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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

          Wednesday, September 28, 2022, Vol. 25, No. 188

                           Headlines



A U S T R A L I A

24/7 CARE: First Creditors' Meeting Set for Oct. 6
ACCE AUSTRALIA: Crypto Exchange Appoints External Administrators
ACCE AUSTRALIA: First Creditors' Meeting Set for Oct. 6
DIVAS BEVERAGES: First Creditors' Meeting Set for Oct. 6
EAST 9TH: Second Creditors' Meeting Set for Oct. 6

ELYSIAN ENERGY: Second Creditors' Meeting Set for Oct. 6
VERMILION BOND 2020: S&P Affirms B (sf) Rating on Class F Notes
ZIP MASTER 2022-1: S&P Assigns Prelim B (sf) Rating to Cl. F Notes


C H I N A

GREENLAND HK: S&P Affirms 'B-' LT ICR, Off CreditWatch Negative
HONGHUA GROUP: Fitch Withdraws 'B-' Foreign Currency IDR
LVGEM (CHINA): Fitch Lowers Foreign Currency IDR to 'CCC'
MIANYANG INVESTMENT: Fitch Affirms 'BB' IDRs, Outlook Stable
SINO-OCEAN GROUP: Fitch Lowers Foreign Currency IDR to 'BB'



I N D I A

ADARSH NOBLE: CARE Keeps D Debt Ratings in Not Cooperating
AGARWAL POLYSACKS: Insolvency Resolution Process Case Summary
AJNARA INDIA: Insolvency Resolution Process Case Summary
ANJANEYA COTTON: CARE Lowers Rating on INR18.80cr Loan to B+
B. M. ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating

BVL INFRASTRUCTURE: CRISIL Moves D Debt Rating to Not Cooperating
CHAWLA TECHNO: CRISIL Lowers Rating on INR0.78cr Term Loan to B+
CHIMUR COTTON: CARE Keeps B- Debt Rating in Not Cooperating
DEVAS ENGINEERING: Insolvency Resolution Process Case Summary
DIGITAL FACTORY: CARE Keeps D Debt Rating in Not Cooperating

ECO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating Category
EISHA CONCORD: CARE Keeps B- Debt Rating in Not Cooperating
GAURI SHANKAR: CARE Keeps C Debt Rating in Not Cooperating
HEMA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
INMARK RETAIL: CARE Keeps D Debt Rating in Not Cooperating

JAI MAA: CARE Keeps B- Debt Rating in Not Cooperating Category
JANANI EXPORTS: CARE Lowers Rating on INR15cr LT Loan to B-
JRD DENIMS: CRISIL Assigns B Rating to INR28.7cr Term Loan
KABRA TRANSPORT: CARE Keeps B+ Debt Rating in Not Cooperating
KAMAL AND COMPANY: CRISIL Moves B Rating from Not Cooperating

KRISHNA EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating
KUMARAN POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
MAA UTTAR: CARE Keeps B- Debt Rating in Not Cooperating Category
MK PRINTECH PRIVATE: Insolvency Resolution Process Case Summary
NIKNAM CHEMICALS: CARE Keeps B Debt Rating in Not Cooperating

PARAMOUNT TRADECOM: CARE Keeps B- Debt Rating in Not Cooperating
PCM TEA: CARE Keeps B+ Debt Rating in Not Cooperating Category
POLYBLEND COLOUR: CARE Keeps B- Debt Rating in Not Cooperating
PRAGATI ELECTROCOM: CARE Keeps B- Debt Rating in Not Cooperating
RELIANCE NAVAL: Lenders Offer to Sell Loans to NARCL

REVASHANKAR GEMS: CARE Lowers Rating on INR40cr Loan to D
SRINIVASA FEED: CARE Keeps B- Debt Rating in Not Cooperating
ST. JOHN'S EDUCATIONAL: CARE Cuts Rating on INR12cr Loan to B+
ST. JOHN'S RAJAKUMAR: CARE Cuts Rating on INR73cr LT Loan to B+
TECPRO SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating



J A P A N

PANASONIC HOLDINGS: To Give Up Power Assist Suits Firm to Pay Debt


M A L A Y S I A

SERBA DINAMIK: Fitch Withdraws 'D' LongTerm IDR


M O N G O L I A

GENGHIS KHAN AIRLINES: Goes Into Liquidation


N E W   Z E A L A N D

GIZZYTRU LIMITED: BDO Auckland Appointed as Receivers
INSPIRY MANAGEMENT: Commences Wind-Up Proceedings
NEEDMOR FIREWOOD: Creditors' Proofs of Debt Due on Oct. 28
SDCIC NZ: Creditors' Proofs of Debt Due on Oct. 25


S I N G A P O R E

AXON SMARTHEALTH: Commences Wind-Up Proceedings
BFA HOLDINGS: Commences Wind-Up Proceedings
CHUA YEW: Court to Hear Wind-Up Petition on Oct. 21
DIAMOND STAR: Creditors' Proofs of Debt Due on Oct. 24
MINERVA MOTOR: Creditors' Proofs of Debt Due on Oct. 26



S O U T H   K O R E A

DAEWOO SHIPBUILDING: Inks Deal With Hanwha on Conditional Sale
TERRAFORM LABS: Interpol Issues 'Red Notice' for Founder Do Kwon


X X X X X X X X

ASIA: Financial Crisis Return Looms as Major Currencies Crack

                           - - - - -


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

24/7 CARE: First Creditors' Meeting Set for Oct. 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of 24/7 Care
Ozzie Tours and Day Trips Pty Ltd will be held on Oct. 6, 2022, at
11:00 a.m. via virtual meeting technology.

Paul William Gidley of Shaw Gidley was appointed as administrator
of the company on Sept. 26, 2022.


ACCE AUSTRALIA: Crypto Exchange Appoints External Administrators
----------------------------------------------------------------
The Australian Financial Review reports that Queensland-based
cryptocurrency, digital asset exchange and brokerage Mine Digital
has collapsed and control handed to external administrators, amid a
dispute where it is being sued for allegedly not doing enough to
weed out scammers from its platform.

On Sept. 23, PKF business recovery and insolvency partner Brad
Tonks was appointed administrator of ACCE Australia Pty Ltd, the
registered company which trades as Mine Digital, the Financial
Review discloses.

The Financial Review says the circumstances behind Mr. Tonks'
appointment are unclear. At this stage he is administrator, which
means he has taken control of running the business and will assess
the best outcome for creditors, whether it be a sale, liquidation,
or returning the company to directors.

The Financial Review relates that the status of assets held in
customer accounts – such as cryptocurrency, other digital assets
and fiat currency – is still unclear. PKF has been contacted for
comment. A message left with Mine Digital's reception desk
indicated the business was still operating.

The Australian Financial Review tried to contact Mine Digital chief
operating officer and director Matthew Starkey on September 15 when
it heard concerns about the company's finances. A reply has not
been received, the report notes.  

In July, the Financial Review revealed a major legal stoush between
ACCE and a self-managed super fund over $1.6 million lost to an
international fraud ring. Scammers used the crypto exchange to
facilitate the movement of money from investors they tricked using
a sham company called 500 Investments. The Financial Review does
not suggest that the company's management was aware of or involved
in these, or any other scams.

The 500 Investments scam is what is known as a social engineering
scam, where fraudsters manipulate victims with realistic
situations, impersonating officials from organisations to trick
people into handing money over.

The SMSF trustees allege ACCE should have done more to weed out
fraudsters using their services to scam people.

ACCE's legal filings said there was no mistake on its part and is
fighting the case, the report relays. It said the SMSF intended to
pay money into ACCE's accounts for them to be accessed by third
parties, and ACCE itself had no knowledge of any scam.

The SMSF, called Lloyd's Wharf, said it would continue to pursue
ACCE.

"As far as our client is concerned, the matter is not over, and we
will be investigating the circumstances of the company's solvency
with vigour," the report quotes Andrew Tragardh, founder of law
firm Duxton Hill, as saying.

It is not the first time ACCE, or Mine Digital, has been caught up
in an international fraud, the report notes. An investigation last
year showed fraud victims, who thought they were buying high-yield
bonds from investment banks such as Citibank, Nomura and IPM
Investors, transferred deposits into ACCE accounts, among others,
where scammers immediately transferred it out of the country.

ACCE registered as a company in Australia in June 2018, but its
financial reports are not available with the corporate regulator,
according to the Financial Review. This would indicate it is
defined as a small proprietary company and that it did not meet at
least two of the criteria needed to require reporting. Those
criteria are making at least AUD50 million in revenue, assets being
worth AUD25 million or more, or having at least 100 employees.


ACCE AUSTRALIA: First Creditors' Meeting Set for Oct. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of ACCE
Australia Pty Ltd (Trading as Mine Digital) will be held on Oct. 6,
2022, at 3:00 p.m. via Microsoft Teams for Business
Teleconference.

Bradley John Tonks of PKF was appointed as administrator of the
company on Sept. 23, 2022.


DIVAS BEVERAGES: First Creditors' Meeting Set for Oct. 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Divas
Beverages(Wholesale) Pty Ltd will be held on Oct. 6, 2022, at 10:00
a.m. The meeting will be held onsite at the offices of
HoganSprowles, Level 9, 60 Pitt Street, in Sydney and also
virtually.

Brendan Copeland of HoganSprowles was appointed as administrator of
the company on Sept. 23, 2022.


EAST 9TH: Second Creditors' Meeting Set for Oct. 6
--------------------------------------------------
A second meeting of creditors in the proceedings of East 9th
Brewing Pty Ltd has been set for Oct. 6, 2022, at 11:00 a.m. via
virtual facilities.

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 Oct. 5, 2022, at 12:00 p.m.

Manuel Hanna and Renee Di Carlo of Romanis Cant were appointed as
administrators of the company on Aug. 31, 2022.


ELYSIAN ENERGY: Second Creditors' Meeting Set for Oct. 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Elysian Energy
Pty Ltd has been set for Oct. 6, 2022, at 10:30 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 Oct. 4, 2022, at 5:00 p.m.

Adrian Robert Hunter and Robyn-Lee Erskine of Brooke Bird were
appointed as administrators of the company on Aug. 30, 2022.


VERMILION BOND 2020: S&P Affirms B (sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings affirmed its ratings on six classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Vermilion Bond Trust 2020
Series 1.

S&P said, "The rating affirmations reflect our view that the
transaction has been performing in line with our expectations. The
underlying collateral portfolio entirely comprises residential
mortgage loans to borrowers who are nonresidents of Australia. As
of Aug. 31, 2022, the portfolio has a pool factor of 73.7%, with a
current weighted-average loan-to-value ratio of 58.4% and
weighted-average seasoning of three years. No loans in the
portfolio are more than 30 days in arrears. In addition, there have
been no losses to date and no charge-offs to any of the classes of
notes.

"The credit support available to each class of rated notes, which
has increased since closing, is sufficient to withstand the
stresses we apply at each respective rating level. This credit
support comprises subordination from junior classes of notes,
excess spread, if any, and a loss reserve funded by excess spread
should certain triggers are met.

Since transaction close, the weighted-average asset margin has
compressed by about 0.9%, partly due to heightened competition for
nonresident loans in the Australian market. This has put additional
strain on the transaction's overall yield. S&P said, "However, our
cash-flow analysis indicates the transaction's cash flows are
supportive of timely payment of interest and ultimate payment of
principal to the rated classes of notes under our rating stress
assumptions as per our criteria." The various mechanisms to support
liquidity within the transaction include an amortizing liquidity
facility and principal draws.

S&P said, "Factors constraining our ratings reflect the unique
features of the portfolio. This includes that the concentration of
borrowers from a single country--China--remains high, at 91.8%.
Such concentration exposes the transaction to events or policies
that could disrupt the flow of funds between countries. In our
cash-flow analysis, we applied additional compressed default curves
to simulate a possible concentrated disruption in cash flows to the
trust. Furthermore, compared with typical prime Australian RMBS,
the underlying security property in this portfolio is more
concentrated to specific property developments, particularly of
high-rise and midrise apartments.

"From a loss-severity perspective, due to restrictions on
nonresidents purchasing established Australian dwellings, it is
likely in a foreclosure scenario that newly built properties
purchased by nonresidents could only be sold to Australian
residents. Thus, we applied an adjustment factor to our
market-value-decline assumptions to reflect the potential
difference between the price paid by one cohort (nonresidents)
versus the market value when such properties are sold to another
cohort (Australian residents).

