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

                     A S I A   P A C I F I C

          Thursday, October 20, 2022, Vol. 25, No. 204

                           Headlines



A U S T R A L I A

ASIA PACIFIC: Second Creditors' Meeting Set for Oct. 26
BRIGHTE GREEN 2022-1: Moody's Gives (P)B2 Rating to Cl. F-G Notes
GIN BROTHERS: Second Creditors' Meeting Set for Oct. 26
INDUSTRIAL CONTAINERS: Second Creditors' Meeting Set for Oct. 27
OUTER INNER: Second Creditors' Meeting Set for Oct. 26

[*] AUSTRALIA: Aged Care Sector at Risk After Huge Losses


C H I N A

CHINA DILI: Moody's Affirms 'B3' CFR, Outlook Remains Stable
CIFI HOLDINGS: Fitch Lowers LongTerm IDRs to 'CC', Off Watch Neg.
ZOOMLION HEAVY: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating
[*] CHINA: Junk Debt is Sliding Deeper Into Unprecedented Distress


I N D I A

ALOK GLASS: ICRA Keeps B+ Ratings in Not Cooperating Category
BANSAL SHIP: CRISIL Withdraws B Rating on INR10cr Cash Loan
BARMENDRA AGROTECH: Insolvency Resolution Process Case Summary
BETTERMAN ENGINEERS: ICRA Hikes Rating on INR6.0cr Loan to B-
BHATIA & COMPANY: ICRA Keeps B+ Debt Ratings in Not Cooperating

CONCORD ENTERPRISES: Voluntary Liquidation Process Case Summary
DELTA IES INDIA: Voluntary Liquidation Process Case Summary
EAT REAL: Voluntary Liquidation Process Case Summary
ELERO MOTORS: Voluntary Liquidation Process Case Summary
ENN TEE INTERNATIONAL: Pre-pack Insolvency Resolution Case Summary

FUTURE COLONIZERS: Insolvency Resolution Process Case Summary
GANESH KHAND: CRISIL Withdraws B+ Rating on INR26.73cr Loan
HIGHCO ENGINEERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
INDIAN STEEL: ICRA Moves D Debt Ratings to Not Cooperating
KOHINOOR RECLAMATIONS: CRISIL Withdraws B INR7.15cr Loan Rating

MBR FLEXIBLES: ICRA Keeps B+ Debt Ratings in Not Cooperating
MINING & ENGINEERING: CRISIL Moves B+ Rating from Not Cooperating
MODERN CONSTRUCTION: ICRA Lowers Rating on INR45cr Cash Loan to D
NANJAPPA TRUST: ICRA Keeps B+ Debt Ratings in Not Cooperating
NEO PAPER: ICRA Keeps B- Debt Ratings in Not Cooperating Category

NEXUS ELECTRO: Liquidation Process Case Summary
NISHI FOREX: ICRA Lowers Rating on INR16cr Cash Loan to D
ORBIT EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating
OZONE HOMES: ICRA Keeps D Debt Rating in Not Cooperating Category
PANACHE EXPORTS: Liquidation Process Case Summary

PERFECT ENGINEERING: Insolvency Resolution Process Case Summary
RADIUS WATER: ICRA Lowers Rating on INR19.94cr LT Loan to D
RELIANCE INDUSTRIAL: ICRA Keeps B- Ratings in Not Cooperating
ROYAL CASTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating
SANOOR CASHEWS: ICRA Withdraws B Rating on INR2.0cr Cash Loan

SELECT GALVA: Insolvency Resolution Process Case Summary
SUDHEER CERAMICS: ICRA Assigns B+ Rating to INR78cr Term Loan
TELE DNA COMMUNICATIONS: Voluntary Liquidation Case Summary
TIRUPUR DISTRICT: ICRA Lowers Rating on INR25cr Cash Loan to B+
TRW SUN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category

UNIQUE PUNCH: CRISIL Withdraws B Rating on INR12cr Loan
URBANEDGE HOTELS: ICRA Raises Rating on INR10.34cr LT Loan to C+
VISHAL RICE: Insolvency Resolution Process Case Summary
WELCOME DISTILLERIES: ICRA Keeps B+ Ratings in Not Cooperating
ZISAFE CONSULTANCY: Insolvency Resolution Process Case Summary



M A L A Y S I A

SAPURA ENERGY: Shareholders OK MYR35MM Deal to Sell Drilling Rigs
TOP BUILDERS: Jessie Wong Redesignated as Non-Executive Director


N E W   Z E A L A N D

APPLIANCE STAR: Court to Hear Wind-Up Petition on Oct. 27
DDL HOMES: Civil Contracting Business Placed in Liquidation
EVA LOGISTICS: Court to Hear Wind-Up Petition on Oct. 27
FIELDTRON LIMITED: Creditors' Proofs of Debt Due on Nov. 28
STOMP CONSULTANTS: Creditors' Proofs of Debt Due on Nov. 15

ZHOLDINGS LIMITED: Court to Hear Wind-Up Petition on Nov. 4


S I N G A P O R E

DES & CO: Court to Hear Wind-Up Petition on Nov. 4
FUNG ASIA: Creditors' Proofs of Debt Due on Nov. 21
KRISENERGY LTD: Creditors' Meeting Set for Nov. 2
VIP PLAZA: Creditors' Proofs of Debt Due on Nov. 19
ZIRCONIA HOLDINGS: Creditors' Proofs of Debt Due on Nov. 19



S O U T H   K O R E A

TERRAFORM LABS: Founder Says He Hasn't Seen Korean Arrest Warrant


V I E T N A M

[*] VIETNAM: Big Losses Reported for Many SOEs

                           - - - - -


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

ASIA PACIFIC: Second Creditors' Meeting Set for Oct. 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Asia Pacific
Facility Property Group Pty Ltd has been set for Oct. 26, 2022, at
12:00 p.m. via virtual meeting.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 25, 2022, at 5:00 p.m.

Vincent Pirina and Ian Niccol of Aston Chace Group were appointed
as administrators of the company on Sept. 19, 2022.


BRIGHTE GREEN 2022-1: Moody's Gives (P)B2 Rating to Cl. F-G Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Brighte Green Trust 2022-1.

Issuer: Brighte Green Trust 2022-1

AUD137.40 million Class A-G Notes, Assigned (P)Aaa (sf)

AUD18.00 million Class A-NG Notes, Assigned (P)Aaa (sf)

AUD17.40 million Class B-G Notes, Assigned (P)Aa2 (sf)

AUD8.00 million Class C-G Notes, Assigned (P)A2 (sf)

AUD4.20 million Class D-G Notes, Assigned (P)Baa2 (sf)

AUD7.20 million Class E-G Notes, Assigned (P)Ba2 (sf)

AUD2.80 million Class F-G Notes, Assigned (P)B2 (sf)

The AUD5.00 million Class G-NG Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
consumer and commercial, Buy Now Pay Later (BNPL) and unsecured
loan receivables originated by Brighte Capital Pty Limited
(Brighte, unrated). The majority of receivables are originated to
homeowners to fund solar panel and home batteries installations. A
smaller portion are originated to fund home improvement products
and services, and to SMEs to acquire energy efficient products.
This is Brighte's third term securitization.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

The evaluation of the underlying receivables and their expected
performance. The portfolio is comprised of solar product-related
and home improvement product-related loans extended to Australian
consumer and commercial obligors. The vast majority of receivables
have been extended to homeowners who have historically displayed
lower default rates than non-home owners in comparable portfolios.
In Moody's view, this is a significant credit strength of the
transaction.

The limited amount of historical data. Brighte was established in
2015, with significant origination growth beginning in 2018. The
collateral performance data used in Moody's analysis reflects
Brighte's short origination history — limited to the period
between Q2 2017 and Q1 2022 — and does not cover a full economic
cycle.

The evaluation of the capital structure. The transaction features
a sequential/pro rata paydown structure. The notes will be repaid
on a sequential basis until the pro rata paydown conditions are
satisfied, principal will be distributed pro rata among all Notes.
Following the call date or if the pro rata conditions are otherwise
not satisfied, the principal collections will be distributed
sequentially starting with Class A-G and Class A-NG Notes.

The availability of excess spread over the life of the
transaction. The portfolio yield of 9.73% providing significant
excess spread to cure portfolio losses.

The liquidity facility in the amount of 2.00% of the rated note
balance with a floor of AUD390,000.

The interest rate swap provided by [National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr))].

The experience of Brighte as servicer, and the back-up servicing
arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.4%, a
recovery rate of 10.0% and a Aaa portfolio credit enhancement
("PCE") of 23.0%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 2.1%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Brighte's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 23.0% is broadly in line with other Australian consumer
ABS deals and is based on Moody's assessment of the pool taking
into account (i) historical data variability; (ii) the unsecured
nature of the loans, (iii) the comparison with other Australian
consumer loan and BNPL originators, and (iv) macroeconomic
expectations.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2022.

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

GIN BROTHERS: Second Creditors' Meeting Set for Oct. 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Gin Brothers
Pty Ltd has been set for Oct. 26, 2022, at 11:00 a.m. at the
offices of RSM Australia Partners Perth, Level 32, Exchange Tower 2
The Esplanade in Perth.
  
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. 25, 2022, at 4:00 p.m.

Gregory Bruce Dudley and Jerome Hall Mohen of RSM Australia were
appointed as administrators of the company on Sept. 19, 2022.


INDUSTRIAL CONTAINERS: Second Creditors' Meeting Set for Oct. 27
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Industrial
Containers Pty. Limited has been set for Oct. 27, 2022, at 4:00
p.m. via virtual meeting in Zoom only.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 26, 2022, at 4:00 p.m.

Claudio Trimboli of Charles & Co. was appointed as administrator of
the company on Sept. 21, 2022.


OUTER INNER: Second Creditors' Meeting Set for Oct. 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Outer Inner
Property Solutions Pty Ltd has been set for Oct. 26, 2022, at 11:00
a.m. via virtual meeting only.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 25, 2022, at 5:00 p.m.

Vincent Pirina and Ian Niccol of Aston Chace Group were appointed
as administrators of the company on Sept. 19, 2022.


[*] AUSTRALIA: Aged Care Sector at Risk After Huge Losses
---------------------------------------------------------
News.com.au reports that an essential industry in Australia is at
serious risk of financial collapse after a new report revealed that
two out of three nursing homes operated at a serious loss in
2020-21, with warnings an emergency injection of funds from the
federal government is needed.

Analysis of more than 1,300 residential aged care homes across
Australia showed the desperate situation the sector is facing with
each home suffering a loss of AUD14.67 a bed a day, a huge jump
compared to the previous financial year where losses sat at
AUD8.43, news.com.au says.

According to news.com.au, the figures were even more alarming
considering the former government paid an extra AUD10 a bed a day
last year in a package worth around AUD800 million for the sector.

But the report from specialist accounting firm StewartBrown said
the financial situation had "deteriorated" due to a number of
reasons including staff pay jumping by an extra 1.75% to 3.5%,
inflation skyrocketing to 6.1% and an increase in superannuation
payments to employees, news.com.au relays.

It also revealed that 67% of nursing homes made an operating loss
in the year to June 2022, a significant jump on the 58% in
2020-21.

"The residential aged-care segment has sustained significant
aggregate operating losses for the last five years totalling an
estimated AUD3.8 billion, with AUD1.4 billion being the FY22
forecast," it noted. "These losses have eroded equity and capital
growth, which has caused a considerable ­decline in investment
into the sector."

Its a stark downfall for the industry where providers were making
AUD2.11 a bed a day in 2018-19, only for losses to rack up to
AUD14.67 a bed a da, news.com.au  notes.

