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Aug 15, 2022
Definitive Rating Assigned Baa3 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Apr 9, 2024
Upgraded to Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Apr 9, 2024
Upgraded to B2 (sf)

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

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the good performance of the
underlying collateral pool to date.

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

Following the November 2024 payment date, note subordination
available for the Class C and Class D Notes has increased to 35.5%
and 31.7%, respectively from 21.3% and 18.0% at closing. Note
subordination available for the Class E and Class F Notes has
increased to 25.3% and 18.6%, respectively from 19.4% and 12.1% at
the time of the last rating action for these notes in April 2024.
Principal collections have been distributed on a pro-rata basis
among the rated notes since the July 2023 payment date. Current
total outstanding notes as a percentage of the total closing
balance is 36%.

As of end-October, 0.8% of the outstanding pool was 30-plus day
delinquent, and 0.5% was 90-plus day delinquent. The portfolio has
incurred 0.6% (as of % of original balance) of gross losses to
date, which have been covered by excess spread.

Based on the current portfolio characteristics and historical
performance data, Moody's have maintained the haircut to the
residual value cash flow: A2 haircut of 29.5%, Baa1 haircut of
26.1%, Ba1 haircut of 19.3% and B1 haircut of 11.6%.

The transaction is a static cash securitisation of operating and
finance leases extended to New Zealand corporates and small and
medium-sized businesses. The leases are originated and managed by
Eclipx Fleet Holding (NZ) Limited and secured by passenger cars and
commercial vehicles.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

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

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

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


MATEC CABLING: Creditors' Proofs of Debt Due on Jan. 10
-------------------------------------------------------
Creditors of Matec Cabling Limited are required to file their
proofs of debt by Jan. 10, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 8, 2024.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


MTF NAVARRO 2024: Fitch Hikes Rating on Class F Notes to 'BBsf'
---------------------------------------------------------------
Fitch Ratings has upgraded 10 and affirmed eight notes from three
MTF Trust transactions. At the same time, Fitch has revised the
Outlook on three notes to Positive, from Stable.

The transactions - MTF Pantera Trust 2021, MTF Opala Trust 2023 and
MTF Navarro Trust 2024 - consist of notes backed by pools of New
Zealand automotive loan receivables originated by Motor Trade
Finance Ltd (MTF). The notes were issued by Trustees Executors
Limited in its capacity as trustee.

The upgrade of MTF Pantera's class E and F notes and MTF Opala's C,
D, E and F notes reflects asset performance that has been better
than Fitch's base-case expectations and the build-up of credit
enhancement and overcollateralisation. The Positive Outlook on MTF
Opala's D, E and F notes reflects the notes' sensitivity to
increased recoveries and decreased defaults against its expected
increase in credit enhancement over the next 12 months.

The upgrade of MTF Navarro's class B, C, E and F notes is driven by
changes to the stressed pool assumptions and an increase in
overcollateralisation. The stressed pool composition has narrowed
from the outer bounds of the portfolio parameter limits and minimum
yield covenants towards the current pool composition with a more
limited buffer. This reflects the reduced migration risk as the
transaction nears the revolving period expiry of September 2025.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
MTF Navarro Trust 2024

   Class A NZNAVTRAT012   LT AAAsf  Affirmed   AAAsf
   Class B NZNAVTRBT028   LT AA+sf  Upgrade    AAsf
   Class C NZNAVTRCT034   LT A+sf   Upgrade    Asf
   Class D NZNAVTRDT040   LT BBB+sf Affirmed   BBB+sf
   Class E NZNAVTRET055   LT BB+sf  Upgrade    BBsf
   Class F NZNAVTRFT060   LT BBsf   Upgrade    Bsf

MTF Pantera Trust 2021

   Class A NZPANTFAT019   LT AAAsf  Affirmed   AAAsf
   Class B NZPANTFBT025   LT AAsf   Affirmed   AAsf
   Class C NZPANTFCT031   LT A+sf   Affirmed   A+sf
   Class D NZPANTFDT047   LT A+sf   Affirmed   A+sf
   Class E NZPANTFET052   LT A+sf   Upgrade    Asf
   Class F NZPANTFFT067   LT A+sf   Upgrade    BBB+sf

