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

                     A S I A   P A C I F I C

          Wednesday, October 12, 2022, Vol. 25, No. 198

                           Headlines



A U S T R A L I A

ACIVIL CONTRACTING: First Creditors' Meeting Set for Oct. 18
CIMICKY ESTATE: Second Creditors' Meeting Set for Oct. 17
CORPORATE DOCUMENTATION: Second Creditors' Meeting Set for Oct. 14
ISLAND ESCAPE: Second Creditors' Meeting Set for Oct. 14
TOTAL MOVING: Second Creditors' Meeting Set for Oct. 14



C H I N A

CHINA SCE: Shimao Units Miss US$225 Million in Trust Payments
CIFI HOLDINGS: Moody's Lowers CFR to B3 & Sr. Unsec. Notes to Caa1


F I J I

FIJI: Moody's Affirms B1 Issuer Rating & Alters Outlook to Stable


H O N G   K O N G

GENTING HONG KONG: Bermuda Court Enters Wind Up Order


I N D I A

AKASHGANGA BROILER: CARE Reaffirms B+ Rating on INR5.04cr Loan
BYREDDY VISHNUVARDHAN: CARE Keeps B- Rating in Not Cooperating
C. VADIVELU: CARE Lowers Rating on INR14.90cr LT Loan to B+
CLUB 29: CARE Keeps D Debt Ratings in Not Cooperating Category
DUAL RINGS: CARE Keeps B- Debt Rating in Not Cooperating Category

G.G. FASHIONS: CARE Lowers Rating on INR12.58cr LT Loan to B
GMR WARORA: CARE Reaffirms D Rating on INR2,782cr LT Loan
GREEN FIELD: CRISIL Moves D Debt Ratings to Not Cooperating
INDICON CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
INNOTECH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating

JAYCEE CASTALLOYS: CARE Keeps B+ Debt Rating in Not Cooperating
LAXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
MADAN GOPAL: CARE Keeps D Debt Ratings in Not Cooperating Category
NAVEEN RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
PAWAN EDIFICE: CARE Keeps D Debt Rating in Not Cooperating

PRABHU INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
PRASAD EXTREME: CARE Keeps B- Debt Rating in Not Cooperating
PRATIBHA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
R.S. GREEN: CARE Keeps D Debt Rating in Not Cooperating Category
RADHEY GOVINDAM: CRISIL Moves D Debt Rating to Not Cooperating

RAGHAVENDRA CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating
RUBICON INSPECTION: CRISIL Moves D Ratings to Not Cooperating
SANJAY SINGHI: CRISIL Moves D Debt Ratings to Not Cooperating
SHAKTIMAN BIO: CARE Keeps B- Debt Rating in Not Cooperating
SHRIYA OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating

SIDDHARTH TANKS: CARE Keeps B- Debt Rating in Not Cooperating
UNACCO FINANCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
VIRENDRA SATIJA: CRISIL Moves D Debt Ratings to Not Cooperating
WILLIAM INDUSTRIES: CRISIL Moves D Ratings to Not Cooperating


J A P A N

JAPAN: Bankruptcies Spark Fears Zero-Zero Loans Won't Be Repaid


M A L A Y S I A

KHEE SAN: Proposes Scheme of Arrangement to Settle MYR138MM Debt


N E W   Z E A L A N D

EASY4U PROPERTY: Creditors' Proofs of Debt Due on Nov. 15
GHS BUILDING: Court to Hear Wind-Up Petition on Nov. 10
GILES INVESTMENT: Creditors' Proofs of Debt Due on Nov. 7
SIMPLY DRYWALL: Court to Hear Wind-Up Petition on Oct. 27
SRP HOLDINGS: Pritesh Patel Appointed as Liquidator



P A K I S T A N

PAKISTAN: Moody's Cuts Issuer & Sr. Unsecured Debt Ratings to Caa1


P H I L I P P I N E S

DITO TELECOMMUNITY: PLDT Serves Notice for Non-payment of PHP430MM


S I N G A P O R E

HAMBURG SUD: Members' Final Meeting Set for November 10
MERCATOR OFFSHORE: Creditors' Meeting Set for Oct. 18
SOUTH MARITIME: Members' Final Meetings Set for November 10
THALASSA PISTIS: Members' Final Meetings Set for November 10
WORLDWIDE GROWERS: Creditors' Meeting Set for Oct. 19



S R I   L A N K A

SRI LANKA: Cabinet Approves Downgrade to 'Low Income Country'


T H A I L A N D

FNS HOLDINGS: Fitch Lowers National Ratings to 'B(tha)'

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A U S T R A L I A
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ACIVIL CONTRACTING: First Creditors' Meeting Set for Oct. 18
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Acivil
Contracting Pty Ltd will be held on Oct. 18, 2022, at 11:30 a.m.
via telephone conference.

Jason Tang and Neil Cussen of Cor Cordis were appointed as
administrators of the company on Oct. 6, 2022.


CIMICKY ESTATE: Second Creditors' Meeting Set for Oct. 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of Cimicky Estate
Pty Ltd has been set for Oct. 17, 2022, at 12:30 p.m. via
teleconference.
  
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. 14, 2022, at 12:00 p.m.

Philip Campbell-Wilson and David Hodgson of Grand Thornton were
appointed as administrators of the company on Sept. 8, 2022.


CORPORATE DOCUMENTATION: Second Creditors' Meeting Set for Oct. 14
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Corporate
Documentation Management Pty Ltd has been set for Oct. 14, 2022, at
11:00 a.m. via Microsoft Teams.
  
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. 12, 2022, at 5:00 p.m.

Rajiv Goyal and Andrew McCabe of Wexted Advisors were appointed as
administrators of the company on Sept. 7, 2022.


ISLAND ESCAPE: Second Creditors' Meeting Set for Oct. 14
--------------------------------------------------------
A second meeting of creditors in the proceedings of Island Escape
Cruises (Australia) Pty Limited has been set for Oct. 14, 2022, at
3:00 p.m. via teleconference.
  
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. 13, 2022, at 4:00 p.m.

Dane Skinner of BCR Advisory was appointed as administrator of the
company on Sept. 19, 2022.


TOTAL MOVING: Second Creditors' Meeting Set for Oct. 14
-------------------------------------------------------
A second meeting of creditors in the proceedings of Total Moving
Solutions Pty Ltd has been set for Oct. 14, 2022, at 11:00 a.m. via
teleconference.
  
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. 13, 2022, at 5:00 p.m.

Nick Keramos and Bill Karageozis of McLeod & Partners were
appointed as administrators of the company on Sept. 6, 2022.




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C H I N A
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CHINA SCE: Shimao Units Miss US$225 Million in Trust Payments
-------------------------------------------------------------
Bloomberg News reports that the main units of China SCE Group
Holdings Ltd. and Shimao Group Holdings Ltd. missed payments on
CNY1.6 billion ($225 million) of trust borrowings, adding to a
string of defaults by Chinese developers as the industry's
liquidity crunch spreads.

Xiamen Zhongjun Industrial Co., a unit of SCE and one of the
guarantors, failed to repay its 50% share of a trust product that
was due at the end of September, according to documents sent by the
issuer Everbright Trust Co. to the product distributor that were
seen by Bloomberg News. Xiamen Zhongjun and Shanghai Shimao Jianshe
Co., the other guarantor, both had their bank accounts frozen by a
court after Everbright Trust sued them to seize assets, the
documents showed.

SCE Group became the latest victim of China's worsening real estate
woes as Covid restrictions and an economic slowdown weigh on home
sales despite stepped up government measures to shore up the
market. Until now, the company had shown little sign of distress
even as defaults engulfed bigger rivals such as Shimao, which has
missed payments on multiple trust products.

Ranked 27th nationwide by sales, SCE Group earlier this year repaid
a $500 million offshore bond and sold an additional $150 million
worth of senior notes in what it called a demonstration of investor
confidence "at a time when the financial market was in turmoil." It
was among a few developers selected to issue state-guaranteed
onshore bonds as they are considered financially stronger than
peers.

SCE Group's dollar bonds fell on Monday, while Chinese junk dollar
bonds rose in general. Its next bond to mature, a note due in April
2023, fell 3.1 cents on the dollar in the largest daily decrease in
about five weeks, according to Bloomberg-compiled prices.

Xiamen Zhongjun is the issuer of SCE Group's domestic bonds due in
July 2024 and October 2025, according to its interim report.

The trust product, called Hongtai No. 13, was used to finance the
construction of a residential and commercial project that is
jointly developed by the two developers in Jinan of eastern
Shandong province. The project's construction and sales remain
under way and Everbright Trust is seeking delayed repayments in
installments to investors as more sales proceeds come in, according
to the documents.

China's home sales have fallen for more than a year, squeezing a
key source of property firms' liquidity and leading to rising
defaults on everything from public debt and bank loans to trust
borrowings for property projects. The home market remained subdued
despite a raft of policies pushed out before a traditionally
sales-friendly week holiday, with transactions down 38% from a year
earlier in 20 major cities.

The housing market slowdown has contributed to a surge in missed
payments in the trust industry, which has about $3 trillion
outstanding in high-yield products sold to wealthy individuals.
That includes about $200 billion backed by developers. Defaults on
property-linked funds amounted to 56 billion yuan in the first half
this year, accounting for more than 82% of the total, according to
research provider Use Trust. The woes have sparked protests in
several cities as buyers demanded repayment on what were supposed
to be safe, short-term investments.

                       About China SCE Group

China SCE Group Holdings Limited, an investment holding company,
engages in the development, investment, and management of
properties in the People's Republic of China. the company develops
residential and commercial real estate, cultural tourism real
estate, and industrial real estate properties; rents apartments;
and operates and manages shopping malls, residential and public
facilities, education, health management, and other business
sectors, as well as provides financial services, such as fund
management and investment. It also trades in construction
materials. The company was formerly known as China SCE Property
Holdings Limited and changed its name to China SCE Group Holdings
Limited in July 2018. China SCE Group Holdings Limited is a
subsidiary of Newup Holdings Limited.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
29, 2022, Fitch Ratings has downgraded China SCE Group Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'B-' from 'B+'. The Outlook is Negative. Fitch has also downgraded
China SCE's senior unsecured rating and the ratings on the
outstanding US dollar senior unsecured notes to 'B-' from 'B+' with
the Recovery Rating remaining at 'RR4'.

On Sept. 15, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on China SCE Group Holdings Ltd. to 'B-' from 'B+'.
At the same time, S&P lowered its long-term issue rating on the
company's outstanding senior unsecured notes to 'CCC+' from 'B'.


CIFI HOLDINGS: Moody's Lowers CFR to B3 & Sr. Unsec. Notes to Caa1
------------------------------------------------------------------
Moody's Investors Service has downgraded CIFI Holdings (Group) Co.
Ltd.'s corporate family rating to B3 from B1 and senior unsecured
rating to Caa1 from B2.

The outlook remains negative.

"The rating downgrade reflects CIFI's elevated refinancing risks
over the next 6-12 months, driven by its weakened access to funding
and weaker-than-expected contracted sales," says Cedric Lai, a
Moody's Vice President and Senior Analyst.

"The negative outlook reflects the uncertainty over the company's
ability to generate new funds, through new borrowings or asset
disposals, to manage its refinancing needs and restore its
liquidity over the coming 6-12 months," adds Lai.

RATINGS RATIONALE

Moody's has changed its assessment of CIFI's liquidity to weak from
adequate in view of the deterioration in the company's operations
and access to funding amid weak market conditions.