"It is the opinion of StewartBrown that after five years of
significant aggregate operating losses in the residential aged care
sector, structural funding reforms including increased and
appropriate care recipient co-contribution are essential," the
report, as cited by news.com.au, said. "However, to avoid closure
of homes and reduced service delivery, especially in regional
locations, an emergency funding package also needs to be considered
in the short term to ensure current viability and allow for the
necessary funding reforms to be properly implemented."

This would include the aged not only paying for the accommodation,
but for living essentials as well such as such as food, utilities,
cleaning and laundry, news.com.au relays.

However, it added where the consumer did not have the financial
means to further contribute this must not in any respect
disadvantage them.

"A safety net must be enshrined within aged care, as with other
areas of health care and social services," the report urged.

With the Labor government set to deliver its first budget next
week, Treasurer Jim Chalmers had already flagged that aged care was
one of the biggest cost pressures for it, the report states.

Funding for the sector will increase from AUD29.8 billion in
2022-23 to AUD52.5 billion in 2032-33.

There are around 245,000 Australians who live in an aged-care
facility annually but with an ageing population this is expected to
rise dramatically in coming years, news.com.au notes.




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C H I N A
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CHINA DILI: Moody's Affirms 'B3' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service has affirmed China Dili Group's B3
corporate family rating.

The outlook remains stable.

"The affirmation reflects the company's moderate debt leverage and
high level of ownership of the agriculture wholesale markets it
operates. The ownership of land and properties has enhanced the
company's control over its operations and improved its access to
bank financing," says Shawn Xiong, a Moody's Vice President and
Senior Analyst.

The stable outlook reflects Moody's expectation that China Dili
will extend its short-term bank loans and that its agriculture
wholesale markets business will maintain steady performance over
the next 12-18 months.

China Dili's small operating scale and rising direct sales of
agricultural products, which will lower margins and increase
working capital requirements, as well as its track record of
related-party transactions, constrain the rating.

RATINGS RATIONALE

The company's agriculture wholesale markets were negatively
affected by COVID-related restrictions in China during the first
half (1H) of 2022. As a result, the company's commission income
declined 22.3% and lease income was flat.

China Dili is increasing its direct sales of agricultural products
with revenues growing to around RMB447 million for 1H 2022 compared
with around RMB28 million for 1H 2021. However, the gross profit
margin for the category declined significantly to 4.2% for 1H 2022
compared with 22.3% for 1H 2021, which the company attributed to a
change in the product mix.

As a result, Moody's expects China Dili's revenue to grow around
25% for 2022, driven by the significant increase in its direct
sales of agricultural products. However, Moody's forecasts its
adjusted EBITDA margin will reduce to around 27% for 2022 from 51%
in 2021, driven by the significant increase in lower-margin direct
sales business as well as declines in commission income. As a
result, Moody's projects the company's financial leverage, as
measured by adjusted debt/EBITDA, will increase to around 4.0x for
2022 from 2.7x in 2021.

China Dili's liquidity is adequate. The company's cash balance of
RMB1.08 billion as of June 30, 2020, combined with an estimated
operating cash flow of around RMB110 million over the next 12
months, is sufficient to cover its short-term debt of around RMB460
million and estimated maintenance capital spending of around RMB20
million-RMB30 million over the next 12 months.

ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS

China Dili's ESG credit impact score is highly negative (CIS-4).
This assessment reflects its highly negative exposure to
governance, and neutral-to-low social and environmental risks.

The environmental risk score for China Dili is E-2 (neutral to
low), reflecting the fact that the company derives the majority of
its income from leasing space in its agriculture wholesale markets;
however, it has also started to ramp up the direct sales of
agricultural products in 2021.

The social risk score for China Dili is S-2 (neutral to low),
reflecting the fact that the company's main operations involve
leasing agriculture wholesale market space to its customers. In
addition, the company's agriculture wholesale markets play an
important role in facilitating the distribution of agricultural
products in China.

The governance risk score for China Dili is G-4 (highly negative),
reflecting its concentrated ownership by its board chairman, Dai
Yongge and his family. The company has had a modest operating track
record in terms of operating agriculture wholesale markets and has
recently started to ramp up its nascent business of direct sales of
agricultural products in 2021. Moreover, the company has had
substantial connected-party transactions. These factors are
partially tempered by (1) its moderate leverage and adequate
liquidity position, (2) its nine-member board consisting of four
independent non-executive directors as of June 30, 2022 and (3) its
public listing status, which ensures the timeliness and
transparency of its financial reporting.

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

The stable outlook on the rating reflects Moody's expectation that
China Dili will successfully extend its short-term bank loans and
that its agriculture wholesale markets business will maintain
steady performance over the next 12-18 months.

Moody's could upgrade China Dili's rating if the company (1)
expands its scale; (2) demonstrates a sound track record of
managing its agriculture wholesale markets business; (3)
sustainably improves its financial profile; and (4) improves its
liquidity profile, with broader banking relationships.

Conversely, negative pressure could emerge on China Dili's rating
if its financial position deteriorates because of (1) a
weaker-than-expected performance in the agriculture wholesale
markets business; (2) a worsening in its financial position owing
to an aggressive debt-funded expansion strategy and failure to
maintain sound corporate governance practice; (3) a sustained weak
liquidity profile.

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.

China Dili Group (China Dili), following the disposal of its
commercial property business in July 2016, is focusing on its
agriculture wholesale market business, which operated 10 wholesale
agricultural product markets across seven cities in China as of the
end of December 2021. China Dili owns nine out of its ten
agriculture wholesale markets.  

CIFI HOLDINGS: Fitch Lowers LongTerm IDRs to 'CC', Off Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded China-based property developer CIFI
Holdings (Group) Co. Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings to 'CC' from 'BB-'. Fitch has also
downgraded CIFI's senior unsecured rating and the ratings on the
outstanding notes to 'CC' with a Recovery Rating of 'RR4', from
'BB-'. All the ratings have been removed from Rating Watch
Negative.

The downgrade reflects CIFI's rising liquidity risks, amid market
reports that it failed to make an interest payment for its
convertible bonds (maturing 8 April 2025) that was due in early
October, and that it was also seeking to delay certain principal
and interest payment for other financial obligations.

The company has declined to comment to Fitch in writing, and has
not provided further information to Fitch beyond its public
announcement. Fitch has been unable to verify the non-payments.

KEY RATING DRIVERS

Uncertainty in Timely Debt Servicing: CIFI has not made any public
statements in response to market reports about the alleged missed
payment. The bond has no grace period, and any missed payment could
constitute an event of default. There are further news reports
claiming CIFI has proposed to delay payment of certain offshore
bank loan interest and amortized principal. Fitch has been unable
to verify the accuracy of these news.

Heightened Liquidity Risk: Fitch said, "We believe the company may
not be able to access the capital market in the medium term, and
expect it to rely on cash on hand and internal cash flow to address
upcoming maturities in the rest of 2022 and 2023. We estimate CIFI
has to address around CNY20 billion of capital-market maturities
and offshore syndicated loans during 2023."

CIFI stated on 28 September 2022 that it had more than CNY30
billion in cash, based on an unaudited estimate. The majority of
the cash relates to the group's property development projects,
including restricted presale proceeds deposited in designated bank
accounts. Fitch believes the bulk of CIFI's cash may not be readily
available for debt servicing.

Weak Contracted Sales: CIFI's total contracted sales fell by 47%
yoy in 8M22 to CNY94.3 billion, and Fitch believes recovery remains
uncertain in the near term. Poor sales will continue to hamper cash
flow generation.

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

ESG - Group Structure: CIFI has high exposure in joint ventures
(JVs) and associates, which appear to have weaker liquidity or
funding access. This has led to material cash outflow over the past
year and could weaken financial flexibility further.

ESG - Financial Transparency: The company entered into non-standard
financial arrangement with minority shareholders that may lead to
previously undisclosed scheduled cash outflow.

DERIVATION SUMMARY

CIFI's ratings reflect the increasing liquidity risks amid market
reports that it has failed to service its debt obligations in a
timely manner.

KEY ASSUMPTIONS

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

- Attributable contracted sales to drop by 35% in 2022 (2021: 7%
increase);

- Minimal land acquisitions in the rest of 2022 and 2023.

Key Recovery Rating Assumptions

Its recovery analysis assumes that CIFI would be liquidated in a
bankruptcy because it is essentially an asset-trading company. The
nature of homebuilding means the liquidation-value approach will
almost always result in a much higher value than the going-concern
approach.

Fitch has assumed a 10% administrative claim, in line with its
Recovery Rating criteria.

Liquidation Approach

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

- Advance rate of 80%, raised from 70%, applied to account
receivables. This treatment is in line with its Criteria.

- Advance rate of 59% applied to net property inventory. CIFI's
inventory consists mainly of completed properties held for sale,
properties under development (PUD), as well as deposits and
prepayments for land acquisition. Different advance rates were
applied to these different inventory categories to derive the
blended advance rates for net inventory.

- Advance rate of 70% applied to completed properties held for
sale. Completed commodity housing units are closer to readily
marketable inventory.

- Advance rate of 55% applied to PUD, which are more difficult to
sell than completed projects and are at various stages of
completion. The PUD balance - prior to applying the advance rate -
is net of margin-adjusted customer deposits.

- Advance rate of 90% applied to deposits and prepayments for land
acquisition. Similar to completed commodity housing units, land
held for development is closer to readily marketable inventory.

- Advance rate of 50% applied to property, plant and equipment.

- Advance rate of 20% applied to investment properties. CIFI's
investment-property portfolio consists mainly of shopping malls.
The portfolio has an average rental yield of below 2%, which is
below the industry average.

- Advance rate of 50% applied to JV net assets. JV assets typically
include a combination of completed units, PUD and land bank. A 50%
advance rate was applied in line with the baseline advance rate for
inventories.

- Advance rate of 0% applied to excess cash, after netting the
amount of note payables and trade payables (construction fee and
retention payables). Fitch does not assume available cash in excess
of outstanding trade payables would be available for other
debt-servicing purposes and therefore the advance rate for excess
cash is 0%.

The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR4' for the senior unsecured
offshore bonds.

RATING SENSITIVITIES

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

- Greater clarify on the repayment plans for its debt obligations

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

- Failure to service financial obligation in a timely manner

- Any announcement of a default or default-like process

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Fitch estimates that CIFI has large capital-market
and syndicated loan maturities of CNY20 billion in 2023. Liquidity
available for debt servicing may be insufficient to address its
near term maturity amid market reports that it has failed to
service its debt obligations in a timely manner.

ISSUER PROFILE

CIFI is a top-20 property developer based in Shanghai, with a focus
in the Yangtze River Delta, Pan Bohai Rim and central-western and
southern China. CIFI started consolidating its property-management
listed subsidiary, Ever Sunshine Lifestyle, in 2020. It owned a 24%
stake at end-2021.

ESG CONSIDERATIONS

CIFI has an ESG Relevance Score of '5' for Group Structure and
Financial Transparency due to its high exposure to JV and
associates as well as its opaque financial arrangements with
minority shareholders, which have a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
     
   Debt                           Rating       Recovery   Prior
   ----                           ------       --------   -----  
CIFI Holdings (Group)
Co. Ltd.                LT IDR     CC  Downgrade          BB-

                        LC LT IDR  CC  Downgrade          BB-

   senior unsecured     LT         CC  Downgrade   RR4    BB-


ZOOMLION HEAVY: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term issuer credit
rating on Zoomlion Heavy Industry Science and Technology Co. Ltd.
at the company's request. The rating outlook was stable at the time
of the withdrawal. S&P also withdrew its 'BB-' long-term issue
rating on the senior unsecured notes the company guarantees.


