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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, September 12, 2022, Vol. 25, No. 176

                           Headlines



A U S T R A L I A

CENTRAL HOTEL: Second Creditors' Meeting Set for Sept. 15
CRIMSON BOND 2022-1P: S&P Assigns B(sf) Rating on Class F Notes
DIGITAL ASSET: First Creditors' Meeting Set for Sept. 15
GRAZE & TIPPLE: Second Creditors' Meeting Set for Sept. 15
ISLAND ESCAPE: First Creditors' Meeting Set for Sept. 19

LA TROBE 2021-1: Moody's Upgrades Rating on Class F Notes to Ba1
PEPPER PRIME 2022-2: S&P Assigns B+(sf) Rating on Class F Notes
THINK TANK 2022-2: S&P Assigns B(sf) Rating on Class F Notes
TOTAL MOVING: First Creditors' Meeting Set for Sept. 16


C H I N A

CHINA EVERGRANDE: Lenders Appoint Receiver to Seize Headquarters
CIFI HOLDINGS: S&P Lowers ICR to 'BB-', Outlook Negative
CONCORD NEW ENERGY: Fitch Affirms 'BB- Foreign Currency IDR
HENAN ZHONGYUAN: Moody's Alters Outlook on 'Ba2' CFR to Negative


I N D I A

DUTTA AGRO: CRISIL Hikes Rating on INR5.25cr LT Loan to B-
GAUTAMI CHEMICALS: CRISIL Keeps D Debt Rating in Not Cooperating
HORIZON LEISURE: CRISIL Keeps D Debt Rating in Not Cooperating
INDIA MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating
KRITIKA LIQUORS: CRISIL Assigns B+ Rating to INR8.6cr Term Loan

LAKSHMAN AND CO: CRISIL Reaffirms B Rating on INR3cr Loan
LAKSHMI CHANNAKESAVA: CRISIL Assigns B+ Rating to INR8.35cr Loan
LIDO LEARNING: Edtech Startup Files for Bankruptcy
MANRAASH PROCESSORS: CRISIL Keeps D Ratings in Not Cooperating
MATRIX BOILERS: CRISIL Keeps D Debt Ratings in Not Cooperating

MISTRY CONSTRUCTION: CRISIL Withdraws D Rating on INR34cr Loan
PANCARD CLUBS: Court Admits Firm to Insolvency Resolution Process
RCM INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
REVIVE CONSTRUCTION: CRISIL Moves B+ Rating from Not Cooperating
RY MIDAS: CRISIL Keeps D Debt Ratings in Not Cooperating

SIMOLA TILES: CRISIL Lowers Rating on Long/Short Term Loan to D
SITARAM GANESHMALL: CRISIL Assigns B+ Rating to INR5cr LT Loan
SUDHEER INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
VEGGIECRAFT FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
WALFS INFRA: CRISIL Lowers Rating on INR120cr Term Loan to D



M A L A Y S I A

[*] MALAYSIA: SMEs Need Moratorium to Recover Post-Pandemic


N E W   Z E A L A N D

GENETIC DEVELOPMENT: Creditors' Proofs of Debt Due on Oct. 14
PILGRIM PRACTICES: Creditors' Proofs of Debt Due on Oct. 14
R & R REFRIGERATION: Court to Hear Wind-Up Petition on Sept. 26
WESTSIDE 2000: Court to Hear Wind-Up Petition on Sept. 23
WILD FISH: Grant Bruce Reynolds Appointed as Liquidator



S I N G A P O R E

JARDINE INTERNATIONAL: Creditors' Proofs of Debt Due on Oct. 10
KOP GROUP: Auditor Flags Ability to Continue as Going Concern
LEONG HIN: Court to Hear Wind-Up Petition on Sept. 16
LUBE-WAY TRADING: Creditors' Proofs of Debt Due on Oct. 10
ROYAL GOALSON: Court to Hear Wind-Up Petition on Sept. 23



S R I   L A N K A

SRI LANKA INSURANCE: Fitch Keeps 'CC' IFS Rating on Watch Neg.


V I E T N A M

MONG DUONG: Moody's Ups Rating on USD Sr. Secured Notes to Ba2
VIETNAM ELECTRICITY: Fitch Affirms 'BB' Foreign Currency IDR
VIETNAM TECHNOLOGICAL: Moody's Ups Deposit & Issuer Ratings to Ba2
[*] Moody's Takes Actions on 12 Vietnamese Banks

                           - - - - -


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

CENTRAL HOTEL: Second Creditors' Meeting Set for Sept. 15
---------------------------------------------------------
A second meeting of creditors in the proceedings of Central Hotel
Holdings Pty. Ltd. has been set for Sept. 15, 2022, at 11:00 a.m.
via teleconference at Level 16, 167 Eagle Street in Brisbane.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 14, 2022, at 12:00 p.m.


Jarvis Lee Archer of Revive Financial was appointed as
administrator of the company on Aug. 11, 2022.


CRIMSON BOND 2022-1P: S&P Assigns B(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee of Crimson Bond Trust 2022-1P.
Crimson Bond Trust 2022-1P is a securitization of prime residential
mortgage loans originated by BC Securities Pty Ltd. (BCS).

The ratings assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio, which
comprises residential mortgage loans to residents and nonresidents
of Australia and to self-managed superannuation fund borrowers, and
the credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination, excess spread, if any, and a loss reserve funded by
the trapping of excess spread, subject to conditions. S&P's
assessment of credit risk considers BCS's underwriting standards
and approval process as well as its servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the loss reserve, the
principal draw function, the liquidity reserve, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. as the
bank account provider.

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

"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes."

  Ratings Assigned

  Crimson Bond Trust 2022-1P

  Class A1-MM, A$125.00 million: AAA (sf)
  Class A1-AU, A$181.00 million: AAA (sf)
  Class A2, A$20.40 million: AAA (sf)
  Class B, A$20.30 million: AA (sf)
  Class C, A$20.90 million: A (sf)
  Class D, A$17.30 million: BBB (sf)
  Class E, A$11.10 million: BB (sf)
  Class F, A$7.10 million: B (sf)
  Class G, A$4.90 million: Not rated


DIGITAL ASSET: First Creditors' Meeting Set for Sept. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Digital
Asset Cube Pty Ltd and  Digital Asset Cube Trading Pty Ltd will be
held on Sept. 15, 2022, at 10:00 a.m. via virtual meeting
technology.

Andrew Blundell and Simon Cathro of Cathro and Partners were
appointed as administrators of the company on Sept. 5, 2022.


GRAZE & TIPPLE: Second Creditors' Meeting Set for Sept. 15
----------------------------------------------------------
A second meeting of creditors in the proceedings of Graze & Tipple
Pty Ltd has been set for Sept. 15, 2022, at 10:00 a.m. via virtual
meeting technology.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 14, 2022, at 4:00 p.m.

Shaun William Boyle of BRI Ferrier was appointed as administrator
of the company on Aug. 11, 2022.


ISLAND ESCAPE: First Creditors' Meeting Set for Sept. 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Island
Escape Cruises (Australia) Pty Limited will be held on Sept. 19,
2022, at 10:00 a.m. via teleconference.

Mathieu Tribut of GTS Advisory was appointed as administrator of
the company on Sept. 7, 2022.


LA TROBE 2021-1: Moody's Upgrades Rating on Class F Notes to Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes from La Trobe Financial Capital Markets Trust 2021-1.

The affected ratings are as follows:

Issuer: La Trobe Financial Capital Markets Trust 2021-1

Class B Notes, Upgraded to Aaa (sf); previously on Feb 1, 2022
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Feb 1, 2022
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1(sf); previously on Feb 1, 2022
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on May 18, 2021
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on May 18, 2021
Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
available for the affected notes, and (2) the collateral
performance to date, with a low level of loans in arrears and no
losses.

Following the August 2022 payment date, credit enhancement
available for the Class B, Class C and Class D Notes has increased
to 7.1%, 5.5% and 2.5% respectively, from 5.4%, 4.3% and 2.0%,
since the last rating action for these notes in February 2022.
Credit enhancement available for the Class E and Class F Notes has
increased to 0.8% and 0.6% respectively, from 0.5% and 0.3%, at
closing in May 2021.

As of July 2022, 1.6% of the outstanding pool was 30-plus day
delinquent and 0.7% was 90-plus day delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has revised its expected loss assumption to 1.5% of the
outstanding pool balance (equivalent to 0.8% of the original pool),
compared to 1.6% (equivalent to 1.1% of the original pool) in
February 2022.

Moody's has reduced its MILAN CE assumption to 8.6% from 10.1% in
February 2022, based on the current portfolio characteristics.

The transaction is an Australian RMBS secured by a portfolio of
residential mortgage loans, originated and serviced by La Trobe
Financial Services Pty Limited. A portion of the portfolio consists
of loans extended to borrowers with impaired credit histories or
made on a limited documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

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

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

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

PEPPER PRIME 2022-2: S&P Assigns B+(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Pepper Prime 2022-2 Trust. Pepper
Prime 2022-2 Trust is a securitization of prime residential
mortgages originated by Pepper Homeloans Pty Ltd. (Pepper).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk considers the underwriting standards and
centralized approval process of the seller, Pepper.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.5% of the invested amount of all notes, subject
to a floor, principal draws, and an excess spread reserve that
builds from excess spread, are sufficient under its stress
assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded by
Pepper Money Ltd. on or before closing, available to meet
extraordinary expenses. The reserve will be topped up via excess
spread if drawn.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.

  Ratings Assigned

  Pepper Prime 2022-2 Trust

  Class A1, A$1,062.5 million: AAA (sf)
  Class A2, A$118.75 million: AAA (sf)
  Class B, A$20.0 million: AA (sf)
  Class C, A$17.5 million: A (sf)
  Class D, A$12.5 million: BBB+ (sf)
  Class E, A$7.5 million: BB+ (sf)
  Class F, A$6.25 million: B+ (sf)
  Class G, A$5.0 million: Not rated


THINK TANK 2022-2: S&P Assigns B(sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of residential mortgage-backed, floating rate, pass-through
notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think
Tank Residential Series 2022-2 Trust.

Think Tank Residential Series 2022-2 Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for each class of rated note.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, and the principal draw
function.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Think Tank, available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.

-- The counterparty exposure to Commonwealth Bank of Australia as
bank account provider and National Australia Bank Ltd. as liquidity
facility provider. The transaction documents for the bank account
and liquidity facility include downgrade language consistent with
S&P's counterparty criteria.

  Ratings Assigned

  Think Tank Residential Series 2022-2 Trust

  Class A1-S, A$100.00 million: AAA (sf)
  Class A1-L, A$300.00 million: AAA (sf)
  Class A2, A$60.00 million: AAA (sf)
  Class B, A$12.50 million: AA (sf)
  Class C, A$11.00 million: A (sf)
  Class D, A$7.00 million: BBB (sf)
  Class E, A$4.50 million: BB (sf)
  Class F, A$2.50 million: B (sf)
  Class G, A$2.50 million: Not rated


TOTAL MOVING: First Creditors' Meeting Set for Sept. 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Total Moving
Solutions Pty Ltd will be held on Sept. 16, 2022, at 10:30 a.m. at
the offices of McLeod & Partners at Level 9, 300 Adelaide Street in
Brisbane.

Bill Karageozis of McLeod & Partners was appointed as administrator
of the company on Sept. 6, 2022.




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C H I N A
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CHINA EVERGRANDE: Lenders Appoint Receiver to Seize Headquarters
----------------------------------------------------------------
Reuters reports that lenders of struggling Chinese developer
Evergrande Group have appointed a receiver last week to seize its
Hong Kong headquarters, two sources said, as the world's most
indebted developer struggles to emerge from its debt crisis.

Saddled with more than $300 billion in liabilities, Evergrande has
been trying to sell its 26-storey China Evergrande Centre in Hong
Kong's Wan Chai district after a potential $1.7 billion deal
collapsed late last year, as part of the asset disposal effort to
raise funds, Reuters relates.