In particular, Moody's forecasts the company's contracted sales
will decline significantly to around RMB135 billion in 2022 and
RMB120 billion in 2023, from around RMB247 billion in 2021, driven
by the weak market conditions and lower homebuyers' confidence in
the company's products. CIFI's contracted sales significantly
decreased by 47% during the first eight months in 2022 to RMB94.3
billion compared with the same period in 2021.

Moody's notes that CIFI has made a clarification announcement on
September 29, 2022 following recent negative news around the
company's investment trust products. However, Moody's expects
CIFI's access to various funding channels will remain weak, given
creditors' cautious appetite towards the company. Consequently,
Moody's believes CIFI will unlikely be able to raise sizable new
funds at a reasonable cost to refinance all of its maturing debt,
including puttable onshore and offshore bonds of around RMB8.0
billion by the end of 2023. CIFI will likely need to rely on
internal cash sources to cover its maturing debt. This will weaken
the company's cash on hand and further stress its liquidity
profile. CIFI's unrestricted cash balance reduced to RMB31.1
billion as of the end of June 2022 from RMB46.5 billion as of the
end of 2021, due to lower sales and repayment of some maturing debt
using internal cash.

Moody's also expects the company to offer price discounts to
accelerate sales and cash flow, which will lead to a squeeze in its
profit margins.

Consequently, Moody's expects CIFI's credit metrics to deteriorate.
Its EBIT/interest coverage will fall to 2.3x-2.6x from 3.6x for the
12 months ended June 2022, and its debt leverage, as measured by
revenue/adjusted debt, will reduce to around 55%-60% over the next
12-18 months from 78% for the 12 months ended June 2022.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered CIFI's concentrated ownership as its
controlling shareholders, Lin Zhong and his family members,
collectively held a 53.2% stake in the company as of August 31,
2022. Moody's considers that CIFI's financial strategy and risk
management have deteriorated, demonstrated by the significant
decline in cash during the first half of 2022, as well as its
payment of final dividend at a time when preserving liquidity is
critical, indicating the company's prioritization of the interest
of shareholders over creditors. This weakening governance practice
also drives the rating action.

CIFI's B3 CFR reflects the company's strategic focus on catering to
mass-market housing demand, as well as its diversified geographic
coverage.

On the other hand, CIFI's credit profile is constrained by the
company's weakened operating performance, deteriorating credit
metrics and liquidity profile, and material exposure to its joint
venture (JV) businesses, which hinders the transparency of its
credit metrics.

The Caa1 senior unsecured debt rating is one notch lower than the
CFR due to structural subordination risk. The majority of CIFI's
claims are at its operating subsidiaries and have priority over
claims at the holding company in a liquidation scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company will be lower.

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

An upgrade of the ratings is unlikely over the next 12 months,
given the negative outlook.

However, positive rating momentum could emerge if CIFI improves its
liquidity and access to funding; repays its maturing debt without
sacrificing its balance sheet liquidity; and maintains stable
credit metrics through the next 12-18 months.

On the other hand, Moody's could downgrade CIFI's ratings if the
company's access to funding and liquidity deteriorate further, and
in turn, further increases its refinancing risks.

Downward pressure could also increase if CIFI's contingent
liabilities associated with its JVs or the likelihood of CIFI
providing funding support to the JVs increases significantly.

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

CIFI Holdings (Group) Co. Ltd. (CIFI) was founded in 2000 and
incorporated in the Cayman Islands in May 2011. It listed on the
Hong Kong Stock Exchange in November 2012. As of August 31, 2022,
it was 53.2% owned by the Lin family.



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F I J I
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FIJI: Moody's Affirms B1 Issuer Rating & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Government of Fiji's
local and foreign currency long-term issuer ratings and local
currency senior unsecured ratings at B1. Concurrently, Moody's has
changed the outlook to stable from negative.

The decision to change the outlook to stable reflects Moody's
assessment that risks to the credit profile are balanced. On the
upside, the recovery in the tourism sector is stronger than
previously expected. With the sector accounting for a significant
share of the economy, this bodes well for the real GDP growth in
the next few years. In tandem with the robust economic recovery,
Moody's expects the government to run smaller fiscal deficits,
which will support a gradual decline in the debt burden. On the
downside, moderating global and regional growth may weaken demand
for tourism in Fiji and result in greater fiscal and external
challenges than Moody's currently expects.

The B1 rating is supported by Moody's assessment that Fiji's
improving governance and institutions strength and continued
engagement with development partners will drive continued progress
on reforms, adding some economic resilience. The associated
financial assistance from development partners will also provide
some stability to government debt affordability and contain
government liquidity risks. At the same time, the rating also takes
into account Fiji's small economy and limited diversification that
will continue to constrain the economy's capacity to absorb shocks,
including shocks and negative trends related to climate change. A
relatively high debt burden, albeit declining, that is sensitive to
exchange rate pressure, also constrain the rating.

Fiji's local and foreign currency country ceilings remain unchanged
at Ba1 and B1 respectively.  The local currency ceiling is set
three notches above the issuer rating, reflecting moderate
political and external vulnerability risks. The foreign currency
ceiling of B1, three notches below the local-currency ceiling,
reflects very limited capital account openness and a moderate but
rising stock of external debt, which may result in transfer and
convertibility restrictions at times of perceived need,
notwithstanding currently steady foreign reserves buffers.

RATINGS RATIONALE

RATIONALE FOR CHANGING THE OUTLOOK TO STABLE

STRONG TOURISM RECOVERY WILL DRIVE A SHARP REBOUND IN ACTIVITY

The tourism sector, which accounted for about one-third of the
economy in 2019, according to the World Travel and Tourism Council,
is recovering at a stronger pace than Moody's previously expected.
Visitor arrivals have been accelerating since the country fully
reopened its borders and removed quarantine requirements in April
this year. Tourist arrivals in August 2022 were nearly 80% of 2019
levels. Cumulatively, arrivals from January to August 2022
represented about 60% of visitor numbers during the same period in
2019. Moody's expects full year 2022 tourist arrivals to reach
about 60-65% of 2019 levels.

Moody's expects the recovery in the tourism sector to continue into
next year, albeit at a more moderate pace compared to this year,
amid slowing global and regional growth. Moody's does not expect
the general elections that are due by the end of this year to
create policy and political uncertainty to the extent that it
negatively impacts macroeconomic conditions in Fiji. Accordingly,
Moody's expects tourist arrivals to reach around 75-85% of 2019
levels in 2023, before reaching pre-pandemic levels in 2024.

The strong recovery in the tourism sector will drive real GDP
growth to above-trend rates for the next two to three years.
Moody's projects Fiji's economy to expand by 12-13% in 2022, taking
the level of real GDP to almost 90% of 2019 level. The rating
agency expects the level of real GDP to return to its pre-COVID
level in 2024.

DEBT BURDEN WILL DECLINE GRADUALLY, BUT REMAIN ELEVATED COMPARED TO
PEERS

Moody's expects the ongoing economic recovery to support a gradual
fiscal consolidation, with the government recording smaller
deficits starting from this fiscal year (fiscal 2023, ending July
2023). The rebound in economic activity will drive significant
improvements in government revenues, outpacing growth in
expenditures even as the government provides temporary support to
vulnerable families to cope with higher inflation and as the
government continues to invest in infrastructure to build Fiji's
climate resilience. Moody's projects the fiscal deficit to narrow
to 7-8% of GDP for fiscal 2023 and average around 3-4% over the
next two fiscal years. This compares with a deficit of 11.1% in
fiscal 2021 and 13.8% in fiscal 2022.

High nominal GDP growth, combined with fiscal consolidation, will
support a gradual decline in government debt burden which has risen
sharply, to 89.4% of GDP in fiscal 2022 from 48.7% in fiscal 2019.
Moody's projects the government debt to fall to around 85% of GDP
in fiscal 2023, before declining further to around 80% in fiscal
2025. While the debt burden is on a declining trend, Moody's
projections show that the debt level will still be higher than the
forecasted median of around 60% of GDP for B-rated sovereigns.

The Fiji National Provident Fund (FNPF) is a major and stable
source of domestic financing for the government. The assets of the
FNPF increased from FJD5.1 billion in 2016 to FJD8.2 billion in
2021, equivalent to about 145% of government domestic debt. The
FNPF held about 60% of total government domestic debt as at
end-2021. Moody's expects the FNPF to remain a stable source of
domestic financing for the government at moderate cost. Moody's
expects domestic funding costs to remain moderate, with monetary
policy remaining accommodative to support the still-fragile
economic recovery.

Fiji's continued engagement in recent years with development
partners such as the international financial institutions has also
raised the level of external financial support. These sources of
external financing contain government liquidity risks, provide some
stability to debt affordability and limits external vulnerability
risks. Fiji's government interest payments climbed to about 17% of
government revenue in fiscal 2021 and 2022 from 10.3% in 2019, on
the back of a sharp fall in revenue while interest payments
remained largely stable. Moody's expects government interest
payments to decline to 11-12% of government revenue by fiscal 2025,
compared to the median of 15% for B-rated sovereigns.

IMPROVING INSITUTIONAL AND GOVERNANCE STRENGTH TO ADD ECONOMIC
RESILIENCY OVER TIME

The country's engagement with development partners have also
supported progress in reforms, contributing to improvements in
Fiji's governance and institutions strength, which will add some
economic resiliency over time. Fiji's rankings in the Worldwide
Governance Indicators (WGI), published by the World Bank, have been
improving since the country's return to electoral democracy in
2014.

The government's swift response to the pandemic, including its
ability to achieve high vaccination rates among its population
since the latter half of 2021, demonstrates the effectiveness of
its institutions. High vaccination rates in Fiji have contributed
to the robust recovery in the tourism sector.

Executive institutions have also demonstrated effectiveness
focusing on longer-term development and financing needs, such as
raising climate-change resilience and working with international
partners to expand the size of finances available to the
government. The government has also developed a large pool of
domestic savings that will continue to be an important source of
domestic financing and macroeconomic stability. Lawmaking is
transparent, and the government benefits from technical support
from multilateral development banks and key regional partners such
as Australia and New Zealand.

RATIONALE FOR AFFIRMING THE RATING AT B1

The affirmation of the rating at B1 reflects Moody's assessment
that Fiji's large captive source of domestic financing and access
to lower-cost external financing from development partners will
provide some stability to debt affordability and contain liquidity
risk. This is despite Fiji's debt level having risen to quite high
levels in the last two years and will remain elevated, though
declining, in the next few years.

Meanwhile, external vulnerability risks are limited by adequate
foreign exchange reserves sufficient to cover around six months of
imports and a stable balance of payments. Moody's expects the
current account deficit to come in at 12-13% of GDP in 2022 from
13.2% in 2021, before narrowing further in the next few years as
services exports continue to pick up.

These credit strengths are balanced against economy's small size
and limited diversification that continue to constrain its shock
absorption capacity. In particular, sudden weather events and the
effects of long-term climate change pose risks to Fiji's narrowly
diversified economic base. Furthermore, Fiji fiscal strength is
very weak, constrained by its high debt burden and moderate debt
affordability.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Fiji's ESG Credit Impact Score is moderately negative (CIS-3)
reflecting its high exposure to physical climate risks mitigated in
part by proactive climate adaptation efforts, and moderately
negative social and governance risks.

Fiji's exposure to environmental risk is highly negative (E-4)
given the country's high exposure to short and longer-term physical
climate risks caused by severe tropical cyclones and rising sea
levels, that risk severe disruptions to the tourism sector and in
general lives and livelihoods in Fiji. Susceptibility to
environmental risks is amplified by Fiji's limited economic
diversification away from weather-dependent sectors such as tourism
and agriculture. While the government has been proactive in
investing in climate adaptation, risks to Fiji's agricultural and
tourism sectors from severe weather shocks remain. Fiji is also
exposed to moderate risks related to water management and natural
capital due its island geography.

