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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

          Thursday, January 18, 2024, Vol. 27, No. 14

                           Headlines



A U S T R A L I A

COUGAR HOLDCO: First Creditors' Meeting Set for Jan. 25
ENGINEROOM.IO PTY: First Creditors' Meeting Set for Jan. 18
MONTEGO HOMES: Goes Into Voluntary Administration
PINDAN EXPLORATION: First Creditors' Meeting Set for Jan. 25
PLENTI PL 2024-1: Moody's Gives (P)B2 Rating to AUD10.80MM F Notes

QUBEK PTY: Second Creditors' Meeting Set for Jan. 23
SYDNEY PACIFIC: First Creditors' Meeting Set for Jan. 24
[*] Disciplinary Committee Imposes Conditions on Steven Naidenov


C H I N A

COUNTRY GARDEN: Taps KPMG Adviser for Offshore Debt Restructuring
ORIGIN AGRITECH: Reports Fiscal Year 2023 Results
SUNAC CHINA: To Sell Tourism-Related Assets for Funds
[*] CHINA: Ping An Names 41 Developers in Funding Support List


I N D I A

ABS WHEELS: CRISIL Keeps D Ratings in Not Cooperating Category
AMISHA STEELS: CRISIL Keeps B+ Debt Rating in Not Cooperating
AMMAN CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
BEEPEE ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
BEVA SILICONES: CRISIL Keeps B+ Debt Ratings in Not Cooperating

CODEBLUE CLOTHING: Insolvency Resolution Process Case Summary
CPR KEMPRODUCTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ELLENABAD STEEL: CARE Keeps D Debt Rating in Not Cooperating
GAURAV RICE: CRISIL Keeps B Debt Rating in Not Cooperating
IRIS KNITWEAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating

KALAISELVI MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating
KRAFT INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
KRISH CEREALS: CARE Raises Rating on INR23cr LT Loan to B
LAXMI RICE: CRISIL Lowers Rating on INR8cr Cash Loan to B
LEEWAY LOGISTICS: CRISIL Keeps D Debt Ratings in Not Cooperating

MAHARAJA SATHYAM: CRISIL Lowers Rating on INR7cr Cash Loan to B
MOTHERS PET: CRISIL Keeps B Debt Rating in Not Cooperating
MUMBAI METRO: Indian Bank Files Insolvency Plea to Recover Dues
NCS AUTO: CRISIL Lowers Rating on INR30cr Proposed LT Loan to B
OKARA ROADLINES: CRISIL Keeps B Debt Ratings in Not Cooperating

PEE ELL: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
PRANAV CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
RAJEEV INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
RENUKA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIRPUR GOLD: CARE Lowers Rating on INR75cr LT Loan to D

SHRUTI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
SUDHEER CERAMICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating


J A P A N

[*] JAPAN: Bankruptcies Up in 2023 Amid Labor Shortage, Inflation


N E W   Z E A L A N D

CLAUDATOS CONSTRUCTION: Creditors' Proofs of Debt Due on Feb. 9
COMPLETE ACCESS: Creditors' Proofs of Debt Due on Feb. 19
FARMOTE LIMITED: PwC Appointed as Receivers and Managers
POUTAMA KAITIAKI: Court to Hear Wind-Up Petition on Feb. 2
TCN COMMUNICATIONS: Court to Hear Wind-Up Petition on Feb. 23



P A K I S T A N

PAKISTAN: Secures Final IMF Approval for US$700MM Loan Tranche


P H I L I P P I N E S

WEALTH AND PERSONAL: SEC Revokes License Over Non-Compliance


S I N G A P O R E

CHIN CON: Court to Hear Wind-Up Petition on Feb. 2
FLYING COLOURS: Creditors' Proofs of Debt Due on Feb. 17


S O U T H   K O R E A

DOOSAN BOBCAT: Moody's Hikes CFR to Ba2 & Alters Outlook to Stable


S R I   L A N K A

SRI LANKA: Says Debt Restructure to be Finalized by April

                           - - - - -


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

COUGAR HOLDCO: First Creditors' Meeting Set for Jan. 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

          - Cougar Holdco Pty Ltd;
          - Cougar Newco Pty Ltd;
          - Scrap Bidco Pty Ltd;
          - Scrap Finco Pty Ltd;
          - Scrap Holdco Pty Ltd;
          - Tosami Pty Limited; and
          - MST 1 Pty Limited

will be held on Jan. 25, 2024 at 10:30 a.m. at the offices of
Wexted Advisors at Level 17, 68 Pitt Street and via Microsoft
Teams.

Christopher Johnson and Joseph David Hayes of Wexted were appointed
as administrators of the company on Jan 25, 2024.


ENGINEROOM.IO PTY: First Creditors' Meeting Set for Jan. 18
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Engineroom.IO Pty Ltd will be held on Jan. 18, 2024 at 10:30 a.m.
via virtual facilities only.

Graeme Beattie of Worrells was appointed as administrator of the
company on Jan. 8, 2024.


MONTEGO HOMES: Goes Into Voluntary Administration
-------------------------------------------------
News.com.au reports that a building company has appointed
administrators and all work has urgently been paused, plunging
nearly 100 homeowners into limbo.

On Jan. 15, Victorian-based building firm Montego Homes Pty Ltd
went into voluntary administration.

Sam Kaso and Shaun Matthews of insolvency firm Cor Cordis have been
appointed as the administrators and halted all construction work
while they desperately hunt for a buyer.

The building firm, with headquarters in South Melbourne, has
reportedly left 90 homeowners in the lurch, news.com.au says.

A further 11 people, who were staff at the business, also have an
uncertain future.

Montego Homes has started 78 residential building projects since
2021, according to the Victorian Manage Insurance Authority
(VMIA).

In a statement provided to news.com.au, the administrators said
they were seeking a buyer "to restructure or recapitalise the
business".

They said they had begun an "urgent review" into the Montego's
financial position.

The company was directed by Todd Searle and Lachlan Lyndon.


PINDAN EXPLORATION: First Creditors' Meeting Set for Jan. 25
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Pindan
Exploration Company Pty Ltd will be held on Jan. 25, 2024 at 10:00
a.m. via electronic meeting.

Daniel Hillston Woodhouse, Kathryn Guinivere Warwick, and Hayden
Leigh White of FTI Consulting were appointed as administrators of
the company on Jan. 15, 2024.


PLENTI PL 2024-1: Moody's Gives (P)B2 Rating to AUD10.80MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited in in its capacity as trustee of the Plenti PL & Green ABS
Trust 2024-1.

Issuer: Perpetual Corporate Trust Limited in in its capacity as
trustee of the Plenti PL & Green ABS Trust 2024-1

AUD141.00 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD87.00 million Class A1-G Notes, Assigned (P)Aaa (sf)

AUD24.90 million Class B Notes, Assigned (P)Aa2 (sf)

AUD12.00 million Class C Notes, Assigned (P)A2 (sf)

AUD6.60 million Class D Notes, Assigned (P)Baa2 (sf)

AUD9.00 million Class E Notes, Assigned (P)Ba1 (sf)

AUD10.80 million Class F Notes, Assigned (P)B2 (sf)

AUD6.00 million Class G1 Notes is not rated by Moody's

AUD2.70 million Class G2 Notes is not rated by Moody's

Plenti PL & Green ABS Trust 2024-1 is a static cash securitisation
of personal loans, renewable energy loans and renewable energy
buy-now-pay-later (BNPL) receivables, extended to consumer obligors
located in Australia. All receivables were originated by Plenti
Finance Pty Limited (Plenti, unrated).

