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

                     A S I A   P A C I F I C

          Thursday, September 22, 2022, Vol. 25, No. 184

                           Headlines



A U S T R A L I A

18TH AMENDMENT PTY: Second Creditors' Meeting Set for Sept. 29
AGBIOEN PTY: First Creditors' Meeting Set for Sept. 30
CLARINDA MANOR: Second Creditors' Meeting Set for Sept. 29
EMERGE CAPITAL: Members' Final Meeting Set for Oct. 20
JEWELS OF SYDNEY: Second Creditors' Meeting Set for Sept. 29

MORTGAGE HOUSE 2022-2: S&P Assigns B (sf) Rating to Class F Notes
RESIMAC TRIOMPHE 2022-2: S&P Assigns Prelim 'B+' Rating to F Notes
TICKETEK: S&P Alters Outlook to Stable, Affirms 'B-' ICR
TURN 2: Second Creditors' Meeting Set for Sept. 29
[*] AUSTRALIA: ATO Winding Up Applications on the Rise



C H I N A

COUNTRY GARDEN: Issues State-Backed Bond After Rating Cut
FOSUN INTERNATIONAL: Pares Stakes in China Life, Yuyuan Tourist


H O N G   K O N G

LI & FUNG: Moody's Assigns 'Ba1' CFR & Alters Outlook to Stable


I N D I A

AJNARA INDIA: NCLT Admits Insolvency Petition Against Developer
ASIAN HOTELS: To Undergo Insolvency Proceedings
BEEKAY AUTO: Ind-Ra Gives 'BB+' LT Issuer Rating, Outlook Stable
CITYLIFE RETAIL: Liquidation Process Case Summary
DR. RAJENDRA: Ind-Ra Keeps BB Bank Loan Rating in Non-Cooperating

EXTOL EDUCATION: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
GANESH STAMPINGS: Liquidation Process Case Summary
HITECH PRINT: Ind-Ra Hikes LT Issuer Rating to BB, Outlook Stable
HYDRIC FARM: Liquidation Process Case Summary
IBIZ CONSULTANCY: Voluntary Liquidation Process Case Summary

IIC LIMITED: Liquidation Process Case Summary
INFAR TIE-UP: Liquidation Process Case Summary
INSTITUTE OF FOREIGN TRADE: Ind-Ra Keeps BB in Non-Cooperating
MAXOUT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
MONAD EDUKASIONAL: Ind-Ra Keeps BB Bank Rating in Non-Cooperating

PRISMACK BIOTECHNICS: Liquidation Process Case Summary
RESHIKA ESTATES: Voluntary Liquidation Process Case Summary
SAFARI REAL: Voluntary Liquidation Process Case Summary
SHINMAYA INDUSTRIES: Voluntary Liquidation Process Case Summary
TENSHI KSM PRIVATE: Voluntary Liquidation Process Case Summary

TEXAS TEXTILE: Liquidation Process Case Summary
VEC RESOURCES & ENERGY: Voluntary Liquidation Process Case Summary


J A P A N

TOSHIBA CORP: Chubu Electric, Orix and Others Weigh Offers


N E W   Z E A L A N D

BAKED ROTORUA: Creditors' Proofs of Debt Due on Oct. 18
BLACKBURN TRANSPORT: Creditors' Proofs of Debt Due on Oct. 16
DD DRAINAGE: Creditors' Proofs of Debt Due on Oct. 31
GRACE GREGORY: Creditors' Proofs of Debt Due on Oct. 14
SKS CONTRACTING Creditors' Proofs of Debt Due on Oct. 25



S I N G A P O R E

CHEMICAL MARKET: Members' Final Meeting Set for Oct. 20
LINCOLN FINANCING: Fitch Affirms 'BB-' IDR, Outlook Stable
NIDEC BMS: Members' Final Meeting Set for Oct. 20
PRIMEPOINT SERVICES: Creditors' Meeting Set for Sept. 30
RAIZEN AND WILMAR: Members' Final Meeting Set for Oct. 21



T H A I L A N D

THAI AIRWAYS: Expects Court to Approve Revised Rehabilitation Plan

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A U S T R A L I A
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18TH AMENDMENT PTY: Second Creditors' Meeting Set for Sept. 29
--------------------------------------------------------------
A second meeting of creditors in the proceedings of 18th Amendment
Pty Ltd has been set for Sept. 29, 2022, at 10:00 a.m. at the
offices of SV Partners at Level 17, 200 Queen Street in Melbourne.

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. 28, 2022, at 5:00 p.m.

Richard John Cauchi and Timothy James Brace of SV Partners were
appointed as administrators of the company on Aug. 24, 2022.


AGBIOEN PTY: First Creditors' Meeting Set for Sept. 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of Agbioen Pty
Ltd will be held on Sept. 30, 2022, at 10:00 a.m. virtual
facilities.

David Coyne of BRI Ferrier was appointed as administrator of the
company on Sept. 19, 2022.


CLARINDA MANOR: Second Creditors' Meeting Set for Sept. 29
----------------------------------------------------------
A second meeting of creditors in the proceedings of Clarinda Manor
Pty Ltd has been set for Sept. 29, 2022, at 11:00 a.m. at the
offices of SV Partners at Level 17, 200 Queen Street in Melbourne.
  
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. 28, 2022, at 5:00 p.m.

Timothy James Brace and Peter Gountzos of SV Partners were
appointed as administrators of the company on Aug. 23, 2022.


EMERGE CAPITAL: Members' Final Meeting Set for Oct. 20
------------------------------------------------------
Members of Emerge Capital Partners (International) Holdings Pte.
Limited will hold their final meeting on Oct. 20, 2022, at 11:00
a.m., at the offices of PWC, One Watermans Quay, Sydney,
Barangaroo, NSW, in Australia.

At the meeting, Tan Chin Ren, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


JEWELS OF SYDNEY: Second Creditors' Meeting Set for Sept. 29
------------------------------------------------------------
A second meeting of creditors in the proceedings of Jewels of
Sydney Pty Limited and Jewels of Sydney Manufacturing Pty Ltd has
been set for Sept. 29, 2022, at 11:00 a.m. at the offices of JLA
Insolvency & Advisory Pty Ltd at Level 13, 50 Margaret Street, in
Sydney.
  
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. 28, 2022, at 4:00 p.m.

Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on Aug. 24, 2022.


MORTGAGE HOUSE 2022-2: S&P Assigns B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Series 2022-2. Mortgage House RMBS
Series 2022-2 is a securitization of residential mortgages
originated by Mortgage House of Australia Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance (LMI) on 4.7% of the loans in the
portfolio, and excess spread.

-- The underwriting standard and centralized approval process of
the seller, Mortgage House of Australia.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.2% of the outstanding balance of the notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under its stress assumptions.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Westpac Banking Corp. to hedge the mismatch between
receipts from any fixed-rate mortgage loans and the variable-rate
RMBS.

  Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Series 2022-2

  Class A1-S, A$225.00 million: AAA (sf)
  Class A1-L, A$412.50 million: AAA (sf)
  Class A2, A$52.50 million: AAA (sf)
  Class AB, A$11.25 million: AAA (sf)
  Class B, A$15.75 million: AA (sf)
  Class C, A$13.50 million: A (sf)
  Class D, A$8.55 million: BBB (sf)
  Class E, A$5.25 million: BB (sf)
  Class F, A$3.30 million: B (sf)
  Class G, A$2.40 million: Not rated


RESIMAC TRIOMPHE 2022-2: S&P Assigns Prelim 'B+' Rating to F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2022-2. RESIMAC Triomphe
Trust - RESIMAC Premier Series 2022-2 is a securitization of prime
residential mortgage loans originated by RESIMAC Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including 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 the rated notes and lenders' mortgage insurance
on 23.7% of the loan portfolio, which covers 100% of the face value
of these loans, accrued interest, and reasonable costs of
enforcement.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws, and a
liquidity facility equal to 0.75% of the outstanding balance of the
rated notes, are sufficient under its stress assumptions to ensure
timely payment of interest.

