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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, August 8, 2022, Vol. 25, No. 151

                           Headlines



A U S T R A L I A

BADGE FINANCIAL: First Creditors' Meeting Set for Aug. 12
CFCN TRADING: First Creditors' Meeting Set for Aug. 17
GALUKU PTY: First Creditors' Meeting Set for Aug. 15
LIN BETTY: First Creditors' Meeting Set for Aug. 12
MULBERRY GROUP: Australian Operations Up for Sale

NEWTON CERAMIC: First Creditors' Meeting Set for Aug. 15


C H I N A

CHINA SCE: Moody's Puts 'B1' CFR on Review for Downgrade
HONG YANG: Fitch Lowers LongTerm IDR to 'CC' on Refinancing Risks
HUANGSHI URBAN: Fitch Withdraws 'BB+' LongTerm IDRs
MIANYANG INVESTMENT: Fitch Rates New Unsec. Offshore Bonds 'BB'
RADIANCE HOLDINGS: Moody's Puts 'B1' CFR on Review for Downgrade

XINJIANG ZHONGTAI: Fitch Withdraws 'B' LongTerm IDRs


I N D I A

ABCN LOGISTICS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
ASIAN IMPEX: CARE Keeps D Debt Rating in Not Cooperating
BAKSHI SECURITY: CARE Keeps B Debt Rating in Not Cooperating
CLASSIC ENGICON: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'
EXOTIC FRUITS: Ind-Ra Withdraws BB Long-Term Issuer Rating

G. K. AND SONS: CARE Keeps B- Debt Rating in Not Cooperating
GVR PANNA: CARE Keeps D Debt Rating in Not Cooperating
HARI PULSES: CARE Keeps B- Debt Rating in Not Cooperating
HOTEL JAYAPUSHPAM: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
IENERGY WIND: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating

INDORE DEWAS: Ind-Ra Moves D Bank Loan Rating to Non-Cooperating
ITNL ROAD: CARE Keeps D Debt Rating in Not Cooperating Category
JYOTI SPINNERS: CARE Keeps B- Debt Rating in Not Cooperating
KARTYA TEXTILES: Ind-Ra Assigns B+ Long-Term Issuer Rating
MAA GANGA: CARE Keeps C Debt Rating in Not Cooperating Category

MANISHA NATUROPATHY: CARE Keeps B- Debt Rating in Not Cooperating
NATIONAL PLASTICS: CARE Keeps B- Debt Rating in Not Cooperating
NYALKARAN INFRA: CARE Keeps B- Debt Rating in Not Cooperating
PANACHE DIGILIFE: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
PRERNA STRIPS: CARE Lowers Rating on INR10.65cr LT Loan to C

RANASARIA POLY: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
SAI SAMPATH: CARE Lowers Rating on INR7cr LT Loan to B+
SARASWATI EDUCATIONAL: Ind-Ra Keeps D Rating in Non-Cooperating
SHREEVARI ENERGY: Ind-Ra Assigns BB Long-Term Issuer Rating
SIYARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating

SPECTRA VISION: CARE Keeps B- Debt Rating in Not Cooperating
SUKH SAGAR: CARE Keeps B- Debt Rating in Not Cooperating
T. R. POLY: CARE Keeps D Debt Ratings in Not Cooperating Category
THIRUVANANTHPURAM ROAD: CARE Keeps D Rating in Not Cooperating
UNDERWATER SERVICES: CARE Lowers Rating on INR49cr LT Loan to C

VIVID SOLAIRE: Ind-Ra Lowers Bank Loan Rating to 'D'
WAZIRX: India's ED Freezes Assets of Binance-linked WazirX
YES BANK: Moody's Hikes Long Term Issuer & Deposit Ratings to Ba3


I N D O N E S I A

PAN BROTHERS: Fitch Ups IDR to 'CCC-' on Restructuring Completion


M A L A Y S I A

ASIA MEDIA: Says in Good Position to Exit PN17


N E W   Z E A L A N D

ACTION MAINTENANCE: Commences Wind-Up Proceedings
FAVOR GROUP: Court to Hear Wind-Up Petition on Aug. 15
FP IGNITION 2011-1: Moody's Assigns (P)B3 Rating to Class F Notes
LAMBERT'S LUSCIOUS: Creditors' Proofs of Debt Due on Sept. 6
TALENT CLEANING: Creditors' Proofs of Debt Due on Sept. 15



S I N G A P O R E

AVATION PLC: S&P Upgrades Long-Term ICR to 'B-', Outlook Stable
HARADA TEA: Creditors' Proofs of Debt Due on Sept. 5
KIKKI.K SINGAPORE: Creditors' Meetings Set for Aug. 16
NAN CHIAU: Commences Wind-Up Proceedings
POETRYWALLS-SINGAPORE LIMITED: Commences Wind-Up Proceedings

RSP BLOCKCHAIN: Creditors' Proofs of Debt Due on Sept. 5


T H A I L A N D

BANGKOK BANK: Fitch Affirms 'BB+' Rating on Subordinated Debt


V I E T N A M

MB SHINSEI FINANCE: Fitch Assigns 'B' IDR, Outlook Stable

                           - - - - -


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

BADGE FINANCIAL: First Creditors' Meeting Set for Aug. 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Badge
Financial Pty Ltd, trading as Trivium Capital, will be held on
Aug.12, 2022, via virtual meeting technology

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrators of the company on Aug. 2, 2022.


CFCN TRADING: First Creditors' Meeting Set for Aug. 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of CFCN Trading
Pty Ltd will be held on Aug. 17, 2022, at 10:00 a.m. at the offices
of Morgan Conley, Level 6, 239 George Street, in Brisbane,
Queensland.

Daniel Moore of BCR Advisory was appointed as administrator of the
company on Aug. 5, 2022.


GALUKU PTY: First Creditors' Meeting Set for Aug. 15
----------------------------------------------------
A first meeting of the creditors in the proceedings of Galuku Pty.
Limited will be held on Aug. 15, 2022, at 11:00 a.m. Virtually by
Teams for Business Teleconference.

Bradley John Tonks and Simon Thorn of PKF were appointed as
administrators of the company on Aug. 3, 2022.


LIN BETTY: First Creditors' Meeting Set for Aug. 12
---------------------------------------------------
A first meeting of the creditors in the proceedings of Lin Betty
Building Group Pty Ltd will be held on Aug. 12, 2022, at 11:00 a.m.
via Zoom.

Louisa Sijabat of Vincents was appointed as administrator of the
company on Aug. 2, 2022.


MULBERRY GROUP: Australian Operations Up for Sale
-------------------------------------------------
The Sydney Morning Herald reports that the Australian operations of
luxury handbag brand Mulberry are for sale after the fashion giant
moved to take back control of its local franchise from a company
overseen by the directors of failed retailer Sneakerboy.

Mulberry, which is listed on the London Stock Exchange and is a
favourite brand of celebrities including the Duchess of Cambridge,
Kate Middleton, has five stores in Australia — three in Melbourne
and two in Sydney, SMH says.

The leather goods maker operates as an independent franchise in
Australia, run by the company Luxury Retail No 1.

Luxury Retail No 1. is directed by Melbourne-based Nelson Mair and
Theo Poulakis, who also ran luxury footwear and streetwear retailer
Sneakerboy. Sneakerboy was placed in voluntary administration last
month owing more than $17 million to creditors, the report notes.

Administrators Hamilton Murphy were called in to Sneakerboy last
month due to short-term financing difficulties, the administrators
said. The business sold luxury footwear brands including Adidas and
Alexander McQueen, and was forced to close stores during lockdowns
over the past two years.

In a statement on Aug. 5, receivers McGrathNicol said Mulberry
Group had appointed them as receivers to Luxury Retail No 1.

Mulberry stores will continue to operate on a business-as-usual
basis, with all staff to remain employed and stores open.

McGrathNicol partners Barry Kogan, Jonathan Henry and Robert Smith
have now taken control of the business as receivers.

"The appointment was made due to the Mulberry Group's concerns over
the continued viability of Luxury Retail, and comes after Mulberry
Company (Australia) Pty Ltd recently acquired the secured debt owed
by Luxury Retail to a third party," the group said in a statement,
SMH relays.

"This debt is secured by all assets of Luxury Retail, over which
the Receivers have now been appointed."

SMH says the receivers will soon launch a public process to sell or
recapitalise the business.

According to the report, Mr. Kogan said the receivers were now
undertaking a financial review of the business, noting that
Mulberry Group wants to stay in the Australian market.

There is a chance that if no local buyer is found, the UK parent
company could take on ownership of the local stores.

"Mulberry Group intends to support the receivership process,
including through the provision of additional funding, so that
consumers can continue to shop at Mulberry into the future," the
report quotes Mr. Kogan as saying.


NEWTON CERAMIC: First Creditors' Meeting Set for Aug. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Newton
Ceramic Centre Pty Ltd will be held on Aug. 15, 2022, at 11:00 a.m.
at the offices of Heard Phillips Lieberenz, Level 12, 50 Pirie
Street, in Adelaide, SA.

Mark Lieberenz and Anthony Phillips of Heard Phillips Lieberenz
were appointed as administrators of the company on Aug. 3, 2022.




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

CHINA SCE: Moody's Puts 'B1' CFR on Review for Downgrade
--------------------------------------------------------
Moody's Investors Service has placed China SCE Group Holdings
Limited's B1 corporate family rating and B2 senior unsecured
ratings on review for downgrade.

The outlook prior to the review for downgrade was stable.

"The review for downgrade reflects our concerns that China SCE's
weak property sales and sizable refinancing needs will lead to
deteriorating credit metrics and liquidity for the company over the
next 6-12 months," says Alfred Hui, a Moody's Analyst.

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

Moody's expects China SCE's contracted sales to decline
significantly in 2022 due to weak market conditions. During the
first six months of 2022, China SCE's contracted sales fell 45%
year on year to RMB32.6 billion. The drop in contracted sales will
reduce the company's operating cash flow and available cash to meet
its sizable refinancing needs over the next 12-18 months.

Consequently, China SCE's credit metrics will likely worsen to
levels not supportive of its B1 CFR over the next 12-18 months, due
to reduced revenue recognition with lower sales. Moody's also
believes China SCE's gross margin will decrease as it would need to
lower the sales price to boost contracted sales and cash collection
amid challenging operating and funding conditions.

Moody's assesses that China SCE has adequate liquidity, but expects
the company to repay a material portion of the maturing debt using
its internal cash source, given its weakened access to funding,
which will in turn reduce its liquidity and financial flexibility.
China SCE has sizable debt coming due and becoming puttable by the
end of 2023, including RMB2.5 billion of onshore bonds and a USD500
million offshore bond.

Moody's believes China SCE's cash balance as of end of June 2022
could have declined moderately from the level at the end of 2021
due to weak contracted sales and repayment of some maturing debt in
the first half. The company has a good repayment track record so
far, as it repaid a USD500 million offshore bond due in March 2022
and around RMB950 million of onshore bonds that were put by
noteholders in July 2022 using its internal cash source.

China SCE's B2 senior unsecured debt rating is one notch lower than
the CFR due to structural subordination risk. This risk reflects
the fact that most of the claims are at the operating subsidiary
level and have priority over claims at the holding company level in
a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

Moody's will review China SCE's (1) 2022 interim financials, (2)
liquidity and ability to access new funding; and (3) contracted
sales performance and the associated implications on its credit
metrics.

An upgrade of China SCE's ratings is unlikely, given they are on
review for downgrade. However, Moody's could confirm the ratings if
the company can improve its liquidity, contracted sales performance
and credit metrics.

Moody's could downgrade China SCE's ratings if the company's
liquidity and access to funding weaken further, or its contracted
sales remain weak such that its operating cash flow and credit
metrics are likely to deteriorate.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Founded in 1996, China SCE Group Holdings Limited listed on the
Hong Kong Stock Exchange in February 2010. As of December 31, 2021,
the company had a total land bank of around 38.23 million square
meters in terms of gross floor area, with nationwide coverage in
different tiers of cities across various regions in China.


HONG YANG: Fitch Lowers LongTerm IDR to 'CC' on Refinancing Risks
-----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
and senior unsecured ratings on China-based property developer Hong
Yang Group Company Limited and its subsidiary Redsun Properties
Group Limited to 'CC' from 'B-'. All ratings are removed from RWN.
The Recovery Rating remains at 'RR4'.

The downgrade reflects Redsun's increasing refinancing risks, amid
market reports that the company failed to make an interest payment
that was due on July 13 for a bond.

The company has not provided further information to Fitch beyond
its public announcements and Fitch was unable to verify the
non-payment of interest.

KEY RATING DRIVERS

Uncertain Bond Interest Payment: Redsun has not made any public
statements in response to market news that the company missed an
interest payment due on July 13, 2022 on its USD350 million notes
that mature on January 13, 2025. The company is in the 30-day grace
period for interest non-payment before an event of default is
triggered, the reports say. Fitch was unable to verify the accuracy
of this news.

Heightened Refinancing Risk: Fitch believes the company may not be
able to access the capital market in the short term and expect it
to rely on cash on hand and internal cash flow to address upcoming
maturities in 2H22 and 1H23.

Fitch estimates Hong Yang and Redsun had over CNY5 billion of
available cash for debt repayment as of May 2022, including CNY0.5
billion-1 billion at Hong Yang alone (excluding Redsun and Redsun
Services) and CNY4.5 billion at Redsun. This appears sufficient to
cover only the group's debt maturities for the rest of 2022, but
will deplete its liquidity buffer.

Weak Contracted Sales: Redsun's total contracted sales fell by 60%
yoy in 6M22 to CNY19.6 billion, on the recent resurgence of
Covid-19 cases in China and related lockdowns, which led to weaker
housing demand and consumer confidence. Sales in June 2022
increased by 32% month-on-month to CNY4.1 billion, but believe a
broader sales recovery in 2H22 remains uncertain and Redsun's
full-year contracted sales will probably decline by over 30%. The
weak sales will continue to hamper the company's cash flow
generation and build-up of its liquidity buffer.

DERIVATION SUMMARY

Hong Yang's ratings reflect the increasing refinancing risks amid
market reports about its non-payment of the bond interest.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuers:

- Total contracted sales to decline by 36% in 2022 before
   increasing by 3% a year in 2023-2025;

- Contracted average selling price to decrease by 15% in 2022
   before recovering to low single-digit growth in 2023-2025;

- Property development gross profit margin of about 16.9% in
    2022-2025 (2021: 18%);

- Minimal land acquisitions to prioritise debt repayment

KEY RECOVERY RATING ASSUMPTIONS

Fitch's recovery analysis assumes that Hong Yang and Redsun would
be liquidated in a bankruptcy, as they are essentially
asset-trading companies. The nature of homebuilding means the
liquidation-value approach will almost always result in a higher
value than the going-concern approach.

Fitch assumes a 10% administrative claim, in line with criteria.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidation
process conducted during bankruptcy or insolvency proceedings and
distributed to creditors.

-- Advance rate of 80% applied to accounts receivable. This
    treatment is in line with our Corporates Recovery Ratings and
    Instrument Ratings Criteria.

-- Advance rate of 58% applied to net property inventory.
    Redsun's inventory consists mainly of completed properties
    held for sale, properties under development (PUD) and deposits

    and prepayments for land acquisition. Different advance rates
    were applied to the various inventory categories to derive a
    blended advance rate.