"We expect there would be additional requirements in servicing a
portfolio of nonresident loans, especially during times of economic
stress. In S&P Global Ratings' view, the standby servicing function
provided by Perpetual Corporate Trust Ltd. somewhat mitigates the
additional operational risk of managing the portfolio. In addition,
we applied a higher replacement servicer fee assumption in our
cash-flow analysis."

  Ratings Affirmed

  Vermilion Bond Trust 2020 Series 1

  Class A1-AU: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)


ZIP MASTER 2022-1: S&P Assigns Prelim B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of notes to be issued by Perpetual Corporate Trust Ltd. as
trustee of Zip Master Trust - Series 2022-1. Zip Master Trust -
Series 2022-1 is a securitization of a buy now, pay later line of
credit receivables to consumers originated by zipMoney Payments Pty
Ltd. (Zip).

The preliminary ratings reflect the following factors:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that the portfolio has an initial
revolving period, which means further receivables may be assigned
to the series after the closing date.

-- S&P's view that the credit support provided to each class of
rated notes is commensurate with the ratings assigned. Credit
support is provided by subordination and excess spread, if any.

-- S&P's expectation that the various mechanisms to support
liquidity within the series, including a series-specific liquidity
facility, mitigates disruption risks to senior fees and ensures
timely payment of the senior component interest on the rated
notes.

-- The transaction documents include downgrade language consistent
with S&P's counterparty criteria that requires the replacement of
the bank account provider and liquidity facility provider should
our rating on the providers fall below the applicable rating.

-- The legal structure of the master trust is established as a
special-purpose entity and meets S&P's criteria for insolvency
remoteness.

  Preliminary Ratings Assigned

  Zip Master Trust - Series 2022-1

  Class A1, A$100,000,000: AAA (sf)
  Class A2, A$28,000,000: AAA (sf)
  Class B, A$20,000,000: AA (sf)
  Class C, A$10,800,000: A (sf)
  Class D, A$13,500,000: BBB (sf)
  Class E, A$9,700,000: BB (sf)
  Class F, A$8,000,000: B (sf)
  Class G, A$10,000,000: Not rated






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

GREENLAND HK: S&P Affirms 'B-' LT ICR, Off CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating on
Greenland Hong Kong Holdings Ltd. (Greenland HK) at 'B-'. At the
same time, S&P removed the rating from CreditWatch, where it had
placed it with negative implications on May 23, 2022.

The negative outlook reflects S&P's expectation that Greenland HK's
liquidity may further decline over the next 12 months if sales
inflow remains weak or its funding access deteriorates.

S&P affirmed the rating because it sees limited impact on the
company's funding access over the next 12 months. This is despite
the parent company's one-year extension on offshore senior notes
originally due in June 2022. The debt extension by Greenland
Holding Group Co. Ltd. (CCC-/Negative/--) will not, in S&P's view,
preclude the subsidiary from raising onshore funds. Greenland HK
has managed to refinance bank maturities of about Chinese renminbi
(RMB) 370 million since July 2022 and is proactively seeking new
financing. The company had also managed to repay in full its US$150
million 364-day notes due in June 2022, and has no other bullet
bonds outstanding.

Extraordinary negative intervention from the parent is less likely
than we earlier perceived. The scenario where the parent draws
resources from Greenland HK to service the parent's own debt has
diminished, in S&P's view. Greenland Holding repaid its US$350
million senior notes due August 2022, and secured a RMB3 billion
loan from its state-owned shareholders within the same month. At
the same time, in order to preserve liquidity, Hong Kong-listed
Greenland HK postponed its dividend payment of HK$838 million to
November 2022 from July 2022.

Greenland HK's increasing use of nonbank financing could diversify
its funding channels but add to refinancing needs. As the company's
offshore funding access has narrowed, it has relied more on loans
from trust and asset management companies, which contributed 13% of
its total debt as of June 2022, from just 3% as of December 2021.
These newly-raised loans have partly helped Greenland HK preserve
its liquidity amid the current market volatility over the past few
months. However, these loans generally carry higher costs and
shorter tenors than traditional bank loans, and are subject to high
refinancing uncertainty. Further use of nonbank financing could
further compress the company's already short average debt maturity,
which stood at just 1.5 years as of June 2022.

Significant sales reduction is underway with slowing sales. We
expect the company's contracted sales to decline by 45%-50% to
RMB17 billion-RMB18 billion in 2022, from RMB33 billion. The
company's sales in the first eight months of 2022 dropped
significantly by 58%. While Greenland HK's operational cashflow was
largely neutral in the first half of 2022 thanks to good cash
collection, its ability to replenish liquidity from sales inflow
will hinge on sales stabilization over the next six to 12 months.
This remains uncertain amid rising COVID-19 restrictions in the
country, while Greenland HK's sharing of a unified brand name with
Greenland Holding could also weigh on homebuyers' confidence toward
the company, given some of the parent's projects were involved in
recent mortgage strikes by presale purchasers.

S&P continues to assess Greenland HK's liquidity as weak. Greenland
HK's unrestricted cash balance fell considerably to RMB5.3 billion
as of June 2022, from RMB7.4 billion as of December 2021, given
weakened sales inflow, as well as repayment of its offshore bond
and project-level debt with cash. Such cash holdings remain
insufficient to cover its debt of RMB9.2 billion due in the 12
months ending June 2023.

Greenland HK's leverage will likely rise in 2022 and 2023. S&P
expects Greenland HK's leverage, as measured by the debt-to-EBITDA
ratio, to rise to 5.0x-5.2x in 2022 and 6.1x-6.3x in 2023, from
3.3x in 2021. This will be mainly due to a decline in revenue
booking, following consecutive declines in contracted sales from
2021 onward. Our leverage expectation in 2022 still has some
downside risks, given the company's revenue already dropped 63% in
the first half of 2022, as well as potential project delivery
delays due to COVID-related restrictions. Greenland HK's gross
margins are also likely to trend down to below 20% over the next
one to two years, from 25% in 2021, driving leverage higher. As a
result, S&P revised its financial risk profile assessment on
Greenland HK to highly leveraged from aggressive.

The negative outlook reflects S&P's view that Greenland HK's
liquidity could further decline if sales inflow remains weak or its
funding access deteriorates.

S&P could lower the rating if Greenland HK's liquidity or capital
structure further weakens, which could be indicated by

-- A further depletion in the company's cash balance;

-- Deteriorating operating cash flow due to persistent sluggish
sales;

-- Difficulties in maintaining access to its funding channels.

S&P said, "We could also lower the rating if any negative
interventions from Greenland Holding undermines Greenland HK's
ability to repay its debt obligations over the next 12 months.

"We could revise the outlook to stable if Greenland HK restores its
liquidity buffer and maintains access to its funding channels. This
could be indicated by a higher cash balance due to improving sales
inflow, and successful refinancing of its onshore maturities."

Environmental, Social, And Governance

ESG credit indicators: To E-3, S-2, G-3; From E-3, S-2, G-2

Governance factors are a moderately negative consideration in S&P's
credit rating analysis of Greenland HK. Constraints on its
governance include its relatively weak ability to execute its
strategy, as illustrated by its track record of not fully meeting
its sales target in 2018-2021. Its tight liquidity also reflects
weak risk management relative to peers.

Environmental factors are also a moderately negative consideration.
However, Greenland HK's exposure to environmental and social risks
is in line with sector peers


HONGHUA GROUP: Fitch Withdraws 'B-' Foreign Currency IDR
--------------------------------------------------------
Fitch Ratings has affirmed Honghua Group Limited's Long-Term
Foreign-Currency Issuer Default Rating of 'B-' with a Stable
Outlook. Fitch has also affirmed the company's senior unsecured
rating of 'B-', with a Recovery Rating of 'RR4'.

The rating affirmation and Stable Outlook reflect Fitch's
expectation of continued support to Honghua from Dongfang Electric
Corporation (DEC), resulting in a one-notch uplift to Honghua's
weak Standalone Credit Profile (SCP), which is constrained by
business volatility, heightened leverage and weak coverage.

Fitch has also simultaneously withdrawn the ratings due to
commercial reasons. The agency will no longer provide ratings or
analytical coverage of this issuer.

KEY RATING DRIVERS

Parental Support From DEC: Fitch has factored in a one-notch uplift
to Honghua's SCP due to DEC's potential support, applying the
"strong parent, weak subsidiary" approach under our Parent and
Subsidiary Linkage Rating Criteria. Its assessment of 'Medium'
operational incentive to support takes into consideration DEC's
tight control of Honghua's board and management control, as well as
operational synergy in the wind power equipment business.

In addition, Fitch assesses the linkage factors of the parent's
legal and strategic incentives to extend support as 'Low', due to
the absence of guarantees or cross-default clauses between the two
entities and Honghua's limited financial contribution and
competitive advantage to DEC.

Weak Financials, Business Profile: Honghua's SCP, which Fitch
assesses at 'ccc+', reflects constraining factors including
heightened leverage, low coverage and high business volatility. The
company's business is directly exposed to the volatile oil and gas
industry and highly dependent on downstream capex needs. Honghua's
performance substantially lags behind the oil price recovery and
includes a high impairment loss on inventory and receivables. Fitch
expects the company's net leverage to remain high at a double-digit
level, while coverage modestly hovers above 1x in 2023-2025.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

LIQUIDITY AND DEBT STRUCTURE

Reliance on Parent, Banks: Fitch expects Honghua to be able to
maintain and roll over existing credit facilities, mainly due to
its state-owned parent and recovery in the sector. This is despite
its CNY5 billion of short-term debt (including USD200 million
refinanced in August 2022) at end-June 2022, more than the combined
amount of its free cash on hand, CNY347 million, and CNY3.24
billion of undrawn borrowing facilities. These facilities are
uncommitted, as committed credit facilities are not common in the
Chinese banking environment.

ISSUER PROFILE

Honghua is an oil and gas equipment manufacturer and service
provider in China. It became a subsidiary of DEC in June 2022 after
China Aerospace Science and Industry Corporation Limited
transferred its entire 29.98% stake in the company to DEC for zero
consideration.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Honghua's ratings benefit from a one-notch uplift due to potential
parental support.

ESG CONSIDERATIONS

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

  Debt                           Rating      Recovery   Prior
  ----                           ------      --------   -----
Honghua Group Limited   

                        LT IDR    B-   Affirmed          B-

                        LT IDR    WD   Withdrawn         B-

  senior unsecured      LT        B-   Affirmed    RR4   B-

  senior unsecured      LT        WD   Withdrawn         B-


LVGEM (CHINA): Fitch Lowers Foreign Currency IDR to 'CCC'
---------------------------------------------------------
Fitch Ratings has downgraded LVGEM (China) Real Estate Investment
Company Limited's Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'CCC', from 'B-'. Fitch has also downgraded LVGEM's senior
unsecured rating and the rating on its outstanding US dollar senior
notes, issued by Gemstones International Limited, to 'CCC', from
'B-', with a Recovery Rating of 'RR4'.

The downgrade primarily reflects LVGEM's tight liquidity and
uncertainty over its ability to refinance upcoming capital-market
debt maturities, including the USD470 million bond maturing on 10
March 2023. The company is in the process of seeking refinancing
for the debt, but any delay may put pressure on its repayment
ability.

KEY RATING DRIVERS

High Refinancing Risk: Fitch believes LVGEM will have to rely on
external funding to address the USD470 million bond due in March
2023, given its tight liquidity and limited internal cash flow
generation before pre-sales of the Baishizhou project begin in
2023.

LVGEM is in negotiations to obtain CNY1.5 billion - 2 billion in
additional bank borrowings secured against its investment
properties in Shenzhen. It is also negotiating with offshore fund
investors to secure USD300 million - 500 million of loans with a
share pledge on the Baishizhou project company. Such arrangements
would cover the March 2023 maturity, but are subject to high
execution risk in the current market environment.

Tight Liquidity: LVGEM's available cash of CNY2.7 billion at
end-1H22 (end-2021: CNY3.9 billion) was insufficient to cover its
CNY5.6 billion of short-term capital-market debt maturities,
including CNY1.4 billion of onshore bonds puttable in August 2022,
of which CNY891 million was extended to August 2023, USD470 million
(CNY3.3 billion) of bonds due in March 2023, and CNY911 million of
convertible bonds due in May 2023.