MTF Opala Trust 2023

   Class A NZOPATFAT017   LT AAAsf  Affirmed   AAAsf
   Class B NZOPATFBT023   LT AA+sf  Affirmed   AA+sf
   Class C NZOPATFCT039   LT AA+sf  Upgrade    A+sf
   Class D NZOPATFDT045   LT A+sf   Upgrade    BBB+sf
   Class E NZOPATFET050   LT BBB+sf Upgrade    BB+sf
   Class F NZOPATFFT065   LT BBBsf  Upgrade    BBsf

KEY RATING DRIVERS

Strong Performance and Collateral Characteristics: The underlying
assets have outperformed its initial base-case expectations, with
current cumulative net losses of 0.1% for all transactions. This
compares with the 1.5%-1.6% projected at closing. As of end-October
2024, 30+ day arrears were 2.3%, 1.1% and 0.8% for MTF Pantera,
Opala and Navarro, respectively, against Fitch's 3Q24 Australian
Dinkum ABS Index 30+ day arrears of 1.57%. Meanwhile, 60+ day
arrears were 1.3%, 0.5% and 0.4%, compared with the index's 0.80%.
MTF Pantera's higher arrears stem from a low bond factor of 22%,
with a decreasing balance of loans in arrears over the last 12
months. Fitch uses the Australian Dinkum index for comparison in
the absence of a New Zealand specific index, given the market
similarities.

Fitch uses the following weighted-average (WA) base-case remaining
default rates (and 'AAAsf' stress multiples) in its analysis:

MTF Pantera Trust 2021: 1.4% (6.8x)

MTF Opala Trust 2023: 2.3% (5.3x)

MTF Navarro Trust 2024: 2.5% (5.4x)

Fitch applies a recovery base case of 45.0%, with a 'AAAsf'
recovery haircut of 50.0%.

Economic Recovery Supports Outlook: Portfolio performance will be
supported by New Zealand's economic recovery, despite GDP falling
by 0.2% in the year to June 2024 and a softening labour market,
with unemployment of 4.8% at end-September 2024. Fitch forecasts
GDP growth of 0.1% for 2024 before accelerating to 2.0% in 2025,
with unemployment at 5.4% and decreasing to 5.2% next year. This
reflects its expectation that monetary easing will support economic
activity.

Credit Enhancement Supports Ratings: MTF Navarro is in its
revolving period, which is set to expire in September 2025. Fitch
has modified the proxy pool composition to reflect the reduced
negative migration risk from the current pool over the shorter
remaining revolving period, with high risk base-case composition
modelled at 5.7% (portfolio parameter 8%), low risk at 27.0%
(portfolio parameter 22%) and the post-swap asset yield at 8.3%
(minimum yield covenant 7.5%).

Its cash flow analysis incorporates an updated base-case
composition, Fitch's default and recovery expectations and the
build-up of credit enhancement and overcollateralisation from post
charge-off recoveries. All notes can withstand all Fitch stresses
at their assigned rating levels. The Positive Outlook on MTF
Opala's D, E and F notes reflects the notes' sensitivity to
increased recoveries and decreased defaults against its expected
increase in credit enhancement over the next 12 months.

Counterparty Risk: Counterparty risk was evaluated in the initial
transaction analysis through the review of transaction
documentation, legal opinion and structural features. There have
been no changes to any transaction counterparties since closing.
Documented transaction account bank replacement triggers, which
reduce once the class A notes are repaid in full to 'A-'/'F1' for
Opala and 'A-'/'F2' for Pantera, constrain the potential rating of
MTF Pantera and Opala's class B to F notes. MTF Pantera's class B
note rating, which is above the 'Asf' category, is supported by a
materiality assessment under its counterparty criteria.

MTF Pantera's class B to F notes and Opala's B notes were
constrained from being upgraded above their assigned ratings in
this review.

Low Operational and Servicing Risk: All assets are originated by
MTF, a large motor-vehicle financier established in New Zealand in
1970. Fitch undertook an operational review and found that the
operations of the originator and servicer were consistent with
market standards for domestic auto and equipment lenders.

