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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

          Friday, September 30, 2022, Vol. 25, No. 190

                           Headlines



A U S T R A L I A

ANYTIME SERVICES: First Creditors' Meeting Set for Oct. 5
AUSTRALIAN COASTAL: Second Creditors' Meeting Set for Oct. 5
BEAU HOMES: Building Company Goes Into Liquidation
CONZPEC CIVIL: Second Creditors' Meeting Set for Oct. 4
EASY TIMES: First Creditors' Meeting Set for Oct. 7

J R BLOCK: Second Creditors' Meeting Set for Oct. 7
ORACLE PLATINUM: Building Industry Watchdog Inundated With Claims
PROGRESS 2022-2: S&P Assigns BB (sf) Rating to Class E Notes


C H I N A

LIONBRIDGE CAPITAL: Moody's Withdraws Ba3 CFR & B1 Issuer Rating
LIONBRIDGE FINANCING: Moody's Withdraws Ba3 CFR & B1 Issuer Rating


F I J I

FIJI: S&P Affirms 'B+/B' Sovereign Credit Ratings, Outlook Stable


H O N G   K O N G

TARGET INSURANCE: Hong Kong Court Appoints Deloitte as Liquidators


I N D I A

ABG SHIPYARD: Welspun Acquires Specified Assets for INR659cr
BALAJI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
BESTITCH KNITS: ICRA Keeps B+ Debt Ratings in Not Cooperating
CARAVAN OIL: ICRA Keeps B+ Debt Rating in Not Cooperating
CHVV SUBBA: ICRA Keeps B+ Debt Ratings in Not Cooperating

CRYSTAL SEA: ICRA Keeps D Debt Ratings in Not Cooperating
DEORANI DEVI: ICRA Keeps D Debt Ratings in Not Cooperating
ENERTECH ENGINEERING: ICRA Keeps B+ Ratings in Not Cooperating
GARGYA AUTOCITY: ICRA Keeps B+ Debt Ratings in Not Cooperating
JAY BHARAT: ICRA Keeps B+ Debt Ratings in Not Cooperating

KRISHNA SAHAKARI: ICRA Keeps B Debt Ratings in Not Cooperating
LAXMI CO-OPERATIVE: RBI Cancels License Due to Lack of Capital
LAXMINARAYAN INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
MAGUS METALS: ICRA Keeps D Debt Ratings in Not Cooperating
MAHALAXMI COTTON: ICRA Keeps B Debt Ratings in Not Cooperating

MALT COMPANY: ICRA Keeps B+ Debt Ratings in Not Cooperating
MANGALDEEP COLD: ICRA Keeps B Debt Ratings in Not Cooperating
MANISHRI REFRACTORIES: ICRA Keeps B Ratings in Not Cooperating
MASS CASHEWS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MATRIX SECURITY: ICRA Withdraws B Rating on INR28cr LT Loans

MEENAR POLYDYED: ICRA Keeps B+ Debt Ratings in Not Cooperating
MNR COTTONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MOTIA TOWNSHIP: ICRA Keeps B Debt Ratings in Not Cooperating
N.B. COTEX: ICRA Keeps B Debt Ratings in Not Cooperating Category
NILKANTH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating

NIMRA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
PURNAM: ICRA Keeps B Debt Ratings in Not Cooperating Category
SHRINET AND SHANDILYA: ICRA Assigns C+ Rating to INR2cr Cash Loan
SRINIVASA EDUCATIONAL: ICRA Keeps B Ratings in Not Cooperating
THERAPIVA PRIVATE: ICRA Keeps B- Debt Ratings in Not Cooperating

V.S. ECOBLOCKS: ICRA Keeps B+ Debt Ratings in Not Cooperating
VAIDEHI ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
ZECO AIRCON: ICRA Keeps B+ Debt Ratings in Not Cooperating


M A L A Y S I A

IVORY PROPERTIES: Another Unit Defaults on Loan Payment


N E W   Z E A L A N D

DD4 INFRASTRUCTURE: Court to Hear Wind-Up Petition on Oct. 7
ICE WORLD: Creditors' Proofs of Debt Due on Oct. 20
JOINERY RECOATING: Creditors' Proofs of Debt Due on Oct. 28
TIPAPAKUKU FENCING: Court to Hear Wind-Up Petition on Oct. 10
V COMPUTERS: Creditors' Proofs of Debt Due on Oct. 31

WELDERS & STEEL: Court to Hear Wind-Up Petition on Oct. 10


P H I L I P P I N E S

PHOENIX PETROLEUM: Court Freezes Cash Over Unpaid Debt


S I N G A P O R E

HELION SELECT: Commences Wind-Up Proceedings
HIH DAHEJSPRING: Creditors' Proofs of Debt Due on Oct. 31
KEPLER CAPITAL: Creditors' Proofs of Debt Due on Oct. 28
LIFELONG GROUP: Court to Hear Wind-Up Petition on Oct. 7
SWIBER HOLDINGS: Unit Inks Preliminary Deal to Sell Vessel

TUASONE ENVIRONMENTAL: Creditors' Proofs of Debt Due on Oct. 30


X X X X X X X X

S. NARAYANA: ICRA Keeps B+ Debt Rating in Not Cooperating

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A U S T R A L I A
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ANYTIME SERVICES: First Creditors' Meeting Set for Oct. 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Anytime
Services Pty Limited will be held on Oct. 5, 2022, at 12:00 p.m.
via teleconference facilities.

Graeme Beattie of Worrells was appointed as administrator of the
company on Sept. 21, 2022.


AUSTRALIAN COASTAL: Second Creditors' Meeting Set for Oct. 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Coastal and Marine Ecology Pty Ltd has been set for Oct. 5, 2022,
at 11:00 a.m. via Zoom teleconference 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. 4, 2022, at 5:00 p.m.

Mitchell Ball and Thyge Trafford-Jones of Mackay Goodwin were
appointed as administrators of the company on Aug. 29, 2022.


BEAU HOMES: Building Company Goes Into Liquidation
--------------------------------------------------
The Property Tribune reports that Beau Homes, a Gold Coast building
company that focuses on pools, has gone into liquidation.

Rodgers Reidy's David Hambleton and Kaily Chua were appointed as
administrators of the Currumbin-based company on August 29.

The company is reported to owe its creditors AUD1 million, The
Property Tribune discloses.

According to the report, Queensland Building and Construction
Commission (QBCC) said Beau Homes' building licence was cancelled
at their own request.

Beau Homes has many former trading names, including Beau Homes &
Swimming Pools, Beau Corp Aquatic & Construction, Beau Pools, Make
It Right Pool Fencing and Beau Corp Aquatics & Construction.

The company has been building luxury pools between Brisbane and
Byron Bay for over 50 years, with the team winning the Master
Builders 2019 Best Residential Swimming Pool Gold Coast award.

CONZPEC CIVIL: Second Creditors' Meeting Set for Oct. 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of Conzpec Civil
Pty Ltd has been set for Oct. 4, 2022, at 3:30 p.m. via virtual
meeting.
  
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 9:00 a.m.

Suelen McCallum of DVT Group was appointed as administrator of the
company on Aug. 26, 2022.


EASY TIMES: First Creditors' Meeting Set for Oct. 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of Easy Times
Brewing Company Pty Ltd will be held on Oct. 7, 2022, at 10:30 a.m.
at the offices of SV Partners at 22 Market Street in Brisbane.

David Michael Stimpson and Adam Peter Kersey of SV Partners were
appointed as administrators of the company on
Sept. 26, 2022.


J R BLOCK: Second Creditors' Meeting Set for Oct. 7
---------------------------------------------------
A second meeting of creditors in the proceedings of J R Block &
Brick Laying Pty Limited has been set for Oct. 7, 2022, at 10:00
a.m. via teleconference 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. 6, 2022, at 5:00 p.m.

Sule Arnautovic and John Vouris of Hall Chadwick were appointed as
administrators of the company on Sept. 7, 2022.


ORACLE PLATINUM: Building Industry Watchdog Inundated With Claims
-----------------------------------------------------------------
ABC News reports that hundreds of claims for deposits and
unfinished works have been filed after the collapse of Oracle
Platinum Homes, as home owners start searching for new builders and
others race to finish incomplete builds.

In late August, Oracle Building Corporation, which trades under the
name Oracle Platinum Homes and Oracle Hunter Homes, went into
liquidation with all 70 staff terminated.