According to Reuters, the Hong Kong tower has been pledged for a
loan by lenders led by China Citic Bank International, the Hong
Kong subsidiary of the Chinese state-owned bank China Citic Bank
Corp Ltd.

Reuters reported in July, citing sources, that Evergrande was
looking to sell its Hong Kong headquarters via a tendering process
and the sale proceeds would be used to repay offshore creditors as
part of the debt restructuring plan.

However, one person familiar with the situation said on Sept. 8
that during the July sale around three bidders had offered lower
than HK$10 billion ($1.27 billion), and the bid was too low for
Evergrande to accept, Reuters relays.

Reuters notes that Evergrande missed a self-imposed deadline to
provide a detailed restructuring proposal by end-July. It said in
an update in July that the due diligence process was continuing,
and expected the work to be completed in the near future, with an
aim to announce a specific plan in 2022.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific in June
2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China
Evergrande Group and its subsidiaries, Hengda Real Estate Group
Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the
senior unsecured ratings of Evergrande and Tianji of 'C', with a
Recovery Rating of 'RR6', as well as the rating on the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited of 'C', with a Recovery Rating of 'RR6'. Fitch has
withdrawn the ratings as Evergrande and its subsidiaries have
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 Evergrande and its subsidiaries.


CIFI HOLDINGS: S&P Lowers ICR to 'BB-', Outlook Negative
--------------------------------------------------------
S&P Global Ratings, on Sept. 7, 2022, lowered its long-term issuer
credit rating on CIFI Holdings (Group) Co. Ltd. to 'BB-' from 'BB'.
S&P also lowered the long-term issue rating on the company's
outstanding senior unsecured notes to 'B+' from 'BB-'.

The negative rating outlook on CIFI reflects the risk that the
company's liquidity may further tighten over the next 12 months
owing to weaker sales and potentially more outflows to joint
venture projects.

S&P lowered the rating to reflect CIFI's weakening sales outlook
amid waning property demand. It forecasts the developer's
contracted sales will decline by 35%-40% to Chinese renminbi (RMB)
150 billion-RMB160 billion during 2022, from RMB247 billion in
2021. The drop is more than double our previous forecast for the
full year, given the company's sales in the first eight months of
2022 were already down significantly by about 47%. The projected
fall is also more than its forecast of a 28%-33% decline in sales
for the industry. A meaningful recovery of sales in the next six to
12 months remains uncertain amid weak homebuyer sentiment and
rising COVID-related restrictions in the country.

S&P said, "CIFI's leverage will rise in 2022-2023 with slowing
sales. We expect leverage, as measured by the consolidated
debt-to-EBITDA ratio, to increase to more than 6.0x in 2022 and
2023, from 5.5x in 2021. This will be mainly due to weaker revenue
booking as sales slow, despite a moderate decline in debt levels as
the company trims its land spending. CIFI's inventory impairment
provision in the first half also hints at continued margin pressure
owing to ongoing discounts to entice sales. The reduced margins
will drive leverage higher. We have revised our assessment of
CIFI's financial risk profile to highly leveraged from aggressive.

"We revised our assessment of CIFI's liquidity to less than
adequate to reflect the company's thinner liquidity buffer.Offshore
funding accounts for a considerable 40% of CIFI's total reported
debt as of June 30, 2022. Amid Chinese developers' tightened access
to offshore funding, CIFI may need to pay off debt with internal
resources. At the same time, CIFI's ratio of cash to short-term
debt has reduced, given weaker sales inflow in the first half of
2022. CIFI's unrestricted cash (excluding cash in escrow accounts)
of RMB20.1 billion covers its short-term debt maturities of RMB19.3
billion as of June 30, 2022. Such cash holdings have, however,
declined from RMB29.6 billion as of Dec. 31, 2021.

"CIFI's extensive use of joint ventures (JVs) exposes it to the
risk of further cash outflow. The company has an attributable ratio
of just slightly more than 50% for its land bank. Given that many
of the project partners are in financial distress, CIFI may have to
mobilize internal resources for project-level debt servicing, or to
purchase stakes from partners to avoid potential contagion from
fellow developers. CIFI spent RMB4.5 billion for the repayment of
debt at its JV projects, and RMB3 billion for the purchase of
partners' minority interest stakes during the first half of 2022.
We believe CIFI's liquidity buffer may be further strained if cash
outflow related to its JV projects continues unchecked amid a
prolonged industry downturn.

"Continued funding access from onshore creditors will remain a key
liquidity support for CIFI.CIFI's compliance with the three red
lines and focus on higher-tier cities should help it maintain its
onshore banking relationships, in our view. Onshore bank borrowings
increased mildly to RMB55 billion as of June 30, 2022, accounting
for 48% of CIFI's total reported debt, from RMB54 billion at Dec.
31, 2021. We capture CIFI's continued onshore funding access in a
one-notch uplift in our positive comparable rating analysis. CIFI's
well-spread debt maturity profile, with short-term debt only
accounting for 17% of its total debt and an average debt maturity
of 2.8 years, is also better than that of many rated developers in
the 'B' rating category.

"We believe the company is targeting additional onshore bond and
loan funding to reduce its reliance on offshore financing. In June
2022, CIFI recently issued a RMB500 million onshore corporate bond
backed by credit default swaps in June 2022. Only a handful of
privately owned developers guided by regulators managed to issue
similar instruments.

"We believe CIFI is prepared to repay its capital market debts over
the next 12 months with internal resources.We estimate the company
has about RMB10 billion-RMB12 billion of accessible cash available
for debt repayment as of June 30, 2022. CIFI's next bond maturities
through the end of June 2023 consist of a US$300 million senior
note due in January 2023, and an onshore bond of RMB2.1 billion due
in May 2023. These two maturities account for just 4% of its total
debt as of end-June 2022. CIFI's recent share sale and disposal of
its Fortress Hill project in Hong Kong would yield about HK$1.3
billion of cash inflow in total, and moderately boost its offshore
liquidity, in our view.

"The negative outlook reflects our view that CIFI's liquidity could
further deteriorate due to weaker sales and potential cash outflow
due to the company's JV exposure over the next 12 months. CIFI's
leverage is also likely to further rise amid declining sales and
margins.

"We may downgrade CIFI if its leverage, as measured by a
consolidated or look-through ratio of debt to EBITDA, exceeds 7.5x
for an extended period. This could happen if: (1) the company's
revenue slippage and margin compression are worse than we expect;
or (2) the company is more aggressive in its debt-funded expansion
than we expect.

"We may also downgrade CIFI if its liquidity deteriorates from the
current level. This could arise from weaker sales inflow than we
project, a lack of improvement in funding access, or more liquidity
stress caused by JV projects. An indication of such weakness could
be its liquidity sources falling short of liquidity uses, with no
visibility on a prompt recovery.

"We could revise the outlook to stable if CIFI's sales and funding
access stabilize, and its cash position improves, while the risk
for JV projects stays manageable. At the same time, the company
should maintain its consolidated and look-through debt-to-EBITDA
ratio below 7.5x."

ESG credit indicators: E-3, S-2, G-3


CONCORD NEW ENERGY: Fitch Affirms 'BB- Foreign Currency IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Concord New Energy Group Limited's (CNE)
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'.
The Outlook is Stable. The agency has also affirmed the senior
unsecured rating and the rating on CNE's USD90 million 10.75% bonds
due September 2023 at 'BB-'.

CNE continues to optimise its project portfolio by developing
grid-parity projects and selling subsidy-reliant projects with
slower cash flow conversion. We see limited execution risk for CNE
to increase effective capacity as planned, given its improved cash
flow and liquidity as well as its sound execution record in project
development and disposal.

Fitch said, "We forecast a temporary rise in net debt/EBITDA to
5.4x 2022 due to higher capex, followed by deleveraging towards
5.0x in 2023. This supports the IDR."

KEY RATING DRIVERS

Ongoing Capacity Expansion: CNE is on track to double its effective
capacity to 4.8GW by end-2023, from 2.4GW in 2020. Capacity
addition was moderate in 1H22, at 160 megawatts (MW) from wind
farms and 70MW from solar, but CNE still expects to install
1.2-1.3GW this year, with much of the installations backloaded
towards year-end. CNE's projects under construction and in the
pipeline totalled 2.4GW at end-1H22, sufficient to sustain its
expansion for the next two years.

Lower Incentive for Project Divestures: We expect CNE to slow
capacity divestures to 200MW-300MW annually in 2022-2023, as per
management guidance, after its successful disposal of 644MW in 2020
and 519MW in 2021. The divestures strengthened CNE's cash position,
allowing it to fund expansion through to 2023. We believe
sufficient cash on hand and improved operating cash flow make CNE
less incentivised to sell more projects. The 2021 divestures were
valued at 1.8x price/book on average, higher than the 1.1x in 2020,
revealing the quality and liquidity of CNE's project portfolio.

More Competitive Project Portfolio: The divestures of CNE's
subsidy-reliant projects have further optimised its project
portfolio, improving its average project levelised cost of energy
to CNY233/MWh in 1H22, from CNY282/MWh in 2021 and CNY341/MWh in
2019. This is mostly because newly built grid-parity farms have
better utilisation hours and lower depreciation. The cost is also
below the average tariff of CNY403/MWh in 1H22 and CNY318/MWh if
excluding subsidies. CNE's wind farm utilisation rose by 8% yoy to
1,490 hours 1H22; 29% above the national average of 1,156 hours.

CNE has also decreased reliance on renewable subsidies. Grid-parity
projects accounted for 44% of its total capacity as of 1H22 and we
expect these tofurther rise to around 60% by end-2022 and close to
80% by end-2023. Subsidies are likely to fall to less than a
quarter of CNE's power revenue in 2022 and below 10% in 2024,
boosting CNE's operating cash flow.

O&M Segment Expansion: CNE is China's largest third-party operation
and maintenance (O&M) provider for wind and solar farms. We expect
the segment to continue growing, after CNE expanded its serviced
capacity to 12.0GW at end-1H22, from 11.0GW at end-2021 and 7.5GW
at end-2020. CNE also provides design, consultancy and engineering,
procurement and construction services, which we also expect to
further develop in the medium term.

Leverage to Peak in 2022: We expect capex of around CNY5.5 billion
each year in 2022-2023 to support annual installations of
1.2-1.3GW. This follows capex of CNY5.0 billion in 2021, the first
year of CNE's capacity-doubling plan, up from CNY2.2 billion in
2020. CNE's project pipeline remains focused on wind power due to
the lower equipment costs, despite requiring higher unit investment
than solar. We expect CNE's net debt/EBITDA to reach 5.4x in 2022
(2021: 4.9x, 2020: 4.3x), before deleveraging towards 5.0x in 2023
when more capacity is in operation.

DERIVATION SUMMARY

CNE's rating reflects its healthy project portfolio and lower
reliance on subsidies as a revenue source. Leverage and coverage
metrics are commensurate with those of peers rated in the low 'BB'
category.

CNE's credit profile is comparable with that of Indian peer, ReNew
Power Private Limited (BB-/Stable). Our medium-term forecast for
CNE's net debt/EBITDA leverage of around 5.0x is broadly in line
with that for ReNew. However, we forecast stronger operating
EBITDA/interest coverage for CNE of above 3.0x in the next three
years, compared with around 2.0x for ReNew, due to CNE's lower
funding costs. CNE has a smaller scale, although this has a limited
impact on its operating efficiency. CNE also has lower counterparty
risk. The majority of ReNew's key customers are non-federal
government-owned utilities with weak credit profiles, while CNE
collects revenue from strong state-owned power grids and receives
government subsidies.