-- Advance rate of 65% applied to completed properties held for
    sale. Completed commodity housing units are closer to readily
    marketable inventory and Redsun has a historically strong      

    gross margin of around 20%. As such, Fitch applied a higher
    advance rate than under criteria.

-- Advance rate of 55% applied to PUD. PUD are more difficult to
    sell than completed projects and are at various stages of
    completion. The PUD balance - prior to applying the advance
    rate - is net of margin-adjusted customer deposits.

-- Advance rate of 90% applied to deposits and prepayments for
    land acquisitions. Similar to completed commodity housing
    units, land held for development is closer to readily
    marketable inventory. Redsun's land is mostly located in Tier
    2 and 3 in the Yangtze River Delta.

-- Advance rate of 50% applied to property, plant and equipment,
    which consists mainly of buildings, the value of which is
    insignificant.

-- Advance rate of 60% applied to Redsun's investment properties.

    Redsun's investment property portfolio consists mainly of
    commercial buildings located in the Yangtze River Delta area.
    The portfolio has an average rental yield of 4%, in line with
    the industry average.

-- Advance rate of 100% applied to Hong Yang's investment
    properties, excluding Redsun, based on a high rental yield of
    over 10% and the location of the assets.

-- Advance rate of 50% applied to joint-venture net assets, which

    typically include a combination of completed units, PUD and
    land bank. The advance rate is in line with the baseline rate
    for inventory.

-- Advance rate of 0% applied to excess cash after netting the
    amount of note payables and trade payables (construction fee
    and retention payables).

The items exclude the portion from Redsun Services Group Ltd, the
listed property-management arm of Hong Yang group. The recovery
value of Hong Yang's stake in Redsun Services is based on the
going-concern approach.

The allocation of value in the liability waterfall results in
recovery corresponding to a Recovery Rating of 'RR2' for Redsun's
senior unsecured offshore bonds and 'RR1' for Hong Yang's senior
unsecured bonds. However, the Recovery Rating for senior unsecured
debt is capped at 'RR4', because under Fitch's Country-Specific
Treatment of Recovery Ratings Criteria, China falls into Group D of
creditor friendliness, and Recovery Ratings of instruments from
issuers with assets in this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- Greater clarity on the repayment plans for capital-market
    maturities for the rest of 2022.

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

-- Failure to repay capital-market maturities or bond interest
    falling due in 2022.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Hong Yang and Redsun have large capital-market
maturities of CNY3.4 billion in the remainder of 2022 and CNY3
billion in 1H23. Fitch thinks the group's access to capital markets
will probably remain limited in near term, and it will have to rely
on internal cash to repay debt. This will deplete its available
cash balance and reduce its liquidity buffer.

ISSUER PROFILE

Hong Yang owns 72% of Hong Kong-listed Redsun. Hong Yang group has
a property management services company Redsun Services, which was
separately listed in Hong Kong in July 2020, as well as a large
retail and wholesale centre for home decoration material and
furniture in Nanjing, Jiangsu province.

Redsun develops residential properties mainly in Jiangsu province.
It also operates retail malls, offices and hotels.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   DEBT                 RATING                 RECOVERY   PRIOR
   ----                 ------                 --------   -----
Hong Yang Group        LT IDR   CC    Downgrade            B-
Company Limited

   senior unsecured    LT       CC   Downgrade    RR4      B-

Redsun Properties      LT IDR   CC   Downgrade             B-
Group Limited

   senior unsecured    LT       CC   Downgrade    RR4      B-


HUANGSHI URBAN: Fitch Withdraws 'BB+' LongTerm IDRs
---------------------------------------------------
Fitch Ratings has withdrawn China-based Huangshi Urban Development
Investment Group Co., Ltd.'s (HUDG) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) of 'BB+' with a Stable
Outlook.

Fitch is withdrawing the ratings as HUDG has chosen to stop
participating in the rating process.

Therefore, Fitch will no longer have sufficient information to
maintain the ratings. Accordingly, Fitch will no longer provide
ratings or analytical coverage for HUDG.

Derivation Summary

Not applicable, as the ratings have been withdrawn.

Issuer Profile

HUDG, established as a state-owned limited-liability company in
September 2012, functions as a comprehensive urban developer in
Huangshi municipality. HUDG's businesses include city
infrastructure construction, primary land development, city bus
operation, water supply and medical services.

RATING SENSITIVITIES

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

Not applicable, as the ratings have been withdrawn.

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

Not applicable, as the ratings have been withdrawn.

References for Substantially Material Source Cited as Key Driver
Rating

The principal sources of information used in the analysis are
described in the Applicable Criteria.

                       Rating        Prior
                       ------        -----
Huangshi Urban Development
Investment Group Co., Ltd.

             LT IDR     WD  Withdrawn   BB+

             LC LT IDR  WD  Withdrawn   BB+


MIANYANG INVESTMENT: Fitch Rates New Unsec. Offshore Bonds 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned China-based Mianyang Investment Holding
(Group) Co., Ltd.'s (MIHC, BB/Stable) proposed US dollar senior
unsecured offshore bonds a rating of 'BB'. The proposed bonds will
be MIHC's direct obligation.

KEY RATING DRIVERS

The proposed bonds are rated at the same level as MIHC, which will
constitute direct, unconditional, unsubordinated and unsecured
obligation, and will at all times rank pari passu with all its
other unsecured and unsubordinated obligations. The proceeds will
be used for the repayment of the issuer's existing offshore bonds.

DERIVATION SUMMARY

MIHC's ratings are assessed under Fitch's Government-Related
Entities (GRE) Rating Criteria, reflecting the Mianyang
municipality's strong control and support. Fitch has also factored
in MIHC's strategic importance, such as socio-political and
financial implications for the Mianyang government if MIHC were to
default.

MIHC has a Standalone Credit Profile of 'b' under Fitch's Public
Sector, Revenue-Supported Entities Rating Criteria, but its Issuer
Default Rating is driven by the rating factors in the GRE
criteria.

RATING SENSITIVITIES

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

- An upgrade of MIHC's Issuer Default Rating would result in
   positive rating action on the proposed bonds.

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

- A downgrade of MIHC's Issuer Default Rating would lead to
   negative rating action on the proposed bonds.

ISSUER PROFILE

MIHC was the largest GRE in Mianyang by total assets at end-2021.
It is the city's main urban developer, with around 24.5% of revenue
from government projects. Other business operations include primary
land development, private schools, water and sewage treatment,
property sales and commodity trading.

RATING ACTION

Mianyang Investment
Holding (Group) Co., Ltd.

  senior unsecured             LT  BB New Rating


RADIANCE HOLDINGS: Moody's Puts 'B1' CFR on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed Radiance Holdings (Group) Co.
Ltd.'s B1 corporate family rating and B2 senior unsecured ratings
on review for downgrade.

At the same time, Moody's has also changed the outlook to ratings
under review from stable.

"The review for downgrade reflects Moody's concerns that Radiance's
weaker-than-expected contracted sales will dampen its credit
metrics and liquidity buffer over the next 6 -12 months to levels
that will not support its ratings," says Alfred Hui, a Moody's
Analyst.

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

Moody's expects Radiance's contracted sales to decline more than
the agency previously expected in 2022 due to weak market sentiment
and Covid-led disruptions. During the first half of 2022,
Radiance's contracted sales dropped 56% year on year to RMB24.4
billion.

The weak contracted sales will reduce the company's operating cash
flow, future revenue recognition and credit metrics.

Moody's also expects Radiance's gross margin to decrease as the
company would need to lower the sales price to boost contracted
sales and cash collection amid challenging operating and funding
conditions.

Moody's estimates that Radiance's cash balance as of June 2022
could have dropped from the level as of the end of 2021, due to its
weak contracted sales and use of internal cash to repay its RMB3.3
billion onshore bonds and asset-backed securities. Radiance also
repaid some offshore bonds during the first half of 2022.

Moody's estimates that Radiance can repay its offshore bond and
RMB3.4 billion of onshore bonds coming due or puttable from August
2022 to December 2023. Radiance will likely repay its maturing debt
mainly using its internal cash source, given its weakened access to
bond funding. The repayment will reduce the company's balance sheet
liquidity.

Radiance's B2 senior unsecured debt rating is one notch lower than
the CFR due to structural subordination risk. This risk reflects
the fact that most of the claims are at the operating subsidiary
level and have priority over claims at the holding company level in
a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

Moody's will review Radiance's (1) 2022 interim financials; (2)
contracted sales performance and the associated implications on its
credit metrics; and (3) ability to access new funding to meet its
refinancing needs and maintain adequate liquidity.

An upgrade of Radiance's ratings is unlikely, given they are on
review for downgrade. However, Moody's could confirm the ratings if
the company can improve its contracted sales performance, credit
metrics and liquidity.

Moody's could downgrade Radiance's ratings if the company's
contracted sales remain weak such that its operating cash flow and
credit metrics are likely to deteriorate, or its liquidity and
access to funding weaken further.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Established in 1996, Radiance Holdings (Group) Co. Ltd. is a
Chinese property developer with more than 25 years of experience in
property development. As of December 31, 2021, it had a total land
bank of 33.2 million square meters with nationwide coverage in
different geographic regions in China.


XINJIANG ZHONGTAI: Fitch Withdraws 'B' LongTerm IDRs
----------------------------------------------------
Fitch Ratings has withdrawn China-based Xinjiang Zhongtai (Group)
Co., Ltd. 's (XJZT) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) of 'B' with a Stable Outlook.

Fitch is withdrawing the ratings as XJZT has stopped participating
in the rating process.

Therefore, Fitch no longer has sufficient information to maintain
the ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for XJZT.

Issuer Profile

Established in 2012, XJZT optimises the value of state-owned assets
and promotes economic development and employment. XJZT's industry
investments include chemicals, textiles, agency trading and
agriculture.

RATING SENSITIVITIES

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

Not applicable as the ratings have been withdrawn.

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

Not applicable as the ratings have been withdrawn.

                         Rating           Prior
                         ------           -----
Xinjiang Zhongtai
(Group) Co., Ltd.

           LT IDR           WD  Withdrawn   B

           LC LT IDR        WD  Withdrawn   B




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

ABCN LOGISTICS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned ABCN Logistics
Private Limited (ALPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

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

Key Rating Drivers

The ratings reflect ALPL's medium scale of operations as indicated
by revenue of INR1,822.94 million in FY22 (FY21: INR1,694.43
million). The increase in revenue was due to higher execution of
orders owing to the receipt of new orders from JSW Steel Limited
('IND AA'/Stable). Till 1QFY22, ALPL booked revenue of INR369.685
million. As of 1QFY23, the company had an order book of INR4,050
million, of which INR2,475 million is to be executed by FY23.
Ind-Ra expects the revenue to remain at similar levels in the short
term owing to the levy of a 45% export duty on iron ore pellets.
FY22 financials are provisional.

The ratings also factor in APLP's small fleet of 15 vehicles with
dependence on 18 vendors for execution of contracts.

Liquidity Indicator - Stretched: ALPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The  net working capital cycle
increased to 13 days in FY22 (FY21: 7 days) due to a decline in the
payable period to 17 days (22 days).  Its average maximum
utilization of the fund-based limits was 77.85% during the 12
months ended June 2022. The cash flow from operations improved to
INR27 million in FY22 (FY21: INR11.77 million) due to an increase
in the absolute EBITDA to INR110.77 million (INR82.32 million).
Consequently, the free cash flow increased to INR27 million in FY22
(FY21: INR10.62 million). The cash and cash equivalents stood at
INR35.58 million at FYE22 (FYE21: INR27.31 million).

However, the ratings are supported by ALPL's healthy EBITDA margin
of 6.08% in FY22 (FY21: 4.86%, FY20: 7.24%) with a return on
capital employed of 63% (66%). The improvement in EBITDA margin was
driven by a decrease in raw material costs due to negotiations with
suppliers coupled with the inclusion of diesel escalation clauses
in its contracts during FY22. Ind-Ra expects the EBITDA margin to
remain at similar levels in the near term due to the similar nature
of operations.

The ratings also benefit from the company's comfortable credit
metrics as reflected by the interest coverage (operating
EBITDA/gross interest expenses) of 6.93x in FY22 (FY21: 9.47x) and
the net leverage (total adjusted net debt/operating EBITDAR) of
0.25x (0.72x). In FY22, the interest coverage deteriorated on
account of use of bill discounting facilities for the entire
financial year, as against only three months in FY21. However, the
net leverage improved due to repayment of vehicle loans during the
year. Ind-Ra expects the credit metrics to remain comfortable in
the short term due to the absence of any major debt-led capex
plans. The company has scheduled debt repayments of INR15.1
million, INR7.9 million and INR0.55 million in FY23, FY24 and FY25,
respectively.

The ratings are also supported by the promoters' nearly two decades
of experience in the logistics industry and relationships with
reputed customers such as JSW Ispat Special Products Limited, ESSEL
Mining and Industries Limited and JSW Steel Limited, who
contributed 68.96% to its total revenue in FY22.

Rating Sensitivities

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

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage declining below 2.0x and/or a further pressure on the
liquidity position on a sustained basis, could lead to a negative
rating action.

Company Profile

Incorporated in 1998, ALPL provides freight contract services
mainly for transportation of minerals from mine to port, port to
plant and mine to plant in Odisha, Chhattisgarh, Madhya Pradesh,
Gujarat and Maharashtra.


ASIAN IMPEX: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Asian Impex
(AI) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 18, 2021,
placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI 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.
AI continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 3, 2022, April 13, 2022, April 23, 2022.

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).

Asian Impex (AI), incorporated in 2010, is promoted by Mr Haron
Haji Panja, Mr Altaf Chhel, Mr. Ashif Harun Panja, Mr. Kashif Harun
Panja, Ms. Halima Safi Panja and Mr. Aaysa Harun Panja. AI is
engaged in processing of sea foods and exports the same to Europe,
Gulf countries, Africa and China. AI has a processing cum storage
facility located at Veraval (Gujarat) with total installed capacity
of 50 MTPD (metric ton per day) for processing of Sea Foods and
1,000 metric tons storage capacity as on March 31, 2016.


BAKSHI SECURITY: CARE Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bakshi
Security And Personnel Services Private Limited (BSPSPL) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      7.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 08, 2021,
placed the rating(s) of BSPSPL under the 'issuer non-cooperating'
category as BSPSPL 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.

BSPSPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls
and a letter/email dated April 24, 2022, May 04, 2022, May 14,
2022.

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

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

The ratings have been revised on account of non-availability of
requisite information. The rating also considers decline in scale
of operations and profitability with an increase in overall debt in
FY21 as compared to FY20.

Established as a partnership firm in 1988 by Late Cdr. (Retd)
Omprakash Bakshi and later converted into a private limited company
in April 1995, Bakshi Security & Personnel Services Private Limited
(BSPS) is an ISO 9001:2015 and UKAS-certified company engaged into
manpower supply services viz. security services, conservancy
services, facility management services (FMS) and housekeeping
services to various factories, banks, corporates, IT industries,
offices, cargo complexes, defence, cantonment boards, educational
institutions, hotels, shopping complexes, departmental stores, etc.
across various states in India.


CLASSIC ENGICON: Ind-Ra Lowers Long-Term Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Classic Engicon
Private Limited's (CEPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:
  
-- INR90 mil. Fund-based facilities downgraded with IND BB+/
     Stable/IND A4+ rating; and

-- INR370 mil. Non-fund-based facilities downgraded with IND A4+
     rating.

The downgrade reflects continued deterioration in CEPL's revenue
and operating performance.