Rated Above Sovereign: Structured finance notes can be rated up to
six notches above New Zealand's Long-Term Local-Currency Issuer
Default Rating of 'AA+', supporting the 'AAAsf' rating on the class
A notes.

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

RATING SENSITIVITIES

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

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

Unanticipated increases in the frequency of defaults and decreases
in recoveries 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; these include
increasing WA defaults and decreasing the WA recovery rate.

Downgrade Sensitivities

MTF Pantera Trust 2021

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

Rating: AAAsf / AAsf / A+sf / A+sf / A+sf / A+sf

10% increase in defaults: AAAsf / AAsf / A+sf / A+sf / A+sf / A+sf

25% increase in defaults: AAAsf / AAsf / A+sf / A+sf / A+sf / A+sf

50% increase in defaults: AAAsf / AAsf / A+sf / A+sf / A+sf / A+sf

10% decrease in recoveries: AAAsf / AAsf / A+sf / A+sf / A+sf /
A+sf

25% decrease in recoveries: AAAsf / AAsf / A+sf / A+sf / A+sf /
A+sf

50% decrease in recoveries: AAAsf / AAsf / A+sf / A+sf / A+sf /
A+sf

10% increase in defaults / 10% decrease in recoveries: AAAsf / AAsf
/ A+sf / A+sf / A+sf / A+sf

25% increase in defaults / 25% decrease in recoveries: AAAsf / AAsf
/ A+sf / A+sf / A+sf / A+sf

50% increase in defaults / 50% decrease in recoveries: AAAsf / AAsf
/ A+sf / A+sf / A+sf / A-sf

MTF Opala Trust 2023

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

Rating: AAAsf / AA+sf / AA+sf / A+sf / BBB+sf / BBBsf

10% increase in defaults: AAAsf / AA+sf / AAsf / Asf / BBBsf /
BBB-sf

25% increase in defaults: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BB+sf

50% increase in defaults: AA+sf / AAsf / Asf / BBB+sf / BB+sf /
BBsf

10% decrease in recoveries: AAAsf / AA+sf / AAsf / Asf / BBBsf /
BBB-sf

25% decrease in recoveries: AAAsf / AA+sf / AAsf / Asf / BBBsf /
BB+sf

50% decrease in recoveries: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BBsf

10% increase in defaults / 10% decrease in recoveries: AAAsf /
AA+sf / AA-sf / Asf / BBBsf / BB+sf

25% increase in defaults / 25% decrease in recoveries: AAAsf /
AA+sf / A+sf / BBB+sf / BB+sf / BBsf

50% increase in defaults / 50% decrease in recoveries: AAsf / A+sf
/ BBB+sf / BBB-sf / BB-sf / Bsf

MTF Navarro Trust 2024

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

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

10% increase in defaults: AAAsf / AAsf / Asf / BBB+sf / BBsf /
BB-sf

25% increase in defaults: AA+sf / AA-sf / A-sf / BBBsf / BBsf /
B+sf

50% increase in defaults: AAsf / Asf / BBB+sf / BBB-sf / B+sf /
less than Bsf

10% decrease in recoveries: AAAsf / AA+sf / A+sf / BBB+sf / BBsf /
BB-sf

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

50% decrease in recoveries: AA+sf / AA-sf / A-sf / BBB-sf / B+sf /
less than Bsf

10% increase in defaults / 10% decrease in recoveries: AA+sf / AAsf
/ Asf / BBBsf / BBsf / B+sf

25% increase in defaults / 25% decrease in recoveries: AA+sf / A+sf
/ BBB+sf / BBB-sf / B+sf / less than Bsf

50% increase in defaults / 50% decrease in recoveries: A+sf / A-sf
/ BBB-sf / BBsf / 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 notes are at the highest level on Fitch's scale and
cannot be upgraded. The ratings of MTF Pantera's B to F notes and
MTF Opala's B and C notes are constrained from further upgrades due
to the trusts' exposure to transaction account bank risk after the
class A notes have been paid in full. Therefore, upgrade
sensitivities for these notes are not relevant.