KEY ASSUMPTIONS

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

- Net capacity addition of around 1.0GW each year in 2022-2023
   and 900MW each year afterwards

- Stable capacity utilisation for existing capacity; higher
   utilisation for grid-parity wind-power projects installed in
   coming years, reflecting their locations in better wind
   resource areas

- Stable tariffs at existing wind farms

- O&M revenue to rise by 20%-30% a year in 2022-2024

- Annual capex at around CNY5.5 billion in 2022-2024

RATING SENSITIVITIES

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

- Net debt/EBITDA falling below 5.0x or FFO net leverage below
   5.3x on a sustained basis

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

- Net debt/EBITDA exceeding 6.0x or FFO net leverage exceeding
   6.3x for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Adequate liquidity: CNE had CNY3.3 billion of readily available
cash at end-1H22, enough to cover short-term debt of CNY1.6
billion. We forecast operating cash flow of CNY1.0-1.1 million in
2022 and expect 80% of CNE's CNY5.4 billion in capex for 2022 to be
financed by project loans or financial leasing. We believe existing
cash and expected proceeds from project divestures should be
sufficient to cover the equity capital component of capex and
project-level debt amortisation in 2022. We expect CNE to repay its
USD90 million bonds due in 2023 with cash on hand.

ISSUER PROFILE

CNE is a renewable power operator in China, mainly engaged in
owning and operating wind and solar farms. CNE owned 2.9GW of
operational attributable installed capacity as of end-1H22,
including 1,801MW of self-controlled wind capacity and 444MW solar
power and 631MW of effective capacity owned through joint ventures
and associate companies. The company also provides O&M and design
services to other renewable power plants.

SUMMARY OF FINANCIAL ADJUSTMENTS

VAT Deduction: Wind and solar farms enjoy a 50% value added tax
(VAT) rebate as an incentive for supplying renewable energy.
Revenue from wind farms is net of VAT and only the 50% rebate is
reflected in the income statement and included as EBITDA. Wind
farms are exempt from VAT in the first five operating years; during
which time they do not pay VAT or receive rebates. The amount of
VAT that has been exempted, although 100% retained by wind farms,
is not reflected in the income statement. We have adjusted CNE's
EBITDA by adding 50% of the VAT that has been exempted.

External Guarantee: CNE continued to provide a guarantee of CNY396
million as at end-2021 on bank loans for projects it sold to
overseas renewable funds. We include half of the guaranteed amount
in the calculation of CNE's leverage, as repayment of the loans is
covered by project operating cash flow.


HENAN ZHONGYUAN: Moody's Alters Outlook on 'Ba2' CFR to Negative
----------------------------------------------------------------
Moody's Investors Service has affirmed Henan Zhongyuan Financial
Holding Co., Ltd.'s (Zhongyuan Financial Holding) Ba2 long-term
foreign currency and local currency issuer ratings and long-term
corporate family rating.

At the same time, Moody's has changed the outlook on Zhongyuan
Financial Holding to negative from stable.

In addition, Moody's has removed its designation of Zhongyuan
Financial Holding as a government-related issuer and withdrawn
Zhongyuan Financial Holding's ba3 Baseline Credit Assessment (BCA),
following the company's announcement on August 22, 2022 that
Zhengzhou Development Investment Group had increased its stake in
the company to 52.5% from 30.0% and became Zhongyuan Financial
Holding's controlling shareholder[1].

RATINGS RATIONALE

The outlook change to negative from stable reflects the company's
worsening asset quality stemming from its concentrated property
exposure in Zhengzhou City, due to the distressed property sector
and slowing housing sales.

Zhongyuan Financial Holding has high project and geographic
concentration for its property exposure, which are mainly in
Zhengzhou City. Its two largest property credit investments, which
amount to RMB3.0 billion in total, represented one third of its
total assets and 116% of its equity as of the end of 2021. Such
concentration could lead to significant volatility in the company's
financial profile, including in its profitability and capital
adequacy, should any of these investments become impaired. In
addition, slow property sales recovery in Zhengzhou City, could
challenge the company's liquidity. Partially mitigating these risks
in the long run are credit enhancements.

Zhongyuan Financial Holding's Ba2 issuer ratings and CFR
incorporate the company's standalone assessment of ba3 and a
one-notch uplift based on Moody's expectation of a moderate level
of support from and a very high level of dependence on the
Government of China (A1 stable). The ba3 standalone assessment
reflects the company's low leverage despite an expected increase
and moderate profitability in the long run. Offsetting these
strengths are the company's high project and geographic
concentration, which could lead to volatile financial performance;
its sizeable property exposure with weak asset quality; and its
modest liquidity profile because of its reliance on wholesale
funding and its concentrated debt maturities.

Moody's expects Zhongyuan Financial Holding's leverage to increase
in the next 12-18 months, following its launch of a sizeable equity
investment. In 2020 and 2021, its leverage declined due to slower
asset growth after a rapid expansion in 2017-19. The company's
ratio of total common equity to total tangible assets (TCE/TMA) --
Moody's measure of capital adequacy -- increased to 29.0% in 2021
from 20.3% in 2019.

Moody's also expects the company's profitability to be negatively
impacted due to declining asset yield as well as increasing asset
quality risk. Zhongyuan Financial Holding's return on average
assets was 0.7% in the first half of 2022, declining from 1.7% in
2020 and 2021, partially driven by lower asset yield due to its
provision of zero-interest loans related to its new equity
investment.

Zhongyuan Financial Holding is wholesale funded, relying mostly on
bank borrowings and bonds. Its debt maturity is also concentrated,
resulting in higher risk in refinancing and liquidity management in
the event of market stress. Mitigating these risks is the company's
liquidity reserve on the balance sheet. As of the end of June 2022,
it had RMB0.7 billion in cash, equivalent to 9% of its total assets
or 31% of its debt maturing within 12 months.

The moderate level of government support assumption is based on the
company's ownership -Zhengzhou government's indirect stake in the
company increased to 70% from 40% when Zhengzhou Development
Investment Group became Zhongyuan Financial Holding's controlling
shareholder, increasing its stake to 52.5% from 30% on August 22,
2022. Moody's believes that the failure of a government-owned
entity would create reputational risks for the Zhengzhou government
and increase funding costs for other government-owned entities in
Henan province.

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

Given the negative outlook, an upgrade of Zhongyuan Financial
Holding's ratings is unlikely.

However, Moody's could return the outlook on Zhongyuan Financial
Holding to stable if (1) the company's asset quality stabilizes and
it reduces its asset concentration, with an improvement in the
property market; (2) the company maintains low leverage, with its
TCE/TMA ratio above 16%;  and (3) it maintains good liquidity with
sufficient credit lines.

Moody's could downgrade Zhongyuan Financial Holding's Ba2 CFR if
(1) the government reduces its stake in the company, such that it
is no longer its largest shareholder; or (2) the company's
standalone creditworthiness deteriorates.

Zhongyuan Financial Holding's standalone assessment could be
lowered if the company's (1) capital adequacy deteriorates
significantly, with its TCE/TMA ratio falling below 12%; (2) asset
quality deteriorates significantly; (3) asset concentration or
equity investment increases considerably, which would further
increase volatility in its financial performance; (4) profitability
weakens significantly in the long run; or (5) liquidity and funding
profiles weaken because of an increase in its proportion of
short-term financing and secured borrowings, a significant decrease
in its debt maturity coverage ratio, or a significant reduction in
its available credit lines.

Moody's could downgrade the company's issuer rating if (1) its CFR
is downgraded; or (2) its structurally senior debt or secured debt
increases materially.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

Headquartered in Zhengzhou, Henan, Henan Zhongyuan Financial
Holding Co., Ltd. reported total assets of RMB8.9 billion (or
USD1.3 billion) as of December 2021.



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

DUTTA AGRO: CRISIL Hikes Rating on INR5.25cr LT Loan to B-
----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Dutta Agro Plantations Pvt Ltd
(DUAPPL) to 'CRISIL D/CRISIL D'. However, the management of DUAPPL
has subsequently started sharing the requisite information for
carrying out a comprehensive review of the ratings. Consequently,
CRISIL Ratings is migrating its ratings to 'CRISIL B-/Stable'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan       5.25       CRISIL B-/Stable (Migrated
                                   from 'CRISIL D ISSUER NOT
                                   COOPERATING')

   Long Term Loan       3.55       CRISIL B-/Stable (Migrated
                                   from 'CRISIL D ISSUER NOT
                                   COOPERATING')

   Long Term Loan       2.50       CRISIL B-/Stable (Migrated
                                   from 'CRISIL D ISSUER NOT
                                   COOPERATING')

   Proposed Cash        3          CRISIL B-/Stable (Migrated
   Credit Limit                    from 'CRISIL D ISSUER NOT
                                   COOPERATING')

   Proposed Term        0.7        CRISIL B-/Stable (Migrated
   Loan                            from 'CRISIL D ISSUER NOT
                                   COOPERATING')

The ratings reflect timely repayment of the bank loan by DUAPPL
over the three months through May 2022, supported by improvement in
liquidity.

The ratings take into account weak financial risk profile and large
working capital requirement of DUAPPL. These weaknesses are
partially offset by extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Weak financial risk profile: Networth is estimated at around
INR3.04 crore as on March 31, 2022 (Rs 3.01 crore a year earlier),
which exposes the credit risk profile of the company to sudden
changes in business conditions. Total outside liabilities to
tangible networth ratio was high at around 5.32 times as on March
31, 2022. Debt protection metrics were subdued, with interest
coverage ratio of around 1.36 times in fiscal 2022.

* Large working capital requirement: Gross current assets (GCAs)
were around 523 days as on March 31, 2022, because of stretched
receivables and sizeable inventory. Operations will remain working
capital intensive over the medium term.

Strengths:

* Extensive experience of management: Though DUAPPL was
incorporated in 1998, extensive experience of the management in the
steel industry helped establish healthy relationships with
customers and suppliers, resulting in repeat orders.


Liquidity: Stretched

Liquidity is likely to remain stretched over the medium term,
driven by low cash accrual. Liquidity is expected to improve due to
enhancement in bank lines.

Outlook Stable

DUAPPL will continue to benefit from its experienced management.

Rating Sensitivity factors

Upward factors

* Improvement in the working capital cycle, with GCAs lower than
200 days

* Substantial increase in sales and profitability, leading to
higher-than-expected cash accrual

Downward factors

* Decline in sales and profitability, resulting in cash accrual
lower than INR30 lakh

* Further stretch in the working capital cycle affecting the
liquidity profile

DUAPPL, incorporated in October 1988, is engaged in tea
manufacturing business. The company was trading in tea leaves till
October 2016 through its three owned tea estates in Jalpaiguri
(West Bengal), having total tea area of 200 acres.


GAUTAMI CHEMICALS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gautami
Chemicals and Pesticides Private Limited (GCP) continues to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GCP for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1996, GCP is engaged in manufacturing and sale of
pesticides. The Rajahmundry-based company is promoted by Mr.
Goluguri Bapi Raju.


HORIZON LEISURE: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Horizon
Leisure Hotels Private Limited (HLHPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term      27.17      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with HLHPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated on November 09, 2009, HLHPL is Indore-based real
estate developer Horizon group's first venture into the hospitality
sector, which it operates through a tie-up with the Best Western
group. The hotel began commercial operations in 2012-13 (refers to
financial year, April 1 to March 31).


INDIA MEGA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of India Mega
Agro Anaj Limited (IMAAL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            20        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            53.3      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            40        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     10        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

   Term Loan               5        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               3.54     CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               5        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               3.41     CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan               7        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with IMAAL for
obtaining information through letters and emails dated May 24, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in June 2010 and promoted by Mr. Ajaykumar Baheti, Mr.
Radheshyam Maniyar, and their family, IMAAL is a mega food
processing company that mills rice, flour, and pulses, processes
cattle feed, and operates an oil mill and refinery. Operations at
the solvent extraction plant and biscuit manufacturing unit
commence its operation during the first-half of fiscal 2018.
Manufacturing and processing units are located in Nanded,
Maharashtra, spread over 50 acres.


