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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, January 8, 2024, Vol. 27, No. 6

                           Headlines



A U S T R A L I A

A J MANNING: Chamberlain's SBR Appointed as Liquidators
ABJ CABINETS: Macks Advisory Appointed as Liquidators
CALIA AUSTRALIA: Calia Shuts Two Restaurants in Melbourne
E K RECRUITMENT: Commences Wind-Up Proceedings
HUGHES PROJECTS: Commences Wind-Up Proceedings

SPEDITO ENTERPRISES: SV Partners Appointed as Liquidators
TRANMOR ENTERPRISES: Commences Wind-Up Proceedings


C H I N A

ZHONGZHI ENTERPRISE: Files for Bankruptcy Liquidation
[*] CHINA: Builders Face Growing Debt Pressure
[*] CHINA: LGFVs Must Repay a Record US$651BB of Bonds in 2024


H O N G   K O N G

SJM HOLDINGS: Fitch Alters Outlook on BB- LongTerm IDR to Stable


I N D I A

ALFA ONE: CARE Keeps D Debt Rating in Not Cooperating Category
ALL RICH: CARE Lowers Rating on INR9.40cr LT Loan to B
ANJANEYA SEA: CARE Reaffirms B+ Rating on INR35cr LT Loan
ELURU JUTE: CARE Lowers Rating on INR44.55cr LT Loan to B
GO FIRST: Floats Company with Ex-Staff to Deal with Leasing Firms

GO FIRST: Seven Lessors Agree to Carry Maintenance of Aircraft
GRUHANIRMAN INDIA: CARE Keeps B- Debt Rating in Not Cooperating
HOTEL JALTARANG: CARE Lowers Rating on INR9.75cr LT Loan to D
JOY GURU: CARE Keeps B- Debt Rating in Not Cooperating Category
LANCOR HOLDINGS: CARE Hikes Rating on INR21.72cr LT Loan to B+

MANI SQUARE: CARE Keeps D Debt Ratings in Not Cooperating
NANIBALA COLD: CARE Keeps B Debt Rating in Not Cooperating
NASIM AHSAN: CARE Lowers Rating on INR30.00cr LT Loan to B
P.D. AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
R. M. AUTO: CARE Keeps C Debt Rating in Not Cooperating Category

RADHA-RUKMAN: CARE Keeps D Debt Ratings in Not Cooperating
RAHUL COMMERCE: CARE Keeps C Debt Rating in Not Cooperating
RUCHI WORLDWIDE: CARE Keeps D Debt Ratings in Not Cooperating
RUPAM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
SALORA INTERNATIONAL: CARE Lowers Rating on INR55cr LT Loan to C

SHYAMA SHYAM: CARE Keeps B- Debt Ratings in Not Cooperating
SONY AIRCON: CARE Keeps C Debt Rating in Not Cooperating Category
STAR ALLOYS: CARE Lowers Rating on INR11.50cr LT Loan to B
SUPER INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
SWARNA PRAGATI: CARE Reaffirms B Rating on INR20cr LT Loan

VANTAGE MACHINE: CARE Lowers Rating on INR15cr LT Loan to D
VISAKHA FOODS: CARE Keeps C Debt Rating in Not Cooperating


S I N G A P O R E

ECO CLOUD: Court Enters Wind-Up Order
HUAT KENG: Commences Wind-Up Proceedings
LIPPO MALLS: Fitch Lowers IDR to 'RD' on DDE, Then Upgrades to 'CC'
NEW ASIA: Court Enters Wind-Up Order
OCEANDALE INVESTMENT: Creditors' Proofs of Debt Due on Jan. 29

TURRINGTON PTE: Creditors' Proofs of Debt Due on Jan. 29
UD TRADING: Court to Hear Wind-Up Petition on Jan. 12


S O U T H   K O R E A

NAMYANG DAIRY: Family Ownership Comes to End After Losing Dispute

                           - - - - -


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

A J MANNING: Chamberlain's SBR Appointed as Liquidators
-------------------------------------------------------
Steven John Priest of Chamberlain's SBR on Jan. 5, 2024, was
appointed as liquidator of A J Manning (Investments) Pty Ltd.

The company's liquidator can be reached at:

          Steven John Priest
          Chamberlain's SBR
          Suite 101, 63 Johnston Street
          Wagga Wagga, NSW 2650


ABJ CABINETS: Macks Advisory Appointed as Liquidators
-----------------------------------------------------
Ian Wayne Burford of Macks Advisory on Jan. 5, 2024, was appointed
as liquidator of ABJ Cabinets and Joinery Pty Ltd.

The company's liquidator can be reached at:

          Ian Wayne Burford
          Macks Advisory
          Level 8 West
          50 Grenfell Street
          Adelaide, SA 5000


CALIA AUSTRALIA: Calia Shuts Two Restaurants in Melbourne
---------------------------------------------------------
7NEWS.com.au reports that about 100 employees at a Melbourne
restaurant-to-retail company have lost their jobs after being told
via email with less than a day's notice.

7NEWS.com.au relates that Calia Australia, which has been in
voluntary administration since June, announced it would be closing
its two Melbourne restaurants "effective immediately" on December
28.

The news was shared to its employees, about 100 according to a
former worker who did not want to be named, via an email that same
day.

"It is with a heavy heart and great sadness that we must convey the
unfortunate news that Calia will be closing all Australian stores
and ceasing operations effective today, 28th December 2023," the
email seen by 7NEWS.com.au said.

"We understand that this news might come as a shock to you, but
this decision has not been taken lightly, and we have been working
tirelessly since the COVID lockdowns to keep our stores open."

The email said management had attempted to keep the company afloat
through various means, including going through the voluntary
administration process, but "COVID-related debt" and rising costs
had proved too difficult to overcome, 7NEWS.com.au relays.

"As of now, all supplier arrangements will cease, and all
employment positions have been made redundant. This means that all
employees will not be required to attend any future shifts from
now," it said.

"We want to express our deepest gratitude for the hard work,
dedication, and commitment that each of you has contributed to
Calia, and for the thousands of customers you have helped us serve
over nearly the past decade.

"It is the people who make a company, and you have been the heart
and soul of ours."

In a statement to 7NEWS.com.au, Calia co-founder Jason Chang said
the decision to close the business was "agonising" and made "under
the pressing circumstances of a rapidly evolving situation".

"The financial viability of running a hospitality or retail
business in Melbourne has been increasingly more challenging," he
said.

"The prolonged impact of the world's longest lockdown here,
inflation leading to higher wages and operating costs, compounded
by COVID-related debts, has placed Calia in an untenable financial
position as we were constantly playing catch up over the past two
years."

He said he had tried all avenues to save the business, including
attempting to sell it, but had no success.

"We extend our heartfelt gratitude to staff, suppliers, customers
and everyone who has worked with us and supported us over the past
eight years," Chang said.

As reported by 7NEWS.com.au, Calia Australia Pty Ltd went into
administration on June 28 according to documents filed with the
Australian Securities and Investments Commission (ASIC).

Insolvency company Jirsch Sutherland was appointed as administrator
and at the time told 7NEWS.com.au that Calia was looking to
restructure, despite being in debt by at least a couple of million
dollars.

Calia, which was co-founded by Jason Chang and Ricky Thien, operate
two stores in Kuala Lumpur, in addition to the now closed Melbourne
stores.

Its Melbourne stores were located in the Emporium in Melbourne's
CBD and at Chadstone shopping centre. These stores continued to
operate under the voluntary administration, but closed their doors
on December 28.

One of the stores in Kuala Lumpur has been permanently closed,
while the other location still appears on Calia's website.

Jirsch Sutherland partner Glenn Crisp told 7NEWS.com.au that Chang,
Calia's director, has now been issued with a Notice to Remedy
breaches under a Deed of Company Arrangement (DOCA).

A DOCA is a binding arrangement between a company and its creditors
(people owed money by a company) and determines how the company
will deal with its financial affairs.
According to 7NEWS.com.au, Mr. Crisp said Calia Australia has until
January 5 to remedy the DOCA breaches; otherwise it will be
automatically placed into liquidation.

"At that time I anticipate being appointed liquidator, however,
before then I have no control over the company," he said.

In Calia's email, the company made mention of a government payment
scheme that is available to employees who are made redundant due to
liquidation or bankruptcy.

The Fair Entitlements Guarantee (FEG) helps employees claim owed
entitlements, such as annual leave or redundancy pay, that their
employer cannot provide. This does not include unpaid
superannuation.

7NEWS.com.au adds that the email said: "We sincerely hope that the
financial impact of our closure on each staff member will be
minimised through this".

However, the scheme is only available to Australian citizens,
permanent residents or special category visa holders.

Many of those employed at Calia were international workers or
temporary migrants, according to the former staff member.


E K RECRUITMENT: Commences Wind-Up Proceedings
----------------------------------------------
Members of E K Recruitment Pty Ltd on Jan. 4, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Rajiv Ghedia
          Westburn Advisory
          Level 5, 115 Pitt Street
          Sydney, NSW 2000


HUGHES PROJECTS: Commences Wind-Up Proceedings
----------------------------------------------
Members of Hughes Projects (Vic) Pty Ltd on Jan. 5, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Clifford John Sanderson
          Dissolve Pty Ltd
          Level 8, 80 Clarence St
          Sydney, NSW 2000


SPEDITO ENTERPRISES: SV Partners Appointed as Liquidators
---------------------------------------------------------
Anne Meagher of SV Partners on Jan. 5, 2024, was appointed as
liquidator of Spedito Enterprises Pty. Ltd.

The company's liquidator can be reached at:

          Anne Meagher
          SV Partners
          22 Market Street
          Brisbane, QLD 4000


TRANMOR ENTERPRISES: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Tranmor Enterprises Pty Ltd (formerly trading as
Maxiplas) on Jan. 4, 2024, passed a resolution to voluntarily wind
up the company's operations.

The company's liquidators are:

          Rachel Burdett
          Daniel P Juratowitch
          Cor Cordis
          Level 29, 360 Collins Street
          Melbourne, VIC 3000




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

ZHONGZHI ENTERPRISE: Files for Bankruptcy Liquidation
-----------------------------------------------------
Reuters reports that Chinese wealth manager Zhongzhi Enterprise
Group has filed for bankruptcy liquidation after failing to repay
debt, as the firm grapples with a deepening property market
downturn.