Upgrade Sensitivities

MTF Opala Trust 2023

Notes: D / E / F

Rating: A+sf / BBB+sf / BBBsf

10% decrease in defaults / 10% increase in recoveries: AA-sf / A-sf
/ BBB+sf

MTF Navarro Trust 2024

Notes: B / C / D / E / F

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

10% decrease in defaults / 10% increase in recoveries: AA+sf /
AA-sf / Asf / 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

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

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

As part of its ongoing monitoring, Fitch reviewed 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

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.


ROTO WHARE: Creditors' Proofs of Debt Due on Jan. 8
---------------------------------------------------
Creditors of Roto Whare Limited are required to file their proofs
of debt by Jan. 8, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 5, 2024.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


SCS 2022: Khov Jones Appointed as Receiver and Manager
------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Dec. 11, 2024, were
appointed as receivers and managers of SCS 2022 Limited.

The receivers and managers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


SERUVATU HORTICULTURE: Court to Hear Wind-Up Petition on Feb. 5
---------------------------------------------------------------
A petition to wind up the operations of Seruvatu Horticulture
Contractors Limited will be heard before the High Court at Gisborne
on Feb. 5, 2025, at 9:30 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 12, 2024.

The Petitioner's solicitor is:

          Charles David Walmsley
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


TRIPLE CONNECTION: Court to Hear Wind-Up Petition on Feb. 13
------------------------------------------------------------
A petition to wind up the operations of Triple Connection Limited
will be heard before the High Court at Invercargill on Feb. 13,
2025, at 11:45 a.m.

Top Garden Limited filed the petition against the company on Nov.
14, 2024.

The Petitioner's solicitor is:

          Andrew Swan
          Level 3, 175 Queen Street
          Auckland


UNITY CREDIT: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Unity Credit Union's (UCU) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B'.
The Outlook is Negative. Fitch has also affirmed the Short-Term
IDRs at 'B', the Viability Rating (VR) at 'b' and the Government
Support Rating (GSR) at 'ns'.

Key Rating Drivers

Earnings Constrains Ratings: UCU's Long-Term IDRs are driven by its
VR. The VR is assigned below the implied VR of 'b+' due to the
credit union's weak earnings metrics, which will make it difficult
for UCU to rebuild capital buffers. The credit union's strategy and
cost-reduction initiatives could help improve operational
efficiency in the medium to long term; however, Fitch's Negative
rating Outlook takes into consideration the risks of executing
these changes.

Earnings to Remain Weak: Fitch expects UCU to incur another
operating loss in the financial year end-June 2025 (FY25) due to a
decline in the net interest margin (NIM), a contracting loan book
and high costs primarily driven by project costs for the core
banking platform upgrade. However, Fitch forecasts the credit union
to return to a small operating profit in FY26. Fitch maintains the
negative outlook on the 'b-' earnings factor scores because of
potential challenges in implementing the new strategy, such as
UCU's inability to restart loan growth.

Reduced Household Sector Risk: Fitch has revised the operating
environment score for New Zealand non-bank deposit takers (NBDTs)
to 'a'/stable, from 'a-'/stable. The change reflects a sustained
reduction in risks from the household sector over the past decade,
due partly to a strengthened regulatory environment in the banking
sector, which has also benefited the NBDTs. However, household debt
remains high relative to many other jurisdictions, so Fitch
maintains the score below the implied 'aa' category score to
reflect this.

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

Limited Franchise: UCU's business profile score reflects its simple
business model yet small franchise, accounting for less than 0.1%
of bank and non-bank system assets. A prolonged period of loan and
deposit contraction has led to a declining market share, but
management is now seeking to restart loan growth following the
successful completion of a number of technology initiatives.
However, Fitch maintains the negative outlook on the 'b+' factor
score, as executing this strategy in a competitive environment will
be challenging.

Higher Risk Compared to Peers: UCU continues to tighten its risk
controls, supported by the modernisation of its systems, while its
personal loan portfolio further contracts. Still, the credit union
has a larger proportion of unsecured lending relative to other
NBDTs in New Zealand. Fitch maintains the negative factor outlook
because of risks related to the execution of management's strategy
in rebalancing the loan book towards home lending.