Key Rating Drivers

The downgrade reflects CEPL's continued small scale of operations
with a decline in the revenue to INR677 million in FY22 (FY21:
INR859.33 million), mainly on account of the delays in encashing
the receivables. During 1QFY23, CEPL achieved a revenue of INR145
million; the company had an order book of INR2,000 million at
end-July 2022 to be executed to  the extent of INR1,000 million in
FY23. In FY23, the management expects the revenue to improve on
account of the company's participation in fresh tenders and a
realization likely from a contract bill of INR400 million, for
which the work has already been executed. FY22 numbers are
provisional in nature.

The ratings also reflect CEPL's continued average EBITDA margin
even as it improved to 17.91% in FY22 (FY21: 16.89%), due to a fall
in the employee benefit and administration costs. The return on
capital employed was 12.1% in FY22 (FY21: 14.7%). In FY23, Ind-Ra
expects the EBITDA margin to  remain at similar levels in FY23 on
account of the company's strategy to bid for contracts that fetch
similar margins, thereby leading to continued absorption of fixed
costs.

The ratings further reflect the deterioration in the credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) of 7.96x in FY22 (FY21: 9.39x) and net financial leverage
(adjusted net debt/operating EBITDA) of 0.59x (0.42x). This was due
to a fall in the absolute EBITDA to INR121.31 million in FY22
(FY21: INR145.10 million). In FY23, Ind-Ra expects the credit
metrics to improve slightly on the back of the strong order book
position.

Liquidity Indicator – Stretched. CEPL's average maximum
utilization of its fund-based limits was 35% and that of the
non-fund-based limits was 61% during the 12 months ended June 2022.
The cash flow from operations deteriorated to INR4.57 million in
FY22 (FY21: INR36.36 million) on account of negative changes in the
working capital. Furthermore, the free cash flow turned negative at
INR10.83 million (FY21: INR39.43 million). The working capital
cycle elongated to 32 days in FY22 (FY21: negative 79 days) due to
an increase in the inventory holding period. The cash and cash
equivalents stood at INR26.16 million at FYE22 (FYE21: INR32.87
million). CEPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.


CEPL's ratings, however, are supported by its promoters having a
track record of over a decade in the construction of roads bridges
and other construction projects in Bihar and Jharkhand.

Rating Sensitivities

Positive: Any significant improvement in the revenue and the
liquidity profile, along with maintaining the credit metrics, all
on a sustained basis, will lead to a positive rating action.

Negative: Any decline in the  profitability or deterioration in the
liquidity or credit profile will lead to a negative rating action.

Company Profile

CEPL was established in Jharkhand in October 2007. The company,
promoted by Dilip Kumar Singh, undertakes construction of roads,
bridges, check dams, irrigation and other such projects in
Jharkhand and Bihar.


EXOTIC FRUITS: Ind-Ra Withdraws BB Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Exotic Fruits
Private Limited's (EFPL) Long-Term Issuer Rating of 'IND BB (ISSUER
NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR1.0 bil. Fund-based facilities
     is withdrawn;

-- The 'IND BB' rating on the  INR300 mil. Non-fund based limits
     is withdrawn; and

-- The 'IND BB' rating on the INR171.6 mil. Term loans us
     withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no dues certificate from the lenders. Ind-Ra will no
longer provide analytical and rating coverage for EFPL.

Company Profile

Incorporated in 1999, Exotic Fruits is a Mumbai-based closely held
company manufacturing and exporting processed fruit products such
as mango pulp, guava pulp, papaya pulp, pineapple juice, and
pomegranate juice.


G. K. AND SONS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G. K. and
Sons Automobiles Private Limited (GKSAPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.85       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 20, 2021,
placed the rating(s) of GKSAPL under the 'issuer non-cooperating'
category as GKSAPL 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. GKSAPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 05, 2022, April 15, 2022, April 25, 2022.

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

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

Incorporated in November 2007, G. K. and Sons Automobiles Private
Limited (GKSAPL) is an authorized distributor of Tata Motors
Limited for light commercial vehicle and heavy commercial vehicle
for spares & accessories in Raipur, Chhattisgarh.


GVR PANNA: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GVR Panna
Amanganj Tollway Private Limited (GPATPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        70.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 11, 2021,
placed the rating(s) of GPATPL under the 'issuer non-cooperating'
category as GPATPL 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. GPATPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 27, 2022, April 06, 2022, April 17, 2022.

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).

Established in October 2011, GVR Panna Amanganj Tollway Private
Limited is a special purpose vehicle (SPV) set up to undertake the
strengthening, widening, operating, and maintaining of a
58.18-kilometre stretch of the state highway 47 in Madhya Pradesh.
The SPV is floated by GVR Infra Projects Ltd. The project is being
executed on a hybrid toll-plus-annuity model.


HARI PULSES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Hari
Pulses (SHP) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 19, 2021,
placed the rating(s) of SHP under the 'issuer non-cooperating'
category as SHP 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. SHP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 4, 2022, April 14, 2022, April 24, 2022.

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).

Shri Hari Pulses (SHP) based out of Indore (Madhya Pradesh) was
formed in 1978 as a partnership concern by Mr RajendrabKumar and
other family members. The partners of the company are Mr Rajendra
Kumar, Ms Chanda Bai and Ms Kalawati. SHP is engaged in the
business of processing of Moong Dall, Channa Dall and grading of
wheat. It is also engaged in the trading of variety of agriculture
commodities. It purchases the commodities from local mandi and
sells it in Madhya Pradesh, Tamil Nadu,
Delhi and Maharashtra under brand name of 'Double Elephant' and
'Amrpali'


HOTEL JAYAPUSHPAM: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
----------------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Hotel Jayapushpam
Private Limited's (Hotel JP) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR35.8 mil. Term loans due on September 2028 upgraded with
     IND BB+/Stable rating.

The upgrade reflects an improvement in Hotel JP's revenue in FY22,
leading to an improvement in the EBITDA margins and credit
metrics.

Key Rating Drivers

According to FY22 provisional financials, the hotel's revenue more
than doubled to INR131.6 million (FY21: INR63.36 million),
resulting from an increase in the average occupancy level to
70%-75% (20%-25%), following the normalization of business
operations post the second wave of Covid-19. Hotel JP enters into
contracts with corporates, which are renewed annually. During
1QFY23, it booked revenue of INR54.72 million with 70% occupancy
and an average room rate of INR4,000 (FY22: INR2,985, FY21:
INR1,397) as the hotel offered lower discounts as well as increase
in bookings. Despite the increase in revenue, the scale of
operations remains small. Ind-Ra expects the revenue to improve
further on the back of yearly renewable corporate contracts and
income from two restaurants, seven banquet halls, one lounge bar
and two pubs.

The EBITDA margins increased to 17.84% in FY22 (FY21: 15.75%) due
to a decline in the variable cost as a percentage of revenue to
20.36% (26.55%). The margins were modest with a return on capital
employed of 12% in FY22 (FY21: negative 1%). Ind-Ra expects the
EBITDA margins to remain in line with FY22 in FY23 on account of no
change in the cost structure.

JP Hotels' credit metrics remained comfortable due to the low debt
levels (FYE22: INR47.28 million, FYE21: INR42.12 million). In FY22,
the gross interest coverage operating (EBITDA/gross interest
expense) improved to 4.57x (FY21: 1.87x) and the net leverage
(total adjusted net debt/operating EBITDA) to 1.99x (4.14x) owing
to an increase in the absolute EBITDA to INR23.48 million (INR9.98
million). Ind-Ra expects the credit metrics to improve further in
FY23 due to the scheduled repayment of bank loans. Hotel JP has no
plans to avail new loans for capex or working capital requirements.


Liquidity Indicator - Stretched: The cash flow from operations
increased to INR8.53 million in FY22 (FY21: INR6.77 million) due to
the improvement in EBITDA. The cash and cash equivalents were low
at INR0.45 million at FYE22 (FYE21: INR0.79 million). It has
scheduled debt repayment of INR8 million in FY23 and INR8.74
million in FY24. As stated by the management to Ind-Ra, the
promoters will infuse funds, as and when required. The working
capital cycle elongated to 23 days in FY22 (FY21: 2 days) due to an
increase in the receivable period to 26 days (10 days) and a
decline in the payable period to 15 days (26 days). It does not
have a revolving credit facility but guaranteed emergency credit
line loans and dropline overdraft facilities to fund its working
capital requirements.

The ratings also continue to be constrained by Hotel JP's
dependence on a single property for revenue.

However, the ratings remain supported by the locational advantage
of the hotel with proximity to airport and railway station.

The ratings are also supported by the founders' experience of over
a decade in the hotel business.

Rating Sensitivities

Negative: Any substantial weakening of the scale of operations or
EBITDA margins, leading to deterioration in the credit metrics with
the net leverage exceeding 4.5x on a sustained basis, and a further
stretch in the liquidity profile will be negative for the ratings.

Positive: Growth in the scale of operations, leading to an
improvement in the credit metrics, both on a sustained basis, and
an improvement in the liquidity position will be positive for the
ratings.

Company Profile

Hotel JP, a private limited company founded by J Ashok, is a
three-star hotel with 90 rooms in Chennai. The hotel has a
restaurant, a lounge bar, two pubs, a rooftop restaurant, and seven
banquet halls.


IENERGY WIND: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained iEnergy Wind
Farms (Theni) Private Limited's bank loans in the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR680 mil. Senior project bank loans (long-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR25 mil. Working capital loans (long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 21, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

iEnergy Wind Farms (Theni)  is sponsored by Indian Energy Ltd.
through intermediate holding companies. It has been operating a
16.5MW wind farm in Theni, Tamil Nadu, since August 2010.


INDORE DEWAS: Ind-Ra Moves D Bank Loan Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Indore Dewas
Tollways Limited's (IDTL) bank loans to the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

-- INR5,933.39 bil. Bank loans (Long-term) migrated to non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on May
7, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

IDTL is a special purpose vehicle incorporated to implement a lane
expansion (from four to six lanes) project on a design, build,
finance, operate and transfer basis under a 25-year concession from
the National Highways Authority of India. IDTL is owned by the
Gayatri group.

The National Highways Authority of India ('IND AAA'/Stable) had
issued a notice of intention  to terminate  IDTL's right under the
concession agreement. Furthermore, as per the suspension notice,
the tolling rights of IDTL have been suspended; NHAI directed IDTL
to handover the toll plazas to the representatives of NHAI on 28
May 2022. Accordingly, IDTL has handed over the toll plazas to
NHAI. The above information is from public sources and agency has
not received any update from the issuer on this.


ITNL ROAD: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ITNL Road
Infrastructure Development Company Limited (IRIDCL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       40.24      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 1, 2021,
placed the rating(s) of IRIDCL under the 'issuer non-cooperating'
category as IRIDCL 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. IRIDCL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 27, 2022, May 7, 2022.

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).

ITNL Road Infrastructure Development Company Ltd. (IRIDCL) is a
Special Purpose Vehicle (SPV) floated by IL&FS Transportation
Networks Ltd. (ITNL, rated CARE D; Issuer Not Cooperating) for
two-laning of National Highway (NH-8) from 58.245 km to 177.05 km
(approximately 116 km) on Gomti – Beawar section in the State of
Rajasthan (traversing two districts viz. Ajmer and Rajsamand) on a
Design, Build, Finance, Operate and Transfer (DBFOT) basis. CARE
does not have any update on the latest developments in this
regard.


JYOTI SPINNERS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jyoti
Spinners (JS) continues to remain in the 'Issuer Not Cooperating'
category.

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.30       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.20       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 16, 2021,
placed the rating(s) of JS under the 'issuer non-cooperating'
category as JS 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. JS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 2, 2022, May 12, 2022, May 22, 2022.

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).

Panipat-based (Haryana), Jyoti Spinners (JS), was established in
1991. Currently, the operations are managed by Mr Akhil Goel and Mr
Ankit Goel. JS is engaged in manufacturing of shoddy yarn, which is
used in manufacturing of blankets, at its manufacturing facility
located in Panipat, Haryana.


KARTYA TEXTILES: Ind-Ra Assigns B+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kartya Textiles
Private Limited (KTPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Proposed fund-based working capital limit assigned

     with IND B+/Stable/ IND A4 rating; and

-- INR400 mil. Proposed term loan assigned with IND B+/Stable
     rating.

Key Rating Drivers

The rating reflects the time and cost overrun risks associated with
KTPL's under-construction spinning mill in Virudunagar, Tamil Nadu.
The construction is likely to be completed by November 2022, with
commercial operations beginning from mid-April 2023.

The rating is also constrained by the promoters' lack of experience
in the yarn spinning industry.

Liquidity Indicator - Stretched: KTPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The likely cost of the project is
INR625 million, which is to be funded by promoter equity of INR165
million (26.4% of the total cost), term loan of INR 400 million
(64%) and unsecured loans of INR60 million (9.6%) from the
promoters’ relatives. As of July 15, 2022, the promoters had
brought in equity of INR50 million as equity, the term loan had not
yet been sanctioned and the firm had not received the unsecured
loans. The company plans to meet its working capital requirements
through proposed fund-based working capital limits of INR100
million, which will be disbursed post the commencement of
operations.

The rating, however, factors in the unit's automation of processes,
such as speed frame to ring frame automation and automatic bale
plucking in the blow room, which should help reduce the labour
cost.

Rating Sensitivities

Negative: Any delay in the commencement of operations and
achievement of stability in the operating performance after the
commencement of commercial operations, and weaker-than-expected
credit metrics, could be negative for the ratings.

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

Company Profile

KTPL  was incorporated in October 2021 with the objective of
manufacturing cotton yarn of 20 and 30 count. The company is
constructing  a spinning mill in Madurai with a capacity of 9120
spindles.


MAA GANGA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa Ganga
Rice Mill (MGRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.80       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.32       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 20, 2021,
placed the rating(s) of MGRM under the 'issuer non-cooperating'
category as MGRM 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. MGRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 5, 2022, April 15, 2022, April 25, 2022.

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).

Maa Ganga Rice Mill (MGRM) was set up as a partnership firm in the
year 1996 by Shri Rajendra Prosad Agarwala and his brother Shri
Tarak Nath Agarwala of Burdwan, West Bengal. Later on, in 2000, it
has been converted into proprietorship entity in the name of
Rajendra Prasad Agarwala. The entity is engaged in the processing
and milling of rice. The milling unit of the entity is located at
Burdwan, West Bengal with processing capacity of 18,000 Metric
Tonne Per Annum (MTPA). MGRM procures paddy from farmers & local
agents and sells its products through the wholesalers and
distributors in the state of West Bengal.


MANISHA NATUROPATHY: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Manisha
Naturopathy And Wellness Centre Private Limited (MNWCPL) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 27, 2021,
placed the rating(s) of MNWCPL under the 'issuer non-cooperating'
category as MNWCPL 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. MNWCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 12, 2022, April 22, 2022, May 02, 2022.

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

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

Bangalore based Manisha Naturopathy and Wellness Centre Private
Limited (MNWCPL) proposes to open 30 deluxe rooms and 8 spa-themed
naturopathy therapies and wellness center at Magalu Village,
Sakleshpur Taluk, Hassan District, and Karnataka. The company was
incorporated in February 2017 by Ms. Shantha Sudhir (Managing
Director) and Mr. Belloor Shivappa Sudhir. MNWCPL is proposed to
provide naturopathy and wellness services like Diet therapy, Yoga
therapy, Fasting therapy, Hydro therapy, Mud pack - Gastro hepatic
pack, Eye pack, abdominal pack, kidney pack, Cucumber pack, Hip
bath, Steam bath etc.