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

  Preliminary Ratings Assigned

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2022-2

  Class A1, A$420.00 million: AAA (sf)
  Class A2, A$30.00 million: AAA (sf)
  Class AB, A$25.00 million: AAA (sf)
  Class B, A$8.50 million: AA+ (sf)
  Class C, A$7.75 million: A+ (sf)
  Class D, A$5.00 million: BBB (sf)
  Class E, A$1.80 million: BB (sf)
  Class F, A$0.80 million: B+ (sf)
  Class G, A$1.15 million: Not rated


TICKETEK: S&P Alters Outlook to Stable, Affirms 'B-' ICR
--------------------------------------------------------
On Sept. 20, 2022, S&P Global Ratings revised its outlook on
Ticketek (rated entity TEG Pty Ltd.) to stable from negative. S&P
affirmed the 'B-' issuer credit rating and the 'B-' issue rating on
the group's US$285 million first-lien term loan B (consisting of a
US$205 million tranche and A$118.2 million tranche) with a recovery
rating of '3'. S&P also affirmed its 'CCC' issue rating on TEG's
US$100 million second-lien term loan B with a recovery rating of
'6'. At the same time, S&P assigned its 'B-' long-term issuer
credit rating to Amplify MidCo, the ultimate parent of the group.
The outlook on Amplify MidCo is stable. S&P subsequently withdrew
its ratings on TEG. S&P refers to Amplify MidCo as the rated
entity.

The stable outlook reflects S&P's view that Ticketek's performance
will improve to pre-pandemic levels as the recovery in sporting and
live entertainment events continue. The company's market position
should support revenue and earnings growth as it returns to a
normalized operating environment across its key markets.

The outlook revision reflects Amplify MidCo's improving trading
performance and the recovery in ticketed events and tours. S&P
believes the company's trading performance and operations will
continue to recover and grow as restrictions on non-essential
gatherings cease and society adapts to a post-COVID normal.
Attendance rates have improved, buoyed by greater confidence from
patrons to attend live events and tours. In addition, the easing of
restrictions on international travel and quarantine periods should
assist the company to schedule concerts and tours for
international-based artists.

S&P said, "In our view, Amplify MidCo's earnings recovery will
support sustainable deleveraging during fiscal years 2023 and 2024
(year ending June 30).The company's earnings recovery gathered pace
in the second half of fiscal 2022 as pent-up demand from patrons
crystallized to ticket sales. In our fiscal 2023 base case
forecast, we expect Amplify MidCo's earnings growth to be supported
by a solid pipeline of touring schedules, and the ability for the
company to operate free of social-distancing restrictions. The pace
of deleveraging depends on the company's ability to scale-up its
operations, absent any debt-funded acquisitions or distributions to
its financial sponsor, Silver Lake Partners."

Amplify MidCo's established market-leading position and
capital-light operating model should underpin earnings growth. The
company benefits from an established market-leading position in the
live entertainment industry in Australia and New Zealand.
Long-dated exclusive contracts with major event venues underpin its
dominant position in the narrow ticketing services segment.
Furthermore, the flexibility provided by the company's
capital-light operating model ensures the company can efficiently
scale-up its operations to drive revenue and earnings growth.

Earnings remain vulnerable to any adverse changes in consumer
behavior and discretionary spending. Although the likelihood of
social restrictions being re-introduced is low, any unforeseen
measures by governments or health authorities on density limits at
live events or restrictions in international travel could constrain
Amplify MidCo's revenue and earnings recovery. Inflationary
pressures across key markets could also reduce disposable income,
affecting discretionary spending and ticket sales volumes.

S&P said, "Our 'B-' long-term issuer credit rating on Amplify MidCo
reflects the entity status as the ultimate parent of the
group.Amplify MidCo is the issuer of the group's consolidated
financial statements. We therefore withdrew our rating on TEG Pty
Ltd. and assigned the 'B-' long term issuer credit rating with
stable outlook to Amplify MidCo.

"The stable outlook reflects our expectation that Amplify MidCo
will benefit from an improved operating outlook, driven by the
recovery in sporting and live entertainment events. Rating
stability is predicated on an improving operating environment in
Amplify MidCo's key markets, supported by the company's solid
market positions and ability to generate positive cash flow.

"We could lower the rating if the company's ability to generate
positive cash flow erodes or liquidity weakens. We could also lower
the rating if we viewed the capital structure as unsustainable due
to a deteriorating earnings profile that we would expect to
continue.

"We could raise the rating if the company maintains its market
position and sustainably generates positive free operating
cashflow, such that debt-to-EBITDA (after S&P Global Ratings'
adjustments) is maintained below 5.5x."

ESG credit indicators: E-2, S-3, G-3 from E-2, S-4, G-3

S&P said, "We have revised our assessment of social factors for
Amplify MidCo to S-3 from S-4, reflecting the improved social and
operating environment, as the pandemic becomes endemic.

"Social factors remain a moderately negative consideration in our
credit rating analysis of Amplify MidCo. We note the adverse
impacts that pandemic-related restrictions had on the company and
its earnings. Although, the markets in which it operates in have
recorded high vaccination rates and have returned to a level of
normality, there remains a risk that any emergence of unforeseen
variants or health-related outbreaks could affect the company's
ability to operate.

"Governance factors are a moderately negative consideration in our
analysis of Amplify MidCo. We view financial sponsor-owned
companies with aggressive or highly leveraged financial risk
profiles as making corporate decisions that prioritize the
interests of the controlling owners. Typically, these relationships
have finite holding periods and a focus on maximizing shareholder
returns."



TURN 2: Second Creditors' Meeting Set for Sept. 29
--------------------------------------------------
A second meeting of creditors in the proceedings of Turn 2 Marine
Engineers Pty Ltd has been set for Sept. 29, 2022, at 2:00 p.m. at
the offices of via teleconference only.
  
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. 28, 2022, at 5:00 p.m.

Sule Arnautovic and John Vouris of Hall Chadwick were appointed as
administrators of the company on Aug. 26, 2022.


[*] AUSTRALIA: ATO Winding Up Applications on the Rise
------------------------------------------------------
SmartCompany reports that the Australian Taxation Office (ATO) is
accelerating its use of company wind up applications, risk
reporting firm Alares said, suggesting the return to pre-pandemic
compliance measures is well and truly underway.

In its data briefing on Sept. 20, Alares stated the ATO issued 13
company wind up applications over the last week, marking the
highest weekly total since 2019, SmartCompany relays.

In addition, the ATO issued 17 new winding up applications across
August - which Alares states is nearly equal to the total number of
applications the tax office had issued over the past two years.

All told, the ATO's use of company wind up notices is still far
below the historical average of roughly 40 orders each week, the
report says.

But its decision to increase the use of one of the most powerful
tools in its compliance arsenal indicates the time for pandemic-era
leniency is rapidly coming to a close, SmartCompany relays.

According to SmartCompany, the ATO has already leaned into the use
of director penalty notices to reach company directors with
outstanding tax obligations, sending out as many as 40 a day in
May.

And in a Q&A posted on the ATO website last week, new deputy
commissioner of small business Will Day signaled the tax office is
prepared to ramp up its collection efforts.

"I think most people in the community would understand that the ATO
has an obligation to collect what it is owed," the report quotes
Mr. Day as saying.

Backdropped by increasing ATO action, and the absence of stimulus
measures which temporarily kept struggling companies above water,
company collapses are now growing in frequency, SmartCompany
relays.

According to SmartCompany, the latest Australian Securities and
Investments Commission (ASIC) data shows 192 external
administration and controller appointments were recorded in the
week commencing September 2, more than double the 93 recorded in
the same week last year.

The number of appointments is now nearing baseline levels, the data
shows, after two years of pandemic-linked suppression, adds
SmartCompany.




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COUNTRY GARDEN: Issues State-Backed Bond After Rating Cut
---------------------------------------------------------
Caixin Global reports that Country Garden Holdings Co. Ltd.,
China's largest real estate developer by sales, has issued a CNY1.5
billion ($213.9 million) onshore bond guaranteed by a state-owned
financial guarantor.