Operating Cash Outflows: LVGEM's net debt increased to CNY27.4
billion by end-1H22 (end-2021: CNY24.2 billion) as the company
incurred significant development costs, including settling around
CNY450 million in land premium for the Baishizhou project, and
CNY1.0 billion in interest costs. In addition, it repaid CNY599
million of the CNY1.46 billion of convertible bonds puttable in May
2022, with the remainder now due in May 2023.

Fitch expects operating cash flows to remain negative in 2H22, as
Fitch forecasts contracted sales to be similar to 1H22, while the
company continues to incur significant project development costs,
including another CNY450 million in land premium due for the
Baishizhou project, as well as continued large interest costs. The
company also repaid CNY509 million of onshore bonds in August.

Sale of Project Stake to Vanke: In June, the company entered into
an agreement to sell 20% of the economic rights in phases 3 and 4
of the Baishizhou project to China Vanke Co., Ltd. (BBB+/Stable)
for CNY2.3 billion. It received CNY1.1 billion in August, and the
remaining CNY1.2 billion is expected in 1Q23. The proceeds will
help to offset LVGEM's negative operating cash flows, but the
company's liquidity is expected to remain tight.

DERIVATION SUMMARY

LVGEM's ratings are driven by its tight liquidity and risks to the
refinancing of its upcoming capital-market maturities.

KEY ASSUMPTIONS

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

- Attributable contracted sales of CNY5 billion and CNY7.6
   billion in 2022 and 2023, respectively

- Annual development costs, including land and construction
   costs, of CNY7 billion in 2022 and 2023

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that LVGEM would be liquidated in
bankruptcy.

Fitch has assumed a 10% administrative claim.

Fitch uses a multiple assumption tool to derive a 4x EBITDA
multiple to estimate the going-concern value. Given the nature of
homebuilding, the liquidation value approach always results in a
much higher value than if the company continues as a going
concern.

Liquidation Approach

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

54% advance rate applied to net inventory. LVGEM's inventory mainly
consists of completed properties held for sale, properties under
development (PUD) and deposits or prepayments for land
acquisitions. Different advance rates were applied to these
different inventory categories to derive the blended advance rates
for net inventory.

50% advance rate to PUD. Unlike completed projects, PUDs are more
difficult to sell. These assets are also in various stages of
completion. A 50% advance rate was applied. The PUD balance - prior
to applying the advance rate - is net of margin adjusted customer
deposits and other non-current liabilities mainly related to the
Baishizhou project.

90% advance rate to completed properties held for sale. Completed
commodity housing units are closer to readily marketable inventory,
and LVGEM has historically recorded strong gross margin of over
40%. As such, a higher advance rate (versus the typical 50%
mentioned in the criteria) was applied.

90% advance rate to deposits or prepayments for land acquisitions.
Similar to completed commodity housing units, land held for
development are closer to readily marketable inventory given that
LVGEM's land is well located. As such, a higher advance rate than
the typical 50% mentioned in the criteria was considered.

50% advance rate to investment properties. LVGEM's investment
properties mainly consist of commercial buildings in higher tier
cities, such as Shenzhen and Hong Kong, and the portfolio had an
average rental yield of 2.6% on completed investment properties in
2021. Fitch considers a 50% advance rate to be appropriate as the
implied rental yield on the liquidation value would be 5.2%, which
is acceptable in secondary market transactions through the cycle.

80% advance rate applied to trade receivables. As typical in the
China homebuilding industry, account receivables constitute a very
small portion of total assets for LVGEM. We have adopted a 80%
advance rate in line with the advance rate for accounts receivable
in the criteria.

60% advance rate applied to property, plant and equipment (PP&E).
LVGEM's PP&E mainly consists of land and buildings, the value of
which is insignificant.

0% advance rate to excess cash. The regulatory framework for
China's homebuilding sector means that available cash, including
pre-sales regulated cash, are typically prioritised for project
completion, which includes payment for trade payables. Net payables
(trade payables - available cash) are included in the debt
waterfall ahead of secured debt, however we do not assume available
cash in excess of outstanding trade payables would be available for
other debt servicing purposes and therefore the advance rate for
excess cash is 0%.

The allocation of value in the liability waterfall corresponds to a
Recovery Rating of 'RR1' for the offshore senior unsecured debt.
However, the Recovery Rating for senior unsecured debt is capped at
'RR4' because under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR and Recovery
Ratings of 'RR4'.

RATING SENSITIVITIES

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

- Sustained improvement in liquidity and funding access, with the

   company addressing upcoming capital-debt maturities in a timely

   manner

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

- Failure to obtain new financing to address upcoming capital
   market-debt maturities in a timely manner

ISSUER PROFILE

LVGEM is a small property developer specialising in urban-renewal
projects in the Greater Bay Area, primarily in Shenzhen and Zhuhai.
It recorded contracted sales of CNY3.7 billion in 2021 and it owns
investment properties in Shenzhen and Hong Kong. It is listed on
the Hong Kong Stock Exchange.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch excludes funds under regulation by banks for specific
purposes and performance deposits required by government from cash
and include them as inventory in our leverage calculation.
Restricted bank deposits are included in cash to calculate net
debt, as these are mainly pledged for obtaining bank loans.

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
  ----                         ------                -----
LVGEM (China)
Real Estate
Investment Company
Limited

                      LT IDR     CCC   Downgrade       B-
  senior unsecured    LT         CCC   Downgrade       B-

Gemstones
International
Limited

  senior unsecured    LT         CCC   Downgrade       B-


MIANYANG INVESTMENT: Fitch Affirms 'BB' IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed China-based Mianyang Investment Holding
(Group) Co., Ltd.'s (MIHC) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB' with a Stable Outlook.

At the same time, Fitch has reassessed MIHC's Standalone Credit
Profile (SCP) at 'b-', from 'b', due to a shallower liquidity
cushion. This does not affect the IDRs under Fitch's top-down
rating approach, as linkages with Mianyang municipality and the
local government's support incentives remain unchanged.

MIHC's ratings are underpinned by its important policy role as an
urban developer and have been affirmed based on steady linkage and
support incentive from its sponsor; Mianyang municipality.

KEY RATING DRIVERS

Status, Ownership and Control: 'Very Strong'

MIHC is directly owned by the Mianyang government; it is 90%
controlled by the Mianyang State-owned Assets Supervision and
Administration Commission and 10% by the Sichuan Finance Department
as a passive shareholder. The government appoints MIHC's senior
management, some of which had previously worked for the local
government, approves its annual budgets and investment plans and
performs annual assessments on the company.

Support Track Record: 'Strong'

Fitch expects continued government support for MIHC, considering
its important functional role in urban development. The government
has provided regular operating subsidies, which represented nearly
double MIHC's net income in 2021 - CNY450 million in operating
subsidies and CNY290 million in net income in 2021 - debt swaps and
asset injections, including a CNY59.6 million subsidiary injection
in 2021. These help the company breakeven and strengthen its
capital structure.

Socio-Political Implications of Default: 'Moderate'

MIHC is the key platform for urban infrastructure and primary-land
development in the city downtown area. However, Fitch assesses the
socio-political implications of its default as 'Moderate', because
there are other government-related entities (GREs) in the region
that can partially undertake MIHC's functions without severe
service disruption should the company default.

Financial Implications of Default: 'Moderate'

Fitch believes a default would only moderately hurt the local
government's reputation and worsen financing capability and costs
for other local GREs, as Fitch does not regard MIHC as a proxy
government funding vehicle. This is due to its higher funding cost
and the wider average credit spread of local GREs compared with
those in the province's other cities. There are also other local
GREs with a similar scale and policy function.

Standalone Credit Profile

Fitch has reassessed the SCP at 'b-', from 'b', under our
Public-Sector, Revenue-Supported Entities Rating Criteria. This is
based on a 'Weaker' liquidity profile, from 'Neutral', as the
liquidity cushion is below 0.33x. Revenue defensibility remains at
'Midrange', while operating risk and the financial profile are
unchanged at 'Weaker'.

Revenue Defensibility: 'Midrange'

Fitch assesses demand and pricing characteristics at 'Midrange',
considering MIHC's moderate customer-base concentration on the
local government and competitive market position, with moderate
bargaining and limited pricing power.

Operating Risk: 'Weaker'

Fitch assesses operating costs as 'Weaker', considering MIHC's
large investments in commercially driven projects in recent years.
These would weigh on its debt burden without government support for
full compensation. Resource management ability is assessed at
'Midrange', and capital planning and management profile at
'Neutral'.

Financial Profile: 'Weaker'

Fitch assesses the financial profile as 'Weaker', considering the
company's low profit margin in the urban-development business,
capital-intensive public-work investments and net leverage growth
in 2021. Fitch anticipates net leverage to remain at above
historical levels through to 2026.

Derivation Summary

Fitch assesses MIHC's ratings under Fitch's GRE Rating Criteria.
The ratings reflect Mianyang municipality's strong control and
support of the company. Fitch also factor in the socio-political
and financial implications for the government should MIHC default.

The SCP is assessed under our Public Sector, Revenue-Supported
Entities Rating Criteria, and is based on a 'Weaker' liquidity
profile, 'Midrange' revenue defensibility as well as 'Weaker'
operating risk and financial profile.

Debt Ratings

MIHC's USD300 million 5.95% note due October 30, 2022 and USD300
million 6.7% note due August 8, 2025 are directly issued by the
company and are rated at the same level as its IDR.

Issuer Profile

MIHC was the largest GRE by total assets in Mianyang municipality,
which has the second largest GDP in Sichuan province. It is the
city's primary urban developer, with around 24.5% of revenue coming
from government-granted projects in 2021. The remaining business
composition includes primary land development, private school
operation, water and sewage treatment, property sales and commodity
trading.

RATING SENSITIVITIES

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

- A worsening in Fitch's credit view of Mianyang municipality's
   ability to provide subsidies, grants or other legitimate
   resources allowed under China's policies and regulations

- A significant weakening of the socio-political or financial
   implications of a default, our assessment of the government's
   support record or a dilution of the government's shareholding
   or weaker control

- The SCP is lowered to the 'ccc' category.

- Downward rating action on MIHC would lead to similar action on
   its US-dollar notes.

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

- An upward revision of Fitch's credit view of Mianyang
   municipality's ability to provide subsidies, grants or other
   legitimate resources allowed under China's policies and
   regulations

- A stronger assessment of the socio-political or financial
   implications of a default, enhancing the government's incentive

   to provide legitimate support.

- A multiple category improvement to MIHC's SCP, although this
   appears unlikely.

- Upward rating action on MIHC would lead to similar action on
   its US-dollar notes.

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
  ----                         ------             -----
Mianyang Investment
Holding (Group) Co.,
Ltd.

                     LT IDR      BB   Affirmed      BB

                     LC LT IDR   BB   Affirmed      BB

  senior unsecured   LT          BB   Affirmed      BB


SINO-OCEAN GROUP: Fitch Lowers Foreign Currency IDR to 'BB'
-----------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Sino-Ocean
Group Holding Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) and senior unsecured ratings to 'BB', from 'BB+'. All
ratings remain on Rating Watch Negative (RWN).

The downgrade reflects the negative impact on Sino-Ocean's credit
profile from aggressive financial management at Sino-Ocean Capital
Holding Limited (SOC), Sino-Ocean's 49%-owned associate. SOC
recently secured an extension to its capital-market debt,
reflecting its tightening liquidity.

Fitch believes Sino-Ocean's financial flexibility remains
supportive of its ratings, but the RWN reflects Fitch's view that
its liquidity buffer could weaken if SOC fails to address its
upcoming maturities. Fitch are also monitoring Sino-Ocean's funding
access, including the progress of its onshore debt issuance, as
well as sales performance.

Sino-Ocean is rated one notch above its Standalone Credit Profile
(SCP) of 'bb-', benefiting from support from its largest
shareholder, China Life Insurance Company Limited (A/Stable), under
the "strong parent, weak subsidiary" approach in Fitch's Parent and
Subsidiary Linkage Rating Criteria.