KRITIKA LIQUORS: CRISIL Assigns B+ Rating to INR8.6cr Term Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Kritika Liquors LLP (KLL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash
   Credit Limit           4         CRISIL B+/Stable (Assigned)

   Proposed Term
   Loan                   8.6       CRISIL B+/Stable (Assigned)

The rating reflects vulnerability to regulations in the distillery
industry and risk related to the ongoing project, and the
likelihood of a leveraged capital structure. These weaknesses are
partially offset by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Vulnerability to regulatory risk in the liquor industry: The
Indian spirits and wine industry is highly regulated by the state
and central governments, across all major functions spanning
production, wholesale, and retail distribution, availability of raw
material and advertisements. Each state government regulates sales
and distribution of liquor in the wholesale and retail segments,
based on whether the market is government-controlled, hybrid,
auction-based, or free. This has a significant effect on
profitability, particularly in states where the government controls
pricing. Distilleries and breweries need to operate under a licence
from the respective state government; free interstate movement of
spirit is also restricted. Any regulatory change in one state can
possibly alter the dynamics of the entire industry. Also, the
country Liquor (CL) market is strictly regulated by the state
government. Thus, cash flows are susceptible to material changes in
the regulatory landscape.

* Exposure to risks related to the ongoing project and
stabilization of operations: KLL is scheduled to commence its
project in the current fiscal.  The company may also face moderate
demand risk, given the exposure to intense competition amidst low
entry barriers. Timely completion and successful stabilisation of
operations and takeover of the country spirit bottling facility
will remain a key rating sensitivity factor.

* Likelihood of a leveraged capital structure: KLL is expected to
have an average financial risk profile with high gearing and
moderate debt protection metrics. The project is aggressively
funded through an expected gearing of 3.21 times in fiscal 23

Strength:

* Extensive experience of the promoters and funding support from
partners: The promoters have an experience of around a decade in
liquor industry. This has given them an understanding of market
dynamics and established relationships with suppliers and customers
will continue to support the business risk profile.

Liquidity: Stretched

Cash accruals are expected to be over INR1 crore which are
sufficient against term debt obligation of INR60 lakhs- 1.13 crore
over the medium term. In addition, it will be act as cushion to the
liquidity of the company.

Outlook: Stable

CRISIL Ratings believes that KLL will benefit from the extensive
experience of its partners in the liquor industry over the medium
term.

Rating Sensitivity factors

Upward factors

* Timely stabilisation of operations at the proposed plant
* Significant growth in revenue to over INR70 and operating margin
above 5%

Downward factors

* Cash accrual of less than INR1 crore reported in the initial
phase of operations
* Substantial increase in working capital requirement weakening
financial risk profile, especially liquidity

KLL, which has been formed recently in May 2022. KLL is currently
proposed to purchase a country spirit bottling plant namely M/S
Pappu Country Spirit Bottling Plant cum Warehouse, at a
consideration of INR10.50 crore. The plant located at Purba
Medinipur (Kolkata) has an installed capacity of 20 lakh bottles
per month. The operations are yet to commence full-fledged. KLL is
owned & managed by Mr. Sunny Majumder and Mrs. Sweta Roy Majumder.



LAKSHMAN AND CO: CRISIL Reaffirms B Rating on INR3cr Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Lakshman And Co. at 'CRISIL B/Stable/CRISIL A4'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting        3        CRISIL A4 (Reaffirmed)

   Overdraft Facility      0.2      CRISIL B/Stable (Reaffirmed)

   Packing Credit         15        CRISIL A4 (Reaffirmed)

   Pledge Loan             2        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      9        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations and exposure to risks related to volatility of raw
cashew and cashew kernel prices. These weaknesses are partially
offset by the benefits that the firm derives from its established
presence in the industry and moderate financial risk profile

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amid intense competition: scale of
operations continues to remain modest due to intense competition as
reflected by reduced operating income of less than INR 4.25 crore
in FY 2021 from INR17.61 crore in the previous fiscal. The same is
due to slow revenue collection in the first half of fiscal 2021
owing to lockdown imposed to curb the spread of Covid 19. In
addition to that, there is also limited differentiation in the
technology involved in the processing of cashew nuts. Moreover, the
domestic cashew processing industry has many small players, leading
to intense competition in both the organized and unorganized
segments.

* Exposure to volatility in raw cashew and cashew kernel prices:
Operating margins have fluctuated over the past couple of years due
to significant volatility in the prices of raw cashew nuts and
cashew kernels. Also, these prices are impacted by global demand -
supply scenario of cashew nuts. Estimated operating margin has
remained below 1% in fiscal 2021 owing to volatile raw material
prices.

Strengths:

* Established presence in the industry: The company benefits from
the promoters' four-decade-long experience in the industry, their
established track record and robust relationships with suppliers
globally. This helps in procuring adequate raw material from
various parts of the world and continues to support business risk
profile.

* Moderate Financial risk profile: Financial risk profile remains
moderate with estimated gearing of less than 0.17 times in fiscal
2021. Further, in the absence of any major debt-funded capex plans,
capital structure is expected to remain at similar levels over the
medium term.

Liquidity: Stretched

Bank limit utilisation is low at around 22.54 percent for the past
12 months ended June 2022.  Cash accrual are expected to be over
INR0.7-1 crores million which are sufficient against term debt
obligation of INR0.4-0.5 over the medium term. In addition, it will
be act as cushion to the liquidity of the company. Current ratio
are healthy at 4.51 times on March31, 2021. Low gearing and
moderate net worth support it's financial flexibility, and provides
the financial cushion available in case of any adverse conditions
or downturn in the business

Outlook: Stable

CRISIL Ratings believes Lakshman will maintain its business risk
profile over the medium term backed by its established track record
in the industry.

Rating Sensitivity Factors

Upward factors

* Improvement in revenue and sustenance of EBITDA margin leading to
cash accurals above INR1.5 crores
* Improvement in working capital cycle and capital structure

Downward factors

* Substantial decline in revenue or decline in operating margins
resulting in net cash accruals of less than INR0.5 crore
* Stretch in working capital cycle

Incorporated in 1965, Lakshman is a partnership concern engaged in
import and processing of cashew nuts which are exported as well as
sold in the domestic market. Lakshman was established by Late P.
Lakshman Pillai and is currently managed by Mr. Prashant Prabhakar,
one of the five partners.


LAKSHMI CHANNAKESAVA: CRISIL Assigns B+ Rating to INR8.35cr Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long term bank facilities of Sri Lakshmi Channakesava Industries
(SLCKI).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL B+/Stable (Assigned)
   Term Loan               5.35     CRISIL B+/Stable (Assigned)

The rating reflects the firms modest scale of operations amidst
intense competition, susceptibility to volatility in raw material
(cotton) prices and weak financial risk profile. These weaknesses
are partially offset by its extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations susceptible to intense competition and
volatile raw material (cotton) prices impacting profitability: The
scale of operations remains constrained due to nascent stage of
operations marked by revenue of INR12.48 crore in FY22. Business
risk remains impacted by operations in intensely competitive
Textile-Ginning industry and the cotton prices impacted by
international demand. Ramp-up in scale of operations marked by
moderate capacity utilization of the installed facility resulting
in healthy revenue growth rate will remain key rating sensitivity
factor over the medium term.    

* Weak financial risk profile: As the firm was operational only
during the last quarter of FY22, it ended up with net loss of
INR0.80Crores for the same period. Net worth was moderate at
INR2.35crore as on March 31, 2022 and gearing stands at 3,92 times
as on March 31, 2022. Further with expected improvement in capacity
utilization driven by proper working capital management  and
scheduled repayment of debt, financial risk profile is expected to
improve over the medium term.

Strengths:

* Extensive industry experience of the partners: The partners have
an experience of over 10 years in textile-ginning industry. This
has given them an understanding of the dynamics of the market and
enabled them to establish relationships with suppliers and
customers. Benefits from the promoters' experience should support
the business risk profile over the medium term.

Liquidity: Stretched

Average month end bank limit utilization for the last six months
ended June 2022 is moderate at around 81%.  Expected fund support
from partners in case of incremental working capital requirement or
repayments schedules, provides additional cushion to liquidity.
Current ratio is expected to be more than 1 times, going forward.

Outlook: Stable

CRISIL Ratings believe SLCKI will continue to benefit from the
extensive experience of its partners and established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Improvement in capacity utilisations of installed facilities at
par with industry players.
* Substantial and sustained improvement in scale of operation with
operating margins of more than 5%, leading to higher cash
accruals.

Downward factors

* Subdued operating performance resulting in decline of cash
accrual below INR1.20 crore.
* Further stretch in working capital requirements weakening its
liquidity & financial profile

Established in 2021, SLCKI is owned & managed by K Dasaratharami
Reddy, G Harish Kumar Reddy, P Nagaraja and P Veerappa. SLCKI is
engaged in cotton ginning and pressing business. Its manufacturing
facility is located at Kurnool District, Andhra Pradesh with an
installed capacity of 300 bales per day.


LIDO LEARNING: Edtech Startup Files for Bankruptcy
--------------------------------------------------
The Economic Times reportst that Edtech firm Lido Learning, which
had earlier explored the option of a merger, has initiated
bankruptcy proceedings, as the cash-strapped company struggles to
pay teachers and its former employees.

The company's board passed a resolution to file an application
under Section 10 of the Insolvency and Bankruptcy Code during an
extraordinary general meeting held on September 5, ET relates
citing filings the Ministry of Corporate Affairs (MCA) showed.

"Resolved that pursuant to Section 10 of the Insolvency &
Bankruptcy Code, 2016, considering the facts that the company is
unable to pay its debts which are due and there are defaults made
by the company, the consent of the shareholders be and is hereby
accorded to file an application/petition - initiation of Corporate
Insolvency Resolution Process by corporate applicant, be filed
before the National Company Law Tribunal, Mumbai Bench so as to
resolve its debts," according to the regulatory filings cited by
ET.

News website Entrackr was the first to report the development.

Lido was in active discussions for a potential buyout by Reliance
Industries, The Morning Context had reported in June. However, the
talks did not fructify, according to a person aware of the
discussion, ET relays.

Responding to ET's queries on any potential acquisition of Lido
Learning, a spokesperson for Reliance Industries said: "We would
like to point out that the information that you have is not true.
We deny having any interest in the company."

Lido Learning founder Sahil Sheth did not respond to ET's text
messages and emails till press time Sept. 8.

Founded in 2019, Lido Learning offers live online tuition classes
to children from kindergarten (KG) to Grade 9 across mathematics,
science, English, and coding. It caters to the Indian and Middle
East markets.


MANRAASH PROCESSORS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manraash
Processors continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.05      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            2         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         5.61      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     2         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Manraash for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Manraash, set up in 2012, is a partnership firm based at Jetpur,
Gujarat. The partners, Mr. Ghanshyam Harshad Jogi, Mr. Rajesh
Bhadrakant Garach, and Mr. Manilal Hiralal Modha, have experience
of over two decades in textile processing, dyeing and printing.
Production began in October 2015.


MATRIX BOILERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Matrix
Boilers Private Limited (MBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4         CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Bill           0.5       CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Letter of Credit       0.5       CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         1         CRISIL D (Issuer Not
                                    Cooperating)

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

CRISIL Ratings has been consistently following up with MBPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MBPL, set up in 2006, fabricates boiler and boiler components at
its facility in Pudukottai (Tamil Nadu). It is promoted by Mr N
Pandian, Mr A Sekar, Mr R Neelamegam, and Mr K Murugesan.


MISTRY CONSTRUCTION: CRISIL Withdraws D Rating on INR34cr Loan
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Mistry Construction Co
Private Limited (MCCPL) to 'CRISIL D/Issuer not cooperating'.
CRISIL Ratings has withdrawn its rating on bank facility of MCCPL
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of MCCPL from 'CRISIL
D/Issuer Not Cooperating to 'CRISIL D'. The rating action is in
line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     34        CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

MCCPL was set up in 1983 and MEL in 2007 and are promoted by Mr.
Jagdish Mistry. It is engaged in civil construction works, such as
site grading, site development, hard rock excavation, and mining
works.