Caixin relates that the China Bond Insurance Co. Ltd.-backed bond
has the term of three years with a coupon rate of 3.2%, according
to a Sept. 21 filing to the Hong Kong stock exchange.

Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.

As recently reported in the Troubled Company Reporter-Asia Pacific,
on Sept. 19, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Country Garden to 'BB' from 'BB+'.

The negative outlook on Country Garden reflects the risk that the
company's liquidity buffer and leverage could further deteriorate
due to weaker sales and a high amount of construction expenditure.


FOSUN INTERNATIONAL: Pares Stakes in China Life, Yuyuan Tourist
---------------------------------------------------------------
Yicai Global reports that Fosun International has trimmed its
holdings in units New China Life Insurance and Shanghai Yuyuan
Tourist Mart Group, the latest in a series of asset sales, as the
Chinese health-to-smart-manufacturing conglomerate Fosun remains
committed to reducing its scale of investment.

Fosun International sold 2.61 million shares in New China Life in
block trading on Sept. 15, diluting its stake to 5% from 5.84
percent, the insurer said on Sept. 19, Yicai Global discloses.

And affiliate Shanghai Fosun High Technology Group sold 38.9
million shares in Yuyuan Tourist Mart between Aug. 26 to Sept. 19,
reducing its holdings to 2.63% from 3.63%, but it remains majority
shareholder, the tourism operator also said on Sept. 19, Yicai
Global discloses.

According to Yicai Global, the reduction in shareholdings is part
of Fosun's financial strategy of balancing investments, Fosun High
Technology said on Sept. 19. Optimization of the asset portfolio is
constant work and is not just in order to cope with the current
market environment, it added.

Yicai Global says the possibility of a further adjustment of
shareholding ratios within the next 12 months cannot be ruled out,
Fosun International and Fosun High Technology said in a filing to
the Hong Kong bourse on Sept. 19 as part of obligatory information
disclosure procedures.

Fosun International had debts of CNY261.1 billion (USD37.7 billion)
as of the June 30, up from CNY237.1 billion at the end of last
year, according to its latest earnings report. The Shanghai-based
company citied business expansion as the cause. Its debt-to-asset
ration reached 56.8 percent, 3 percentage points higher than at the
end of 2021, Yicai Global relays.

Yicai Global adds that the conglomerate has been actively raising
money through the sale of assets. Since the beginning of the year,
it has sold stakes in Hainan Mining, Tsingtao Brewery, Zhongshan
Public Utilities Group, Shanghai Fosun Pharmaceutical Group and
Shandong Taihe Water Treatment Technologies among other firms.

Insurance firms in particular have been given the chop. Four Fosun
units sold a combined 26% equity in Yong'an Property Insurance,
reducing their holdings to 14.68% from 40.68 percent, the property
insurer said earlier this month. And in April, Fosun International
sold off US insurer AmeriTrust Group for USD740 million.

                            About Fosun

Fosun International Limited provides diversified services. The
Company offers products and services for families in health,
happiness, and wealth businesses. Fosun International serves
clients worldwide.

As recently reported in the Troubled Company Reporter-Asia Pacific,
on Sept. 16, 2022, S&P Global Ratings lowered the long-term issuer
credit rating on China-based investment holding company Fosun
International Ltd. and the issue rating on the company's guaranteed
senior unsecured debts to 'BB-' from 'BB'.

The negative outlook reflects the difficulties to meaningfully
extend the company's debt maturity profile over the next 12 months
and uncertainties in its plan to sell assets.

Fosun faces narrowing liquidity headroom and a shortening debt
maturity profile amid hurdles to access both onshore and offshore
bond markets and macroeconomic uncertainty.




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LI & FUNG: Moody's Assigns 'Ba1' CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to Li & Fung Limited and withdrawn the company's Baa3 issuer
rating.

At the same time, Moody's has downgraded to (1) Ba1 from Baa3 the
company's senior unsecured bond ratings, (2) provisional (P)Ba1
from (P)Baa3 its senior unsecured medium-term note (MTN) programme
rating, (3) provisional (P)Ba3 from (P)Ba2 its preferred stock MTN
programme rating, and (4) Ba3 from Ba2 its subordinated perpetual
capital securities rating.

Moody's has also revised the rating outlook to stable from ratings
under review. This concludes the review for downgrade initiated on
September 5, 2022.

"The rating downgrades reflect the company's reduced business
diversity and earnings base after the sale of its logistics
segment, despite a significant reduction in its net debt levels,"
says Gloria Tsuen, a Moody's Vice President and Senior Credit
Officer.

RATINGS RATIONALE

With the sale of LF Logistics Holdings Limited and its various
entities in August to A.P. Moller-Maersk A/S (Baa2 positive), Li &
Fung's business diversity has been reduced to the trading segment,
and its earnings base has shrunk. LF Logistics generated about
two-thirds of Li & Fung's adjusted EBITDA in 2021, even though its
contribution to overall turnover was only 20%-25%.

Li & Fung's trading business experienced multi-year declines in
revenue and earnings as a result of structural difficulties faced
by its retail customers. While the company is making progress in
its turnaround of the trading business, its earnings and
profitability after the sale of its logistics segment will remain
significantly below pre-2020 levels at least over the next several
years.

On the other hand, Moody's expects Li & Fung's adjusted net
debt/EBITDA to decline to 1.5x-2.0x by 2023 from around 3.3x in
2021. Adjusted debt/EBITDA will also decline to below 5x in 2023
from around 7x in 2022. These forecasts are based on assumptions
that (1) the company will use more than half of the proceeds for
debt reduction and building a cash buffer; and (2) earnings will
gradually rebound and capital spending will be low, which will
support positive free cash flow.

Given that the improvement in capital structure only partially
offsets the weakening in its business profile, Li & Fung's overall
credit profile is more commensurate with the Ba1 rating.

Li & Fung's Ba1 ratings incorporate the company's unique market
position in the global sourcing and trading of consumer products,
high levels of customer and supplier diversification, long
operating track record, and prudent financial management resulting
in very good liquidity. Its asset-light business model also means
low capital spending requirements, allowing it to generate free
cash flow starting in 2023.

At the same time, the ratings reflect the company's concentrated
operations in trading, low margins and earnings, as well as
execution risks in turning around the trading business.

Li & Fung's trading business improved in 2021 and further rebounded
in both turnover and earnings in the first half of 2022 compared
with a year ago. Moody's expects operating performance to continue
to improve, driven by a strengthened customer base, improved
services and reduced costs.

That said, there is a degree of uncertainty arising from reduced
consumer demand amid a slowing global economy and the company's
limited track record of sustaining business recovery.

Li & Fung's liquidity remains very good, with ample cash to cover
its short-term debt and most of its long-term debt maturing only in
2024 and 2025.

In terms of environmental, social and governance (ESG)
considerations, the ratings factor in social risks from changes in
consumer preference towards online shopping, which has resulted in
structural weakness for traditional retailers and the company's
trading business. In terms of governance risk, the ratings consider
Li & Fung's good management credibility and prudent financial
policy, as illustrated by its very long operating history and
continued debt reductions.

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

The stable outlook reflects Moody's expectation that the company's
trading business will continue to improve, and the company will
maintain a solid balance sheet and strong liquidity.

A rating upgrade is unlikely over the next 1-2 years, given the
company's small earnings scale and reduced business diversity. The
rating could be upgraded over time if the company (1) significantly
increases its scale, earnings base and profitability; (2) maintains
large cash holdings and free cash flow generation; and at the same
time (3) improves its adjusted debt/EBITDA to below 2x.

Moody's could downgrade Li & Fung's ratings if (1) the company
fails to sustain growth in revenue and earnings; (2) its adjusted
debt/EBITDA fails to decline below 5.0x by the end of 2023; (3) it
pursues aggressive acquisitions or shareholder return policies; or
(4) its cash holdings decline below $500 million.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

Founded in 1906, Li & Fung Limited is a global consumer product
sourcing and trading company. Based in Hong Kong, it has an
extensive global supply chain network in more than 50 countries.
  