The company collapsed leaving about 300 home owners affected, with
construction of their houses ranging from not yet commenced to
those nearly completed.

The company was believed to owe about AUD14 million, according to
appointed liquidators Bill Cotter and W. Roland Robson at the
time.

Mr. Cotter told ABC Radio Brisbane after further assessment, the
debts now appeared to be closer to AUD20 million.

According to ABC News, the state's building watchdog, the
Queensland Building and Construction Commission (QBCC) has
contacted all 386 Queensland Home Warranty Scheme policy holders
from the past two years who had contracts with the construction
company.

The home warranty insurance covers the home owner for losses up to
AUD200,000 if something goes wrong during the build, according to
certain criteria.

A QBCC spokesperson said the watchdog has received 207 claims,
including 57 for return of deposits and 150 non-completion claims.

Of the refund-of-deposit claims, 38 have been approved so far,
totalling more than AUD600,000, the report notes.

"So far, 70 non-completion claims have been accepted and the
process has started to scope the work required to complete those
projects," the spokesperson said, notes the report.

ABC News relates that the spokesperson said approval times for
claims will vary depending on a range of factors.

"Simpler claims can be processed quickly, for example, deposit
refunds where no work has started," the spokesperson said, notes
ABC News. "However, more complex non-completion claims require
careful consideration and may therefore take longer to assess."

ABC News adds that Mr. Cotter would not comment on specific cases,
but said liquidators wanted to help home owners as quickly as
possible but the process would take time. He said there were a
number of complicating factors, such as some suppliers claiming
copyright over certificates, while liquidators are negotiating with
other suppliers to locate and obtain certificates, and some home
owners who appeared to owe money to the company for works
completed.

"We're certainly engaging with those people and continue to sort
through all these issues to try and assist everybody to what
they're entitled to and get them back on track," the report quotes
Mr. Cotte as saying. "It will continue to happen over days, weeks,
months and potentially even years to sort through all of the issues
that are on hand."


PROGRESS 2022-2: S&P Assigns BB (sf) Rating to Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Progress 2022-2 Trust. Progress
2022-2 Trust is a securitization of prime residential mortgage
loans originated by AMP Bank Ltd.

S&P said, "The ratings reflect our view of the credit risk of the
underlying collateral portfolio and the credit support provided to
each class of notes are commensurate with the ratings assigned.
Credit support is provided by subordination, lenders' mortgage
insurance (LMI), and excess spread, if any. Our assessment of
credit risk takes into account AMP Bank's underwriting standards
and approval process, which are consistent with industrywide
practices, the servicing quality of AMP Bank, and the support
provided by the LMI policies on 25.9% of the portfolio.

"We believe the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
interest-rate swap, the mechanism for trapping excess spread into
an excess reserve, the provision of a liquidity reserve, and the
provision of an income reserve--funded by AMP Bank at closing to
cover extraordinary expenses--sized at a level consistent with the
ratings. All rating stresses are made on the basis that the trust
does not call the notes at or beyond the first call-option date,
and that all rated notes must be fully redeemed via the principal
waterfall mechanism under the transaction documents.

"Our ratings also consider the counterparty exposure to Westpac
Banking Corp. and MUFG Bank Ltd. as bank account providers and to
BNP Paribas as fixed-rate swap provider. The fixed-rate swap is
provided to hedge the fixed-rate mortgage loans and the
floating-rate obligations on the notes. The transaction documents
include downgrade remedies consistent with our counterparty
criteria. The legal structure of the trust is established as a
special-purpose entity and meets our criteria for insolvency
remoteness."

  Ratings Assigned

  Progress 2022-2 Trust

  Class A1-S, A$112.500 million: AAA (sf)
  Class A1-L, A$577.500 million: AAA (sf)
  Class AB, A$29.850 million: AAA (sf)
  Class B, A$11.025 million: AA (sf)
  Class C, A$8.775 million: A (sf)
  Class D, A$4.875 million: BBB (sf)
  Class E, A$2.700 million: BB (sf)
  Class F, A$2.775 million: Not rated




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C H I N A
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LIONBRIDGE CAPITAL: Moody's Withdraws Ba3 CFR & B1 Issuer Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn Lionbridge Capital Co.,
Limited's Ba3 corporate family rating and B1 local currency and
foreign currency issuer ratings.

At the time of the withdrawal, the entity-level outlook on
Lionbridge Capital was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Lionbridge Capital was established in Hong Kong SAR, China in 2011.
It set up Lionbridge Financing Leasing (China) Co., Ltd (Lionbridge
Leasing) as its core operating entity in mainland China in April
2012. The company focuses on providing financial leasing services
for commercial vehicles. The company reported total assets of
RMB25.0 billion as of December 31, 2021.

LIONBRIDGE FINANCING: Moody's Withdraws Ba3 CFR & B1 Issuer Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and B1 local currency and foreign currency issuer ratings of
Lionbridge Financing Leasing (China) Co., Ltd (Lionbridge
Leasing).

At the time of the withdrawal, the entity-level outlook on
Lionbridge Leasing was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Lionbridge Leasing is the core operating entity of Lionbridge
Capital Co., Limited. The company focuses on providing financial
leasing services for commercial vehicles. Headquartered in Beijing,
the company reported total assets of RMB23.8 billion as of December
31, 2021.



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F I J I
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FIJI: S&P Affirms 'B+/B' Sovereign Credit Ratings, Outlook Stable
-----------------------------------------------------------------
On Sept. 28, 2022, S&P Global Ratings affirmed its 'B+' long-term
and 'B' short-term foreign- and local-currency sovereign credit
ratings on Fiji. The outlook is stable.

Outlook

S&P said, "The stable rating outlook reflects our expectation of a
tourism-led economic recovery over the next few years, following a
deep contraction over 2020-2021. As international travel resumes,
we expect a combination of renewed GDP growth and higher export
earnings to lead to narrower fiscal and current account deficits
and a stabilizing public debt burden."

Downside scenario

S&P could lower its ratings on Fiji if its budgetary or external
metrics significantly weakened. This might be caused, for example,
by renewed disruptions to international tourism, a severe natural
disaster, or a reversal of the government's fiscal consolidation
strategy.

Upside scenario

S&P said, "We could raise our ratings on Fiji if economic growth
and tourism receipts recover faster than we project. This could
result in a quicker pace of fiscal consolidation and declining
debt.

"We could also raise our ratings if we observe continued
improvements in Fiji's institutional and policy settings following
imminent general elections, providing greater support for
sustainable finances and balanced growth in the medium term, or if
Fiji's extensive foreign exchange restrictions are unwound without
detriment to its official reserves."

Rationale

S&P said, "We expect Fiji's economy to rebound strongly in 2022 as
the tourism sector rebuilds from a pandemic standstill. Tax
revenues will gradually recover, though fiscal repair efforts will
be delayed as the government rolls out new spending measures to
protect households from rising costs. GDP per capita fell sharply
over 2020-2021 and we anticipate a bounceback to prepandemic levels
by about 2024.

"External metrics are sound, thanks to growth in official
foreign-exchange reserves and normalizing export receipts. The next
Fijian general elections are due in the coming months; our base
case assumes the outcome will be decided without significant
disruptions. Our ratings on Fiji remain constrained by its
middle-income economy, polarized political landscape, and limited
monetary policy flexibility."

Institutional and economic profile: Economy beginning to rebound as
tourists return

-- Fiji's economy will expand by about 12% in 2022 as its tourism
sector reboots; this high rate is partly due to base effects
following a historically deep recession over 2020-2021.

-- Economic growth will moderate over 2023-2025 as a global
slowdown and elevated inflation weigh on activity.

-- Fiji's political landscape remains polarized, though S&P's base
case assumes any uncertainties around the general elections will
not materially dampen growth.

Fiji's economy is finally in recovery mode after three years of
contraction. S&P said, "We revised up our real GDP growth forecast
for 2022 to 12.4% from 6.2% on the back of stronger-than-expected
tourist inflows following the reopening of Fiji's borders in late
2021. On current trends, visitor arrivals for 2022 should reach
55%-60% of pre-COVID levels. The tourism sector is benefiting from
pent-up demand and accumulated household savings in key markets
such as Australia and New Zealand. We estimate Fiji's current GDP
per capita at about US$5,400. The pandemic shock has had lasting
consequences for the country's development trajectory, and we don't
anticipate national income to recover to its prepandemic level
until 2024."