NATIONAL PLASTICS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of National
Plastics (NP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.32       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 18, 2021,
placed the rating(s) of NP under the 'issuer non-cooperating'
category as NP 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. NP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2022, April 13, 2022, April 23, 2022.

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).

Ahmedabad-based (Gujarat) NPL was established in1978by Jayantilal
Patel and his brothers. NPL is engaged into manufacturing of water
and chemical tanks from sole manufacturing unit located at GIDC,
Odhav Ahmedabad.


NYALKARAN INFRA: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nyalkaran
Infra (NI) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 18, 2021,
placed the rating(s) of NI under the 'issuer non-cooperating'
category as NI 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. NI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2022, April 13, 2022, April 23, 2022.

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

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

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

Vadodara (Gujarat) based, NI was established as a partnership firm
during June 2014 by Mr. Ashwin Golaviya, Mr. Vijay Golaviya, Mr.
Prakash Golaviya, Mr.Chirin Golaviya, Mr. Alpesh Golaviya, Mr.
Shailesh Golaviya and Mr. Gokul Golaviya. NI is currently executing
a commercial project named 'Shree Siddheshwar – The Business
Harbour' with 488 units (20 showrooms and 468 offices) at Vadodara.
NI is part of Vadodara based 'Nyalkaran group' which has strong
presence in Vadodara. Over the period, the group has completed
various projects.

PANACHE DIGILIFE: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Panache Digilife
Limited (PDL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR200.00 mil. Fund-based working capital limits assigned with

     IND BB+/Stable/IND A4+ rating;

-- INR90.00 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating;

-- INR250.00 mil. Proposed fund-based working capital limits
     assigned with IND BB+/Stable/IND A4+ rating; and

-- INR65.57 mil. Term loans due on December 31, 2026 assigned
     with IND BB+/Stable rating.

Key Rating Drivers

The ratings reflect PDL's small scale of operations as indicated by
revenue of INR852.76 million in FY22 (FY21: INR775.80 million). The
increase in revenue was owing to an increase in sales volumes.
Furthermore, the company has received a letter of intent from
Nexstgo Technologies Private Limited for manufacturing of 200,000
laptops in FY23. PDL had a total order book of INR3,662 million as
of June 2022 (4.29x of FY22 revenue), of which about INR2,000
million is to be executed in FY23. These orders include
manufacturing of laptops, kiosk systems, all-in-one computers,
tablet charging boxes, solar photovoltaic cells, computer systems,
and IT hardware and servers. It expects to receive further
contractual orders in the near term. PDL will incur a capex of
INR60 million for addition of a vertical integration, which will
require additional personnel to carry out the orders in hand. The
capex will be funded either by internal accruals, unsecured loans
or external borrowings. The company will also require additional
working capital limits to fund its increased working capital
requirements.

The management expects the PDL to book revenue of more than
INR2,000 million in FY23 on the back of the significant orders in
hand. Ind-Ra expects a significant sustained growth in the revenue
in the medium term, as the management plans to transition the
contractual business to regular business.

The ratings also factor in PDL's modest EBITDA margins of 5.22% in
FY22 (FY21: 10.23%) with a return on capital employed of 9% (11%).
The decline in margins was due to an increase in raw material cost
due to the global chip shortage. Ind-Ra expects FY23 margins to
remain in line with FY22 owing to the increased cost of raw
materials.

The ratings are constrained by PDL's weak credit metrics with the
gross interest coverage (operating EBITDA/gross interest expense)
of 1.36x in FY22 (FY21: 2.3x) and the net leverage (total adjusted
net debt/operating EBITDA) of 5.6x (3.57x). The deterioration in
the credit metrics was due to a decline in the absolute EBITDA to
INR44.52 million in FY22 (FY21: INR79.4 million). However, Ind-Ra
expects the credit metrics to improve in FY23 owing to the absence
of major long-term external borrowings.

Liquidity Indicator - Stretched: The peak average utilization of
the fund-based and the non-fund-based working capital limits was
98.89% and 31%, respectively, for the 12 months ended May 2022. The
cash & cash equivalents were low at INR9.07 million at FYE22
(FYE21: INR2.56 million). The working capital cycle was elongated
at 198 days in FY22 (FY21: 214 days) as the company books highest
sales in the fourth quarter every year, leading to high
receivables. The inventory is order backed and each product has a
different working capital cycle. On an average, the working capital
cycle ranges from 60 to 100 days. For FY23, management expects an
average working capital cycle of 60 days as the new contractual
orders have a shorter credit period. The cash flow from operations
improved to INR35.73 million in FY22 (FY21: INR11.15 million) owing
to favorable changes in working capital. Consequently, the free
cash flow increased to INR34.74 million in FY22 (FY21: INR2.7
million). The company has scheduled debt obligations of INR20.33
million and INR21.16 million in FY23 and FY24, respectively.

However, the ratings are supported by the promoters more than two
decades of experience in IT hardware designing and manufacturing
industry, leading to long-term relationships with Intel Technology
India Pvt Ltd and Microsoft India Corporation. PDL has received
approval for IT hardware in FY22 from The Ministry of Electronics
and IT under the Production Linked Incentive (PLI) Scheme. Also, it
has been selected under the Telecom - PLI Scheme by the Ministry of
Communications. Thus, it will receive incentives on net incremental
sales of goods under the target segments named under the PLI
scheme.

Rating Sensitivities

Positive: A substantial growth in the revenue and operating
profitability, leading to an improvement in the credit metrics and
an improvement in the liquidity position, both on a sustained
basis, could be positive for the ratings.

Negative: Any decline in the revenue or operating profitability,
leading to deterioration in the credit metrics with the gross
interest coverage remaining below 1.8x in FY23, and deterioration
in the liquidity position on a sustained basis, could be a negative
for the ratings.

Company Profile

Incorporated in March 2007, PDL is an IT hardware manufacturing
company. Its registered office is located in Thane, Maharashtra.
Amit Rambhia is the chairman and managing director of PDL.


PRERNA STRIPS: CARE Lowers Rating on INR10.65cr LT Loan to C
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Prerna Strips (PS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.65       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 25, 2021,
placed the rating(s) of PS under the 'issuer non-cooperating'
category as PS 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.
PS continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 11, 2022, May 21, 2022, May 31, 2022.

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).

PS was established as a proprietorship firm in 2011. PS is engaged
in the manufacturing of steel products at its manufacturing
facility located in Derabassi, Punjab.

RANASARIA POLY: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ranasaria Poly
Pack Private Limited's (RPPPL) Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR200 mil. Fund-based facilities
     is withdrawn; and

-- The 'IND BB+' rating on the INR50 mil. Non-fund-based
     facilities is withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no dues certificate from the rated facilities'
lender. Ind-Ra will no longer provide analytical and rating
coverage for RPPPL.

Company Profile

Incorporated in July 2002, RPPPL manufactures high density
polyethylene/polypropylene sacks, woven fabric, and liner packaging
bags for fertilizers, chemical sugar, rice, spices, food grains,
cement and salt, at its 600 metric tons/month unit in Gandhinagar,
Gujarat.


SAI SAMPATH: CARE Lowers Rating on INR7cr LT Loan to B+
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sai Sampath Profiles Private Limited (SSPPL), as:

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank      8.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 7, 2021,
placed the rating(s) of SSPPL under the 'issuer non-cooperating'
category as SSPPL 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. SSPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 23, 2022, April 2, 2022, April 12, 2022.

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

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

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

The ratings also factored in decline in scale of operations,
increased debt levels and leveraged capital structure during FY21.

Sai Sampath Profiles Private Limited (SSPPL) was incorporated on
October 13, 1996 by the name SKP Iron Products Private Limited and
was subsequently changed to the current nomenclature in August
2012. The company is engaged in the trading of iron & steel
materials, castings, sponge iron, pig iron etc., ferrous and
non-ferrous metals and alloys, coal used for industrial,
agricultural, transport, chemicals etc.

SARASWATI EDUCATIONAL: Ind-Ra Keeps D Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Saraswati
Educational Charitable Trust's bank facilities in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR299 mil. Term loan (Long-term) due on March – June 2022
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR50 mil. Working capital facility (Long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 11, 2019. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the ratings.

Company Profile

Saraswati Educational Charitable Trust has colleges situated near
Lucknow. It also runs an aviation academy, a medical college and a
410-bed hospital.


SHREEVARI ENERGY: Ind-Ra Assigns BB Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shreevari Energy
Systems Private Limited (SESPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR455 mil. Term loan due on August 2027 assigned with IND BB/

     Stable rating; and

-- INR145 mil. Fund-based limit assigned with IND BB/Stable/IND
     A4+ rating.

Key Rating Drivers

The ratings reflect SESPL's small scale of operations with its
revenue rising to INR601 million in FY22 (FY21: INR355 million),
driven by increased orders from Siemens Gamesa Renewable Energy.
The company had an order book of INR185 million as of June 2022 to
be executed within the next three-to-four and has also received a
letter of intent worth INR904 million for a job work of wind mill
tower manufacturing. For FY23, Ind-Ra expects SESPL's revenue to
improve, due to the likely completion of the capex incurred towards
wind mill tower manufacturing facility with a total capacity of 180
wind mill towers per year, backed by its order book. Its FY22
numbers are provisional in nature.

SESPL's EBITDA margin was modest at 10.19% in FY22 (FY21: 12.95%),
with a return on capital employed of 7.1% (10.8%). The decline in
its EBITDA margin in FY22 was due to an increase in raw material
prices. Ind-Ra expects the EBITDA margin to remain stable in FY23,
with the commencement of new plant.

The ratings also factor in the lower project execution risk with
SESPL incurring capex of INR992.7 million towards expanding into
the wind mill tower manufacturing. The capex will be funded by a
term loan of INR450 million, INR170 million from lease and the
balance through funds from related parties. SESPL had already
incurred around INR786.93 million of the total cost till FYE22 and
the facility commenced production at end-July 2022. The company is
planning to further expend INR250 million to increase its capacity,
which is to be funded by a term loan of INR100 million and the
balance through funds from related parties. Nevertheless, the
ability of the company to reach optimum utilization, thereby
increasing the revenue and profitability, remains a key rating
monitorable.

The ratings also reflect SESPL's modest credit metrics due to
higher borrowing. The net leverage (total adjusted net
debt/operating EBITDAR) increased to 13.4x in FY22 (FY21: 7.44x),
due to an increase in external borrowings of INR273.58 million
(INR1.3 million) and the additional lease liability of INR143
million. The interest coverage (operating EBITDA/gross interest
expenses) deteriorated to 1.75x in FY22 (FY21: 2.65x), due to an
increase in its finance cost to INR35.08 million (INR17.36
million). Ind-Ra expects the credit metrics to remain weak during
FY23, due its debt-funded capex undertaken by the company.

Liquidity Indicator - Poor: SESPL's average maximum utilization of
the fund-based limits was 100% in the 12 months ended June 2022,
with multiple instances of over utilization of up to three days.
The cash flow from operations turned negative INR186.77 million in
FY22 (FY21: INR125.4 million), due to unfavorable changes in
working capital requirement. Furthermore, the free cash flow stood
at negative INR557.14 million in FY22 (FY21: negative INR124.88
million), due to major capex of around INR389.46 million in FY22.
The net working capital cycle stood at 101 days in FY22 (FY21:
negative 16 days), majorly due to a decrease in creditor days to 33
days (150 days). The cash and cash equivalents stood at INR10.55
million at FYE22 (FYE21: INR46 million). SESPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. SESPL has repayment
obligations of INR40.1 million and INR60.1 million for FY23 and
FY24, respectively, which will be funded through internal
accruals.

However, the ratings are supported by the promoters' nearly two
decades of experience in the renewable industry, leading to
established relationships with customers and suppliers.

Rating Sensitivities

Negative: A substantial cost and time overrun in the project,
leading to a further stretch in liquidity or the credit metrics
will be a negative for the ratings.

Positive:  The timely completion of the project, leading to an
improvement in its scale of operations and profitability, resulting
in an improvement in liquidity and the credit metrics will be a
positive for the ratings.

Company Profile

Thuvakudy, Tamil Nadu-based SESPL was established in 2004 as a
wholly owned subsidiary of NTC Holdings Private Limited. It
currently has three operating units for manufacturing wind mill
components and tools. The company has recently added a
manufacturing unit for wind mill tower in the state that became
operational at end-July.


SIYARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Siyaram
Cotton Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.90      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 25, 2021,
placed the rating(s) of SCI under the 'issuer non-cooperating'
category as SCI 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. SCI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2022, April 20, 2022, April 30, 2022.

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).

Ratlam (Madhya Pradesh) based Siyaram Cotton Industries (SCI) was
established in October, 2017 by Mr. Manoj Agrawal, Mr. DL Agrawal,
Ms. Rekha Agrawal and Ms. Aarti Agrawal as a partnership concern.
The firm was formed with an objective to set up green field project
for cotton ginning and pressing at Ratlam, Madhya Pradesh. SCI
envisaged total project cost of Rs.6 crore towards the project
which envisaged to be funded through term loan of Rs.4.00 crore and
remaining of Rs.2.00 crore through unsecured loans and share
capital. The plant of the company will have installed capacity to
manufacture cotton bales of 400 Bales per Day (BPD).


SPECTRA VISION: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Spectra
Vision (SV) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 19, 2021,
placed the rating(s) of SV under the 'issuer non-cooperating'
category as SV 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. SV continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 4, 2022, April 14, 2022, April 24, 2022.

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).

Spectra Vision (SV) was established in 1984 as a partnership firm
and the same was reconstituted as on April 01, 2008 as one of the
partner Mr. Sakti Kanta Rath has expressed his willingness to
resign from firm with effect from March 31, 2008 due to his
personal reason and the firm was continued with remaining partners
in equal profit-sharing ratio. The firm is into trading of
electronics goods like TV, fridge, AC, camera, mobile phones, etc.
The showroom of the firm is located at Plot No235, Bapuji Nagar,
Bhubaneswar, Khurdha - 751009, Odisha.


SUKH SAGAR: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukh Sagar
Industries (SSI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.02       CARE B- Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 25, 2021,
placed the rating(s) of SSI under the 'issuer non-cooperating'
category as SSI 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. SSI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2022, April 20, 2022, April 30, 2022.

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).

Sukh Sagar Industries (SSI) was established in the year 2006 by Mr
Virendra Kumar Tirthani as a proprietorship firm. SSI is engaged in
processing of Arhar Dal (Toor dal) and trading of Arhar chuni bhusi
(used as cattle feed) and sells its product under the brand name
'Nagarseth', 'Rajdhani' and 'Cow Bashra'. The entity's plant is
located at Katni, Madhya Pradesh with an installed capacity of
18,000 Metric Tonnes Per Annum (MTPA). SSI procures raw material
from the local market and sells it in Maharashtra, Madhya Pradesh,
Uttar Pradesh and Bihar through a network of dealers.


T. R. POLY: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of T. R. Poly
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.86       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 14, 2021,
placed the rating(s) of TRPPI under the 'issuer non-cooperating'
category as TRPPI 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. TRPPI continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2022, May 10, 2022, May 20, 2022.

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).

Lucknow (Uttar Pradesh) based TRPPI was established in 2009 by Mr
Chandra Shekhar Verma as a proprietorship concern. The firm is
engaged in manufacturing of pet preform and jar at its
manufacturing facility located in Barabanki (Uttar Pradesh).