[*] CHINA: Junk Debt is Sliding Deeper Into Unprecedented Distress
------------------------------------------------------------------
Bloomberg News reports that a worsening crisis in China's property
market is dragging junk dollar bonds from the nation's borrowers
deeper into distress, as the implosion of what was once one of the
world's most-profitable bond trades sends ripples across trading
floors.

Anyone who had been expecting a market turnaround from the 20th
Communist Party congress which started on Oct. 16 has been left
grappling with a further grind lower in China's offshore credit
market this week, according to Bloomberg. President Xi Jinping gave
few signals of any major changes regarding housing market policies
and Covid rules that have also hampered the sector.

Average prices of the securities, dominated by real estate firms,
dropped 1-2 cents on Oct. 18 to a record low below 56 cents, notes
the report. Chinese high-yield notes have now suffered a record
drawdown of more than 55% from a peak in 2021.

According to Bloomberg, the rout underscores the challenges Chinese
authorities face as they try to balance long-term efforts to wean
the property market of excessive debt, while preventing a more
severe downturn in the industry that accounts for about a fifth of
the economy.

"The only way out is to have a heavy government involvement - for
local governments to buy assets from private developers, for
instance," Raymond Yeung, chief Greater China economist at ANZ
Bank, told Bloomberg TV on Oct. 18.

In a sign that policy steps are increasingly meeting with trader
skepticism, the latest declines came despite fresh signals of an
important expansion of a government program to help shore up
liquidity, Bloomberg notes.

For the first time, developers among a small group to issue local
bonds with state guarantees under a program that emerged in August
are coming back with more such planned offerings, according to
Bloomberg. Seazen Holdings Co., which has residential and
commercial projects in more than 100 cities, plans to issue as much
as CNY1.5 billion ($208 million) of such notes. Country Garden
Holdings Co. and Longfor Group Holdings Ltd. are also planning
offerings under the program, Bloomberg says.

Bloomberg relates that the scheme's emergence in August sent shares
and dollar bonds surging. But the rally faded within weeks and
investors have since been watching for signs of further help,
especially as one developer that recently sold state-guaranteed
notes failed to make a debt payment this month.

"This type of issuance will likely be repeated as a gesture of
support from policymakers, but it will offer limited help to
builders' financials and investor confidence," given the issuance
sizes are small compared with builders' liquidity gap, said Iris
Chen, a credit desk analyst at Nomura International HK Ltd.

Chinese high-yield dollar bonds are now into their second year of
losses, contrasting with their average returns of about 9% annually
from 2010 through 2020, Bloomberg notes. In the golden days,
institutions like Credit Suisse Group AG and Goldman Sachs Group
Inc. brought international money flooding into an asset class where
the gains stood out in a world desperate for yield and where
defaults were extremely rare.

That all began to unravel after a nationwide clampdown on leverage
and real estate speculation that started in 2020, Bloomberg
relates. It's snowballed in the past year into record defaults by
developers including property giant China Evergrande Group, and
been exacerbated by a broader global selloff in fixed-income
markets. Certain developers have left projects go unfinished, while
some homebuyers have initiated unprecedented mortgage boycotts.

Bloomberg says China, like other countries around the world, has
been trying to guide down housing prices that had become
prohibitively expensive for scores of city dwellers. Chinese
authorities have also been seeking to wean markets from assumptions
that borrowers would be bailed out. At the same time, they are
trying to help stabilize the property market amid a persistent
slump in home sales.

Financial regulators recently told the nation's biggest state-owned
banks to extend at least CNY600 billion of net financing to the
embattled property sector in the final four months of this year.

Recent developments have shown that even efforts the market had
initially cheered aren't by themselves enough to staunch the pain,
says Bloomberg.




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

ALOK GLASS: ICRA Keeps B+ Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Alok
Glass Works in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

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

   Long Term-          1.92        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.58        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Mr. Nannumal Agarwal and his brother Mr. Aditya Agarwal established
AGW as a partnership firm in 1987. Mr Mohit Agarwal who joined the
firm in 1998 is currently managing it. The firm is engaged in the
manufacturing of glass products such as glass bangles, glass
chimneys and other glassware. The firm's manufacturing unit located
in district Firozabad, Uttar Pradesh, has an area of 1.06 lakh
square feet and has daily production of 35 metric tonnes of glass.
In FY15, the firm reported a net profit of INR0.15 crore on an
operating income of INR23.80 crore, as compared to a net profit of
INR0.13 crore on an operating income of INR17.00 crore in the
previous year.


BANSAL SHIP: CRISIL Withdraws B Rating on INR10cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Bansal Ship Recyclers LLP (BSRL; a part of the Bansal group),
as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Foreign Exchange       1.8       CRISIL A4/Issuer Not
   Forward                          Cooperating (Withdrawn)

   Foreign Letter        89         CRISIL A4/Issuer Not
   of Credit                        Cooperating (Withdrawn)

   Proposed Long Term     0.7       CRISIL B/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with BSRL for
obtaining information through letters and emails dated January 22,
2022 and March 12, 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 BSRL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BSRL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL Ratings has withdrawn its ratings on the bank facilities of
BSRL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.


Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Bansal Ship Breakers
Private Limited (BSBPL) and BSRL. That's because the two entities,
together referred to as the Bansal group, are promoted by the same
family, have a common management team, and operate in similar lines
of business.

The Bansal group, promoted by Mr Kapoor Bansal and his son, Mr
Rubal Bansal, undertakes ship-breaking at Alang, Gujarat. GS was
set up in 1983, and BSBPL was incorporated in 1996.


BARMENDRA AGROTECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Barmendra Agrotech Private Limited
        Kila, P.O. Unchehra
        Dist. Satna
        M.P. 485661

Insolvency Commencement Date: October 14, 2022

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: April 12, 2023
                               (180 days from commencement)

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Ambedkar Statue
                         Pimpri, Pune 411018
                         Mobile: 9921516366
                                 9422327967
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    October 28, 2022


BETTERMAN ENGINEERS: ICRA Hikes Rating on INR6.0cr Loan to B-
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Betterman Engineers Private Limited (BEPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–         6.00       [ICRA]D Rating downgraded from
   Fund Based                    [ICRA]B+(Stable) and
   Term Loan                     simultaneously upgraded to
                                 [ICRA]B-(Stable)

   Short Term-       10.00       [ICRA]D Rating Downgraded
   Non Fund                      from [ICRA]A4 and simultaneously
   Based BG                      upgraded to [ICRA]A4

Rationale

The rating downgrade notes the irregularity in debt servicing by
BEPL in the past, while the simultaneous upgrade of the rating
factors in the subsequent regularisation of debt servicing for the
past six months. ICRA has been receiving the No Default Statement
(NDS) from BEPL regularly in prior months, which did not suggest
any irregularity in debt servicing. However, the latest information
suggests that there was an instance of delay in servicing the
vehicle loans in FY2022. The debt servicing has been timely during
the last six months.

The ratings continue to be constrained by Betterman Engineers
Private Limited's (BEPL) modest scale of operation and the
fragmented and intensely competitive nature of the company's
business, which keep its profits and cash accruals under check,
leading to modest debt coverage indicators. BEPL's working capital
intensity of operations remained high, owing to its stretched
receivable cycle and high inventory holding period, exerting
pressure on its liquidity, as reflected by the full utilization of
the company's fund-based working capital limit. The ratings also
take into the account high customer concentration risk and BEPL's
exposure to the cyclicality inherent in the capital goods sector
that resulted in a significant revenue volatility in the past
years.

The ratings, however, positively factor in the long experience of
the promoters in the fabrication of furnace components and air
pollution control equipment and its established relationship with
key customers that ensures repeat orders.

The Stable outlook on the [ICRA]B- rating reflects ICRA's opinion
that BEPL will continue to benefit from the long experience of its
promoters and its established track record in the industry.

Key rating drivers and their description

Credit strengths

* Experience of promoters in steel fabrication business: BEPL is
involved in the fabrication of heavy iron and steel structures such
as boiler columns, ducts, furnace structure, and chimneys.
primarily required for pollution control system in power plants,
integrated iron and steel plants and sugar plants among others. The
company acts as a sub-vendor for main contractors, which include
large corporates. BEPL's specialisation in setting up pollution
control systems, including electrostatic precipitators, provides
competitive advantage to some extent.

* Repeat orders from reputed clients attest satisfactory product
quality: Extensive experience of the promoters in the business
coupled with a satisfactory product quality enabled BEPL to
establish good relationships with its customers, which in turn
ensures repeat orders from them. The customer profile of the
company includes reputed players such as Tata Steel, L&T Power, and
Doosan Power.

Credit challenges

* High working capital intensity of operations led to full
utilisation of working capital limit, exerting pressure on
liquidity: The company's working capital intensity of operations
remained high, as reflected by the net working capital relative to
the operating income of 33% in FY2021 and 40% in FY2022, owing to a
stretched receivable cycle (177 days in FY2022) and high inventory
holding period (122 days). High working capital requirements have
kept BEPL's liquidity under pressure, resulting in full of the
fund-based working capital facility.

* Modest scale of operations in an intensely competitive industry:
The company's scale of operation remained modest, with an operating
income of INR30.35 crore in FY2022. Considering its low order book
position of INR12.9 crore as of 23 September 2022, BEPL's revenue
growth is dependent on new order inflows. Besides, the highly
fragmented industry structure and the intense competition among the
players kept the profits and net cash accruals of the company under
check. BEPL's operating margins improved sharply in FY2022 to 15%
from 8.87% in FY2021, owing to increased contribution of job work
sales. With increased focus on the job work sales, OPM is expected
to remain at ~13-14% going forward.

* High client concentration risk: The company is exposed to high
client concentration risk as the top five customers account for 86%
of the revenue in FY2022, in line with the past trends. The high
dependence of revenue from few customers accentuates the risk of
revenue volatility that may result from client attrition,
variations in demand from select clients, or any disruption of
client business. Since, the customers are reputed and established
players, BEPL's bargaining power against large customers remains
limited. Moreover, BEPL's performance remained exposed to the
cyclicality inherent in the capital goods sector, as reflected by a
revenue volatility in the past.

Liquidity position: Stretched

BEPL's liquidity position remained stretched as reflected by fully
utilised fund-based working capital limits and non-fund based
limits and limited free cash balance. Given the fixed debt
repayment obligation going forward, timely release of working
capital would remain crucial.

Rating sensitivities

Positive factors – ICRA may upgrade BEPL's ratings if its
turnover and profitability improve significantly on a sustained
basis or/and significant improvement in the working capital cycle
leads to better liquidity position.

Negative factors – Pressure on BEPL's rating may emerge if a
further stretch in the working capital cycle adversely impacts its
liquidity. In addition, a significant delay in order execution
and/or a decline in order inflow may affect BEPL's revenues and
profitability could lead to a downgrade of ratings.
  
Incorporated in 2002, Betterman Engineers Private Limited (BEPL) is
mainly involved in the fabrication of metal components such as air
pollution control equipment and furnace components, which are
primarily used in power plants, integrated iron and steel plants,
sugar plants etc. The company has two manufacturing units at
Chamrail and Uluberia in West Bengal.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         58.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         10.37        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        12.00        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          7.37        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

BAC was founded as a partnership firm by Late Mr. J C Bhatia1 in
1979 as an agency of Kirloskar Tractors. Subsequently they also
obtained dealership of Enfield Motorcycle in 1982-83 in Bhatia
Automobiles Private Limited which was subsequently closed and the
company forayed into a business wherein it installed CNG cylinders
in cars. The company obtained the dealership of MSIL in 1986. Since
then, it has received several awards in recognition of their
consistent performance. In 2006, it was converted into private
limited company.