Deteriorating Asset Quality: Fitch expects asset quality
deterioration to continue through FY25, before improving in FY26 as
interest rate cuts provide relief to borrowers. Even so, UCU's
stage 3 loans/gross loans ratio is likely to remain well above most
other NBDT peers through the cycle because of its greater risk
profile. The asset quality score of 'bb-' is below the implied
'bbb' category score to reflect product concentration in the loan
book.

Capitalisation Pressure: Fitch expects UCU's Fitch Core Capital
(FCC) ratio to remain broadly unchanged through to FYE26, compared
with 9.1% at FYE24. This is lower than Fitch has previously
forecast due to UCU taking longer to return to profitability and
led us to lower the factor score to 'b-', from 'b'. A further
lowering of the score would require significant weakening beyond
its forecast, as reflected in its revision of the factor outlook to
stable from negative.

The credit union is likely to maintain only a thin buffer above
regulatory capital minimum requirements for an extended period,
especially if operating losses continue and/or growth in the loan
book accelerates. The factor score is below the implied 'bbb'
category, to reflect UCU's limited capital buffers and its small
absolute capital base, which leaves it susceptible to severe
economic downturns.

Deposit-Only Funding Base: Fitch expects UCU to remain fully
deposit-funded over the next two years. The funding and liquidity
score of 'bb' is below the implied 'a' category score, as the
credit union's reliance on price-driven deposits is likely to
result in higher funding costs than those of peers. Fitch also
accounts for UCU's lack of access to the central bank's
lender-of-last-resort facilities in this assessment, as this makes
it susceptible to deposit outflows in a severe funding-market
shock.

Rating Sensitivities

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

Long-Term IDRs and VR

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

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

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

- the regulatory total capital ratio declines below 9% without a
credible plan to replenish regulatory capital buffers (8.81% at
end-September 2024). The total regulatory capital ratio of 8.81% as
of end-September 2024 was below its sensitivity level, but Fitch
views this as temporary and expect this ratio to improve over the
next two years.

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

Long-Term IDRs and VR

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

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

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Short-Term IDRs

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

GSR

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

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

Short-Term IDRs

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

GSR

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

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

Short-Term IDRs

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

GSR

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

VR ADJUSTMENTS

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

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

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

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

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

ESG Considerations

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

   Entity/Debt                         Rating         Prior
   -----------                         ------         -----
Unity Credit Union   LT IDR             B  Affirmed   B
                     ST IDR             B  Affirmed   B
                     LC LT IDR          B  Affirmed   B
                     LC ST IDR          B  Affirmed   B
                     Viability          b  Affirmed   b
                     Government Support ns Affirmed   ns


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

Key Rating Drivers

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

Reduced Household Sector Risk: Fitch has revised the operating
environment score for New Zealand non-bank deposit takers (NBDTs)
to 'a'/stable, from 'a-'/stable, to reflect a sustained reduction
in risks from the household sector over the last decade, due in
part to a strengthened regulatory environment in the banking
sector, which has also benefitted the NBDTs. However, household
debt remains high relative to many other jurisdictions, so Fitch
maintains the score below the implied 'aa' category to reflect
this.

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

Traditional Banking Focus: WBS has a modest franchise, holding a
market share of less than 0.1% of the combined banking and NBDT
system assets as of end-September 2024. This positions the building
society as a price-taker in its key operational segments, with
limited competitive advantages. Fitch considers the consistent and
stable business model, which centres on residential mortgages and
term deposits, to be a positive aspect of the business profile.
This contributes to a factor score of 'bb-', which is above the
implied 'b' category score.

Modest Risk Appetite: WBS primarily focuses on residential and
commercial mortgages, maintaining loan-to-value ratios (LVRs) that
are generally lower than the market average. This approach ensures
a high level of security across its loan portfolio, supporting a
risk profile score of 'bb+', which is two notches higher than the
business profile score. Risk controls at WBS are less sophisticated
than that of larger peers in New Zealand, although they appear
sufficient for managing the risks encountered by the society.