Fiji's exposure to social risk is moderately negative (S-3), driven
by high youth unemployment, weak health care provision and low life
expectancy. Although infrastructure efforts in Fiji are comparably
better than in other similar remote island economies, provision of
basic services and infrastructure are significant challenges due to
the archipelago's geography.

Fiji's exposure to governance risk is moderately negative (G-3).
The challenges of policy administration due to the small population
size and lack of technical expertise are balanced against the
country's continued progress on institutional reforms -- backed by
ongoing technical assistance from development partners -- that have
improved the rule of law and control of corruption.

GDP per capita (PPP basis, US$): 12,048 (2021) (also known as Per
Capita Income)

Real GDP growth (% change): -5.1% (2021) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 3% (2021)

Gen. Gov. Financial Balance/GDP: -11.1% (2021) (also known as
Fiscal Balance)

Current Account Balance/GDP: -13.2% (2021) (also known as External
Balance)

External debt/GDP: 47.8% (2021)

Economic resiliency: ba2

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On October 04, 2022, a rating committee was called to discuss the
rating of the Fiji, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have materially increased.
The issuer's fiscal or financial strength, including its debt
profile, has not materially changed. The issuer's susceptibility to
event risks has not materially changed.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

The rating would likely be upgraded if ongoing and further reforms
were to translate into sustained improvements in economic
competitiveness and the business climate, which in turn would raise
Fiji's growth potential and/or raise policy credibility and
effectiveness beyond Moody's current expectations. There would also
be upward rating pressures if the government debt burden declined
faster than Moody's currently expects, pointing to higher fiscal
strength.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The rating would likely be downgraded if a large shock, possibly
stemming from a natural disaster, were to substantially weaken
Fiji's economic prospects and fiscal outcomes for a prolonged
period. There would also be downward rating pressures if domestic
political risk were to increase to an extent that it disrupted
economic and fiscal management or strained relationships with
development partners, weakening institution and fiscal strength.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



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H O N G   K O N G
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GENTING HONG KONG: Bermuda Court Enters Wind Up Order
-----------------------------------------------------
South China Morning Post reports that debt-laden Genting Hong Kong
has been ordered by a Bermuda Court to be wound up, marking the
start of the last chapter in the history of Asia's largest cruise
operator as an independent business entity.

"The company and [subsidiary] Dream Cruises were ordered to be
wound up by the Bermuda Court on October 7 in accordance with
section 161 of the Companies Act," Genting said in a filing to the
Hong Kong stock exchange on Oct. 10.

Edward Middleton and Tiffany Wong Wing-sze of Alvarez & Marsal
Asia, and Edward Whittaker of R&H Services will continue to be the
joint provisional liquidators of Genting Hong Kong and Dream
Cruises, it added, the report relays.

Trading of the company's shares will remain suspended, the Post
notes. They have not been allowed to change hands since January 18
and last traded at 41.5 HK cents.

In January this year, the company filed a winding-up petition in
Bermuda, after the bankruptcy of its shipyard in northeastern
Germany triggered US$2.78 billion of debt repayment demands from
creditors, the report recalls. A bailout by the German government
fell through.

It is one of the biggest casualties in Asia's tourism industry,
which has been bruised by more than two years of social-distancing
measures designed to contain wave after wave of the Covid-19
pandemic, the Post states.

According to the Post, the company's stock has lost nearly half of
its value since the start of 2020, when the coronavirus first
emerged, wiping out US$386 million of capitalisation.

Genting Hong Kong, 76 per cent-owned by the Malaysian tycoon Lim
Kok Thay, operates three cruise lines: Dream Cruises, Crystal
Cruises and Star Cruises.

It also owns and operates the Resorts World Manila casino and
resort in the Philippines, and reported a US$238.3 million net loss
in the first half of 2021 on revenues of US$182 million. It booked
a net loss of US$1.72 billion in 2020, the Post discloses.

Stranded by travel restrictions, the cruise liner had been
operating what it called Cruise to Nowhere packages since last
summer, sailing the waters of Hong Kong without calling at any
other port. This gave passengers the opportunity to enjoy meals,
entertainment and amenities on board as substitutes for going on a
destination cruise.

The Post says Genting Hong Kong has not published financial results
for the whole of last year or for the first half of 2022. It cited
changes in personnel, liquidity issues and the lack of an audit
committee for the failure.

                      About Genting Hong Kong

Genting Hong Kong Limited is a Hong Kong-based investment holding
company principally engaged in cruise businesses. The Company
operates through two segments. Cruise and Cruise-related Activities
segment is engaged in the sales of passenger tickets, the sales of
foods and beverages onboard, shore excursion, as well as the
provision of onboard entertainment and other onboard services.
Non-cruise Activities segment is engaged in onshore hotel
businesses, travel agency, aviation businesses, entertainment
businesses and shipyard businesses, among others. The Company
operates businesses in Asia Pacific, North America and Europe,
among others.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
20, 2022, Genting Hong Kong has filed a winding-up petition in
Bermuda, after the bankruptcy of its shipyard in Germany triggered
US$2.78 billion of debt and forced Asia's largest operator of sea
cruises to be liquidated.

The owner of Dream Cruise Holding appointed Alvarez & Marsal's
Edward Simon Middleton and Tiffany Wong Wing-sze as provisional
liquidators, South China Morning Post disclosed citing a filing on
Jan. 19 to the Hong Kong stock exchange.

Dream Cruises Holding Ltd., an indirect non-wholly owned unit of
Genting Hong Kong that has also filed a winding up petition, will
continue to operate its fleet in the region, the company said.




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

AKASHGANGA BROILER: CARE Reaffirms B+ Rating on INR5.04cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Akashganga Broiler Breeding Farm Private Limited (ABBF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           5.04       CARE B+; Stable Reaffirmed

Detailed rationale and key rating drivers

The rating assigned to the bank facilities of ABBF continue to
remain constrained due to its modest scale of operations and
moderate profitability, leveraged capital structure, weak debt
coverage indicators along with stretched liquidity position during
FY22 (Audited, refers to period between April 1, 2021 to March 31,
2022). The rating, also continue to remain constrained on account
of highly fragmented poultry industry with intense competition from
large number of players as well as prevailing risk of disease
outbreaks in raising poultry.

The rating, however, continue to derive strength from vast
experience of the promoters for more than four decades in poultry
farming along with increasing demand of poultry products.

Rating sensitivities

Positive factors – Factors that could lead to positive rating
action/upgrade:

* Sustaining current scale of operations marked by Total Operating
Income (TOI) and profitability marked by PBILDT
Margin

* Improvement in capital structure marked by an overall gearing
ratio below 2.5x

* Improvement in overall liquidity position while sustaining
positive cash flow from operations

Negative factors – Factors that could lead to negative rating
action/downgrade:

* Decline in scale of operations leading to a dip in Gross Cash
Accruals (GCA) and lack of funding support from promoters impacting
liquidity

* Deterioration in liquidity profile characterized by negative cash
flow from operations and elongation of operating cycle
beyond 60 days

* Any incremental debt leading to further deterioration in overall
gearing

Detailed description of the key rating drivers

Key rating weaknesses

* Modest scale of operations and moderate profitability: The scale
of operations of ABBF remained modest marked by TOI stood at
INR18.43 crore in FY22 as against INR16.47 crore in FY21. Further,
the profitability margins continued to remain moderate as marked by
PBILDT margin at 12.89% in FY22 as against 12.70% in FY21.
Consequent to marginal improvement in operating profits, the entity
had reported net profit of INR0.16 crore (0.88%) in FY22 as against
net losses booked in FY21. Leveraged capital structure and weak
debt coverage indicators The capital structure of the company
marked by overall gearing ratio continued to remain leveraged at
5.05x as on March 31,2022 as against from 5.71x as on March 31,
2022; due to higher total debt level comprising of term loans,
working capital limits and unsecured loans as on March 31, 2022 and
March 31, 2021. Due to aforementioned reason, the debt coverage
indicators of the company also continued to remain weak marked by
Total Debt/GCA (TDGCA) at 10.47x in FY22 (17x in FY21). Interest
coverage ratio remained at 1.86x in FY22 (1.5x in FY21) due to
marginal increase in operating profits.

* Highly fragmented industry with intense competition from large
number of players: ABBF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market.  Competition gets strong with the presence of
unorganized players leading to pricing pressures. However, improved
demand scenario of poultry products in the country enables well for
the company.

* Prevailing risk of disease outbreaks in raising poultry: The
margins of ABBF are susceptible to the volatility associated with
the realizations of eggs and inherent risk of disease outbreak
associated with the poultry industry which can lead to demand
collapse. Commercial poultry operations especially in the broiler
segment tend to be highly volatile, given the low level of capital
investment required in the business and the fragmented nature of
the industry. Changes in the prices of live birds, table eggs and
feed costs have a strong impact on the profitability and cash flows
of the companies operating in poultry industry. Further there are
large variations in the production and consumption of poultry meat
and egg in India across various states. The consumption is affected
by various practices, per capital income, urbanization, etc.

Key rating strengths

* Vast experience of the promoters in poultry farming: ABBF was
incorporated in 2009 as private limited company by three directors
namely Mr. Hemantkumar Patel, Mr. Bhavik Patel, and Mr. Anilkumar
Patel; all the directors are holding vast experience of more than
four decades in the same line of business through their association
with ABBF and its group companies. Due to long standing presence in
the market, the promoters have established healthy relationship
with its suppliers and customers.

* Increasing demand of poultry products: Poultry products like eggs
have large consumption across the country in the form of bakery
products, cakes, biscuits and different types of food dishes in
home and restaurants. The demand has been driven by the rapidly
changing food habits of the average Indian consumer, dictated by
the lifestyle changes in the urban and semi-urban regions of the
country. The demands for poultry products are sustainable and
accordingly, the kind of industry is relatively insulated from the
economic cycle. Poultry capacity growth was limited during the last
two fiscal years because of the pandemic. However, poultries have
been operating at close to full capacity utilization due to the
demand remaining strong and an increase in population, higher per
capita meat consumption, and increasing desire for diets high in
protein post pandemic. Additionally, demand is outstripping supply
in the hotels, restaurants and cafes which has caused the wholesale
price of broiler chicken to increase.

Liquidity: Stretched

The liquidity profile of the company remained stretched marked by
inadequate cash accruals of INR1.10 crore as against debt repayment
obligation of INR1.32 crore arising in FY23 necessitating the
promoters' support to fund the debt service obligations.

The unencumbered cash and bank balance remained low at INR0.03
crore as on March 31, 2022. The cash flow from operating activities
deteriorated marginally and remained at INR1.57 crore in FY22 as
against INR1.87 crore in FY21 owing to increase in trade
receivables and inventories. The average utilization of working
capital limits remained high at around 80% for the past twelve
months ending August 2022. Operating cycle deteriorated yet
remained moderate at 51 days during FY22 as against 42 days in FY21
led by decrease in average creditors' period from 78 days to 66
days.

Anand (Gujarat) based Akashganga Broiler Breeding Farm Private
Limited (ABBF) was incorporated in October 2009 while the overall
operations of ABBF are managed by Mr. Hemantkumar Patel, Mr. Bhavik
Patel, and Mr. Anilkumar Patel. It is engaged into poultry farming
and is rearing birds for production of hatching eggs. It is also
engaged into sales of one day old chick, broilers and breeding of
parent birds. Its poultry farm is located in Anand (Gujarat) with
installed capacity of 1 lac layer birds.