Fiji's economic base is somewhat narrow because tourism is a key
source of employment, foreign exchange, and tax revenues. The
country also has a large subsistence agricultural sector, and its
other industries include garment manufacturing, gold mining,
fishing, and timber production.

S&P anticipates monetary policy will stay accommodative. The
Reserve Bank of Fiji (RBF) has kept its overnight policy rate at
0.25% for the past two years. Annual headline inflation rose to
5.9% in August 2022, mainly driven by higher import prices, from an
average of just 0.2% in 2021. The government is providing support
to households through a modest package of "inflation mitigation"
measures.

The current FijiFirst administration has promoted generally
pro-growth economic reform and investment in infrastructure and
education. Recent cuts to a wide range of taxes and duties,
including the service turnover tax and departure tax, are likely to
boost the competitiveness of the tourism sector. The past decade
has also seen increased engagement with multilateral bodies such as
the Asian Development Bank (ADB) and World Bank, which offer
policy-based loans and assist the government in implementing
microeconomic reforms. While institutional quality is generally
improving, Fiji has also dropped 47 places to 102nd (out of 180
countries) in the 2022 edition of the Press Freedom Index.

S&P's base case assumes that the outcome of the next general
elections, likely to be held in late 2022, will be decided without
incident. Fiji's political and social settings historically have
been marked by tensions between its indigenous Fijian and minority
Indo-Fijian communities. There have been four military coups during
the past 35 years. Following eight years of military rule, a new
constitution was promulgated in 2013 and democratic elections were
held in 2014 and 2018.

Long-term demographics are favorable, thanks to a median population
age of about 28 years. Fiji's location in the Pacific renders it
vulnerable to natural disasters, especially cyclones and floods.
Tropical Cyclone Winston in February 2016 wreaked damage, by some
measures, equivalent to almost one-third of national GDP.

Flexibility and performance profile: Elevated debt burden to
stabilize as fiscal deficits narrow; strengthening reserves partly
offset external risks

-- S&P expects fiscal performance to improve as tax receipts
recover, after two years of double-digit deficits.

-- Fiji's current account deficit will gradually narrow as export
receipts grow; meanwhile, foreign-exchange reserves are enlarged by
a recent Special Drawing Rights allocation, strong inward
remittances, and drawdowns on various external loan facilities.

-- The central bank has a shorter track record of independence,
and its flexibility is constrained by a pegged exchange rate.

S&P said, "We forecast Fiji's fiscal deficit to taper down to about
7.3% of GDP in fiscal 2023 (year ending July 31). While still high,
this follows two years of outsized deficits over 2021-2022 after
government revenues fell by more than one-third; a sharp plunge in
tax revenues was only partly offset by grants from bilateral
partners and a small volume of asset sales. Fiji's government has
laid out an ambitious medium-term fiscal consolidation strategy. We
see the annual change in net general government debt subsequently
narrowing to 3%-3.5% of GDP over 2024-2025.

"Fiji's public debt ratio has swelled by more than 30 percentage
points since the onset of the pandemic. We project the stock of net
general government debt to stabilize at about 77% of GDP this
fiscal year before declining slightly in the outer years." The
interest burden will similarly spike before reverting to below 15%
of revenues during the next few years. Average borrowing costs have
declined as Fiji accesses lower-cost lending from the likes of the
ADB, World Bank Group, International Development Association, and
Asian Infrastructure Investment Bank, as well as bilateral partners
China and Japan. Fiji participated in the G20's Debt Service
Suspension Initiative over 2020-2021, benefiting from a deferral of
about US$40 million of bilateral repayments.

To finance its deficits, the government targets a domestic and
foreign borrowing mix of roughly 70:30. Fiji issues a range of
bonds and bills in its domestic market. About 42% of the total debt
stock (and 62% of the domestic debt stock) was held by the Fiji
National Provident Fund, the country's defined-contribution pension
scheme, as of April 2022. Fiji repaid its sole US$200 million
foreign-currency eurobond in October 2020.

Contingent liabilities are moderate. Explicit guarantees of
nonfinancial public enterprises currently stand at about 8% of GDP.
The largest of these is a guarantee of Fiji dollar (FJ$) 459
million over the borrowings of Fiji Airways, which is about 75%
owned by the government. There are also sizable guarantees of Fiji
Development Bank and Fiji Sugar Corp.

Overall external metrics are sound. Gross external financing needs,
by our measures, will average about 103% of current account
receipts and usable reserves during the next three years. S&P's
expect the current account deficit to remain elevated at about 13%
of GDP in 2022, before slowly normalizing as services exports
recuperate. The high import content of tourism exports has helped
to prevent a sharper weakening of the trade balance. Personal
remittances are a bright spot: inflows for the first seven months
of 2022 were up a strong 22% on the corresponding period in 2021.

Movements in Fiji's real effective exchange rate and inflation have
been moderate over the economic cycle, though the latter is partly
because of extensive price controls set by the Fijian Competition
and Consumer Commission. The domestic banking system is relatively
deep compared with peers; the RBF supervises Fiji's six commercial
banks and other financial intermediaries. As part of a quantitative
easing program, the RBF purchased about FJ$600 million of
government bonds in the primary market over 2020-2021. Its exposure
to the government has been capped by law at 50% of average
government revenues over the past three years.

Extensive restrictions on foreign exchange can be a hindrance to
private investment, and weigh on S&P's monetary assessment. In
April 2020, the RBF slightly tightened existing exchange controls
to help protect its reserves. Official reserves--which include
about US$130 million of new SDR allocations approved by the
International Monetary Fund in 2021--grew to a sound FJ$3.5 billion
(US$1.6 billion) as of August 2022.

The Fijian dollar is pegged to a weighted basket of currencies
belonging to Fiji's major trading partners, i.e., Australia, New
Zealand, the U.S., Japan, and the eurozone. Weights are reviewed
annually. The RBF has twin monetary policy objectives of low
inflation and maintaining an adequate level of reserves. The last
devaluation occurred in 2009.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  FIJI

  Sovereign Credit Rating              B+/Stable/B

  Transfer & Convertibility Assessment

   Local Currency                           B+




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H O N G   K O N G
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TARGET INSURANCE: Hong Kong Court Appoints Deloitte as Liquidators
------------------------------------------------------------------
Insurance Business Asia reports that Hong Kong's High Court has
ordered the winding up of Target Insurance Company and the
appointment of Derek Lai and Forrest Kam of Deloitte Touche
Tohmatsu as the company's joint and several liquidators.

According to the report, Target presented the winding-up petition
on July 15, under the direction of Lai and Kam, who were appointed
by the Insurance Authority (IA) as joint and several managers with
full control of the affairs, business and property of Target since
Jan. 7. Target, which is one of the largest providers of insurance
to Hong Kong's taxis, was said to have breached statutory
requirements under the Insurance Ordinance (Cap. 41) and had
serious deficiencies in its corporate governance.

Upon the appointment of Lai and Kam as the liquidators of Target,
their duties as the insurer's managers will cease, the report says.
The IA said that it welcomes the appointments of Lai and Kam as the
liquidators, which will allow a smooth transition on the company's
operation and protect policy holders, minimising any impact to the
insurance market resulting from Target's winding up.

According to the IA, all of Target's in-force policies will be
unaffected by the winding-up order and policyholders may continue
to submit their claims to the insurer as usual, Insurance Business
Asia relays. The Motor Insurers' Bureau of Hong Kong and the
Employees Compensation Insurer Insolvency Bureau will continue to
process claims arising from third party motor policies and
employees' compensation policies respectively. These policies are
estimated to comprise around 94% of Target's insurance
liabilities.

The liquidators have assessed that the statutory deposit of HK$250
million placed in trust with the IA for Target, together with the
insurer's estimated realisable assets, will be enough to settle the
remaining claims, the report adds.




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ABG SHIPYARD: Welspun Acquires Specified Assets for INR659cr
------------------------------------------------------------
IndiaInfoline reports that Welspun Corp Limited said that the
Liquidator of ABG Shipyard Limited has declared Welspun Corp
Limited as a successful bidder in terms of the Process Memorandum
for the private sale of specified assets of ABG Shipyard Limited.

IndiaInfoline relates that Welspun Corp and its wholly owned
subsidiary paid INR659 crore (including relevant taxes) towards the
whole acquisition amount on Sept. 21, 2022.

Welspun Corp's share in purchase consideration is INR589 crore,
while Nauyaan Shipyard's share is INR70 crore.