CONCORD ENTERPRISES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Concord Enterprises Private Limited
        JP/96 Maurya Enclave
        Pitampura, Delhi 110034

Liquidation Commencement Date: October 11, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Mr. Pramod Kumar Gupta

Interim Resolution
Professional:            Mr. Pramod Kumar Gupta
                         B-1/10, Lower Ground Floor
                         Hauz Khas, Delhi 110016
                         Tel: +919810276808
                         E-mail: variety.financial@gmail.com

Last date for
submission of claims:    November 9, 2022


DELTA IES INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Delta IES India Private Limited
        D-19 South Extension Part-1
        New Delhi, South Delhi 110049

Liquidation Commencement Date: October 12, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Sanjeev Kumar

Interim Resolution
Professional:            Sanjeev Kumar
                         A903, Reflections Society
                         Dange Chowk
                         Near Shell Petrol Pump
                         Wakad, Pune 411033
                         E-mail: liquidatordeltaies@gmail.com
                         Mobile: +919665022275

Last date for
submission of claims:    November 11, 2022


EAT REAL: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: Eat Real Snacks Private Limited
        28, Nandan Baug Bunglows
        Naroda Dehgam Road
        Bilisiya, Ahmedabad
        Gujarat 382330

Liquidation Commencement Date: October 13, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Mr. Naveen Narang

Interim Resolution
Professional:            Mr. Naveen Narang
                         H-3/63, First Floor
                         Vikaspuri, New Delhi 110018
                         E-mail: nnarang.associates@gmail.com
                         Tel: +9198180225476
                              +911145113039

Last date for
submission of claims:    November 12, 2022


ELERO MOTORS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Elero Motors and Controls Private Limited
        UG 6, Upper Ground
        39 Daryacha Complex
        Hauz Khas Village
        South Delhi
        New Delhi 110016

Liquidation Commencement Date: October 15, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Mr. Neeraj Parmar

Interim Resolution
Professional:            Mr. Neeraj Parmar
                         94, Pocket-4
                         Sector-11, Dwarka
                         New Delhi 110075
                         E-mail: ip.neerajparmar@gmail.com
                         Tel: 011-45152802
                         Mobile: +919717007112

Last date for
submission of claims:    November 14, 2022


ENN TEE INTERNATIONAL: Pre-pack Insolvency Resolution Case Summary
------------------------------------------------------------------
Debtor: Enn Tee International Ltd.
        E-39, Ground Floor, Shastri Nagar
        New Delhi 110052

Pre-packaged Insolvency Commencement Date: October 10, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Ritu Rastogi

Interim Resolution
Professional:            Ritu Rastogi
                         D-1B, 9A
                         Janakpuri D-Block
                         New Delhi 10058
                         E-mail: ritu_rastogi1@yahoo.co.in
                                 ppirpenntee@gmail.com

Last date for
submission of claims:    October 17, 2022


FUTURE COLONIZERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Future Colonizers & Construction Limited
        Rani Di Kothi, House No. 263
        Ward No. 12
        Opposite PWD Rest House
        Sangrur, Punjab 148001

Insolvency Commencement Date: October 13, 2022

Court: National Company Law Tribunal, Ludhiana Bench

Estimated date of closure of
insolvency resolution process: April 10, 2023

Insolvency professional: Rajeev Bhambri

Interim Resolution
Professional:            Rajeev Bhambri
                         SCO No. 9, 2nd Floor
                         Jandu Tower, Miller Ganj
                         Ludhiana 141003
                         E-mail: rajeev.bhambri@gmail.com
                                 futurecirp@gmail.com

Last date for
submission of claims:    October 27, 2022


GANESH KHAND: CRISIL Withdraws B+ Rating on INR26.73cr Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Shree Ganesh Khand Udyog Sahakari Mandli Limited (SGK), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        5          CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           5          CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit          26.73       CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan            26          CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SGK for
obtaining information through letters and emails dated October 29,
2021 and November 29, 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 SGK. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SGK is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
SGK to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
SGK on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

SGK was set up as co-operative sugar factory in 1985, registered
under the Co-operative Sugar Society's Act, 1961. It manufactures
sugar and by-products such as molasses, bagasse, alcohol, and
rectified spirit. The manufacturing facility at Bharuch has an
annual capacity of 4000 TCD. Mr Surjit Mangrola is the chairman of
the society.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          9.78        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.22        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

HEPL was incorporated in 2003 by taking over the business of a
partnership firm earlier formed by the promoters, Mr. M.P. Singh
and Mr. A.K. Sahu. The company is an ancillary of TML for the
supply of pressed sheet metal items used in commercial vehicles.
HEPL also manufactures sheet metal components for a few other
clients including manufacturers of earthmoving equipments,
contractors of infrastructure projects as well as other automobile
component manufacturers. The company has two manufacturing units at
Adityapur, Jamshedpur in Jharkhand and another unit at Dharwad,
Karnataka. HEPL outsources a part of its painting operations to a
group company. The group also has presence in the manufacturing and
installation of aluminium windows, doors and external facades,
through another company.


INDIAN STEEL: ICRA Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Indian Steel
Corporation Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–       1,220.00     [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Moved to the 'Issuer Not
   Term Loan                     Cooperating' Category

   Short term–      1,032.82     [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating Moved to the 'Issuer Not
                                 Cooperating' Category

   Long Term–         118.85     [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Rating Moved to the 'Issuer Not
   Limits                        Cooperating' Category

As part of its process and in accordance with its rating agreement
with Indian Steel Corporation Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative.

In the absence of requisite information and in line with the
aforesaid policy of ICRA, a rating view has been taken on the
entity based on the best available information.

Incorporated in 2002, ISCL is involved in manufacturing cold rolled
(CR) coils and sheets along with galvanised plain (GP), galvanised
corrugated (GC) sheets and colour-coated galvanised sheets. The
company's manufacturing facilities are located at Bhimasar village
near Kandla port, Gandhidham (Gujarat), in proximity to the Mundra
port.

ISCL was jointly promoted by the Ruchi Group of Industries, India,
and Mitsui & Co. Ltd., Japan, in 2002. It commenced operations from
2004. Mitsui & Co. Ltd. sold its stake in the company in FY2021.

In FY2021, on a provisional basis, the company reported a net loss
of INR195 crore on an OI of INR776 crore, compared with a net loss
of INR67 crore on an OI of INR902 crore in the previous year.

KOHINOOR RECLAMATIONS: CRISIL Withdraws B INR7.15cr Loan Rating
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Kohinoor Reclamations (KR; part of the Kohinoor group), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee      2.04         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit         7.15         CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Letter of Credit    2            CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan      2.81         CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with KR, through
letters and emails, dated May 10, 2022, and July 11, 2022, among
others, apart from telephonic communication, for obtaining
information. 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 KOHREC management,
CRISIL Ratings failed to receive 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. The rating action on KOHREC is consistent with
'Assessing Information Adequacy Risk.' Based on the last available
information, the rating on bank facilities of KOHREC continues to
be 'CRISIL B/Stable/CRISIL A4 Issuer Not cooperating'.

CRISIL Ratings has withdrawn its ratings on the bank facilities of
KOHREC on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

Kohinoor is engaged in manufacturing & trading of variety of
reclaim rubber grades for use as tyre and non-tyre rubber products
etc. Its manufacturing facility is located at Kathua, Jammu &
Kashmir.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.02        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.09        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          0.89        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

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

Ahmedabad based, MBR Flexibles Limited (MBR) was incorporated in
2010 and is a family-owned company of Rajasthan based MBR Group
which has diversified business interest spanning over five decades.
MBR group started its operations in 1960s and has been involved in
the chemicals trading, textile auxiliaries and bulk intermediates.
MBR, managed by the Chopra family is involved into manufacturing
flexible packaging used across various industries such as FMCG,
pharmaceutical, home & personal, agricultural etc. The company
commenced its operations in 2012 and has an installed capacity of
60 0 tonne/month. The products profile includes printed/laminated
film, pouches like vacuum pouch, kraft pouch, zipper pouch etc.

MINING & ENGINEERING: CRISIL Moves B+ Rating from Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of The Mining & Engineering
Corporation - Prop - Vindhya Industries Private Limited (MEC) to
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Ratings is migrating the ratings on bank
facilities from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
to 'CRISIL B+/Stable/CRISIL A4'.             

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       14.2        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Bank Guarantee        8.8        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit           7          CRISIL B+/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

   Cash Credit          10          CRISIL B+/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

The ratings reflect extensive industry experience of the promoters
and established relationship with its customer base along with
healthy scale of operations. These strengths are partially offset
by high working capital intensive nature of operations and moderate
liquidity position.

Analytical Approach:

To arrive at the ratings, CRISIL Ratings has treated unsecured
loans of INR58.68 crores (as on March 31, 2022) as 75% equity and
25% debt as this fund is expected to remain in the business over
the medium term.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of the promoters: MEC's promoters are in the
line of business for approximately 3 decades and has over the years
developed good relationship with its clients. Healthy relationship
with customers has helped the firm bag repeat orders from them. The
firm has healthy unexecuted work orders to be executed over the
medium term.

* Healthy scale of operations: Revenue continues to remain healthy
at INR56.83 crore in fiscal 2022. The business is got impacted a
bit in fiscal 2021 amidst the disruptions caused by the pandemic
and is expected to improve on account of better demand outlook.

Weaknesses:

* Working capital intensive operations: MEC's operation is working
capital intensive with high gross current asset (GCA) days.
Furthermore, with healthy built up of work in process, the GCA days
is to be at around 600 days as on March 31, 2022 (around 829 days
during earlier year). Operations are likely to remain working
capital intensive with moderate debtor days and higher inventory
holding over the medium term. Efficacy working capital management
will be key rating driver.

* Stretched liquidity position: Liquidity position is also
stretched with highly utilised bank lines (around 98.97% for the
last 09 months ending March 2022) on account of high working
capital requirements. Enhancement in bank lines would be the key
rating driver as the same would ease the liquidity profile.    

Liquidity: Stretched

Bank limit utilization is high at around 99 percent for the past
twelve months ended August 2022. Cash accruals are expected to be
over INR3.43 crore which are sufficient against term debt
obligation of INR2.93 crore over the medium term. In addition, it
will be act as cushion to the liquidity of the company.

Current ratios are healthy at 2.68 times on March 31, 2022. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations. Low gearing and moderate net worth support
its financial flexibility and provides the financial cushion
available in case of any adverse conditions or downturn in the
business.

Outlook: Stable

CRISIL Ratings believes MEC to benefit from its promoters'
extensive experience, healthy relations with established customer
base and healthy prospects of the telecom industry over the medium
term.

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals
* Improvement in working capital cycle below 400 days

Downward factors

* Reduction in scale leading to fall in accruals beyond INR3 crore
* Increase in GCA days beyond 600 days

Established in the year 1991, The Mining and Engineering
Corporation (MEC) is a proprietorship firm, which provides end to
end solutions for Telecom industry. The firm is currently engaged
in providing wireline and wireless network to major players of
telecom industry. Also, it has varied products with which it
provides broadcast test and measurement service to its clients.