Zhongzhi applied for bankruptcy on the grounds it could not pay its
due debts and its assets were insufficient to pay all its debts, a
court in China's capital Beijing said in a statement on Jan. 5.

Reuters relates that the court said it accepted Zhongzhi's
bankruptcy liquidation application in accordance with China's
enterprise bankruptcy law.

The worsening woes at Zhongzhi, a major player in China's $3
trillion shadow banking sector - roughly the size of the French
economy - add to worries that the country's property debt crisis is
spilling over into the broader financial sector, Reuters says.

The company, which has sizable exposure to China's real estate
sector, apologised to its investors in a letter in November that
said it was heavily insolvent with up to $64 billion in
liabilities, Reuters recalls.

Police in Beijing, where the firm is based, later launched an
investigation into suspected crimes committed by Zhongzhi and said
it was looking into "many" suspects involved with the company.

Zhongzhi did not immediately respond to a Reuters request for
comment.

China's highly indebted property sector has been reeling from a
liquidity crunch since 2020, Reuters notes. Defaults by developers
since late 2021 have impeded economic growth and rattled global
markets.

                     About Zhongzhi Enterprise

Zhongzhi Enterprise Group Co. Ltd. operates as a diversified real
estate developer. The Company develops residential and commercial
areas. Zhongzhi Enterprise Group also provides trust investment,
highway operation, land reserve, and reservoirs treatment
services.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
24, 2023, Zhongzhi Enterprise Group Co. has revealed the depth of
its financial difficulties, telling investors it is "severely
insolvent" with a shortfall of $36.4 billion.

The privately owned wealth manager said liquidity has dried up and
the recoverable amount from asset disposals is expected to be low,
according to a letter sent to investors on Nov. 22 seen by
Bloomberg News.


[*] CHINA: Builders Face Growing Debt Pressure
----------------------------------------------
Yicai Global reports that China's property developers, especially
private firms, are facing mounting debt repayment pressures after
financing became tougher over the past three years, with more debt
scheduled to mature.

Total new financing at 80 representative builders shrank 28 percent
to CNY569.2 billion (USD80.3 billion) last year from 2022, Yicai
discloses citing data from property insights platform China Real
Estate Information. In the quarter ended Dec. 31, new financing
slumped 53 percent year on year.

The figure has fallen for third straight years, with annual
declines of 24 percent and 34 percent in 2021 and 2022,
respectively.

Banks have mainly targeted credit at state-owned developers, Yu
Xiaoyu, research director at property think tank Yihan, told Yicai,
adding that it is difficult for private builders to secure credit,
and even if they can, the amount is usually small.

Bond issuance has also not been entirely effective lately in easing
the liquidity squeeze and slow sales at developers because the
scope of issuers and the scale of funds raised are limited, Yu
said.

Last year, developers borrowed the least in five years through bond
sales, down more than 30 percent from a 2020 peak, Yu said, adding
that private firms made up less than 10 percent of the total, Yicai
relays. In addition, investors have little confidence in builders,
damping down their interest in subscribing to bond sales, he said.

Equity financing is a tough avenue too as it usually takes a longer
time and has a low success rate in getting regulatory approval, Yu
said. More than 30 property firms set out private placement plans
last year, but only three came to conclusion.

A source at a big private developer in good financial standing told
Yicai that although his company was able to issue bonds the
proceeds were insufficient. The status quo will not change if
financial institutions do not take more substantive action, the
person added.

With more debt coming due this year, market insiders are concerned
about the chances of survival for many of the industry's players,
according to Yicai.

This year's maturing debt total is much bigger than in 2023, Yu
said. Given the financing environment and sluggish property sales,
some of last year's defaulters may also fail to repay debt in 2024,
Yu said, Yicai relays.

China's property developers have CNY737.3 billion of offshore and
onshore bonds falling due this year, an 11 percent increase on
2023, according to a report by Fitch Ratings. The repayment
pressure will be highest in March and August.


[*] CHINA: LGFVs Must Repay a Record US$651BB of Bonds in 2024
--------------------------------------------------------------
Bloomberg News reports that China's local government financing
vehicles need to pay back a record amount of maturing local bonds
this year, testing the limits of a central government program to
help them refinance their debt and avoid default.

The nation's LGFVs - the companies that borrow on behalf of
provinces and cities to finance mainly infrastructure projects,
such as roads and ports - have CNY4.65 trillion (US$651 billion))
worth of bonds due over the next 12 months, according to
Bloomberg-compiled data. That's the highest amount on record, and
is roughly 13 percent more than what came due last year.

"Containing the credit contagion and the systemic financial risk
from the LGFV sector remain top priorities for the central
government this year," Bloomberg quotes Zerlina Zeng, senior credit
analyst at Creditsights, as saying.

Bloomberg says Beijing has taken some steps to alleviate China's
long-standing problem with local debt, providing optimism to
investors looking for signs any financial risk from the buildup of
such debt is contained.

Last year, authorities introduced a program worth at least 1
trillion yuan allowing local governments to swap some LGFV debt for
official bonds carrying lower interest rates, Bloomberg News
reported in August.




=================
H O N G   K O N G
=================

SJM HOLDINGS: Fitch Alters Outlook on BB- LongTerm IDR to Stable
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on SJM Holdings Limited's
(SJMH) Long-Term Foreign-Currency Issuer Default Rating (IDR) to
Stable from Negative, and affirmed the IDR and senior unsecured
rating at 'BB-'. Fitch has also affirmed the 'BB-' rating on the
outstanding notes issued by SJMH's subsidiary, Champion Path
Holdings Limited. The notes are rated at the same level as SJMH's
senior unsecured rating, as they represent the company's
unconditional and irrevocable obligations.

The Stable Outlook reflects the robust recovery in visitation and
gaming revenue in Macao, despite the economic downturn in China.
The recovery, together with the continued ramp up of Grand Lisboa
Palace (GLP), is likely to improve SJMH's leverage metrics to
within the 'BB-' threshold in the coming years.

SJMH's ratings are constrained by its high leverage from the debt
built up for the GLP expansion and due to the Covid-19 pandemic.
The rating also reflects the potential for further weakness in
China's economy and regulatory changes, as well as execution risk
on the ramp up of GLP amid a competitive environment in Macao due
to new openings and expanded facilities. Even so, SJMH has a long
history of operations in Macao, with a record of maintaining a
conservative financial position.

KEY RATING DRIVERS

Recovery Trajectory Driving Outlook: Macao visitation and gaming
trends improved rapidly in 2023. Overall gross gaming revenue (GGR)
reached 75% of 2019 levels in 4Q23, as mass market GGR is likely to
have improved to over 100% of 2019 levels. Visitation to Macao also
continues to improve, with overall visitation reaching 89% of 2019
levels in November 2023, or 70% through 11M23. Fitch sees moderate
sequential improvement in 2024 as air travel capacity continues to
normalise in Hong Kong and Macao.

Improving Leverage Metrics: Fitch projects EBITDA of HKD1.7
billion, HKD3.6 billion, HKD5.2 billion and HKD6.6 billion,
respectively, in 2023-2026, and EBITDA leverage to decline to 5.3x
in 2025 and 3.7x in 2026. Fitch expects SJMH's free cash flow (FCF)
to turn positive in 2024 and expand further in 2025-2026, driving a
reduction in debt balance from HKD29 billion at end-September 2023
to HKD26 billion at end-2025 and HKD23 billion at end-2026. SJMH
will focus on deleveraging as it maintains a conservative financial
policy, in Fitch's view.

GLP Ramp-up Continues: GLP continues to ramp up, even though the
progress has been slower than expected. In 3Q23, GLP recorded GGR
of HKD783 million, translating to a market share of 1.6%. This has
allowed it to narrow the property EBITDA loss to HKD27 million,
close to break-even. Visitation continued to improve gradually in
3Q23 (+21% qoq), along with mass GGR (+41% qoq). Management expects
to reach 5%-6% market share in the longer term, and is working on
plans to improve its connectivity, and mass appeal through food and
beverage, retail and event offerings.

Strong Recovery at Self-Promoted Casinos: Mass GGR of Grand Lisboa
(GL) and other self-promoted casinos reached 91%-92% of 2019 levels
in 3Q23, in line with the overall market. SJMH has shifted focus
away from the VIP segment at these casinos, resulting in VIP
revenue at GL recovering to only 9% of 2019 levels and no VIP
revenue generated at other self-promoted casinos. This has led to a
lower GGR contribution, but the EBITDA impact is much more limited,
as VIP has low margins. Fitch projects GL and other self-promoted
casinos adjusted property EBITDA to recover to 95% of 2019 levels
in 2024.

Satellite Casinos Dragged by Excess Costs: SJMH has had to take on
the excess costs of redundant staff from the closure of five
satellite casinos at end-2022, amounting to HKD488 million through
9M23. It expects the excess costs to be fully absorbed through
attrition and redeployment by 2025. Steady progress has been made
so far, with headcount dropping below 2,000 in 3Q23, from 2,700 at
end-2022, and the daily run rate of excess costs dropping to HKD1.6
million in 3Q23 from over HKD2 million in 2022. Excluding the
excess costs, the EBITDA margin from satellite casinos was normal
at 3.0% in 3Q23.

Manageable Investment Pipeline: SJMH and its parent, Sociedade de
Turismo e Diversoes de Macau (STDM), have initially committed MOP12
billion for non-gaming activities over the new 10-year concession
term through 2032. This includes MOP6 billion in capex, of which
MOP4 billion is for further GLP upgrades, the renovation of GL and
the rejuvenation of the nearby area. Most of the capex is likely to
be used in the next few years.

SJMH is also committed to an additional MOP2.4 billion for
non-gaming investments, as Macao's GGR exceeded MOP180 billion in
2023, although such investments are likely to be made later on.

DERIVATION SUMMARY

Compared to US-based Las Vegas Sands Corp. (BB+/Positive), which
has high quality assets in both Macao and Singapore, SJMH's
business profile is weaker because of its concentration in the
competitive Macao market and its weaker portfolio of assets within
that market. SJMH had maintained a conservative balance sheet
before the GLP development, but it will take several years of
deleveraging to restore the balance sheet given the debt built up
for the GLP development and during the pandemic.

KEY ASSUMPTIONS

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

For GLP:

- GGR: HKD4.3 billion, HKD6.7 billion and HKD9.3 billion,
respectively, in 2024-2026, based on 2%, 3% and 4% market share
(HKD782 million, 1.6% market share in 3Q23). Overall market GGR in
2024 is based on the mass segment improving to 105% of 2019 levels
and VIP remaining at 35%, followed by 5% annual growth.