Plenti is an Australian non-bank lender providing consumer and
commercial loans, including unsecured personal loans, renewable
energy loans, secured auto loans and renewable BNPL contracts, to
prime borrowers in Australia. Plenti is a 100%-owned subsidiary of
Plenti Group Limited, established in 2014 and listed on the
Australian stock exchange. As of November 2023, Plenti has
originated circa $2.2 billion in personal and renewable energy
loans.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- The limited amount of historical data. Plenti was established
in 2014, with significant origination growth beginning in 2015 for
personal loans and from 2017 onwards for renewable energy loans.
The collateral performance data used in Moody's analysis reflects
Plenti's short origination history and does not cover a full
economic cycle.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A Notes (Class A1 and A1-G Notes). Once pro rata paydown conditions
are satisfied, principal will be distributed pro rata among Class A
through Class F Notes. Following the call date, or if the pro rata
conditions are otherwise not satisfied, the principal collections
distributions will revert to sequential. Initially, the Class A,
Class B, Class C, Class D, Class E and Class F Notes benefit from
24.00%, 15.70%, 11.70%, 9.50%, 6.50% and 2.90% of note
subordination, respectively.

-- The availability of excess spread over the life of the
transaction.

-- The liquidity facility in the amount of 1.50% of the note
balances, subject to a floor of AUD1.50 million.

-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).

-- The experience of Plenti RE Limited as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 5.20%, a
recovery rate of 7.50%, and a Aaa portfolio credit enhancement
("PCE") of 26.00%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 4.00%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 26.00% is broadly in line with other comparable
Australian personal loan and renewable energy ABS deals and is
based on Moody's assessment of the pool taking into account (i)
historical data variability, (ii) quantity, quality and relevance
of historical performance data, (iii) originator quality, (iv)
servicer quality, (v) certain pool characteristics, such as asset
concentration.

Key pool features are as follows:

-- The weighted average interest rate of the portfolio is 11.4%,
with interest rates ranging from 4.1% to 24.1%.

-- The weighted average Equifax credit score of the portfolio is
around 790.

-- The weighted average remaining term of the portfolio is 65.5
months. The weighted average seasoning of the initial portfolio is
4.5 months.

-- Renewable energy receivables constitute 29.2% of the portfolio,
of which 5.5% are green fixed interest-bearing loans and 23.7% are
BNPL loans. Renewable energy loans are extended to obligors for the
purchase and installation of residential renewable energy equipment
such as solar panels and home batteries. Renewable energy
receivables have historically displayed lower loss rates than other
personal loans.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

Up

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

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. Other factors that could lead to a
deterioration in performance include poor servicing, error on the
part of transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

QUBEK PTY: Second Creditors' Meeting Set for Jan. 23
----------------------------------------------------
A second meeting of creditors in the proceedings of Qubek Pty Ltd
has been set for Jan. 23, 2024 at 3:00 p.m. via virtual meeting by
Microsoft Teams.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 22, 2024 at 4:00 p.m.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of the company on Dec. 19, 2023.


SYDNEY PACIFIC: First Creditors' Meeting Set for Jan. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Sydney
Pacific Group Pty Ltd will be held on Jan. 24, 2024 at 11:00 a.m.
virtually via Microsoft Teams.

Olga Litosh of Quartz Advisory was appointed as administrator of
the company on Jan 12, 2024.


[*] Disciplinary Committee Imposes Conditions on Steven Naidenov
----------------------------------------------------------------
On Dec. 21, 2023, a liquidator disciplinary committee (the
Committee) decided that conditions should be imposed on Steven
Naidenov, a registered liquidator.

In summary, the conditions require that Mr Naidenov arrange for a
peer review of six external administrations, at his own cost, over
the next two years for which he is an appointed external
administrator. The six external administrations will be selected by
ASIC.

The Committee also decided that ASIC should direct Mr. Naidenov not
to accept any further appointments as a liquidator from the date on
which a direction is given until April 30, 2024.  

ASIC's referral to the Committee alleged Mr. Naidenov was not a fit
and proper person to be registered as a liquidator, as he had
failed to carry out adequately and properly his duties as a
liquidator and had contravened the Corporations Act 2001. ASIC
alleged Mr. Naidenov used money from an external administration
bank account to pay the expenses of other related companies and, in
some circumstances, without adequate supporting documentation.

In making its decision, the Committee noted Mr. Naidenov failed to
act with the degree of due care and diligence required. However,
the Committee was not satisfied that Mr. Naidenov was not a fit and
proper person to remain as a registered liquidator.  

The Committee's decision reinforced the high standard of conduct
expected of registered liquidators and that they must act with care
in the protection and administration of creditors' money. One of
ASIC's enforcement priorities for 2024 is enforcement action
targeting gatekeepers facilitating misconduct. This includes
registered liquidators.   

The Committee also decided that ASIC should publish the fact of the
decision and the Committee's report.

Under Schedule 2 of the Corporations Act - Insolvency Practice
Schedule (Corporations), ASIC issued Mr Naidenov a 'show cause
notice' asking him to give a written explanation why his liquidator
registration should continue. ASIC considered Mr. Naidenov's
response and was not satisfied with it.

Where ASIC is not satisfied with a response to a 'show cause
notice', ASIC may convene a committee to decide whether to take
disciplinary action against a registered liquidator.

Committees are comprised of an ASIC staff member, a registered
liquidator (nominated by ARITA), and a person nominated by the
Minister. ASIC must give effect to decisions made by liquidator
committees.

ASIC must also include particulars of disciplinary action taken
against a registered liquidator on the Register of Liquidators.
Those particulars include the basis on which ASIC refers matters to
a committee. ASIC also publishes details on the Registered
Liquidator Disciplinary Decisions web page.




=========
C H I N A
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COUNTRY GARDEN: Taps KPMG Adviser for Offshore Debt Restructuring
-----------------------------------------------------------------
Reuters reports that beleaguered property developer Country Garden
said on Jan. 16 it has appointed KPMG Advisory (China) Ltd as its
principal financial adviser for its offshore debt restructuring.

Country Garden, China's biggest private property developer, is
among a long list of developers facing a cash crunch since being
hit by a debt crisis in mid-2021.

Reuters relates that the company said it would also establish a
cooperation and communication platform with all creditors and
jointly develop a holistic solution to address the company's
current offshore debt risks.

The embattled developer will make "unremitting efforts" to ensure
deliveries and operations in the process of the offshore debt
restructuring, it said.

Earlier in the day, its top management said they expect the
property market in China will remain weak in 2024 and the company
could face more and "severe" challenges, Reuters relays.

                        About Country Garden

Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.

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

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

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

ORIGIN AGRITECH: Reports Fiscal Year 2023 Results
-------------------------------------------------
Origin Agritech Ltd. announced results for the fiscal year ended
Sept. 30, 2023.