PANCARD CLUBS: Court Admits Firm to Insolvency Resolution Process
-----------------------------------------------------------------
The Economic Times reports that an insolvency court admitted
Pancard Clubs Ltd to the Corporate Insolvency Resolution Process
(CIRP) on Sept. 9 based on a joint petition filed by about 100
shareholders and appointed Rajesh Sureshcandra Sheth as interim
resolution professional (IRP).

According to the report, the petitioners invested approximately
INR1.55 crore in a holiday timeshare scheme offered by the company,
called CIS Holiday Time Share Scheme. It is estimated that the
company collected around INR7,035 crore under the said scheme.

In admitting the complaint, the Mumbai bench of the National
Company Law Tribunal (NCLT) noted that the financial creditors had
disbursed the money on the basis of time value, meaning that in
this case, the Petitioners would receive a value greater than the
amount invested, which is a sign of financial debt, ET relates.

"It is established by the petitioners (investors) that the
respondent (Pancard Clubs) has failed to honour the contract, hence
the repayable amount is in default," said the bench of Justice PN
Deshmukh and a technical member Shyam Babu Gautam, in its 15-page
order. "The debt and default stand established and there is no
reason to deny the admission of the Petition."

Before that advocate Nausher Kohli, appearing for the investors,
argued that the modus operandi of the Scheme floated by the company
was that an investor would part with certain money with an option
to utilize room nights in the various holiday properties of Pancard
Clubs or alternatively receive a return on the investment after a
lapse of 3,5 or 7 years, the report says.

Opposing this plea, Sebi through its counsel argued that if the
company gets admitted under the insolvency resolution, it will
cause a delay in the recovery and auction of assets previously
commenced by the capital markets regulator, according to ET.

However, countering these arguments, counsel for the petitioners
argued that Sebi can't oppose the admission of this petition under
the Insolvency & Bankruptcy Code (IBC) against Pancard Club Ltd
because, in the case of conflict between two laws, the code
prevails over Sebi laws, ET says.

Earlier, in February 2016, the capital markets regulator Securities
& Exchange Board of India (Sebi) had directed Pancard Clubs to
refund an amount of INR7,035 crores back to investors after holding
that the scheme launched by Pancard Clubs is in the nature of a
Collective Investment Scheme without appropriate registration with
Sebi.


RCM INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RCM
Infrastructure Limited continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        20.09      CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee        67.91      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            3.29      CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Letter        10         CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Funded Interest        1.71      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Inland/Import
   Letter of Credit      15         CRISIL D (Issuer Not
                                    Cooperating)

   Inland/Import          5         CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

   Letter Of             70         CRISIL D (Issuer Not
   Guarantee                        Cooperating)

   Open Cash Credit      10         CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       17         CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with RCM for
obtaining information through letters and emails dated May 24, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2009, RCM is a turnkey contractor for civil
engineering activities, primarily road construction and laying of
drinking water pipelines. RCM's operations are managed by its
promoter-director Mr. K S Chowdry.


REVIVE CONSTRUCTION: CRISIL Moves B+ Rating from Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated its ratings on the bank facilities of
Revive Construction Company India Private Limited (RCCIPL) to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing the information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Ratings is migrating its rating to 'CRISIL
B+/Stable/CRISIL A4 '.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating        -        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Short Term Rating       -        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

The ratings continue to reflect RCCIPL's susceptibility to
tender-based operations, working capital intensive operations and
modest financial risk profile. These rating weaknesses are
partially offset by extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
bidding aggressively to get contracts, which could restrict the
operating margin. Also, given the cyclicality inherent in the
construction industry, the ability to maintain profitability margin
through operating efficiency becomes critical.

* Working capital intensive operations Operations are capital
intensive as reflected in estimated gross current assets(GCA) at
662 days as on 31st march, 2022. Working capital requirement is
intense due to high debtor days and large work in process.


* Below-average Financial Risk Profile: High dependency on external
working capital borrowings to manage intense working capital has
led to below-average financial risk profile marked by estimated
gearing and TOL/TNW at 2.9 times and 3.5 times respectively in
fiscal 2022. Debt protection metrics is modest as reflected in
estimated interest coverage and net cash accruals to adjusted
debt(NCAAD)  at around 1.5 times and 0.05 time respectively, in
fiscal 2022.

Further, leverage in capital structure or increase in external
borrowings will remain key rating sensitivity factor.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over 25 years in civil construction industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers.

Liquidity: Stretched

Bank limit utilization is moderate at around 79.41 percent for the
past twelve months ended July 2022. Cash accruals are expected to
be over INR 3.95 crore which are sufficient against term debt
obligation of INR1.8 crore in FY23. In addition, it will act as
cushion to the liquidity of the company.

Current ratio was moderate at 1.6 times on March 31, 2022. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.  

Outlook: Stable

CRISIL Ratings believes that RCCIPL will continue to benefit from
the extensive experience of its promoter, and established
relationships with clients.

Rating Sensitivity factors

Upward Factors:

Sustained improvement in revenue while sustaining the profitability
at similar levels leading to better cash accruals.
Improvement in working capital management with gross current asset
days of less than 500 days and improvement in capital structure
with gearing of less than 2 times

Downward Factors:

* Decline in revenue growth or significant drop in operating margin
resulting in NCA less than 4.6 crore.
* Stretch in working capital cycle, significant withdrawal or major
debt funded capex that may weaken capital structure.

RCCIPL was incorporated in 2009. It is engaged in civil
construction works such as construction of roads, bridges, tunnels
projects, office buildings, etc for government entities & private
players located in Kerala. It is based in Thiruvananthapuram-
Kerala and promoted by Mr. Abdul Rahuman Nazarudeen and Mr.
Naseerkhan Abdulrassak.


RY MIDAS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RY Midas
Alluminiums Private Limited continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            19        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          1        CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital        10        CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

CRISIL Ratings has been consistently following up with RY for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RY was incorporated in 2006, promoted by Mr Jagdishchandra
Baluramji Shah and Ms Ashaben Jagdishchandra Shah. The company
trades in metals and alloys. In fiscal 2016, it commenced
manufacturing aluminium ingots using aluminium/copper alloy waste
or scrap at its facility in Ahmedabad, Gujarat.


SIMOLA TILES: CRISIL Lowers Rating on Long/Short Term Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Simola Tiles LLP (SOTELP) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable')

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4')

CRISIL Ratings has been consistently following up with SOTELP for
obtaining information through letters and emails dated June 16,
2022 and August 10, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Further delay has been observed in the repayment of the long term
banking facility confirmed by the banker, CRISIL Ratings has
downgraded the ratings on the bank facilities of SOTELP to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL
A4'.

SOTELP established in 2016 and manufactures glazed vitrified tiles
which are sold under the brand name, Simola. The manufacturing
facility is at Morbi.


SITARAM GANESHMALL: CRISIL Assigns B+ Rating to INR5cr LT Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Sitaram Ganeshmall (SG).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B+/Stable (Assigned)

The rating reflects low operating margin due to trading nature of
the business, vulnerability to cyclicality in the infrastructure
and real estate sectors, modest scale of operations, and highly
leveraged capital structure of SG. These weaknesses are partially
offset by extensive experience of the partners in the steel trading
business.

Key rating drivers & detailed description

Weaknesses:

* Low operating margin due to trading nature of the business:
Revenue solely depends on the ability of the firm to successfully
procure tenders. Intense competition often necessitates aggressive
bidding, mostly compromising on the operating margin.

* Vulnerability to cyclicality in the infrastructure and real
estate sectors: The business is linked to the fortunes of the
inherently cyclical steel industry, which has strong correlation
with overall growth in gross domestic product.

* Modest scale of operations: The steel trading business comprises
innumerable entities, much smaller in size, owing to low entry
barriers such as modest initial investment and minimum complexity
of operations. The consequent intense competition and the trading
nature of business may continue to constrain scalability, pricing
power and profitability.

* Large working capital requirement: Gross current assets have been
sizeable at 142-212 days for the past three fiscals and were 179
days as on March 31, 2022, driven by debtors of 128 days and nil
inventory.

* Highly leveraged capital structure: Average total outside
liabilities to adjusted networth ratio has been high at 8.2 times
for the past three years and was 5.6 times as on March 31, 2022.


Strength:

Extensive experience of the partners: The partners have experience
of around 36 years in the steel trading business; their strong
understanding of market dynamics and healthy relationships with
suppliers and customers should continue to support the business.

Liquidity: Stretched

Cash accrual is estimated at INR0.09 crore per annum as on 31st
march,2022, against no term debt obligation over the medium term.
The firm has not availed of any bank limit. Current ratio was
moderate at 1.17 times on March 31, 2022.

Outlook: Stable

SG will continue to benefit from its longstanding relationship with
principals and experience of the management that mitigate inherent
risks in the trading business.

Rating Sensitivity Factors

Upward factors

* Revenue growth of 60% per annum and steady increase in
profitability, leading to higher-than-expected cash accrual
* Maintaining healthy relationship with major vendors              
                                                                   
                                                         

Downward factors

* Revenue declining by 20% each fiscal or a steep drop in the
operating margin, driven by weak demand
* Further stretch in the working capital cycle, with sizeable
pile-up of inventory

SG started its business in 1952. Mr Kailash Chanani and Ms Alka
Chanani are the the current partners of the firm, as per the latest
amended partnership deed dated as on 2010. The firm, based in
Kolkata, trades in thermo-mechanically treated bars and mild steel
channels, angles, sheets and plates.


SUDHEER INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sudheer
Infrastructure Private Limited (SIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        10.25      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     2         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Secured Overdraft      4.75       CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2005 and based in Hyderabad, SIPL is promoted by Mr
Sudheer Suryadevara. The company is engaged in infrastructure works
including transmission and windmills.


VEGGIECRAFT FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Veggiecraft
Food Private Limited (VFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         7.5       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VFPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VFPL, promoted by Mr Chander Prakash Chabra, Ms Karuna Rawat, Mr
Param Dhanot, and Mr Kunal Malik in 2014, harvests, processes,
stores, packs, and cans mushrooms, and has a dairy plant in
Mathura, Uttar Pradesh.


WALFS INFRA: CRISIL Lowers Rating on INR120cr Term Loan to D
------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Walfs Infra India Pvt Ltd (WIIPL)
to 'CRISIL C Issuer Not Cooperating'. However, the management has
subsequently started sharing the information required for carrying
out a comprehensive review of the ratings. Consequently, CRISIL
Ratings is downgraded its rating to 'CRISIL D'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              120       CRISIL D (Downgraded from
                                    'CRISIL C ISSUER NOT
                                    COOPERATING')

The ratings are driven by the delays in servicing of term loans.

The ratings reflect delays in debt-servicing by WIIPL on account of
weak liquidity and nascent stage of operations. These weaknesses
are partially offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt-servicing: WIIPL has delayed servicing of term
loan interest and repayment of principal for July 2022. This was
due to poor liquidity.

* Nascent stages of operations : WIIPL was set up in 2014 to
establish a multi-speciality hospital in Chennai. The hospital in
the name "Meridian Hospital" commenced operations in April 2022.
Nascent stages of operation will continue to impinge the
scalability over the medium term.

Strength

* Promoters' entrepreneurial experience: WIIPL is promoted by a
team of builders with significant experience in the real estate
industry; however this is the first hospital project for the
company. Key shareholders - Rajarathnam Construction Pvt Ltd and
Ruby Builders Group have extensive experience in real estate
development in Chennai.

Liquidity-Poor

Liquidity is poor due to the nascent stages of operations. There
have been delays in servicing of repayment obligations for term
loans.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt-servicing for at least over 90 days
* Improvement in the financial risk and liquidity profiles

WIIPL was set up in May 2014 by a consortium of builders to
establish a 300-bed multi-speciality hospital in Chennai. The
construction of the hospital commenced in January 2017 and
commercial operations started in April 2022.