KEY RATING DRIVERS

Tight Liquidity at SOC: SOC recently secured an extension on its
CNY1 billion domestic bond puttable in September; the company is
also seeking an extension on a USD20 million bank loan. The
extensions indicate that SOC's liquidity may be tighter than we had
previously expected.

Credit-Enhancement by Sino-Ocean: Sino-Ocean provided a keepwell
deed to SOC's USD286 million senior notes due in October, backed by
the acquisition of assets, a standby facility and liquidity support
provisions. It also provided a letter of support to SOC's USD497
million senior notes due June 2023. According to Sino-Ocean's
management, they do not believe the keepwell deeds and letter of
support arrangement will be called upon. Sino-Ocean has also
confirmed to Fitch that it has not provided any guarantees to SOC
and that there are no cross-default provisions between the two
entities.

Sino-Ocean's liquidity ratio, measured by available cash/short-term
debt including supply-chain asset-backed securities (ABS), was 0.8x
at end-1H22. The ratio would deteriorate to 0.6x, if Fitch include
SOC's offshore notes as short-term debt obligations of Sino-Ocean.

JVs' Capital Requirements: Sino-Ocean's JV net claims, measured by
investment and net receivables from JVs, rose by CNY18.5 billion in
2H21 and another CNY2.0 billion in 1H22. The company's exposure in
property-development JVs, measured by JV net claims (excluding
investment property assets)/ net property assets, of over 35% in
1H22 is high among peers. Sino-Ocean expects future JV-related cash
outflow will diminish as these JV projects are entering into the
pre-sale phase. Fitch may consider negative rating actions if
future cash injections into Sino-Ocean's JVs are higher than
anticipated.

Onshore Funding Access Key: Fitch said, "We estimate that
Sino-Ocean has CNY6 billion of domestic capital-market debt due
from now to end-1H23. Progress in securing onshore capital-market
financing will demonstrate whether it retains viable funding
access; weaker access resulting in continued use of cash to repay
debt may reduce Sino-Ocean's liquidity buffer and financial
flexibility. That said, we believe Sino-Ocean's access to bank
financing remains intact."

Sino-Ocean has large unencumbered investment properties in Tier 1
and 2 cities that may be used to raise secured debt for
refinancing. Fitch estimates Sino-Ocean had around CNY44 billion of
unencumbered net property assets, excluding JV net claims, at
end-2021. Sino-Ocean has also reportedly been shortlisted by the
authorities to issue domestic medium-term notes with state-backed
guarantees.

Leverage to Remain High: Fitch expects leverage, measured by net
debt/net property assets, to remain above 50% over the next two
years (end-1H22: 60%, end-2021: 57%). The company's deleveraging
plan has been affected by weaker sales proceeds, continued capital
injections into its JV projects and lower account payables amid the
ongoing downturn in China's property sector.

Sales Ahead of Peers: Total contracted sales fell by 17% yoy to
CNY61 billion in 8M22, which was better than the 30%-40% drops at
most other developers. Fitch believes the better performance was
supported by the company's focus on higher-tier cities and partial
state ownership. Fitch expects contracted sales to fall by 25% yoy
in September-December 2022, due to the high base from a year
earlier. This translates into a decline of 21% for 2022. A severe
resurgence of Covid-19 or the spread of mortgage boycotts could
lead to weaker-than-expected sales.

One-Notch Uplift: Fitch believes China Life has 'Weak' legal,
'Weak' strategic and 'Medium' operational incentives to support
Sino-Ocean, based on our Parent and Subsidiary Linkage Rating
Criteria. The one-notch uplift to Sino-Ocean's rating from its SCP
is driven by moderate operational linkage with China Life, as
reflected in China Life's representatives on its board and
management. The two companies also cooperate in investment
properties and senior living. The uplift is limited to one notch as
there are limited legal ties and real-estate constitutes only a
small part of China Life's investment portfolio.

Parent's Support to Continue: Fitch said, "We expect Sino-Ocean to
continue to benefit from support from China Life. The insurer and
its related entities have supported Sino-Ocean by subscribing to
the homebuilder's onshore and offshore bonds, contributing to asset
acquisitions and providing secured loans. Fitch believes China
Life's ability and incentive to support Sino-Ocean remains
intact."

ESG - Group Structure: Sino-Ocean has high exposure in JVs and
associates, which appear to have much weaker liquidity and funding
access. This has led to material cash outflow over the past year
and could further weaken Sino-Ocean's financial flexibility if
these projects continue to require support from Sino-Ocean.

DERIVATION SUMMARY

Sino-Ocean's IDR benefits from a one-notch uplift from its SCP.

Both Seazen Group Limited (BB/Negative) and CIFI Holdings (Group)
Co. Ltd. (BB/Negative) have larger attributable sales than
Sino-Ocean, but Sino-Ocean's sales performance in 8M22 has
outperformed both peers. Seazen has lower leverage - at below 40% -
than CIFI's and Sino-Ocean's around 55%. Sino-Ocean has lower
liquidity ratios than Seazen and CIFI at end-1H22; these included
available cash/short-term debt, including supply-chain ABS and
SOC's offshore notes, and available cash/short-term capital market
debt, including supply-chain ABS, syndicated loans and SOC's
offshore notes. However, Fitch believes Sino-Ocean's funding
access, with the support from China Life, is stronger than that of
the two peers.

Sino-Ocean's available cash/short-term debt ratio, including
supply-chain ABS and SOC's offshore notes, was comparable with that
of Hopson Development Holdings Limited (B+/Stable) and Radiance
Group Co., Ltd. (B+/Stable). However, Sino-Ocean's available
cash/short-term capital market debt, including supply-chain ABS,
syndicated loans and SOC's offshore notes, of 0.7x was weaker than
Hopson's above 6.0x and Radiance's 2.5x, as the latter two have
smaller capital market maturities in the short term.

That said, Fitch believes Sino-Ocean's better funding access can
justify similar financial flexibility with the two peers.
Sino-Ocean has reportedly been shortlisted to issue domestic
medium-term notes with state-backed guarantees, while no such
arrangements were reported for the 'B' rated peers. Sino-Ocean
issued CNY2 billion of private-placement notes in March 2022, a
USD200 million tap on senior notes in January 2022, and USD200
million of senior unsecured notes in April 2022, while Hopson
issued USD250 million of senior notes in January 2022 and Radiance
issued none. In addition, around 20% of Sino-Ocean's debt at
end-2021 was secured, compared with over 80% for the peers,
indicating Sino-Ocean may have more room to raise secured loans.

KEY ASSUMPTIONS

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

- Total contracted sales to decrease by 21% in 2022 on Fitch's
   expectation of a 25% sales drop in September-December 2022.
   Contracted sales to increase by 2% in 2023 given a low base in
   2022

- Cash collection rate at 75% in 2022 and 2023 (2021: 77%);

- Attributable land premium outflow to attributable sales of
   around 10% in 2022 and 20%-25% in 2023 (2021: 28%)

- Average attributable construction outflow/attributable sales
   collection of 55% in 2022-2023 (2021: 53%)

- Average EBITDA margin after land appreciation tax of 7.5%-8.0%
   in 2022-2023 (2021: 9%)

RATING SENSITIVITIES

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

- The RWN will be removed if the negative triggers are not met.

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

- Deterioration in funding access, including no meaningful new
   issuance of domestic capital-market debt

- Further impact on Sino-Ocean's credit profile from liquidity or

   refinancing risk at SOC, and/or cash outflows to JVs

- Sustained weakening in sales and cash collection

- A perceived weakening in China Life's incentives or ability to
   support Sino-Ocean

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Sino-Ocean reported unrestricted cash of CNY14.6
billion at end-1H22 against short-term debt obligations of CNY18.2
billion. The tighter liquidity was a result of weaker sales
proceeds, continued capital injections into its JV projects and the
paydown of supply-chain ABS amid the sector slowdown.

Fitch thinks Sino-Ocean may be able to issue bonds domestically,
but it may not have access to offshore capital markets in the short
term.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

ISSUER PROFILE

Sino-Ocean is a nationwide property developer headquartered in
Beijing, with a focus on Tier 1 and 2 cities. The company is listed
on the Hong Kong Stock Exchange and its major shareholders include
China Life and Dajia Life Insurance Co., Ltd.

ESG CONSIDERATIONS

Sino-Ocean has an ESG Relevance Score of '5' for Group Structure to
reflect aggressive financial management at some of its JVs and
associates, which could lead to cash flow pressure. This has a
negative impact on Sino-Ocean's credit profile and is highly
relevant to the rating.

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
  ----                        ------               -----
Sino-Ocean Group
Holding Limited

                      LT IDR    BB    Downgrade       BB+

  senior unsecured    LT        BB    Downgrade       BB+

Sino-Ocean Land
Treasure Finance I
Limited

  senior unsecured    LT        BB    Downgrade       BB+

Sino-Ocean Land
Treasure Finance II
Limited
  
  senior unsecured    LT        BB    Downgrade       BB+

Sino-Ocean Land
Treasure III
Limited
  
  Subordinated        LT        B+    Downgrade       BB-

Sino-Ocean Land
Treasure IV
Limited

  senior unsecured    LT        BB    Downgrade       BB+




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

ADARSH NOBLE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adarsh
Noble Corporation Limited (ANCL) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank       3.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 26, 2021,
placed the rating(s) of ANCL under the 'issuer non-cooperating'
category as ANCL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ANCL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2022, June 21, 2022, July 1, 2022.

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

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

Adarsh Noble Corporation Limited (ANCL) was incorporated in 2006 by
Bhubaneswar-based Mr. M. K. Acharya. Prior to setting up of ANCL,
the promoters were engaged in construction business through a
partnership firm, named A. P. Construction since 1997. ANCL is
engaged in Engineering, Procurement and Construction (EPC) in the
field of construction and maintenance of petrochemical storage
tanks, equipment erection, etc. Majority contribution to revenue of
the company is from public sector entities in the oil & gas sector
and large players in the aluminium & steel sector.


AGARWAL POLYSACKS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Agarwal Polysacks Limited
        E-649, M.I.A. IInd Phase
        Basni Jodhpur, Rajasthan 342005

Insolvency Commencement Date: September 19, 2022

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: March 18, 2023

Insolvency professional: Ramakishan Agarwal

Interim Resolution
Professional:            Ramakishan Agarwal
                         F-155, Time Square
                         Central Spine, Vidhyadhar Nagar
                         Jaipur, Rajasthan 302039
                         E-mail: ramakishan@aaainsolvency.com

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Upper Ground Floor
                         Kailash Colony, Greater Kailash
                         New Delhi 110048
                         E-mail: agarwalpolysacksaaainsolvency@
                                 gmail.com

Last date for
submission of claims:    October 3, 2022


AJNARA INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Ajnara India Limited

        Registered address:
        502, 5th Floor
        Sachdeva Corporate Tower 17
        Karkardooma Community Centre
        East Delhi, Delhi 110092
        IN

        Corporate office:
        D-247/26, Sector 63
        Noida 201301
        Uttar Pradesh, IN

Insolvency Commencement Date: September 20, 2022

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

Estimated date of closure of
insolvency resolution process: March 19, 2023

Insolvency professional: Mr. Amarpal

Interim Resolution
Professional:            Mr. Amarpal
                         A-304, Plot No. 3C
                         Mandakini Apartments
                         Sector-2, Dwarka
                         New Delhi 110075
                         E-mail: amarpal@icai.org

                            - and -

                         Office No. 201, Aggarwal Plaza
                         Sector-9, DC Chowk
                         Rohini, Delhi 110085
                         E-mail: cirp.ajnaraindia@gmail.com

Classes of creditors:    Real estate Allottee

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Satender Kumar
                         Mr. Sumit Sharma
                         Mr. Santosh Ramanuj

Last date for
submission of claims:    October 4, 2022


ANJANEYA COTTON: CARE Lowers Rating on INR18.80cr Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Anjaneya Cotton Mills Limited (SACML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.80       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 14, 2021,
placed the rating(s) of SACML under the 'issuer non-cooperating'
category as SACML had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SACML continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 30, 2022, June 09, 2022, June 19, 2022.