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AJNARA INDIA: NCLT Admits Insolvency Petition Against Developer
---------------------------------------------------------------
The Economic Times reports that the Delhi bench of the National
Company Law Tribunal has initiated bankruptcy proceedings against
Ajnara India Ltd, a Noida based real estate developer on a petition
filed by 128 homebuyers or its project Ajnara Ambrosia.

ET, citing NCLT order, relates that allottees were seeking to
initiate CIRP against the developer for the default committed
against the financial debt paid by the applicants in lieu of the
units purchased in the project.

"It is submitted that the respondent (developer) taking advance
payments raised a total financial debt of INR50,47,48,426/- only
from the applicants but failed to fulfil its commitments and
defaulted in construction of the project," the petition, as cited
by ET, said.

NCLT has appointed IRP and has directed the developer to deposit
INR2 lakh to meet the immediate expenses.

Incorporated in 1991 as a private limited company, Ajnara India
Limited (AIL) was earlier known as Ajnara Farms and Services
Limited. AIL is a closely-held company managed by three brothers
namely Mr. Pramod Kumar Gupta, Mr. Ashok Gupta and Mr. Vinod Gupta.
The company has completed several Group housing projects in the
National Capital Region (NCR) and is currently developing five
Group housing projects: Ajnara Integrity in Ghaziabad, Ajnara
Heritage in Noida, Ajnara Ambrosia in Noida, Ajnara Panorama and
Ajnara Sports City in Greater Noida. AIL has also recently launched
Ajnara Fragrance, a project being undertaken under the PMAY-U.


ASIAN HOTELS: To Undergo Insolvency Proceedings
-----------------------------------------------
The Economic Times reports that the bankruptcy court last week
admitted an insolvency case against Asian Hotels (West), which
operates the Hyatt Regency hotel near the Mumbai airport, on a
petition filed by JM Financial Asset Reconstruction Company (ARC).

ET relates that the Delhi bench of the National Company Law
Tribunal admitted the company on September 16 and appointed Sapan
Mohan Garg as an interim resolution professional, according to an
order posted on its website.

Asian Hotels (West) Limited is an India-based company, which is
engaged in hotel business. The Company is involved in restaurants,
accommodation, and related services. It caters to both
international and domestic travelers.


BEEKAY AUTO: Ind-Ra Gives 'BB+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Beekay Auto
Private Limited (BAPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR500 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR10 mil. Non-fund-based working capital limits assigned with
     IND A4+ rating; and

-- INR450 mil. Term loans due on August 2034 assigned with IND
     BB+/Stable rating.

Key Rating Drivers

The ratings reflect BAPL's medium scale of operations as indicated
by revenue of INR3,340 million in FY22 (FY21: INR3,300.09 million).
The revenue grew marginally in FY22 owing to increased demand for
passenger vehicles at its new showroom in Behrampur, coupled with
the economic recovery following the Covid-19-led disruptions and
the global supply constraints in semiconductor industry. In 1QFY23,
the company booked revenue of INR800.771 million. Ind-Ra expects
the revenue to increase marginally in the near term as management
plans to open a new showroom of Nexa in Burdwan. FY22 financials
are provisional.

The ratings also factor in the BAPL's modest EBITDA margin of 4.06%
in FY22 (FY21: 4.19%) with a return on capital employed of 6.8%
(7.2%). Ind-Ra expects the margins to remain at similar levels
owing to the dealership nature of business.

The ratings also reflect BAPL's modest credit metrics as reflected
by the interest coverage (operating EBITDA/gross interest expenses)
of 1.88x in FY22 (FY21: 1.71x) and the net leverage (total adjusted
net debt/operating EBITDAR) of 5.65x (5.58x). The interest coverage
improved marginally due to a marginal decline in the interest
expense to INR61.78 million in FY22 (FY21: INR72.24 million) due to
scheduled repayments of term loans coupled with lower working
capital limit utilization during FY22. However, the net leverage
marginally deteriorated in FY22 due to higher use of the working
capital limits at end-FY22. Ind-Ra expects the credit metrics to
improve in the short term due to the scheduled term loan repayments
of INR40.15 million, INR30.25 million, INR32.44 million in FY23,
FY24 and FY25, respectively.

Liquidity Indicator - Stretched: BAPL's average maximum utilization
of the fund-based limits was 89.43% during the 12 months ended
April 2022 with two instances of overutilization up to 1 day each.
The cash flow from operations plunged to INR53.32 million in FY22
(FY21: INR384.24 million) due to unfavorable changes in working
capital. Consequently, the free cash flow declined to INR29.25
million (INR323.74 million). The company's net working capital
cycle elongated to 63 days in FY22 (FY21: 47 days), although was
comfortable, owing to an increase in the debtor collection period
to 26 days (14 days) and the inventory holding period to 48 days
(34 days). The cash and cash equivalents stood at INR128.13 million
at FYE22 (FYE21: INR74.08 million). Furthermore, BAPL does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

However, the ratings are supported by the promoters' nearly three
decades of experience in the automobile industry. This has
facilitated the company to establish strong relationships with its
customers as well as suppliers.

Rating Sensitivities

Positive: A sustained improvement in the scale of operations,
leading to an improvement in the overall credit metrics with the
net leverage reducing below 4.5x, along with an improvement in the
liquidity position, all on a sustained basis, could lead to a
positive rating action.

Negative: A decline in the scale of operations or credit metrics or
a further pressure on the liquidity position, all on a sustained
basis, could lead to a negative rating action.

Company Profile

Incorporated in 1995, BAPL is an authorized dealer for Maruti
Suzuki India Limited's cars. The company has five showrooms in West
Bengal, one each in Siliguri, Burdwan and Behrampur, and two in
Asansol. It also has six workshops in West Bengal.


CITYLIFE RETAIL: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Citylife Retail Private Limited
        K.M.C. Premises No. 14
        Congress Exhibition Road
        Kolkata West Bengal 700017

Liquidation Commencement Date: September 13, 2022

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: May 25, 2022

Insolvency professional: Anneel Saraogi

Interim Resolution
Professional:            Anneel Saraogi
                         P1 Hyde Lane, 7th Floor
                         Suite-7B Kolkata 700073
                         West Bengal
                         E-mail: aneelsaraogi@gmail.com

                            - and -

                         C/o Klass Insolvency Resolution
                         Professionals Private Limited
                         2/7 Sarat Bose Road
                         Vasundhara Apartment, 2nd Floor
                         Kolkata 700020, West Bengal
                         E-mail: cirp.citylife@gmail.com

Last date for
submission of claims:    October 13, 2022


DR. RAJENDRA: Ind-Ra Keeps BB Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dr. Rajendra
Prasad Educational Society's (RPES) bank facilities in the
non-cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR50 mil. Term loans (Long-term) maintained in noncooperating

     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Bank overdraft facility (Long-term) maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2020. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

Company Profile

RPES was formed on May 25, 2000 under the Society of Registrar,
Uttar Pradesh and began its operations in 2003. The colleges under
this society are situated in Lucknow, Uttar Pradesh and affiliated
to Lucknow University. The society has various colleges under the
name City Group of Colleges offering courses in professional and
management studies.


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

The detailed rating actions are:

-- INR37.04 mil. Term loan (long-term) due on November 2018
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR60 mil. Bank overdraft facility(long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on July
8, 2020. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Extol Education Society is an educational society registered under
Madhya Pradesh Society Registration Act in 1996. The society runs a
college, which became operational in 1997, and a school, which
became operational in 2005; both are located at Bhopal, Madhya
Pradesh.