- Adjusted property EBITDA: HKD0.5 billion, HKD1.6 billion and
HKD2.6 billion, respectively, in 2024-2026, based on 9%, 19% and
23% EBITDA margins.

For GL and other self-promoted casinos:

- GGR: HKD12.1 billion, HKD12.6 billion and HKD13.2 billion,
respectively, in 2024-2026 (HKD2.7 billion in 3Q23), based on mass
GGR improvement to 105%, 110% and 115% of 2019 levels, while VIP
remains subdued.

- Adjusted property EBITDA: HKD3.4 billion, HKD3.6 billion and
HKD3.9 billion, respectively, in 2024-2026 (HKD718 million in
3Q23), based on a 28%-29% EBITDA margin (27% in 3Q23).

For satellite casinos:

- GGR: HKD10.3 billion, HKD10.8 billion and HKD11.3 billion,
respectively, in 2024-2026 (HKD2.3 billion in 3Q23), based on mass
GGR improvement to 63%, 66% and 69% of 2019 levels (58% in 3Q23),
while VIP remains subdued.

- Adjusted property EBITDA excluding excess costs of around HKD310
million-340 million in 2024-2026 (HKD68 million in 3Q23).

- Excess costs of around HKD400 million in 2024 and HKD180 million
in 2025 (HKD148 million in 3Q23).

Other assumptions:

- Annual capex of HKD1.5 billion in 2024-2026.

RATING SENSITIVITIES

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

- Adjusted gross debt/EBITDAR below 3.5x for a sustained period.

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

- Adjusted gross debt/EBITDAR failing to trend below 4.5x by 2026.

LIQUIDITY AND DEBT STRUCTURE

Adequate liquidity: SJMH had HKD5.0 billion of cash and deposits,
and HKD3.3 billion of undrawn revolver facilities, as of 30
September 2023, enough to meet HKD1.0 billion of bank loans due
within one year. Fitch expects FCF to turn positive in 2024, which
will allow the company to deleverage.

ISSUER PROFILE

SJMH is the holding company of SJM Resorts, S.A. (SJM), one of six
casino operators in Macao. SJM operates 13 casinos in Macao,
including four self-promoted casinos and nine satellite casinos.
SJMH is 55% owned by STDM and is listed on the Hong Kong stock
exchange.

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
   -----------            ------           -----
SJM Holdings
Limited             LT IDR BB-  Affirmed   BB-

   senior
   unsecured        LT     BB-  Affirmed   BB-

Champion Path
Holdings Limited

   senior
   unsecured        LT     BB-  Affirmed   BB-



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

ALFA ONE: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alfa One
Hi-Tech Infra Private Limited (AOHIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       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 9,
2022, placed the rating(s) of AOHIPL under the 'issuer
non-cooperating' category as AOHIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. AOHIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 25, 2023, October 5,
2023, October 15, 2023.

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

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

Alfa One Hi-Tech Infra Private Limited (AOHIPL) is a Kannur-based
company engaged in civil constructions for commercial and
residential buildings. Mr. Luthufuddeen P M, the promoter of AOHT,
promoted Alfa One Global Builders Private Ltd (AOGB) in the year
2008 for development of residential and commercial real estate
projects. Mr. Luthufuddeen, the managing director of AOHT, manages
the day-to-day operations of the company.


ALL RICH: CARE Lowers Rating on INR9.40cr LT Loan to B
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
All Rich Dairy Private Limited (ARDPL), as:

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 29,
2022, placed the rating(s) of ARDPL under the 'issuer
non-cooperating' category as ARDPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ARDPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 15, 2023, October 25,
2023, November 4, 2023.

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

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

The ratings have been revised on account of non-availability of
requisite information. The revision also factored decline in scale
of operations as well as profitability in FY22 over FY21.

Hyderabad based, All Rich Dairy Private Limited was originally
established as a Partnership firm in 2002 later it was converted
into a Private Limited Company in 2012. ARDPL is promoted by Mr.
Rajshekar Reddy and family members. The company is engaged in
processing of milk and its products such as, Curd, Butter Milk,
under the branch name of "Swetha". The company has own dairy farm
apart from this procures additional milk from outside farmers
located in and around Telangana and Andhra Pradesh and sells its
products in the city of Hyderabad. The company has an installed
capacity of processing 75,000 liters per day.


ANJANEYA SEA: CARE Reaffirms B+ Rating on INR35cr LT Loan
---------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Anjaneya Sea Foods (ASF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           35.00      CARE B+; Stable Reaffirmed

Rationale and key rating drivers

The reaffirmation in the ratings assigned to the bank facilities of
ASF are constrained by decline in scale of operations albeit
improvement in profitability margins during the review period i.e.,
FY23 [FY refers to the period April 1 to March 31], leveraged
capital structure and weak debt coverage indicators due to
constitution of the entity as a partnership firm with inherent risk
of withdrawal of capital, elongated operating cycle and working
capital-intensive nature of operations, volatility in the
availability of raw material, disease prone industry with high
dependence on climatic condition and government regulation.
However, the ratings derive comfort from vast experience of the
promoters in the sea food business along with liquidity support by
the partners as and when required by way of infusing capital,
favourable location of unit with presence in the aquaculture region
in Andhra Pradesh, along with Government support to Aquaculture
industry.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in total operating income by 20% Y-o-Y while
maintaining PBILDT margin of 5% or above.

* Improvement in operating cycle to less than 90 days
Negative factors

* Decline in profitability or TOI by more than 30% y-o-y

* Further deterioration in capital structure represented by
weakening of overall gearing

Analytical approach: Standalone

Outlook: Stable

CARE Ratings Limited (CARE Ratings) believes that Anjaneya Seafoods
(ASF) will continue to benefit from the extensive experience of the
partners in the industry.

Detailed description of the key rating drivers:

Key weaknesses

* Decline in scale of operations and moderate level of
profitability: The Total operating income (TOI) of ASF witnessed
decline in FY23 by 31% from INR86.61 crore in FY22 to 59.77 crore
in FY23 on account of lower demand in the export market owing to
macro-economic condition and increase in competition in the shrimp
export market. The profitability of the firm marked by PBILDT
margins improved from 4.30% in FY22 to 5.74% in FY22 on account of
better realizations coupled with decline in average purchase price
and in line with PBILDT, PAT margin increased from 0.44% in FY22 to
0.76% in FY23. During H1FY24, ASF reported TOI of INR25.06 crore
which is about 42% of revenue achieved in FY23. However, with
festive season in Q3FY24, sales are likely to be on a higher side
than that of H1FY24.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm marked by debt equity and overall
gearing ratio stood leveraged. The overall gearing ratio improved,
however remains high at 3.30x during FY23 compared to 6.94x in
FY22. The slight improvement was on account of regular payment of
term loan. The debt coverage indicators marked by Total debt/GCA
and interest coverage ratio stood weak, however slightly improved
in FY23. The PBILDT/interest improved to 1.83x in FY23 compared to
1.54x in FY22 on account of lower interest amount. Owing to
improvement in GCA in FY23, TD/GCA improved to 20.58x.

* Elongated operating cycle and working capital-intensive nature of
operation: The operating cycle deteriorated to 194 days in FY23
from 136 days in FY22 mainly due to piled up inventory owing to
subdued demand in FY23. The firm's dependence on working capital
borrowings remained high with almost full utilization for last 12
months ended last 12 months ended September 30, 2023.

* Constitution of entity as a partnership firm with inherent risk
of withdrawal of capital: ASF being a partnership firm, there is an
inherent risk of instances of capital withdrawals by partners
resulting in diminishing of entity's net worth. Further, the
partnership firms are attributed to limited access to funding.
Though partners keep infusing funds as and when required but at the
same time there has been a history of withdrawal of capital by
partners in past years.

* Volatility in the availability of raw material and disease prone
nature of seafood: Shrimp farming is highly disease prone as there
are a variety of lethal viral and bacterial diseases that affect
shrimp. The fact that the shrimps are kept in clusters, acts as an
exponential factor in multiplying the disease caught by a single
shrimp and wipe out almost 90% of the total shrimp population in a
particular farm. A major transfer vector of many of these viruses
is the water itself; and thus, any virus outbreak also carries the
danger of decimating shrimp living in the wild. However, after
repeated tests, Vannamei shrimps have been observed to be more
resistant than Black Tiger shrimps to various diseases.

* High exposure to government regulations coupled with many
unorganized players in the industry: Government policies keep
varying depending upon other macro-economic factors like
Anti-dumping duties and inflation etc., which increase the expenses
for companies operating in the seafood industry. The anti-dumping
duty (ADD) rates are revised every year by destination countries'
authorities. Due to high volume of exports to middle east, the firm
is exposed to fluctuation in foreign currency exchange which may
affect the firm's profitability margins.

Key strengths

* Vast experience of the partners in the sea food business:
Anjaneya Sea Foods (ASF) was established in 2007 as a partnership
firm by Mr. D.V. Krishna Rao (Managing Partner), Mr. D. Janardhana
Rao (Partner), Mr. D. Mallikarjuna Rao (Partner) and Mr.
Purnachandra Rao (Partner). All the promoters of the firm are
qualified graduates and has more than two decades of experience in
marine business, with established clientele base in foreign
countries.

* Liquidity support by the partners: Partners have been
continuously supporting the firm as and when required. They have
infused capital of INR3.89 crore in FY23 & INR0.50 crore in
H1FY24.

* Location advantage due to presence in the aquaculture zone in
Andhra Pradesh: ASF's processing plant is located in the prime
aquaculture zone in Ongole, by the coastline of Andhra Pradesh,
which enables the firm to procure raw materials and process them
immediately after harvest. This results in better quality product
as well as lower transportation cost. ASF procures raw materials
from local farmers from all across the country though major
procurement is from Andhra Pradesh.

Stable industry Outlook

India earns significant foreign exchange through marine exports,
with the United States and China being major importers. Frozen
shrimps make up the majority of these exports, accounting for 75%
in terms of value and 53% in terms of volume. Factors such as a
tropical climate, cost-effective labour, and government support
have driven growth in this sector, giving India a competitive
advantage over countries like Ecuador, Thailand, and Vietnam.