BYREDDY VISHNUVARDHAN: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Byreddy
Vishnuvardhan Reddy (BVR) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

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

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

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

Kurnool-based Byreddy Vishnu Vardhan Reddy (BVR) was established by
an engineering graduate, Mr. Byreddy Vishnu Vardhan Reddy in the
year 1996 as a proprietorship concern. The firm is engaged in civil
construction works such as laying roads and irrigation works for
government organizations covering Road & Buildings Department (R&B)
and Panchayat Raj which are procured through tenders. Mr. Byreddy
Vishnu Vardhan Reddy is a Class – I contractor and has experience
of more than two decades in civil contract works. The firm has
executed several contracts since its inception and currently has an
order book worth around INR30 crore as on March 26, 2019.

C. VADIVELU: CARE Lowers Rating on INR14.90cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of C.
Vadivelu (CV), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.90       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank     10.10       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 11,
2021, placed the rating(s) of CV under the ‘issuer
non-cooperating' category as CV had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CV
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 27, 2022, July 7, 2022, July 17, 2022.

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

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

The ratings assigned to the bank facilities of CV have been revised
on account of not availability of requisite information.

C. Vadivelu, a proprietorship concern was established in 1993. The
firm is a Class-I contractor registered with Tamil Nadu State
Public Works Department and is engaged in construction and other
miscellaneous civil work on contract basis for Neyveli Lignite
Corporation (NLC). The proprietor who is also an authorised dealer
of Hindustan Petroleum Corporation Limited runs a retail petrol
pump outlet in Neyveli which was started in 2008. MCV & Co, an
associate entity which is a partnership concern engaged in same
line of business.


CLUB 29: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Club 29
Private Limited (C2PL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.13      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2021,
placed the rating(s) of C2PL under the ‘issuer non-cooperating'
category as C2PL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. C2PL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2022, June 7, 2022, June 17, 2022.

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

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

CPL incorporated in January 2012, is a Mont Vert Group venture
based out of Wakad, Pune and is focused on providing a recreational
indoor centre. Club29 is a recreational facility that provides
facilities such as restaurant banquets halls, gymnasium facility,
sports lounge consisting of badminton court, squash court,
Table-Tennis tables, swimming pool, bowling alley, billiards tables
and fuzz ball tables etc.


DUAL RINGS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dual Rings
Private Limited (DRPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 22, 2021,
placed the rating(s) of DRPL under the 'issuer non-cooperating'
category as DRPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DRPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2022, June 17, 2022, June 27, 2022.

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

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

Hyderabad based, Dual Rings Private Limited (DRPL) was incorporated
in 1991 as a Private Limited Company by Mr. Ramachandra Rao and Mr.
Malahala Rao. The company is engaged in the manufacturing of Forged
Components and Rolled Components such as Forged Rings, Bearings,
Wheel Space, Hexagon Nuts, and Machined Components etc. for the use
of various industrial requirements like Automobile industry. The
company purchases raw material like steel, alloy, metal and iron
from suppliers located in Telangana and Maharashtra states. The
company manufactures and sells its final product to the customers
located in Tamilnadu and Maharashtra. The current installed
capacity for the manufacturing of industrial components is 250
metric tons per month.


G.G. FASHIONS: CARE Lowers Rating on INR12.58cr LT Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
G.G. Fashions, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.58       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category


   Short-term bank      0.09       CARE A4; ISSUER NOT
   facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Detailed rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from GGF to monitor
the ratings vide e-mail communications/letters dated June 29, 2022,
July 22, 2022, July 26, 2022, August 8, 2022, September 12, 2022
among others and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on from G.G. Fashions bank facilities will now
be denoted as CARE B; Stable; ISSUER NOT COOPERATING/CARE A4;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on September 3, 2021 the following were
the rating strengths and weaknesses.

Key rating weaknesses

* Small scale of operations: Although the firm is operating since
2001, the scale of operations remained small marked by total
operating income at INR31.88 crore in FY21 (Prov.) (PY: INR 33.08
crore) coupled with low networth base of INR 8.82 crore as on March
31, 2021 (Prov.). During FY21(Prov.), the firm's total operating
income has dropped marginally by 4% on account of COVID lockdown
for around 2 months in Q1FY21.

* Moderate capital structure and weak debt protection metrics: The
capital structure of the firm stood moderate with overall gearing
of 2.10x as on March 31, 2021 as against 2.02x as on March 31,
2020. Due to low accruals in the past, the debt protection metrics
remained weak marked by Total debt/GCA of 23.95x as on March 31,
2021 which deteriorated from 14.04x in FY20 due availment of covid
loans and working capital term loan.

* Constitution of the entity as proprietorship with inherent risk
of withdrawal of capital: Proprietorship nature of business has an
inherent risk of withdrawal of capital by the proprietor at the
time of their personal contingencies resulting in reduction of
capital base leading to adverse effect on capital structure. The
proprietor has withdrawn the capital to the extent of INR0.31 crore
as on March 31, 2021 for personal contingencies.

* Profit margin exposed to volatility in raw material prices:
During the past years, the market has seen volatility in cotton
yarn production due to the unstable cotton prices and inconsistent
cotton yarn export policy. The profitability of the entity depends
largely on the prices of the raw material cotton yarn which are
governed by various factors such as prices of cotton fibre,
international demand-supply situation, etc. The prices of 40x
combed yarn had increased significantly post release of covid
lockdown from INR215 per kg in September 2020 to INR253 per kg in
June 2021 thereby impacting the margins of the firm. The PBILDT
margin of GGF had declined from 9.87% in FY20 to 8.66% in FY21 due
to increased yarn prices.

Key rating strengths

* Experience of the promoter in the textile industry and
established track record of operations: Mr. G. Kannan has more than
two decades of experience in fabric manufacturing and with the
experience derived from the industry he enjoys a good relationship
with his suppliers and customers. GGF also has long track record of
around two decades of operations.

G.G. Fashions (GGF) was established in 2001 as a proprietorship
concern by Mr. G. Kannan at Salem, Tamil Nadu. The firm is engaged
in manufacturing of grey fabrics and supplies them to the garment
manufacturers. Apart from manufacturing in its own facilities, the
firm also outsources, for processing of fabrics viz dyeing,
bleaching, warping, sizing etc. as on June 30, 2021, the firm has
installed capacity of producing 22 Lakhs mts of fabrics per annum.


GMR WARORA: CARE Reaffirms D Rating on INR2,782cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of GMR
Warora Energy Limited (GWEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           2,782      CARE D Reaffirmed

   Long Term/
   Short Term
   Bank Facilities        325      CARE D/CARE D Reaffirmed

   Short Term Bank
   Facilities             227      CARE D Reaffirmed

   Non Convertible
   Debentures              75      CARE D Reaffirmed

Detailed rationale and key rating drivers

The reaffirmation of rating of the bank facilities and long-term
instruments of GWEL factor in the delays in servicing of debt
obligations by the company. On August 30, 2022, the company had
disclosed on exchange the outstanding defaults in the payment of
interest/ principal on the debt availed from several lenders.

The rating continues to remain constrained by GWEL's weak financial
risk profile characterized by high overall gearing. The rating is
also constrained by relatively weak credit risk profile of its
off-takers. The ratings derive strength from the experience of its
promoters in operating power projects, availability of long term
and medium-term power purchase agreements (PPAs) for approximately
91% of the installed capacity and its Fuel Supply Agreement (FSA)
for coal supply with South Eastern Coalfields Ltd (SECL).

On June 24, 2022 the Board of GWEL had approved implementation of a
Resolution Plan (RP) as per "Prudential Framework for Resolution of
Stressed Assets" issued vide RBI circular dated June 7, 2019. On
September 8, 2022 GWEL declared on exchange that it has entered
into definitive agreements with lenders to restructure its debt as
per Resolution Plan approved by lenders. As per terms of RP
approved by lenders, sustainable and unsustainable debt will be
repaid as per the revised repayment schedule. Existing working
capital facilities of INR 580 crore sanctioned by the working
capital consortium will continue. The loan will be repaid
progressively over a period of ~15 years. As per the management,
the RP is envisaged to be effective soon.

Rating sensitivities

Positive factors – Factors that could lead to positive rating
action/upgrade:

* Timely servicing of debt obligations for more than 3 months.

Detailed description of the key rating drivers

Key rating weaknesses

* Instances of delay in servicing of debt obligations: The company
vide exchange announcement dated August 30, 2022, has reported
default in interest/principal amount of various loans availed from
lenders.

* Weak financial risk profile marked by leveraged capital
structure: GWEL has a weak financial risk profile characterized by
high overall gearing and moderate debt coverage indicators. The
overall gearing of the company deteriorated from 8.55x as on March
31, 2021, to 9.49x as on March 31, 2022, largely on account of
erosion in net worth due to net losses reported during FY22.

* Counterparty credit risks leading to delay in receivables: GWEL
is supplying power to Maharashtra State Electricity Distribution
Company Limited (MSEDCL) and Tamil Nadu Generation and Distribution
Limited (TANGEDCO). Among the two utilities, TANGEDCO has a
relatively weak financial profile with high AT&C losses, high power
purchase cost and a relatively long payable cycle. Average
collection period of the company was 180 days in FY22 (PY: 133
days).

Key rating strengths

* Experienced promoter group with experience in developing power
projects: GWEL is a part of GMR group which is a major player in
the infrastructure sector through its flagship company GMR
Infrastructure Limited (GIL). Over the years GMR group has
successfully implemented various power projects and has substantial
experience in developing and operating diversified fuel based power
projects.

* Long and medium term PPAs in place providing revenue visibility:
Almost 91% of the installed capacity has been tied up through long/
medium term PPAs with MSEDCL, TANGEDCO and Gujarat Urja Vikas Nigam
Limited. This arrangement with its off-takers ensures revenue
visibility for GWEL.

* Fuel Supply Agreement (FSA) in place with SECL: GWEL has FSA with
SECL for feeding both the units of 300 MW each available only for
long term PPAs. Presence of FSA with SECL safeguards GWEL against
any fuel supply risks. In case of any short supply from SECL, GWEL
meets the same through e-auction and imported coal.

Liquidity – Poor

The liquidity position of the company continues to remain poor with
ongoing delays in servicing of debt obligations related to both
bank facilities and NCDs. The average utilisation in the fund based
working capital limits stood above 87% during the past 12 months
ended May 2022. The company had free cash and bank balance of
INR7.06 crore as on March 31, 2022.

* Environment, social, and governance (ESG) profile: The ESG
profile of the company is expected to derive comfort from the
company's regular monitoring of environmental parameters on a
monthly basis. Emission levels of the plant remains under control,
mitigating the environmental risk to some extent. Moreover, Social
risk of the company is mitigated by the company's commitment
towards providing support to nearby villagers in the field of
education and livelihood.

GWEL was previously known as EMCO Energy Limited (EEL) - a Special
Purpose Vehicle (SPV) promoted by the EMCO group on August 04, 2005
to set up a 2x135 MW coal based power plant at Maharashtra
Industrial Development Corporation (MIDC), Warora, Maharashtra. The
promoters of EEL sold the entire stake to GMR Energy Limited in
July 2009 making it a 100% subsidiary of GEL. After the
acquisition, scope of the project was enhanced from 2x135 MW to
2x300 MW in view of the demand for power in western India. The Unit
1 and Unit 2 (each having capacity of 300 MW) achieved COD on March
19, 2013 and September 1, 2013 respectively.


GREEN FIELD: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Green
Field Hi-Tech Rice Mill (GFL) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Term Loan     3         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              0.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with GFL for
obtaining information through letters and emails dated September
10, 2022 and September 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GFL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GFL
is consistent with ‘Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of GFL to 'CRISIL D Issuer not cooperating'.