GANESH STAMPINGS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Ganesh Stampings Private Limited
        Plot No L-135/5/2
        MIDC Industrial Area
        Ahmednagar 414111

Liquidation Commencement Date: September 12, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: September 5, 2022

Insolvency professional: Fanendra H Munot

Interim Resolution
Professional:            Fanendra H Munot
                         6th Floor, Mafatlal House Building
                         H T Parekh Marg
                         Backbay Reclamation
                         Mumbai 400020
                         E-mail: fhmunot@gmail.com

                            - and -

                         5th Floor, Labhade Prestige
                         Off Karve Road, Deccan Gymkhana
                         Pune 411004
                         E-mail: liquidation.ganesh@gmail.com
                         Mobile: 7378559292

Last date for
submission of claims:    October 12, 2022


HITECH PRINT: Ind-Ra Hikes LT Issuer Rating to BB, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Hitech Print
Systems Limited's (HPSL) Long-Term Issuer Rating to 'IND BB' from
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR140 mil. Fund-based working capital limits upgraded with
     IND BB/Stable rating;

-- INR55 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating; and

-- INR 82.56 mil. Term loan due on November 2024 upgraded with
     IND BB/Stable rating.

The upgrade reflects an improvement in HSPL's revenue in FY22 and
the likelihood of an improvement in its credit metrics in FY23.

Key Rating Drivers

The ratings reflect an improvement in HSPL's revenue to INR728.57
million in FY22 (FY21: INR579.40 million) due to the opening up of
the universities, school and improved market condition. During
4MFY23, HPSL achieved a revenue of INR400 million. The company had
an order book of INR150 million at end-August 2023, to be executed
by FYE23. However, the scale of operations remains small. In FY23,
the management expects the revenue to increase to around INR1,000
million due to the improved market condition, and product and
geographical diversification. The company, which caters to
educational institutions, banking and governmental institutions,
has an established presence in southern India and is expanding into
northern and central India.

The ratings further reflect HPSL's continued moderate credit
metrics with the gross interest coverage (operating EBITDA/gross
interest expense) deteriorating to 2.18x in FY22 (FY21: 2.39x) and
the net financial leverage (adjusted net debt/operating EBITDA) to
4.25x (3.89x). The credit metrics deteriorated due to a fall in the
absolute EBITDA and increased COVID-19 borrowings. In FY23,
however, Ind-Ra expects the credit metrics to improve due to an
improvement in the absolute EBITDA, backed by revenue growth,
despite the planned capex which will be funded through internal
accruals.

Liquidity Indicator – Stretched: The elongated net working
capital cycle improved to 205 days in FY22 (FY21: 243 days) due to
quicker realizations from debtors and an improvement in the
inventory days. HPSL's average maximum utilization of its
fund-based limits was 95.85% and that of its non-fund-based limits
was 20.26% during the 12 months ended August 2022. The cash flow
from operations deteriorated to negative INR9.71 million in FY22
(FY21: INR7.10 million) due to unfavorable changes in the working
capital. Furthermore, the free cash flow remained negative and
deteriorated to INR18.74 million (FY21: negative INR10.19 million).
HPSL does not have any capital market exposure and relies on banks
and financial institutions to meet its funding requirements.

The ratings also reflect HPSL's continued modest EBITDA margin that
deteriorated to 8.12% in FY22 (FY21: 10.42%) due to the increased
procurement price of paper. The return on capital employed improved
to 5.7% in FY22 (FY21: 5%). In FY23, Ind-Ra expects the EBITDA
margin to remain at similar levels.

The ratings, however, continue to be supported by the promoters'
over three decades of experience in the printing industry, leading
to HPSL's established relationships with its suppliers.

Rating Sensitivities

Positive: An increase in the revenue and profitability, leading to
an improvement in the credit metrics and the liquidity position,
all on a sustained basis, will be positive for the ratings.

Negative: A decline in the revenue or profitability, leading to
further deterioration in the credit metrics with the net leverage
exceeding 4.7x and/or a deterioration in liquidity profile, will be
negative for the ratings.

Company Profile

HPSL, a wholly-owned subsidiary of Anjani Vishnu Holding Limited
(formerly Anjani Projects & Construction Limited), is primarily
engaged in the printing business. It has manufacturing facilities
in Vijayawada and Hyderabad. It has five marketing offices in
Bengaluru, Chennai, Bhopal, Mumbai and New Delhi.


HYDRIC FARM: Liquidation Process Case Summary
---------------------------------------------
Debtor: Hydric Farm Inputs Limited

        Registered office:
        Flat No. 2, First floor
        F-50, B Madhu Vihar Extension
        Patpar Ganj, New Delhi 110091

        Principal office:
        34, Rohtas Enclave
        Phase II, Ravindra Palli
        Faizabad Road
        Lucknow 226016

Liquidation Commencement Date: September 7, 2022

Court: National Company Law Tribunal, New Delhi Court-VI Bench

Date of closure of
insolvency resolution process: June 9, 2022

Insolvency professional: Suman Kumar Verma

Interim Resolution
Professional:            Suman Kumar Verma
                         S.K. Verma and Co.
                         Cost Accountants
                         RZ-26P/205E, Lane No. 10
                         Indra Park, Palam Colony
                         New Delhi 110045
                         E-mail: ipskverma@gmail.com

Last date for
submission of claims:    October 6, 2022


IBIZ CONSULTANCY: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Ibiz Consultancy Services India Private Limited
        Flat No-l, 4/6 G/F Devika Tower
        Nehru Place, New Delhi
        South Delhi DL 1l00l9
        IN

Liquidation Commencement Date: September 1, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Gunjan Mittal

Interim Resolution
Professional:            Gunjan Mittal
                         A-25A, LGF
                         Lajpat Nagar-II
                         New Delhi 110024
                         Tel: 01l-45552681
                         Mobile: 9868476717
                         E-mail: ip.gunjanmittal@gmail.com
                                 ibizliquidator@gmail.com

Last date for
submission of claims:    September 30, 2022


IIC LIMITED: Liquidation Process Case Summary
---------------------------------------------
Debtor: IIC Limited

        Current address:
        854-A, Gali No. 51 Block E
        Molarband Extn. Badarpur
        New Delhi 110044

        Previous address:
        432-E, F/F, Devli Village
        New Delhi
        North West Delhi 110052

        90/A-207, Khasra No. 412
        Ground Floor
        Mahipalpur Extension
        New Delhi 110037

Liquidation Commencement Date: September 14, 2022

Court: National Company Law Tribunal, New Delhi Bench-V

Date of closure of
insolvency resolution process: March 18, 2022

Insolvency professional: Mr. Pramod Kumar Gupta

Interim Resolution
Professional:            Mr. Pramod Kumar Gupta
                         B-1/10, Lower Ground Floor
                         Hauz Khas, South, New Delhi
                         National Capital Territory of Delhi
                         110016
                         E-mail: variety.financial@gmail.com
                                 iic.cirp@gamil.com

Last date for
submission of claims:    October 13, 2022


INFAR TIE-UP: Liquidation Process Case Summary
----------------------------------------------
Debtor: Infar Tie-Up Pvt. Ltd.
        34/1Q Ballygubge Circular Rd
        Kolkata, WB 700019
        IN

Liquidation Commencement Date: September 10, 2022

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: August 26, 2022

Insolvency professional: Mr. Manish Jain

Interim Resolution
Professional:            Mr. Manish Jain
                         2B, Grant Lane
                         Room No. 303, 3rd Floor
                         Bajrang Kunj
                         Kolkata 700012
                         E-mail: manishmahavir@gmail.com
                                 liquidation.infartieup@gmail.com
                         Mobile: 9830348684/8582806221

Last date for
submission of claims:    September 25, 2022


INSTITUTE OF FOREIGN TRADE: Ind-Ra Keeps BB in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Institute of
Foreign Trade & Management Society's bank facilities' ratings in
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The ratings will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR70 mil. Term loans maintained in non-cooperating category
     with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Working capital facility maintained in non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2020. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the ratings.

Company Profile

Established in September 2007, Institute of Foreign Trade &
Management Society has a university under its aegis. It was granted
the university status under the Uttar Pradesh State Act (No. 24 of
2010) in October 2010 and became functional in January 2011.