The Company reported net income from continuing operations for the
fiscal year ended Sept. 30, 2023 of RMB 120 million (US$ 16.7
million), compared with net income from continuing operations of
RMB 2.3 million in fiscal year 2022.  For the fiscal year ended
Sept. 30, 2023, revenue was RMB 93.3 million (US$13.0 million),
compared to RMB 52.6 million for the fiscal year ended Sept. 30,
2022.  The increase in revenues was mainly due to the Company's
operations at its Xinjiang facility that holds its "Green Pass,"
the strong market performance of its new hybrids, and investment
income from the sale of its subsidiary.

Although revenues for the year ended Sept. 30, 2023 were RMB93.0
million (US$13.0 million), an increase of RMB40.7 million over the
prior fiscal year, the Company had a loss from operations of
RMB14.5 million (US$ 2 million).  Overall operating expenses had
increased over the prior fiscal year byRMB 2.6 million.

Total assets were RMB303.6 million (US$42.3 million) for the fiscal
year ended Sept. 30, 2023, compared with RMB136 million for the
fiscal year ended Sept. 30, 2022.  As of Sept. 30, 2023, and 2022,
the Company had approximately RMB23.7 million (US$3.3 million) and
RMB17.7 million, respectively, in cash and cash equivalents for
continuing operations.

Total shareholders' equity was RMB12.8 million (US$1.8 million) as
of Sept. 30, 2023.

Dr. Gengchen Han, Chairman and CEO of Origin Agritech, commented,
"I am pleased to report our 2023 financial results, which
underscore our growth and strategic progress.  Despite facing
operational challenges, our overall financial position remains
solid, with a substantial increase in total assets.  These results
are a testament to our commitment to innovation and excellence in
the agricultural technology sector."

                         About Origin Agritech

Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC.  The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement.  Origin believes that it has built a solid capacity
for seed breeding technologies, including marker-assisted breeding
and doubled haploids technologies, which it believes, along with
its rich germplasm resources, will allow it to become a significant
seed technology company in China.

Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 13, 2023, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

SUNAC CHINA: To Sell Tourism-Related Assets for Funds
-----------------------------------------------------
The Standard reports that cash-strapped mainland companies Sunac
China Holdings Ltd and Fosun International are seeking to dispose
of their tourism-related assets for funds.

But Sunac has received no response so far for four tourism projects
on sale, mainland media reported, The Standard relates.

Among them are a new cultural tourism zone in Wuhan in Hubei
province with a reserve price of about CNY1.1 billion (HK$1.2
billion) and a hotel in Chengdu with an asking price of CNY597
million.

Some projects are being put on sale for a second time, the report
notes.

The Standard says a tourism project in Wuxi in Jiangsu province was
put up for auction in November but failed to draw any bids. In a
fresh auction last week, the reserve price was reduced by 19
percent to CNY1.7 billion.

Meanwhile, Fosun's tourism unit is reportedly in talks of selling
Thomas Cook to Polish online travel agent eSky, The Standard
reports citing Sky News.

A deal with eSky, which is majority-owned by private equity firm
MCI Capital, could be reached in coming weeks, according to Sky
News, The Standard relays.

Thomas Cook collapsed in 2019 after it failed to finalise a
restructuring plan. Fosun bought the business for HK$108.8 million
after it collapsed.

                         About Sunac China

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

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

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

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

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

Sidley Austin is the Legal Counsel to China Sunac.

[*] CHINA: Ping An Names 41 Developers in Funding Support List
--------------------------------------------------------------
Bloomberg News reports that major Chinese lender Ping An Bank Co.
has put 41 developers on a list of builders eligible for its
funding support, a shift toward more lending to a property sector
in crisis following government steps to stanch the pain.

According to Bloomberg, the bank decided to adjust criteria related
to extending credit lines in order to meet builders' reasonable
funding demand, a task set out in a major annual government
economic conference last month, said the sources who requested
anonymity discussing private matters. The changes involve areas
including risk assessment and approval procedures.

More than half of the builders on the list are state-backed
companies including Poly Property Group and Beijing Urban
Construction Group, according to the sources, Bloomberg relays. The
rest cover private-sector peers such as Longfor Group Holdings,
China Vanke and Gemdale. Ping An Bank distributed the list to its
departments and branches earlier this month, the sources added.

Bloomberg says the list offers a fresh example of how financial
firms are responding after Beijing stepped up efforts to ease a
cash crunch among builders, as an unprecedented housing slump
worsens. It also coincided with a move by the authorities to call
on local governments to better support developers' financing needs,
including drafting a list of projects eligible for funding.

Bloomberg relates that Ping An Insurance (Group), the parent of
Ping An Bank, had previously said it is trying to reduce exposure
to the sector, and regulators have been encouraging insurers to
focus on their core business. The latest list marks a shift in
strategy and may see other banks follow suit.

The bank told its departments and branches that they should extend
full lending support to developers on the list operating normally,
and refrain from cutting or suspending credit lines, said the
sources. The lender also urged them to use maturity extensions and
rescheduling payment arrangements to alleviate builders' liquidity
pressure, the sources added.

Ping An Bank ranked as the country's 13th-biggest bank by assets
last year, according to local media citing a league table from the
China Banking Association.

Its list also includes local builders such as Hangzhou Binjiang
Real Estate Group and Greentown China Holdings, as well as Hong
Kong developers including New World Development and Sun Hung Kai
Properties, Bloomberg notes.




=========
I N D I A
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ABS WHEELS: CRISIL Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ABS Wheels
Private Limited (ABS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           0.75        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    2.75        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             4.25        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ABS for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in July 2013 and promoted by Mr. Arshad Shaikh and his
family members, ABS has a Volkswagen passenger car dealership and
operates a 3S (sales-service-spares) showroom in Solapur,
Maharashtra. The company is the sole authorised Volkswagen dealer
for Solapur, Osmanabad, and Latur; Maharashtra. Commercial
operations began from March 2014.


AMISHA STEELS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amisha Steels
Private Limited (ASPL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2004 in Mandi Gobindgarh, Punjab, by Mr Amit Kumar
Agarwal and Mr Sumit Kumar Agarwal, ASPL trades in iron and steel
products, including billets, slabs, and thermo-mechanically treated
bars and angles.


AMMAN CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Amman
Cars India Private Limited (SACPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inventory Funding      9.5        CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding      8          CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

   Overdraft Facility     1.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SACPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007 and promoted by Mr. Senthil Kumar and Mr. V
Vadivelu, SACPL is a dealer for passenger vehicles manufactured by
MSIL. Registered office is in Omalur in Salem, Tamil Nadu.


BEEPEE ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Beepee
Enterprise Private Limited (BEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Demand         2          CRISIL D (Issuer Not
   Bill Purchase                     Cooperating)

   Letter Of Guarantee    0.3        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with BEPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

BEPL was incorporated in 2003, promoted by Mr. Chandrakishor Poddar
along with his sons, Mr. Anup Poddar and Mr. Anil Poddar. The
company manufactures of bed sheets, table cloths, serviettes, chair
covers, table linen, duvets, and mats. BEPL's customers include
various reputed players such as Air India Ltd, Taj Hotels Resorts
and Palaces, and Hotel Leela Ventures Ltd.


BEVA SILICONES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Beva
Silicones Private Limited (BSPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              6.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Working Capital        0.5        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with BSPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in December 2008, BSPL manufactures silicone-based
softeners, which find application in textile finishing, leather
processing, and personal care. The company is based out of Chennai
and is promoted by Mr Arun Vivekanandan Ariyarathenam and his
brother Mr Ineeyan Vivekanandan Ariyaratnam.