CRISIL Ratings has combined the business and financial risk
profiles of GFL and its associate concern Senthiyappa Modern Rice
Mill (SMRM), together referred to as the Senthiyappa group. The two
firms are in the same business, have a common management team, and
have significant operational synergy.

                          About the Group

Established in 1987 by Mr V S Madasamy as a partnership concern,
SMRM processes rice at its manufacturing facilities in Tamil Nadu.
The day-to-day operations are managed by Mr.Kannan. Established in
2010 by Mr Kannan as a proprietary concern, GFL processes rice at
its facilities in Tamil Nadu.


INDICON CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indicon
Construction Private Limited (ICPL) continue to be CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.9        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           3.9        CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest       0.16       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest       0.52       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest       0.11       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Funded Interest       0.11       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

    Long Term Loan        0.72      CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         0.08      CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         0.80      CRISIL D (Issuer Not
                                    Cooperating)

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

   Proposed Long Term     3.5       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

   Working Capital        1.7       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with ICPL for
obtaining information through letters and emails dated June 20,
2022 and August 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ICPL was established in 2003 by Mr. Pradeep Kadam and Mr. Ashok
Dhamdhere in Pune, Maharashtra. The company, which is registered as
a Class 1-A contractor with the Government of Maharashtra,
undertakes civil construction for the Public Works Department and
Pradhan Mantri Gram Gadak Yojana. Work comprises construction of
roads, mainly in western Maharashtra.


INNOTECH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Innotech
Educational Society (IES) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 27,
2021, placed the rating(s) of IES under the ‘issuer
non-cooperating' category as IES had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. IES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 13, 2022, July 23, 2022, August 2, 2022.

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

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

Innotech Educational Society (IES) was established in March, 2010
under the Societies Registration Act, 1860 for establishing and
operating educational institutes for imparting education in
engineering discipline in Araria, Bihar. With completion of the
Phase I of its three phased project, the society has started an
Engineering college under the name "Moti Babu Institute of
Technology (MBIT)" with 300 seats in 5 streams of engineering from
the academic year 2014- 2015. The institute is approved by All
India Council for Technical Education (AICTE) and affiliated to
Aryabhatta Technology University, Bihar. The society has been
founded & promoted by Shri Amit Kumar Das, an NRI (based in
Australia), who is a graduate and diploma holder in computer
engineering and possesses more than a decade experience in
Information Technology sector. He is also the founder & chairman of
the ISOFT Software Technologies Pvt. Ltd., a Entity engaged in
software development.


JAYCEE CASTALLOYS: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jaycee
Castalloys Private Limited (JCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.41       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Jaycee Castalloys Private Limited (JCP) was incorporated as a
private limited company in 2010. The company is engaged in
manufacturing of automotive components for two wheelers and
tractors such as brake housing, clutch housing, trumpet
housing, brackets, etc. at its manufacturing unit situated in
Bahadurgarh, Haryana.


LAXMI ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Laxmi
Enterprises (SLE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.14      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 9,
2021, placed the rating(s) of SLE under the ‘issuer
non-cooperating' category as SLE had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SLE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 26, 2022, August 5, 2022, August 15, 2022.

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

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

Sri Laxmi Enterprises (SLE) has been incorporated by Mr Om Prakash
Agarwal and his family members in the year 2003. The firm is
engaged in cotton ginning and pressing with installed capacity of
750 MT per annum. The firm primarily sources its raw material,
Kapas, from local farmers in Telangana and sells its finished
product in the states of Telangana, Maharashtra, Madhya Pradesh and
Tamil Nadu.


MADAN GOPAL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Madan
Gopal Bhikam Chand Marketing Private Limited (SMGBCMPL) continues
to remain in the 'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2021,
placed the rating(s) of SMGBCMPL under the ‘issuer
non-cooperating' category as SMGBCMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SMGBCMPL continues to be non-cooperative despite
repeated requests for submission of information through emails,
phone calls and a letter/email dated May 28, 2022, June 7, 2022,
June 17, 2022.

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

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

Jaipur (Rajasthan) based, Sri Madan Gopal Bhikam Chand Marketing
Private Limited (SMPL) was established in 2006 as a private limited
company by Mall Family. SMPL is engaged in trading and exports of
agricultural products, such as spices, animal feeds, and herbs. It
also trades in lac, used in bangles and paints, in the domestic
market.


NAVEEN RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Naveen Rice
Mills (NRM) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

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

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

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

Haryana based Naveen Rice Mills (NRM) was established in 1986 as
partnership firm. Currently, the firm is managed by partners namely
Mr. Charanji lal, Mr. Deep Chand, Mr. Manoj Kumar and Mrs. Shanti
Devi. NRM is engaged in milling, processing and trading of Basmati
and Non- Basmati rice at its manufacturing facility located at
Karnal, Haryana.


PAWAN EDIFICE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pawan
Edifice Private Limited (PEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.44      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

PEPL, a part of Vadodara-based Pawan group, is owned and managed by
Mr. Chetan Shah & his family members. The Pawan group has been
involved in the construction and development of several real estate
projects in and around Vadodara. Till date, the Pawan group has
developed 56 projects across residential and commercial segments.


PRABHU INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prabhu
Industries (PI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 11,
2021, placed the rating(s) of PI under the ‘issuer
non-cooperating' category as PI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 27, 2022, July 7, 2022, July 17, 2022.

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

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

Bangalore based, Prabhu Industries (PI) incorporated in May 2010,
is engaged in manufacturing and providing turnkey project services
such as erection, installing, testing, supply of industrial
boilers, pipes, storage tanks and other repair services of boilers
etc. The major raw material used by the firm is iron and steel,
those are procured from the local markets of Bangalore. The firm
procures its projects through online tenders from state government
of Karnataka and other private companies.


PRASAD EXTREME: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prasad
Extreme Digital Cinema Networkprivate Limited (PEDCNL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 22, 2021,
placed the rating(s) of PEDCNL under the ‘issuer non-cooperating'
category as PEDCNL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PEDCNL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2022, June 17, 2022, June 27, 2022.

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

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

Prasad Extreme Digital Cinema Network Private Limited (PEDCNL) was
established in 2013 as a Private Limited Company, promoted by Mr.
Ramesh Prasad and his family members (Mr. Sai Prasad & Mr M. K.
Prasad). PEDCNL is the associate company of reputed Prasad group
which is engaged in Film making, Post production & Digital
technology services in Indian film industry since 1956 promoted by
Dada Saheb Phalke Award recipient Mr.L.V. Prasad. Prasad
Productions Private Limited is the flagship company of Prasad group
that engages in Post production services. PEDCNL provides digital
cinema solutions by making available equipments (Projectors, Lens,
Lamps & 3 D lamps) and software to facilitate playback of feature
films and other digital content in theatres. PEDCNL has entered
into agreement with more than 230 theatres in and around four
states of Tamilnadu, Kerala, Andhra Pradesh & Maharashtra for
providing cinema solutions with tenure period of 5-10 years. The
revenue generated includes exhibiting services provided by the
company and share of revenue generated by way of advertisement
broadcasted in theatres and other medium. The company also provides
maintenance services and replacement of auxiliary parts attached to
the projections. The registered office is located in Chennai,
Tamilnadu.


PRATIBHA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on the non-convertible debentures
of Pratibha Industries Limited (PIL) continue to be on 'CRISIL
D/CRISIL D; Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Short Term Loan        2.74        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             11.86        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             26.33        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              3.58        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             14.63        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              6.31        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             18.96        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             27.16        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been following up with PIL for getting
information through letters and emails, dated July 30, 2022 and
August 30, 2022, apart from various telephonic communications.
However, the issuer has continued to be non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings has not received any information on either the financial
performance or strategic intent of the company, which restricts
CRISIL Ratings' ability to take a forward-looking view on its
credit quality. CRISIL Ratings believes that the rating action is
consistent with 'Assessing Information Adequacy Risk.

Based on the last available information, the rating on the
non-convertible debentures of PIL continues to be on 'CRISIL
D/CRISIL D; Issuer Not Cooperating'. Also, the company has been
under liquidation process since February 2021.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of PIL and its wholly-owned
subsidiaries Prime Infrapark Pvt Ltd, Muktangan Developers Pvt Ltd,
Pratibha Holding (Singapore) Pte Ltd and Pratibha Infra Lanka (Pvt)
Ltd.

Incorporated in 1982, PIL is promoted by Mr Ajit Kulkarni and
undertakes infrastructure development with a focus on water supply
and environment engineering assignments, and urban infrastructure
projects. In the urban infrastructure segment, it is engaged in
building and modernization of airports and railway stations, and
construction of roads, high-rise buildings, mass housing projects,
and shopping malls. In the water supply segment, it executes laying
of water pipelines; construction of sewerage treatment plants,
water reservoirs, and water storage systems; and tunnelling
projects.


R.S. GREEN: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.S. Green
Foods Private Limited (RGFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.47      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

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

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

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

R.S. Green Foods Private Limited (RGF) was incorporated in December
2011 and the operations of the company are currently being managed
by Ms. Balwant Kaur and Mr Taman Raj. The company is engaged in
processing as well as trading of paddy at its manufacturing unit
located at Patiala, Punjab. The company also undertakes milling of
rice for government and other private entities.


RADHEY GOVINDAM: CRISIL Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shri
Radhey Govindam Resort Private Limited (SRGRPL; part of the Sharda
group) to 'CRISIL D Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Long Term Loan           13      CRISIL D (Issuer Not
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SRGRPL for
obtaining information through letters and emails dated August 30,
2022, September 13, 2022 and September 19, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRGRPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SRGRPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SRGRPL to 'CRISIL D Issuer not cooperating'.

For arriving at the rating CRISIL Ratings has combined business and
financial risk profiles of Choudhary Infraheight Private Limited
(CIPL) and SRGRPL. This is because the two entities together
referred as Sharda group are in same line of business, owned by
common promoters and have business and financial linkages.

                         About the Group

SRGPL, incorporated in 2013 by Mr Manish Kumar, is a
Rajasthan-based real estate company that develops residential row
houses in Bhilwara (Rajasthan).

CIPL, incorporated in 2013 by Mr Manish Kumar, is a Rajasthan-based
real estate company that develops residential row houses in
Chittorgarh (Rajasthan).


RAGHAVENDRA CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Raghavendra Constructions (SRC) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      1.75       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

Sri Raghavendra Constructions (SRC) was established in the year
2009 as a partnership firm promoted by Mr. V Ravinder Reddy along
with his wife Mrs. V Jyothi. The firm is engaged in civil
construction work relating to laying of roads i.e. Bituminious
Treatment (BT) roads, CC roads, newly formatted roads of the State
Government of Telangana, has its registered office located in
Saidabad, Hyderabad. SRC is also having a factory for mixing the
bitumen for laying the roads at Ghatkesar, Hyderabad. SRC is
classified as a special class contractor.


RUBICON INSPECTION: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Rubicon Inspection Systems Private Limited (RISPL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Bank Guarantee          3.5      CRISIL D (Issuer Not
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      0.97     CRISIL D (Issuer Not
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Rupee Term Loan         0.33     CRISIL D (Issuer Not
                                    COOPERATING; Rating Migrated)

   Secured Overdraft       2        CRISIL D (Issuer Not
   Facility                         COOPERATING; Rating Migrated)

   Working Capital         0.2      CRISIL D (Issuer Not
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RISPL for
obtaining information through letters and emails dated August 30,
2022, September 10, 2022 and September 15, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RISPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RISPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RISPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Based in Delhi and promoted by Mr Inderjeet Singh in 2007, RISPL
undertakes service contracts for drain maintenance, CCTV inspection
of storm water drains and sewer lines, trenchless laying of gravity
pipes and underground earthwork. The company's main customers
include Tata Steel Ltd, Ahmedabad Municipal Corporation, UP Jal
Board and other government entities and boards. RISPL has a fleet
of truck-mounted machines and excavators, which are used to carry
out the jobs it undertakes. The promoter has been in the same
business since 1997 through his proprietorship firm Rubicon
Inspection Systems, which was reconstituted as RISPL during 2007.