MAXOUT INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maxout
Infrastructures Private Limited (MIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee      5        CRISIL D (Issuer Not Cooperating)
   Bank Guarantee      7        CRISIL D (Issuer Not Cooperating)
   Cash Credit         5        CRISIL D (Issuer Not Cooperating)
   Cash Credit         3        CRISIL D (Issuer Not Cooperating)

CRISIL Ratings has been consistently following up with Maxout
Infrastructures Private Limited (MIPL) for obtaining information
through letters and emails dated June 20, 2022 and August 18, 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 MIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MIPL, incorporated in 2007, undertakes railway projects, and
develops roads, bridges, sewage water treatment plants, waste and
waste water treatment plants and works, mainly in North India. The
company is promoted and managed by Mr. Pramod Kumar Singh and his
brother Mr. Praveen Kumar Singh.


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

The instrument-wise rating actions are:

-- INR74.43 mil. Term loans maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR110 mil. Fund-based working capital facility maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2016. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

Company Profile

Monad Edukasional Society, established in April 2007, offers
diploma, post-graduation, graduation, Ph.D. and other courses over
a wide range of subjects.


PRISMACK BIOTECHNICS: Liquidation Process Case Summary
------------------------------------------------------
Debtor: M/s. Prismack Biotechnics Limited
        Pent House, 5th Floor
        Susmit Enclave, 6-3-600/2
        Raj Bhavam Road
        Somajiguda, Hyderabad
        Telangana 500082
        India

Liquidation Commencement Date: September 13, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Date of closure of
insolvency resolution process: September 12, 2022

Insolvency professional: Maligi Madhusudhana Reddy

Interim Resolution
Professional:            Maligi Madhusudhana Reddy
                         MMR Lion Corp, 4th floor
                         HSR Eden, Beside Cream Stone
                         Road No. 2 Banjara Hills
                         Hyderabad, Telangana 500034
                         E-mail: mmreddyandco@gmail.com
                                 irpprismack@gmail.com
                         Mobile: 9848271555

Last date for
submission of claims:    October 14, 2022


RESHIKA ESTATES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Reshika Estates Private Limited
        SN 222/2 Plot 6
        Talera Park Coop. Hsg Soc
        Kalyani Nagar
        Pune MH 411006
        IN

Liquidation Commencement Date: August 2, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Anish Gupta

Interim Resolution
Professional:            Anish Gupta
                         413 Autumn Grove
                         Near Lokhandwala Foundation School
                         Lokhandwala Township, Kandivali East
                         Mumbai 400101
                         Tel: +918976008479
                         E-mail: anish@csanishgupta.com

Last date for
submission of claims:    September 1, 2022


SAFARI REAL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Safari Real Estates Private Limited
        SN 222/2 Plot 6
        Talera Park Coop. Hsg Soc
        Kalyani Nagar
        Pune MH 411006
        IN

Liquidation Commencement Date: August 2, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Anish Gupta

Interim Resolution
Professional:            Anish Gupta
                         413 Autumn Grove
                         Near Lokhandwala Foundation School
                         Lokhandwala Township, Kandivali East
                         Mumbai 400101
                         Tel: +918976008479
                         E-mail: anish@csanishgupta.com

Last date for
submission of claims:    September 1, 2022


SHINMAYA INDUSTRIES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Shinmaya Industries India Private Limited
        A-192 Sarita Vihar
        New Delhi, DL 110076
        IN

Liquidation Commencement Date: September 5, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Rajiv Bajaj

Interim Resolution
Professional:            Rajiv Bajaj
                         B-269, LG
                         Chhatarpur Enclave
                         Phase 2
                         New Delhi 110074
                         E-mail: vlshin2022@gmail.com
                                 rbajajip@gmail.com
                         Mobile: 8800794355

Last date for
submission of claims:    October 4, 2022


TENSHI KSM PRIVATE: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Tenshi KSM Private Limited
        Plot No. 30
        1st Main Road
        J P Nagar, Third Phase
        Bangalore 560078
        Karnataka, India

Liquidation Commencement Date: September 12, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency professional: Devika Sathyanarayana

Interim Resolution
Professional:            Devika Sathyanarayana
                         No. B 106, Sai Siri Heritage Apartments
                         B Block, Uttarahalli Road
                         Kengeri, Bengaluru 560060
                         Mobile: 9620698482

Last date for
submission of claims:    October 11, 2022


TEXAS TEXTILE: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Texas Textile & Industries Ltd
        106, Anand Patil Road
        Ground Floor
        Kolkata WB 700014
        IN

Liquidation Commencement Date: September 5, 2022

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: September 4, 2022

Insolvency professional: Sanjai Kumar Gupta

Interim Resolution
Professional:            Sanjai Kumar Gupta
                         A6 Charulata
                         BE 8 Rabindra Pally
                         Kolkata 700101
                         E-mail: csanjaigupta@gmail.com
                                 teaxs.liquidation@gmail.com

Last date for
submission of claims:    October 5, 2022


VEC RESOURCES & ENERGY: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: VEC Resources & Energy Private Limited
        Flat No: 601, Wing: B1, Floor No: 6
        Valley Tower-B1, Valley Tower
        G.A. Road, Khewara Circle
        Thane(W), Thane 400610

Liquidation Commencement Date: August 26, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Sandeep Jayant Kulkarni

Interim Resolution
Professional:            Sandeep Jayant Kulkarni
                         27/2, Gujarat Colony
                         Gujarat Colony
                         Near Hotel Samarth
                         Kothrud, Pune 411038
                         Paud Road, Near Hotel Samarth
                         Vanaz Corner, Pune
                         Maharashtra 411038
                         E-mail: kulkarni.sandeep@rediffmail.com
                         Tel: 9673000045

Last date for
submission of claims:    September 25, 2022




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

TOSHIBA CORP: Chubu Electric, Orix and Others Weigh Offers
----------------------------------------------------------
Nikkei Asia reports that Chubu Electric Power, financial group Orix
and other Japanese companies are considering acquiring embattled
industrial group Toshiba Corp's shares.

Toshiba is publicly seeking strategic proposals and restructuring
plans, including going private after a buyout, the Nikkei says.

According to the report, Japan Industrial Partners (JIP), a private
equity firm, has contacted more than 10 companies to participate in
the plan, and aims to make a bid as an alliance of Japanese
companies.

The Nikkei relates that Toshiba -- which fell into turmoil years
ago and is embroiled in a tug of war with activist investors -- is
now expected to be helped by companies it has had business ties to
in the energy and infrastructure sectors.

In July, four groups advanced to the second round of bidding for
Toshiba's restructuring plans, including JIP. Those groups are now
proceeding with the due diligence of the struggling company, and
are likely to make binding offers as early as this month.

JIP is now calling for Japanese companies to form a mostly domestic
alliance. Each company could invest up to JPY100 billion ($695
million), sources said, the Nikkei relays.

Other than Chubu Electric and Orix, sources said railway operator
JR Tokai has also been asked to take part.

JIP managed to advance to the second round of bidding with Japan
Investment Corporation, but JIP may change participants if it
gathers enough funds for the buyout.

The Nikkei says Toshiba has deep relations with electric power
companies through its energy businesses, which involve equipment
used in nuclear power plants and fossil fuel power plants --
requiring a high standard of safety and technology. It also
provides maintenance to secure a stable power supply.

In the railway business, Toshiba offers a variety of products, from
batteries and drive systems for trains to operation management
systems.

The products are often developed upon customers' needs using
technologies unique to Toshiba. If such technologies are lost, it
is likely to affect business partners and customers as well.

According to the Nikkei, sources said JIP understands Toshiba's
businesses well, and that JIP is casting a wide net to Toshiba's
customers to take part.

Because Toshiba is involved in nuclear power, which Japan
designates as a "core" strategic business sector under its Foreign
Exchange and Foreign Trade Act, any buyout will be subject to
strict government scrutiny. The size of its war chest would also be
a challenge for any group to buyout and make Toshiba private,
because Toshiba's market cap exceeds JPY2 trillion.