According to the report, Welspun Corp is reported to have bought
about 150,000 MT of half-constructed old ships and scrap. It is
predicted that its potential worth will be realised within 12-15
months following the acquisition's completion.

Following receipt of the full purchase price, the Liquidator issued
the sale certificate in accordance with the IBC for the transfer of
the specified assets to Welspun Corp Limited and its wholly-owned
subsidiary, IndiaInfoline says.

Following that, the Liquidator informed the Company that it had
received a provisional attachment order dated Sept. 21, 2022, from
the Directorate of Enforcement, Ahmedabad in respect of ABG
Shipyard Limited's properties, including the specified assets
forming part of the Award Letter, said Welspun on Sept. 22.

This shipyard in Dahej (Gujarat) was established in 2008 and spans
165 acres of leased property with 1,000 metres of sea frontage.

                        About ABG Shipyard

ABG Shipyard Limited belongs to the Agarwal Business Group
(controlled by Mr. Rishi Agarwal) and is the largest private
shipyard in India, in terms of the order book. ASL is engaged in
the construction and repair of various types of vessels as well as
rigs.

ABG Shipyard was among the first list of 12 companies that the
Reserve Bank of India has directed banks to refer to the bankruptcy
court.

In April 2019, the National Company Law Tribunal (NCLT) ordered
liquidation of ABG Shipyard.  The company's liquidation value was
pegged at a little over INR2,000 crore by an independent valuer.
The company owes a consortium of banks around INR16,000 crore.

BALAJI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term rating of Sri Balaji Cotton Agro
Industries, Adilabad in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.20        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Sri Balaji Cotton Agro Industries (SBCAI) was incorporated in year
2011 as a partnership firm and is engaged in cotton ginning and
pressing activities with a product mix of cotton lint and cotton
seed. The firm has a plant located at Bhainsa village of Adilabad
district of Telangana with 30 double roller gins with capacity to
produce 15000 Metric tons of cotton lint per annum. The firm
started its commercial production in January 2012.


BESTITCH KNITS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Bestitch
Knits in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         3.00        [ICRA]A4 ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Bestitch Knits, established as a partnership firm in the year 1996
by Ms. S. Ambika and Ms. R. Shantha. The company is engaged in the
manufacturing and export of readymade garments (Men's wear &
women's wear), primarily to US market. The company outsources
activities like dyeing and printing and has in-house facilities for
stitching and embroidery. The company's manufacturing facility is
located at Tirupur.


CARAVAN OIL: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term rating of Caravan Oil Suppliers in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

COS was established in 1986 by Mr. Varghese. Currently, the firm is
owned and managed by Asher family who took over the firm in 1994.
The partners of the firm are namely, Mr. Sanjay Asher, Mrs. Preeti
Asher, Mrs. Nita Asher and Mrs. Yukti Asher. The firm is engaged
into the trading of industrial consumables ranging from industrial
lubricants, industrial tapes and adhesives, safety products, metal
working fluids, carbide cutting tools and abrasives. The firm is an
authorised distributor of Shell India Marketing Private Limited
(Shell), Houghton, 3M India Limited (3M), WIDIA and Dow Corning
India Private Limited (Dow Corning).


CHVV SUBBA: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of CHVV Subba Rao in the 'Issuer Not Cooperating'
category. The rating are denoted as "[ICRA]B+ (Stable)/[ICRA] A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/         11.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-        10.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

CHVV Subba Rao was incorporated as a proprietorship concern in 1995
to undertake civil engineering projects pertaining to the
comprehensive protected water supply and sanitation (CPWS&S) in
Andhra Pradesh. The civil work includes laying of pipelines for
water supply, tapping of surface water, construction of filtration
plants for brackish water and fluoride water etc, construction of
over-head tanks etc. The entity executes these projects for the
Government of Andhra Pradesh under various schemes of Andhra
Pradesh Rural Water Supply and Sanitation (RWS&S). At present, the
firm is executing a railway project for the West-Central Railways.


CRYSTAL SEA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Crystal
Sea Foods Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         8.07       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term–       25.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term/         4.58       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
   Non Fund Based                Cooperating' Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Crystal Sea Foods Private Limited (CSFPL) was incorporated as a
private limited company in June 2013 at Chirala in Andhra Pradesh
for setting up a shrimp processing unit with installed processing
capacity of 10,800 MTPA and 2,100 MT cold storage capacity. The
promoters of the company namely, Mr. Amanchi Krishna Mohan, Mr.
Amanchi Rajendra Prasad, Mr. Venkateswara Prasad, Mr. Cherukuri
Peddabai Naidu and Mr. Syed Waseem have more than 20 years of
experience in prawn cultivation and marketing and have a good
network with aquaculture farmers and traders. The shrimp processing
unit is a forward linkage to the existing shrimp culture.

DEORANI DEVI: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short ratings of Deorani Devi
Memorial Trust in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/ [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        14.13       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term–         5.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term/          0.87      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based/                   remain under 'Issuer Not
   Others                        Cooperating' Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Dedorani Devi Memorial Trust is a public charitable trust, formed
in March 2010. It currently runs a school in the name of 'Open
Minds- a Birla K-12 School', under franchisee agreement with Birla
Edutech Ltd, which has others similar ventures like Shloka School,
Globe Toters (Preschool), SPEED (for sports & physical education of
children), Birla Institute for Teacher Training, in the sphere of
education. The school commenced operations from the academic
session 2010-11.


ENERTECH ENGINEERING: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long term and short term rating for the bank
facilities of Enertech Engineering Private Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA] A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.08        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.05        [ICRA]B+ (Stable) ISSUER NOT
   Based-                          COOPERATING; Rating continues
   Unallocated                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        40.93        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Enertech Engineering Private Limited (EEPL) was set up by Mr. Vijay
Chadha in 1989. The company has been operating in the area of
developing and selling customized integrated turnkey prefabricated
modules since 1991. The modules developed by the company are used
for residential purpose by defense forces and as mobile satellite
guidance and launching pads. The company has developed technology
to make the modules nuclear, bio-weapon and chemical weapon proof,
at the same time, maintaining the easy transportability. The
founder and managing director Mr. Vijay Chadha passed B.E.
(Mechanical Engineering) from REC Kurukshetra in 1976 and has done
MBA from Osmania University in 1983 and he is the First Generation
Entrepreneur who started Small Scale Industry in 1993 with only 5
workers. Presently, his two sons are also partners and hold
positions in the company supporting the MD. All the directors are
engineers and technically well-qualified.


GARGYA AUTOCITY: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Gargya Autocity Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         23.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.49        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.06        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2004, GAPL is engaged in the automobile dealership
business having three showrooms with 3S facilities
(Sales-Services-Spares), two in Assam (including one mini showroom)
and one in Meghalaya, and one eoutlet in Assam. The company is an
authorized dealer of Toyota Kirloskar Motor Private Limited
(Toyota) and is engaged in sales and service of vehicles along with
sale of spare parts and accessories in North-East India.

JAY BHARAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term rating of Jay Bharat Food Process
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         12.29        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

JBFPPL started operations from the year 2009 and is engaged in
manufacturing of atta, besan, papad, Sattu, Tadaka, Vermicelli,
Chuda Powder, Soyabadhi and pasta. The company sources its raw
materials from different states in India through traders. The
primary raw material used for manufacturing pasta is suji. The food
products to be sold outside Odisha are sold to its group company
JBSPL which in turn uses its own network to sell the produce to the
final consumers. The goods are sold under the brand "Bharat". The
company had set up a new manufacturing facility at Cuttack for
pasta and vermicelli production in FY14, which has resulted in
enhancing its market visibility by entering into the pasta segment,
thereby leading to a healthy growth in the topline.

KRISHNA SAHAKARI: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-term rating of The Krishna Sahakari
Sakkare Karkhane Niyamit in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-        229.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         82.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

The Krishna Sahakari Sakkare Karkhane Niyamit (KSSKN), a
co-operative society registered under the Karnataka Cooperative
Societies Act, 1959, operates a sugar mill with a capacity of 5,500
tonne of cane per day (TCD), integrated with a 27-megawatt (MW)
cogen power plant, in Athani Taluk of Belgaum district in
Karnataka. Registered in March 1981, the entity commenced its
commercial operations during FY2003 with 2,500-TCD crushing
capacity. During FY2012, the entity expanded its processingcapacity
to 4,000 TCD and also installed a 12- MW cogen plant. The cogen
capacity was increased to 27 MW in FY2017 and the sugar-mill
capacity was increased to 5,500 TCD in FY2018. The Government of
Karnataka holds a 58.5% stake in the entity as on March 31, 2018.