MODERN CONSTRUCTION: ICRA Lowers Rating on INR45cr Cash Loan to D
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Modern
Construction Company (Delhi):, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        45.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short Term-       32.50       [ICRA]D; ISSUER NOT COOPERATING;
   NonFund Based                 Rating downgraded from [ICRA]A4
   Others                        and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

Material event
The rating downgrade reflects Delay in Debt Repayment as feedback
mail received by the banker.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated on
September 30, 2021.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

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

MCCD was set up as a proprietorship concern, Modern Construction
Co, in 1976 by the Late M K Jain. The firm got its current name in
1987 and is now a partnership firm managed by Mr. Nirmal Jain, Mr.
Manish Jain, and Ms. Ruchika Jain. It undertakes contracts to
construct multi-storied buildings, shopping malls, institutions,
schools, townships, administrative buildings, hostels, factories,
roads, bungalows, farmhouses, research laboratories, and hospitals
in NCR.


NANJAPPA TRUST: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Nanjappa Trust in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         10.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         22.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Nanjappa Trust is a public charitable trust located at Shimoga,
Karnataka, engaged in imparting health care and education for the
last two decades. The trust is managed by Sri D.G. Benakappa who is
the Managing Trustee and Dr. D.B.Avinash who is the Administrative
Director. The trust started a 150 bedded multi-specialty hospital
in the name of Nanjappa Hospital (NH) at Shimoga in the year 1987
with Urology as the only super-specialty department and
subsequently diversified to various other specialties. In 2011, the
trust started Nanjappa Life Care (NLC), another 150 bed hospital at
Sagar Road, Shimoga, which deals exclusively with Cardiology and
Cardiac services. The trust currently has 35 in-house consultants
in different specialties like Urology, Neuro-Surgery,
Plastic-Surgery, Gynaecology, Cardiology, etc. The trust also
operates an institute for post graduate studies in General Medicine
and General Surgery and Diploma in General Nursing and Midwifery
course. It started its school of Nursing in the year 1994 and a
college of Nursing in October 2004.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.14        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.97        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.89        [ICRA]B- (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in March 2012, Neo Paper Mills Private Limited (NPMPL)
proposes to manufacture kraft paper for packaging applications. The
proposed unit is located in Halkarni, Kolhapur district of
Maharashtra and would have a production capacity of 13,500 MTPA.
The company plans to manufacture kraft paper in the range of 50-
150 GSM (grams per square meter) and having a Burst Factor of 14-16
BF. Kraft paper is used (i) in manufacturing corrugated boxes,
paper grocery bags, multiwall sacks, envelopes and other packaging
(ii) for lining particle boards and (iii) as base paper for
producing sand paper. The main raw materials required for
manufacturing kraft paper are waste paper, water, alum, rosin,
starch, gum, dyes and other chemicals used for treating and
removing impurities.


NEXUS ELECTRO: Liquidation Process Case Summary
-----------------------------------------------
Debtor: M/s. Nexus Electro Steel Ltd.
        202, 'Shivalaya', Block-C
        16, Ethiraj Salai
        Egmore, Chennai 600008

Liquidation Commencement Date: October 14, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: October 13, 2012

Insolvency professional: Radhakrishnan Dharmarajan

Interim Resolution
Professional:            Radhakrishnan Dharmarajan
                         C/o RDH Co., Flat No. 31
                         59, 'Krishna', 1st Avenue
                         100-Ft. Road, Ashok Nagar
                         Chennai 600083
                         E-mail: rp.nexussteel@gmail.com

Last date for
submission of claims:    November 16, 2022



NISHI FOREX: ICRA Lowers Rating on INR16cr Cash Loan to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Nishi
Forex & Leisure Private Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        16.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long-term–         1.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/        20.00       [ICRA]D/[ICRA]D; ISSUER NOT  
   Short Term-                   COOPERATING; Rating downgraded
   Unallocated                   from [ICRA]B+ (Stable)/[ICRA]A4
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-        3.00       [ICRA]D; ISSUER NOT COOPERATING;
   NonFund Based                 Rating downgraded from [ICRA]A4
   Others                        and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated on August 10, 2021. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

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

Incorporated in August 2014, Nishi Forex & Leisure Private Limited
is an Authorised Dealer II (AD II) license holder based in
Bangalore. Nishi primarily caters to foreign exchange needs of
corporate clients, retail customers and wholesale customer. It had
initially received the FFMC license from RBI in December 2014
before receiving the AD II licence in May 2018 which has enabled it
to undertake remittance related activities directly. While it
started its operations in Bangalore, it currently has branch
offices in Andhra Pradesh, Telangana, Tamil Nadu, Kerala and Delhi.
The company also provides air ticketing, tours and other travel
related services.


ORBIT EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Orbit
Exports Ltd (OEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1          CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit          17.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit           6          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Foreign Exchange      2.31       CRISIL A4 (Issuer Not
   Forward                          Cooperating)

   Foreign Exchange      0.24       CRISIL A4 (Issuer Not
   Forward                          Cooperating)

   Rupee Term Loan      30.78       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with OEL through
letters and emails dated July 30, 2022 and August 30, 2022 among
others, apart from telephonic communication, for obtaining
information. 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 OEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OEL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

OEL, incorporated in 1983 as Orbit Exports Pvt Ltd was
reconstituted as a public limited company in 1994. It is currently
headed by Mr Pankaj Seth and his wife, Ms Anisha Seth, who acquired
the company in 2004. OEL is listed on the Bombay Stock Exchange and
the National Stock Exchange. It manufactures and exports fancy
fabrics, and operates across multiple verticals in the value-added
fabric market, from women's apparel to Christmas crafts and home
decor, with special interests in occasion-specific fabrics and
finished products. The company is based in Mumbai with
manufacturing facilities in Surat, Gujarat, and in Bhiwandi,
Maharashtra.


OZONE HOMES: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the NCD of Ozone Homes Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Non-Convertible    180.00     [ICRA]D;ISSUER NOT COOPERATING;
   Debenture                     Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Ozone Homes Private Limited (OHPL) is a special purpose vehicle
(SPV) of the Ozone group which is currently developing Ozone
Autograph, a residential real estate project in Dadar, Mumbai. OHPL
has some unsold inventory in Ozone Gardenia, a completed project in
Chennai. OHPL also owns 11 units in Ozone Metrozone project,
Chennai which has been provided as security for the rated NCD
programme. Tuscan Consultants & Developers Private Limited (TCDPL)
is the majority shareholder of the company, with a shareholding of
99.8%. TCDPL is 100% owned by Mr. S Vasudevan, who is the chairman
of the Ozone group.


PANACHE EXPORTS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Panache Exports Pvt. Ltd.
        108-A, Parvathi Ind Estate
        New Sunmill Com
        Lower Parel, Mumbai 400013

Liquidation Commencement Date: October 12, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: September 22, 2022

Insolvency professional: Mr. Ajit Gyanchand Jain

Interim Resolution
Professional:            Mr. Ajit Gyanchand Jain
                         204, Wallstreet-1
                         Near Gujrat College
                         Ellisbridge, Ahmedabad
                         Gujrat 380006
                         E-mail: ajit@vcanca.com
                                 liquidation.panacheexports@
                                 rirp.co.in

Last date for
submission of claims:    November 11, 2022


PERFECT ENGINEERING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Perfect Engineering Products Limited
        1101 Viraj Towers,
        Andheri Kurla Road Junction
        Western Express Highway
        Andheri (E), Mumbai 400069

Insolvency Commencement Date: October 12, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 9, 2023

Insolvency professional: Mr. Vikas Prakash Gupta

Interim Resolution
Professional:            Mr. Vikas Prakash Gupta
                         G-19, Shreewardhan Complex
                         Mezzanine Floor
                         Besides Landmark Building
                         Ramdaspeth, Wardha Road
                         Nagpur, Maharashtra 440010
                         E-mail: vikas.gupta@bngca.com

                            - and -

                         12-B, 1st Floor, Khatau Building
                         Alkesh Dinesh Modi Marg
                         Near Bombay Stock Exchange
                         Fort, Mumbai 400001
                         E-mail: cirp.perfectengineering@gmail.com

Last date for
submission of claims:    October 27, 2022


RADIUS WATER: ICRA Lowers Rating on INR19.94cr LT Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Radius
Water Limited (RWL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        19.94       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/         6.06       [ICRA]D/[ICRA]D; ISSUER NOT  
   Short Term-                   COOPERATING; Rating downgraded
   Unallocated                   from [ICRA]B+ (Stable)/[ICRA]A4
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources.

The rating is based on limited information on the entity's
performance since the time it was last rated on September 2021. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade".

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

Incorporated in 1998, RWL is a special-purpose vehicle (SPV),
promoted by Radius Corporation Limited. It supplies raw as well as
treated water and provides services for industrial effluent
treatment and disposal to industries located in Borai Industrial
Growth Centre (BIGC) at Durg, Chhattisgarh, with a water storage
capacity of 60 million litres per day (MLD). The project has been
executed on build, own, operate and transfer (BOOT) basis under the
public-private partnership (PPP) model as per the concession
agreement signed between RWL and Chhattisgarh State Industrial
Development Corporation Limited [CSIDC, erstwhile M.P. Audyogik
Kendra Vikas Niram (R) Ltd.]- a nodal agency for industrial
development in Chhattisgarh. The project is also sponsored by
CSIDC.


RELIANCE INDUSTRIAL: ICRA Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Reliance Industrial
Consortium Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.20        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.30        [ICRA]B- (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1985, Reliance Industrial Consortium Limited (RICL)
is an authorised dealer of Tata Motors Limited (TML) since 2005.
The company sells and services vehicles along with spare parts and
accessories. RICL has three 3-S facilities (salesservices-spares),
located in Malda, Siliguri and Behrampore in West Bengal. The
company is promoted by the Kolkata-based Himatsingka family, who
has long experience in the automotivedealership industry.


ROYAL CASTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Royal
Castor Products Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Public Deposit     10.00      [ICRA]B+(Stable); ISSUER NOT
   Programme                     COOPERATING; Rating continues
                                 to remain under the 'Issuer Not
                                 Cooperating' category

   Fund based-         3.00      [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                     COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term-         (20.00)    [ICRA]B+(Stable); ISSUER NOT
   Interchangeable               COOPERATING; Rating continues
                                 to remain under the 'Issuer Not
                                 Cooperating' category

   Fund-based–         55.00     [ICRA]A4; ISSUER NOT
   EPC/FBD/FBP                   COOPERATING; Rating continues
                                 to remain under the 'Issuer Not
                                 Cooperating' category
      
   Non-fund             3.00     [ICRA]A4; ISSUER NOT
   Based Limits                  COOPERATING; Rating continues
                                 to remain under the 'Issuer Not
                                 Cooperating' category

   Short Term         (10.00)    [ICRA]A4; ISSUER NOT
   Interchangeable               COOPERATING; Rating continues
                                 to remain under the 'Issuer Not
                                 Cooperating' category

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

Royal Castor Products Limited (RCPL) was incorporated in August
1994 and is based out of Siddhpur in the Patan district of Gujarat.
The Company was initially promoted by Mr. Mohanbhai M Patel and
presently has more than 50 shareholders. Standard Greases &
Specialities Private Limited has a stake of around 23%. In FY 2013,
Kusumoto Chemicals Limited, (a company with whom RCPL has
established relations for over a decade) infused around INR11.10 Cr
for an 8.8% stake in the company. RCPL is engaged in the business
of manufacturing derivative products by processing castor oil and
refined castor oil. Its portfolio consists of more than 20
derivative products. It has a refining plant with a capacity of
73,214 tonnes per annum (TPA).