Liquidity: Stretched

The current ratio of the firm stood at 1.21x with cash and bank
balances of INR0.03 crore as on March 31, 2023. The firm has
available GCA of INR1.38 crore with repayment obligations of INR
1.93 crore for FY24 which makes liquidity position of the firm
stretched. However, to support the liquidity position of the firm,
partners have brought capital of INR3.89 crore in FY23 & INR0.50
crore in H1FY24. The working capital limits are highly utilized for
the last twelve months ended September 30, 2023.

Andhra Pradesh based Anjaneya Sea Foods (ASF) was established in
the year 2007 by Mr. Krishna Rao, Mr. D. Janardhana Rao, Mr.D.
Mallikarjuna Rao and Mr. Purnachandra Rao. ASF is engaged in the
processing and export of Vannamei and a variety of shrimp to Middle
east countries. ASF is 100% Export Oriented Unit (EOU) located in
Ongole. The firm has processing capacity of 80 tons per day (PY:40
tons) and cold storage capacity of 2500 tons per annum.


ELURU JUTE: CARE Lowers Rating on INR44.55cr LT Loan to B
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Eluru Jute Mills Private Limited (EJMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term Bank      44.55       CARE B; Stable Revised from
   Facilities                      CARE BB-; Stable

   Long-Term/           4.00       CARE B; Stable/CARE A4 Revised
   Short-Term                      from CARE BB-; Stable/CARE A4
   Bank Facilities      
                                  
Rationale and key rating drivers

The revision in the rating of EJMPL is on account of a significant
decline in the scale of operations during FY23 (FY refers to the
period between April 1 and March 31), continuous losses since FY20,
deteriorating and weak solvency metrics, working capital-intensive
business, stiff competition from other Jute and synthetic players
and unrelated diversification into real estate project albeit
transferred to the builder in FY24. The ratings however remain
underpinned by resourceful promoters, experienced and qualified
management, and government support for the jute industry.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in overall financial risk profile
* Notable improvement in liquidity and profits

Negative factors

* Significant erosion of net worth due to net losses, impacting the
solvency position

Analytical approach: Standalone

Outlook: Stable

The stable outlook reflects that the promoters will continue to
support the operations and infuse funds as and when required.

Detailed description of the key rating drivers:

Key weaknesses

* Significant decline in TOI during FY23 and continuous net losses:
The Total operating income of the company has significantly
declined by ~53% to INR161.33 crore in FY23 from INR336.65 crore in
FY22. This was majorly due to the unavailability of the raw
material at the lower price coupled with the rift between the
employees and the management. Also, the company had shut down two
of its units and one unit in Eluru was operational only at 50% of
its capacity. The company has thus incurred a net loss of INR20.24
crore in FY23 against a net loss of INR14.16 crore in FY22. The
losses were higher due to an increase in raw material prices
coupled with an increase in freight charges for the transportation
of raw jute from the eastern part of India. The increase in raw
material prices was not being fully passed on to the customer due
to stiff competition for cheaper synthetics from Bangladesh. In the
8MFY24, year the company booked sales of INR80.00 crore

* Leveraged capital structure and weak debt coverage indicators:
The capital structure continued to deteriorate due to erosion of
net worth at the back of net loss reported in FY23. The capital
structure was leveraged marked by overall gearing at 1.87x as of
March 31, 2023, compared to 1.37x as of March 31, 2022. The debt
coverage indicators were weak due to operating and cash losses in
FY23. The company's total outstanding debt as of March 31, 2023,
was INR20.08 crore which has been reduced to INR9.05 crore as the
company has paid off a INR15.00 crore loan availed for the
construction of a real estate project. Also, the company has
availed a term loan of INR6.00 crore for the settlement of dues for
the workers who have applied for VRS.

* Working capital-intensive nature of operations: EJMPL's operation
is working capital-intensive due to the seasonal nature of the
product. During the harvesting season, the company needs to have
ample stock of raw materials. Once harvested, the raw materials are
stored for later use, increasing the inventory holding period. A
standard credit period needs to be provided to its customers given
the general practice in the industry, but labour needs to be paid
immediately (which is a high-cost component in jute manufacturing
companies), thereby increasing working capital needs. The
collection period has deteriorated and stood at 56 days in FY23, as
compared to 25 days in FY22. The average credit period was 56 days
in FY23, as compared to 47 days in FY22. However, the inventory
period increased to 275 days in FY23 from 132 days in FY22,
resulting in an increase in the operating cycle period from 110
days in FY22 to 275 days in FY23.

* Stiff competition from Bangladesh: The industry faces stiff
competition from Bangladesh on account of relatively better quality
of jute, lower wages & power costs, and substantial government
assistance. It is also facing competition from cheaper synthetics.
Bangladesh Government provides a 12% export incentive for hessian
and sacking, and 7.5% on yarn and twine. Whereas India allows only
3.92% benefit on export. However, the Government imposed
anti-dumping duty ranging from USD6.30 to USD351.72 per tonne on
imports of jute and its products from Bangladesh and Nepal which
has provided scope for additional demand of 2 lakh MT of jute goods
in the domestic market for the Indian jute industry.

* Unrelated diversification albeit transfer to builder completed in
FY24: The company had started a residential real estate project at
Guntur and was constructing 3 towers with 18 upper floors each
floor having 2-3 units. The total project cost was expected to be
INR345.00 crore and they expected to generate a total cash flow of
INR381.00 crore by way of selling approximately
510 units. The company has booked a revenue of INR18.26 crore in
FY22, and INR44.56 crore in FY23 from the residential project.
Currently, 2 towers are under construction, and the 3rd tower is
expected to start construction by the end of FY23. All the 3 towers
are expected to be completed by FY25. However, as per the latest
developments, the company has transferred the real estate
projects to the builder and the agreement is already signed between
both parties with the full transfer completed in October 2023. As
explained by the management, the company will receive 35% of the
flats from 510 units i.e., 178 units. The company had received
advances of INR22.24 crore in FY22 which increased to INR39.55
crore. As per the management part of these funds were used to make
the repayment of INR15.00 crore term loan which was availed for the
construction of real estate projects.

Key strengths

* Experienced promoters with an established track record: EJMPL is
managed by Mr. Brij Gopal Lunani, and his sons, Mr. Sivasankar
Lunani and Mr. Manohar Gopal Lunani. Mr. Brij Gopal Lunani,
Managing Director of the company has over five decades of
experience in the jute industry. He took over the Guntur unit of
SBJMPL, through BIFR in 1994 and turned it around; which
came out of the purview of BIFR in 2002. Mr. Sivasankar Lunani,
Executive Director of the company has over two decades of
experience in the jute industry and currently looks after Krishna
Hessians, an export-oriented unit of the company engaged in
manufacturing Hessians. Mr. Manohar Gopal Lunani, another key
promoter of the company has over four decades of experience
in the Jute industry. The promoters look after the day-to-day
operations of the company, and they are assisted by a team of
experienced professionals. Promoters of the company have been
infusing the capital in the form of unsecured loans to support the
operation when required.

* Government Support to the Jute Industry: The jute sector occupies
an important place in the Indian economy (particularly Eastern
India) in terms of providing employment opportunities to a large
labour force and export revenue generation. The industry faces
stiff competition from Bangladesh on account of relatively better
quality of raw jute, lower wages, and substantial
government assistance in terms of subsidy. It is also facing
competition from cheaper plastics. The jute industry is highly
regulated in nature as the government determines the minimum
support prices of jute crops for each crop year and custom duty,
taxes, etc. on jute and related products. The government has
extended the mandatory packaging of food grains and sugar products
in jute bags during every jute year (pertains to the period from
July 1 to June 31); which will help sustain the core demand for the
jute sector. Additionally, with the view to demand for domestic
jute products, the government has imposed Anti-Dumping Duty on the
import of jute goods from Bangladesh and Nepal. Jute, being a
strong, versatile, eco-friendly & highly spin-able fibre, is likely
to attract more attention of the user industries in the long-term
due to concerns over the usage of synthetic products.

Liquidity: Stretched

The liquidity position of the company is Stretched due to high
repayment as against the negative CFO and negative gross cash
accruals as of March 31, 2023. However, the current ratio stood
above unity at 1.07x as of March 31, 2023 (PY: 1.27x), further the
promoters are resourceful and can infuse funds as and when
required. Also, the working capital utilization stood at 80% for
the last 12 months ending November 2023. Also, the company has a
cash balance of INR4.41 crore as of March 31, 2023.

Eluru Jute Mills Private Limited (EJMPL) previously known as Sri
Bajrang Jute Mills Private Limited (SBJMPL), a part of East India
Commercial Group was established in 1957. In 2016, the management
proposed a merger of the two group companies; i.e. East India
Commercial Company Ltd (EICCL) and SBJML, which was approved by
NCLT in May 2018 (merger effective April 1, 2016) and subsequently,
the name was changed to Eluru Jute Mills Private Limited vide
Certificate of Incorporation dated September 6, 2018. The company
is engaged in manufacturing jute bags, hessians, and other jute
products at its three manufacturing units located in Andhra Pradesh
and Chhattisgarh.


GO FIRST: Floats Company with Ex-Staff to Deal with Leasing Firms
-----------------------------------------------------------------
The Economic Times reports that targeted by contempt petitions from
aircraft lessors on non-disclosure of plane documents, bankrupt
airline Go First has floated a company with its former employees to
liaise with the leasing companies.

In December, the airline floated SP Mumbai Aviation, led by Sachin
Naik, a former employee in the aircraft finance department. In
letters to aircraft lessors, which ET has seen, Go First's
resolution professional said the company has been formed "by
certain Go First" employees for the "collation of aircraft
records/documents".

"Go First (through the undersigned) can also assist the lessors to
engage MROs (maintenance, repair, overhaul firms) through Naik for
carrying out the required maintenance of the aircraft as may have
been identified through the records," said the letter.

ET relates that a lawyer representing one of the lessors, however,
said on condition of anonymity, "This is a weird move which has
come as a reaction to the contempt petition. It's also because Go
First has no manpower to maintain the aircraft."

Most lessors have agreed to this "tripartite arrangement", he said,
"because we have to protect our aircraft". "Under IBC (Insolvency
and Bankruptcy Code) norms, the resolution professional is
responsible for upkeep of the assets, including aircraft. But Go
First has no money or people. So the lessors will bear the costs of
maintenance. At least then the aircraft will not go to decay," the
lawyer said.

ET's queries sent to Naik of SP Mumbai Aviation, spokesperson of Go
First's parent Wadia group and the resolution professional, EY's
Shailendra Ajmera, did not elicit a response till press time.