Although foreign investment funds have ample money for the buyout,
domestic groups may have an advantage when it comes to the Foreign
Exchange and Foreign Trade Act. Sources said that JIP would be a
strong candidate if it manages to gather enough money for the
buyout, the Nikkei relays.

Others in the second round of bidding are Bain Capital, Brookfield
Asset Management and CVC Capital Partners, the report notes. The
three funds are also said to be eyeing plans to include other funds
and industrial companies.

Toshiba's crisis dates back to 2015, when an accounting scandal was
uncovered, the Nikkei notes. It was followed by a major loss
discovered at its nuclear power business in the U.S. at the end of
2016.

The company issued around CNY600 billion in new shares in 2017 to
avoid reporting a negative net worth for the second year in a row,
the Nikkei recalls. This resulted in several activist investors
becoming key shareholders, wielding influence over management
decisions.

The Nikkei adds that Toshiba in November announced a plan to break
up into three entities, aiming to boost corporate value. In
February, Toshiba said it would split into two instead. But despite
the company's position that this would speed decision-making, its
share price continued to languish. Shareholders rejected the idea
at a March meeting, forcing Toshiba to consider a buyout more
seriously.

                        About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.

As reported in the Troubled Company Reporter-Asia Pacific on April
1, 2022, S&P Global Ratings has affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.




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

BAKED ROTORUA: Creditors' Proofs of Debt Due on Oct. 18
-------------------------------------------------------
Creditors of Baked Rotorua Limited are required to file their
proofs of debt by Oct. 18, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 15, 2022.

The company's liquidator is:

          Bryan Edward Williams
          BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


BLACKBURN TRANSPORT: Creditors' Proofs of Debt Due on Oct. 16
-------------------------------------------------------------
Creditors of Blackburn Transport Limited are required to file their
proofs of debt by Oct. 16, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 15, 2022.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


DD DRAINAGE: Creditors' Proofs of Debt Due on Oct. 31
-----------------------------------------------------
Creditors of DD Drainage Limited are required to file their proofs
of debt by Oct. 31, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 15, 2022.

The company's liquidators are:

          Wendy Somerville
          Malcolm Hollis
          PwC
          PO Box 13244
          City East
          Christchurch 8141


GRACE GREGORY: Creditors' Proofs of Debt Due on Oct. 14
-------------------------------------------------------
Creditors of Grace Gregory Limited are required to file their
proofs of debt by Oct. 14, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 14, 2022.

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring Limited, Chartered Accountants
          PO Box 10100
          Dominion Road
          Auckland 1446


SKS CONTRACTING Creditors' Proofs of Debt Due on Oct. 25
--------------------------------------------------------
Creditors of SKS Contracting Limited are required to file their
proofs of debt by Oct. 25, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 15, 2022.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140




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

CHEMICAL MARKET: Members' Final Meeting Set for Oct. 20
-------------------------------------------------------
Members of Chemical Market Associates Pte Ltd will hold their final
meeting on Oct. 20, 2022, at 10:00 a.m., via electronic means.

At the meeting, Tan Sock Ling, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.



LINCOLN FINANCING: Fitch Affirms 'BB-' IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed LeasePlan Corporation N.V.'s Long-Term
Issuer Default Rating (IDR) at 'BBB+' with a Stable Outlook. At the
same time, LeasePlan's senior unsecured debt rating of 'BBB+' has
been placed on Rating Watch Positive (RWP).

The RWP reflects Fitch's expectation that it will upgrade the
rating to 'A-' on completion of ALD S.A.'s (BBB+/Stable)
acquisition of LeasePlan, which Fitch expects to occur by
end-2022.

Fitch has also affirmed Lincoln Financing S.a.r.l's (LF) senior
secured notes' long-term rating at 'BB-' and the Long-Term IDR of
the notes' guarantor, Lincoln Financing Holdings Pte. Limited
(LFHPL), at 'BB-' with a Stable Outlook. The note holders have a
change-of-control put option and we expect that LF's senior secured
notes will be redeemed upon completion of LeasePlan's acquisition
by ALD.

The rating actions are part of Fitch's periodic peer review of
fleet management companies, comprising seven publicly rated firms.

Fitch has withdrawn LeasePlan's Support Rating of '5' as it is no
longer relevant to the agency's coverage following the publication
of its updated Non-Bank Financial Institutions Criteria on 31
January 2022. In line with the new criteria, we have assigned a
Shareholder Support Rating (SSR) of 'ns' (no support) and placed it
on RWP, with a view to upgrading the SSR to 'bbb+' on completion of
LeasePlan's acquisition by ALD.

KEY RATING DRIVERS

LEASEPLAN - VR and IDRs

Until the completion of acquisition by ALD, LeasePlan's Long-Term
IDR remains based on its standalone creditworthiness, as expressed
by its 'bbb+' Viability Rating (VR).

The rating affirmation reflects the company's leading position in
auto leasing globally, with a fleet of around 1.9 million vehicles
in 29 countries at end-1H22. Our assessment also recognises
LeasePlan's status as a regulated bank, its prudent risk appetite
and sound financial profile. This is balanced against its exposure
to residual value (RV) risk arising from closed-end leasing,
increased earnings volatility in recent years and our expectation
of a material dividend upstream to service debt raised by parent LF
outside the regulated group.

Given LeasePlan's status as a regulated and deposit-taking bank,
Fitch used its Bank Rating Criteria to assess certain aspects of
its standalone profile, such as operating environment (in
particular, the regulatory framework), capitalisation and leverage
and funding and liquidity.

LeasePlan's pre-tax profit increased 68% in 1H22, supported by
growing core earnings and controlled operating expenses, but also
due to materially improved net used-car sales. Its pre-tax
income/average assets improved to 5.2% in 1H22, considerably higher
than its four-year average of around 2%. Supply constraints on new
vehicles drove up demand for pre-owned vehicles considerably in
1H22 and we expect gains from used vehicles to normalise in
2023-2024, but for LeasePlan's profitability to remain sound.

LeasePlan's balance-sheet leverage remains high, with a gross
debt/tangible equity of around 6x at end-1H22. Net leverage has
historically been stronger (end-1H22: 4.5x), as the company
maintains sizeable cash on its balance sheet. As a bank, LeasePlan
is required to comply with prudential capital and liquidity
requirements, which supports Fitch's capital and leverage
assessment. At end-1H22, LeasePlan's common equity Tier 1 (CET1)
ratio and total capital ratio stood at 15.1% and 17.2%,
respectively, comfortably above regulatory requirements (including
combined buffers) of 9.3% and 14.5%, respectively.

LeasePlan's funding profile is well-diversified and benefits from
demonstrated capital-market access and fairly cheap deposit funding
due to its online retail-deposit franchises in Germany and the
Netherlands (EUR10.6 billion at end-1H22). Balance-sheet
encumbrance is limited, with 85% of unsecured non-equity funding.
Secured funding is limited to LeasePlan's established ABS programme
(EUR2 billion at end-1H22). Liquidity is robust, supported by EUR6
billion in unencumbered cash balances at end-1H22 and a EUR1.4
billion committed revolving credit facility (entirely undrawn at
end-1H22).

LEASEPLAN - SENIOR UNSECURED DEBT RATING

The RWP on LeasePlan's short-term and long-term senior unsecured
debt ratings reflects Fitch's expectation that following the
acquisition of LeasePlan by ALD, the combined entity will have a
sufficient buffer of senior non-preferred plus junior debt
(sustainably in excess of 10% of risk-weighted assets (RWA) of the
combined group), largely provided by ALD's majority shareholder,
Societe Generale S.A. (A-/Stable/a-). This will lead to LeasePlan's
long-term senior unsecured debt rating being notched up to 'A-',
one level above its Long-Term IDR, in line with ALD's senior
unsecured debt.

LFHPL and LF

LFHPL's Long-Term IDR and LF's bond rating remain supported by an
adequate level of interest coverage and liquidity reserves. Fitch's
assessment is also supported by LF's requirement to maintain an
interest-reserve account covering coupon payments of the senior
notes by at least 2.5 years.