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

[*] MALAYSIA: SMEs Need Moratorium to Recover Post-Pandemic
-----------------------------------------------------------
Bernama reports that the National Recovery Council (MPN) recommends
that banking institutions should consider offering moratoriums to
small and medium enterprises (SMEs), especially those that are
still struggling to recover post-Covid-19.

Its chairman Tan Sri Muhyiddin Yassin said there have been three
MPN meetings to discuss SMEs, which, among other things, have asked
for financial assistance since some of them are still unable to
recover and business is declining, Bernama relays.

This is coupled with the increase of the overnight policy rate
(OPR) three times this year, which is seen to not only affect the
momentum of the country's economic recovery but also the
performance of SMEs, which now contribute to 90% of the country's
economic activity, added the former prime minister.

"In the last (MPN) meeting, they (SMEs) requested that the banking
institutions review [whether] it is possible to hold another
special moratorium. [I think] even with the moratorium, they
(banks) will not lose much. For a little while, they (SMEs) want to
recover but cannot recover anymore [now].

"[If SMEs] want to borrow money, the bank [will] say first that
they have not paid [the loan]. Now, the OPR has gone up, [if] they
want to borrow again, [the bank will] ask for a track record of the
past year or two [but] after a year or two, they will show a loss.
If you want to base it on normal conditions, [they] will not
recover," he told reporters after the Jualan Prihatin Rakyat in
Bukit Pasir on Saturday (Sept 10), Bernama relays.

Muhyiddin, who is also Pagoh MP, hopes that the government will
also see the impact of that on the SME sector, which is seen as one
of the main sectors that contribute to the national economy,
according to Bernama.

"Yes. It (OPR increase) will have an impact. Even now we (MPN) are
paying attention. Among other things, the issue of people's poverty
and the issue of the recovery of the economic sector, especially
SMEs.

"If they (SMEs) are not active in producing marketable production,
which can be competitive, it means that the recovery will be
affected. [Recovery] is getting slower with the burden of costs,
the increase in the inflation rate and so on, this will be a big
problem," he said.

In addition, Muhyiddin also hopes that the government will look at
the increase in the OPR while also finding a way to help reduce the
burden on the people in the coming presentation of Budget 2023,
Bernama relates.

"For me, if there are no decisive steps in the presentation of the
budget that will be presented (by Prime Minister Datuk Seri Ismail
Sabri Yaakob), if it is not addressed and not seen seriously to
deal with such problems, the budget will not have an impact and
will not help speed up recovery and help ease the burden of the
people," he said.

Two days ago, Bank Negara Malaysia's Monetary Policy Committee
announced the highest and lowest corridor rates for the OPR,
increasing them to 2.75% and 2.25%, respectively, which is the
third increase this year after increases in May and July.

It also invites public concern about the possibility of having to
pay a loan at a higher rate.

Meanwhile, Muhyiddin, who is also Perikatan Nasional chairman, said
the Jualan Prihatin Rakyat, which received a warm response after
being organised several times in Pagoh, will soon be expanded
throughout the country, Bernama reports.

He said for MYR20, people can get a 5kg bag of rice, a tray of eggs
and chicken through the Jualan Prihatin Rakyat programme that began
in August, and the sale is an effort by his side that targets the
B40 group.

Therefore, cooperation and contributions from corporate
organisations are urged to participate in the sales programme, said
Muhyiddin.




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

GENETIC DEVELOPMENT: Creditors' Proofs of Debt Due on Oct. 14
-------------------------------------------------------------
Creditors of Genetic Development (NZ) Exports Limited Partnership
are required to file their proofs of debt by Oct. 14, 2022, to be
included in the company's dividend distribution.

The High Court at Hamilton appointed Malcolm Hollis and Wendy
Somerville of PwC as liquidators on Sept. 5, 2022.


PILGRIM PRACTICES: Creditors' Proofs of Debt Due on Oct. 14
-----------------------------------------------------------
Creditors of Pilgrim Practices Limited are required to file their
proofs of debt by Oct. 14, 2022, to be included in the company's
dividend distribution.

The High Court at Hamilton appointed Malcolm Hollis and Wendy
Somerville of PwC as liquidators on Sept. 5, 2022.


R & R REFRIGERATION: Court to Hear Wind-Up Petition on Sept. 26
---------------------------------------------------------------
A petition to wind up the operations of R & R Refrigeration Limited
will be heard before the High Court at Whangarei on Sept. 26, 2022,
at 10:00 a.m.

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

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


WESTSIDE 2000: Court to Hear Wind-Up Petition on Sept. 23
---------------------------------------------------------
A petition to wind up the operations of Westside 2000 Limited will
be heard before the High Court at Auckland on Sept. 23, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 1, 2022.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


WILD FISH: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on Sept. 6,
2022 was appointed as liquidator of Wild Fish Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163




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

JARDINE INTERNATIONAL: Creditors' Proofs of Debt Due on Oct. 10
---------------------------------------------------------------
Creditors of Jardine International Motors (S) Pte Limited are
required to file their proofs of debt by Oct. 10, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 2, 2022.

The company's liquidator is:

          Ong Kok Yeong David
          c/o 80 Robinson Road #02-00
          Singapore 068898


KOP GROUP: Auditor Flags Ability to Continue as Going Concern
-------------------------------------------------------------
The Business Times reports that KOP's independent auditor has
flagged a material uncertainty that may cast significant doubt on
the real estate, hospitality and entertainment group's ability to
continue as a going concern.

Separately, the group said it is proposing to sell 2 units of a
condominium development at Dalvey Road for S$11.7 million to
immediate family members of businessman Sam Goi, a controlling
shareholder of the company, BT relates.

In a bourse filing released on Sept. 7, KOP's board said the
group's independent auditor, UHY Lee Seng Chan & Co, issued a
qualified opinion on the group's financial statements for the year
ended March 31, 2022, BT relays. It also included an "emphasis of
matter" regarding a material uncertainty related to going concern
in its report.

According to BT, several issues highlighted include the inability
to determine whether any adjustments to the group's opening
balances were needed for its FY2022 statements, as it was unable to
ascertain if the group's opening balances as at Apr 1, 2021, were
fairly stated.

BT says the auditor also experienced difficulties in obtaining the
financial information required to audit Shanghai Snow Star
Properties, KOP's joint venture where it holds a 30 per cent
interest. At present, the group is undergoing arbitration
proceedings in the Shanghai International Arbitration Centre with
its partners over the joint venture.

UHY Lee Seng Chan & Co noted several factors which indicate
material uncertainty that may cast significant doubt about the
group and company's abilities to continue as a going concern.

Kop Group Pte. Ltd. operates as an investment management firm. The
Company offers services for individual and institutional
investors.


LEONG HIN: Court to Hear Wind-Up Petition on Sept. 16
-----------------------------------------------------
A petition to wind up the operations of Leong Hin Seng Civil
Engineering Pte Ltd will be heard before the High Court of
Singapore on Sept. 16, 2022, at 10:00 a.m.

Tay Tuang Heng filed the petition against the company on Aug. 23,
2022.

The Petitioner's solicitors are:

          S. S. Parhar Law Corporation
          21 Merchant Road, #05-521
          Singapore 058267


LUBE-WAY TRADING: Creditors' Proofs of Debt Due on Oct. 10
----------------------------------------------------------
Creditors of Lube-way Trading Pte Ltd are required to file their
proofs of debt by Oct. 10, 2022, to be included in the company's
dividend distribution.

The company's liquidator is:

          Tsang Siu For Thomas
          c/o 701 Geylang Road #04-04
          Teambuild Centre
          Singapore 389687


ROYAL GOALSON: Court to Hear Wind-Up Petition on Sept. 23
---------------------------------------------------------
A petition to wind up the operations of Royal Goalson Plastic Pte
Ltd will be heard before the High Court of Singapore on Sept. 23,
2022, at 10:00 a.m.

Cheng, Su-Chuan filed the petition against the company on Aug. 31,
2022.

The Petitioner's solicitors are:

          Yuen Law LLC
          50 South Bridge Road,
          #03-00, Singapore 058682




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

SRI LANKA INSURANCE: Fitch Keeps 'CC' IFS Rating on Watch Neg.
--------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on Sri
Lanka Insurance Corporation Limited's (SLIC) 'CC' Insurer Financial
Strength (IFS) Rating and 'AA(lka)' National IFS Rating.

The ratings were initially placed on RWN in April 2022.

KEY RATING DRIVERS

Weak Foreign-Currency Position: SLIC's IFS Rating reflects the
probability that ceased or interrupted payments could occur on
SLIC's foreign-currency obligations due to weak foreign-currency
liquidity in the local banking system. The counterparty risk for
SLIC's foreign-currency assets is high, as reflected in the Sri
Lankan sovereign's recent default on its foreign-currency
obligations, and the weak credit outlook for financial
institutions. The insurer has foreign-currency exposure via
investments in Sri Lanka development bonds, deposits with local
banks and unit trust investments.

The vast majority of SLIC's liabilities are in Sri Lankan rupees,
but it has some foreign-currency liabilities, such as reinsurance
payments and claim obligations arising from foreign
currency-denominated policies. SLIC's foreign-currency insurance
contract obligations are mostly reinsured, while the company says
it is negotiating with customers to settle in local-currency, where
possible. SLIC has also guaranteed a US-dollar facility obtained by
its subsidiary, Canwill Holdings (Pvt) Ltd, for the Grand Hyatt
Colombo project. The facility, from a state-owned bank, has also
been counter-guaranteed by the state.

Elevated Risks: The RWN reflects the heightened near-term downside
risks to SLIC's credit profile, including elevated investment and
liquidity risks, pressure on its regulatory capital position due to
non-core investments and a weaker financial performance outlook.

High Investment Risk: Fitch scores SLIC's investment and asset risk
at 'c' on the international rating scale, reflecting its high
exposure to sovereign and sovereign-related investments. SLIC's
Fitch-calculated risky-asset ratio (end-2021: 409%) remains very
high, and reflects the weak sovereign credit quality and high
exposure to listed and non-listed investments.

Satisfactory Regulatory Capital Position: SLIC's regulatory
risk-based capital (RBC) ratios of 449% for life and 262% for
non-life at end-1H22 (end-2021: 501% and 244%, respectively) were
well above the industry average and the 120% regulatory minimum.
However, the ratios could come under pressure if the government
requires SLIC to support the operation of its various non-core
subsidiaries.

SLIC's Fitch Prism Model score was 'Somewhat Weak' at end-2021,
reflecting its high investment risks relative to internationally
rated peers.

Weak Performance Outlook: Fitch said, "We expect the insurer's
earnings to come under pressure due to the current weak operating
environment. Underwriting profits will be squeezed by rising motor
spare-part costs due to currency devaluation, while overall costs
will climb with rising inflation. We expect SLIC, similar to other
insurers in Sri Lanka, to have limited ability to reprice policies
due to the reduction in customers' disposable incomes. The rupee
depreciated by about 94% year-to-date against the US dollar while
consumer price inflation was 61% in July 2022."

SLIC's operating performance has been favourable compared with
domestic peers. Its Fitch-calculated non-life combined ratio was
below 100% in the past five years while consolidated return on
equity averaged 12% over 2019-2021. SLIC reported a net profit of
LKR10.0 billion in 2021 (2020: LKR5.8billion) supported by large
unrealised investment gains.

Favourable Company Profile: Fitch regards SLIC's company profile as
'Favourable' because of a 'Favourable' business profile and 'Less
Favourable' corporate governance compared with other insurers in
Sri Lanka. SLIC's business profile is supported by its leading
business franchise and stable business lines across life and
non-life sectors. Fitch's corporate governance assessment reflects
SLIC's complex group structure with large non-core investments as
well as limited financial transparency. Fitch expects SLIC's
corporate governance to improve with the recent adoption of a new
framework.

RATING SENSITIVITIES

Fitch expects to resolve the RWN once the impact on SLIC's credit
profile becomes more apparent, which may take more than six
months.