SANJAY SINGHI: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sanjay
Singhi (SS) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Bank Guarantee          5.5      CRISIL D (Issuer Not
                                    COOPERATING; Rating Migrated)

   Cash Credit             2.5      CRISIL D (Issuer Not
                                    COOPERATING; Rating Migrated)

   Proposed Working        1.5      CRISIL D (Issuer Not
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SS for
obtaining information through letters and emails dated September
10, 2022 and September 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SS is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of SS to 'CRISIL D/CRISIL D Issuer not cooperating'.

SS was established in 1990 as a partnership firm. It is engaged in
civil construction activities such as road contractor for
government construction projects located in Chhattisgarh and Madhya
Pradesh. It is owned and managed by Mr. Sanjay Singhi and his wife
Mrs. Rekha Singhi.


SHAKTIMAN BIO: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shaktiman
Bio Agro Industries Private Limited (SBAIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.78       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Yamuna Nagar (Haryana) based, Shaktiman Bio Agro Industries Private
Limited (SPL) was incorporated in 2007 as a private limited
company. The company is primarily engaged in trading of gunny bags
and Poly Propylene (PP) woven bags which find its application in
packaging industry. The company is also engaged in manufacturing of
corrugated boxes at its facility located in Yamuna Nagar, Haryana.


SHRIYA OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shriya
Overseas Private Limited (SOPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      12.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2021,
placed the rating(s) of SOPL under the 'issuer non-cooperating'
category as SOPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SOPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 28, 2022, June 7, 2022, June 17, 2022.

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

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

Shriya Overseas Private Limited (SOPL) was incorporated in May 1991
by Mr. P. K. Jain and Mr. Bhagat Ram Goyal having its registered
office in Delhi. In 1997, there was a change in promoters with Late
Mr. Rajan Mehra and his family taking over the management of the
company. SOPL had started dealership of General Motors India
Private Limited (GM) for their 'Chevrolet' brand of cars in October
2003. Over the years, the SOPL has been involved in the automobile
dealership business for brands such as Chevrolet, Harley Davidson,
Hyundai, etc.


SIDDHARTH TANKS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Siddharth
Tanks and Vessels Private Limited (STVPL) continues to remain in
the 'Issuer Not Cooperating' category.

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

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

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

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

Siddharth Tanks and Vessels Private Limited (STVPL) was
incorporated in 1999 and is currently being managed by Mr.
Siddharth Chaturvedi, Mr. Sujithkumar Shettyand and Mr. Rakesh
Kumar Chaturvedi. The company is engaged in the business of
engineering & construction of bridges for rails, roads, pipelines
for oil, gas, turnkey projects development including designing,
manufacturing, erection and commissioning of plants for different
process industries. The company has its manufacturing unit loacated
at Bharatpur, Rajasthan which lies on Delhi-Mumbai freight
corridor.


UNACCO FINANCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Unacco
Financial Services Private Limited (UFSPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     25          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              14.15       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              10          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               5.55       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               2          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              10.5        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               2.8        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              13          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               2          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with UFSPL for
obtaining information through letters and emails dated July 30,
2022 and August 30, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

UFSPL, the erstwhile Shavi Trexim & Holdings Pvt Ltd (STHPL), is a
non-deposit-taking NBFC. STHPL, registered with the Reserve Bank of
India in 1992, used to trade in shares and finance hire purchase.
The company was taken over by the present owners in 2008 to use it
as a vehicle for delivering microfinance services and the name was
changed to UFSPL in 2008, reflecting new ownership. UFSPL entered
the microfinance business in July 2008 and provides microcredit as
a source of financial services for small entrepreneurs and
businesses in the Northeast, where access to banking and related
services are very limited. The managing director and co-founder,
Mr. N Iranbanta Singh, has about a decade of experience in
microfinance.

UFSPL follows joint liability group model and lends to women groups
for income-generating business purpose. The loan size varies from
INR5,000-50,000, depending on the repayment capacity of individual
clients, number of loan cycles, and type of activity. The loans
have a tenure of 12-24 months with fortnightly or weekly repayment
installments.


VIRENDRA SATIJA: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Virendra Satija Foundation Society (VSFS) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-        0.98       CRISIL D (Issuer Not
   Based Bank Limits                COOPERATING; Rating Migrated)

   Term Loan             6.40       CRISIL D (Issuer Not
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with VSFS for
obtaining information through letters and emails dated September
10, 2022 and September 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VSFS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSFS
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of VSFS to 'CRISIL D Issuer not cooperating'.

VSFS was founded in March 2012 to set up a school in Chhindwara,
Madhya Pradesh, under the DPS franchise. The school commenced
operations in June 2014. Mr Virendra Satija is the chairman of the
society.


WILLIAM INDUSTRIES: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
William Industries Private Limited (WIPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Bank Guarantee          0.4      CRISIL D (Issuer Not
                                    COOPERATING; Rating Migrated)

   Cash Credit             7        CRISIL D (Issuer Not
                                    COOPERATING; Rating Migrated)
   Proposed Long Term
   Bank Loan Facility      2.6      CRISIL D (Issuer Not
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with WIPL for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of WIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WIPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of WIPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 1958 and promoted by Mr Vivek Juneja and Mr Manoj
Juneja, WIPL manufactures cotton and nylon socks for men, women,
and kids.




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

JAPAN: Bankruptcies Spark Fears Zero-Zero Loans Won't Be Repaid
---------------------------------------------------------------
The Asahi Shimbun reports that a recent increase in bankruptcies
caused by the prolonged COVID-19 pandemic has raised concerns about
widespread defaults on government-guaranteed "zero-zero loans"
extended to help businesses get through the health crisis.

According to the report, the now-ended loan program began in March
2020, and around JPY42 trillion ($288 billion) had been provided
through about 2.34 million loans as of the end of June, according
to the Small and Medium Enterprise Agency.

Repayments are scheduled to start next spring.

Under the program, financial institutions provided the zero-zero
loans with no collateral to small and medium-sized companies whose
sales decreased during the pandemic.

The Asahi Shimbun says the central and prefectural governments
cover the interest on the loans for three years and public
institutions act as guarantors if the companies fail to repay.

Private financial institutions stopped receiving applications for
the loans in March last year.

Government-affiliated financial institutions ended their
participation in the program at the end of September this year.

The government budgeted around 1.8 trillion yen to be paid as
interest to the financial institutions, and about 400 billion yen
of that amount was disbursed by the end of March.

The financial support helped to keep the number of bankruptcies in
Japan at an extremely low level.

The Asahi Shimbun relates that research company Teikoku Databank
Ltd. said the number of corporate bankruptcies with debts of 10
million yen or more in fiscal 2021 fell below 6,000 for the first
time in about half a century.

The bankruptcy figure, however, has been rising since spring this
year as higher prices for fuel, materials and products and the weak
yen have further affected companies.

In August, 493 companies went bankrupt, up by 44 from the same
month last year. It marked the fourth consecutive month of
year-on-year increases.

Among companies that borrowed zero-zero loans, 253 went under from
January to August, 1.5 times the 166 bankruptcies over all of
2021.

When zero-zero loans provided by private financial institutions go
sour, credit guarantee corporations, which are public institutions,
shoulder the repayments.

According to the loan-guarantee institutions, they covered JPY26.6
billion in lending, including zero-zero loans, in August, 26
percent higher than in the same month last year. It was the 12th
straight month for the figure to rise year on year.

If the guarantee institutions are unable to recover the money, part
of the loss will be covered by public funds.




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

KHEE SAN: Proposes Scheme of Arrangement to Settle MYR138MM Debt
----------------------------------------------------------------
theedgemarkets.com reports that Practice Note 17 (PN17) company
Khee San Bhd has proposed to undertake a scheme of arrangement,
including a minimum MYR55 million fundraising exercise, to settle
the group's MYR138.47 million debt.

In a Bursa Malaysia filing, the candy manufacturer said the scheme
of arrangement entails its creditors waiving 50% of the debt
obligations, totalling MYR69.23 million, the report relays.

Of the remaining MYR69.24 million, MYR48.17 million is to be paid
through cash payments - to be fuelled by a minimum MYR55 million
fundraising exercise to be determined later - while the other
MYR21.06 million is to be satisfied via the issuance of 210.61
million fully paid-up Khee San shares at 10 sen apiece.

Additionally, Khee San said another MYR3 million of the proceeds
from the fundraising exercise will fund a payment to KSFI's
corporate guarantee creditors, theedgemarkets.com relates.

According to the report, the PN17 company said it is currently in
the midst of finalising the detailed terms of its regularisation
plan which may include the fundraising exercise.

"An announcement in compliance with the relevant provisions of the
Main Market Listing Requirements of Bursa Securities in relation to
the regularisation plan including details on the regularisation
plan will be made in due course upon the finalisation of the
detailed terms of the regularisation plan," it added.

On Sept. 23, Khee San said it had obtained an order from the High
Court to proceed with the scheme of arrangement, and had a
court-convened meeting with its creditors towards approving the
scheme if considered fit, theedgemarkets.com recalls.

Additionally, the court also granted the group a restraining order
on proceedings against the group and its assets for a period of
three months.

                            About Khee San

Khee San Berhad is a Malaysia-based investment holding company. The
Company, through its subsidiaries, manufactures sweets and
confectionery products.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
24, 2021, Khee San Bhd was classified a Practice Note 17 (PN17)
company after its wholly-owned subsidiary was placed under judicial
management.

In a bourse filing on Nov. 19, Khee San said Maybank Islamic Bhd,
via its solicitor Messrs Shook Lin & Bok, had filed an application
to place its unit Khee San Food Industries Sdn Bhd under the
court-supervised restructuring, theedgemarkets.com said.




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

EASY4U PROPERTY: Creditors' Proofs of Debt Due on Nov. 15
---------------------------------------------------------
Creditors of Easy4u Property Development Limited and Evan Kebabs
Limited are required to file their proofs of debt by Nov. 15, 2022,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 29, 2022.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Greenlane
          Auckland 1051


GHS BUILDING: Court to Hear Wind-Up Petition on Nov. 10
-------------------------------------------------------
A petition to wind up the operations of GHS Building Limited will
be heard before the High Court at Christchurch on Nov. 10, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 22, 2022.

The Petitioner's solicitor is:

          Courtney Waddell
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


GILES INVESTMENT: Creditors' Proofs of Debt Due on Nov. 7
---------------------------------------------------------
Creditors of Giles Investment Holdings Limited and
Buildingmanager.co.nz Limited are required to file their proofs of
debt by Nov. 7, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 6, 2022.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery
          PO Box 3678
          Auckland 1140


SIMPLY DRYWALL: Court to Hear Wind-Up Petition on Oct. 27
---------------------------------------------------------
A petition to wind up the operations of Simply Drywall Limited will
be heard before the High Court at Christchurch on Oct. 27, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 22, 2022.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


SRP HOLDINGS: Pritesh Patel Appointed as Liquidator
---------------------------------------------------
Pritesh Patel of Patel & Co. on Oct. 7, 2022, was appointed as
liquidator of SRP Holdings 2015 Limited.

The liquidators may be reached at:

          Pritesh Patel
          Patel & Co.
          PO Box 23296
          Manukau
          Auckland 2144




===============
P A K I S T A N
===============

PAKISTAN: Moody's Cuts Issuer & Sr. Unsecured Debt Ratings to Caa1
------------------------------------------------------------------
Moody's Investors Service has downgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa1 from B3. Moody's has also downgraded the
rating for the senior unsecured MTN programme to (P)Caa1 from
(P)B3. The outlook remains negative.