CODEBLUE CLOTHING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Codeblue Clothing Private Limited

        Office Address:
        124, Sector-28, Noida,
        Uttar Pradesh-248001

        Also at:
H-35, LGF, Sector-63,
        Noida-201307, Uttar Pradesh

Insolvency Commencement Date: December 21, 2023

Estimated date of closure of
insolvency resolution process: June 21, 2024

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional:  Arunava Sikdar
               RRR Insolvency Service Experts
        LLP C-10, LGF, Lajpat Nagar Part III,
               New Delhi- 110024
        Email: asikdar1990@gmail.com
        Email: cirp.codeblue@gmail.com

Last date for
submission of claims: January 4, 2024


CPR KEMPRODUCTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of CPR
Kemproducts India Private Limited (CPRKIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.4        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Fund-         0.6        CRISIL B+/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with CPRKIPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2004, CPRKIPL manufactures products related to
specialty maintenance, water treatment, effluent treatment, and
maintenance of the swimming pool and drain water. Daily operations
are managed by the promoter, Mr R Lakshmi Narasimhan. The company
has its manufacturing facility at Sriperumbudur, Tamil Nadu.


ELLENABAD STEEL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ellenabad
Steel Private Limited (ESPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       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 December 12,
2022, placed the rating(s) of ESPL under the 'issuer
non-cooperating' category as ESPL 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. ESPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 28, 2023, November 7, 2023, November 17,
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).

ESPL an ISO 9001:2008 certified company was incorporated on July
27, 1994 by Mr Shravan Garg and Mr. Lalit Jalan. The company is
engaged in manufacturing of Thermo Mechanical Treatment (TMT) bars,
Mild Steel angles, flats, Cold Twisted Bars (CTD) bars, round bars
and such other steel rolled products and markets under the brand
name of 'Om Durga'.



GAURAV RICE: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gaurav Rice &
Food Processing Private Limited (GRFPPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

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

   Long Term Loan        14.71       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GRFPPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012, Gaurav Rice & Food Processing Private Limited
(GRFPPL), mills non-basmati rice at its Patna-based rice mill
having a capacity of 150 TPD. The operations began in September
2015 and the daily operations are looked after by its promoters cum
directors Mr Sunil Kumar, Ms Renu Devi and Mr Gaurav Gupta.


IRIS KNITWEAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Iris Knitwear
(IK) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Term Loan              1.23       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with IK for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a partnership firm in 1986 by Mr. Sudarshan Jain and his
father. The firm is currently managed by his sons Mr. Rishav Jain
and Mr. Manuj Jain. Iris Knitwear manufactures fashion winter wear
for women (accounts for 80% of total revenue), such as jackets and
coats, jumpers and cardigans, pullovers, long-sleeved tops,
T-shirts and tops, blazers, and sportswear. The firm also
manufactures summer and nightwear. Products are sold under the Oner
brand, which was established in 1997.

KALAISELVI MODERN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kalaiselvi
Modern Rice Mill (KMRM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash          1.5        CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with KMRM for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2007, as a proprietorship firm by Mr. Jayaraman, KMRM is
engaged in the processing of paddy into rice. The firm has a
milling unit in located at Dindugal (Tamil Nadu) with an installed
capacity of 5 tonnes per hour (TPH).


KRAFT INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of KRAFT
Infrastructures (Kraft) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               15        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Kraft for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in June 2016, Kraft is a partnership firm established
as a special purpose vehicle (SPV) to develop a commercial real
estate project - Sky Solitaire in Ahmedabad, Gujarat. Mr Ashesh
Gajjar, Mr Ajay Soni, Mr Ramesh Padhiyar and Mr Kaniyalal Pagrani
are the partners.


KRISH CEREALS: CARE Raises Rating on INR23cr LT Loan to B
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Krish Cereals Private Limited (KCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.00       CARE B; Stable; Revised from
   Facilities                      CARE C; Stable

Rationale and key rating drivers

The ratings assigned to the bank facilities of Krish Cereals
Private Limited is revised on account of stable operating
performance with improvement in capital structure. Further, the
rating derives comfort from experienced and resourceful promoters
with long track record of operations in the rice industry,
favourable manufacturing location along with established business
relationship with customers and suppliers. However, the rating
remains constrained due to low profitability margins with weak
solvency position, elongated operating cycle, susceptibility to
vagaries of nature and high degree of government control.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Growth in the operating income to around ~Rs.300 Cr. with PBILDT
margins improving to ~5%

* Improvement in the overall gearing ratio to below ~1x and total
debt to GCA to below ~10x

Negative factors

* Decline in the operating income to around ~Rs.200 Cr. with PBILDT
margins deteriorate to ~1%

* Any major debt funded capex resulting in deterioration of capital
structure with overall gearing deteriorating
further beyond 3x caused by increased working capital reliance or
debt funded capex.

Analytical approach: Standalone

Outlook: Stable

The stable outlook reflects the ability of the company to able to
benefit from experienced and resourceful promoters with long track
record of operations in the rice industry and favourable
manufacturing location along with established business relationship
with customers and suppliers.
Detailed description of the key rating drivers:

Key strengths

* Improvement in capital structure: As on March 31, 2023, capital
structure has improved from FY22 levels, as reflected by the
overall gearing in FY22 was 2.70x and in FY23 the same has come
down to 1.89x and improvement in term debt/GCA ratio in FY23 at
13.08 times as compared to 29.77 times in FY22 . The improvement
was due to repayment of term loan in FY23 along with accretion of
profits in net worth.

* Experienced promoters with long track record of operations in the
rice industry: The operations of the company are currently being
managed by Mr. Kamal Singla and Mr. Dinesh Kumar. Both are
having an experience of more than half a decade in the rice
industry through their association with the company. There is also
an experienced team of professionals for carrying out the
day-to-day operations of the company.

* Favourable manufacturing location along with established business
relationship with customers and supplier: The company's
manufacturing units are located in Nissing (Karnal, Haryana). This
area is a hub for paddy/rice, leading to its easy availability. The
company was established in 2010, with the promoters having an
experience of more than half a decade in the rice industry through
their association with the company. Further, favourable location
of the plant in close proximity to paddy growers in Haryana has led
to development of long-term relationships with the suppliers and
therefore easy procurement of raw materials. On the customer side,
long track record has enabled the company to establish strong
business relationships with its clientele in the market, which in
turn leads to repeat orders.

Key weaknesses

* Low Profitability Margins with weak Coverage Indicators: KCPL
reported a marginal improvement in scale of operations and remained
at INR240.06 crore at the end of FY23 against INR239.70 crore at
the end of FY22 which was due to slow realization and decline in
sale prices due to market rate fluctuations. Further, profitability
margin declined marginally over previous year and remained low
marked by PBILDT margin of 1.17% in FY23 as against 1.32% in FY22.
Further, PAT Margin remained in the line with previous year at
0.13% during FY23.

* High degree of government control: Paddy and Rice prices are
regulated by the government to safeguard the interest of farmers.
The farmers bring their produce to their nearby grain markets that
are sold under auction. The government has scrapped minimum export
price (MEP) on basmati rice which may further intensify the stiff
competition. Further frequent changes in the government policies
regarding imposition of export tax, restriction on export of
non-basmati rice and minimum export price are inherent risks for
all rice processors.