According to ET, Go First is grappling with angry lessors even as
it clutches at thinning straws of hope for an investor bid in
India's bankruptcy court. It is also fighting a legal battle with
engine maker Pratt & Whitney, which it has accused of being the
reason for its financial troubles.

Recently, DAE (SY22) 13 Ireland Designated Activity Company, a unit
of DAE Capital, recently filed a contempt petition in the Delhi
High Court, accusing the resolution professional of wilfully
refusing to comply with the court's orders in October, ET says. On
October 12, the high court had asked the resolution professional to
share crucial documents related to the aircraft - records of
removals of spares, storage and airworthiness - within a week. DAE
and other lessors said they had not got access to any document.
Meanwhile, they said their aircraft were in a state of decay,
ill-maintained, dirty and uncovered during the rains.

Go First had defaulted on lease payments on these aircraft before
it went to bankruptcy, ET notes. But India's bankruptcy laws
protect assets from being deregistered if a company is undergoing
insolvency proceedings. The Delhi National Company Law Tribunal
(NCLT) had on May 10 last year admitted the airline under the
corporate insolvency resolution process.

The airline has defaulted on INR3,802 crore to its aircraft lessors
and vendors, it said in its insolvency petition with the NCLT.

According to ET, the airline has attributed its woes to the faulty
engines supplied by Pratt & Whitney, claiming this forced it to
ground half its fleet. It further said the non-availability and
engine failures had forced it to incur a loss of more than
INR10,800 crore. The lessor, in turn, accused it of non-payment of
rentals.

Last month, three entities - Sharjah-based aviation company Sky
One, Africa-focused Safrik Investments and Go's rival airline
SpiceJet - showed interest in acquiring the airline. None of them
have submitted a serious bid, ET notes.

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.


GO FIRST: Seven Lessors Agree to Carry Maintenance of Aircraft
--------------------------------------------------------------
Livemint.com reports that Go First's resolution professional
informed the Delhi High Court on Jan. 5 that seven out of 14
lessors to the bankrupt airline had agreed to carry out maintenance
of parked aircraft through a third party agency.

Livemint.com relates that the RP, appointed to conduct the
insolvency resolution process, also reported substantial progress
in talks with Go First's lessors, with the number of agreeing
lessors increasing from two to five.

Due to a paucity of time, the court deferred the hearing to January
11 and 12.  

According to Livemint.com, the RP had on December 20 informed the
court about discussions regarding engaging a third-party agency for
aircraft maintenance. The collation of aircraft-related documents
is in progress, and the agency is expected to cover maintenance for
all 54 aircraft leased with Go First.

These discussions stem from a contempt petition filed by Go First
lessor DAE (SY22) 13 Ireland Designated Activity. The lessor had
alleged that the RP deliberately failed to comply with the court's
order by not providing necessary maintenance and technical records.


Livemint.com says the lessors claim they have not received any
records related to aircraft maintenance since May and not been
allowed to physically inspect the assets.

Livemint.com relates that the documents sought include records on
the removal of engine parts and airframe, storage, historical data,
online records, and information on the airworthiness of the
aircraft.

Go First has undertaken a collaborative effort with its former
staff to engage with leasing companies, as per media reports. The
airline has established SP Mumbai Aviation, led by Sachin Naik, a
former employee from the company's finance department.

As per a letter from Go First's resolution professional, the
company has been formed by specific employees for the collation of
aircraft records and documents.

The RP in its letter suggested that Go First, via Naik, could
facilitate engagements with maintenance, repair, and overhaul (MRO)
firms for aircraft maintenance, based on identified needs
documented in the records.

The high court had on October 12 directed Go First's RP to provide
all maintenance and technical records to lessors within a week.  

Earlier on July 5, the court had granted the RP the responsibility
of maintaining Go First's aircraft while allowing the lessors the
right to inspect - an order upheld by both a division bench of the
high court and the Supreme Court.

Livemint.com adds that Go First attributes its challenges to engine
issues supplied by Pratt & Whitney, leading to fleet grounding and
financial losses. In contrast, lessors point to non-payment of
rentals as a significant concern.

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.


GRUHANIRMAN INDIA: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Gruhanirman India Private Limited (SSGIPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 22,
2022, placed the rating(s) of SSGIPL under the 'issuer
non-cooperating' category as SSGIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SSGIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 8, 2023, October 18,
2023, October 28, 2023.

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

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

Hyderabad (Telangana) based, Sri Sri Gruha Nirman India Private
Limited (SSGIPL) was incorporated in the year 2007 by Mr. K.
Narsimha Reddy and Mr. Bhoopathi Raju. The company is engaged in
the construction of independent residential houses.


HOTEL JALTARANG: CARE Lowers Rating on INR9.75cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Hotel Jaltarang Private Limited (HJPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 30,
2022, placed the rating(s) of HJPL under the 'issuer
non-cooperating' category as HJPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. HJPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 16, 2023, October 26, 2023, November 5,
2023, January 3, 2024.

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

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

The ratings have been revised on account of ongoing delays in debt
servicing as recognized from publicly available information i.e.
CIBIL filings.

Hotel Jaltarang Private Limited (HJPL) was incorporated in 1987 as
a private limited company by Mr. Manek Harchandrai Vasandani, Mrs.
Bindu Bijlani, Shri. Jayashri Bansi and the management was taken
over in 2002 by Shetty family. Currently Mr. Madhukar Sanjeeva
Shetty, Mr. Chandrakant Sanjeeva Shetty and Mr. Sharad Sanjeeva
Shetty are the directors of the company. HJPL is engaged in
providing hospitality services viz. restaurant in the name of
Gajalee located at Juhu in Vile Parle West, Mumbai.

JOY GURU: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Joy Guru
Cold Storage Private Limited (JGCSPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank      0.07       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 24,
2022, placed the rating(s) of JGCSPL under the 'issuer
non-cooperating' category as JGCSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. JGCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 10, 2023, October 20,
2023, October 30, 2023.

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

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

Joy Guru Cold Storage Private Limited (JGCSPL), incorporated in the
year 1989, is a Bankura (West Bengal) based company, promoted by
the Nandi and Kundu family. It is engaged in the business of
providing cold storage services to potato growing farmers and
potato traders, having an installed storage capacity of 200,000
quintals in Bankura district of West Bengal. This apart, the
company is also engaged in potato trading activities which
constituted around 3.24% of revenue in FY19. Mr. Rajat Subhra Nandi
(Director) and Mr. Sanjib Kundu (Director) looks after overall
management of the company. Mr. Rajat Subhra Nandi has more than
three decades of experience in cold storage business and is
supported by a team of experienced professionals who have rich
experience in the same line of business.

LANCOR HOLDINGS: CARE Hikes Rating on INR21.72cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Lancor Holdings Limited (LHL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.72       CARE B+; Stable; Revised from
   Facilities                      CARE C; Stable outlook assigned

   Long Term Bank       8.11       CARE B+; Stable; Revised from
   Facilities                      CARE D; Stable outlook assigned

   Short-term Bank
   Facilities           5.00       CARE A4 Reaffirmed

Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of LHL
factors in the improved debt servicing track record of the
company.

The ratings remain constrained by the slower sales/collections,
delay in getting approval for some of the development projects
negatively impacting the construction momentum. The ratings are
further limited by the project implementation risk associated with
the ongoing/new projects, legal disputes on few of the ongoing
projects, inherent cyclicality and intense competition in the real
estate industry along with geographical concentration risk as the
company's projects are primarily limited only to Chennai region.
The ratings derive comfort from the long-standing experience of the
promoters in the real estate industry.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Successful completion of the ongoing projects without any
timeline extension and cost escalation

* Sustained average collection above INR 200 Cr per annum.

Negative factors

* Any large delays in the scheduled completion and slowdown in
sales momentum of the ongoing projects

Analytical approach: Standalone

Outlook: Stable

CARE Ratings Limited (CARE Ratings) believes that the operations of
the company will continue to remain stable in the mediumterm
deriving benefit from the long-standing experience of the promoters
in the real estate industry.

Detailed description of the key rating drivers:

Key weaknesses

* Project implementation risk: The company is currently executing
about 12 apartment/villa projects and 2 land projects with a
combined saleable area of 28.41 lakh square feet (lsf) of which the
land projects form 70% of the total saleable area. As of November
2023 end, the company has sold only 4.66 lsf (i.e., 16% of the
total saleable area). Further, three of the ongoing projects of the
company namely Harmonia, Town & Country (Land project, Villa
Project) are under arbitration which forms 41% of the total
saleable area. In July 2022, Hon'ble High court of Madras has
stayed the construction and sales of these projects until the
arbitration proceedings are completed. As on November 30, 2023,
against the estimated project cost of INR 491 Cr, the company has
incurred total cost of INR 270 Cr in the ongoing projects and out
of which nearly 48% was towards the projects which are under
litigation. Ongoing arbitration and sizable portion of the
remaining cost to be incurred on the ongoing projects exposes LHL
to implementation risk.

* Exposed to cyclical nature of real estate market and regional
concentration risk: Chennai is home to quite a few IT/ ITES,
manufacturing and logistics companies and has been the preferred
destination for these industries for the last few years. This has
led to a growth in the residential real estate market in Chennai.
Nevertheless, the project returns are exposed to slowdown in the
overall real estate market, the tight credit market for real estate
funding, the high interest rate environment, and the project
profitability vulnerable to fluctuations in construction material
and labour costs. The real estate market in Chennai is highly
fragmented with a large number of developers. The projects
completed in the past and ongoing projects are situated majorly in
the Chennai region. This exposes LHL to the regional concentration
risk which is partly mitigated by the brand image enjoyed by the
company in Chennai market.

Key strengths

* Long standing experience of the promoter & established track
record of operations in the Chennai market: LHL was incorporated in
the year 1985 and has over 30 years of operations in the Chennai
market. LHL is promoted by R.V Sekhar (a Chartered accountant) who
has more than 4 decades of experience spanning FMCG, IT & Real
estate and is Managing director of the company. LHL has so far
completed around 73 projects with an area of 49.12 lsf.

Liquidity: Stretched

The liquidity profile of the company is stretched with committed
receivable of INR 41 Cr to meet the o/s debt obligation of INR 79
Cr and the pending construction cost of INR 176 Cr as on Nov 30,
2023. The cash and bank balance of the company as on September 30,
2023, remained moderate at INR 1.79 Cr.