SANOOR CASHEWS: ICRA Withdraws B Rating on INR2.0cr Cash Loan
-------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Sanoor Cashews at the request of the company and based on the No
Objection Certificate received from the banker, and in accordance
with ICRA's policy on withdrawal and suspension. However, ICRA does
not have information to suggest that the credit risk has changed
since the time the rating was last reviewed.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term–
   Fund Based–
   Cash Credit         2.0        [ICRA]B (Stable); Withdrawn

   Short Term–
   Fund Based–
   Pledge Loan         5.0        [ICRA]A4; Withdrawn

Established in 1981, Sanoor Cashews (SC) is a partnership firm
managed by Mr. Ganesh N Kamath. The firm processes RCNs and
converts the same into kernels and allied products like cashew nut
shell liquid (CNSL), cashew shell cakes etc. SC imports RCN from
African nations and Indonesia, in addition to domestic purchases
from Kerala, Maharashtra and Goa. It also produces and exports
desiccated coconut powder and flakes. The firm's manufacturing
facility is located at Karkala (Udipi, Karnataka) and has an
aggregate installed capacity to process ~8 tonnes per day of RCN.


SELECT GALVA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Select Galva India Private Limited
        14/80, Sembudoss Street
        Broadway, Chennai 600001

        Also at:
        Door No. 10, 2B, Montieth Road
        2nd Floor, TAAS Mahal
        Chennai 08

Insolvency Commencement Date: October 14, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 10, 2023
                               (180 days from commencement)

Insolvency professional: J. Karthiga

Interim Resolution
Professional:            J. Karthiga
                         Sri Nivas, New No.1
                         Old No. 1052, 41st Street
                         Korattur, Chennai 600080
                         E-mail: karthigasri@hotmail.com
                                 cirp.selectgalva@gmail.com

Last date for
submission of claims:    October 28, 2022


SUDHEER CERAMICS: ICRA Assigns B+ Rating to INR78cr Term Loan
-------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Sree Sudheer
Ceramics Private Limited (SSCPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–
   Fund-based
   Term loan          78.0       [ICRA]B+ (Stable); Assigned

   Short-term-
   Non-fund based     (2.58)     [ICRA]A4; Assigned

Rationale

The assigned ratings reflect SSCPL's weak financial risk profile,
characterised by its modest scale operations, low profitability
levels, leveraged capital structure, high working capital intensity
and stretched liquidity position. The ratings factor in the intense
competition in the ceramic industry and the exposure of the
company's profitability to the volatility in raw material and fuel
(coal) prices. The ratings further note that SSCPL's operations and
cash flows are exposed to the cyclicality in the real estate
industry, which is the main end-user sector. The ratings, however,
favourably factor in the experience of the promoters in the
building material industry and improvement in capacity utilization
with ramp up in operations.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that SSCPL is expected to maintain its business positioning in the
ceramic industry.

Key rating drivers and their description

Credit strengths

* Experienced promoters in building material business: SSCPL's
promoters have longstanding experience in the building material
business. Apart from this, the company's key management personnel
have experience in the ceramics industry.

* Improvement in capacity utilisation levels: SSCPL has been able
to gradually scale up operations and accordingly, the capacity
utilisation stood at 81% in FY2022 (from 52% in FY2021).

Credit challenges

* Weak financial risk profile: The company's net margins remained
low at 2.1% in FY2022 (provisional financials). Further, owing to
high debt level and small net worth base (INR19.8 crore as on March
31, 2022), the capital structure remained leveraged, with gearing
of 5.9 times as on March 31, 2022. The leverage and coverage
indicators remained weak, with Total Debt/OPBDITA at 9.3 times and
NCA/Total Debt of 5.9% in FY2022. The working capital intensity has
been high owing to sizable receivables and high inventory levels
leading to almost full utilisation of working capital limits.

* Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: SSCPL's profitability remains exposed to
fluctuations in raw material as well as power and fuel (Coal)
prices. Owing to modest scale of operations, the pricing
flexibility is limited. Moreover, stiff competition limits its
ability to pass on any upward movement in prices to its customers.

* Margins vulnerable to intense competition and cyclicality in real
estate industry: The tile manufacturing industry is highly
fragmented with stiff competition from the organised and
unorganised segments, apart from imports. The large number of
players in the unorganised segment exerts pressure on the prices
and limits pricing flexibility. Moreover, the demand for tiles
remains exposed to the cyclicality in the real estate sector.

Liquidity position: Stretched

SSCPL's liquidity position is stretched as the cash accruals are
expected to remain tightly matched against the repayments. Further,
the overall utilisation for the working capital limits remained
high at around ~96% during the past 12 months (September 2020 to
October 2021), along with requirement of incremental ad-hoc limits.
Hence, support from the promoters in terms of equity
infusion/unsecured loans in case of cash flow mismatches remains
crucial. ICRA notes that the company has equity infusion plans
worth INR10 crore in the current fiscal to support its liquidity.

Rating sensitivities

Positive factors – ICRA could upgrade SSCPL's ratings with
substantial growth in revenue and profitability on a sustained
basis, along with improvement in the working capital cycle leading
to an improvement in the coverage indicators and liquidity.

Negative factors – The ratings may be downgraded if there is
substantial decline in operations or profitability leads to
lowerthan-expected cash accruals. Further, debt-funded capex along
with stretch in working capital leading to deterioration in
liquidity and debt protection metrics of the company will lead to a
rating downgrade.

Incorporated in 2017, Sree Sudheer Ceramics (formerly known as
Modulo Ceramics Pvt. Ltd) is involved in manufacturing of ceramic
wall tiles and trading of floor tiles. Its manufacturing facility
is in Vijaywada, Andhra Pradesh, with an installed capacity of
around 6.75 million square metre per annum.


TELE DNA COMMUNICATIONS: Voluntary Liquidation Case Summary
-----------------------------------------------------------
Debtor: M/s Tele DNA Communications Private Limited
        2nd Floor, No. 66 Ishwari Ramachandra Nilaya
        2nd Cross, 29th Main Road
        BTM Layout 1st Stage
        Bangalore, Karnataka 560068
        India

Liquidation Commencement Date: October 13, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency professional: Ms. Ramanathan Bhuvaneshwari

Interim Resolution
Professional:            Ms. Ramanathan Bhuvaneshwari
                         C-006, Pioneer Paradise
                         24th Main Road, 7th Phase
                         JP Nagar, Bangalore 560078
                         E-mail: bhoona.bhuvan@gmail.com

Last date for
submission of claims:    November 12, 2022


TIRUPUR DISTRICT: ICRA Lowers Rating on INR25cr Cash Loan to B+
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Tirupur
District Co-Operative Milk Producers Union Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         25.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB (Stable)and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The ratings downgrade is because of lack of adequate information
regarding Tirupur District Co-Operative Milk Producers Union
Limited performance and hence the uncertainty around its credit
risk. ICRA assesses whether the information available about the
entity is commensurate with its rating and reviews the same as per
its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Tirupur District Co-Operative Milk Producers Union Limited,
ICRA has been trying to seek information from the entity so as to
monitor its performance. However, despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

Tirupur District Cooperative Milk Producers Union Ltd., established
as a cooperative society in December 2018, is involved in
processing and manufacturing of milk and its byproducts. The union
sells milk, curd and other dairy products among others under the
brand name, Aavin, predominantly in Tamil Nadu. It consists of
472-member societies with average milk procurement of 2.50 lakh
litres per day from 17,314 dairy farmers in and around Tirupur
district. The union has two milk chilling centres located at
Tirupur and Sankarandampalayam (under process) with capacities of
10,000 litres and 50,000 litres, respectively. The Department of
Dairy Development in Tamil Nadu was set up in 1958. The Tamil Nadu
Dairy Development Corporation Limited was formed in July 1972 to
manage milk procurement, processing and marketing of milk and milk
products. Tamil Nadu www.icra .in Page |3 Co-operative Milk
Producers' Federation (TNMF) was formed in February 1981 as an apex
body of three tier cooperatives set up in Tamil Nadu and the
district level milk producer unions were formed in 1982. The
commercial activities of Tamil Nadu Dairy Development Corporation
Ltd., were transferred to the newly registered TNMF, popularly
known as Aavin.


TRW SUN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of TRW Sun
Steering Wheels Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.90        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.00        [ICRA]A4 ISSUER NOT
   Non Fund Based-                 COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          4.01        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Incorporated in 1994, TSSW is a joint venture between the Sun group
(51% stake held by M/s Sun Vacuum Formers Pvt. Ltd) and TRW group
(49% stake held by TRW Aftermarket Asia Pacific Pte Ltd). The
company is primarily involved in the business of manufacturing
steering wheels for various OEMs in the passenger vehicle industry,
with manufacturing plants in Gurgaon (Haryana) and Pune
(Maharashtra). The Sun group operates two more companies in
addition to TSSW viz. Sun Vacuum Formers (parent of TSSW) and
TS-Sun Tech India Private Limited. Sun Vacuum Formers manufactures
injection moulded plastic parts such as floor consoles and dash
board components, primarily for MSIL. The other company TS-Sun Tech
India Pvt Ltd is a JV between Sun Vacuum Formers (26%) and TS-Tech
(74%), which manufactures seats for Honda (holds 26% in TS-Tech).
TRW Automotive Inc. is an American global supplier of automotive
systems, modules and components to automotive OEMs and related
aftermarkets. TRW Automotive was acquired by ZF Friedrichshafen
(Germany) in 2015 and subsequently has been renamed ZF TRW
Automotive Holdings Corp.


UNIQUE PUNCH: CRISIL Withdraws B Rating on INR12cr Loan
-------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Unique Punch Systems Private Limited (UPSPL), as:

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.5        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           4          CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)


   Cash Credit          12          CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Letter of Credit      0.5        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Long Term    1.4        CRISIL B/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

   Term Loan             5          CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan             6.6        CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with UPSPL for
obtaining information through letters and emails dated March 14,
2022 and May 24, 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 UPSPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UPSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
UPSPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL Ratings has withdrawn its ratings on the bank facilities of
UPSPL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

Incorporated in 1995, Bengaluru-based UPSPL manufactures precision
sheet metal components used in telecommunication, electrical
controls, and computer peripherals, and in electrical, electronic
and medical equipment. The daily operations are managed by Mr K
Chandrasekhar and Mr K Guruswamy.


URBANEDGE HOTELS: ICRA Raises Rating on INR10.34cr LT Loan to C+
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Urbanedge Hotels Pride Limited (PHL/the company), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term         10.34       [ICRA]C+; Upgraded from [ICRA]D
   fund-based–
   Term loan         

   Unallocated       54.37       [ICRA]C+; Upgraded from [ICRA]D


Rationale

The ratings revision for the bank lines of PHL considers the curing
of past delays in servicing loans and timely servicing of debt
obligations for the past six months. The company had delays in debt
servicing in FY2022 owing to weak demand amid the pandemic and
consequent impact on cash flows. The company had initially availed
moratorium for the period of March–August 2020. Post that, UHPL
applied for a loan restructuring relief under the resolution
framework for pandemic-related stress specified by the Reserve Bank
of India (RBI). While the restructuring proposal was not invoked by
the lender and the same was communicated to the company on December
28, 2020. UHPL had cleared all the principal and interest
obligations for the period of March 2020–December 2020, using the
proceeds from the sale of its Ahmedabad property. Additionally, the
company had received sanction of INR30.0 crore under ECLGS 2.0 and
ECLGS 3.0 from its lender, which supported its operational and
financial commitments during February to October 2021. Post that,
UHPL was expected to fund its operating and financial commitments
through asset monetization. In the absence of timely closure of the
property sale and the weak ramp-up in demand, the company delayed
on its debt repayment obligations. However, the same has been
regularised, as confirmed by the management and the banker.