The decision to downgrade the ratings to Caa1 is driven by
increased government liquidity and external vulnerability risks and
higher debt sustainability risks, in the aftermath of devastating
floods that hit the country since June 2022. The floods have
exacerbated Pakistan's liquidity and external credit weaknesses and
vastly increase social spending needs, while government revenue is
severely hit. Debt affordability, a long-standing credit weakness
for Pakistan, will remain extremely weak for the foreseeable
future. The Caa1 rating reflects Moody's view that Pakistan will
remain highly reliant on financing from multilateral partners and
other official sector creditors to meet its debt payments, in the
absence of access to market financing at affordable costs. In
particular, Moody's expects that Pakistan's IMF Extended Fund
Facility (EFF) program will remain in place and provide an avenue
for financing from the IMF and other multilateral and bilateral
partners in the near term.

The negative outlook captures risks around Pakistan's ability to
secure required financing to fully meet its needs in the next few
years. Elevated social and political risks compound the
government's difficulty in implementing reforms, including
revenue-raising measures, that would improve the country's fiscal
position and alleviate liquidity stresses. The floods will also
raise Pakistan's external financing needs, raising the risks of a
balance of payments crisis. Pakistan's weak institutions and
governance strength adds uncertainty around whether the country
will maintain a credible policy path that supports further
financing. The negative outlook also captures risks that, should a
debt restructuring be needed, it may extend to private sector
creditors.

The Caa1 rating also applies to the backed foreign currency senior
unsecured ratings for The Third Pakistan International Sukuk Co Ltd
and The Pakistan Global Sukuk Programme Co Ltd. The associated
payment obligations are, in Moody's view, direct obligations of the
Government of Pakistan.

Concurrent to the action, Moody's has lowered Pakistan's local and
foreign currency country ceilings to B2 and Caa1 from B1 and B3,
respectively. The two-notch gap between the local currency ceiling
and sovereign rating is driven by the government's relatively large
footprint in the economy, weak institutions, and relatively high
political and external vulnerability risk.  The two-notch gap
between the foreign currency ceiling and the local currency ceiling
reflects incomplete capital account convertibility and relatively
weak policy effectiveness, which point to material transfer and
convertibility risks notwithstanding moderate external debt.

A List of Affected Credit Ratings is available at
https://bit.ly/3EPxP23

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO Caa1

WORSENING NEAR- AND MEDIUM-TERM ECONOMIC OUTLOOK

Pakistan's economic outlook in the near and medium term has
deteriorated sharply as a result of the floods. The government's
preliminary estimates put the economic cost of the floods at about
$30 billion (10% of GDP), far above the estimated $10 billion
economic cost of the 2010 floods, which was until now the country's
worst flooding episode.

Moody's has lowered Pakistan's real GDP growth to 0-1% for fiscal
2023 (the year ending in June 2023), from a pre-flood estimate of
3-4%. The floods will affect all sectors, with the impact likely
more acute in the agriculture sector, which makes up about
one-quarter of the economy. As the economy recovers from the
floods, Moody's expects growth to pick up next year but stay below
trend.

The supply shock due to the floods will increase prices further, at
a time when inflationary pressures are already elevated. The
monthly inflation rate averaged 25% from July-September 2022.
Moody's expects inflation to pick up to 25-30% on average for
fiscal 2023, compared to a pre-flood estimate of 20-25%. Social
risks may increase as households face higher costs of living for a
more protracted period of time, which would have attendant negative
economic and fiscal implications.  

Moreover, the floods are likely to have long-term negative effects
on economic and social conditions. There is already a significant
increase in water-borne diseases, and education is again disrupted
for many displaced children not long after schooling resumed
following the pandemic. The economy's susceptibility to climate
events is captured in Moody's assessment of highly negative
environmental risks, as explained below.

WEAKENING DEBT AFFORDABILITY RAISES DEBT SUSTAINABILITY RISKS

The growth shock will lower government revenues, while government
expenditures will be raised by the costs of rescue and relief
operations. Moody's expects the fiscal deficit to widen to 7-8% of
GDP for fiscal 2023, from a pre-flood estimate of 5-6% of GDP.
Pressures on public finances are likely to persist in the next few
years, as expenditures remain high because of reconstruction and
social needs.

Accordingly, Pakistan's debt affordability – which is already one
of the weakest among the sovereigns Moody's rate – will worsen.
Against a backdrop of increasing interest rates and weaker revenue
collection, Moody's estimates that interest payments will increase
to around 50% in fiscal 2023, from 40% of government revenue in
fiscal 2022, and stabilise at this level for the next few years. A
significant share of revenue going towards interest payments will
increasingly constrain the government's capacity to service its
debt while also meeting the population's essential social spending
needs.

Meanwhile, because of the narrow revenue base, the government's
debt as a share of revenue is very high at about 600% in fiscal
2022. Moody's expects this ratio to rise further to 620-640% in
fiscal 2023, well above the median of 320% for Caa-rated
sovereigns, despite a more moderate debt to GDP ratio at 65-70% in
fiscal 2023.

INCREASING GOVERNMENT LIQUIDITY AND EXTERNAL VULNERABILITY RISKS

Moody's expects the current account deficit to widen to 3.5-4.5% of
GDP for fiscal 2023, compared to a pre-flood estimate of 3-3.5%.
While imports of a range of goods are likely to decline as demand
shrinks, imports of food and other essential items such as medical
supplies will increase, while export capacity will be hit. That
said, Moody's expects the larger trade deficit to be partially
offset by an increase in remittances which tend to increase at
times of crises.

While the current account deficit widens, Pakistan's foreign
exchange reserves have remained at very low levels, sufficient to
cover less than two months of imports even after the recent IMF
disbursement of $1.1 billion from the seventh and eighth review of
the EFF programme. This low level of reserves limits Pakistan's
ability to substantially draw down on them to meet debt or imports
payments needs, without risking a balance of payments crisis.

External liquidity conditions have also tightened significantly for
Pakistan. Its access to market financing at affordable cost is
extremely constrained, and will likely remain so for some time.
Therefore, Pakistan will remain highly reliant on financing from
multilateral and bilateral partners. Moody's expects Pakistan's
continued engagement with the IMF to enable it to access financing
from the IMF and related financing from other multilateral partners
and official creditors. Moody's understands that the government has
secured additional commitments from multilateral partners to meet
higher financing needs due to the floods. Nonetheless, risks remain
in particular related to Pakistan's weak institutions and
governance strength which adds uncertainty about the sovereign's
capacity to maintain a credible and effective policy stance.

RATIONALE FOR MAINTAINING THE NEGATIVE OUTLOOK

The negative outlook captures the downside risks beyond what would
be consistent with a Caa1 rating.

Elevated social and political risks compound the government's
difficulty in implementing reforms, including revenue-raising
measures, that would improve the country's fiscal position and
alleviate liquidity stresses. Moreover, as mentioned above,
Pakistan faces risks of a balance of payments crisis, which would
increase if its external payments needs are higher than currently
expected, for instance because of larger imports needs, while
access to external financing is more restricted.

Moreover, while Moody's assumes that access to official sector
financing will be maintained and will be enough to meet Pakistan's
needs, lower financing and/ or higher needs would raise the risk of
default to a level no longer consistent with a Caa1 rating.

On September 25, the then Finance Minister indicated that Pakistan
would seek debt relief from official creditors, on a bilateral
basis. The negative outlook also captures risks that, should a debt
restructuring be sought, it may extend to private sector creditors,
despite assurances by the government late September that it is not
seeking debt relief from commercial banks or eurobond holders. In
this case, it would likely constitute a default under Moody's
definition.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Pakistan's ESG credit impact score is Highly Negative (CIS-4),
reflecting its high exposure to environmental and social risks, as
well as its weak governance profile. Relatively weak institutions
and very weak fiscal strength constrain the government's capacity
to address ESG risks.

Exposure to environmental risk is Highly Negative (E-4 issuer
profile score) because of Pakistan's vulnerability to climate
change and the limited supply of clean, fresh and safe water.
Pakistan drains a significant proportion of its scarce fresh water
resources every year, and a large share of its population is
exposed to unsafe drinking water. Water utility services tend to be
intermittent, because of high leakage levels, limited supply and
insufficient access to power. The inadequate quality of drinking
water has health and economic consequences for Pakistan, such as
contributing to stunting which undermines human capital.  With
varied climates across the nation, Pakistan is significantly
exposed to extreme weather events, including tropical cyclones,
drought, floods and extreme temperatures. In particular, the
magnitude and dispersion of seasonal monsoon rainfall influence
agricultural sector growth and rural household consumption.
Agriculture accounts for around 20% of GDP and exports, and nearly
40% of total employment. Overall, around 70% of the entire
population live in rural areas. As a result, both droughts and
floods can create economic, fiscal and social costs for the
sovereign.

Exposure to social risk is Highly Negative (S-4 issuer profile
score), driven by safety concerns that have limited investment and
diversification opportunities. Very low incomes as well as limited
access to quality healthcare, basic services, housing and
education, especially in rural areas, are also important social
issues. In addition, rising inflation has also led to higher social
tensions as cost of living increases. That said, the government has
taken steps to reduce poverty and inequality, strengthening social
safety nets, and promoting human capital as key priorities through
the 'Ehsaas' programme (national poverty alleviation programme),
although effects will take time to materialise and are limited by
still weak institutions and governance.

Pakistan's governance risk exposure is Highly Negative (G-4 issuer
profile score). International surveys of various indicators of
governance, while showing some early signs of improvement, continue
to point to weak rule of law and control of corruption, as well as
limited government effectiveness. The score also takes into account
Pakistan's efforts in improving its macroeconomic policy
effectiveness in recent years. For example, the government has
amended the State Bank of Pakistan Act to strengthen the
independence of the central bank and restrict the central bank from
extending credit to the government.

GDP per capita (PPP basis, US$): 5,973 (2021) (also known as Per
Capita Income)

Real GDP growth (% change): 5.7% (2021) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 9.6% (2021)

Gen. Gov. Financial Balance/GDP: -6% (2021) (also known as Fiscal
Balance)

Current Account Balance/GDP: -0.8% (2021) (also known as External
Balance)

External debt/GDP: 35.1% (2021)

Economic resiliency: ba2

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On October 03, 2022, a rating committee was called to discuss the
rating of the Pakistan, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer's institutions and governance strength, have not materially
changed. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed. The issuer's
susceptibility to event risks has not materially changed.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

The negative outlook signals that a rating upgrade is unlikely over
the near term. The outlook would likely be changed to stable if
Pakistan's government liquidity and external vulnerability risks
decreased materially and durably. This could come from access to
material external financing that significantly raised foreign
exchange reserves. A resumption of fiscal consolidation, including
through implementing revenue-raising measures, pointing to a
meaningful improvement in debt affordability would also be credit
positive.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The rating would likely be downgraded if it became increasingly
likely that Pakistan was not able to meet its debt obligations. In
particular, a rising probability that a debt restructuring involved
private sector creditors would point to a higher risk of default
than consistent with a Caa1 rating. More generally, higher
government liquidity and external vulnerability risks that would
threaten the government's external repayment capacity and balance
of payments stability would likely lead to a downgrade. An increase
in social and political risks that disrupted policymaking and
undermined Pakistan's ability to secure financing would put further
downward pressure on the rating.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



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

DITO TELECOMMUNITY: PLDT Serves Notice for Non-payment of PHP430MM
------------------------------------------------------------------
Manila Bulletin reports that PLDT Inc. demands that DITO
Telecommunity Corporation (DITO) cough up PHP430 million for
"contracted services which PLDT has fully performed and
delivered".