Moderate Asset-Quality Pressure: Fitch expects asset quality to
face pressure in 2025 as the full impact of higher interest rates
in the past two years and cost of living challenges flow through.
However, WBS's focus on low LVR residential mortgages along with
rate cuts and moderate unemployment should mitigate deterioration,
resulting in only a moderate increase in WBS's stage 3 loan ratio.
The factor score of 'bb+' is lower than the implied 'a' category
score due to WBS's product and geographic concentration.

Earnings Volatility: WBS's earnings and profitability score of
'bb+' is below the implied 'bbb' category, primarily due to WBS's
less diversified revenue streams compared with its larger
counterparts in New Zealand. The factor score also captures the
volatility in its earnings metrics, which can be attributed in part
to fair value fluctuations in the society's investment property
portfolio.

Sound Capital Ratios: Fitch expects WBS will sustain its capital
ratios at the upper end of its peer group over the next two years.
The Fitch Core Capital (FCC) and total capital ratios improved in
the financial year ended March 2024 (FY24), both reaching 17.4%,
significantly exceeding board and regulatory minimums. The assigned
'bb+' factor rating, however, is below the implied 'a' category
rating due to the relatively modest absolute size of the society's
capital base (NZD29 million or USD18 million at end-September
2024).

Steady Funding Profile: Fitch anticipates the loan-to-customer
deposit ratio to be broadly stable over the next two years. This
ratio improved to 87% in FY24, from 110% in FY23, due to robust
deposit growth and a contraction in the loan book. The funding
profile remains stable, with all non-equity funding derived from
customer deposits. WBS is more dependent on price-sensitive
deposits compared with many peers, partly due to the absence of
transactional banking services. Holdings of liquid assets in the
form of bank deposits mitigate this risk.

Rating Sensitivities

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

IDRs and VR

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

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

- the four-year average of stage 3 loans/gross loans increasing to
above 3% for a sustained period (FY21-FY24 average of 1.0%);

- the four-year average of operating profit/risk-weighted assets
falling to below 0.5% for a sustained period (FY21-FY24 average of
1.5%); or

- the FCC ratio declining to below 11.5% without a credible plan to
replenish regulatory capital buffers (17.4% at end-FY24); or

- the four-year average of the loan/customer deposit ratio
sustained significantly above 100% (FY21-FY24 average of 94.1%).

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

IDRs and VR

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

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Short-Term IDRs

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

GSR

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

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

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

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

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

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

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

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

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

VR ADJUSTMENTS

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

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

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

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

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

ESG Considerations

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

   Entity/Debt                         Rating          Prior
   -----------                         ------          -----
Wairarapa Building
Society              LT IDR             BB+ Affirmed   BB+
                     ST IDR             B   Affirmed   B  
                     LC LT IDR          BB+ Affirmed   BB+
                     LC ST IDR          B   Affirmed   B
                     Viability          bb+ Affirmed   bb+
                     Government Support ns  Affirmed   ns




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

13 HONEY: Court to Hear Wind-Up Petition on Dec. 27
---------------------------------------------------
A petition to wind up the operations of 13 Honey (S) Pte. Ltd. will
be heard before the High Court of Singapore on Dec. 27, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Dec. 6, 2024.

The Petitioner's solicitors are:

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


KHG HOLDINGS: Court to Hear Wind-Up Petition on Dec. 27
-------------------------------------------------------
A petition to wind up the operations of KHG Holdings Pte. Ltd. will
be heard before the High Court of Singapore on Dec. 27, 2024, at
10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Dec. 6, 2024.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


KIMMINGSTON PTE: Creditors' Proofs of Debt Due on Jan. 13
---------------------------------------------------------
Creditors of Kimmingston Pte. Ltd. are required to file their
proofs of debt by Jan. 13, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 3, 2024.

The company's liquidator is:

          Ms. Lim Yau Wen
          c/o 7500A Beach Road
          #11-320 The Plaza
          Singapore 199591


SEA FRONT: Court to Hear Wind-Up Petition on Dec. 27
----------------------------------------------------
A petition to wind up the operations of Sea Front World Pte. Ltd.
will be heard before the High Court of Singapore on Dec. 27, 2024,
at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Dec. 6, 2024.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


SYMPHONY W&C: Placed in Provisional Liquidation
-----------------------------------------------
Chee Fung Mei of Chee FM & Associates on Dec. 3, 2024, was
appointed as provisional liquidator of Symphony W&C Pte Ltd.