Urbanedge Hotels Private Limited's ("UHPL") has modest scale of
operations with revenues of INR15.8 crore in FY2022 and reported
operating/net losses in FY2022. Further, the company had stretched
coverage indicators in FY2022. The company currently has only one
operational hotel, at Whitefield, Bengaluru. The remaining hotels
have been sold in the last 2-3 years and the proceeds have been
used for debt reduction. While the operating metrics have improved
in 4M FY2023 and the strategic location of the property can attract
corporate/business travellers, UHPL's operating performance remains
vulnerable to industry cyclicality/seasonality, macro-economic
cycles, and exogenous factors (geopolitical crises, terrorist
attacks, disease outbreaks, etc), akin to other hotel players.

Key rating drivers and their description

Credit strengths

* Periodic equity fund infusion till FY2021: The company is yet to
achieve break-even at the operating level and has required
financial support in the past. The company has had equity infusion
of INR350.9 crore over the past ten years (since April 1, 2013,
till March 31, 2021) for loss funding and towards servicing of debt
obligations.

* Strategic location of hotel: UHPL's hotel is located in
Whitefield, Bengaluru, near business/information technology parks.
This is likely to attract corporate customers and business
travellers. The hotel's operating metrics witnessed healthy
improvement to pre-pandemic levels in 4M FY2023.

Credit challenges

* Financial profile characterised by modest scale of operations and
stretched coverage indicators: The company's revenues remained
modest at INR15.8 crore in FY2022. The company current has only one
property, post sale of its other 3 properties since the beginning
of the pandemic. UHPL had stretched coverage metrics in FY2022, by
virtue of its operating losses. Vulnerability of revenues to
inherent industry cyclicality, economic cycles and exogenous events
– The operating performance of the property remains vulnerable to
industry cyclicality/seasonality, macro-economic cycles and
exogenous factors (geopolitical crises, terrorist attacks, disease
outbreaks, etc), akin to other hotels.

Liquidity position: Stretched

ICRA expects business accruals to remain modest in FY2023, given
its single property. The company has no repayments for H2 FY2023
and has only INR5.3 crore term loans as of September 30, 2022
(INR10.3 crore as on August 31, 2022; INR5.0 crore was prepaid in
September 2022). Further, it had ~Rs. 14 crore cash and cash
equivalents as of September 30, 2022, primarily from its asset
monetisation. For FY2024 and FY2025, the company has scheduled
principal repayment commitments of INR1.94 crore and INR2.59 crore
respectively. UHPL does not have any significant capex plans over
the medium term.

Rating sensitivities

Positive factors – A sustained improvement in scale, operational
metrics and profitability indicators leading to significant
improvement in debt metrics, along with sustained serviceability of
the debt obligations from its operational cash flows could trigger
a rating upgrade.

Negative factors – Negative pressure on ratings could arise from
relatively slow recovery in its portfolio's operating metrics
leading to deterioration in the debt metrics or liquidity
position.

UHPL was incorporated in 2006 as a special purpose vehicle (SPV)
between Auromatrix Hotels Private Limited (Auromatrix 1.67% stake)
and CPI India I Limited (CPI). CPI, a fund managed by Apollo Global
Management LLC1 , owns a 98.35% stake in UHPL. UHPL owns one hotel,
operated under franchisee with the 'Aloft' brand in Bengaluru
(Whitefield) with a total inventory of 166 rooms. The company had
operational hotels at Ahmedabad (SG Road), Coimbatore (Singanallur)
and Chennai (Old Mahabalipuram Road IT Expressway), which were sold
in December 2020, January 2022, and April 2022, respectively. The
hotel at Coimbatore (Singanallur) was sold for a total
consideration of INR55.5 crore, while the Chennai hotel (Old
Mahabalipuram Road IT Expressway) was sold for a total
consideration of INR46.7 crore.


VISHAL RICE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Vishal Rice Exports Private Limited
        Super Market, Samana
        Punjab 147101

Insolvency Commencement Date: October 13, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: April 9, 2023

Insolvency professional: Deepankur Sharma

Interim Resolution
Professional:            Deepankur Sharma
                         H.No. 60, Sector 38-A
                         Chandigarh 160036
                         E-mail: deepankursharma@yahoo.com

                            - and -

                         H.No. 747, Sector 40-A
                         Chandigarh 160036
                         E-mail: cirp.vishalrice@gmail.com

Last date for
submission of claims:    October 25, 2022


WELCOME DISTILLERIES: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Welcome
Distilleries Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         16.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/         13.20        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Non Fund Based-                 COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1986, Welcome Distilleries Private Limited (WDPL)
is promoted by Chhattisgarhbased Jaiswal family. The company is
involved in distillery business and operates a molasses/grainbased
distillery unit to manufacture RS, CL, ENA and IMFL. The
manufacturing facility of the company is located in Bilaspur
district of Chhattisgarh with an installed capacity of 60 kilo
litres per day (KLPD). The company had set up a unit at Rohtas,
Bihar for processing and packaging of country liquor, which became
operational in March 2015.


ZISAFE CONSULTANCY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Zisafe Consultancy Services Private Limited
        Flat No. 001, Ground Floor, Building No. 2
        Devki Nagar, Zanjroli
        Kelva Road, Palgar Thane
        MH 401401
        IN

Insolvency Commencement Date: October 8, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 31, 2023

Insolvency professional: CA Naren Sheth

Interim Resolution
Professional:            CA Naren Sheth
                         1014-1015, Prasad Chamber
                         Tata Road No.1, Opera House
                         Charni Road (East)
                         Mumbai 400004
                         Mobile: 09821133426
                         Tel: 02266322870
                         E-mail: mkindia58@gmail.com

Last date for
submission of claims:    October 23, 2022




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

SAPURA ENERGY: Shareholders OK MYR35MM Deal to Sell Drilling Rigs
-----------------------------------------------------------------
theedgemarkets.com reports that Practice Note 17 (PN17) company
Sapura Energy Bhd's shareholders greenlighted the proposal on the
disposal of three drilling rigs to UK-based NKD Maritime Ltd for
US$8.2 million (MYR35.14 million) at the EGM.

According to theedgemarkets.com, the oil and gas service provider
said the resolution was duly passed after 489 shareholders who
collectively hold 8.63 billion shares in Sapura Energy
(representing 99.96% of voting shares) voted for the disposal.  

Meanwhile, 123 shareholders collectively holding 3.41 million
shares (representing 0.04% of voting shares) voted against the
proposal.

According to Sapura Energy's circular to its shareholders, the
group will utilise MYR34.8 million disposal proceeds for the
repayment of bank borrowings, while the remaining MYR350,000 will
be used for the disposal's estimated expenses, theedgemarkets.com
relays.

The group noted that the net proceeds of the disposal are required
to be applied towards the repayment of its multi-currency
facilities, pursuant to terms of an inter-creditor agreement.

"As at [Sept 5, 2022], the group has a total outstanding borrowing
of MYR11.09 billion. The proposed repayment of borrowings amounting
to MYR34.8 million is expected to result in interest savings of
approximately MYR1.2 million to MYR1.8 million per annum, based on
a range of interest rate, 3.4% to 5.2%," it added.

AmanahRaya Trustees Bhd is the largest shareholder of Sapura
Energy, holding a 40.03% stake, followed by Sapura Holdings Sdn Bhd
(10.55%), and Jurudata Sdn Bhd (2.08%), theedgemarkets.com
discloses.

AmanahRaya Trustees is the trustee for the funds under Permodalan
Nasional Bhd's (PNB) management. The asset investment group on its
website said it voted for the proposal.

Previously, three of Sapura Energy's subsidiaries - Sapura Drilling
T-19 Ltd, Sapura Drilling T-20 Ltd and Sapura Drilling Setia Ltd -
inked agreements to sell the rigs to NKD Maritime as part of the
group's focus on long-term sustainability and improving its
liquidity position, streamlining its operating model and providing
greater flexibility for strategic growth, according to the report.


"The rigs are either ageing or not technically competitive. Based
on market demand, the company does see any financially viable
prospects that could cater for the rigs to be reactivated in the
foreseeable future.

"Therefore, the rights have a high probability of being stacked in
the coming years, which exposes the company to more costs and risk
of deterioration," the group said in a filing dated Aug 19.

                        About Sapura Energy

Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is
engaged in investment holding and the provision of management
services to its subsidiaries. The Company's segments include
Engineering and Construction (E&C), Drilling, Energy and
Corporate.

Sapura Energy Bhd announced on May 31 that it has been classified
as a PN17 listed issuer due to going concerns on its shareholders'
equity position less than 50% of its share capital.

Sapura Energy has become an affected listed issuer under PN17 on
the basis that its shareholders' equity position of MYR85 million
as at Jan. 31, 2022 was less than 50 per cent of its share capital
of MYR10.9 billion.


TOP BUILDERS: Jessie Wong Redesignated as Non-Executive Director
----------------------------------------------------------------
theedgemarkets.com reports that less than three months after
joining the board of Top Builders Capital Bhd as executive vice
chairman, Datin Seri Jessie Wong Siaw Puie has been redesignated as
a non-independent and non-executive director of the Practice Note
17 (PN17) company.

She joined Top Builders on July 28 this year.

According to the report, Wong was Caely Holdings Bhd's executive
vice-chairman. Caely is a Perak-based lingerie and apparel
manufacturer which is embroiled in allegations of corruption,
misconduct and misuse of funds amounting to MYR30.55 million.

Wong is among the seven directors in Caely who were removed from
the board in August, following a High Court ruling.  

On the other hand, Top Builders announced the resignation of its
22-year old executive director Koo Soon Seng, citing "due to his
personal reason", theedgemarkets.com discloses citing filing with
the bourse.

Koo joined Top Builders a day after Wong was appointed to the
board. Koo is Wong's son.

                        About Top Builders

Top Builders Capital Berhad specializes in engineering and
construction services. The Company designs, engineers, and
constructs piling and foundation, bridges, and buildings.

Top Builders was classified as a Practice Note 17 (PN17) company in
January 2022 after Bursa Malaysia Securities Bhd rejected the
company's request for a six-month extension of the exemption
period.

Top Builder first triggered the PN17 criteria in June, 2020. Known
as Ikhmas Jaya at the time, its external auditor Messrs KPMG PLT
raised doubt about the company's ability to continue as a going
concern, as the loss-making company's current liabilities had
exceeded its current assets by MYR21.6 million. At the same time,
its shareholders' equity on a consolidated basis was 25% or less of
the share capital (excluding treasury shares), and such
shareholders' equity was less than MYR40 million.  But thanks to
the relief measures introduced by Bursa and the Securities
Commission Malaysia, Ikhmas Jaya was not classified as a PN17
listed issuer for a period of 18 months, theedgemarkets.com said.

The company is still in the midst of formulating a regularisation
plan to address its financial condition. It has been a loss-making
company since FY18.




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

APPLIANCE STAR: Court to Hear Wind-Up Petition on Oct. 27
---------------------------------------------------------
A petition to wind up the operations of Appliance Star NZ Limited
and Cak Stone NZ Limited will be heard before the High Court at
Auckland on Oct. 27, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 17, 2022.

The Petitioner's solicitor is:

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


DDL HOMES: Civil Contracting Business Placed in Liquidation
-----------------------------------------------------------
The New Zealand Herald reports that DDL Homes Central, a civil
contracting company that employed 75 staff for a large-scale South
Auckland terraces and apartment housing scheme, has gone into
liquidation and all employees were let go during the winter.

On Oct. 7, Grant Reynolds and Pritesh Patel released their first
report on DDL Homes Central, which was working on a 180-home
project at 397 Ormiston Rd, the Herald discloses.

The company is owed NZD18 million by related businesses which
failed a few months ago, causing wider-spread fallout in the
sector.