LAXMI CO-OPERATIVE: RBI Cancels License Due to Lack of Capital
--------------------------------------------------------------
The Reserve Bank of India (RBI), vide order dated September 14,
2022, has cancelled the license of "The Laxmi Co-operative Bank
Limited, Solapur, Maharashtra". Consequently, the bank ceases to
carry on banking business, with effect from the close of business
on Sept. 22, 2022. The Commissioner for Cooperation and Registrar
of Cooperative Societies, Maharashtra has also been requested to
issue an order for winding up the bank and appoint a liquidator for
the bank.

The Reserve Bank cancelled the license of the bank as:

   * The bank does not have adequate capital and earning prospects.
As such, it does not comply with the provisions of Section 11(1)
and Section 22 (3) (d) read with Section 56 of the Banking
Regulation Act, 1949.

   * The bank has failed to comply with the requirements of
Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e)
read with Section 56 of the Banking Regulation Act, 1949;
The continuance of the bank is prejudicial to the interests of its
depositors;

   * The bank with its present financial position would be unable
to pay its present depositors in full; and

   * Public interest would be adversely affected if the bank is
allowed to carry on its banking business any further.

Consequent to the cancellation of its license, "The Laxmi
Co-operative Bank Limited, Solapur, Maharashtra" is prohibited from
conducting the business of 'banking' which includes, among other
things, acceptance of deposits and repayment of deposits as defined
in Section 5(b) read with Section 56 of the Banking Regulation Act,
1949 with immediate effect.

On liquidation, every depositor would be entitled to receive
deposit insurance claim amount of his/her deposits up to a monetary
ceiling of INR5,00,000/- (Rupees five lakh only) from Deposit
Insurance and Credit Guarantee Corporation (DICGC) subject to the
provisions of DICGC Act, 1961. As per the data submitted by the
bank, about 99% of the depositors are entitled to receive full
amount of their deposits from DICGC. As on Sept. 13, 2022, DICGC
has already paid INR193.68 crore of the total insured deposits
under the provisions of Section 18A of the DICGC Act, 1961 based on
the willingness received from the concerned depositors of the
bank.


LAXMINARAYAN INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long-term ratings of Laxminarayan Industries
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.24        [ICRA]B+(Stable); ISSUER NOT
   Non-Fund                        COOPERATING; Rating continues
   Based-Others                    to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 1996, Laxminarayan Industries (LNI) is engaged in
the dyeing and processing of grey fabric on a job-work basis at
Surat, Gujarat. The fabric is provided by the client while the
colours and chemicals are bought by the firm for the dyeing
process. The dyed fabric is then supplied back to the customers who
may process them further and use them in manufacturing dress
materials.


MAGUS METALS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of Magus Metals Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         8.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         1.10       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         1.90       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Magus Metals Private Limited (MMPL) was started as R.R. Metals
Private Limited in the year 1990. Later in the year 2001, the name
of the company was changed as Magus Metals Private Limited. From
inception, the company is into manufacturing of non-ferrous metals
from the scrap generated by smelters like Hindustan Zinc limited
and Binani Zinc Limited. The company manufactures cadmium, zinc
sulphate, copper cathode and zinc ingots. The factory is situated
at Chotuppal, Nalgonda Dist, Telangana.


MAHALAXMI COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of Mahalaxmi Cotton in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.56        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2013 as a partnership firm, Mahalaxmi Cotton is
engaged in cotton ginning and pressing to produce cotton bales and
cottonseeds in its manufacturing facility located in Kadi, Gujarat
having a capacity of producing 25000 bales p.a. The firm also
carries out cottonseed crushing to produce cottonseed oil and
cottonseed oilcake in a nearby unit on lease having an input
capacity of 8000 MTPA. The firm is promoted and managed by Mr.
Kanubhai Patel, who has over 15 years of experience in cotton
ginning business, and other family members.


MALT COMPANY: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of The Malt
Company (India) Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.60        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.65        [ICRA]A4 ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

MCIPL was established in 1970 by Mr. P.K. Jain to produce malt
extract and barley malt. The malt extract is sold in two
forms–liquid extract and malt extract powder. The company
commenced operations at its facility at Khandsa (Gurgaon) and
subsequently established two more units at Pataudi (Gurgaon) and
Kashipur (Uttrakhand) in 2002 and 2010, respectively. With effect
from April 2013, the company was demerged with the transfer of
Pataudi and Kashipur units to the newly formed company, PMV
Maltings Private Limited. MCIPL retained the Khandsa unit, which
has an installed capacity of 25,000 metric tonne per annum (MTPA)
of Malt and 25,000 MTPA of liquid malt extract and 500 MTPA of Malt
extract powder.


MANGALDEEP COLD: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Mangaldeep Cold Storage
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.85        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.10        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in May 2014, Mangaldeep Cold Storage (MCS) operated a
cold storage facility at Deesa in the Banaskantha district of
Gujarat. It commenced operations from February 20, 2015. The cold
storage stores potatoes, with a total stocking capacity of 158,000
bags of 50 kg each or 7,900 MT of potatoes. The firm is promoted by
six partners who have a longstanding experience in potato farming
as well as an established track record of operating cold storages
through their association with other cold storages in the region.


MANISHRI REFRACTORIES: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Manishri
Refractories & Ceramics Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         18.60        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.67        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.53        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          3.73        [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Non-Fund Based                  Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-         3.00        [ICRA]A4 ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        19.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 1972 as a proprietorship firm, the entity was
converted into a private limited company in 1991. MRCPL is engaged
in the manufacturing of refractories like basic bricks, hl-alumina
and fireclay bricks as well as monolithics. The company has two
manufacturing units located at Cuttack, Odisha.


MASS CASHEWS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating of Mass Cashews in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.50        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category


ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

The firm commenced operations in 2009 as a proprietorship concern
founded by Mr Salim A; the proprietorship was later converted into
a partnership firm in 2010. The firm is primarily engaged in the
sale of cashew kernels and raw cashew nuts in the domestic market.
MC has six manufacturing facilities (four in Tamil Nadu and two in
Kerala).

MATRIX SECURITY: ICRA Withdraws B Rating on INR28cr LT Loans
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Matrix Security And Surveillance Private Limited at the request of
the company and based on the No Objection certificate (NOC)
received from its banker. However, ICRA does not have information
to suggest that the credit risk has changed since the time the
rating was last reviewed. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, Key financial indicators have not
been captured as the rated instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         18.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                      

   Long Term-         10.00        [ICRA]B (Stable) ISSUER NOT
   Non-Fund-                       COOPERATING; Withdrawn
   Based Others                      

Incorporated in 2008, MSSPL is promoted by Mr. M.V.S Subba Raju and
Mr. K Suya Narayana Raju. It provides a wide range of indoor and
outdoor security and surveillance solutions. The company has a wide
product range, which includes video surveillance, perimeter
detection systems, access control systems and scanning systems. The
major clients for the company are Indian Railways, Andhra Pradesh,
Telangana and Karnataka police departments, defence establishments
and various public sector banks.

MEENAR POLYDYED: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of Meenar Polydyed Yarns
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2003 by Mr. Aftab Alam and his family, MPYL is a
processing house of polyester, viscose and cotton yarns. The
company undertakes various processes such as texturizing, twisting,
dyeing, etc. The promoter family has experience of over three
decades in trading of yarns.


MNR COTTONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of MNR Cottons
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         12.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.80        [ICRA]B+ (Stable) ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in June 2011, MNR Cottons Private Limited is engaged
in production of cotton yarn. The company is promoted by Mr. M.
Anantha Reddy and his family members. The company's manufacturing
unit is in Pothulamadugu Village in Mahaboobnagar district of
Telangana. The company specializes in manufacturing cotton yarn of
30s carded counts. The company commenced its commercial production
in June 2013 with a capacity of 13,056 spindles. MCL increased its
manufacturing capacity to 16320 spindles in FY2016 at a cost of
INR5.27 crore. The Capex was funded through term loan of INR3.42
crore and the rest through equity infusion and cash accruals.