In a disclosure to the Philippine Stock Exchange (PSE) on Oct. 6,
2022, PLDT Inc. informed the former that it had, on the same date,
sent DITO a Notice of Material Breach and Demand for Payment, the
report says.

This was after DITO refused to pay PHP429,726,315.79 for PLDT's
contracted services relating to the building and provisioning of
transmission facilities that DITO is currently using to deliver
telecom services to its subscribers, Manila Bulletin relates.

DITO has 30 days from receipt of the Notice of Material Breach, or
until Nov. 4, 2022, to remedy the breach and pay the PHP429.7
Million owed to PLDT, according to the report.

If not, PLDT will exercise all of its rights under law and contract
to protect its interests, including suspension or termination of
the parties' service agreement.

DITO has yet to issue a statement as of press time, Manila Bulletin
notes.

Dito Telecommunity Corporation, formerly known as Mindanao Islamic
Telephone Company, Inc. or Mislatel, is a telecommunications
company in the Philippines which is also engaged in the business of
multimedia and information technology.




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

HAMBURG SUD: Members' Final Meeting Set for November 10
-------------------------------------------------------
Members of Hamburg SUD Asset Group Co. Pte Ltd will hold their
final meeting on Nov. 10, 2022, at 1:00 p.m., at 137 Telok Ayer
Street, #04-05, in Singapore.

At the meeting, Shirley Lim Guat Hua and Juay Sze Sin, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MERCATOR OFFSHORE: Creditors' Meeting Set for Oct. 18
-----------------------------------------------------
Mercator Offshore Assets Holding Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on Oct. 18,
2022, at 10:00 a.m., at.

Agenda of the meeting includes:

   a. to provide an update of the progress of winding up to the
      creditors;

   b. to resolve that the Provisional Liquidators' fees and
      disbursements for the provisional liquidation be approved;
      and;

   c. to resolve that the Liquidators' fees and disbursements for
      the liquidation be approved.

The company's liquidator is David Kim.


SOUTH MARITIME: Members' Final Meetings Set for November 10
-----------------------------------------------------------
Members of South Maritime Pte Ltd and North Maritime Pte Ltd will
hold their final meeting on Nov. 10, 2022, at 10:00 a.m., and 11:00
a.m., respectively at 10 Anson Road, #29-07 International Plaza, in
Singapore.

At the meeting, Shirley Lim Guat Hua and Juay Sze Sin, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


THALASSA PISTIS: Members' Final Meetings Set for November 10
------------------------------------------------------------
Members of Thalassa Pistis Pte Ltd, Thalassa Axia Pte Ltd, Thalassa
Tyhi Pte Ltd, Thalassa Doxa Pte Ltd, and  will hold their final
meeting on Nov. 10, 2022, at 12:00 p.m., 3:00 p.m., 4:00 p.m. and
5:00 p.m., respectively, at 137 Telok Ayer Street, #04-05, in
Singapore.

At the meeting, Shirley Lim Guat Hua and Juay Sze Sin, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


WORLDWIDE GROWERS: Creditors' Meeting Set for Oct. 19
-----------------------------------------------------
The Worldwide Growers Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on Oct. 19, 2022, at 4:30
p.m., via electronic means.

Agenda of the meeting includes:

   a. to provide an update on the status of the liquidation;

   b. to appoint a committee of inspection, if thought fit; and

   c. discuss other business.

The company's liquidators can be reached at:

          Kroll
          One Raffles Place
          Tower 2 #10-62
          Singapore 048616




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

SRI LANKA: Cabinet Approves Downgrade to 'Low Income Country'
-------------------------------------------------------------
Reuters reports that Sri Lanka's cabinet has approved a proposal to
downgrade the island nation's economic status to "low income
country", in order to get access to concessional funding from
international organisations, the cabinet spokesman said on Oct.
11.

Sri Lanka's economy is in a deep slump, shrinking at an annual 8.4%
in the June quarter in one of the steepest quarterly declines,
Reuters says.

Per capita GDP was $3,815 in 2021, which had placed it in the
lower-middle economy category, according to the World Bank.

The cabinet had decided to downgrade the island to "low income" on
the World Bank list, cabinet spokesman Bandula Gunawardane.

"Given the serious financial crisis Sri Lanka is facing
representatives of international organizations had informed us that
if Sri Lanka was categorised as a low income country access to
funding would be easier," Reuters quotes Gunawardane as saying.

The South Asian island of 22 million people is battling its worst
economic crisis since independence in 1948, brought about by
COVID-19 battering its tourism-reliant economy and slashing
remittances from workers overseas, rising oil prices, populist tax
cuts and a seven-month ban on the import of chemical fertilisers
last year that devastated agriculture.

The crisis has led to an acute dollar shortage to pay for imports
of food, fuel and medicine, a plunge in the rupee and runaway
inflation.

The Central Bank of Sri Lanka, which held policy rates steady last
week, is predicting an 8.7% gross domestic product contraction for
2022, Reuters discloses.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its NZD12.6 billion pile of foreign
debt to preserve cash for essential goods.

That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.

Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.

On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.



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

FNS HOLDINGS: Fitch Lowers National Ratings to 'B(tha)'
-------------------------------------------------------
Fitch Ratings (Thailand) Limited has downgraded FNS Holdings Public
Company Limited's National Long-Term Rating to 'B(tha)', from
'BBB-(tha)', and its National Short-Term Rating to 'B(tha)', from
'F3(tha)'. The ratings have been removed from Rating Watch
Negative, on which they were placed on December 28, 2021. The
Outlook is Stable.

The downgrade reflects the sharp deterioration in FNS's business
risk profile after it exited its financial services businesses in
May 2022 as well as the company's tight liquidity. Fitch estimates
that liquidity will be sufficient for the next year or two,
supported by the large cash balance from the disposal of FNS's
investments. This should cover debt repayments in October 2022 and
January 2023.

KEY RATING DRIVERS

Liquidity Supported by Cash: FNS's weak operating cash flow and
interest coverage of below 1.0x are insufficient to support
liquidity, which depends on a cash balance of THB628 million at
end-June 2022. This is sufficient for the next year or two and is
earmarked for the redemption of its THB200 million bond due 12
October 2022 and THB300 million bond due 12 January 2023. Fitch
expects free cash flow to remain neutral. The next significant debt
maturity will be a THB366.8 million bond due in October 2025.

Support to Affiliate Unlikely: FNS is a holding company of several
investments, the largest of which is a property developer, M.K.
Real Estate Development Public Company Limited (MK). MK accounts
for more than 60% of FNS's investments in associates and other
companies and Fitch believe FNS exerts control over its operations;
the two companies share a common CEO, FNS is MK's largest
shareholder, with a 31.5% stake, and there is some financial
integration via intercompany loans.

However, FNS has recalled most of the intercompany loans it lent to
MK, with the balance falling to about THB117 million by
end-September 2022, from around THB445 million as of end-June 2022,
to support its own liquidity. While MK has high refinancing needs
over the next 15 months, these are largely in place and are
independent of FNS, given its accessibility to debt capital market.
FNS is not legally obligated to support MK given the lack of debt
guarantees and cross default clauses.

Weak, but Improving Interest Cover: Fitch said, "We forecast
EBITDA/interest paid to remain at around 0.1x in 2022, before
improving to 1.5x in 2023 and 1.1x in 2024 on higher dividends from
MK. FNS's EBITDA mainly comprises dividend income from investments,
fees for services provided to affiliates and interest income on
intercompany loans. MK did not pay a dividend in 2021-2022 due to
its weak operations. We expect FNS's EBITDA, including dividends
received from affiliates, to reach THB20 million-30 million in
2023-2024, primary from better cash flow at MK."

Weak Cash Flow from Investments: Fitch does not think FNS's
dividends from investments, other than from MK, is sustainable over
the medium term. Excluding MK, FNS received dividends in 2021-2022
from its 12.8% stake in Neo Corporate Company Limited, a leading
domestic manufacturer of household and personal care products, and
its investment in 23% of Prospect Logistics and Industrial
Leasehold Real Estate Investment Trust. FNS sees the two
investments as non-core and may exit for capital gains or to boost
liquidity.

Execution Risks on Divestment: FNS plans to sell its stake in Neo
after Neo's IPO and listing on the Stock Exchange of Thailand,
expected in 2H23. The IPO plan has, nonetheless, been delayed for
the past few years due to market sentiment. Ficth has not
incorporated the IPO and FNS's exit plan or the potential liquidity
boost it may provide in our forecasts as the transaction is subject
to market uncertainty.

DERIVATION SUMMARY

FNS's closest rating peer is Raimon Land Public Company Limited
(RML, CCC(tha)), a small homebuilder in Thailand focusing on the
high-end market. FNS has better liquidity than RML, given its large
cash balance, dividends from several investments and no significant
capex commitments. Meanwhile, RML is exposed to higher liquidity
and refinancing risks due to its commitment to fund project
construction at its joint ventures. FNS is therefore rated multiple
notches above RML.

FNS is significantly weaker than JWD InfoLogistics Public Company
Limited (BB+(tha)/Stable), a major full-service inland logistics
provider. JWD has a better competitive advantage than FNS's key
affiliate, MK, given JWD's sole concession to provide warehousing
and handling of dangerous goods at Thailand's Laem Chabang Port.
JWD has stronger operating cash flow than FNS, with interest
coverage of more than 5.0x. Fitch expects JWD's leverage to stay
high amid planned capex and investments, but it should remain
comfortable and much lower than at FNS. Therefore, FNS is rated
multiple notches below JWD.

KEY ASSUMPTIONS

- EBITDA from FNS's operation plus dividend received from  
   affiliates to be minimal in 2022, improving to THB20 million-30

   million in 2023-2024

- Minimal to break-even cash flow from operation after interest
   payments in 2023-2024

- No additional investment in 2022-2023, then THB100 million
   invested in 2024. No capex in 2022-2024

- No dividend payments in 2023-2024

RATING SENSITIVITIES

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

- Sufficient liquidity to meet obligations over a rolling 12-24
   month horizon, while maintaining EBITDA/interest paid of more
   than 1.0x

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

- Deterioration in liquidity, including inability to access or
   renew funding lines.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Total debt at end-June 2022 was THB1.2 billion, of
which THB800 million was due within 12 months. This consisted of
short-term debentures of THB300 million, which have already been
redeemed, THB200 million debentures due October 2022 and THB300
million due January 2023. The remaining bonds outstanding are due
October 2025.

The company has earmarked THB500 million of its THB628 million cash
balance as of end-June 2022, boosted from the sale of its
securities business in 2Q22 and the recovery of intercompany loans
from MK, to cover debt due in 2022-2023. FNS also has an undrawn
committed bank facility of THB100 million and is finalising new
credit facilities with another bank with a total amount of THB250
million.

ISSUER PROFILE

FNS is a holding company with investments in several businesses.
Its largest investment is its 31.5% stake in MK and its other
investments involve household and personal care products, a bakery
chain and small start-up businesses.

SUMMARY OF FINANCIAL ADJUSTMENTS

Revenue and the cost of the securities business, which was disposed
of in 1H22, are net off and reclassified as net profit/loss from
discontinued operations under other income in the profit and loss
statement and are not included in cash flow from operation.

The outstanding balance of notes and debentures is adjusted to be
the face value to be repaid upon maturity.

   Entity                 Rating               Prior
   ------                 ------               -----
FNS Holdings Public
Company Limited   Natl LT  B(tha)   Downgrade   BBB-(tha)
          
                  Natl ST  B(tha)   Downgrade   F3(tha)



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                *** End of Transmission ***