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

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

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

Sri Anjaneya Cotton Mills Limited (SACML) is a part of Anjaneya
Group and was incorporated in 1962 as a private limited company.
Presently SACML operates one spinning mill with an installed
capacity of 29,344 spindles. SACML also operates a wind power unit
at Maharashtra with installed capacity of 2.5 MW. Till 1990, SACML
was operated by a different management with an installed capacity
of 13,784 spindles when it became a sick unit and was referred to
Board for Industrial and Financial Reconstruction (BIFR). However,
in 1991, the current management under Mr. R. Manjunath (Promoter
and Managing Director), took over the unit, infused capital, turned
around the unit with modernization/expansion activities and as a
result SACML came out of BIFR.

B. M. ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B. M.
Enterprises (BME) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 26,
2021, placed the rating(s) of BME under the 'issuer
non-cooperating' category as BME had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BME
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 12, 2022, July 22, 2022, August 1, 2022.

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

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

BME was established as a partnership firm in 1991 and is currently
being managed by Mr Sajan Gandhi, Mr Raman Mehta and Mr Rajat
Mehta. The firm is an authorised dealer of Hero MotoCorp Limited
(HMCL). BME operates a 3S facility (Sales, Spares and Service) and
has two showrooms located in Pathankot (Punjab) and Jalandhar
(Punjab) and is catering to the area in and around the region
(adjoining areas of Punjab, Himachal Pradesh and J&K). The firm
also deals in the sales of electronic goods, having dealership of
Samsung, Whirlpool and Daiichi Sankyo.


BVL INFRASTRUCTURE: CRISIL Moves D Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of BVL
Infrastructure Private Limited (BIPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit          10          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Foreign Currency      9.15       CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

   Letter of Credit      2          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        7.19       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    7.66       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BIPL for
obtaining information through letters and emails dated
September 8, 2022 and September 13, 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 BIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BIPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BIPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

BIPL is a private limited company incorporated in the year 2007.
However, the operations of the company was started in the year
2017. It is based out in Tanguturu, Andhra Pradesh.


CHAWLA TECHNO: CRISIL Lowers Rating on INR0.78cr Term Loan to B+
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Chawla Techno Construct Limited (CTC) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       15          CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Rupee Term Loan       0.78       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The Rating action reflects the moderation in CTC's business risk
profile with no addition of newer tenders in the order book which
provides limited revenue visibility in the medium term. Over the
couple of years, the operating margins have remained minimal at
around -0.3-2.9% ending fiscal 2022. Operations continued to be
working capital intensive with GCA days at around 183 days in
fiscal 2022.

The ratings continue to reflect the extensive experience of the
promoters in the construction industry, and moderate financial risk
profile. These strengths are partially offset by the modest scale
of operations and susceptibility to risks related to the
tender-based business.

Analytical Approach

Unsecured loans of INRRs 6.34cr are from promoters and related
parties and are expected to remain in the business in the medium
term, hence treated as NDNE.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Intense competition in the civil
construction segment restricts scalability and pricing power with
suppliers and customers, thereby constraining profitability.
Revenue was subdued around INR85.77 crore in fiscal 2022, the
company has also reported an EBITDA loss in the year to date data
in the current fiscal, which also shows the volatility in the
operating margins as well as the inability to pass on the increase
in raw material prices to its customers.

* Exposure to risks arising from the tender-based business: Since
the entire income is tender-driven, revenue depends on the ability
of CTC to bid successfully. Over the last two fiscals the company
has seen no addition in tenders in the order book, which also
limits the revenue visibility of the company. Thus, addition of
tenders in the order book remains key monitorable in the medium
term.

Strengths:

* Extensive experience of promoters: The three-decade-long
experience of the promoters in the civil construction segment and
their active involvement in functional areas of the business, have
helped CTC bag orders over the years, and will continue to support
the business risk profile.

* Moderate financial risk profile: Financial risk profile is marked
by low gearing of 0.01 time as there are no external borrowings
made by the company and total outside liabilities to tangible
networth ratio of 1.86 times, as on March 31, 2022. Debt protection
metrics are also comfortable with net cash accrual to Adj debt of
over 22.90 times. Over the years the turnaround in operations and
recovery in margins shall remain key monitorable.             

Liquidity: Stretched

Cash accrual of over INR2.32 crore should suffice to cover the term
debt obligation of INR0.0545 cr over the medium term. Current ratio
was moderate at 0.96 time as on March 31, 2022. Liquidity is
further supported by unsecured loans of INR6.34 crore extended by
the promoters. The company does not avail any working capital
limit.

Outlook: Stable

CRISIL Ratings believes CTC will continue to benefit from the
extensive experience of its promoters in the civil construction
business.

Rating Sensitivity Factors

Upward factors:

* Growth in revenue to over INR100 crore, leading to higher cash
accrual
* Repayment from debtors as well as timely payment to creditors.
* Addition of customers in the order book, providing revenue
visibility over the medium term.

Downward factors:

* Further decline in revenue below INR50 crore
* Withdrawal of unsecured loans by the promoters, straining
liquidity
* Further delay in payment from debtors, leading to risks of bad
debts over the medium term.

CTC was established as a private limited company in 1980, by Mr KS
Chawla and his cousin, Mr CS Chawla. It was reconstituted in 1989,
as a closely-held public limited company. The company undertakes
civil contracts and constructs industrial and institutional
buildings, architectural structures and residential premises for
private entities.

CHIMUR COTTON: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chimur
Cotton Industry (CCI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.07       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 16, 2021,
placed the rating(s) of CCI under the 'issuer non-cooperating'
category as CCI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CCI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 1, 2022, June 11, 2022, June 21, 2022.

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

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

Established in 2015 as a partnership firm, CCI is based in
Chandrapur, Maharashtra and is primarily engaged in the business of
cotton ginning & pressing and trading of cotton, seeds, oil process
at Chimur, Chandrapur.


DEVAS ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Devas Engineering Systems Private Limited
        Plot No. 101A, Sipcot Industrial Complex
        Phase 1, Hosur
        Tamil Nadu 635126

Insolvency Commencement Date: September 14, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 12, 2023

Insolvency professional: K. Sivalingam

Interim Resolution
Professional:            K. Sivalingam
                         Flat No. 1603
                         Tulive Horizon Residences
                         Arunachalam Road, Saligramam
                         Chennai, Tamil Nadu 600093
                         E-mail: siva.k220353@gmail.com

                            - and -

                         C/o M/s Brahmayya & Co.
                         48, Masilamani Road
                         Balaji Nagar, Royapettah
                         Chennai 600014
                         E-mail: ip.despl@
                                 ibcprofessionalsolutions.com

Last date for
submission of claims:    September 28, 2022


DIGITAL FACTORY: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Digital
Factory (DF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 13,
2021, placed the rating(s) of DF under the 'issuer non-cooperating'
category as DF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 29, 2022, July 09, 2022, July 19, 2022.

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

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

Digital Factory (DF) was established in the year 2013, promoted by
Mr. Prasad Nannapaneni. The firm is engaged in manufacturing of
iron and wooden furniture. The firm gets the orders from private
and government entities. The firm makes products like Tables,
Chairs, Racks, and other interior works which is being manufactured
for its well know customer.


ECO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eco
Polymers (EP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.70      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 26,
2021, placed the rating(s) of EP under the 'issuer non-cooperating'
category as EP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. EP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 12, 2022, July 22, 2022, August 1, 2022.

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

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

Eco Polymers (ECP) was established in May, 2016 as a partnership
firm and is currently being managed by Mr Ashok Goyal, Mr Vinod
Goyal, Mr Ayush Goyal and Mr Aman Goyal as its partners sharing
profit and loss in the ratio of 11%, 33%, 23% and 33% respectively.
ECP is established with an aim to set up a manufacturing unit at
Panipat, Haryana for manufacturing of Propylene (PP) fabrics and
woven sacks.


EISHA CONCORD: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eisha
Concord Realtors (ECR) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 16, 2021,
placed the rating(s) of ECR under the 'issuer non-cooperating'
category as ECR had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ECR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 1, 2022, June 11, 2022, June 21, 2022.

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

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

About the Company ECR is a partnership firm with Mr. Swaran Singh
Sohal and Mr. Ranjeet Singh Hooda as partners. The entity was
established on December 14, 2006, as a special purpose vehicle
(SPV) of Sohal group (Pune) to undertake construction of
residential and commercial projects at Kondhwa Khurd area of Pune.


GAURI SHANKAR: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gauri
Shankar Rice Mills (GSRM) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 09,
2021, placed the rating(s) of GSRM under the 'issuer
non-cooperating' category as GSRM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GSRM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 26, 2022, August 5, 2022, August 15, 2022.

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

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

Gauri Shankar Rice Mill (GSRM) was established in September, 2011
as proprietorship concern by Mrs. Anjana Rai. GSRM is engaged in
milling, processing and trading of both basmati and non-basmati
rice with an installed capacity of 9 tonne per hour (MTPH) as on
March 31, 2017 at unit located at Ghazipur, Uttar Pradesh.


HEMA CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hema
Construction (HC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       4.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 26,
2021, placed the rating(s) of HC under the 'issuer non-cooperating'
category as HC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 12, 2022, July 22, 2022, August 1, 2022.

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

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

Udaipur-based (Rajasthan) Hema Construction (HC) was formed in 1978
by Mr. Harish Gaurav as a proprietorship concern. HC is mainly
engaged in the business of construction, installation and
commissioning of water supply lines, construction of sewage lines
and sewage treatment plants and construction & repair of roads.


INMARK RETAIL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Inmark
Retail Private Limited (IRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.05      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 21, 2021,
placed the rating(s) of IRPL under the 'issuer non-cooperating'
category as IRPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IRPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 6, 2022, June 16, 2022, June 26, 2022.

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

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

Originally incorporated as M/s. Scotts Dresses Private Limited on
July 23, 2008 by Mr. Naseer Ahmed, the company's name was changed
to M/s. Inmark Retail Private Ltd (IRPL) in Sep 2011. The company
is engaged in the business of retailing fashion apparels through
various retail shops under the brand INMARK.

JAI MAA: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Maa
Sharda Agro and Rice Mills Private Limited (JMSARMPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.75       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2021,
placed the rating(s) of JMSARMPL under the 'issuer non-cooperating'
category as JMSARMPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. JMSARMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 29, 2022, June 8, 2022, June 18, 2022.

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

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

Incorporated in February, 2010, JMSARMPL, was promoted by Mr. Ajay
Kumar Kejriwal and his three brothers, to set up a rice processing
& milling unit of non-basmati rice and sale of its by-products like
husk, bran etc. in the domestic market. The plant, having an
installed capacity of 48,000 metric tonnes per annum (MTPA), is
situated in Burdwan district of West Bengal, a major paddy growing
area and in close proximity to local grain market enabling easy
paddy procurement. Furthermore, JMSARMPL has sorting capacity of 5
tons/hour.


JANANI EXPORTS: CARE Lowers Rating on INR15cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Janani Exports (JE), as:

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 16,
2021, placed the rating(s) of JE under the 'issuer non-cooperating'
category as JE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 2, 2022, August 12, 2022, August 22, 2022.

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

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

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

Janani Exports was established as partnership in 2002, is engaged
in processing and trading of rough, cut and polished diamonds
ranging from 1 cent to 10 carat. JE has its processing plant
located at Surat and registered office in Bandra, Mumbai.


JRD DENIMS: CRISIL Assigns B Rating to INR28.7cr Term Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of JRD Denims Limited (JRDDL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          21          CRISIL B/Stable (Assigned)
   Cash Credit           9          CRISIL B/Stable (Assigned)
   Term Loan            11.3        CRISIL B/Stable (Assigned)
   Term Loan            28.7        CRISIL B/Stable (Assigned)

The rating reflects exposure to intense competition, susceptibility
to volatility in raw material prices and average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the textile industry and the
established market position of the company.

Analytical Approach:

Unsecured loan of INR13.96 crore as on March 31, 2022, from the
promoters has been treated as neither debt nor equity as the loan
is expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to competition and susceptibility to volatility in raw
material prices: Competition is intense in the textile weaving
industry owing to low entry barriers on account of limited capital
and technology requirement and negligible product differentiation.
Moreover, revenue and profitability are susceptible to fluctuations
in the prices of raw materials, cotton and yarn.