MOTIA TOWNSHIP: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term rating of Motia Township Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          8.00        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Motia Township Private Limited (MTPL), promoted by 'Motia Group',
is developing an integrated township named 'Motia Oasis' at
Zirakpur (Punjab). The project is spread across 24 acres and
encompassing a saleable area of about 2.4 million square feet
(msf). The aforesaid project is being developed in phased manner
wherein about 627 residential units and 69 retail units have been
launched till date.Kolkatta (West Bengal), Dehradun (Uttrakhand),
Bhubaneshwar (Orissa), Jaipur, Imphal and Dhar in (Madhya Pradesh).

N.B. COTEX: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term rating of N.B. Cotex Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.01        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.49        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

N.B. Cotex Private Limited (NBCPL) produces cotton bales and cotton
seeds through ginning and pressing of raw cotton. The company
operates from its manufacturing facility at Jalgaon, Maharashtra,
and is currently equipped with 36 ginning machines and a pressing
machine, with a production capacity of 250 cotton bales per day.

NILKANTH COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Nilkanth Cotton
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         2.05       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Nilkanth Cotton Industries (NCI) was set up as a partnership firm
in the year 2014. It is engaged in the business of manufacturing
cotton bales and cotton seed oil through ginning and pressing of
raw cotton (kapas) and cotton seed crushing activity. The firm's
manufacturing facility is located at Rajkot, Gujarat and is
equipped with 24 ginning, 1 pressing machine and 5 expellers for
crushing of cotton seeds with the processing capacity of ~18,144 MT
of raw cotton and 2160 MT of seeds annually. The commercial
production commenced from January 2015. NCI is a partnership firm 2
with the promoters having an extensive experience in the cotton
industry.


NIMRA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term rating of Nimra Educational Society
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        35.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

NES was set up in 1991 by Dr. Mohammed Vizarath Rasool Khan under
the Andhra Pradesh Societies Registration Act, 1350 Fasli. The
society operates four colleges in and around Vijayawada in Andhra
Pradesh, offering varied courses, such as Bachelor of Technology,
Bachelor of Pharmacy, Master of technology, Master of computer
application, Master of pharmacy and Master of business
administration. Currently, NES operates two engineering colleges,
one pharmacy college, and one business Management College, with
total student strength of 1584. All the colleges are affiliated to
the Jawaharlal Nehru Technical University, Kakinada (Andhra
Pradesh).

PURNAM: ICRA Keeps B Debt Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the Long-Term ratings of Purnam in the 'Issuer
Not Cooperating' category. The rating is denoted as [ICRA]B
(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.80        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         12.75        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in August 2011, Purnam (PM), a part of the
Kolkata-based "Aparna" group, acquired an existing nursinghome and
after significant renovation commenced operations in January, 2013.
PM was promoted by four partners - Mr. K.D. Paul, Mr Arpan Paul,
Mrs Manjusri Paul and Mrs Devika Paul. PM currently runs a 57
bedded multi-specialty nursing home, located at a prominent place
in south Kolkata. The nursing home provides treatment in various
departments viz. general medicine, orthopaedic, paediatric,
neurology, gastroenterology, gynaecology, oncology, cosmetic
surgery, cardiology, nephrology among others. In September 2015,
the firm has also opened a polyclinic cum diagnostic centre for
various departments viz. ENT, Dental, and Dermatology. ICRA has
also rated one of the entities of the Aparna group, viz. Saj Food
Products Private Limited (rated at [ICRA]A /Stable/ [ICRA]A1),
engaged in confectionery business under the brand name of 'Bisk
Farm.


SHRINET AND SHANDILYA: ICRA Assigns C+ Rating to INR2cr Cash Loan
-----------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Shrinet and
Shandilya Construction Private Limited (SSCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-
   Fund Based-
   Cash Credit         2.00        [ICRA]C+; assigned

   Long Term/
   Short Term-
   Non Fund
   Based-Others       25.00        [ICRA]C+/[ICRA]A4; assigned

Rationale

The ratings assigned to SSCPL factor in its track record and
extensive experience of the promoters in the construction sector.
The ratings are, however, constrained by the company's modest scale
of operations, limited financial flexibility, and exposure to high
customer concentration risks, where 100% of the unexecuted order
book is concentrated towards a single customer, the Uttar Pradesh
New and Renewable Energy Development Agency (UPNEDA). SSCPL's
operations remained working capital intensive due to elongated
receivable cycle and inventory, and a significant portion is due
from the Jharkhand State Authority and is under litigation. A
sizeable portion of funds was blocked against a disputed bank
guarantee which led to a stretched liquidity situation in the past,
also resulted in irregularities in debt servicing. However, the
debt servicing was subsequently regularised, and the company has
been regular in debt servicing since August 2021, as per the
lender.

Going forward, resolution of the outstanding bank guarantee
litigation and release of the associated margin money will be an
important factor. The company's ability to effectively manage the
working capital cycle, by improving its receivable and inventory
position, would remain critical from a credit perspective.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in construction industry: SSCPL
is promoted by Mr. Sanjay Pratap Singh, who has an experience of
over 30 years in the infrastructure & real estate sector. He has
been associated with the company since its inception as a promoter.
Mr. Singh is actively involved in the company's day-to-day
operations and is responsible for taking all key decisions. His
experience has enabled the company maintain consistent order flow
despite a shift in the business profile. The company has now
shifted its focus on the solar plants EPC business and has secured
regular orders to maintain its scale of operations.

Credit challenges

* Modest scale of operations: SSCPL had recorded revenues of INR5.9
crore in FY2022, and the scale of operations hasremained modest at
similar levels over the past four years. SSCPL executes EPC
contracts primarily for state-backed entities such as the UPNEDA
and the Jharkhand NREDA. At present, SSCPL is executing an order
from the UPNEDA worth ~INR10.2 crore, of which INR2.2-crore works
were pending as of March 2022. The company expects to record
revenues of around INR8-9 crore in FY2023.

* High client-concentration & Geographical concentration risk:
SSCPL's order book is concentrated with a single customer/ project,
which exposes the company to high revenue concentrations risks,
where any issues with the payment cycle from the key client or any
delays in site allocation, could lead to significant deterioration
in the operating income and profitability. Further, SSCPL is
exposed to geographical concentration risks as the entire order
book is concentrated in UP. The geographic concentration of
projects remains beneficial in terms of deployment of resources in
case of any non-movement of a particular project, but on the other
side could impact the revenues of the company in case the geography
gets impacted due to any unforeseen risks (heavy rains, lockdown,
etc).

* Working capital-intensive nature of operations: SSCPL's working
capital requirements are high, driven by its high debtors (stuck
debtors), inventory and retention money requirements. The payments
from its customers are generally received within three to six
months' time after the bills are raised. As per the contractual
terms, 15% of the payments against the maintenance is retained by
the client and distributed over a span of five years. Further, a
significant portion of the receivables is due from the Jharkhand
State Authority and is under litigation.

* Low return indicators: The return indicators are weak, reflected
in the RoCE of 4.2% in FY2022, given sizeable funds blocked in the
working capital. Moreover, the leverage and coverage indicators
remain weak with interest cover of 1.1 times.

Liquidity position: Stretched

SSCPL's liquidity position is stretched, reflected in the modest
but fully utilised fund-based bank limits and limited cash buffer
of 0.03 crore as on March 31, 2022. With the estimated increase in
revenues, its working capital requirements are expected to
increase, which could further put pressure on its liquidity.

Rating sensitivities

Positive Factors – ICRA could upgrade SSCPL's ratings, if any
substantial growth in revenues with sustained operating margins and
improvement in working capital intensity, leadsto improvement in
liquidity position. Further, resolution of the outstanding bank
guarantee litigation and release of the associated margin money,
will also be a trigger for an upgrade.

Negative Factors – Pressure on SSCPL's ratings could arise, if
there is any deterioration in the working capital cycle, which
impacts the company's liquidity position.

Shrinet & Shandilya Construction Private Limited (SSCPL) was
incorporated on July 10, 1998, and is involved in the
infrastructure sector. The company undertakes Engineering,
Procurement and Commissioning (EPC) contracts for installation of
solar plants for various state-backed entities. The company has a
team of well-qualified technical and engineering staff of around 15
people and hire site labourers on a contract basis. Since 2017, the
company had executed solar projects aggregating to over
4.50-megawatt capacity across various states of India viz. Delhi,
Jharkhand, Punjab and Uttar Pradesh on various Government
buildings.