THIRUVANANTHPURAM ROAD: CARE Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Thiruvananthpuram Road Development Company Limited (TRDCL)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       42.02      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 1, 2021,
placed the rating(s) of TRDCL under the 'issuer non-cooperating'
category as TRDCL 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.

TRDCL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 17, 2022, April 27, 2022, May 07, 2022.

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).

Thiruvananthpuram Road Development Company Limited (TRDCL) is an
SPV formed and equally owned by IL&FS Transportation Networks
Limited (ITNL, rated CARE D; Issuer Not Cooperating) and Punj Lloyd
Limited (PLL, rated CARE D; Issuer Not Cooperating). The company
was incorporated on March 01, 2004 to design, finance, construct,
operate and maintain the road network of 42.07 km within the
capital city of Thiruvananthpuram, Kerala. CARE does not have any
update on the latest developments in this regard.


UNDERWATER SERVICES: CARE Lowers Rating on INR49cr LT Loan to C
---------------------------------------------------------------
CARE Ratings has revised the rating for the bank facilities of
Underwater Services Company Limited (USCL) as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      49.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018, placed the
rating of USCL under the 'issuer non-cooperating' category as USCL
had failed to provide information for monitoring of the rating.
USCL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 30, 2022, July
19 2022 and July 21, 2022 and phone calls.

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

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

The ratings have been revised on account of non-availability of
substantial information from the company. The rating revision also
takes into consideration stressed liquidity on account of the
ongoing pandemic related disruptions. Additionally, the credit
profile of the promoter company Samson Maritime Ltd has also
weakened which could potentially have a bearing on the credit
profile of USCL.

Underwater Services Company Ltd. (USCL) is a wholly owned
subsidiary of Samson Maritime Ltd. (SML). The company was
originally a partnership firm formed in 1970 as the first
commercial diving company in India. Initially, the company provided
hull cleaning, hull inspection plus underwater repairs to merchant
shipping vessels. Later, the company expanded into Single Point
Mooring (SPM) maintenance, offshore diving including saturation and
mixed gas, plus salvage and wreck removal, becoming the first
Indian member of the International Salvage Union. Presently, USCL
is engaged in providing services for operations and maintenance of
SPM terminals and diving projects. As per last available data with
CARE, USCL maintained 11 out of the total 15 outsourced operational
SPM installations in the country. The fleet profile of SML includes
5 PSVs (Platform Supply Vessels), 8 SPM maintenance vessels (6
deployed to its subsidiary – USCL) and the remaining
tugs/support/utility vessels.


VIVID SOLAIRE: Ind-Ra Lowers Bank Loan Rating to 'D'
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vivid Solaire
Energy Private Limited's (VSEPL) bank loan rating as follows:

-- INR13.880 bil. Senior project bank loan (long term) downgraded

     with IND D rating.

Key Rating Drivers

The downgrade reflects VSEPL's delay in the servicing of debt due
for June 2022 because of delays in revenue realizations, resulting
from operational reasons. VSEPL subsequently cleared the dues for
June 2022 and also serviced its debt in a timely manner in July
2022.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

Company Profile

VSEPL is promoted and wholly owned by Betam Wind Energy Private
Limited (BWEPL). BWEPL is 99.99% held by Pawan India B.V.
(promoter) which is 50% owned by Engie Global Developments B.V
(Engie GDBV) and 50% owned by STOA S.A. Engie GDBV (Sponsor) is a
step-down wholly owned subsidiary of Engie SA, held through
intermediary companies. The former is the latter's investment
vehicle in Netherlands, holding its international power assets in
various geographies including Asia, South Africa, Turkey and United
Kingdom. VSEPL was incorporated to develop a 252MWac wind power
project in Chillangulam village, Tuticorin district, Tamil Nadu.

WAZIRX: India's ED Freezes Assets of Binance-linked WazirX
----------------------------------------------------------
Reuters reports that India's financial crime-fighting agency said
on Aug. 5 it had frozen the assets of WazirX, linked to the world's
largest digital currency exchange Binance, as part of its
investigation into suspected violation of foreign exchange
regulations.

Reuters relates that the Federal Enforcement Directorate (ED) said
that it froze assets worth INR646.70 million (US$8.16 million).

"We have been fully cooperating with the Enforcement Directorate
for several days and have responded to all their queries fully and
transparently," said a spokesperson for WazirX, which is among the
largest virtual currency exchanges in India.

"We do not agree with the allegations in the ED press release. We
are evaluating our further plan of action."

According to Reuters, the agency said its action was related to the
investigation into the crypto exchange's suspected role in
assisting instant loan app companies in laundering the proceeds of
crime by converting them into cryptocurrencies on its platform.

The searches were conducted on one of the directors of Zanmai Lab,
which owns WazirX, Reuters says.

Reuters relates that the ED said that it was conducting
money-laundering investigations against several shadow banks and
their fintech companies for violation of central bank norms and
indulging in predatory lending practices.

"While doing fund trail investigation, ED found that large amounts
of funds were diverted by the fintech companies to purchase crypto
assets and then launder them abroad . . . maximum amount of funds
were diverted to WazirX exchange and the crypto assets so purchases
have been diverted to unknown foreign wallets," it said in a
release.

A lot of these fintech companies dealing in illegal lending
practices were backed by Chinese funds, the investigating agency
added.

Reuters says the ED launched its investigation last year into
WazirX for suspected violations of foreign exchange regulations.

Binance CEO Changpeng Zhao tweeted on Aug. 5 that the company does
not own shares in Zanmai Labs.

"On 21 Nov 2019, Binance published a blog post that it had
'acquired' WazirX. This transaction was never completed. Binance
has never - at any point - owned any shares of Zanmai Labs," Zhao
tweeted.

Binance only provides wallet services for WazirX as a tech
solution, he said, Reuters relays.


YES BANK: Moody's Hikes Long Term Issuer & Deposit Ratings to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded Yes Bank Limited's long-term
foreign currency issuer rating and long-term foreign and local
currency bank deposit ratings to Ba3 from B2 and the bank's
Baseline Credit Assessment (BCA) and Adjusted BCA to b1 from b3.

Moody's has also changed the outlook on Yes Bank's ratings where
applicable to stable from positive.

RATINGS RATIONALE

The upgrade of Yes Bank's BCA and ratings reflects the bank's
planned equity capital raise, which will support its credit profile
and strengthen its resilience against potential asset quality risks
arising from headwinds such as higher inflation and tighter global
financial conditions. The stable rating outlook reflects Moody's
expectation that the bank's credit profile will improve at a
gradual pace because it will take time for the bank to establish
its competitive strengths.

On July 29, 2022, the bank announced that it will be raising equity
capital of around INR89 billion ($1.1 billion) from funds
affiliated with The Carlyle Group and Advent International, with
each investor potentially acquiring up to a 10% stake in the bank.
The capital raise comprises two parts: (1) INR51 billion ($640
million) in equity shares and (2) INR38 billion ($475 million)
through equity share warrants that will be exercisable only after
April 1, 2023. The transaction is pending approvals from
shareholders, the regulator and competition commission in India.

Moody's estimates that the first part of the capital raise will
result in an increase of 2.2 percentage points in the bank's
consolidated Common Equity Tier 1 (CET1) ratio from 11.9% as of the
end of June 2022, after including profit for the June quarter. The
second part of the capital raise will add another 1.6 percentage
points.

Yes Bank's reported nonperforming loan (NPL) ratio declined
moderately to 13.4% as of the end of June 2022 from 16.8% as of the
end of March 2020, while its loan loss coverage increased to 82%
from 78% over the same period. However, the bank's
off-balance-sheet exposures to NPLs, restructured loans and loans
overdue for more than 60 days pose risks to asset quality. These
items accounted for around 7% of total loans as of the end of June
2022. The bank's plan to transfer the bulk of its NPLs to an asset
reconstruction company will be credit positive because it will ease
management burden on resolving legacy problem assets and help the
bank focus on growing its assets and liabilities.

Return on tangible assets (ROTA) improved to 0.3% in the financial
year ended March 2022 (FY2021), its first year of profits since
FY2019 when it entered the central bank-led reconstruction scheme,
because of lower credit costs. Moody's expects Yes Bank's ROTA to
rise gradually over the next 12-18 months as it restarts loan
growth and the burden of credit costs eases.

Funding and liquidity also improved as the bank grew its deposits
and reduced its reliance on market funds. Its daily average
liquidity coverage ratio also improved to 116% as of June 30, 2022
from 40% as of March 31, 2020.

Yes Bank's issuer and deposit ratings benefit from one notch of
rating uplift, based on Moody's expectation of a moderate
probability of support from the Government of India (Baa3 stable).
The support assumption is in line with the support expected for
other private-sector banks in India.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's also considers the bank's improvements in governance under
its environmental, social, and governance (ESG) framework, which is
one of the key drivers of today's rating action.

The changes made to the bank's board and management team, the focus
on identifying and resolving legacy problem assets, the lowering of
risk appetite, and the multiple equity capital raises since the
central-led reconstruction scheme in March 2020 have led to a more
prudent financial strategy and strengthened risk management.
Nevertheless, Moody's expects the bank to increase its risk
appetite to improve profitability, which continues to pose risks to
its financial strategy and risk management.

As a result, Moody's has revised the Governance Issuer Profile
Score of Yes Bank to G-3 (moderately negative) from G-4 (highly
negative), and the Credit Impact Score to CIS-3 (moderately
negative) from CIS-4 (highly negative).

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

Given the stable outlook, Yes Bank's ratings are unlikely to be
upgraded over the next 12-18 months. Nevertheless, Moody's could
upgrade the ratings and BCA if the bank establishes a credible and
sustainable strategy to improve profitability, without compromising
its asset quality and capital.

Moody's could downgrade Yes Bank's ratings if there is a
significant deterioration in the bank's asset quality, leading to
the erosion of its profitability and capital, or the turnaround of
the bank fails because of an aggressive financial strategy and risk
management. Specifically, a decline in the total common equity to
risk weighted assets below 6% and net income/tangible assets below
0.5% will exert negative pressure on the BCA. Any weakening in Yes
Bank's funding and liquidity will also be negative.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

Yes Bank is headquartered in Mumbai and reported consolidated
assets of INR3,185 billion ($40.1 billion) as of June 30, 2022.

LIST OF AFFECTED RATINGS

Issuer: Yes Bank Limited

Adjusted Baseline Credit Assessment, Upgraded to b1 from b3

Baseline Credit Assessment, Upgraded to b1 from b3

Long-Term Counterparty Risk Assessment, Upgraded to Ba3(cr) from
B2(cr)

Long-Term Counterparty Risk Rating (Local and Foreign Currency),
Upgraded to Ba3 from B2

Long-Term Issuer Rating (Foreign Currency), Upgraded to Ba3 from
B2, Outlook changed to Stable from Positive

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Upgraded to (P)Ba3 from (P)B2

Long-Term Deposit Rating (Local and Foreign Currency), Upgraded to
Ba3 from B2, Outlook changed to Stable from Positive

Short-Term Counterparty Risk Assessment, Affirmed NP(cr)

Short-Term Counterparty Risk Rating (Local and Foreign Currency),
Affirmed NP

Short-Term Deposit Rating (Local and Foreign Currency), Affirmed
NP

Outlook, Changed To Stable From Positive

Issuer: Yes Bank, IFSC Banking Unit Branch

Long-Term Counterparty Risk Assessment, Upgraded to Ba3(cr) from
B2(cr)

Long-Term Counterparty Risk Rating (Local and Foreign Currency),
Upgraded to Ba3 from B2

Senior Unsecured Medium-Term Note Program (Foreign Currency),
Upgraded to (P)Ba3 from (P)B2

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Upgraded to Ba3 from B2, Outlook changed to Stable from Positive

Short-Term Counterparty Risk Assessment, Affirmed NP(cr)

Short-Term Counterparty Risk Rating (Local and Foreign Currency),
Affirmed NP

Outlook, Changed To Stable From Positive




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

PAN BROTHERS: Fitch Ups IDR to 'CCC-' on Restructuring Completion
-----------------------------------------------------------------
Fitch Ratings has upgraded Indonesia-based garment manufacturer PT
Pan Brothers Tbk's Long-Term Issuer Default Rating (IDR) to 'CCC-'
from 'RD'. Fitch has also upgraded the rating on Pan Brothers'
USD171 million senior unsecured notes due December 2025, issued by
PB International B.V., to 'CCC-' with a Recovery Rating of 'RR4'
from 'C'/'RR4'. At the same time, Fitch Ratings Indonesia has
upgraded Pan Brothers' National Long-Term Rating to 'CCC-(idn)'
from 'RD(idn)'.

The upgrade follows the completion of Pan Brothers' syndication
loan and senior unsecured note restructuring on 1 July 2022. The
company extended the maturity of its USD171.1 million 7.625% bond,
originally due 2022, by four years and the maturity on its USD138.4
million syndicated loan facility by two years from December 2021.
The restructuring's terms include a USD50 million rights issue or a
subordinated loan, with the funds required to be held in escrow
until corporate action to inject the capital.

Fitch said, "The 'CCC-' rating reflects the liquidity pressure that
arises from a significant USD124 million syndication loan maturity
in December 2023. Fitch expects Pan Brothers to refinance the loan
as we do not think the company will generate sufficient cash flow
to repay the loan. We understand that the company has started the
refinancing process, although we believe it will take some time."

'CCC' National Ratings denote a very high level of default risk
relative to other issuers or obligations in the same country or
monetary union.

KEY RATING DRIVERS

Near-Term Debt-Maturity Burden: Pan Brothers has successfully
extended the maturity of the bonds and syndication loans through
the restructuring. It will still face the near-term USD124 million
maturity in December 2023, part of the USD138 million it has drawn
from the syndicated loan. The company has started discussions with
various banks to refinance the facility. Successful refinancing
that extends the maturity would alleviate immediate liquidity
constraints.

Negative Cash Flow: Fitch forecasts that Pan Brothers' cash flow
from operations (CFO) will continue to be negative on its large
working-capital requirements. Liquidity pressure is exacerbated by
Pan Brothers' maintenance and efficiency capex needs, which we
estimate at around USD5 million per annum.

Limited Financial Flexibility: Fitch expects Pan Brothers' ability
to obtain additional bank facilities to remain challenging due to
banks' diminished appetite to lend to the Indonesian textile sector
amid the challenges faced by a number of textile companies,
exacerbating the liquidity pressure from Pan Brothers' negative
free cash flow (FCF). Fitch understands that some of Pan Brothers'
banks have opted to stop lending to the company after its bilateral
facilities are repaid.

The company is therefore in discussions with new banks as it seeks
to re-establish working-capital lines, which are key to its
operations. Only facilities from PT Bank HSBC Indonesia and PT Bank
Maybank Indonesia Tbk (AAA(idn)/Stable) among Pan Brothers'
previous letter-of-credit facility providers were converted into
revolving loans. The company can withdraw the unutilised amounts
from the converted loans following a partial repayment of these
facilities.

Fresh Capital to Buffer Liquidity: The company's key shareholders
are required to ring fence USD50 million to an escrow account with
a reputable trustee, which will later be applied towards an equity
injection of an equal amount through the rights issue. If the
rights issue does not occur by end-December 2022, the USD50 million
will need to be provided to Pan Brothers through a subordinated
shareholder loan to prevent an event of default.