* Susceptibility to vagaries of nature: Rice being mainly a Kharif
crop is a seasonal crop and is cultivated from June-July to
September-October, and the peak arrival of crop at major trading
centres begins in October-November. The paddy output is dependent
on the monsoon among other factors. Unpredictable weather
conditions could affect the domestic output and result in
volatility in the output and prices of paddy and rice. The firm is
thus exposed to fluctuation in prices as paddy is a seasonal crop
and thus susceptible to supply side constraints like seasonal
nature and exposure to the vagaries of monsoon.

* Working capital intensive nature of operations: The average
operating cycle of the company remained elongated at ~78 days
during FY23 (PY-90 Days). The company generally receives payment in
around 3 months from the customers leading to the average
collection period of 88 days in FY23 which deteriorated from ~84
days in FY22. On the raw material procurement side, the company
gets a credit period ranging between 20-40 days. This led to
average creditors' period of ~56 days in FY23.

Liquidity: Stretched

The liquidity position of the company has remained stretched in
FY23. The working capital utilisation of the company has remained
fully utilised for last 12 months ending December 2023. Also, the
cash and cash equivalents of the company has decreased from INR0.07
crores to INR0.03 crores in FY23. The GCA for FY23 has remained at
INR0.67 crores against repayment obligations of INR1.76 Crores

KCPL is engaged in the business of milling and processing of
basmati rice. The company is also engaged in the procurement of
semi-processed rice from the market which is further processed
through color sorter and grading machines to remove the impurities.
The company has an installed manufacturing capacity of 16 metric
tonnes per hour in Nissing (Karnal, Haryana). The operations of
KCPL are presently being managed by Mr. Kamal Singla and Mr. Dinesh
Kumar.

LAXMI RICE: CRISIL Lowers Rating on INR8cr Cash Loan to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Laxmi
Rice Mill - Maharajganj (LRM) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.7        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Cash Credit            8          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with LRM for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

LRM is a partnership firm established in 2005. The firm mills
non-basmati rice and has manufacturing capacity of 12 tonne per
hour at its facility in Maharajganj, Uttar Pradesh.


LEEWAY LOGISTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Leeway
Logistics Limited (Leeway) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            31         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             8         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            35         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            35         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            31.25      CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            13         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       10         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       10         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of credit        5.5       CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Proposed Cash          26.25      CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Letter        20         CRISIL D (Issuer Not
   of Credit &                       Cooperating)
   Bank Guarantee         
                                      
CRISIL Ratings has been consistently following up with Leeway for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Leeway, established in March 2010, and headquartered in Mumbai, is
an integrated logistics solutions provider of end-to-end supply
chain solutions. The company also offers people-movement solutions
to corporate entities. Operations are managed by a professional
management team, headed by Mr Sanjay Sinha, its promoter and
managing director.


MAHARAJA SATHYAM: CRISIL Lowers Rating on INR7cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Maharaja Sathyam Industries Private Limited (MSIPL) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term     0.95      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with MSIPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1981 and based in Erode, Tamil Nadu, MSIPL
manufactures blended polyester cotton yarn in counts of 24s-80s. Mr
Dharanidharan and Ms Parameswari are the promoters of the company.


MOTHERS PET: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mothers Pet
Education Society (MPES) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              22         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MPES for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MPES, established in 1987, operates four schools under the name of
Centre Point School in Nagpur. All the schools are affiliated to
the Central Board of Secondary Education. Ms Arundati Upadhyay and
Mr Arundev Upadhyay manage the trust.


MUMBAI METRO: Indian Bank Files Insolvency Plea to Recover Dues
---------------------------------------------------------------
CNBCTV18.com reports that Reliance Infrastructure on January 17,
said Indian Bank has filed an application against Mumbai Metro One
Pvt Ltd (MMOPL) under the Insolvency and Bankruptcy Code (IBC) to
recover dues.

MMOPL is a joint venture between Reliance-Anil Dhirubhai Ambani
(ADA) group firm Reliance Infrastructure and Mumbai Metropolitan
Regional Development Authority (MMRDA). MMOPL was operating the
metro line from Versova to Ghatkopar.

According to CNBCTV18.com, Indian Bank has now become the third
lender to file an insolvency plea against MMOPL. Earlier, the State
Bank of India and IDBI Bank had initiated bankruptcy proceedings to
recover dues.

"We wish to inform that Indian Bank, another lender being part of
the six-lender consortium, has also filed a similar application
against MMOPL," Reliance Infrastructure said in a stock exchange
filing.

MMOPL had received loans from the mentioned lenders for the
project. The total debt in MMOPL from the consortium is INR1,711
crore.

The financial impact on the company cannot be ascertained and
depends on the outcome of the proceedings and potential legal
challenges, the firm said, CNBCTV18.com relays.

In a big win for Reliance Infrastructure, the Delhi High Court in
March 2023 asked the Delhi Metro Rail Corporation (DMRC) to pay
INR4,800 crore ($645 million) as per the arbitral award. The court
cautioned that non-compliance with the orders could result in
actions against the Centre and Delhi Government, with a potential
attachment of DMRC funds.

CNBCTV18.com says the legal dispute relates to the enforcement of
an arbitration award of Rs 7,200 crore in favour of Delhi Airport
Metro Express Private Limited (DAMEPL), a subsidiary of Reliance
Infrastructure.

Reliance Infrastructure is a diversified company involved in
various sectors, including power generation, transmission, and
distribution. Additionally, it has interests in infrastructure
projects such as roads, metro rail and defence.

Reliance Infrastructure owns a 74% stake in the metro line
operator, while the remaining 26% stake is held by Mumbai
Metropolitan Regional Development Authority (MMRDA).


NCS AUTO: CRISIL Lowers Rating on INR30cr Proposed LT Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of NCS
Auto Hub Private Limited (NCS) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inventory Funding      20         CRISIL B/Stable (ISSUER NOT
   Facility                          COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Long Term     30         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with NCS for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

NCS was incorporated in July 2020 and is promoted by Mr. Grace
Raju, Mr.Allen George and Mr. Raju George. It is an authorized
dealer for Hyundai Motors India Limited and has 4 showrooms across
Kerala. The company commenced commercial operations only from March
2021.


OKARA ROADLINES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Okara
Roadlines (Okara) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility    5.8         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan             4.2         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Okara for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Okara was set up in 1989 and taken over by the existing management
in 2000. It is currently being managed by Mr Wadhwa and his son, Mr
Jigyasu Wadhwa. The Delhi-based firm provides transportation
services to various industries.


PEE ELL: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pee Ell Alloys
Unit - II (PEA) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PEA for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

PEA was formed as a partnership firm between Mr Ravish Trehan and
Mr Vippi Trehan in 1999. The Jammu-based firm produces high and low
carbon ferrochrome used by manufacturers of stainless steel, heavy
machineries or capital goods.


PRANAV CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pranav
Construction Systems Private Limited (PCSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        10.97       CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee         5.25       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5.26       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3.85       CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing         6.63       CRISIL D (Issuer Not
   Credit                            Cooperating)

   Funded Interest        2.64       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Funded Interest        3.44       CRISIL D (Issuer Not
   Term Loan                         Cooperating)
        
   Letter of Credit       3          CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        8.51       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Working Capital       12.98       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with PCSPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2003, PCSPL provides formwork, false work and
scaffolding which find application in construction/infrastructure
sector. The company has been set up by Mr. Sushil Sahani and its
manufacturing facilities are located at Kopar-Khairane and Badlapur
(both in Maharashtra).