In turn, DDL Homes Central owes millions to a substantial list of
263 creditors, all named in the new report out last week, the
Herald relays.

"I've never seen a list of creditors this long," said one
accountant considering the financial fallout from the failure.

According the Herald, the 75 staff were working in administration,
project management, site management, as electricians, plasters,
painters, plumbers and in other trades. They were let go around the
middle of this year when the two other companies went into
receivership and buyers expressed dismay.

DDL advertised itself as "delivering dreams" and homes were
pre-sold with 10 per cent deposits paid.

The Herald says the liquidation of the company was at owner Baljit
Dheil's request. It is the latest in a string of related-party
business failures, hitting financial strife after working on the
Flat Bush housing scheme.

Buyers who had paid deposits have complained about late delivery,
worried about when their places will be finished and to what
standard but the receivers have issued reassurances in the past few
months, the Herald relays.

The Herald relates that Messrs. Reynolds and Patel's first report
said companies associated with DDL Homes Central owed it around
NZD18m for construction work undertaken on the sites.

Related parties DDL Homes Ormiston 2020 and DDL Homes Ormiston owe
NZD18 million to the civil contractor for work carried out at sites
for more of the new homes in terrace and apartment configurations,
the first report said.

The October 7 report on DDL Central said related parties had assets
available of NZD22 million. Unsecured creditors are owed NZD4m by
DDL Homes Central but what assets are available is listed as yet to
be assessed or ascertained, the Herald discloses.

Creditors include Inland Revenue, Mercury NZ, Mitre 10 Mega,
TradeMe, the Accident Compensation Corporation, Auckland Transport,
Auckland Council, Royal Wolf, lawyers Chapman Tripp, Chorus NZ,
Carters, Rentokil and Scentre Shopping.

DDL Homes Central was incorporated in 2018, had registered offices
at 344 Great South Rd, Hunters Corner and its sole director and
shareholder was Baljit Kaur Dheil of Redoubt Rd, Flat Bush.


EVA LOGISTICS: Court to Hear Wind-Up Petition on Oct. 27
--------------------------------------------------------
A petition to wind up the operations of Eva Logistics Limited will
be heard before the High Court at Auckland on Oct. 27, 2022, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 9, 2022.

The Petitioner's solicitor is:

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


FIELDTRON LIMITED: Creditors' Proofs of Debt Due on Nov. 28
-----------------------------------------------------------
Creditors of Fieldtron Limited are required to file their proofs of
debt by Nov. 28, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 17, 2022.

The company's liquidators are:

          Geoff Brown
          Lynda Smart
          Rodgers Reidy
          PO Box 39090
          Harewood
          Christchurch 8545


STOMP CONSULTANTS: Creditors' Proofs of Debt Due on Nov. 15
-----------------------------------------------------------
Creditors of:

          - Stomp Consultants Limited;
          - Stomp Equipment Limited;
          - Stomp Group Limited;
          - Stomp Training and Resources Limited;
          - Stomp Transport Limited; and
          - Stomp Workforce Solutions Limited

are required to file their proofs of debt by Nov. 15, 2022, to be
included in the company's dividend distribution.

Stomp Consultants et al. commenced wind-up proceedings on Oct. 11,
2022.

The liquidator can be reached at:

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


ZHOLDINGS LIMITED: Court to Hear Wind-Up Petition on Nov. 4
-----------------------------------------------------------
A petition to wind up the operations of Zholdings Limited will be
heard before the High Court at Auckland on Nov. 4, 2022, at 10:45
a.m.

Hodder & Taylors Limited filed the petition against the company on
Sept. 8, 2022.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          Level 19
          191 Queen Street
          Auckland




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

DES & CO: Court to Hear Wind-Up Petition on Nov. 4
--------------------------------------------------
A petition to wind up the operations of DES & Co Automobile Pte Ltd
will be heard before the High Court of Singapore on Nov. 4, 2022,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 12, 2022.

The Petitioner's solicitors are:

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


FUNG ASIA: Creditors' Proofs of Debt Due on Nov. 21
---------------------------------------------------
Creditors of Fung Asia Development Pte. Ltd. are required to file
their proofs of debt by Nov. 21, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 12, 2022.

The company's liquidators are:

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


KRISENERGY LTD: Creditors' Meeting Set for Nov. 2
-------------------------------------------------
Creditors of KrisEnergy Ltd. will hold their meeting on Nov. 2,
2022, at 10:00 a.m., Singapore time, and Nov. 1, 2022, 9:00 p.m.
Cayman Islands time via web-based video conference.

At the meeting, Luke Furler and Michael Pearson, the company's
Joint Official Liquidators, will give a report on the company's
wind-up proceedings over the preceding period ended Aug. 26, 2021
to July 31, 2022.


VIP PLAZA: Creditors' Proofs of Debt Due on Nov. 19
---------------------------------------------------
Creditors of Vip Plaza International Pte Ltd are required to file
their proofs of debt by Nov. 19, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 12, 2022.

The company's liquidators are:

          Chan Li Shan
          Thio Khiaw Ping Kelvin
          c/o Agile 8 Solutions
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


ZIRCONIA HOLDINGS: Creditors' Proofs of Debt Due on Nov. 19
-----------------------------------------------------------
Creditors of Zirconia Holdings Pte. Ltd. are required to file their
proofs of debt by Nov. 19, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 11, 2022.

The company's liquidators are:

          Chan Li Shan
          Thio Khiaw Ping Kelvin
          c/o Agile 8 Solutions
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535




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

TERRAFORM LABS: Founder Says He Hasn't Seen Korean Arrest Warrant
-----------------------------------------------------------------
Bloomberg News reports that crypto fugitive Do Kwon, who faces
charges in South Korea related to his collapsed stablecoin
ecosystem, said he's cooperating with prosecutors but hasn't seen
the arrest warrant issued for him.

"We haven't seen a copy of the arrest warrant so every piece of
data we are consuming is from the media," the co-founder of
Terraform Labs said in an interview on the Unchained podcast
published on Oct. 18 and hosted by journalist Laura Shin. He added
that he's cooperated with all document requests he's received from
authorities, Bloomberg relays.

According to Bloomberg, Mr. Kwon refrained from specifying his
whereabouts during the discussion, citing threats he's received.
The 31-year-old's location has been unclear since South Korea in
mid-September issued a warrant for his arrest on charges linked to
the US$60 billion wipeout of two tokens he created, TerraUSD and
Luna. Singapore authorities have said he's no longer there.

Algorithmic stablecoin TerraUSD was meant to have a constant US$1
value via a mix of algorithms and trader incentives involving Luna
but the edifice imploded in May, sending shockwaves through the
crypto market and catching regulators off guard, Bloomberg says.

According to the report, Terra's collapse exacerbated a US$2
trillion crypto rout and spurred the unraveling of the once
high-flying digital-asset hedge fund Three Arrows Capital.
Contagion also buffeted lenders and brokers such as Voyager Digital
Ltd. and Celsius Network.

Bloomberg relates that critics argue Mr. Kwon created a giant Ponzi
system that was doomed to fail as it relied in part on luring
investors with unsustainable interest rates of 20 per cent. He has
countered that he acted in good faith in an attempt to create a new
kind of currency.

In the months before Terra's implosion, Mr. Kwon cultivated a brash
online persona, frequently taking to Twitter to taunt his
detractors. That's an approach he now regrets, he told Shin, note
the report.

"So I think I got too much carried away interacting with other
people on Crypto Twitter," he said, Bloomberg News relates. "I
think in retrospect I should have held myself to a more stringent
standard."

Prosecutors in Seoul have accused Mr. Kwon and five others of
crimes including breaches of capital-markets law. He's also the
subject of an Interpol red notice. Mr. Kwon has rejected any
wrongdoing, denied he's on the run and argued that the case against
him has become "highly politicised."

When pressed by Shin about authorities not being able to physically
deliver an arrest warrant to him, Mr. Kwon said he also hasn't seen
a PDF version of the document, "so besides application of the
Capital Markets Act we haven't seen what specific charges we are
facing," Bloomberg relays.

A key issue is whether Luna is subject to securities law - echoing
a wider question officials globally are asking about the status of
digital tokens, Bloomberg states.

A court in South Korea earlier this month said there was room for
legal argument over whether Luna does qualify as a security as it
dismissed a request to detain an executive linked to Terraform
Labs.

In late September, a Bitcoin reserve connected to Mr. Kwon, the
Luna Foundation Guard, denied transferring digital tokens after a
trail of coin movement prompted South Korean prosecutors to take
steps to freeze assets.

Local reports said officials have frozen about KRW95 billion of
assets they claim are Mr. Kwon's. He has said he doesn't know who
owns them, Bloomberg News relays.  

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




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

[*] VIETNAM: Big Losses Reported for Many SOEs
----------------------------------------------
VietNamnet reports that a government report shows that 38 out of
197 enterprises in which the state holds more than 50 percent of
charter capital have accumulated losses of VND33.143 trillion.

The total assets held by the enterprises were VND663.571 trillion.
According to VietNamnet, consolidated financial statements show
that total accounts receivable was VND66.214 trillion, up 3 percent
over 2020. Bad receivable debts were VND9.392 trillion, accounting
for 14 percent of receivables. These enterprises made provision for
bad receivable debts, valued at VND7.086 trillion.

Some enterprises reported high total revenue according to their
consolidated finance statements (over VND5 trillion), VietNamnet
discloses.

These included Petrolimex (VND170.968 trillion), Bao Viet Group
(VND46.511 trillion), Vietnam Airlines Corporation (VND29.752
trillion), Vietnam Rubber Group (VND28.065 trillion), Vinafood 2
(VND16.714 trillion), Vinalines (VND14.298 trillion), and others.

The pre-tax profit of enterprises is VND30.404 trillion, up by 17
percent compared with 2020.

However, some of them have big receivables, such as Bao Viet
(VND9.303 trillion), Petrolimex (VND7.626 trillion), Becamex
(VND5.260 trillion) and Vietnam Airlines (VND5.102 trillion).

Of these, four holding companies have high receivables (more than
VND1 trillion), including the holding companies of Vietnam Airlines
(VND1.63 trillion), Vinafood 2 (VND1.336 trillion), Lilama
(VND1.207 trillion) and VRG (VND1.071 trillion), VietNamnet
relays.

According to VietNamnet, the total stockholder equity of the
enterprises was VND247.101 trillion, the same as 2020. Of this, the
state's capital is VND156.069 trillion, accounting for 83 percent
of total charter capital on average.

VietNamnet, citing the government report, says the controlling
stake in enterprises after equitization or the shift to limited
companies with two or more members has been mostly seen in large
economic groups and general corporations, and the enterprises that
provide public products and services.

VietNamnet relates that the government said that some enterprises,
after ownership restructuring, still operated ineffectively, took
losses, and many could not preserve stockholder equity.

These include Vietnam Satellite Digital Television Co Ltd (the
state holds 50.26 percent of capital) which has stockholder equity
of minus VND3.551 trillion; and the holding company of COMA (98.76
percent) which has stockholder equity of minus VND52 billion,
VietNamnet discloses.

Some state-owned enterprises had high losses as shown in
consolidated statements, such as Vietnam Airlines (VND12.965
trillion), Vietnam Satellite Digital Television Co Ltd (VND342
billion), and Vinafood 2 (VND298 billion).

If considering holding companies alone, the report showed that two
holding companies had losses of VND12.185 trillion, including the
holding companies of Vietnam Airlines (VND11.833 trillion) and
Vinafood 2 (VND352 billion), adds VietNamnet.



                           *********


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

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

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

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

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



                *** End of Transmission ***