* Average financial risk profile: Gearing, total outside
liabilities to adjusted networth ratio and networth are estimated
at 1.8 times, 3.15 times and INR38 crore, respectively, as on March
31, 2022. Debt protection metrics were modest, as reflected in
estimated interest coverage and net cash accrual to adjusted debt
ratios of 1.67 times and 0.13 time, respectively, in fiscal 2022.
In the absence of large, debt-funded capital expenditure (capex),
the financial risk profile will improve over the medium term.
Strengths:

* Extensive experience of the promoters: The promoters have
experience of over four decades in the textile industry. This has
given them an understanding of market dynamics and helped to
establish relationships with suppliers and customers. The same has
helped to build its revenue profile over the past few years.

Liquidity: Stretched

Bank limit utilisation was high at 89.97% on average for the 12
months through July 2022. Cash accrual, expected at INR9.8-13.2
crore per annum, will sufficiently cover yearly debt obligation of
INR9.1-9.3 crore over the medium term. In addition, the surplus
will cushion the liquidity.

Current ratio was moderate at 1 time as on March 31, 2022. The
promoters will likely extend support by way of equity and unsecured
loans to meet working capital requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes JRDDL will continue to benefit from the
extensive experience of the promoters and established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Increase in operating margin above 8% resulting in higher net
cash accrual
* Strengthening of liquidity

Downward factors

* Large, debt-funded capex weakening the capital structure
* Stretched working capital cycle, with gross current assets above
195 days

JRDDL was incorporated by the Vimlon group (Ranka family members),
the Dalmia group (Dalmia family members) and the Vitrag group (Jain
family members) on December 28, 2016, in Ankleshwar, Gujarat. The
company manufactures denim fabrics.


KABRA TRANSPORT: CARE Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kabra
Transport Private Limited (KTPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2021,
placed the rating(s) of KTPL under the 'issuer non-cooperating'
category as KTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KTPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2022, June 8, 2022, June 18, 2022.

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

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

Jamshedpur (Jharkhand) based, Kabra Transport Private Limited
(KTPL) was incorporated in November 2009. Since its inception, the
company has been engaged in goods transportation services. KTPL
participates in tender to secure its work contracts floated by
large private players like Tata Steel Limited, Jindal Steel & Power
Ltd. etc.


KAMAL AND COMPANY: CRISIL Moves B Rating from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Kamal and Company (KC) to
'CRISIL B/Stable Issuer Not Cooperating'. However, the management
has subsequently started sharing requisite information, necessary
for carrying out comprehensive review of the rating.  Consequently,
CRISIL Ratings is migrating the rating on bank facilities of KC to
'CRISIL B/Stable' from 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The rating reflects the firm's modest scale of operation, exposure
to intense competition in the automotive dealership business, and
high volatility in operating margin (5.77% in fiscal 2022 declined
from 7.48% the previous fiscal). These weaknesses are partially
offset by the extensive industry experience of the partners and
improvement in operating income to INR33.95 crore. Revenue is
expected to augment to more than INR40 crore in fiscal 2023 due to
the continuous healthy demand for the vehicles of TATA Motors Ltd.


Analytical Approach

Unsecured loans of INR2.89 crore (as on March 31, 2022) from the
partners, has been treated as neither debt nor equity because they
are likely to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operation and exposure to intense competition:
Revenue has augmented over the last three fiscals owing to
increased sales to state government institutions, but remains
modest with estimated operating income of INR33.95 crore in fiscal
2022. The automotive sector is intensely competitive and has
several players in the passenger car segment. KC faces intense
competition from the unorganised used car market and from dealers
of other leading and established players.

* Below-average financial risk profile: Gearing and total outside
liabilities to tangible networth ratios were moderate at 1.41 and
1.63 times, respectively, as on March 31, 2022. The debt protection
metrics were below-average due to modest profitability and the
firm's high dependence on external debt. Interest coverage is
estimated at 1.19 times in fiscal 2022 and expected to remain below
1.5 times over the medium term.

Strength:

* Extensive industry experience of the partners: The partners'
experience of over four decades in the automotive dealership
business, their understanding of the dynamics of the market and
healthy relationships with suppliers and customers should continue
to support the business.

Liquidity: Stretched

Expected modest cash accrual of INR0.3-0.5 crore per annum over the
medium term (INR0.25 crore in fiscal 2022) are tightly matched
against yearly debt obligation of INR0.21 crore. Bank limit
utilization was high at 93.7%, on average, over the 12 months
through May 2022. Need-based funding support from the partners in
the form of unsecured loans (INR2.89 crore as on March 31, 2022) is
expected to continue. Current ratio was moderate at 1.6 times as on
March 31, 2022.

Outlook: Stable

CRISIL Ratings believes the longstanding relationship of KC with
the principal supplier and the experience of the management will
help mitigate the inherent risks in the automotive dealership
business.

Rating Sensitivity Factors

Upward factors

* Increase in revenue by more than 20% with sustained margins of
over 5% along with stable profitability leading to improved net
cash accrual.
* Improvement in the working capital cycle with gross current
assets below 200 days

Downward factors

* Significant fall in profitability with operating margin below 3%
and decline in net cash accrual
* Substantial debt-funded capital expenditure adversely impacting
the financial risk profile

Established in 1936 as a proprietorship firm and later
reconstituted as a partnership firm, KC is an authorised dealer of
the vehicles of Tata Motors. The firm has a showroom and two
service centres in Jaipur and has been appointed sub dealer in
Dausa and Kothputli regions (all in Rajasthan). KC is owned and
managed by Mr Dayanidhi Kasliwal, Mr Ishnidhi Kasliwal, Mr
Deshnidhi Kasliwal, Mr Payonidhi Kasliwal and Mr Sudhanidhi
Kasliwal.


KRISHNA EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Krishna Educational Trust (SKET) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 16,
2021, placed the rating(s) of SKET under the 'issuer
non-cooperating' category as SKET had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SKET
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 2, 2022, August 12, 2022, August 22,
2022.

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

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

Gurgaon-Haryana based Shree Krishna Educational Trust (SKET) is a
non-profit trust incorporated in October, 2007 by Mr. Vijay Gupta
and family members. The trust is currently running educational
institute named as 'Gurgaon College of Engineering for Women' in
Bilaspur-Tauru Road, near Manesar (district –Gurgaon), Haryana.
In Feb 2015, trust has entered into an agreement with Great Lakes
Institutes of Management (GLIM) for giving entire college premises
on lease for 30 years (i.e. till Jan 2046).


KUMARAN POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kumaran
Poultry Farm (KPF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 12,
2021, placed the rating(s) of KPF under the 'issuer
non-cooperating' category as KPF had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KPF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 28, 2022, July 8, 2022, July 18, 2022.

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

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

Kumaran Poultry Farm (KPF) was established in the year 1979 and
promoted by Mr. Subramaniam (Proprietor). The firm is engaged in
farming of egg and trading of eggs, cull birds and their Manure.


MAA UTTAR: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa Uttar
Bahini Agro Industries Private Limited (MUBAIPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.46      CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.28      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2021,
placed the rating(s) of MUBAIPL under the 'issuer non-cooperating'
category as MUBAIPL had failed to provide information for
monitoring of the rating and had not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. MUBAIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 29, 2022, June 8, 2022, June 18, 2022.

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

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

MUBAIPL was incorporated in May 2015 by the Sinha family of
Murshidabad (West Bengal) for setting up a milling and processing
unit of rice. The company has started commercial operations from
March 2016 onwards at its plant located at Bharatpur, Murshidabad
in West Bengal. The plant has processing capacity of 14400 metric
ton per annum of rice. The company mainly supplies its finished
product to Government of West Bengal (Food & Supplies Department,
Murshidabad).


MK PRINTECH PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M.K. Printech Private Limited

        Registered office:
        25, Eklavya Vihar
        Rohini, Delhi 110085

        Works at:
        Khasra Number 24/4/3
        Nathupura Road, Nathupura
        Kundli, Sonipat
        Haryana 131028

Insolvency Commencement Date: September 20, 2022

Court: National Company Law Tribunal, Bench II, New Delhi

Estimated date of closure of
insolvency resolution process: March 19, 2023
                               (180 days from commencement)

Insolvency professional: Anish Kumar Sanghi

Interim Resolution
Professional:            Anish Kumar Sanghi
                         F-24/204, Sector 3
                         Rohini, New Delhi 110085
                         E-mail: anish.sanghi@gmail.com

                            - and -

                         974, Lower Ground Floor
                         Sector-31, Gurgaon 122001
                         E-mail: cirp.mkprintech@gmail.com

Last date for
submission of claims:    October 4, 2022


NIKNAM CHEMICALS: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Niknam
Chemicals Private Limited (NCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.15       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.85       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 02, 2021,
placed the rating(s) of NCPL under the 'issuer non-cooperating'
category as NCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2022, May 28, 2022, June 7, 2022.

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

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

Delhi based Niknam Chemicals Private limited (NCPL) was
incorporated in 1992 and is currently being managed by Mrs. Indu
Ladha, Mr. Sushil Ladha and Mr. Niket Ladha. NCPL is engaged in
manufacturing of fire-retardant chemicals, flame retardant
chemicals, smoke suppressant chemicals etc.

PARAMOUNT TRADECOM: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paramount
Tradecom Private Limited (PTPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2021,
placed the rating(s) of PTPL under the 'issuer non-cooperating'
category as PTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PTPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2022, June 8, 2022, June 18, 2022.

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

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

Raipur based, Paramount Tradecom Private Limited (PTPL) was
incorporated in April 2010 by Mrs. Anita Sindhwani and Mr. Ritesh
Uppal. The company has started operations from 2011. The company
has been engaged in civil construction activities in the segments
like construction of roads and bridges. The company procures orders
through tender and executes orders floated by the various Govt.
entities.

PCM TEA: CARE Keeps B+ Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of PCM Tea
Processing Private Limited (PTPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.93       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 26, 2021,
placed the rating(s) of PTPPL under the 'issuer non-cooperating'
category as PTPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PTPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2022, June 21, 2022, July 1, 2022.

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

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

PCM Tea Processing Private Ltd (PTPPL), incorporated in 1999, is
engaged in processing & manufacturing of CTC variety of tea. The
plant is located at Jalpaiguri in West Bengal, having an annual tea
processing capacity of 3.5 million kg.


POLYBLEND COLOUR: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Polyblend
Colour Concentrate (PCC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 16,
2021, placed the rating(s) of PCC under the 'issuer
non-cooperating' category as PCC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PCC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 2, 2022, August 12, 2022, August 22,
2022.

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

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

Polyblend Colours Concentrate (PCC) was established in 1996 as
partnership firm by Parmar family and is engaged in manufacturing
of Master batches, Pre- Dispersed Pigments, Mono Concentrates,
Paint & Ink Dispersion and Pre-Colored One Pack Stabilizer. The
firm is ISO 9001: 2000 certified entity. The registered office is
located at Goregoan, Mumbai and manufacturing unit is located at
Dabhel, Daman.


PRAGATI ELECTROCOM: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pragati
Electrocom Private Limited (PEPL) continues to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank      6.10       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 02, 2021,
placed the rating(s) of PEPL under the 'issuer non-cooperating'
category as PEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2022, May 28, 2022, June 7, 2022.

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

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

Gurgaon based, Pragati Electrocom Private Limited (PEPL) was
incorporated in November, 2002. It is currently managed by Mr.
Virendra Kumar and Mrs. Alpana Kumar. The company is engaged in
manufacturing of telecom & transmission towers and installation &
maintenance of power protection products like free earthing,
electrical lightning barrier and free cooling units. Also, the
company undertakes trading and installation of prefabricated
shelters & barriers, air conditioners, batteries.

RELIANCE NAVAL: Lenders Offer to Sell Loans to NARCL
----------------------------------------------------
The Economic Times reports that lenders to Anil Ambani-promoted
Reliance Naval and Engineering (RNEL), having failed to secure the
legal nod to a resolution offer for the distressed borrower in more
than six months, have proposed selling their loans in the company
to the government-backed bad bank, two people aware of the
development told ET.

The National Asset Reconstruction Co (NARCL), is in the process of
giving a binding offer to the lenders, one of the persons cited
above said.

"Considering the judicial delay in getting a plan approved, lenders
have approached NARCL to acquire the loans of the shipbuilding
company," ET quotes an executive at one of the lenders as saying.
"If NARCL acquires it, banks will receive 15% of the consideration
upfront."