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

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

CRISIL Ratings has been consistently following up with RI for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

RI is a proprietorship firm of Mr Rajeev Juneja, established in
2010 and based in Sirmour, Himachal Pradesh. It undertakes contract
manufacturing of detergent cakes and dish wash bars.


RENUKA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Renuka Silks
- Perambalur Unit (RS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         2.75       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RS for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

RS is a partnership concern set up in 2013. It retails apparel for
men, women, and kids, and specialises in uniforms for schools and
corporates. The firm has a single showroom at Perambalur in Tamil
Nadu, covering 24,000 square feet. Its operations are managed by Mr
R Kandasamy.


SHIRPUR GOLD: CARE Lowers Rating on INR75cr LT Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shirpur Gold DMCC (SGD), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       75.00      CARE D; Revised from
   Facilities                      CARE B; Stable

Rationale and key rating drivers

The revision in rating to the long-term bank facility of Shirpur
Gold DMCC (SGD) takes into account the delays in debt servicing
of its working capital limits.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Establishment of track record of timely servicing of debt
obligations
* Improvement in PBILDT margin of more than 2% and PAT margin more
than 1% on a sustained basis
* Overall gearing of less than unity on a sustained basis

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers:

Key weaknesses

* Delays in debt servicing: As per the feedback received from the
banker via email dated January 08, 2024, the account of
SGD has been moved to default category for its Working Capital
Demand Loan (WCDL) facility.

* Weak credit profile of the parent company, i.e., SGRL: The credit
profile of SGRL continue to remain weak with accounts of SGRL being
classified as non-performing assets (NPA). The liquidity position
of the parent continued to remain stretched. As per latest FY23
audit report there are ongoing delays and defaults.

* Moderate gearing level and weak debt protection metrics: The
operations of the company being working capital intensive, the
reliance on external borrowings, continued stable debt levels,
coupled with accretion of profit to net worth, the overall gearing
improved to 1.59x as on March 31, 2023 (Prov.) as against 1.80x as
on March 31, 2022; albeit continued to remain moderate. Also, the
business generates low cash accruals given its limited value
addition, thus the debt protection metrics stands weak with total
debt to GCA at 15.48x as on March 31, 2023 (PY: 7.76x as on March
31, 2022).

* Thin profitability margins: Total operating income (TOI) of the
company in AED terms declined by over 5.59% on a YoY basis in FY23.
The deterioration in revenue from AED 259.65 crore in FY22 to AED
244.85 crore in FY23, was on account of constrained supply due to
market discounts, huge interest rate spike in the global market
leading to price fluctuations leading to lower supply from the
mining owners. However, led by rupee depreciation the TOI in INR
terms increased by 1.36% to Rs.5,352.47 crore in FY23 (Prov.) as
against 5,280.40 crore in FY22. The PBILDT margins slightly
deteriorated and remained thin at 0.34% in FY23 (Prov.) as against
0.44% in FY22, owing to limited value addition. Also, PAT margin
deteriorated from 0.45% in FY22 to 0.24% in FY23 (Prov.) led by
higher interest cost. The interest cost increased from Rs.5.78
crore in FY22 to Rs.10.72 crore in FY23 (Prov.) led by increase in
the Libor rate.

* Working capital intensive nature of operations: The operation of
the company remains working capital intensive, as dore suppliers
insist on advance payment or provide credit of upto fifteen days,
whereas the company provides credit period of around 25-30 days to
its customers. However, the working capital cycle of the company
stayed in line albeit a slight moderation at 15 days in FY23
(Prov.) as against 13 days in FY22. However, the overall
utilization continued to remain high for past 12 months period
ending May 2023. Going forward, the company plans to increase its
focus on refining gold and strengthen its procurement of dore by
backward integration with operationalisation of acquired mine;
however, the mines are not yet operational, and the impact of the
acquisition remains to be seen.

* Susceptibility to changes in government regulations: Any
unfavourable revision in the duty structure and regulations can
adversely affect SGD's revenue and profitability.

Key strengths

* Experienced management: SGD is a part of Essel group, which has
its presence in diversified sectors such as television
broadcasting, cable distribution, direct-to-home satellite service
and digital media amongst others. The company is supported by
professionals who have vast experience in the gold business.

* Acquisition for gold mine in FY18: SGD acquired 70% shareholding
rights of MEAM for gold mines located at Bamako, Mali during FY18.
MEAM holds the exploration permit over an area of 23.2 km located
at Kangaba, Koulikoro region, Mali, and has obtained Small Scale
Mining License from Ministry of Environment. The said acquisition
would lead to captive sourcing of raw materials at competitive
rates. However, the subsidiary is yet to commence operations and
thus the impact of the acquisition remains to be seen. As of Now,
the mining license of the entity has been renewed as the same is
compulsory to renew it every 4 years. Further, the company is
evaluating an option to enter JV Partner with whom they can
collaborate and start the operations or for an outright sale as
well.

Liquidity: Poor

The liquidity position of the company remains poor characterized by
on-going delays in debt servicing of its working capital limits
which has been moved to default category as confirmed by one of its
lenders.

Shirpur Gold DMCC (SGD; erstwhile Zee Gold DMCC) is a part of Essel
group with 100% holding of Shirpur Gold Refinery Limited (SGRL;
rated CARE D; Issuer Not Cooperating vide its PR dated July 18,
2022). SGD commenced its commercial activities from January 05,
2016. SGD is broker member of Dubai Gold & Commodities Exchange.
The company is engaged in processing (Outsourced) and trading of
gold bars from gold dore. SGD procures raw material (dore) from
Latin America and sells largely in Dubai market. SGD has tie up
with mining companies from gold producing countries in Latin
America, Australia, Africa etc. to ensure proper and regular supply
of gold dore. Post procurement, refining is done through Dubai Good
Delivery refiners like Al Etihad Gold Refinery DMCC, Dubai. After
getting the refined bars of 99.5% purity the same are sold to
bullion banks like Standard Bank of London, RAK Bank Dubai and
other wholesale traders in Dubai. SGD acquired 70% stake in Metalli
Exploration and Mining (MEAM) in Mali, Bodoko in FY2018. This
company is yet to commence operations. As of Now, the mining
license of the entity has been renewed as the same is compulsory to
renew it every 4 years. Further, the company is evaluating an
option to enter JV Partner with whom they can collaborate and start
the operations or for an outright sale as well.


SHRUTI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shruti Rice
Mill (SRM) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/            3         CRISIL D (Issuer Not
   Overdraft facility                Cooperating)

   Proposed Long Term      4         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SRM for
obtaining information through letter and email dated December 13,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SRM, set up in 2004 by Mr Sandeep Singh, is based in Allahabad,
Uttar Pradesh. It undertakes rice processing activities and trading
of paddy.


SUDHEER CERAMICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Sudheer
Ceramics Private Limited (MCPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         13.2       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         17         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan          7.16      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan          1.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan          7.95      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         17.93      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      8.70      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MCPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MCPL was incorporated in 2017. It is engaged in manufacturing of
ceramic tiles. It is promoted by Mr. NVV Seshagiri Rao and family.