Fitch believes the new capital will alleviate Pan Brothers'
immediate liquidity pressure from negative FCF. This will leave
room for its available cash balance to address around USD31 million
in debt it has to repay during 3Q22-3Q23.

Flat Revenue Growth; Stable Margin: Fitch expects Pan Brothers'
revenue to stay relatively flat in 2022-2023 (1Q22: 0.8%) as its
ability to invest on capacity expansion is limited. We also expect
its EBITDA margin to remain stable at 8.5% as some of its cost
pressures ease. Pan Brothers' EBITDA margin narrowed to below 8% in
2021 on higher logistic and restructuring-related costs. However,
its EBITDA margin recovered to 8.6% in 1Q22 as logistic and
restructuring fees fell, although its CFO remained negative at USD5
million.

ESG - Governance: Pan Brothers has an ESG Relevance Score of 5 for
Management Strategy. Improvement in its cash generation is
dependent on Pan Brothers' strategy development and implementation
in terms of working-capital management. Its debt repayment and
refinancing capacity relies on its ability to attract new bank
lenders beyond its previous and current lenders.

DERIVATION SUMMARY

Pan Brothers' rating is driven by its near-term liquidity pressure
with the maturity of the USD124 million syndication loan in 4Q23.
Fitch believes Pan Brothers' available cash balance and internal
cash flow generation are unlikely to be sufficient to meet the
repayment schedule.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer:

-- Flat revenue growth in 2022-2023;

-- EBITDA margin of around 8.5% in 2022-2023;

-- Capex of around USD5 million in 2022-2023;

-- No dividend will be paid in 2022 and 2023.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Pan Brothers would be
reorganised as a going-concern in bankruptcy rather than
liquidated. We assume a 10% administrative claim.

Going-Concern Approach

- The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which we base
the enterprise valuation.

- Fitch estimate EBITDA at USD62 million to reflect the industry's
conditions and competitive dynamics.

- An enterprise value multiple of 5x EBITDA is applied to the
going-concern EBITDA to calculate a post-reorganisation enterprise
value. The multiple factors in Pan Brothers' customer quality and
stable demand despite pandemic disruption. The multiple also
considers a discount from the median of around 8x of comparable
Asian apparel peers, which are generally larger than Pan Brothers.

- The going-concern enterprise value corresponds to a 'RR3'
Recovery Rating for the senior unsecured notes after adjusting for
administrative claims. Nevertheless, Fitch has rated the senior
unsecured bonds 'CCC-'/'RR4' because, under our Country-Specific
Treatment of Recovery Ratings Criteria, Indonesia is classified
under the Group D of countries in terms of creditor friendliness,
and the instrument ratings of issuers with assets located in this
group are subject to a soft cap at the issuer's IDR and Recovery
Ratings of 'RR4'.

RATING SENSITIVITIES

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

- Improvement in liquidity that includes continued access to bank

   funding.

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

- Weakening liquidity, which would be indicated by its inability
    to access new or extended facilities.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Insufficient Liquidity: Pan Brothers had a USD29 million available
cash balance at end-March 2022 and no available undrawn facility.
We estimate that Pan Brothers is unlikely to generate sufficient
internal cash flow to repay the USD124 million syndication loan
maturing in December 2023. Pan Brothers will therefore have to rely
on raising additional funds to address the maturity.

ISSUER PROFILE

Pan Brothers is one of the largest garment manufacturers in
Indonesia, with Adidas and Uniqlo as its main clients.

ESG CONSIDERATIONS

Pan Brothers has an ESG Relevance Score of '5' for Management
Strategy due to the impact of its strategy development and
implementation in terms of working-capital management and funding.
This has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

RATING ACTIONS

   DEBT                 RATING                 RECOVERY   PRIOR
   ----                 ------                 --------   -----
PT Pan Brothers Tbk
                       LT IDR   CCC-      Upgrade        RD


                       Natl LT  CCC-(idn) Upgrade        RD(idn)
                     
PB International BV

  senior unsecured     LT       CCC-      Upgrade  RR4   C



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

ASIA MEDIA: Says in Good Position to Exit PN17
----------------------------------------------
The Sun Daily reports that Asia Media Group Bhd is confident of
exiting PN17 status by the end of the current financial year ending
March 31, 2023 (FY23) mainly by securing new contracts for its
online advertising and digital marketing business.

"We have completed a full financial year in the black, with all
quarters being profitable. The last financial year in which we
recorded profits was in 2014. This puts us in a good position to
exit PN17. We expect to be officially out of the PN17 before our
next financial year," COO Chan Voon Jhin told SunBiz in an
interview.

According to the report, Mr. Chan is optimistic that Asia Media
will be a strong established media player in three years' time,
with advertising assets in 2,000 elevators and 1,000 LED panels at
governmental, residential and commercial buildings.

"The new management team that came in June last year has taken the
company in a different direction. The focus now is on branding, and
marketing, especially digital marketing. If you're familiar with
the Vertical Tower in Bangsar South, Equatorial Plaza, and Berjaya
Times Square, you will see our lift projectors, LIFT-UP, there,"
the report quotes Mr. Chan as saying.

Sun Daily says the group acquired these new digital advertising
assets with the MYR8.6 million proceeds from its private placement
last November. Making its debut in Malaysia, the elevator
projection advertising system is a collaboration between Asia Media
and Mitsubishi Elevators Malaysia.

"With a total of 9,200 units of elevators all over Malaysia and
Brunei under the care of Mitsubishi, we can gradually offer the
service to all existing Mitsubishi clientele, helping them to
generate new revenue, and uplift the image of the buildings.

"Our order book for this calendar year is MYR15 million to date.
Initiatives in the past year have borne fruit, with shareholders,
investors and business partners increasingly confident of the
company's potential," Mr. Chan said.

Sun Daily notes that Asia Media's regularisation plan covers four
key initiatives: capital reduction, 20% private placement, rights
issue, and acquisition of LookHere, a company that specialises in
digital signature advertising on residential buildings.

"On the 20% private placement, we now have 311 million shares, so
we will be issuing another 62 million shares. On the rights issue
pending Bursa approval, for every four shares, we will issue each
shareholder three rights and one warrant. And we already have an
agreement in place to acquire 51% of LookHere, just awaiting
approval," Mr. Chan, as cited by Sun Daily, explained.

The LookHere acquisition represents an investment for the group to
enhance its competitiveness in the provision of digital out-of-home
(OOH) media. Upon completion of the Lookhere acquisition, the
enlarged group will be principally involved in a more comprehensive
range of digital OOH media products and Lookhere will form part and
parcel of the core business of Asia Media, which is expected to
provide future growth earnings and cashflow and an opportunity to
the group to restore its financial and operational viability.

For FY22, Asia Media returned to the black with a net profit of
MYR6.86 million from a net loss of MYR1.72 million a year ago
attributed to the shift of revenue from static advertisement to
digital and online marketing and advertising, Sun Daily discloses.

Asia Media Group Berhad is a digital out-of-home Transit TV
company. The Company is a media provider, offering infotainment and
targeted advertising through the use of digital electronic displays
installed in various outdoor premises. Asia media has LCD screens
installed in buses travelling in the market centric hubs of Klang
Valley and Johor Bahru.

The company slipped into PN17 status in October 2019 after its
shareholders' equity fell to less than 25% of its issued capital.
In August last year, its external auditor Messrs CAS Malaysia PLT
highlighted a material uncertainty related to a going concern in
its financial statements for the financial year ended March 31,
2021.




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

ACTION MAINTENANCE: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Action Maintenance 2020 Limited, Professional Corporate
Trustee Limited and Symonds Street Business Centre Limited, on Aug.
3, 2022, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Grant Bruce Reynolds
          Reynolds & Associates Ltd
          PO Box 259059
          Botany, Auckland 2163


FAVOR GROUP: Court to Hear Wind-Up Petition on Aug. 15
------------------------------------------------------
A petition to wind up the operations of Favor Group Limited will be
heard before the High Court at Christchurch on Aug. 15, 2022, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 15, 2022.

The Petitioner's solicitor is:

         Gabrielle McGillivray
         Inland Revenue
         Legal Services
         PO Box 1782
         Christchurch 8140


FP IGNITION 2011-1: Moody's Assigns (P)B3 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by NZGT (FP) Trustee Limited in its capacity as
trustee of the FP Ignition Trust 2011-1 - New Zealand in relation
to Series 2022-1.

Issuer: NZGT (FP) Trustee Limited in its capacity as trustee of the
FP Ignition Trust 2011-1 - New Zealand in relation to Series
2022-1

NZD154.125 million Class A Notes, Assigned (P)Aaa (sf);

NZD7.650 million Class B Notes, Assigned (P)Aa2 (sf);

NZD15.300 million Class C Notes, Assigned (P)A3 (sf);

NZD7.425 million Class D Notes, Assigned (P)Baa3 (sf);

NZD12.375 million Class E Notes, Assigned (P)Ba3 (sf);

NZD13.050 million Class F Notes, Assigned (P)B3 (sf);

The NZD15.075 million Originator Notes are not rated by Moody's.

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

Eclipx Group provide vehicle fleet leasing, fleet management,
salary packaging and novated leasing in the Australian and New
Zealand market. These services are provided to corporate, small and
medium-sized enterprises (SME), novated consumers in Australia, and
corporate and SME customers in New Zealand. Eclipx Group have been
operating for over 40 years.

The securitised portfolio comprises lease instalment cash flows and
residual value cash flows. The present value of the outstanding
lease receivables balance is approximately NZD225.0 million and the
nominal value of estimated RV cash flows amounts to around NZD147.4
million. Due to the right of the lessees to return the vehicle at
contract maturity in order to cover the final lease balance
outstanding under an operating lease, the notes are exposed to both
default and market or residual value risk of the related vehicles.

RATINGS RATIONALE

The provisional rating takes into account, amongst other factors,
(i) an evaluation of the underlying portfolio of leases obligors
(ii) an evaluation of the underlying RV exposure; (iii) back-up
maintenance and servicer solutions; (iv) the credit enhancement
provided by subordination; (v) the liquidity support available in
the transaction by way of principal to pay interest and the
liquidity facility provided by Westpac New Zealand Limited
(A1/P-1/Aa3(cr)/P-1(cr)).

The transaction benefits from credit strengths such as experience
of the originator, diversification of vehicle manufacturer and
lease term dates and strong historical performance of the lease
portfolio. However, Moody's notes that the transaction features
some credit weaknesses such as high lessee concentration and
residual value risk.

The Notes will be repaid on a sequential basis in the initial
stages, until the subordination percentage increases from the
initial 31.5% to 41.0% for the Class A Notes at which point Class A
to Class F notes will be repaid on a pro-rata basis and senior to
the Originator notes. When the outstanding balance of the pool
falls below 20% of the initial pool balance at closing the notes
will once again be repaid on a sequential basis. There are other
portfolio performance triggers which must be met for the notes to
be paid pro-rata.

MODELLING APPROACH

Moody's applies a two-stage approach to modelling transactions with
RV risk. In the first step, Moody's models the expected loss on the
notes due to defaults. In the second step, additional losses
resulting from RV risk are modelled based on the RV haircuts
applied at contract maturity.

For the assessment of lessee default risk Moody's has determined
the lessee default distribution of the portfolio using CDOROM,
which simulates lessee defaults based on asset correlations and
default probabilities assumptions. Moody's assumed a mean lessee
default rate of 3.96%. For cash flow modeling Moody's assumed a
recovery rate following lessee default of 45% . To account for RV
risk in the portfolio Moody's assumes a Aaa; Aa2; A3; Baa3; Ba3 and
B3 haircut of 40.5%; 32.0%; 26.1%; 21.6%; 15.3%; and 8% on RV cash
flows respectively.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
July 2022.

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

Factors that could lead to an upgrade or downgrade of the note
ratings include (1) an improvement or deterioration in the credit
quality and performance of the collateral pool, and (2) higher or
lower than expected recoveries on defaulted loans. The New Zealand
economy and the market for used vehicles are primary drivers of
performance.


LAMBERT'S LUSCIOUS: Creditors' Proofs of Debt Due on Sept. 6
------------------------------------------------------------
Creditors of Lambert's Luscious Limited are required to file their
proofs of debt by Sept. 6, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 26, 2022.

The company's liquidators are:

          Wendy Somerville
          Richard Nace
          10 Waterloo Quay
          PO Box 243
          Wellington 6140


TALENT CLEANING: Creditors' Proofs of Debt Due on Sept. 15
----------------------------------------------------------
Creditors of Talent Cleaning Services Limited are required to file
their proofs of debt by Sept. 15, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 4, 2022.

The company's liquidators are:

          Lynda Smart
          Geoff Brown
          Rodgers Reidy
          PO Box 39090
          Harewood, Christchurch 8545




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

AVATION PLC: S&P Upgrades Long-Term ICR to 'B-', Outlook Stable
---------------------------------------------------------------
On Aug. 4, 2022, S&P Global Ratings raised the long-term issuer
credit rating on Avation PLC to 'B-' from 'CCC'. At the same time,
S&P raised the issue rating on its unsecured note to 'CCC+' from
'CCC-', while maintaining its view of modest recovery prospects.

The stable outlook reflects S&P's expectations that Avation's
credit metrics will gradually recover over the next few years along
with passenger traffic, stronger demand for aircraft, and a
resumption of lease payments from clients in full.

Refinancing risks for Avation's maturing debt have diminished. The
company successfully extended the maturity date on its US$128.7
million aircraft warehouse loan facility by four years to Sept. 30,
2026, from August 2022. S&P views this development positively given
that the company's capital structure is now more staggered and
manageable with, annual debt maturities not exceeding US$70 million
over the next three years.

S&P said, "As such, we expect Avation's liquidity position to
improve, with liquidity sources sufficiently covering its uses over
the next 12 months. Based on our projections, the company will be
able to maintain positive free operating cash flow and we
anticipate that net proceeds from planned aircraft sales over the
next few months, which should amount to around US$50 million, will
further bolster the company's cash flow.

"We believe the company will also now be compliant with its
financial maintenance covenants, specifically on its tangible net
worth to net debt ratio, which it had breached in the past year."
This is to a large extent attributable to the company's higher
retained earnings and asset revaluation reserves, and to a smaller
extent, a reduction in net debt position.

Avation will benefit from an improving outlook in the aviation
industry. Easing of travel restrictions around the world will
accelerate the recovery in global passenger traffic, which stood at
close to 70% of pre-pandemic levels as of June 2022. According to
the International Air Transport Association, EBIT margins of
airlines in all regions are forecasted to improve in 2022 compared
to 2021. As such, this should enable Avation to recover its lease
arrears and, for some airline customers, have the original lease
rates reinstated.

S&P said, "As of May 31, 2022, Avation's cash collection increased
to 105%, compared to 70% in fiscal 2021 (ended June 30, 2021), and
we expect the company's credit losses to fall compared to fiscal
2021. Avation will progressively be clawing back rent arrears
totaling about US$26 million from Vietjet Air starting from January
2023 over a period of 24 months, while rent repayment from other
airlines will ensue on a case-by-case basis. Impairment on aircraft
should also decline since we expect most aircraft valuations to
have bottomed out and for there to be no further significant
deterioration, in the absence of more airline bankruptcies.

"We project Avation's EBIT to turn positive, exceeding US$50
million over the next two fiscal years, compared with the negative
US$62 million generated in fiscal 2021. This should improve the
company's EBIT interest coverage metric to close to 1x, compared
with negative 1.2x in fiscal 2021.