According to ET, creditors had voted on a resolution plan jointly
submitted by Hazel Mercantile-Swan Energy in March, but the
National Company Law Tribunal (NCLT) has not yet endorsed the
plan.

More than 95% of the lenders had voted in favour of the Hazel
Mercantile-Swan Energy plan, which offered INR2,040 crore to
financial creditors. Of this, INR1,640 crore were to be paid over
the next five years and the remaining after the recoveries made of
certain dues, as reported by ET earlier. Jindal Steel and Power,
owned by Naveen Jindal, was also in the fray to acquire RNEL.

NARCL's offer would be a tad higher than the winning bidder's
offer, and it would be under a 15:85 structure wherein NARCL will
pay 15% of the consideration upfront, and 85% will be paid in the
form of security receipts, ET notes.

ET adds that lenders are seeking to sell the loans to the ARC
despite voting on a resolution plan because they fear there could
be a series of litigations considering there is an application
under Section 29(A) and another application under Section 12(A)
pending before the tribunal, an executive at a lender said.

Section 29(A) of the Insolvency and Bankruptcy Code (IBC) prohibits
defaulting promoters or their related parties from submitting a
resolution plan, while Section 12(A) allows the promoter to offer a
settlement that can be implemented provided 90% of the lenders
agreed to it and with the approval of the NCLT.

                        About Reliance Naval

Reliance Naval and Engineering Limited designs and constructs
warships and submarines. The Company offers offshore patrol and
research vessels, frigates, corvettes, aircraft carriers, and
destroyers, as well as piping, propeller, trilshaft, rudder,
coating, and machinery repair and maintenance services.  Reliance
Naval and Engineering serves oil and gas sectors worldwide.

As reported in the Troubled Company Reporter-Asia Pacific in
January 2020, The Hindu said that the Ahmedabad bench of the
National Company Law Tribunal (NCLT) has admitted an application
against Reliance Naval and Engineering Limited (R-Naval) for
insolvency.  "The application by IDBI Bank Ltd. for a claim of
INR1,159.43 crore before the NCLT Ahmedabad bench has been
admitted," R-Naval said in a filing with the exchanges.

This is the second Reliance Group firm to go for insolvency after
Reliance Communications, the Hindu disclosed.  The company had
total outstanding dues of INR9,534 crore as on December 31, 2019.
It reported a net loss of INR340 crore on net sales of INR20.5
crore for the second quarter ended Sept. 30, 2019.


REVASHANKAR GEMS: CARE Lowers Rating on INR40cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Revashankar Gems Limited (RGL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       40.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 6, 2021,
placed the rating(s) of RGL under the 'issuer non-cooperating'
category as RGL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RGL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 22, 2022, June 1, 2022, June 11, 2022, September 15, 2022.

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

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

The ratings have been revised on account of non-availability of
requisite information. The revision also considers delays in debt
servicing recognized from publicly available information i.e.
Annual Report for FY21, available from registrar of the companies.

Incorporated in 1995, Revashankar Gems Limited (RGL) erstwhile
operated as partnership since 1961. RGL is engaged in the business
of processing and exporting of cut and polished diamonds of size of
0.01 to 0.10 carats. RGL has its processing plant located at Surat
(Gujarat). RGL imports rough diamonds from Belgium and Israel.


SRINIVASA FEED: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Feed Mixing Plant (SFMP) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 12,
2021, placed the rating(s) of SFMP under the 'issuer
non-cooperating' category as SFMP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SFMP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 28, 2022, July 8, 2022, July 18, 2022.

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

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

Ongole based Srinivasa Feed Mixing Plant (SFMP) was established in
the year 2008 as a proprietorship concern by Mr. Syamu Bellam. The
promoter has more than a decade of experience in the feed
manufacturing industry. The entity is engaged in manufacturing of
cattle feed with an installed capacity of 10 TPH with an actual
capacity of 3000 TPM. SFMP sells the products to the customers
located in Kerala, Tamil Nadu, Maharashtra, Telangana and Andhra
Pradesh. The firm also supplies the products to Department of
Animal Husbandry. The firm procures maize, broken rice from farmers
in and around ongole and molasses from sugar cane factories.


ST. JOHN'S EDUCATIONAL: CARE Cuts Rating on INR12cr Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of St.
John's Educational Trust (SJET), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 15,
2021, placed the rating(s) of SJET under the 'issuer
non-cooperating' category as SJET had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SJET
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 1, 2022, August 11, 2022, August 21,
2022.

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

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

The ratings have been revised on account of non-availability of
requisite information.

Analytical approach: Combined.

To arrive at the rating of SJET, business and financial risk
profiles of St. John's Educational Trust (SJET) and St. John's
Rajakumar Education & Research Trust (SJRERT) have been combined
since both the trusts are owned and managed by same promoter
family, are in same line of business and are co-borrowers for each
other's bank loans.

SJET was established by Late Mr. G. Rajakumar in 1968 and currently
operates 9 schools in Chennai (of which 5 schools are affiliated to
CBSE and 4 schools to Tamil Nadu State Board). The trust is managed
by Dr. Kishore Kumar Rajakumar (son of Late Mr. G. Rajakumar) along
with his two brothers Mr. Suresh Kumar R and Mr. Ramesh Kumar R
SJRERT was set up by Dr. Kishore Kumar Rajakumar in 2010 to set up
new high-quality schools. It has Dr. Kishore Kumar Rajakumar and
his wife - Mrs Caroline Kishore as trustees. SJRERT currently
operates 2 schools in Chennai (1 fully operational and one
partially operational and under construction), both of them
affiliated to CBSE.


ST. JOHN'S RAJAKUMAR: CARE Cuts Rating on INR73cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of St.
John's Rajakumar Education & Research Trust (SJRERT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      73.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 15,
2021, placed the rating(s) of SJRERT under the 'issuer
non-cooperating' category as SJRERT had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SJRERT continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 1, 2022, August 11,
2022,  August 21, 2022.

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

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

The ratings have been revised on account of non-availability of
requisite information

Analytical approach: Combined.

To arrive at the rating of SJRERT, business and financial risk
profiles of St. John's Educational Trust (SJET) and St. John's
Rajakumar Education & Research Trust (SJRERT) have been combined
since both the trusts are owned and managed by same promoter
family, are in same line of business and are co-borrowers for each
other's bank loans.

SJET was established by Late Mr. G. Rajakumar in 1968 and currently
operates 9 schools in Chennai (of which 5 schools are affiliated to
CBSE and 4 schools to Tamil Nadu State Board). The trust is managed
by Dr. Kishore Kumar Rajakumar (son of Late Mr. G. Rajakumar) along
with his two brothers Mr. Suresh Kumar R and Mr. Ramesh Kumar R.
SJRERT was set up by Dr. Kishore Kumar Rajakumar in 2010 to set up
new high-quality schools. It has Dr. Kishore Kumar Rajakumar and
his wife - Mrs Caroline Kishore as trustees. SJRERT currently
operates 2 schools in Chennai (1 fully operational and one
partially operational and under construction), both of them
affiliated to CBSE.


TECPRO SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities and the
commercial paper of Tecpro Systems Limited (TSL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         215       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         205       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         285       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         110       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         560       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee          75       CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         200       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            475       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             30       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            240       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            130       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             75       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of credit      1650       CRISIL D (Issuer Not
   & Bank Guarantee                 Cooperating)

CRISIL Ratings has been consistently following up with TSL for
obtaining information through letters and emails dated, June 30
2022, August 30, 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 received any information on either the financial
performance or strategic intent of TSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSL
is consistent with 'Assessing Information Adequacy Risk'. Further,
the company is under liquidation as per NCLT order dated January
16, 2020. Therefore, on account of inadequate information and lack
of management cooperation, Based on the last available information,
the ratings on bank facilities and the commercial paper of TSL
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

TSL, incorporated in 1990, provides material handling (MH)
solutions on a turnkey basis for power, cement, coal storage, steel
and other metallurgical plants. Its projects involve designing,
engineering, manufacturing, supplying, erection and commissioning
of MH systems.




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

PANASONIC HOLDINGS: To Give Up Power Assist Suits Firm to Pay Debt
------------------------------------------------------------------
The Asahi Shimbun reports that a subsidiary of Panasonic Holdings
Corp. was forced to abandon its highly anticipated robotic power
assist suit business following a court order to liquidate the
company's assets to pay its debt.

Panasonic announced on Sept. 21 that the Nara District Court on
Sept. 7 ordered Atoun Inc. to initiate the procedure for special
liquidation, the report says.

The Nara-based subsidiary was founded in June 2003 using an
in-house venture business support program offered by Panasonic
Corp., then known as Matsushita Electric Industrial Co.

Staff at the 2020 Tokyo Olympics and Paralympics wore Atoun's power
assist suits when loading and unloading the athletes' baggage and
carrying equipment for the Games events, according to
private-sector research firm Teikoku Databank Ltd, The Asahi
Shimbun relays.

The suits have also been used by Japan Airlines Co.'s group company
at major domestic airports.

However, the suits' sales plunged due to their cost of JPY700,000
(US$4,820) each and fewer opportunities to promote the product
following trade fairs being canceled amid the novel coronavirus
pandemic.

According to The Asahi Shimbun, the company posted a huge deficit
after failing to earn back its advance investment in the research
and development of the suits. It had about JPY350 million in debt
as of the end of March 2021, according to Panasonic.

Atoun's dissolution was decided at a general shareholder meeting in
April this year, the report adds.

Panasonic Holdings Corporation develops, design, manufactures, and
distributes appliances. The Company produces air conditioner,
refrigerator, microwave oven, rice cooker, washing machine, and
more. Panasonic Holdings also produces lightin gs, lightventilating
fans, air purifiers, communication equipment, vehicle electronics,
power supplies, batteries, electronic components, and more.




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

SERBA DINAMIK: Fitch Withdraws 'D' LongTerm IDR
-----------------------------------------------
Fitch Ratings has downgraded Malaysia-based energy-service provider
Serba Dinamik Holdings Berhad's (SDHB) Long-Term Issuer Default
Rating (IDR) to 'D' from 'RD'.

The 'D' IDR reflects Fitch's view that the Kuala Lumpur High
Court's decision to appoint an interim liquidator to control the
company's affairs until permanent liquidator is confirmed
constitutes the beginning of the winding up process.

Simultaneously, Fitch is withdrawing SDHB's IDR and Recovery Rating
as the company has chosen to stop participating in the rating
process. Therefore, Fitch will no longer have sufficient
information to maintain the ratings. Accordingly, Fitch will no
longer provide ratings or analytical coverage for SDHB.

KEY RATING DRIVERS

High Court Decision: The Kuala Lumpur High Court appointed an
interim liquidator to take control of SDHB and three subsidiaries
after the oil and gas company breached a consent order that
required it to start repaying a syndicated loan owed to six banks.
The interim liquidator will have power to control the companies'
affairs until the full appointment of a liquidator to kick-start a
full winding-up process.

ESG - Governance: Management Strategy and Financial Transparency:
SDHB is subject to an ongoing independent review requested by its
auditors. In addition, there has been a delay in the publication of
its audited financial reports.

RATING SENSITIVITIES

Ratings sensitivities do not apply, as the ratings have been
withdrawn.

ISSUER PROFILE

SDHB is one of Malaysia's leading oil-and-gas service and equipment
companies. It has operational facilities in Malaysia, Indonesia and
United Arab Emirates .

ESG CONSIDERATIONS

SDHB has an ESG Relevance Score of '4' for Management Strategy due
to an independent review requested by its auditors, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

SDHB has an ESG Relevance Score of '4' for Financial Transparency
due to a delay in publishing audited financial results, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

  Debt                       Rating            Prior               

  ----                       ------            -----
Serba Dinamik
Holdings Berhad

                      LT IDR   D    Downgrade     RD

                      LT IDR   WD   Withdrawn     D

  senior unsecured    LT       WD   Withdrawn     C

SD International
Sukuk II Limited
  
  senior unsecured    LT       WD   Withdrawn     C

SD International
Sukuk Limited
  
  senior unsecured    LT       WD   Withdrawn     C




===============
M O N G O L I A
===============

GENGHIS KHAN AIRLINES: Goes Into Liquidation
--------------------------------------------
PassengerSelfService.com reports that Genghis Khan Airlines, a
regional carrier in China's Inner Mongolia autonomous region, has
gone into liquidation.