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

IFS Rating

- ceased or interrupted payments on SLIC's foreign-currency
   obligations are imminent, in Fitch's view

- inability to access foreign- or local-currency assets to meet
   SLIC's liabilities, including any restrictions by the
   government

- rising investment and asset risks, including a downgrade of the

   ratings of financial institutions or the sovereign

- sustained weakness in financial performance and earnings or
   risk management practices

- significant weakening in SLIC's business profile, for instance,

   due to a weaker franchise, operating scale or business risk
   profile

- deterioration in the Fitch Prism Model score to below 'Somewhat

   Weak' for a sustained period

National IFS Rating

- inability to access foreign- or local-currency assets to meet
   SLIC's liabilities, including any restrictions by the
   government

- rising investment and asset risks, including a downgrade of the

   ratings of financial institutions or the sovereign

- deterioration in the RBC ratio below 350% for life and 200% for

   non-life for a sustained period;

- deterioration in financial performance, including the non-life
   combined ratio well above 100% for a sustained period

- significant weakening in SLIC's business profile, for instance,

   due to a weaker franchise, operating scale or business risk
   profile

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

IFS Rating

- There is limited scope for upward rating action given the RWN.

National IFS Rating

- There is limited scope for upward rating action given the RWN.

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.

RATING ACTIONS

  ENTITY / DEBT     RATING                              PRIOR  
  -------------     ------                              -----
Sri Lanka Insurance
Corporation Limited

Ins Fin Str        CC       Rating Watch Maintained   CC
Natl Ins Fin Str   AA(lka)  Rating Watch Maintained  AA(lka)




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

MONG DUONG: Moody's Ups Rating on USD Sr. Secured Notes to Ba2
--------------------------------------------------------------
Moody's Investors Service has upgraded Mong Duong Finance Holdings
BV's USD senior secured notes rating to Ba2 from Ba3.

At the same time, Moody's has revised the outlook to stable from
positive.

The rating action follows Moody's upgrade of Vietnam's ratings to
Ba2 from Ba3, with an outlook revision to stable from positive on
September 6.

Full details on the sovereign rating action is available at
https://bit.ly/3eDuuHZ

"The rating action on Mong Duong Finance reflects Moody's
assessment that the notes' rating is constrained by the sovereign
rating. Therefore, the upgrade of Vietnam's rating results in a
higher rating for the notes," says Mic Kang, a Moody's Vice
President and Senior Credit Officer.

Mong Duong Finance is a finance entity whose credit profile is
closely linked to AES Mong Duong Power Company Limited (MDP), which
owns and operates the underlying power project, because of several
structural features.

MDP operates with the assurance that the government will make
reliable and timely payments to MDP, if and when required, under
the Government Guarantee and Undertaking Agreement (GGU) and the
Build Operate Transfer (BOT) contract.

RATINGS RATIONALE

The Ba2 rating reflects MDP's fully contracted cash flow under a
long-term power purchase agreement (PPA) and solid financial
profile relative to the rating. The PPA contains a robust tariff
structure allowing for the recovery of costs and realization of
capital returns, so long as material offtaker and fuel supplier
risks do not emerge.

The government's commitment to MDP under the GGU and the BOT
contract supports the predictability of the company's operating
cash flow, while mitigating MDP's risk exposure to its single
offtaker, Vietnam Electricity, and its sole coal supplier, Vietnam
National Coal-Mineral Industries Group (Vinacomin).

Under the GGU and the BOT contract, the government guarantees the
performance of all payment obligations and all financial
commitments of Vietnam Electricity and Vinacomin. MDP is eligible
for compensation should Vinacomin be unable to supply coal.

MDP's ownership structure will change, subject to approvals from
stakeholders -- including the government -- following The AES
Corporation's (Baa3 stable) announcement that it signed an
agreement to sell its entire 51% stake in MDP to a consortium led
by a US-based investor in January 2021. The sale process is still
ongoing.

The terms of the notes require new owner(s) to meet the conditions
for a qualified transferee, which include (1) a tangible net worth
of at least $300 million or ratings of Ba1 or above by Moody's or
other rating agencies, and (2) substantial experience operating
fossil fuel power plants.

Moody's expects MDP's average debt service coverage ratios (DSCR)
to be 1.3x-1.5x during the tenor of the notes. This level of credit
metrics will support MDP's credit quality. MDP recorded a DSCR of
1.5x-1.6x in 2020-21.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Mong Duong Finance's exposure to governance risk is neutral to low.
But governance risk could increase if the sponsor profile or
commitment declines as a result of the potential ownership change.

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

The stable outlook on the rating reflects Moody's expectation that
MDP's operating and financial performance will continue to support
its credit profile over the next 12-18 months, while at the same
time, the rating remains constrained by the sovereign rating.

Moody's could upgrade the rating if Vietnam's sovereign ratings are
upgraded; and (1) the government's strong commitment to MDP's power
project remains intact; (2) MDP maintains its solid operations and
financial leverage; and (3) MDP's sponsor profile does not weaken.

Moody's could downgrade the rating if (1) Moody's takes a negative
rating action on the sovereign; (2) MDP's DSCR falls below 1.1x
during the amortization period; and/or (3) MDP's sponsor profile
weakens as a result of the potential ownership change, contrary to
Moody's expectation.

The principal methodology used in this rating was Power Generation
Projects Methodology published in January 2022.

Mong Duong Finance Holdings BV is the issuer of the USD notes. Mong
Duong Finance is indirectly owned by (1) AES Mong Duong Holdings
B.V. (51%), a subsidiary of The AES Corporation (Baa3 stable); (2)
POSCO Energy, which is owned by POSCO (Baa1 stable); and (3) Stable
Investment Corporation (19%), which is owned by China Investment
Corporation, a sovereign wealth fund of the Government of China (A1
stable). The ultimate shareholders of Mong Duong Finance mirror
that of AES Mong Duong Power Company Limited (MDP).

MDP is a limited liability joint venture that owns and operates two
sub-critical coal-fired power plants with a total capacity of 1,120
megawatts. The plants are located around 220 km east of Hanoi (50
km north-east of Ha Long City in Quang Ninh Province).


VIETNAM ELECTRICITY: Fitch Affirms 'BB' Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Electricity's (EVN) Long-Term
Foreign-Currency Issuer Default Rating at 'BB' with a Positive
Outlook. The agency has also affirmed EVN's senior unsecured rating
of 'BB'.

EVN's ratings reflect its Standalone Credit Profile (SCP), which is
at the same level as the Vietnamese sovereign rating (BB/Positive).
Under Fitch's Government-Related Entities (GRE) Rating Criteria,
EVN's ratings will be equalised to that of the sovereign in the
case of any weakening in the SCP, provided the likelihood of
support remains intact. The Positive Outlook reflects that of the
sovereign.

EVN's 'bb' SCP reflects its position as the owner and operator of
Vietnam's electricity transmission and distribution network, and
its 38% share of Vietnam's power generation capacity as of
end-2021. WFitch said, "We expect EVN's financial profile to be
much stronger than commensurate for its SCP assessment. The SCP,
however, is constrained by the limited record of Vietnam's cost
pass-through regulatory framework."

KEY RATING DRIVERS

Strong State Linkages: Fitch said, "We assess EVN's status,
ownership and control by the state as 'Very Strong'. The state
fully owns EVN, appoints its board and senior management, directs
investments and approves tariff hikes in excess of 5%. The support
record for EVN is 'Strong', as it has received guarantees,
step-down loans, loans from state-owned banks at preferential
rates, project subsidies and tax incentives. We expect support to
be available, if needed, even as the government intends to
gradually lower debt guarantees to state-owned enterprises."

Strong State Incentive to Support: Fitch believes the
socio-political implications of a potential EVN default are
'Strong', as a default would lead to service disruption in light of
the company's entrenched position across the electricity-sector
value chain. Fitch said, "We see the financial implications of a
potential default by EVN as 'Very Strong', as this would
significantly affect the availability and cost of domestic and
foreign financing options for the state and other GREs because EVN
is one of Vietnam's key borrowers."

Strong Demand Recovery: Vietnam's electricity demand rose modestly
by 4.6% yoy in 1H22 (1H21: 8.4%), as the country emerged from the
Covid-19 pandemic in the previous year and faced a tightened coal
supply. Fitch expects electricity demand in Vietnam to jump by 8%
in 2022 due to a low base effect, faster export growth and a
recovery in consumer spending. We expect electricity demand to
increase by an average of 8% a year from 2022, underpinned by
rising industrialisation, urbanisation and affluence.

Government to Support Coal Supply: Vietnam had to import coal and
electricity to meet a power shortage in 1H22. The government is
likely to boost domestic coal supply to ensure uninterrupted power
in 2H22. EVN procures most its coal domestically and is not reliant
on imported coal. Domestic coal prices are controlled by the
government, resulting in a moderate increase in domestic coal
prices compared with the surge in global coal prices. Fitch said,
"We also expect strong hydropower generation in 2022 to reduce
power generators' coal import requirements."

Sufficient Headroom amid Stable Tariff: The government has decided
to keep electricity tariffs stable until end-2022 to aid
post-pandemic economic development. The tariff was unchanged during
the pandemic before factoring tariff subsidies of VND12,300 billion
and VND4,650 billion given to consumers in 2020 and 2021,
respectively. We expect EVN's SCP to have reasonable headroom as
heavily regulated domestic coal prices and its large hydro share
help to regulate generation costs and limit the impact of stable
tariffs on its financial profile.

Higher Capex: Fitch expects EVN's capex to rise to around VND62
trillion in 2022 (2021: VND53 trillion) and VND80 trillion-110
trillion a year from 2023 to 2025. The government's draft Power
Development Plan 8 requires EVN to prioritise enhancing its
transmission and distribution infrastructure to accommodate new
capacity additions from renewable segments over the next few years.
EVN's new capacity addition pipeline is focused on gas, hydro and
solar energy, in line with the government's direction towards
carbon neutrality by 2050. Fitch said, "We expect EVN to have
flexibility in adjusting investments in the face of softer demand
growth."

SCP of 'bb': Fitch said, "We expect the company to generate more
than VND60 trillion in operational cash flow a year over 2022-2025.
However, it is likely to generate low, if not negative, free cash
flow due to its high capex plans. The company will fund the capex
through a mix of internal accruals and additional borrowings. Fitch
estimates that EVN's funds from operations (FFO) net leverage and
net debt to EBITDA will stay around 2.5x-3.5x from 2022 (2021:
2.6x), much stronger than required for its SCP."

An upward revision of EVN's SCP is contingent on consistent
application of electricity regulatory reforms, including a longer
record of tariff adjustments that reflect cost changes, while FFO
net leverage remains below 5.0x. Without a power tariff increase,
EVN's financial profile can deteriorate more rapidly than its
peers' because of its reliance on volatile hydropower and high
foreign-currency debt. EVN does not hedge foreign-currency risk due
to a lack of hedging instruments. The regulatory mechanism also
allows the pass through of foreign-exchange fluctuations, subject
to timely tariff adjustments.

DERIVATION SUMMARY

EVN's ratings will remain equalised to that of Vietnam even if its
SCP falls below the sovereign rating based on very strong
likelihood of government support. EVN would be rated on a top-down
basis, one notch below the sovereign rating, only if its SCP falls
more than three notches below the sovereign rating and the
likelihood of state support weakens such that the GRE score falls
below 42.5, from 45 currently. Fitch considers this a remote
prospect in the medium term.

EVN is similar to Vietnam Oil and Gas Group (PVN, BB/Positive) and
PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Stable), which
have comparable state linkages.

The three companies have 'Very Strong' assessments for status,
ownership and control, and the financial implications of default,
as they are wholly government-owned entities. However, EVN's and
PVN's support record is 'Strong', compared with PLN's 'Very
Strong', because government support for EVN and PVN is not as
consistent and significant due to their better financial profiles.
Vietnam's government also intends to reduce support progressively
by lowering debt guarantees to GREs. PLN relies on the Indonesian
government for subsidies and compensation income to remain
profitable.