Incorporated in the year 1985, Lancor Holdings Limited (LHL) is
promoted by Mr. R V Sekhar and is engaged primarily in development
of residential real estate projects in Chennai, Tamil Nadu. LHL has
also developed a few commercial properties in the past. The company
has completed 73 projects with an area of 49.12 lsf since
inception.


MANI SQUARE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mani
Square Limited (MSL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      243.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     20.00       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 1,
2022, placed the rating(s) of MSL under the 'issuer
non-cooperating' category as MSL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MSL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 17, 2023, September 27, 2023, October
7, 2023.

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

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

MSL, part of the Kolkata-based Mani Group promoted by Mr. Sanjay
Jhunjhunwala, is engaged in the construction, development and
maintenance of commercial, retail as well as residential real
estate.


NANIBALA COLD: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nanibala
Cold Storage Private Limited (NCSPL) continue to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 28,
2022, placed the rating(s) of NCSPL under the 'issuer
non-cooperating' category as NCSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. NCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 14, 2023, October 24,
2023, November 3, 2023.

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

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

NCSPL was incorporated in March 1997 to set up a cold storage
facility with a storage capacity of 21,800 Metric Tonnes in Bankura
district of West Bengal. Since its inception, the company has been
engaged in the business of providing cold storage facility
primarily for potatoes to farmers along with trading of potatoes.
The company also provides interest bearing advances to farmers for
their agricultural activities against the receipts of potato
stored.


NASIM AHSAN: CARE Lowers Rating on INR30.00cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Nasim Ahsan Construction Private Limited (NACPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 22,
2022, placed the rating(s) of NACPL under the 'issuer
non-cooperating' category as NACPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. NACPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 8, 2023, October 28,
2023, January 2, 2024.

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

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

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

Nasim Ahsan Construction Pvt. Ltd. (NACPL) was initially promoted
as a partnership firm in April 1996 in the name of Nasim Ahsan &
Co. (NAC) to execute civil and mechanical engineering construction
projects in the state of Bihar. In February 2010, NAC was converted
into a Private Limited Company and rechristened as NACPL. The
company is engaged in providing services primarily to oil marketing
and refining companies for installation of pipeline and other
structural fabrication works. As of now, the single largest
customer for the company is Indian Oil Corporation Ltd. (IOCL).
Shri Nasim Ahsan, Managing Director, looks after the day to day
operations of the company with adequate support from other two
directors and a team of experienced professionals.

P.D. AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of P.D. Agro
Processor (PDAP) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 24,
2022, placed the rating(s) of PDAP under the 'issuer
non-cooperating' category as PDAP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PDAP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 10, 2023, October 20, 2023, October 30,
2023.

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

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

Rae Bareli (Uttar Pradesh) based, P.D. Agro Processor (PDAP) was
established in July, 2013 as a partnership concern, by Mr.
Bhupendra Agrawal, Mrs. Kamla Agarwal, and Mrs. Kavita. The firm is
engaged in processing of non-basmati rice. The manufacturing unit
is located in Rae Bareli, Uttar Pradesh.


R. M. AUTO: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R. M. Auto
Link Private Limited (RMALPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE C; 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 7,
2022, placed the rating(s) of RMALPL under the 'issuer
non-cooperating' category as RMALPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RMALPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 23, 2023, October 3,
2023, December 28, 2023.

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

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

R. M. Auto Link Private Limited (RMPL, CIN: U34103MP2005PTC017555)
was incorporated in April 2005 and was promoted by Rajpal and
Moolchandani family. RMPL is engaged in two-wheeler (2W) automobile
dealership business as an authorized dealer of Honda Motors Cycle
and Scooter India Pvt. Ltd. (HMSI). RMPL has one showroom with 3S
facility (Sales, Services and Spare Parts), one service centre with
2S facility (Services and Spare parts) and one sales outlay in
Bhopal.


RADHA-RUKMAN: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Radha-Rukman Packages Private Limited (RPPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.72       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 22,
2022, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 8, October 28, 2023, January 2, 2024.

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

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

RPL was incorporated in August, 2008 and was promoted by Shri
Govardhan Lal Sikaria and his family members based out of Kolkata.
The company, after remaining dormant for three years, commenced
operation from January 2012. RPL is engaged in the manufacturing of
corrugated & duplex boxes and providing offset printing services.


RAHUL COMMERCE: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rahul
Commerce Private Limited (RCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.60       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.40       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 14,
2022, placed the rating(s) of RCPL under the 'issuer
non-cooperating' category as RCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 30, 2023, October 10, 2023, October
20, 2023.

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

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

RCPL was incorporated in June 1975 and the company is currently
managed by Mr. Deven Shah, Mr. Vinay Joshi and Mr. Soumen Datta.
RCPL is a specialized IT service provider engaged in consultancy
services with regards to IT systems and solutions along with
supply, installation and maintenance of IT systems/solutions to
corporates. RCPL mainly supply computer hardware (like projector,
server, laptop, computer, monitor, printer and scanner, UPS etc.)
and related software systems with customized implementation and
provides regular maintenance services of the same.

RUCHI WORLDWIDE: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ruchi
Worldwide Limited (RWL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/         835.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 2,
2022, placed the rating(s) of RWL under the 'issuer
non-cooperating' category as RWL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RWL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 18, 2023, September 28, 2023, October
8, 2023.

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

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

RWL is based of Indore, Madhya Pradesh and is an international
trading arm of the group and is involved in trading of various
agri-commodities including edible oil, raw cotton, castor seeds and
oil, coffee, grain and pulses. In pursuance of implementation of
Resolution Plan approved by the NCLT Ruchi Soya Industries Limited
has transferred its entire ownership in Ruchi Worldwide Limited
(52.48%) to Sanatan Multi Skill Development and Education Private
Limited on 27th March, 2020. The balance (47.52%) is held by Dinesh
Khandelwal (Trustee of Disha Foundation Trust).


RUPAM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rupam
Industries (RI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.04       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 30,
2022, placed the rating(s) of RI under the 'issuer non-cooperating'
category as RI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 16, 2023, October 26, 2023, November 5, 2023.

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

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

Indore (Madhya Pradesh) based Rupam Industries (RI) was formed in
1969 as a proprietorship concern by Mr. Ramesh Chand Bansal and
carries the business of manufacturing and trading of HDPE and PVC
Pipes, Motor pumps and other agricultural allied instruments.
Further, in 2003, it converted into partnership concern and Mr
Vinay Bansal and Ms Shashikala Bansal joined the firm as partners
with sharing profit & loss equally. Its manufacturers PVC and HDPE
pipes in different sizes from its manufacturing facility located at
New Siyaganj, Indore.

SALORA INTERNATIONAL: CARE Lowers Rating on INR55cr LT Loan to C
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Salora International Limited (SIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      55.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank     15.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2022, placed the rating(s) of SIL under the 'issuer
non-cooperating' category as SIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 2, 2023, September 12, 2023, September
22, 2023.

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

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

The ratings assigned to the bank facilities of SIL have been
revised on account of non-availability of requisite information.
The ratings also factored in continued operating as well net losses
during FY23 as well as H1FY24.

Salora International Limited (ISIN: INE924A01013) is currently
engaged into trading and manufacturing of mobile handsets and
televisions. The commenced its operations in 1977 under the
guidance of Mr S R Jiwarajka and Mr Obel Reddy. Presently, the
company is managed by Mr. Gopal Jiwarjika and his sons, Mr. Tarun
Jiwarajka (Marketing and Finance) and Mr. Ayush Jiwarajka
(Technology & Operations). The company operates in two segments
viz. Consumer Electronics and wind energy segment.

SHYAMA SHYAM: CARE Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shyama
Shyam Service Centre (SSSC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      3.00       CARE B-; Stable/CARE A4;
   Term Bank                       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 24,
2022, placed the rating(s) of SSSC under the 'issuer
non-cooperating' category as SSSC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SSSC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 10, 2023, October 20, 2023, October 30,
2023.

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

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

Kanpur, Uttar Pradesh based Shyama Shyam Service Centre (SSSC) is a
partnership firm established in year 2008. The firm is currently
being managed by Mr. Radhey Shyam Kathuria, Mr. Shyam Kumar Dwivedi
and Mr. Deepak Bhareja. The firm is engaged in providing repair,
maintenance and support services of government transport department
vehicles mainly buses and supply spare parts.


SONY AIRCON: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sony
Aircon (SA) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE C; 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 24,
2022, placed the rating(s) of SA under the 'issuer non-cooperating'
category as SA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 10, 2023, October 20, 2023, October 30, 2023.

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

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

Sony Aircon was established in 1997 as a proprietorship firm by Mr
Anurag Bansal. The firm is an authorised dealer of Daikin
Industries, Ltd.'s Air conditioner and Tanishq Jewellery. The firm
is engaged in trading and retail sale of Tanishq branded gold and
diamond jewellery and Daikin branded electronic items like air
conditioner. The firm currently owns one exclusive retail
showroom for each brand located in Agra, Uttar Pradesh. The
showroom also has attached workshop facility for the post sales
services of air conditioners. The firm sells its products in the
domestic market in the regions of Uttar Pradesh and Uttarakhand.

STAR ALLOYS: CARE Lowers Rating on INR11.50cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Star Alloys & Chemicals Private Limited (SACPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.50       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Long Term/Short      0.50       CARE B; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable/CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 25,
2022, placed the rating(s) of SACPL under the 'issuer
non-cooperating' category as SACPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SACPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 11, 2023, October 21,
2023, October 31, 2023.

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

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

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

The ratings also factored in decline in scale of operations,
decline in overall profit level and deteriorated debt coverage
indicators during FY23.

Star Alloys & Chemicals Private Limited (SACPL) was initially
established as a proprietorship firm in the name of 'Star Alloys &
Chemicals' in FY04. Later, it was reconstituted as a private
limited company with its current name with effect from February 11,
2008. The company is being managed by Mr. Ashok Kumar Pati and Mr.
Aman Kohli. Initially, the company started production of ferro
vanadium in FY04 with an installed capacity of 40 metric tons/annum
and over the years the company has gradually increased the
installed capacity of ferro vanadium to 220 metric tons/annum and
diversified to ferro molybdenum (installed capacity 100
tons/annum), vanadium pentoxide (installed capacity 250 metric
tons/annum), molybdenum Oxide (installed capacity 100 metric
tons/annum) and aluminum ingots (installed capacity 250 metric
tons/annum). The manufacturing facility of the company is located
at Korba, Chhattisgarh. The company imports the raw material and
sell the finished products domestic of steel players.