SRINIVASA EDUCATIONAL: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of Srinivasa Educational
Society in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.62        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.68        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.70        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Srinivasa Educational Society (SEC, the society) was started in
2004 by Mr. B. Srinivasa Rao, has set up Kakinada Institute of
Technology and Science (KITS, the institute) in 2008 which is
affiliated to Jawaharlal Nehru Technical University, Kakinada
(JNTUK). The institute offers 6 courses in B-tech, 6
specializations in M-tech, 2 specializations in M Pharmacy, MBA,
and polytechnic courses.

THERAPIVA PRIVATE: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term rating of Therapiva Private Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B- (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         39.00        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-        103.80        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         75.20        [ICRA]B- (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Therapiva Private Limited is a 49:51 JV between Omnicare Drugs
Private Limited (a 100% subsidiary of Neo Pharma LLC) and Laxai
Life Sciences Private Limited (promoted by Mr. Vamsidhar
Maddipatla). It manufactures API, intermediates and specialty
chemicals for regulated and unregulated markets. It was
incorporated in December 2017 and commenced operations in April
2018 through the acquisition of a manufacturing facility at
Pashamylaram (old factory), Hyderabad from Ogene Systems India
Limited (which was a sick unit). Therapiva bought the second
manufacturing unit at Jeedimetla, Hyderabad from DRL in November
2018. While the first manufacturing facility complies with all
regulatory guidelines and requirements of current Good
Manufacturing Practices (cGMP), the second manufacturing has
approvals from USFDA, EDQM, COFEPRIS, KFDA, MHRA and PMDA.


V.S. ECOBLOCKS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of V.S. Ecoblocks Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         13.65        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term          13.35        [ICRA]B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

V.S. Ecoblocks Private Limited (VEPL) was incorporated in August
2012 and has set up a manufacturing unit of AAC bricks with an
installed capacity of 118,000 Cu.mt/Annum in Nawabpet village near
Nandigama, Krishna District, Andhra Pradesh. The primary raw
material for AAC blocks are cement, lime, aluminum, fly ash, coal,
aluminum powder and gypsum. The initial estimated total cost of the
project is around INR24.97 crore which was to be funded by INR5.00
crore of equity, INR6.32 crore unsecured loans and INR13.65 crore
of term loans. However, the project cost has been reduced to around
INR20.50 crore and is funded by INR11.50 crore term loans and
INR9.00 crore promoter's contribution. The company sells AAC blocks
under the brand name "EKOBLOCKS". The firm is part of the group
which also owns V S Engineering Private Limited.


VAIDEHI ENTERPRISES: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term rating of Vaidehi Enterprises in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in July 2014 by Mr. Suresh Goyal and Mr. Ajay
Bhaootra, Vaidehi Enterprises (VE) is engaged in themarketing of
high-end women's dress material in tier I and tier II cities. The
firm commenced commercial operations in December 2014. The firm's
products include sarees and dress materials. While it procures grey
cloth from the local market, it outsources the dyeing & printing
activities and embroidery work to local units and utilises the
premises of its group company for the finishing work and for
despatching to wholesalers / distributors.

ZECO AIRCON: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short-term rating of Zeco
Aircon Ltd in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         55.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         22.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          7.25        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-        15.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Zeco Aircon Ltd (Zeco) manufactures AHUs, hollow ducts, fan coil
units, and insulated pipes, which are the constituents of air
management systems used in the HVAC industry. Zeco typically
transacts with engineering companies that take up turnkey
construction projects and further sub-contracts part of the HVAC
requirements. Set up by a first-generation entrepreneur, Mr.
Ravinder Singhal, Zeco started operations in 1995, from its New
Delhi-based plant. In 2005 and 2007, the company set up bigger
manufacturing facilities at Bahadurgarh, Haryana, Thane,
Maharashtra, and Kolar, Karnataka.




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

IVORY PROPERTIES: Another Unit Defaults on Loan Payment
-------------------------------------------------------
Hailey Chung at theedgemarkets.com reports that Ivory Properties
Group Bhd, which is based in Penang, announced on Sept. 27 that a
third subsidiary has defaulted on a loan payment, this time for a
sum of MYR39 million to Malayan Banking Bhd (Maybank), which was
raised to part finance the purchase of land for a project.

theedgemarkets.com relates that the wholly-owned unit, Ivory
Meadows Sdn Bhd (IMSB), cannot meet its payment obligation, as its
cash flow was affected following the delay in the project's launch
due to the impact of the Covid-19 pandemic, according to Ivory
Properties.

"The company's support for Ivory Meadows was also affected due to
limited available cash, which was used to sustain the group's
operations and defray overhead," Ivory Properties said in a bourse
filing, notes the report.

It said it has yet to receive notices of demand or default from
Maybank, so there is no legal implication at this stage, the report
relays.

The default, it said, also posed potential cross default on other
banking facilities granted to the group, though there is "no actual
default as of today and similarly, no cross default for now".

"The company, together with IMSB, is seeking Maybank's indulgence
to consider the extension of time for the commencement of principal
repayment and thus allow IMSB sufficient time to launch the project
to generate cash flow. The extra time will also enable the company
to complete its proposed capital raising exercise, wherein part of
the proceeds can be used to regularise the default in payment," it
said.

It was referring to its proposed private placement to raise MYR14.2
million, which has yet to be completed. It obtained a six-month
extension to Oct. 19 to complete the exercise, theedgemarkets.com
relays.

It further said the default should have no significant impact on
its business, both financially and operationally, with the
inclusion of the proposed capital raising exercise that is being
formulated at present.

theedgemarkets.com adds that the directors of the company also
opined that the company is solvent and is able to pay all of its
debt as and when they fall due within 12 months from Sept. 27.

Less than two months ago, on Aug. 8, the company announced that two
other wholly-owned subsidiaries - Ivory Indah Sdn Bhd and Ivory
Times Square Sdn Bhd - had defaulted on three financing facilities
granted by CIMB Islamic Bank Bhd, Bank Islam Malaysia Bhd and Bay
Commercial Services Sdn Bhd, for a total outstanding sum of MYR1.89
million, theedgemarkets.com recalls. As of Sept. 1, the sum stood
at MYR1.996 million.

theedgemarkets.com meanwhile reports that the company has also
informed via a bourse filing that KPMG has resigned as its auditors
on a voluntary basis, and their term of office will end 21 days
from the notice date of Sept. 23.

                       About Ivory Properties

Ivory Properties Group Bhd. is a property development company. The
Company's project portfolio includes medium to high-end apartments,
luxury condominiums, semi-detached and bungalow homes, boutique
gated communities, and retail and commercial lots.

In August 2022, Ivory Properties slipped into Practice Note 17
(PN17) status after its external auditor Messrs KPMG PLT flagged
material uncertainties about the company's ability to continue as a
going concern.

KPMG said Ivory Properties reported a net loss of MYR79.51 million
during FY22, while the group's liabilities exceeded their current
assets by MYR60.22 million.

Ivory has been loss-making since the financial year ended March 31,
2020 (FY2020), as it failed to achieve sufficient revenue to
sustain its operating costs. The group's cash and bank balances as
at June 30, 2022 stood at MYR1.44 million, with operating cash flow
of MYR260,000, compared with a negative operating cash flow of
MYR8.9 million as at March 31.




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

DD4 INFRASTRUCTURE: Court to Hear Wind-Up Petition on Oct. 7
------------------------------------------------------------
A petition to wind up the operations of DD4 Infrastructure Limited
will be heard before the High Court at Auckland on Oct. 7, 2022, at
10:45 a.m.

90 Nine Limited filed the petition against the company on July 5,
2022.

The Petitioner's solicitor is:

          Brent James Norling
          Level 3, Building 2
          61 Constellation Drive
          Rosedale
          Auckland


ICE WORLD: Creditors' Proofs of Debt Due on Oct. 20
---------------------------------------------------
Creditors of Ice World NZ Limited are required to file their proofs
of debt by Oct. 20, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 21, 2022.

The company's liquidators are:

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


JOINERY RECOATING: Creditors' Proofs of Debt Due on Oct. 28
-----------------------------------------------------------
Creditors of Joinery Recoating 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. 21, 2022.

The company's liquidators are:

          Rachel Mason-Thomas
          Jeffrey Philip Meltzer
          Meltzer Mason, Chartered Accountants
          PO Box 6302
          Victoria Street West
          Auckland 1141


TIPAPAKUKU FENCING: Court to Hear Wind-Up Petition on Oct. 10
-------------------------------------------------------------
A petition to wind up the operations of Tipapakuku Fencing Limited
will be heard before the High Court at Palmerston North on Oct. 10,
2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 31, 2022.