Based at Hohhot Baita International Airport in Hohhot, the capital
of Inner Mongolia, the airline started flying in 2019. It is/was
owned by Inner Mongolia Communications Investment Group, with
support from the Inner Mongolian provincial government.

The plan was to fly from Inner Mongolia to destinations throughout
China using Comac ARJ21 aircraft, PassengerSelfService.com says.

The ARJ21 has between 78 to 90 seats and a flight range of 2,225 to
3,700 kilometers.

The airline is believed to have five of the aircraft. In 2018, it
ordered 25 of the twinjets.

The airline was the second customer of the ARJ21, China's first
home-built regional passenger jetliner, Chengdu Airlines was the
first customer, the report notes.




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

GIZZYTRU LIMITED: BDO Auckland Appointed as Receivers
-----------------------------------------------------
Rees Logan and Andrew McKay, of BDO Auckland, on Sept. 22, 2022,
were appointed as Receivers and Managers of Gizzytru Limited.

The Receivers may be reached at:

          Rees Logan
          Andrew McKay
          BDO Auckland, BDO Centre
          Level 4, 4 Graham Street
          Auckland 1140



INSPIRY MANAGEMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Inspiry Management Limited and Inspiry Limited
Partnership on Sept. 20 and Sept. 22, 2022, respectively, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Paul Thomas Manning
          Thomas Lee Rodewald
          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road (PO Box 15660)
          Tauranga 3144


NEEDMOR FIREWOOD: Creditors' Proofs of Debt Due on Oct. 28
----------------------------------------------------------
Creditors of Needmor Firewood Limited, Clickworks Manufacturing
Limited and Clickworks Design Limited are required to file their
proofs of debt by Oct. 28, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 22, 2022.

The company's liquidators are:

          Wendy Somerville
          c/o PwC, PwC Centre
          60 Cashel Street (PO Box 13244)
          Christchurch 8141


SDCIC NZ: Creditors' Proofs of Debt Due on Oct. 25
--------------------------------------------------
Creditors of SDCIC NZ Architecture 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. 23, 2022.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751




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

AXON SMARTHEALTH: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Axon Smarthealth Pte Ltd, on Sept. 19, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Tee Wey Lih
          133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413


BFA HOLDINGS: Commences Wind-Up Proceedings
-------------------------------------------
Members of BFA Holdings Pte Ltd, on Sept. 23, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Gan Seng Kwee
          MAP-CA PAC
          60 Paya Lebar Road
          #12-05 Paya Lebar Square
          Singapore 409051


CHUA YEW: Court to Hear Wind-Up Petition on Oct. 21
---------------------------------------------------
A petition to wind up the operations of Chua Yew Seng Construction
& Electrical Engrg Pte Ltd will be heard before the High Court of
Singapore on Oct. 21, 2022, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 20, 2022.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


DIAMOND STAR: Creditors' Proofs of Debt Due on Oct. 24
------------------------------------------------------
Creditors of Diamond Star Shipping Pte. Ltd. are required to file
their proofs of debt by Oct. 24, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 23, 2022.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


MINERVA MOTOR: Creditors' Proofs of Debt Due on Oct. 26
-------------------------------------------------------
Creditors of Minerva Motor Pte Ltd are required to file their
proofs of debt by Oct. 26, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 19, 2022.

The company's liquidator is:

          Lim Seow Hwa
          12 Tannery Road
          #10-01 HB Centre 1
          Singapore 347722




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

DAEWOO SHIPBUILDING: Inks Deal With Hanwha on Conditional Sale
--------------------------------------------------------------
Reuters reports that Daewoo Shipbuilding & Marine Engineering Co
Ltd signed a tentative agreement on Sept. 26 for Hanwha Group to
invest KRW2 trillion (US$1.4 billion) in return for a 49.3% stake
and management rights in the shipbuilder, the companies and
Daewoo's major stakeholder said.

The agreement, signed with affiliates of Hanwha Group including
Hanwha Aerospace, will only be valid if Hanwha is chosen after a
period of being open to other bids, Daewoo said in a regulatory
filing, Reuters relays.

State-run Korea Development Bank (KDB) owns a 55.7% stake in the
shipbuilder. If Hanwha is chosen as the final bidder, KDB is
expected to see its stake shrink to 28.2%, the bank said.

A previous 2019 takeover attempt of Daewoo by rival Hyundai Heavy
Industries was hit with an EU veto in January on concerns that the
deal, which would have created the world's largest shipbuilder,
would hurt competition, Reuters recalls.

KDB has been trying to sell Daewoo in part to tackle overcapacity
in the sector, the report notes.

Daewoo Shipbuilding reported a KRW577 billion operating loss in the
first half of 2022, extending an operating loss of KRW1.7 trillion
in 2021, Reuters discloses citing a company filing.

"A strategic investor that does not operate in the shipbuilding
industry is the only way to solve the problem," KDB chairman Kang
Seog-hoon told reporters on Sept. 26.

Hanwha Group, South Korea's seventh-largest conglomerate with KRW80
trillion in assets, spans energy, defence and financial
industries.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding & Marine
Engineering Co. -- http://www.dsme.co.kr/-- is engaged in building
ships and offshore structures.  Its product portfolio includes
commercial ships, such as liquefied natural gas (LNG) carriers, oil
tankers, containerships, liquefied petroleum gas (LPG) carriers,
pure car carriers; offshore structures, such as FPSO vessels,
drilling rigs, drillships and fixed platforms, and naval vessels,
including submarines, destroyers, rescue ships and patrol boats.


TERRAFORM LABS: Interpol Issues 'Red Notice' for Founder Do Kwon
----------------------------------------------------------------
The New York Times reports that Interpol has issued a "red notice"
for the search and arrest of Do Kwon, the South Korean co-founder
of Terraform Labs, the Seoul Southern District Prosecutors' Office
said on Sept. 26. The South Korean authorities had requested
assistance from the global police agency to trace Mr. Kwon's
whereabouts earlier this month.

According to The New York Times, Mr. Kwon and his company faced
investigations by the South Korean government after the value of
his cryptocurrencies, Luna and TerraUSD, plummeted and contributed
to a $300 billion crash across the crypto economy in May. The
plunge caused an uproar among investors and led to calls for an
inquiry into Mr. Kwon and his company after allegations of tax
evasion and fraud.

The New York Times relates that the Seoul Southern District
Prosecutors' Office issued an arrest warrant for Mr. Kwon and five
others last week on charges of violating the country's financial
laws. Mr. Kwon was believed to be in Singapore at the time.
According to local media in Singapore, the police say he is no
longer there.

Mr. Kwon took to Twitter after the South Korean arrest warrant was
issued to say that he was willing to cooperate with investigators.
"I am not 'on the run' or anything similar," he wrote. According to
Yonhap, the South Korean news agency, prosecutors responded by
saying that Mr. Kwon was "obviously on the run.

According to the report, Interpol said a "red notice" informs law
enforcement agencies worldwide to locate and temporarily arrest a
fugitive pending extradition, surrender or similar legal action.
Should Mr. Kwon be arrested outside of South Korea, he will need to
be repatriated. South Korea does not have an extradition treaty
with Singapore. South Korean prosecutors have put in a request to
have Mr. Kwon's passport invalidated, according to officials.

After experiencing its first cryptocurrency boom in 2017, South
Korea quickly became one of the world's largest markets for virtual
currency, ranking third in 2019, only behind the United States and
Japan, the report notes. The nation's cryptocurrency assets grew to
KRW55 trillion, or about US$46 billion, at the end of last year,
with over 15 million registered users of trading platforms,
according to the country's Financial Services Commission.

Based in Seoul, Korea, Terraform Labs Pte. Ltd. operates a
price-stable cryptocurrency. The Company seeks to power the
next-generation payment network and grow the real GDP of the
blockchain economy. Terraform labs provides financial
infrastructure for the next generation of decentralized
application.




===============
X X X X X X X X
===============

ASIA: Financial Crisis Return Looms as Major Currencies Crack
-------------------------------------------------------------
Bloomberg News reports that Asian markets risk a reprise of
crisis-level stress as two of the region's most important
currencies crumble under the onslaught of relentless dollar
strength.

Bloomberg relates that the yuan and yen are both tumbling due to
the growing disparity between an uber-hawkish Federal Reserve and
dovish policy makers in China and Japan. While other Asian nations
are digging deep into foreign-exchange reserves to mitigate the
dollar's damage, the yuan and yen's slump is making things worse
for everyone, threatening the region's mantle as a preferred
destination for risk investors.

"The renminbi and yen are big anchors and their weakness risks
destabilizing currencies to trade and investments in Asia," said
Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd.
in Singapore, using another name for China's currency, Bloomberg
relays. "We're already heading toward global financial crisis
levels of stress in some aspects, then the next step would be the
Asian financial crisis if losses deepen."

Bloomberg says the gravitational pull of China and Japan are
evident in the sheer influence of their economies and trade
relationships. China has been the largest trading partner of
Southeast Asian nations for 13 straight years, according to a
Chinese government statement. Japan, the world's third-biggest
economy, is a major exporter of capital and credit.

According to Bloomberg, the tumble in the currencies of the
region's two largest economies may swell into a full-fledged crisis
if it spooks overseas funds into pulling money out of Asia as a
whole, leading to massive capital flight. Alternatively, the
declines may set off a vicious cycle of competitive devaluations
and a slide in demand and consumer confidence.

Investors have already been busy pulling money from the region.
Global funds have taken about $44 billion out from Taiwan's shares
this year, $20 billion from India's equities, and $14 billion from
Korean stocks, according to data compiled by Bloomberg. Indonesia's
bond market has suffered $8.2 billion in outflows.

"Currency risk is a bigger threat for Asian nations than interest
rates," Bloomberg quotes Taimur Baig, chief economist at DBS Group
Ltd. in Singapore, as saying. "At the end of the day, all of Asia
are exporters and we could see a reprise of 1997 or 1998 without
the massive collateral damage."

Beijing and Tokyo's heft is even more pronounced in financial
markets. The yuan makes up more than a quarter of the weighting of
Asian currency indexes, according to analysis by BNY Mellon
Investment Management, relays Bloomberg. The yen is the
third-most-traded global currency, so its weakness has had an
outsized impact on its Asian counterparts.

Bloomberg notes that the rising potential for spillover between the
two largest regional currencies and their smaller peers can be seen
in the fact they are moving in ever closer alignment as the dollar
surges. The 120-day correlation between the yen and the MSCI EM
Currency Index jumped to more than 0.9 last week, the highest since
2015, after the two were briefly inversely correlated as recently
as April.

The threat of a spillover has become even more severe as currency
declines accelerate. The yen tumbled passed 145 per dollar for the
first time in more than two decades Thursday after US-Japan
monetary policy divergence widened further when the Fed raised
interest rates for a fifth straight meeting the day before. The yen
retraced some of its losses after the authorities intervened but
few see the action as doing anything other than slowing its
inevitable decline.

Specific levels such as the yen at 150 may bring on turmoil on the
scale of the 1997 Asian financial crisis, according to market
veteran Jim O'Neill, previously chief currency economist at Goldman
Sachs Group Inc. Others say the velocity of declines is more
important than individual trigger points.

A rapid drop of the yen and yuan "can quickly become a
‘deadweight' for other regional currencies," Bloomberg quotes
Aninda Mitra, head of Asia macro and investment strategy at BNY
Mellon Investment Management in Singapore, as saying. "Much further
yuan depreciation could be more troubling from here for the rest of
the region."

Of course, there's no certainty further losses in the yuan and yen
will bring on a financial upheaval, the report states. Nations in
the region are in a far stronger position than they were in the
run-up to the Asian financial crisis on the late 1990s, having
greater foreign-exchange reserves and less exposure to dollar
borrowing. Still, there are pockets of risk.

"The most vulnerable currencies are those with the deficit
current-account positions such as the Korean won, Philippine peso,
and to a lesser extent, the Thai baht," said Trang Thuy Le, a
strategist at Macquarie Capital Ltd. in Hong Kong. When the yuan
and yen both fall, "the pressure can translate to dollar buying and
hedging demand for those exposed to emerging-market currencies,"
she said.



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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,
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Information contained herein is obtained from sources believed
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