EVN's socio-political impact of default is assessed as 'Strong'
compared with PVN's and PLN's 'Very Strong'. PVN's 'Very Strong'
assessment is because any disruptions to its operations will affect
the entire energy value chain in Vietnam. EVN's 'Strong' assessment
reflects the presence of other entities that can step in to produce
power if EVN is in financial distress, and feedstock for power
generation is procured mostly from other state-owned enterprises.
PLN has a monopoly in Indonesia's electricity transmission and
distribution sectors and owns and operates the majority of
installed power-generation capacity; therefore, a default would
have a severe effect on the country's power supply.

The financial implications of default for EVN, PVN and PLN are
'Very Strong', as it would significantly affect the availability
and cost of domestic and foreign financing options for the state
and its GREs, as all three companies are key borrowers in their
countries.

KEY ASSUMPTIONS

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

- Installed generation capacity in Vietnam to increase to 84GW by
  end-2023, from 77.5GW in 2021, led by private enterprises;

- System losses of around 7% (2021: 6.3%);

- Electricity sales volume to increase by 8.0% in 2022, 8.2% in   

  2023 and 8.3% thereafter (2021: 3.8%);

- Average electricity tariffs to increase by 1.1% to VND1,877/kWh
  in 2022 and remain almost flat subsequently;

- Increase of 3%-5% per year in per unit fuel and electricity   
  purchase cost;

- Capex of VND62 trillion in 2022 and VND80 million-110 trillion a

  year thereafter (2021: VND52 trillion);

- Average dividend payout ratio of 30% per year (2021: 27%).

RATING SENSITIVITIES

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

- Positive rating action on the sovereign, provided the
   likelihood of state support does not deteriorate significantly.

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

- Negative rating action on the sovereign;

- Deterioration in EVN's SCP, along with significant weakening in

   the likelihood of state support. Fitch sees this as a remote
   prospect in the medium term.

For the sovereign rating of Vietnam, the following sensitivities
were outlined by Fitch in its rating action commentary of March 28,
2022:

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

- Macroeconomic: A deterioration in Vietnam's policy mix that
creates risks for macroeconomic stability or leads to an increase
in macroeconomic imbalances, for instance, resulting in a sustained
decline in foreign-currency reserves.

- Public Finances: Crystallisation of contingent liabilities on
the sovereign's balance sheet or a sustained period of higher
fiscal deficits, which lead to a failure to stabilise government
debt over the medium term.

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

Macroeconomic Policy and Performance: Sustained high growth that
reduces the GDP per capita gap vis-à-vis Vietnam's peers while
maintaining macroeconomic stability.

- Public Finances: Improvement in public finances, for example,
through sustainable fiscal consolidation and debt stabilisation
over the medium term, as well as a higher revenue base or a
reduction in the risk of contingent liabilities.

- Structural: A material reduction in risks posed to the sovereign
balance sheet from weaknesses in the banking sector, for instance,
through improvements in capitalisation, transparency regarding
asset quality and the regulatory framework.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: EVN had VND133 trillion of cash equivalents at
end-2021, against current debt maturities of VND48 trillion. Fitch
estimates EVN will generate more than VND60 trillion of operational
cash flow a year from 2022 (2021: VND76 trillion). We expect EVN's
cash generation to be sufficient to manage its debt maturities,
which will not exceed VND50 trillion a year over the next three
years. EVN is likely to use a mix of internal funds and external
borrowings to fund its capex. We believe the company can secure
adequate funding because of its close linkages to the sovereign.

ISSUER PROFILE

EVN is a monopoly in the electricity transmission, distribution and
supply sectors, owning 38% of Vietnam's electricity generating
capacity as of end-2021. Its electricity transmission business is
via fully owned subsidiary National Power Transmission Corporation
(BB/Positive, SCP: bb+). It distributes power via five wholly
owned, 'BB'/Positive rated distributions companies with the same
SCP.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of EVN are directly linked to the credit quality of its
parent, the sovereign. A change in Fitch's assessment of the credit
quality of the parent will result in a change in the rating on
EVN.

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.


VIETNAM TECHNOLOGICAL: Moody's Ups Deposit & Issuer Ratings to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded Vietnam Technological and
Commercial Joint Stock Bank's (Techcombank) long-term local and
foreign currency deposit and issuer ratings to Ba2 from Ba3.
Moody's also upgraded the bank's Baseline Credit Assessment (BCA)
and adjusted BCA to ba2 from ba3.

At the same time, Moody's changed the outlook on Techcombank's
ratings, where applicable, to stable from positive.

RATINGS RATIONALE

The rating action on Techcombank reflects its strong standalone
creditworthiness and the upgrade of Vietnam's issuer rating to Ba2
from Ba3 on September 6, 2022. Prior to this rating action,
Techcombank's BCA and ratings were constrained by Vietnam's
previous sovereign rating of Ba3 given the bank's significant
exposure to the government in common with other Vietnamese banks.
 

Asset quality remained broadly stable despite the pandemic, with
gross non-performing loan (NPL) ratio increasing modestly to 0.7%
as of the end of 2021 from 0.5% a year earlier. Loan loss coverage
was also high at 163% as of the end of 2021. Nevertheless, the
bank's credit concentration in real estate and construction-
related loans remains a risk for its asset quality.

Capital and profitability are Techcombank's key credit strengths.
Capital, as measured by tangible common equity to Moody's-adjusted
risk weighted assets, was 13.6% as of the end of 2021, one of the
highest among Moody's rated Vietnamese banks. Moody's expects
Techcombank's capital to be stable over the next 12 –18 months
because asset growth will be supported by its strong profitability.
The bank reported a return on tangible assets of 3.3% in 2021.

Techcombank's funding is solid, with moderate reliance on market
funds. However, its high stock of liquid assets mitigates the
associated risks.

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

An upgrade of Techcombank's long-term ratings is unlikely because
they are at the same level as Vietnam's Ba2 sovereign rating.

The long-term ratings of Techcombank could be downgraded if there
is a severe deterioration in its credit fundamentals, including a
significant increase in its stock of problem loans leading to a
drop in profit and capital erosion.

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

Vietnam Technological and Commercial Joint Stock Bank
(Techcombank), headquartered in Hanoi, reported total assets of
VND569 trillion as of December 31, 2021.

Issuer: Vietnam Technological and Commercial Joint Stock Bank

Adjusted Baseline Credit Assessment, Upgraded to ba2 from ba3

Baseline Credit Assessment, Upgraded to ba2 from ba3

Long-term Counterparty Risk Assessment, Upgraded to Ba1(cr) from
Ba2(cr)

Long-term Counterparty Risk Rating (Foreign and Local Currency),
Upgraded to Ba1 from Ba2

Long-term Issuer Rating (Foreign and Local Currency), Upgraded to
Ba2 from Ba3, outlook changed to stable from positive

Long-term Bank Deposit Rating (Local and Foreign Currency),
Upgraded to Ba2 from Ba3, outlook changed to stable from positive

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

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

Short-term Issuer Rating (Foreign and Local Currency), Affirmed
NP

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

Outlook, Changed To Stable From Positive


[*] Moody's Takes Actions on 12 Vietnamese Banks
------------------------------------------------
Moody's Investors Service has taken rating actions on 12 Vietnamese
banks following the earlier announcement that it has upgraded
Vietnam's sovereign rating to Ba2 from Ba3.

Moody's has upgraded the long-term local (LC) and foreign currency
(FC) deposit and issuer ratings of 8 banks by 1 notch and the LC
and FC Counterparty Risk Ratings and Counterparty Risk Assessment
of 7 banks by 1 notch because of an increase in the number of
notches of uplift due to government support.

The banks impacted are:

(1) An Binh Commercial Joint Stock Bank (ABB),
(2) JSC Bank for Foreign Trade of Vietnam (Vietcombank),
(3) JSC Bank for Investment & Development of Vietnam (BIDV),
(4) Lien Viet Post Joint Stock Commercial Bank (Lien Viet),
(5) Orient Commercial Joint Stock Bank (OCB),
(6) Saigon - Hanoi Commercial Joint Stock Bank (SHB),
(7) Southeast Asia Commercial Joint Stock Bank (SeABank),
(8) Tien Phong Commercial Joint Stock Bank (TPBank),
(9) Vietnam Bank for Agriculture & Rural Development (Agribank),
(10) Vietnam International Bank (VIB),
(11) Vietnam JSC Bank for Industry and Trade (Vietinbank) and
(12) Vietnam Maritime Commercial Joint Stock Bank (MSB).

The rating outlook of ABB, Lien Viet and MSB remains stable.

The rating outlooks of Agribank, BIDV, OCB, SeABank, TPBank, VIB,
Vietcombank and Vietinbank have been changed to stable from
positive. The rating outlook of SHB remains positive.

A list of the Affected Credit Ratings is available at
https://bit.ly/3L1rRfd

RATINGS RATIONALE

The rating actions on the banks follow Moody's upgrade of Vietnam's
sovereign rating to Ba2 from Ba3 on September 6, 2022, and change
on the same date of the sovereign rating outlook to stable from
positive.

Vietnam's credit strength is a key input in Moody's deposit and
debt ratings for financial institutions in the country. The upgrade
in bank's ratings reflect the stronger ability of the government to
provide support to banks in times of stress.

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

An upgrade of Vietcombank, Vietinbank, BIDV and Agribank's deposit
and issuer ratings is unlikely because they are at the same level
as Vietnam's Ba2 sovereign rating.

An upgrade of TPBank, OCB, SeABank and VIB's deposit and issuer
ratings is also unlikely because it requires a multi-notch upgrade
of their standalone credit strength or Baseline Credit Assessment
(BCA).

MSB, ABB, Lien Viet and SHB's deposit and issuer ratings could be
upgraded if their standalone credit strength improves leading to an
upgrade of their BCAs.

Moody's could downgrade Agribank, ABB, BIDV, Lien Viet, MSB, OCB,
SeABank, SHB, TPB, VIB, Vietcombank and Vietinbank's issuer and
deposit ratings if Vietnam's sovereign rating is downgraded or if
the rating agency assesses that government support for the banks
has weakened.

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

An Binh Commercial Joint Stock Bank (ABB), headquartered in Hanoi,
reported total assets of VND121 trillion as of December 31, 2021.

JSC Bank for Foreign Trade of Vietnam (Vietcombank), headquartered
in Hanoi, reported total assets of VND1,415 trillion as of December
31, 2021.

JSC Bank for Investment and Development of Vietnam (BIDV),
headquartered in Hanoi, reported total assets of VND1,762 trillion
as of December 31, 2021.

Lien Viet Post Joint Stock Commercial Bank (Lien Viet),
headquartered in Hanoi, reported total assets of VND289 trillion as
of December 31, 2021.

Orient Commercial Joint Stock Bank (OCB), headquartered in Ho Chi
Minh City, reported total assets of VND184 trillion as of December
31, 2021.

Saigon-Hanoi Commercial Joint Stock Bank (SHB), headquartered in
Hanoi, reported total assets of VND507 trillion as of December 31,
2021.

Southeast Asia Commercial Joint Stock Bank (SeABank), headquartered
in Hanoi, reported total assets of VND212 trillion as of December
31, 2021.

Tien Phong Commercial Joint Stock Bank (TPBank), headquartered in
Hanoi, reported total assets of VND293 trillion as of December 31,
2021.

Vietnam Bank for Agriculture & Rural Development (Agribank),
headquartered in Hanoi, reported total assets of VND1,696 trillion
as of December 31, 2021.

Vietnam International Bank (VIB), headquartered in Ho Chi Minh
City, reported total assets of VND310 trillion as of December 31,
2021.

Vietnam JSC Bank for Industry and Trade (VietinBank), headquartered
in Hanoi, reported total assets of VND1,532 trillion as December
31, 2021.

Vietnam Maritime Commercial Joint Stock Bank (MSB), headquartered
in Hanoi, reported total assets of VND204 trillion as December 31,
2021.



                           *********


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

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

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

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