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

[*] JAPAN: Bankruptcies Up in 2023 Amid Labor Shortage, Inflation
-----------------------------------------------------------------
Kyodo News reports that the number of corporate bankruptcies in
Japan surged in 2023, topping 8,000 for the first time in four
years, as a rise in the price of materials and wage increases hurt
corporate earnings, a credit research agency said Jan. 15.

Business failures with debts of at least JPY10 million ($68
million) jumped 35.2 percent from a year earlier to 8,690 for the
second consecutive yearly rise, Tokyo Shoko Research said.

According to Kyodo, increases in labor costs due to workforce
shortages particularly in the construction industry, and surges in
the price of raw materials and energy dealt a blow to companies,
some of which were already burdened by the repayment of loans
provided under the government's pandemic-relief program.

All 10 industries covered by the survey saw an increase in
bankruptcies, with the service sector logging the most at 2,940
cases, up 41.7 percent. The construction industry came second with
1,693, up 41.8 percent, Kyodo discloses.

Total liabilities left by bankrupt companies rose 3.1 percent to
JPY2.4 trillion, led by Panasonic Liquid Crystal Display Co. which
applied for liquidation in September 2023 with debts of JPY583.6
billion, it said.



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

CLAUDATOS CONSTRUCTION: Creditors' Proofs of Debt Due on Feb. 9
---------------------------------------------------------------
Creditors of Claudatos Construction Limited are required to file
their proofs of debt by Feb. 9, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 22, 2023.

The company's liquidator is:

          Paul Vlasic
          Rodgers Reidy (NZ)
          PO Box 45220
          Te Atatu Peninsula
          Auckland 0651


COMPLETE ACCESS: Creditors' Proofs of Debt Due on Feb. 19
---------------------------------------------------------
Creditors of Complete Access Scaffolding Limited are required to
file their proofs of debt by Feb. 19, 2024, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          R. Mason-Thomas
          Meltzer Mason
          PO Box 6302
          Victoria Street West
          Auckland 1141


FARMOTE LIMITED: PwC Appointed as Receivers and Managers
--------------------------------------------------------
Malcolm Grant Hollis and Wendy Ann Somerville of
PricewaterhouseCoopers on Jan. 15, 2024, were appointed as
receivers and managers of Farmote Limited.

The receivers and managers may be reached at:

          PricewaterhouseCoopers
          PwC Canterbury
          PO Box 13244
          Christchurch 8141


POUTAMA KAITIAKI: Court to Hear Wind-Up Petition on Feb. 2
----------------------------------------------------------
A petition to wind up the operations of Poutama Kaitiaki Charitable
Trust will be heard before the High Court at New Plymouth on Feb.
2, 2024, at 2:15 p.m.

First Gas Limited filed the petition against the company on Nov.
13, 2023.

The Petitioner's solicitor is:

          Heather Froude
          Govett Quilliam
          25 Dawson Street
          Private Bag 2013
          New Plymouth


TCN COMMUNICATIONS: Court to Hear Wind-Up Petition on Feb. 23
-------------------------------------------------------------
A petition to wind up the operations of TCN Communications Limited
will be heard before the High Court at Auckland on Feb. 23, 2024,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 28, 2023.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104




===============
P A K I S T A N
===============

PAKISTAN: Secures Final IMF Approval for US$700MM Loan Tranche
--------------------------------------------------------------
Bloomberg News reports that Pakistan won final approval for the
disbursement of about $700 million in aid from the International
Monetary Fund, vital support for the embattled South Asian economy
ahead of elections next month.

Bloomberg relates that the IMF's executive board approved the loan,
the Washington-based lender said in a statement on Jan. 11. The
nation's dollar bonds rallied, posting the top five gains in
emerging markets on Jan. 12. The 2026 notes gained 1.5 cents to
71.6 cents on the dollar, extending Jan. 11's 3.1 cent rally.

Pakistan's performance under the program "has supported significant
progress in stabilizing the economy," Antoinette Sayeh, IMF deputy
managing director, said in a statement posted on the website,
Bloomberg relays. "There are now tentative signs of activity
picking-up and external pressures easing."

According to Bloomberg, Pakistan's economy is expected to grow 2%
in the fiscal year 2024 after contracting in the previous year, the
IMF said. The nation's dollar bonds delivered returns of over 90%
last year as default risks eased following the IMF bailout,
catapulting them into the top rankings in emerging markets.

Bloomberg says the IMF funds are critical for Pakistan to secure
financing from other creditors like Saudi Arabia and will give a
boost to Pakistan's caretaker government under Prime Minister
Anwaar-ul-Haq Kaka ahead of elections scheduled for February.

"So long as the caretaker government is able to maintain fiscal
consolidation and continue to implement IMF-mandated reforms,
front-end bonds should remain relatively well supported," Bloomberg
quotes Eng Tat Low, emerging-market sovereign analyst at Columbia
Threadneedle Investments in Singapore, as saying.

Despite the aid, Pakistan remains under financial strain. The
nine-month IMF program is set to end in March and Interim Finance
Minister Shamshad Akhtar has already signaled the nation may need
another loan from the IMF to support the economy. Pakistan has
about $1 billion in dollar-denominated bonds due in April.

Bloomberg adds that the IMF said Jan. 11 that Pakistan needs a
market-determined exchange rate to buffer external shocks, and a
tight monetary stance to ensure that inflation returns to more
moderate levels. The nation also needs to boost foreign reserves,
the IMF said, with latest data showing reserves stood at $8.2
billion in early January.

The rupee has stabilized in recent months after sliding to a record
low in early September. The currency traded around INR280 per
dollar on Jan. 11, the report notes.

The IMF has now disbursed a total of about $1.9 billion under the
program, it said. The approval came after the IMF executive board's
completion of the first review of the $3 billion Stand-By
Arrangement program approved in July, and followed a staff-level
agreement in November.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has affirmed Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below.




=====================
P H I L I P P I N E S
=====================

WEALTH AND PERSONAL: SEC Revokes License Over Non-Compliance
------------------------------------------------------------
The Philippine Star reports that the Securities and Exchange
Commission (SEC) has revoked the certificate of authority of Wealth
and Personal Development Lending Inc. to operate as a lending
company.

It also slapped an administrative fine of more than PHP2 million
against the lending firm and its officers "for its repeated failure
to comply with reportorial requirements and alleged involvement in
illegal activities," the SEC said.

According to the Star, the SEC's Financing and Lending Companies
Division found that Wealth and Personal Development Lending has
failed to submit several reports as required under Republic Act
9474 or the Lending Company Regulation Act (LCRA).

According to the LCRA, lending companies are required to pay an
annual fee no later than 45 days before the anniversary date of
their CA. They must also submit a general information sheet (GIS),
annual financial statements (AFS), and special forms for financial
statements.

However, records of FinLend showed that the company belatedly paid
its annual fee for 2017 and 2018, and no longer made payments since
2019, the Star relays.

No submissions were likewise made for its GIS since 2021; AFS since
2019; and special forms for financial statements from 2019 up to
present according to FinLend.

"The continuous failure of the [company] to submit its GIS, AFS,
and special forms for financial statements amounts to
non-compliance with the LCRA-IRR, SEC requirements, and orders
warranting the revocation of its authority," the SEC said in its
revocation order issued last month.

Despite its non compliance with reportorial requirements, Wealth
and Personal Development Lending continued its operation as a
lending company, according to the Star.