SUPER INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Super
Infratech Private Limited (SIPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.14       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     10.74       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 29,
2022, placed the rating(s) of SIPL under the 'issuer
non-cooperating' category as SIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 15, 2023, October 25, 2023, November 4,
2023.

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

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

Super Infratech Private Limited (SIPL) was incorporated in March
2001 by Mr. Sujit Bordoloi and Mrs. Tribeni Bordoloi. Since its
inception, the company has been engaged in civil construction
activities for state and central government in the segment like
construction of buildings, drains and roads. The company is
classified as Class - 1 contractor by Public Works Division, Assam
which indicates that the company can participate for higher value
contracts release by government departments. SIPL participates in
tenders and executes orders for the Public Works Department
(Dibrugarh), Central Public Works Department (Guwahati), etc.


SWARNA PRAGATI: CARE Reaffirms B Rating on INR20cr LT Loan
----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Swarna Pragati Housing Microfinance Private Limited (SPHMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term bank
   facilities          20.00       CARE B; Stable Reaffirmed

Rationale and key rating drivers

The rating assigned to the long-term bank facilities of SPHMPL
continues to factor in the weak asset quality parameters of the
company although it has seen recovery in the recent period weak
financial risk profile, small scale of operations and exposure to
the customer segment which is highly susceptible to economic
downturn.  The rating favourably factors in SPHMPL's adequate
capitalisation and full repayment of debt as on date. The company's
loan portfolio declined over the last few years, as the company has
been using the collections largely towards repayment of the
outstanding borrowings and has entered into a business
correspondent (BC) & colending partnerships with established
non-banking finance company (NBFC) to utilise its branch set-up and
majorly build off-balance sheet loan portfolio while it continues
to focus on recovering from non-performing assets (NPAs).

Post the repayment of debt, SPHMPL has again started the
disbursements during FY24, but at a slow pace, with focus majorly
on the secured home loans disbursement. Due to the limited scale of
operations, the company has been reporting operating loss for the
last few years. The company had received capital in the form of
compulsorily convertible preference shares (CCPS) of around INR18
crore from its investors in FY20 which helped the company maintain
its capitalisation levels. Thus, the ability of the company to
scale up the business in the near term to achieve operational
efficiency, leading to profitability remains critical for the
company, along with recovering from the current NPA accounts and
raising resources from the market.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Significant improvement in asset quality parameters with gross
NPA (GNPA) below 4%, along with low slippages in the newly
originated portfolio.
* Increase in scale of operation along with return on total asset
(ROTA) above 0.5% on a sustained basis.
* Raising of funds either through equity or fresh borrowing to
increase the scale of operations achieving operational efficiency.

Negative factors

* Inability to scale up operations in the near term.
* Deterioration of asset quality.
* Deterioration in the liquidity profile of the company resulting
into deterioration of debt coverage ratios.

Analytical approach: Standalone

Outlook: Stable

The stable outlook is on account of the improvement in the
disbursements of loan and off book lending.

Detailed description of the key rating drivers:

Key weaknesses

* Weak financial risk profile: The company had stopped
disbursements of loans from June 2019 and has been focusing on
recovery from its loan portfolio which has resulted in decline in
its loan portfolio till FY21. During FY22, the company resumed loan
disbursements, albeit slowly. The company has entered into a BC &
colending partnership with established NBFCs to utilise its branch
set-up and plans to build off-balance sheet loan portfolio. With
the reducing own book loan portfolio and lower amount of
disbursements of loans, the interest income for FY23 declined to
INR5.48 crore (FY22: INR8.37 crore), while the total income
declined to INR10.96 crore for FY23 (FY22: INR12.23 crore).
Furthermore, the company's operating expense increased during FY23
on account of increase in the employee expenses with the company
hiring people for legal team for recovery of NPA accounts and
hiring the sales people for increasing the on and off book lending.
As a consequence of this, company reported pre-provision operating
loss of INR2.9 crore during FY23 (P.Y.: INR1.6 crore) and losses of
INR2.44 crore during FY23 (P.Y: profits of INR9.54 crore which was
due to write-back of provision for NPAs). Furthermore, during
H1FY24 the company reported pre-provision operating loss of INR3
crore with net loss of INR5.12 crore.

CARE Ratings understands that SPHMPLs ability to turn its business
profitable while improving its asset quality parameters and
maintaining moderate gearing levels remains a key sensitivity.

* Small scale of operations and exposure to economically weaker
segment: SPHMPL provides finance towards rural housing and loans
towards improvement of houses. The target segment of the company is
majorly contractual workers for small firms and self-employed
customers with micro businesses. The average ticket size of the
loan ranges from INR1 lakh to INR10 lakh, with the tenure ranging
between 36 and 120 months. The loans are majorly used for
requirements of laying foundation, plinth level construction, tiled
roofing, pucca flooring, fixing wooden doors/windows, etc. This
particular class of debtors has been the company's focus
since its founding.

As on March 31, 2023, the company's on-book loan portfolio stood at
INR35.85 crore (INR31.49 crore as on September 30, 2023) as
compared with loan portfolio of INR50.45 crore on March 31, 2022.
The reduction in the business activity from FY19 to FY22 was a part
of its business restructuring plan. Lately, the company has been
concentrating on growing its portfolio of off-book loans by
providing business correspondent services and entering into
co-lending agreements with NBFCs.

* Weak asset quality parameters: SPHMPL has been primarily lending
towards the housing finance needs of the self-employed customers or
salaried borrowers operating in unorganised sector in low and
middle-income segment who are not serviced by the banking sector.
The asset quality of SPHMPL was affected during COVID-19 pandemic
resulting in increase in its NPAs. The company reported GNPA ratio
of 60.5% and NNPA ratio of 49.5% as on September 30, 2023, as
compared with GNPA ratio of 65% and NNPA ratio of 57.2% as on March
31, 2022. Since the targeted customer segment of the company is
highly susceptible to the impact of economic downturn, the ability
of SPHMPL to manage asset quality of the loan portfolio is a key
rating sensitivity.

Key strength

* Adequate capitalisation level: The company's tangible net worth
(TNW) stood at INR28.19 crore as on September 30, 2023, as compared
with INR35.19 crore as on March 31, 2022. The decline in net worth
was on account of losses reported during FY23 and H1FY24. However,
with the decline in loan portfolio it reported capital adequacy
ratio (CAR) of 102.94% (Tier-I CAR: 102.76%) as on September 30,
2023, as compared with CAR of 89.48% (Tier-I CAR: 89.30%) as on
March 31, 2022. Furthermore, the company has fully repaid the term
loans through collection from standard loan portfolio as well as
NPAs and has no outstanding borrowings as on September 30, 2023.
Going forward, CARE Ratings expects the company to grow its on book
lending portfolio and would look at borrowing to fund growth.
Raising resources to fund growth in the near term would be critical
for the company and is a key monitorable.

Liquidity: Stretched

As on September 30, 2023, the company has cash and bank balance of
INR0.79 crore. The company has no working capital line or undrawn
line of credit and will have to rely on collections from the
existing loan portfolio for inflows. Furthermore, there are no
outstanding borrowings as on September 30, 2023. The company's net
worth stood at INR28.19 crore as on September 30, 2023.

SPHMPL is a housing finance company (HFC) founded in January 2009
by A Ramesh Kumar, former Chief General Manager (CGM) of State Bank
of India (SBI), Maharashtra Circle, wherein he pioneered the bank's
linkages with Self Help Groups (SHG) making SBI a leader in the
microfinance lending in Maharashtra. SPHMPL is focused on
providing housing loans both for fresh construction and for
renovation/repairs/up-gradation of existing houses. SPHMPL has
investments of reputed private equity investors like Zephyr Peacock
India Fund III Limited, Aavishkaar Goodwell India Microfinance
Development Company - II Limited, etc. As on September 30, 2023,
the company had existence in six states with 52 branches.


VANTAGE MACHINE: CARE Lowers Rating on INR15cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vantage Machine Tools Private Limited (VMTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 14,
2022, placed the rating(s) of VMTPL under the 'issuer
non-cooperating' category as VMTPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. VMTPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 30, 2023, October
10, 2023, October 20, 2023, January 2, 2024.

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

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

The ratings assigned to the bank facilities of VMTPL have been
revised on account of on-going delays in debt servicing recognized
from lender's feedback.

Vantage Machine Tools Private Limited (VMTPL) was promoted by Shri
Potluru Mohana Murali Krishna in September 2013 for undertaking
manufacturing of Special Purpose Machines like CNC (Computer
Numerical Control) machines and Hydraulic machines. These machines
are widely used in Power plants, Ports, Steel plants, Sugar
industries, cement industries, heavy fabrication, chemical and
processing equipments of aerospace and defence sectors. The
manufacturing facility of the company is located at Gollapalli
village of Krishna District in the state of Andhra Pradesh with an
annual installed capacity of 360 numbers of Special Purpose
Machines.


VISAKHA FOODS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Visakha
Foods Private Limited (VFPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.84       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           0.64       CARE A4; ISSUER NOT
   Bank 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 9,
2022, placed the rating(s) of VFPL under the 'issuer
non-cooperating' category as VFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VFPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 25, 2023, October 5, 2023, October 15,
2023.

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

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

Vizag based, Visakha Foods Private Limited (VFPL) was incorporated
in the year 2001 and promoted by Mr. Ravi Aditya, Mr. GVL Prasad,
Mr. Ravi Avinash and Ms. Ravi Hemalatha. Presently, the company is
engaged in manufacturing of food products like Pasta and
Vermicelli.




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

ECO CLOUD: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Dec. 22, 2023, to
wind up the operations of Eco Cloud Solutions Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


HUAT KENG: Commences Wind-Up Proceedings
----------------------------------------
Members of Huat Keng Pte. Limited on Dec. 26, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Chin Moy Yin
          101 Upper Cross Street
          #05-24 People’s Park Centre
          Singapore 058357


LIPPO MALLS: Fitch Lowers IDR to 'RD' on DDE, Then Upgrades to 'CC'
-------------------------------------------------------------------
Fitch Ratings has downgraded Lippo Malls Indonesia Retail Trust's
(LMIRT) Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted
Default), from 'C', following the completion of a tender offer.
This is because Fitch considers the transaction to be a distressed
debt exchange (DDE) as it results in a material reduction in terms,
and in its view, was conducted to avoid a default.