"While there are positive developments in the air travel sector,
headwinds stemming from high fuel costs, mounting inflationary
pressures, and geopolitical tensions will continue to weigh on
airlines' pace of recovery. We believe that aircraft lessors, like
Avation, are relatively more shielded by virtue of the fixed-rate
lease contracts locked in over a few years. In addition, we note
that close to 90% of the company's debt is pegged to fixed interest
rates, thereby reducing its impact to rising interest rates.

"A shrinking asset base and growing fleet age will, however, weaken
the company's business risk profile. In a bid to bolster its
liquidity position, Avation has executed a number of aircraft sales
over the past two years, downsizing by nearly 20% from a fleet of
close to 50 aircraft pre-pandemic. With the additional aircraft
sales in the pipeline, we anticipate that the company's fleet size
will diminish further to around 35 aircraft. Over the past two
years, the company had suspended new aircraft expenditure, with the
next delivery only resuming in early 2024. A smaller scale will
heighten each lessee's concentration and, therefore, Avation's
susceptibility to the credit quality of that airline. For instance,
we now estimate that Avation will have about 30% exposure to
Vietjet, and about 20% to Air Baltic, by net book value, while its
top-five lessees will contribute more than 70%. This is slightly
more concentrated than in fiscal 2019.

"Apart from a declining asset base, we note that the quality of
Avation's fleet has somewhat weakened, with a fleet age now
approaching six years, in the absence of new aircraft added to its
portfolio, compared to around 3.4 years in fiscal 2019. In
addition, the remaining lease term of its fleet has also reduced to
close to 5.7 years, compared with 7.5 years over the same period.
As such, we view the technical features of the company's fleet to
be less attractive than it was before.

"Compared to other aircraft lessors, we also view the credit
quality of Avation's airline customers as weaker and more
vulnerable to financial stress, hence heightening its business
risks. During the pandemic, we estimate that approximately 25% of
Avation's airline customers (measured by net book value) faced
severe financial difficulties. This estimate included exposure to
Virgin Australia, Philippine Airlines, Garuda Indonesia,
Braaathens, and Golden Myanmar, all of which underwent some kind of
insolvency procedure or debt restructuring.

"Our view of a downsizing strategy, while it could bolster the
company's liquidity position in the short term, if prolonged, will
not be sustainable and could gradually diminish the company's
long-term cash flow and earnings quality.

"Recovery prospects on Avation's unsecured note have modestly
improved. We raised our issue rating on Avation's outstanding
US$344 million unsecured note by two notches to 'CCC+' from 'CCC-'
in tandem with our raising of the issuer credit rating. Despite the
company's diminished fleet asset value as a result of a downsized
fleet, we estimate a modest improvement in recovery prospects to
over 20%, from about 14% previously. This is because the company
has gradually reduced the proportion of its secured debt by about
30%, lowering the subordination risk on its unsecured note.

"The stable outlook reflects our expectations that Avation's credit
metrics will recover modestly over the next few years along with
passenger traffic, stronger demand for aircraft, and resumption of
lease payments in full.

"We may lower the rating if Avation's liquidity position weakens,
or it generates persistently negative free operating cash flow. A
downgrade could also be triggered by a material breach of financial
covenants, or a bond repurchase below par that we regard as
distressed.

'We view an upgrade to be unlikely over the next 12 months. We
could ultimately raise the rating if the company's EBIT interest
coverage and ratio of funds from operations (FFO) to debt approach
1.3x and 9%, respectively. An upgrade would also require greater
visibility on Avation's airline customers' path to recovery and
that the company demonstrates its ability to grow its fleet
prudently."

ESG credit indicators: E-2, S-4, G-2


HARADA TEA: Creditors' Proofs of Debt Due on Sept. 5
----------------------------------------------------
Creditors of Harada Tea Sales Singapore Pte. Ltd. are required to
file their proofs of debt by Sept. 5, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 1, 2022.

The company's liquidator is:

          Mitani Masatoshi
          c/o 10 Anson Road
          #14-06 International Plaza
          Singapore 079903


KIKKI.K SINGAPORE: Creditors' Meetings Set for Aug. 16
------------------------------------------------------
KIKKI.K Singapore Pte. Ltd. will hold a meeting for its creditors
on Aug. 16, 2022, at 10:10 a.m., at 204B Telok Ayer Street, in
Singapore.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Company, showing the assets and liabilities of the
      Company, together with a list of creditors and the estimated

      amount of their claims.;

   b. to appoint Mr. Tam Chee Chong as the liquidator for the
      purpose of the winding up;

   c. to consider and if thought fit, appoint a Committee of
      Inspection ("COI") for the purpose of winding up the
      Company; and

   d. any other business

Mr. Tam Chee Chong was appointed provisional liquidator of the
company on July 28, 2022.


NAN CHIAU: Commences Wind-Up Proceedings
----------------------------------------
Members of Nan Chiau Maritime (Pte.) Ltd., on July 29, 2022, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Seshadri Rajagopalan
          Paresh Tribhovan Jotangia
          Ho May Kee  
          Grant Thornton Singapore
          c/o 8 Marina View
          #40-04/05 Asia
          Square Tower 1
          Singapore 018960


POETRYWALLS-SINGAPORE LIMITED: Commences Wind-Up Proceedings
------------------------------------------------------------
Members of Poetrywalls-Singapore Limited on Aug. 2, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Farooq Ahmad Mann of M/s Mann &
Associates PAC.


RSP BLOCKCHAIN: Creditors' Proofs of Debt Due on Sept. 5
--------------------------------------------------------
Creditors of RSP Blockchain Tech Fund Pte. Ltd. are required to
file their proofs of debt by Sept.5, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 1, 2022.

The company's liquidators are:

          Takuya Kikutake
          Mitani Masatoshi
          c/o Grand Tokyo South Tower 33F
          1-9-2 Marunouchi, Chiyoda-ku
          Tokyo, Japan




===============
T H A I L A N D
===============

BANGKOK BANK: Fitch Affirms 'BB+' Rating on Subordinated Debt
-------------------------------------------------------------
Fitch Ratings has affirmed Bangkok Bank Public Company Limited's
(BBL) Long-Term Issuer Default Rating (IDR) at 'BBB' and National
Long-Term Rating at 'AA+(tha)'. The Outlook is Stable. Fitch has
also affirmed the bank's Viability Rating (VR) and Government
Support Rating (GSR) at 'bbb'.

KEY RATING DRIVERS

Driven by VR and Support: BBL's Long-Term IDR and National Ratings
are underpinned by the bank's standalone credit profile, indicated
by its VR, and Fitch's expectation of support from the Thai
government, denoted by its GSR. BBL's Short-Term IDR is at the
higher option of 'F2' as the likelihood of government support is
more certain in the near term. The National Ratings also take into
account the bank's credit profile relative to that of other
entities rated on the Thai national scale.

Recovery from Pandemic: The operating environment (OE) is gradually
improving, which would support bank performance, with Fitch
expecting Thai GDP growth of 3.2% in 2022 and 4.5% in 2023. The OE
score is unchanged at 'bbb' with a stable outlook, higher than the
'bb' category implied score, as Fitch applies a positive adjustment
based on the Thai sovereign rating of 'BBB+'/Stable. The sovereign
has the ability and willingness to support business activity and
market stability, evident from its measures during the Covid-19
pandemic.

Leading Franchise in Corporate Banking: BBL's VR reflects its
strong presence as one of the largest banks in Thailand. BBL's
strength is in its long-standing relationships with large corporate
clients and its capacity to make big-ticket loans. BBL has the
largest overseas presence among Thai banks, with branches in 14
markets and expertise in providing cross-border banking services.
The bank also has a robust domestic deposit franchise, which is
supported by its extensive network and strong brand recognition.

Sound Risk Buffer: BBL's impaired-loan ratio remains weighed down
by the pandemic's impact. Fitch expects the ratio to remain
slightly above 4% and to peak in 2022. However, the bank retains
strong reserve buffers with a loan-loss allowance coverage of 221%
in 1Q22 (sector average: 161%), which should help mitigate some
downside risks to asset quality.

This has led us to score its asset quality at 'bbb-', above its
implied 'bb' category score. The revision in the asset quality
outlook to stable from negative reflects our view that the risks of
a decline in asset quality have diminished and the score is
unlikely to be reduced over the next two-three years in our
baseline scenario of gradual economic improvement.

Gradual Profit Recovery: Fitch has revised the outlook for BBL's
profitability score to stable from negative while maintaining it at
'bbb-' to reflect our belief performance bottomed in 2020 on net
interest margin improvements and reduced credit costs. We expect
operating profit/risk-weighted assets (RWAs) to normalise to
pre-pandemic levels and exceed 1.5% (2021: 1.1%) over the next few
years, supported by loan growth. The score is therefore above the
'bb' category implied for earnings and profitability.


Rebuilding Capital Buffers: Fitch's expects BBL to maintain sound
core capital compared with its Thai large bank peers over the
medium term. The Permata Bank acquisition in 2020 eroded BBL's
common equity Tier 1 (CET1) ratio by nearly 3pp to 14%. Fitch
expects BBL to gradually rebuild its core capitalisation, although
the pandemic led to weaker profit accumulation over the past two
years. Fitch expects the CET1 ratio to gradually improve over the
next one-two years from the 15.2% in March 2022.

Consistently Strong Liquidity Profile: Fitch regards BBL's funding
and liquidity profile as strong compared with that of other Thai
domestic systemically important banks (D-SIBs). BBL's
loan-to-deposit ratio of 81% at end-March 2022 remained better than
the sector average of 93%. The bank's liquidity coverage ratio was
also strong at 270% at end-2021 (sector average: 192%). The bank's
robust funding and liquidity profile is supported by its strong
deposit franchise in Thailand, which Fitch believes is entrenched
and sustainable.

Clear Systemic Importance: BBL's GSR reflects Fitch's perception of
the bank's systemic importance to the domestic financial system,
which leads to the government's high support propensity. BBL has a
long history as one of Thailand's largest and well-established
banks, with a strong domestic franchise and substantial
international operations. The bank is designated as one of the
country's six D-SIBs by the Bank of Thailand, reflecting its scale
and financial system linkages. The GSR also considers the
government's ability to support banks, indicated by the sovereign
rating.

RATING SENSITIVITIES

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

IDR AND NATIONAL RATINGS

Negative rating action on both BBL's GSR and VR would lead to
similar action on the bank's Long-Term IDR, National Long-Term
Rating and senior debt rating. BBL's National Rating could also be
downgraded if, in Fitch's opinion, its credit profile weakens on a
relative basis in the national-rating universe of rated entities in
Thailand.

The bank's Short-Term IDR would be downgraded if its Long-Term IDR
were to be downgraded to 'BBB-'.

VR

The VR could be downgraded to 'bbb-' if BBL's financial position
deteriorates more than we expect, which may be reflected in a
downward revision of multiple rating factors. This may, for
example, arise from a much weaker economic recovery due to global
economic conditions, which could lead to expectations of sustained
weaker financial performance and a reassessment of its business
profile. These stresses may be indicated by an impaired-loan ratio
of above 6% for a sustained period (1Q22: 3.9%), combined with
weaker loss absorption buffers, such as a CET1 ratio of below 13%
and a loan-loss coverage ratio of less than 120%, and/or not
sustaining an operating profit/RWA ratio above 1.5%.

GSR

There could be negative action on the GSR if the government ability
to provide support declines, which could be evident from a
downgrade of Thailand's Long-Term Foreign-Currency IDR.

There may also be negative rating action if Fitch believes that the
government propensity to provide support to BBL is diminished, for
example, through a large decline in the bank's systemic importance
or significant regulatory changes. However, we believe it is
unlikely government propensity to support BBL over the medium term
will weaken.

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

IDR AND NATIONAL RATINGS

There could be positive rating action on BBL's IDRs, National
Ratings and senior debt ratings following similar changes in its
GSR or VR. The National Ratings of BBL would also take into account
the relative creditworthiness of peers rated on the national
scale.

VR

BBL's VR could be upgraded to 'bbb+' if key metrics improve
sustainably, with a business profile that leads to financial
performance that is consistently better than the sector's without
any meaningful increase in risk appetite. This would be aided by a
stronger OE and may be evident from key financial ratios such as an
operating profit/RWA ratio above 2.5% (1Q22: 1.3%) and a four-year
average impaired-loan ratio of less than 3%, combined with the
maintenance of key buffers, such as a CET1 ratio above 16%.
Nonetheless, near-term upside appears limited given the still
challenging environment.

GSR

An upgrade of the GSR may be triggered by a similar action on
Thailand's Long-Term Foreign-Currency IDR as this would indicate
the government's higher ability to support systemically important
banks such as BBL. Any upward revision of the GSR would also need
to consider whether the government's propensity to support its
banks remains intact.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

BBL's senior debt is rated at the same level as the bank's
Long-Term IDR, as it represents the bank's unsubordinated and
unsecured obligations.

BBL's Tier 2 subordinated notes are rated two notches below the
anchor rating, the VR, to reflect loss severity risk compared with
senior instruments. There is no additional notching for
non-performance risk due to the absence of going-concern
loss-absorption features. The notching is in line with Fitch's
baseline approach in the criteria to rating similar subordinated
debt instruments.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

- BBL's senior debt would be downgraded if there is negative
   rating action on the anchor rating, the Long-Term IDR.

- Any negative rating action on the bank's VR would have a
   similar impact on the bank's subordinated notes.

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

- An upgrade of the Long-Term IDR would lead to similar rating
   action on the bank's senior debt ratings.

- BBL's subordinated debt instruments would be upgraded if the
   VR is upgraded.

VR ADJUSTMENTS

The operating environment score of 'bbb' has been assigned above
the 'bb' category implied score due to the following adjustment
reason: sovereign rating (positive).

The asset quality score of 'bbb-' has been assigned above the 'bb'
category implied score due to the following adjustment reason:
collateral and reserves (positive).

The earnings and profitability score of 'bbb-' has been assigned
above the 'bb' category implied score due to the following
adjustment reason: historical and future metrics (positive).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BBL's GSR is linked to the Thai sovereign's Long-Term
Foreign-Currency IDR.


ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

Bangkok Bank Public
Company Limited

                   LT IDR        BBB      Affirmed  BBB

                   ST IDR        F2       Affirmed  F2

                   Natl LT       AA+(tha) Affirmed  AA+(tha)

                   Natl ST       F1+(tha) Affirmed  F1+(tha)

                   Viability     bbb      Affirmed  bbb

                   Gov't Support bbb      Affirmed  bbb

senior unsecured  LT            BBB      Affirmed  BBB

subordinated      LT            BB+      Affirmed  BB+



KASIKORNBANK PLC: Fitch Affirms BB+ Rating on Subordinated Debt
---------------------------------------------------------------
Fitch Affirms KASIKORNBANK at 'BBB' and 'AA+(tha)'; Outlook Stable
Wed 27 Jul, 2022 - 5:42 AM ET

Fitch Ratings - Singapore - 27 Jul 2022:
Ftcr - thailand


Fitch Ratings has affirmed KASIKORNBANK Public Company Limited's
(KBank) Long-Term Issuer Default Rating (IDR) at 'BBB' and National
Long-Term Rating at 'AA+(tha)'. The Outlook is Stable. Fitch has
also affirmed the bank's Viability Rating (VR) at 'bbb' and its
Government Support Rating (GSR) at 'bbb'.