The Petitioner's solicitor is:

          Emily Rebecca Erin O’Sullivan
          Legal Services, 11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


V COMPUTERS: Creditors' Proofs of Debt Due on Oct. 31
-----------------------------------------------------
Creditors of V Computers & Drafting Limited and ICT Specs (NZ)
Limited are required to file their proofs of debt by Oct. 31, 2022,
to be included in the company's dividend distribution.

V Computers & Drafting Limited commenced wind-up proceedings on
Sept. 19, 2022.

ICT Specs (NZ) Limited commenced wind-up proceedings on Sept. 21,
2022.

The company's liquidator is:

          Pritesh Patel
          Patel & Co
          344 Great South Road
          Papatoetoe
          Auckland 2215


WELDERS & STEEL: Court to Hear Wind-Up Petition on Oct. 10
----------------------------------------------------------
A petition to wind up the operations of Welders & Steel Structures
(2009) Limited will be heard before the High Court at Napier on
Oct. 10, 2022, at 2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 4, 2022.

The Petitioner's solicitor is:  

          Emily Rebecca Erin O'Sullivan
          Legal Services, 11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018




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

PHOENIX PETROLEUM: Court Freezes Cash Over Unpaid Debt
------------------------------------------------------
Inquirer.net reports that a Batangas court ruled in favor of Lucio
Tan-led Absolut Distillers Inc. in its bid to collect PHP157
million from Phoenix Petroleum Philippines, owned by Davao-based
businessman Dennis Uy, to settle the latter's obligation.

Judge Wilhelmina Go-Santiago, presiding judge of Branch 14 of the
Regional Trial Court of Nasugbu, Batangas, issued on Sept. 29 the
writ of preliminary attachment against the listed oil company for
nonpayment of bioethanol products, Inquirer.net relates.

"The writ stemmed from the complaint filed by Absolut Distillers
Inc. for the collection of PHP157 million, which Phoenix failed to
settle despite numerous demands," Absolut Distillers said in a
statement, notes the report.

Inquirer.net says garnishment notices, which freeze the bank
accounts of Phoenix, were also issued against its depository banks,
including BDO Unibank Inc., Philippine National Bank, Metropolitan
Bank & Trust Co., Bank of the Philippine Islands, among others.
The bank accounts are now under custodia legis, which means they
are subject to official custody of a judicial executive officer as
"a security for whatever award that the court may issue in favor of
Absolut Distillers."

In a disclosure in July, Phoenix senior vice president Raymond
Zorilla said "debt is necessary in any business in order to expand
and grow it. Just like any other company, Phoenix has its own
liabilities that were incurred to fuel and propel its growth."

Mr. Uy was recently in hot water for accumulating PHP274-million
worth of debt involving its Clark Global City Project, but was able
to settle it before defaulting, Inquirer.net says.

Phoenix Petroleum Philippines, Inc. is engaged in the marketing and
distribution of petroleum products on a wholesale and retail basis
as well as the operation of gas stations, oil depots, storage
facilities and allied services.




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

HELION SELECT: Commences Wind-Up Proceedings
--------------------------------------------
Members of Helion Select Pte Ltd, on Sept. 22, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Dr. Knut Unger
          Luther LLP
          4 Battery Road
          #25-01 Bank of China Building
          049908 Singapore


HIH DAHEJSPRING: Creditors' Proofs of Debt Due on Oct. 31
---------------------------------------------------------
Creditors of HIH Dahejspring Desalination Pte Ltd are required to
file their proofs of debt by Oct. 31, 2022, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Cosimo Borrelli
          Patrick Bance
          c/o Kroll Pte Limited
          One Raffles Place, Tower 2
          #10-62, Singapore 048616


KEPLER CAPITAL: Creditors' Proofs of Debt Due on Oct. 28
--------------------------------------------------------
Creditors of Kepler Capital Fi Private 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:

          Aaron Loh Cheng Lee
          Ee Meng Yen Angela
          EY Corporate
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


LIFELONG GROUP: Court to Hear Wind-Up Petition on Oct. 7
--------------------------------------------------------
A petition to wind up the operations of Lifelong Group Pte Ltd will
be heard before the High Court of Singapore on Oct. 7, 2022, at
10:00 a.m.

Yau Jun Kay Jackie filed the petition against the company on Sept.
13, 2022.

The Petitioner's solicitors are:

          Aquinas Law Alliance
          24 Raffles Place,
          #20-03, Clifford Centre
          Singapore 048621


SWIBER HOLDINGS: Unit Inks Preliminary Deal to Sell Vessel
----------------------------------------------------------
The Business Times reports that Resolute Offshore, a wholly-owned
subsidiary of Swiber Holdings, has entered into a non-binding
letter of intent with Saudi company Rawabi Vallianz Offshore
Services for a proposed disposal of a vessel at US$30 million.

BT relates that the vessel, known as Swiber Resolute, is a pipe-lay
and accommodation work barge built in 2009. It was registered in
Panama, and is currently berthed at Sekondi Port in Ghana.

It has a book value and a net tangible asset value of US$122.4
million.

According to BT, the parties entered into the letter of intent on
Sept. 26, and have 15 days from that date to agree on the terms and
conditions for executing a memorandum of agreement, Swiber said in
a bourse filing on Sept. 28.

The company has been placed under judicial management. Singapore's
High Court has granted an interim extension of the judicial
management period until Oct. 30, 2022, BT notes.

Based on an assessment by independent valuer Maersk Broker Advisory
Services on Oct. 9, 2020, the vessel's open-market value is between
US$42 million and US$46 million. Its orderly liquidation value is
estimated to be between US$15 million and US$19 million, and its
forced liquidation value, between US$6 million and US$10 million.

Rawabi Vallianz Offshore Services specialises in providing offshore
marine support services. It is 19.8 per cent held by Vallianz
Holdings and 80.2 per cent held by Rawabi Energy Company.

Net proceeds from the proposed disposal is expected to go towards
partial repayment of the amounts Swiber owes to mortgagees, which
will go towards reducing the group's liabilities, the report adds.

Trading in Swiber shares has been suspended.

                       About Swiber Holdings

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is a
Singapore-based investment holding company. The Company, through
its subsidiaries, is engaged in offshore marine engineering; vessel
owning and chartering, and provision of corporate services. The
Company is an integrated offshore construction and support services
provider for shallow water oil and gas field development. It offers
a range of engineering, procurement, installation and construction
(EPIC) services, complemented by its in-house marine support and
engineering capabilities, to support the offshore field development
and production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd., Swiber
Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd., Resolute
Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

Swiber had $1.43 billion of liabilities and $1.99 billion of assets
at March 2016, as per the company's published accounts.

Swiber Holdings shocked the business world when it filed for
liquidation in July 2016 as several of its directors resigned. Only
a few days after the intent to liquidate, Swiber changed course and
applied for judicial management.  Bob Yap Cheng Ghee, Tay Puay
Cheng and Ong Pang Thye of KPMG Services Pte Ltd. were appointed as
joint and several interim judicial managers of Swiber Holdings
Limited and Swiber Offshore Construction.  

In May 2019, Swiber yet again escaped another liquidation scenario
when its creditors voted in favor of a restructuring proposal that
contemplated an equity investment from Seaspan Corporation.  The
plan included a proposed investment from Seaspan of up to $200
million.  That Investment Agreement has been terminated as of
January 2020.

TUASONE ENVIRONMENTAL: Creditors' Proofs of Debt Due on Oct. 30
---------------------------------------------------------------
Creditors of Tuasone Environmental Engineering Pte Ltd are required
to file their proofs of debt by Oct. 30, 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:

          David Dong-won Kim
          c/o KordaMentha Pte Ltd
          16 Collyer Quay
          #30-01
          Singapore 049318




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S. NARAYANA: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of S.
Narayana Reddy in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         3.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Other                           to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

S Narayana Reddy is involved in the business of construction of
roads, canals bridges and other infrastructure activities since
last 35 years. The firm is a Class I contractor for Government
departments and is involved in civil construction business,
primarily in Karnataka. The firm undertakes works for Water
Resources Department, Minor Irrigation Department and Cauvery
Neeravari Nigama Limited among others. The firm has a production
unit (hot mix plant) where the raw materials are mixed and then
taken to the region where work is in process.



                           *********


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

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