A resolution issued by the House of Representatives also indicated
the company's alleged involvement in a drug buy-bust operation
conducted by the Philippine National Police Drug Enforcement
Group.

The Star adds that the company also failed to submit a business
plan and impact evaluation report provided under memorandum
circular 3, which implemented Bangko Sentral ng Pilipinas Circular
No. 1133 on the ceiling/s on interest rates and other fees charged
by lending companies, financing companies, and their online lending
platforms.




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

CHIN CON: Court to Hear Wind-Up Petition on Feb. 2
--------------------------------------------------
A petition to wind up the operations of Chin Con Pte Ltd will be
heard before the High Court of Singapore on Feb. 2, 2024, at 10:00
a.m.

DBS Bank filed the petition against the company on Jan. 11, 2024.

The Petitioner's solicitors are:

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


FLYING COLOURS: Creditors' Proofs of Debt Due on Feb. 17
--------------------------------------------------------
Creditors of Flying Colours Corp Asia Pte Ltd are required to file
their proofs of debt by Feb. 17, 2024, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805




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

DOOSAN BOBCAT: Moody's Hikes CFR to Ba2 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 Doosan
Bobcat Inc.'s (DBI) corporate family rating and the backed senior
secured rating on Doosan Bobcat North America Inc.'s term loan
guaranteed by DBI, and changed the outlooks to stable from
positive.

"The rating upgrades primarily recognize the continued improvement
in the Doosan group's credit quality, which reduces the credit drag
on DBI," says Sean Hwang, a Moody's Vice President and Senior
Analyst.

"The action also reflects DBI's own robust financial profile, which
provides a significant buffer against earnings cyclicality and
event risks," adds Hwang.

RATINGS RATIONALE

The credit profiles of DBI's parent, Doosan Enerbility Co., Ltd.,
and ultimate parent, Doosan Corp., are weaker than DBI's. However,
they have been improving meaningfully over the last few years,
reducing the magnitude of the associated credit drag on DBI.

Doosan Enerbility's reported consolidated debt (including lease
liabilities) declined significantly to KRW5.2 trillion as of
September 30, 2023 from KRW10.3 trillion at the end of 2020, mainly
because of equity raisings and the sale of its Doosan Infracore
Co., Ltd. stake during 2020-22.

The parent company has also turned around its power plant solutions
business, improving the size and quality of order backlogs. The
resumption of nuclear power plant construction in Korea and Doosan
Enerbility's related order wins should support the company's
revenue and earnings growth over the next few years.

Although Doosan Enerbility's standalone liquidity sources remain
insufficient to cover its large debt maturities, Korean policy
banks' continued support for the company will temper the related
risks, given its importance as the dominant supplier of power plant
technologies and maintenance works in Korea.

Doosan Corp.'s balance sheet has also strengthened significantly
over the past few years from its sale of its subsidiary stakes and
business units.

In addition, DBI's financial profile will remain robust. Moody's
expects its adjusted debt/EBITDA to remain low at around 1.3x over
the next 12-18 months. This projected level of leverage, along with
the company's continued free cash flow generation and large cash
buffer, provides a significant cushion against inherent earnings
cyclicality and any risk of providing financial support for its
group affiliates.

DBI's Ba2 ratings continue to reflect its dominant position in the
compact farm and construction equipment market in North America,
the cyclical nature of the compact farm and construction equipment
industry, and DBI's moderate market position in EMEA.

Doosan Bobcat North America Inc.'s term loan is secured by a first
lien on substantially all of the borrower's assets, and guaranteed
by DBI. Nevertheless, the term loan is rated at the same level as
DBI's Ba2 CFR because the term loan constitutes the preponderance
of DBI's debt, which implies limited junior cushions in its
liability structure.

In terms of environmental, social and governance (ESG)
considerations, DBI is exposed to environmental and social risks in
line with the broader manufacturing sector, as well as governance
risks mainly associated with the ownership concentration within the
Doosan group.

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

The stable outlooks reflect Moody's expectations that DBI will
maintain a solid financial profile and that the Doosan group
(outside DBI) will sustain its improving operating trend over the
next couple of years.

Moody's could upgrade the ratings further if (1) Doosan
Enerbility's and Doosan Corp.'s overall credit quality (excluding
DBI) continues to improve through stronger profitability and
capital structures, and (2) DBI's financial profile remains solid,
such that its adjusted debt/EBITDA stays below 2.0x.

Moody's could downgrade the ratings if (1) Doosan Enerbility's and
Doosan Corp.'s credit quality (excluding DBI) weakens due to
declining operating performance or a recurrence of liquidity
issues, or (2) DBI's financial profile deteriorates materially
because of a sharp drop in earnings or a large debt-funded
investment, such that its adjusted debt/EBITDA exceeds 3.0x on a
sustained basis.

The principal methodology used in these ratings was Manufacturing
published in September 2021.

Doosan Bobcat Inc. (DBI) is a leading manufacturer of compact farm
and construction equipment as well as portable power and forklift
products. The company's key markets are North America and EMEA. DBI
was 46.1% owned by Doosan Enerbility Co., Ltd. as of September 30,
2023.



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

SRI LANKA: Says Debt Restructure to be Finalized by April
---------------------------------------------------------
AFP News reports that Sri Lanka's bankrupt government said that a
foreign debt restructure would be finalized by the beginning of
April, after signs the economy was emerging from its worst crisis
on record.

AFP says the island nation defaulted on its $46 billion foreign
debt in 2022 after a foreign exchange wipeout left it unable to
import food, fuel and other essentials.

It secured a $2.9 billion International Monetary Fund (IMF) bailout
last year which is conditional on a debt deal that satisfies
foreign creditors.

"The target for the completion of the debt restructuring would be
within the first quarter of the year," President Ranil
Wickremesinghe's office said, AFP relays.

According to AFP, the IMF released a $337-million second tranche of
its four-year loan last month after Colombo secured an "in
principle" debt agreement with China, Sri Lanka's biggest bilateral
lender.

Neither Colombo nor Beijing have disclosed details of the offer,
but the IMF said it was sufficient to ensure the island's debt
sustainability.

AFP relates that official sources in Sri Lanka said the Chinese
deal included a mix of extending the tenure and reducing interest
on bilateral loans, instead of a haircut on its loans.

Wickremesinghe's government has this week hosted visiting Japanese
finance minister Shunichi Suzuki, representing Sri Lanka's
second-largest bilateral creditor.

The president's office said Suzuki expressed "optimism" about Sri
Lanka's economy and noted its modest 1.6 percent growth in the
September quarter, the first expansion since the debt default.

There was no immediate comment from the Japanese delegation.

AFP says Sri Lanka had hoped to secure a debt agreement with
bilateral lenders as well as international sovereign bond holders
within months of its default.

But the process had been repeatedly delayed, reportedly in part by
China's refusal to consider a haircut on its existing loans, which
account for 10 percent of the island's total foreign debt.

AFP notes that Sri Lanka saw months of civil unrest at the peak of
the economic crisis, culminating with the ouster of then-president
Gotabaya Rajapaksa when thousands of protesters stormed his home.

Wickremesinghe, his successor, has doubled taxes, withdrawn
generous energy subsidies and raised prices of essentials to shore
up state revenue in line with the IMF bailout deal.

                          About Sri Lanka

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

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

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



                           *********


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

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

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

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

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



                *** End of Transmission ***