LeasePlan continues to represent LFHPL's only significant asset.
There are no cross-guarantees of debt between LF and LeasePlan, and
the ratings reflect the structural subordination of LFHPL's and
LF's creditors to those of LeasePlan. In Fitch's view, debt issued
by LF is sufficiently isolated from LeasePlan so that failure to
service it, all else being equal, would have limited implications
for LeasePlan's creditworthiness. Consequently, the instrument
rating is based on the standalone profile of LF and LFHPL as the
issue guarantor.

RATING SENSITIVITIES

LEASEPLAN - VR and IDR

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

  -- A material increase in RV risk, leading to sustained net
     losses from fleet disposals materially negatively affecting
     LeasePlan's earnings capabilities and profitability

  -- A material and sustained decline in LeasePlan's core
     operating leasing income, arising in particular from a
     permanent reduction in the vehicle fleet amid constrained
     demand dynamics

  -- A sharp increase in impairment charges on loans and
     receivables

  -- An inability to maintain its currently adequate liquidity and

     funding profile due to increased refinancing risks

  -- A reduction in capital adequacy regulatory headroom

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

  -- A sustained reduction in gross balance-sheet leverage and a
     reduced need for continuous sizeable upstreamed dividends

  -- An upgrade of LeasePlan's Short-Term IDR would either require

     an upgrade of LeasePlan's Long-Term IDR or a more favourable
     assessment of the company's funding and liquidity score

LEASEPLAN - SENIOR UNSECURED DEBT RATING

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

  -- A senior non-preferred plus junior debt buffer at the
     combined ALD-LeasePlan entity of less than 10% RWAs post-
     acquisition with no credible path to restore it in the short-
     to-medium term could lead to Fitch removing the senior
     unsecured debt rating from RWP and affirming it at 'BBB+'

  -- Any indication that LeasePlan's senior unsecured debt would
     not benefit from the senior non-preferred plus junior debt
     buffer or would otherwise be structurally subordinated to
     ALD's senior unsecured debt could lead to Fitch removing the
     senior unsecured debt rating from RWP and affirming it at
     'BBB+'

  -- A downgrade of LeasePlan's Long-Term IDR

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

  -- The rating will be upgraded to 'A-' upon completion of
     LeasePlan's acquisition by ALD provided that the combined
     entity will maintain a senior non-preferred plus junior debt
     buffer sustainably in excess of 10% of RWAs

  -- An upgrade of LeasePlan's Long-Term IDR would likely lead to
     an upgrade of the debt rating

LEASEPLAN - SSR

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

  -- SSR will likely be upgraded to 'bbb+' on completion of
     LeasePlan's acquisition by ALD

LF AND LFHPL

Fitch expects LF's outstanding debt to be redeemed on completion of
the transaction. Until the transaction has closed, LF's AND LFHPL's
ratings remain sensitive to the following factors:

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

  -- Positive rating action would likely require the accumulation
     of significant additional cash within LFHPL, accompanied by
     the expectation of its retention, as this would reduce the
     dependence of debt service on LeasePlan dividends

  -- The ratings may be sensitive to the addition of new
     liabilities or assets within LFHPL, but the impact would
     depend on the balance between increasing LFHPL's debt service

     obligations and diversifying its income from a reliance on
     LeasePlan dividends

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

  -- LFHPL's Long-Term IDR and the notes' rating are primarily
     sensitive to a significant depletion of liquidity close to
     covenanted levels affecting its ability to service its debt
     obligations. This would most likely be prompted by a material

     fall in earnings within LeasePlan that restricts its capacity

     to pay dividends, or externally imposed restrictions on
     dividend payments beyond those currently imposed by the ECB.

  -- A downgrade of LeasePlan's Long-Term IDR - implying an
     incrementally weaker ability to upstream dividend - could be
     negative for LFPHL's credit profile

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The RWP on LeasePlan's debt rating and SSR are driven by potential
support from Societe Generale S.A.

ESG CONSIDERATIONS

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

  Debt                            Rating                 Prior
  ----                            ------                 -----
LeasePlan Corporation
N.V.                   LT IDR      BBB+   Affirmed        BBB+
                       ST IDR      F2     Affirmed        F2
                       Viability   bbb+   Affirmed        bbb+
                       Support     WD     Withdrawn       5
                       Shareholder
                        Support    ns     New Rating
  senior unsecured     LT          BBB+   Rating Watch On BBB+
  senior unsecured     ST          F2     Rating Watch On F2

Lincoln Financing
Holdings Pte. Limited  LT IDR      BB-    Affirmed        BB-

Lincoln Financing
S.a.r.l
  
  senior secured       LT          BB-    Affirmed        BB-


NIDEC BMS: Members' Final Meeting Set for Oct. 20
-------------------------------------------------
Members of Nidec BMS Pte Ltd will hold their final meeting on Oct.
20, 2022, at 10:00 a.m., via electronic means.

At the meeting, Kurata Takashi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


PRIMEPOINT SERVICES: Creditors' Meeting Set for Sept. 30
--------------------------------------------------------
Primepoint Services Pte. Ltd. will hold a meeting for its creditors
on Sept. 30, 2022, at 2:30 p.m., via electronic means.

Agenda of the meeting includes:

   a. to receive a full statement of the company’s affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint liquidators;

   c. to form a committee of inspection of not more than
      5 members, if thought fit; and

   d. any other business.


RAIZEN AND WILMAR: Members' Final Meeting Set for Oct. 21
---------------------------------------------------------
Members of Raizen and Wilmar Sugar Pte Ltd will hold their final
meeting on Oct. 21, 2022, at 11:00 a.m., at 28 Biopolis Road,
Wilmar International, in Singapore.

At the meeting, Liew Khee Soon, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.




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

THAI AIRWAYS: Expects Court to Approve Revised Rehabilitation Plan
------------------------------------------------------------------
Bangkok Post reports that Thai Airways International (THAI) is
expecting its revised business reorganisation plan to be accepted
by the Central Bankruptcy Court in the first or second week of
October, despite some opposition from its creditors, the airline
announced on Sept. 20.

Bangkok Post relates that the ailing flag carrier submitted a
revised rehabilitation plan earlier in the month, following a
better-than-expected recovery from its dire financial problems.

According to the report, Chai Eamsiri, the airline's senior chief
and acting chief of financial officer, said the Central Bankruptcy
Court has called the business reorganisation plan administrator to
testify on Sept. 21 and Sept. 22, as some creditors have expressed
their opposition to the revised plan.

Nonetheless, Mr. Chai believes the court will approve the amended
plan sometime in the first half of next month. Once the plan is
approved, the airline will press on with its debt restructuring
programme and recapitalisation.

THAI wants to ensure it has strong finances so it can recapitalise
when the time is right, he said.

He noted that once the debt rehabilitation process kicks off, THAI
will lose its status as a state enterprise, as the percentage of
the company's shares held by the Finance Ministry will drop from
44% to 33%, Bangkok Post relays.

"The plan marks the point of no-return for THAI, as afterwards it
will go ahead as a [public] company, not a state enterprise," he
said, notes the report.

One of the changes in the revised business rehabilitation will see
creditors receive more shares in the company than state agencies,
the report states.

Bangkok Post says Mr. Chai insisted the new share ownership
structure would curb political influence in the company's
operations.

"Reducing such influence will enable the board to professionally
manage the airline," he said.

The carrier expects to finish carrying out its business
rehabilitation plan in two years and this year, the company said it
is confident it will perform much better than last year, Bangkok
Post relays.

THAI is expecting to carry 4.5 million passengers this year, on the
back of a solid cabin load factor of between 80-82%.

Bangkok Post adds that Mr. Chai said the airline's passenger volume
will be given a major boost if China and Japan reopen this year.

                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific on May 21,
2020, Thailand's cabinet approved a plan to restructure troubled
Thai Airways International Pcl's finances through a bankruptcy
court, the Southeast Asian country's prime minister said on May 19,
2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.



                           *********


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

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

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

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

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



                *** End of Transmission ***