The provisional liquidator may be reached at:

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




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

SRI LANKA: Bondholders Back US$12.6 Billion Debt Restructuring
--------------------------------------------------------------
Bloomberg News reports that Sri Lanka gained extensive support from
private creditors to restructure its international bonds, a key
step for the country to exit an extended default.

Bloomberg relates that investors representing close to 98% of the
country's $12.6 billion in dollar bonds are expected to agree to
swap their securities for new notes, the government said, citing
preliminary results of its consent solicitation for the exchange.
Once confirmed with official results on Dec. 16, the widespread
support would mean that the debt restructuring should be completed
before year-end.

Bloomberg says the agreement after the South Asian economy
defaulted in April 2022 marks a resolution of the debt revamp
following several rounds of negotiations after which the parties
agreed to a 27% haircut on the nominal amount of existing bonds.

The restructuring "provides Sri Lanka with substantial debt relief
which we must use diligently to re-build our fiscal and external
buffers and set the foundation for economic growth and recovery,"
Treasury Secretary Mahinda Siriwardana said in an X post, Bloomberg
relays.

The agreement pushes back due dates for the bonds and reduces
interest rates, while introducing so-called macro-linked bonds for
the first time in a debt rework. After a one-time single test, four
notes maturing between 2030 and 2038 could generate lower or higher
payments for investors depending on the country's economic
performance, says Bloomberg.

The deal also includes a governance-linked note, from which the
country could get a 75 basis-point coupon reduction on more than
$1.5 billion of debt if it meets certain governance targets,
including increasing revenue collection.

According to Bloomberg, the debt rework included the exchange of 10
notes maturing between 2023 and 2030, with between 96% and 99% of
holders accepting the terms to swap old bonds for new ones. The
swap for the 2022 bond received 73% acceptance.

Holders of at least two-thirds of the outstanding debt had to agree
on a deal for it to be binding for all creditors, with a minimum
50% threshold for each note. For three bonds, the voting threshold
was set even higher, at 75%. The debt exchange settlement date is
expected for Dec. 20.

The debt rework with private creditors was a necessary step under a
$3 billion loan the country secured from the International Monetary
Fund. Sri Lanka also restructured its debt with bilateral creditors
such as China, India and Japan as part of its IMF program, but the
details of those agreements weren't made public.

Bloomberg adds that the debt rework with private creditors took so
long that it was mainly negotiated with the previous government,
then finalized under the current presidency of Anura Kumara
Dissanayake after he was elected on Sept. 21.

                          About Sri Lanka

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

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings on Oct. 24, 2024, affirmed its 'SD/SD' long- and
short-term foreign currency sovereign credit ratings, and 'CCC+/C'
long- and short-term local currency ratings on Sri Lanka. The
outlook on the 'CCC+' long-term local currency rating is stable.
S&P also revised upward its transfer and convertibility assessment
on Sri Lanka to 'CCC' from 'CC' previously.




===========
T A I W A N
===========

SEMILEDS CORP: Fails to Meet NASDAQ Listing Requirement
-------------------------------------------------------
SemiLEDS Corporation disclosed in a Form 8-K filed with the U.S.
Securities and Exchange Commission that on December 4, 2024, the
Company received a separate notice from The NASDAQ Stock Market
indicating that the Company does not meet the minimum of $2,500,000
in stockholders' equity required by Listing Rule 5550(b)(1) for
continued listing.  The Company also does not meet the alternatives
of market value of listed securities or net income from continuing
operations.  Under the listing rule, the Company has 45 calendar
days to submit a plan to regain compliance.  If the plan is
accepted by The NASDAQ Stock Market, an extension of up to 180
calendar days from December 4, 2024 will be granted.

                          About SemiLEDs

Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com-- develops, manufactures and sells light
emitting diode (LED) chips, LED components, LED modules and
systems.  The Company's products are used for general specialty
industrial applications, including ultraviolet, or UV, curing of
polymers, LED light therapy in medical/cosmetic applications,
counterfeit detection, LED lighting for horticulture applications,
architectural lighting and entertainment lighting.


                           *********


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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