KEY RATING DRIVERS

VR and Support Drives IDR: KBank's Long-Term IDRs and National
Ratings are underpinned by the bank's standalone credit profile, as
indicated by its VR, and Fitch's expectation of support from the
Thai government, as denoted by the GSR. KBank's Short-Term IDR is
at the higher option of 'F2', to reflect that the likelihood of
government support is more certain in the near term. The National
Ratings also take into account a comparison of the bank's credit
profile relative to other entities rated on the Thai national
scale.

Environment Recovering from Pandemic: The operating environment
(OE) is gradually improving, which will support banks' performance,
with Fitch expecting GDP growth of 3.2% in 2022 and 4.5% in 2023.
The OE score is unchanged at 'bbb' with a stable outlook, above the
implied score in the 'bb' category as Fitch applies a positive
adjustment based on the Thai sovereign rating of 'BBB+' with Stable
Outlook. The sovereign has the ability and willingness to support
business activity and market stability, as evident from its
measures during the pandemic.

Strong Domestic Franchise: KBank's VR reflects its status as one of
Thailand's largest banks, with a strong deposit market share. While
it has a diverse client base, KBank has particular expertise in the
SME segment. The bank has a strong transactional banking platform,
including popular mobile applications that support its competitive
strengths in SME and retail banking and enhance cross-selling
opportunities.

Risk Profile Reflects Exposures: Fitch has revised KBank's risk
profile score to 'bbb-'/stable from 'bbb'/negative as we have
re-assessed the bank's risk appetite relative to domestic peers and
in response to medium-term challenges. The bank has experienced
relatively high loan growth despite the challenging environment,
and we believe it will continue to be opportunistic in seeking
growth. Furthermore, the bank's exposures to higher-risk client
segments could lead to more variability in risks compared with
other large commercial peers.

Stabilising Impaired Loans: The bank's implied score for asset
quality is in the 'bb' category, but the assigned score is 'bbb-'
as Fitch applies a positive adjustment for Kbank's collateral and
reserves. Fitch sees that the downside risks are mitigated by high
collateral coverage for its SME portfolio, and the bank's
acceptable loan-loss allowance buffer (137% at end-March 2022) and
sound earnings capacity. Fitch revised the outlook for the
asset-quality score to stable from negative as we see near-term
pressures easing slightly, and Fitch expects key asset-quality
metrics to be stable over the next one to two years.

Gradual Earnings Recovery: Fitch expects KBank's profitability to
gradually recover, driven by lower credit costs, increased interest
income from loan expansion, low funding costs and continued cost
control. KBank's loan-impairment charge is likely to decline from
the peak of 48% in 2020 due to past pre-emptive provisioning.
KBank's earnings, such as in terms of operating
profit/risk-weighted assets (latest four-year average: 2.2%), are
consistently better than the sector average, and Fitch expects this
to continue, although this partly reflects the bank's risk
appetite.

Satisfactory Capital Management: Fitch expects KBank to maintain a
steady common equity Tier 1 (CET1) ratio in the range of 15%-17%
over the next three years in line with its 'bbb+' score. Fitch
expects the bank's plan to increase its stake in PT Bank Maspion
Indonesia Tbk (Maspion) to have a minimal impact on capital given
the small deal size. Meanwhile, KBank's sound earnings capability
would support the bank's internal capital generation over the next
several years.

Stable Funding and Liquidity: KBank's funding profile is supported
by its sound transactional banking franchise, particularly for
retail and SME clients. The bank has a favourable deposit mix with
lower-cost current and saving accounts (CASA) comprising 82% of
total customer deposits, which leads to a stable funding profile.
The bank's loan/customer deposit ratio remained stable at 94% at
end-March 2022, which is in line with the sector average of 93%.

Clear Systemic Importance: KBank's GSR is driven by its high
importance to the Thai financial system, which leads to the
government's high propensity to extend support to the bank. Kbank
is designated as one of the country's six domestic systemically
important banks by the Bank of Thailand, reflecting its significant
scale and financial system linkages. The GSR also takes into
account the Thai government's ability to support banks, which is
indicated by the sovereign Long-Term IDR, and Fitch's view that the
sovereign's financial flexibility relative to the rating level
remains high.

RATING SENSITIVITIES

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

IDRS AND NATIONAL RATINGS

Negative action on both KBank's GSR and VR would lead to similar
action on the bank's Long-Term IDR, National Long-Term Rating and
senior debt rating. KBank's National Long-Term Rating could also be
downgraded to 'AA(tha)' if, in Fitch's opinion, its credit profile
weakens relative to entities rated on the Thai national rating
scale.

The bank's Short-Term IDR would be downgraded if its Long-Term IDR
was downgraded to 'BBB-'.

VIABILITY RATING

The VR could be downgraded to 'bbb-' if KBank's financial position
deteriorates more than we expect. This may, for example, arise from
heightening macroeconomic risks and a stalled economic recovery
resulting from global economic headwinds, which could indicate that
the bank's risk appetite and/or business profile is weaker than we
currently assess. For example, such stresses may be indicated by an
impaired loans ratio of above 6% for a sustained period (1Q22:
4.4%), combined with weaker loss absorption buffers, such as a CET1
ratio of below 13% (1Q22: 15.3%) and a loan-loss coverage ratio of
below 120%, and/or not sustaining an operating profit/risk-weighted
asset ratio above 1.5% (1Q22: 2.1%).

GOVERNMENT SUPPORT RATING

There could be negative action on the GSR if the government's
ability to provide support declines, which could be evident in a
downgrade of Thailand's Long-Term Foreign-Currency IDR. A reduction
in the government's propensity to support KBank may also lead to
negative rating action. This may, for example, be seen through a
large decline in the bank's market share or significant regulatory
changes. However, Fitch believes there are limited prospects of a
weaker government propensity to support KBank over the medium
term.

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

IDRS AND NATIONAL RATINGS

There could be positive rating action on KBank's IDRs, National
Ratings and senior debt ratings following similar changes in either
its GSR or VR. The National Ratings on KBank would also take into
account the relative creditworthiness of peers rated on the
national scale.

VIABILITY RATING:

KBank's VR could be upgraded to 'bbb+' if key metrics improved for
a sustained period, with a business profile that leads to financial
performance that is consistently better than the sector's without
any meaningful increase in risk appetite. This would likely be
aided by a significantly stronger operating environment, and may be
evident in key financial ratios, such as an operating
profit/risk-weighted asset ratio above 2.5% and the four-year
average impaired-loan ratio being less than 3%, combined with the
maintenance of key buffers, such as a CET1 ratio of above 16%.
Nonetheless, near-term upside appears limited given the operating
environment remains challenging.

GOVERNMENT SUPPORT RATING

An upgrade of the GSR may be triggered by a similar action on
Thailand's Long-Term Foreign-Currency IDR as this would indicate
the government's higher ability to support systemically important
banks such as KBank. Any upward revision of the GSR would also need
to consider whether the government's propensity to support banks
remains intact.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

KBank's senior debt is are rated at the same level as the bank's
Long-Term IDR, as they represent the bank's unsubordinated and
unsecured obligations.

KBank's Basel III Tier 2 subordinated notes are rated two notches
below the anchor rating, the VR, to reflect loss severity risk.
There is no additional notching for non-performance risk due to the
absence of going-concern loss-absorption features. The notching is
in line with Fitch's approach in the criteria to rating similar
subordinated debt instruments.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

KBank's senior debt would be downgraded if there was negative
rating action on the anchor rating, the Long-Term IDR.

Any negative rating action on the bank's VR would have a similar
impact on the bank's subordinated notes.

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

An upgrade of the Long-Term IDR would lead to similar rating action
on the bank's senior debt ratings.

KBank's subordinated debt instruments would be upgraded if the
Viability Rating is upgraded.

VR ADJUSTMENTS

The operating environment score of 'bbb' has been assigned above
the 'bb' category implied score due to the following adjustment
reason: sovereign rating (positive).

The asset quality score of 'bbb-' has been assigned above the 'bb'
category implied score due to the following adjustment reason:
collateral and reserves (positive).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

KBANK's GSR is linked to Thailand's Long-Term Foreign-Currency
IDR.

                                Rating              Prior
                                ------              -----
KASIKORNBANK
Public Company Limited

                   LT IDR         BBB      Affirmed  BBB

                   ST IDR         F2       Affirmed  F2

                   Natl LT        AA+(tha) Affirmed  AA+(tha)

                   Natl ST        F1+(tha) Affirmed  F1+(tha)

                   Viability      bbb      Affirmed  bbb

                   Gov't. Support bbb      Affirmed  bbb

senior unsecured  LT             BBB      Affirmed  BBB

subordinated      LT             BB+      Affirmed  BB+




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

MB SHINSEI FINANCE: Fitch Assigns 'B' IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned MB Shinsei Finance Limited Liability
Company (Mcredit) a first-time Long-Term Issuer Default Rating
(IDR) of 'B'. The Outlook is Stable. Fitch has also assigned
Mcredit a Shareholder Support Rating (SSR) of 'b' and Short-Term
IDR of 'B'.

MCredit, established in 2016, is a consumer finance subsidiary of
Military Commercial Joint Stock Bank (MB, B+/Stable), a mid-sized
bank in Vietnam. Mcredit is the third-largest consumer financier in
the country following high growth in recent years, aided by the
support of MB and another significant shareholder, Shinsei Bank,
Limited (Shinsei). MB and Shinsei owned 50% and 49%, respectively,
of Mcredit at end-2021.

KEY RATING DRIVERS

Support-Driven Rating: Mcredit's IDRs and SSR are one notch below
MB's Long-Term IDR because we regard Mcredit as a strategically
important subsidiary of MB. Fitch believes that MB has a
significant propensity to support Mcredit in times of need, based
on Mcredit's complementary role in MB's broader retail banking
strategy and MB's record of providing equity and other funding
support to Mcredit. The rating also takes into consideration the
reputational risks to MB if Mcredit were to default, and Fitch's
expectation that any required support would be manageable for MB.

Strong Synergies, Support Record: Fitch said, "We regard Mcredit as
an important part of MB as it complements the bank's overall
consumer franchise in Vietnam. The consumer financier provides
coverage to lower-income individuals who may eventually become MB's
lending customers as their incomes rise. Mcredit's strategic value
is also demonstrated by MB's record of providing the financing
subsidiary with sizeable non-equity funding. This was about 9% of
MB's equity at end-2021 (34% of Mcredit's total debt)."

High Reputational Risk: Mcredit's management and operations are
closely integrated with those of MB through representation in top
management, including the CEO and four of the six deputy CEOs, and
operational support such as sharing MB's infrastructure, technology
and customer base in the marketing and distribution of Mcredit
products. Fitch believes that MB has significant influence over
Mcredit's governance and operations, and a default by Mcredit would
entail high reputational costs for MB.

Ability to Support: Fitch believes that MB has sufficient ability
to support Mcredit, if needed. Mcredit's assets and equity account
for around 3% MB's assets and equity. Fitch does not expect this
proportion to rise beyond 10% in the next few years. Fitch's stress
test indicates that MB would be able to recapitalise Mcredit in the
event of an asset-quality stress scenario without MB falling below
its minimum regulatory capital requirements - although the capital
buffer would narrow in such a situation.

Additional Resources from Shinsei: Mcredit also benefits from
technical expertise and financial resources from Shinsei, which is
larger and financially stronger than MB, in Fitch's view. Shinsei
secondees comprise half of Mcredit's board and some of its senior
management. Shinsei's funding line to Mcredit is roughly on a par
with funding from MB, and financial assistance from Shinsei is
possible, if needed.

Closer Ties with MB: Fitch does not any incorporate additional
uplift from support from Shinsei in Mcredit's ratings, as Fitch
believes the finance company is more closely integrated and
synergistic with MB. MB is also the more dominant shareholder with
a stronger influence over Mcredit's operations and strategy.

Top-Three Consumer Financier: Mcredit's standalone credit profile
does not directly drive its ratings, but Fitch assesses it as
weaker than MB's, given Mcredit's niche business model, higher-risk
loan portfolio and growth appetite, and narrower funding base with
no access to more-stable retail deposits. These are largely
characteristics of Mcredit's business model as a consumer finance
specialist in Vietnam.

Fitch also deems leverage to be high relative to the asset quality
and earnings profile, which can be volatile due to the nature of
Mcredit's consumer loans. Mitigating factors are Mcredit's decent
franchise as one of Vietnam's top three consumer financiers by
assets and its access to low-cost and stable shareholder funds.

Improving Underwriting Standards: Mcredit's improved risk
management and more balanced product strategy since 2020 should
continue to support asset quality in the near term. Its
non-performing loan ratio eased to 6.2% in 2021 (2020: 6.4%), and
the credit cost ratio, which tends to be higher, also fell to 13%
(2020: 18%). Still, Mcredit's asset quality is likely to remain
volatile, given its less-resilient clientele and the fact that cash
loans, which generally have higher default risk, should remain a
significant share of total outstanding loans in the near term.

Improving Profit to Ease Leverage: Mcredit's pretax profit improved
to 3.8% of average assets in 2021 (2020: 2.8%). We forecast that
profit should improve further on higher non-interest income,
modestly lower credit provisions and a more gradual decline in net
interest margins. Continued funding support from shareholders
should help moderate upward pressure on cost of funds.

This, coupled with limited dividend payments in the near term,
should help to temper leverage despite high loan growth targets.
The debt/tangible equity ratio had risen to a high 8.9x by end-2021
(end-2018: 5.2x), although this partly reflects the management's
comfort with the stable funding base.

RATING SENSITIVITIES

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

Mcredit's Long-Term IDR is sensitive to Fitch's assessment of the
ability and propensity of MB to provide extraordinary support to
Mcredit, if needed. Any negative action on MB's Long-Term IDR will
translate into negative rating pressure.

A decline in MB's propensity to support Mcredit could also lead to
negative rating action. This could arise from reduced management
and operational integration, most likely in combination with weaker
non-equity funding support to Mcredit, or a reduction in Mcredit's
strategic value to MB. Any ownership dilution to below 50% would
also lead to negative rating action, and may result in Mcredit's
rating being based solely on its standalone strength rather than
any expectation of shareholder support.

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

Mcredit's Long-Term IDR could be upgraded if there is an upgrade of
MB's Long-Term IDR or if the company becomes a more meaningful
contributor to MB's operations and strategy. This may be evident
through increased referrals between the entities or a greater
profit contribution by Mcredit. A longer record of sustainable
operations by Mcredit combined with an increase in MB's influence
and control relative to Shinsei could also lead to positive rating
action. This is assuming other factors underpinning shareholder
support remain intact at the time.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Mcredit's Long-Term IDR is linked to MB's Viability Rating-driven
Long-Term IDR.

ESG CONSIDERATIONS

Mcredit has ESG Relevance Scores of '4' for Governance Structure
and Financial Transparency. This in line with the respective scores
for MB and reflects the group's evolving corporate governance
framework and more limited financial disclosure compared with
higher-rated jurisdictions. Mcredit's financial statements comply
with Vietnamese Accounting Standards, which may differ from
International Financial Reporting Standards in areas such as
impairment provisioning. These features are common across many
financial institutions in Vietnam and have a negative impact on the
ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only minimal credit impact on the entities,
either due to their nature or to the way in which they are being
managed by the entities.

MB Shinsei Finance
Limited Liability Company
                         LT IDR              B  New Rating
                         ST IDR              B  New Rating
                         Shareholder Support b  New Rating



                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

Copyright 2022.  All rights reserved.  ISSN: 1520-9482.

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