Subsequently, Fitch has upgraded LMIRT's Long-Term IDR to 'CC' to
reflect the increasing likelihood of a debt restructuring following
the low take-up rate of the tender offer, and the trust's narrowing
options to repay the remaining USD188.3 million of unsecured notes
maturing on 19 June 2024 at par value.

Fitch has also upgraded the rating on LMIRT's senior unsecured
notes due 2024 and 2026 to 'CC', from 'C', with a Recovery Rating
of 'RR4'. LMIRT's wholly owned subsidiary, LMIRT Capital Pte. Ltd.,
issued the notes, which are guaranteed by Perpetual (Asia) Limited
in its capacity as trustee of LMIRT.

KEY RATING DRIVERS

Rising Probability of Restructuring: The Long-Term IDR of 'CC'
reflects its belief that some kind of default is probable on the
remaining USD188.3 million of senior unsecured notes due June 2024.
This is because Fitch thinks the trust is unlikely to raise
sufficient funding to repay the notes at par value, raising the
probability that LMIRT will pursue some form of debt
restructuring.

Narrowing Repayment Options: The trust has pledged its three best
assets, representing 45% of the total investment property value at
end-2022. Although the remaining assets are unencumbered, there are
higher execution risks in pledging some of them as collateral. If
Fitch excludes properties with land titles under agreement-based
schemes, assets with weak occupancy below 70%, and retail spaces
within third-party properties, Fitch estimates the value of the
remaining unencumbered assets at around SGD220 million.

Furthermore, a timely disposal of non-core assets of sufficient
value to repay the June 2024 notes at par value, is unlikely, in
its view.

High Foreign-Exchange Risk: LMIRT is exposed to high currency risk
as its debt is denominated in US and Singapore dollars, while
revenue is generated solely in rupiah. The proportion of rupiah
debt should increase as the trust explores onshore options, but
Fitch expects foreign-currency debt to remain a significant part of
the capital structure. Therefore, LMIRT will remain exposed to
further rupiah depreciation, as it will reduce the Singapore dollar
value of cash flows and assets, increasing pressure on interest
coverage and the loan-to-value ratio (end-December 2023: 44.3%).

Weak Operational Performance: Fitch forecasts net property income
of SGD123 million in 2024. This is similar to the 2023 estimate and
less than that of 2022 due to the lower occupancy rate following
early termination of several lease agreements with Carrefour and
downsizing of Hypermart spaces in 2023. Fitch expects occupancy to
only improve gradually, as it will take time for LMIRT to find
tenants to fill the vacancies. Fitch expects its operations to
improve from 2025, when redevelopment activities at several malls
are expected to complete.

Limited Sponsor Influence: Fitch rates LMIRT on a standalone basis
due to robust regulatory ringfencing from PT Lippo Karawaci TBK
(CCC+). Lippo fully owns LMIRT's manager, although Singapore's
Securities and Futures Act prevents Lippo from holding majority
representation on the manager's board. In addition, the sponsor
does not control LMIRT, because it holds only a 47% interest.
LMIRT, as a Singapore real-estate investment trust, is also subject
to restrictions on gearing ratios and development activities, and
requires minority shareholders to approve related-party
transactions.

Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million in perpetual securities, issued in 2016 and 2017, as 100%
equity due to strong going-concern and gone-concern loss absorption
features. This also factors in LMIRT's intention to maintain the
securities as a permanent part of its capital structure. The trust
did not call the SGD140 million securities callable in September
2021 and SGD120 million securities callable in December 2022 amid
weak market sentiment.

DERIVATION SUMMARY

LMIRT's 'CC' rating can be compared with that of Indonesia-based
property developer PT Agung Podomoro Land Tbk (APLN, CC). APLN's
rating is driven by high credit risks and rising probability of a
restructuring of its USD132 million unsecured notes due in June
2024.

KEY ASSUMPTIONS

- Net property income, including from Lippo Mall Puri, of SGD123
million in 2023 and in 2024;

- Capex of SGD11 million in 2023 and SGD35 million in 2024;

- No dividend payout and perpetual coupon distribution in 2023 and
2024.

RECOVERY ANALYSIS

Fitch assumes LMIRT will be liquidated in a bankruptcy rather than
continue as a going concern, as Fitch believes creditors are likely
to maximise recoveries by selling the investment properties.

- Fitch calculates a liquidation value under a distressed scenario
of SGD0.7 billion at end-September 2023.

- Fitch uses stressed capitalisation values to arrive at the
distressed valuation for LMIRT's investment properties. Fitch uses
a 11% capitalisation rate as a reference, higher than the average
of capitalisation rates from recent divestments and acquisitions of
10% due to the portfolio's weak performance and challenging
recovery prospects. This capitalisation rate is applied to Fitch's
estimated net property income from LMIRT's Hak Guna Bangunan (HGB)
and strata malls for the 12 months to September 2023.

- The estimate also reflects its assessment of the value of trade
receivables under a liquidation scenario, with a 75% advance rate.
Fitch believes a 25% discount is sufficient to cover potential bad
debt.

These assumptions result in a recovery corresponding to a Recovery
Rating of 'RR2' for the outstanding senior unsecured bonds.
However, the Recovery Rating is capped at 'RR4', as LMIRT derives
its entire economic value from assets in Indonesia even though it
is incorporated in Singapore. Under its Country-Specific Treatment
of Recovery Ratings Criteria, Indonesia falls into Group D of
creditor friendliness, and the Recovery Rating for instruments of
issuers with assets in this group is subject to a soft cap at
'RR4'.

RATING SENSITIVITIES

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

- A significant and sustained improvement in LMIRT's liquidity,
including the successful refinancing of the senior unsecured notes
due in June 2024.

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

- Evidence of a default, or that a default-like process has begun,
including if LMIRT announces a distressed debt exchange, or if the
company enters into a grace period following a missed payment on a
material financial obligation.

LIQUIDITY AND DEBT STRUCTURE

Insufficient Liquidity: Fitch believes LMIRT's liquidity is
insufficient to meet the repayment of its USD188.3 million (about
SGD248 million) of unsecured notes maturing on 19 June 2024. This
is because of the high execution risks around the trust's ability
to pledge some of its unencumbered assets, and dispose of non-core
assets in the near term, as well as its insufficient cash balance
of SGD99 million at end-September 2023.

ISSUER PROFILE

LMIRT is a Singapore-listed real-estate investment trust with a
portfolio of 22 shopping malls and seven retail spaces in
Indonesia. The portfolio was valued at SGD1.7 billion as of
end-September 2023.

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         Recovery   Prior
   -----------               ------         --------   -----
Lippo Malls Indonesia
Retail Trust           LT IDR RD  Downgrade            C
                       LT IDR CC  Upgrade              RD

LMIRT Capital
Pte. Ltd.

   senior unsecured    LT     CC  Upgrade     RR4      C

NEW ASIA: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Dec. 22, 2023, to
wind up the operations of New Asia (M&E) Pte. Ltd.

Grundfos (Singapore) Pte Ltd filed the petition against the
company.

The company's liquidators are:

          Ong Shyue Wen
          Saw Meng Tee
          c/o EA Consulting of
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


OCEANDALE INVESTMENT: Creditors' Proofs of Debt Due on Jan. 29
--------------------------------------------------------------
Creditors of Oceandale Investment Pte Ltd and Portsville Pte. Ltd.
are required to file their proofs of debt by Jan. 29, 2024, to be
included in the company's dividend distribution.

The companies commenced wind-up proceedings on Dec. 21, 2023.

The companies' liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         Seah Roh Lin
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


TURRINGTON PTE: Creditors' Proofs of Debt Due on Jan. 29
--------------------------------------------------------
Creditors of Turrington Pte. Ltd. are required to file their proofs
of debt by Jan. 29, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 21, 2023.

The companies' liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         Seah Roh Lin
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


UD TRADING: Court to Hear Wind-Up Petition on Jan. 12
-----------------------------------------------------
A petition to wind up the operations of UD Trading Group Holding
Pte Ltd will be heard before the High Court of Singapore on Jan.
12, 2024, at 10:00 a.m.

UCO Bank filed the petition against the company on Dec. 21, 2023.

The Petitioner's solicitors are:

          CTLC Law Corporation
          No. 3 Raffles Place
          #06-01 Bharat Building
          Singapore 048617




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

NAMYANG DAIRY: Family Ownership Comes to End After Losing Dispute
-----------------------------------------------------------------
Yonhap News Agency reports that Namyang Dairy Products Co., a major
dairy firm in South Korea, is set to end its 60-year family
ownership following a loss in a management dispute with a local
private equity fund.

Yonhap relates that the Supreme Court on Jan. 4 upheld a lower
court's decision that orders Namyang Chairman Hong Won-sik to sell
his controlling stake to Hahn & Co.  He and his family own a
combined 53 percent share in the dairy firm.

As a result, Hahn & Co. will take control of the company, which
will become a non-family-owned firm for the first time since its
establishment six decades ago, Yonhap relays.

Founded by Hong's late father Doo-young in 1964, Namyang had long
held the position as the second-largest producer in the local dairy
market, trailing behind Seoul Dairy Cooperative, with popular
products like its GT Milk series and Bulgaris yogurts.

At the center of Namyang's journey was Chairman Hong, the eldest
son of the late founder, who joined the company in 1977 and
advanced to the top post in 2003.

Since 2010, however, the dairy firm has faced challenges, including
a consumer boycott in 2013 and controversies involving market power
abuse and several legal issues surrounding Chairman Hong and his
family, according to Yonhap.

The recent dispute with Hahn & Co. began in 2021, when Namyang
claimed its Bulgaris yogurt could reduce the chance of contracting
the novel coronavirus, sparking a social controversy.  According to
Yonhap, Chairman Hong initially offered to resign and agreed to
sell a 53 percent stake to Hahn & Co., but the deal was later
canceled by the owner family, resulting in a lawsuit.

Despite the Supreme Court ruling, the normalization process of
Namyang will take some time due to pending issues between the two
sides.

Hahn & Co. said it will focus on normalizing Namyang's operations,
Yonhap relays.

"Together with the employees of Namyang, we will develop a
management improvement plan to restore consumer trust and create a
new Namyang," Hann & Co. said in a statement.

Namyang's yearly sales have dropped to below KRW1 trillion
(US$763.5 million) since 2020, with a net deficit for the past
three years, Yonhap discloses.



                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Copyright 2024.  All rights reserved.  ISSN: 1520-9482.

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