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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 27, 2022, Vol. 25, No. 209

                           Headlines



A U S T R A L I A

ANAX CO: First Creditors' Meeting Set for Oct. 31
ARNOLD CLASSIC: Tony Doherty in Trouble After Company Liquidation
COLORTV LIMITED: Second Creditors' Meeting Set for Oct. 31
FULTON AVENUE: First Creditors' Meeting Set for Oct. 31
LANSKEY CONSTRUCTIONS: Building Company Goes Into Liquidation

LIBERTY SERIES 2022-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
OXIGEN BUSINESS: First Creditor' Meeting Set for Oct. 31
RUBY BOND 2020-1: S&P Affirms BB (sf) Rating on Class E Notes
TIM TECHNOLOGIES: Second Creditors' Meeting Set for Nov. 1


C A M B O D I A

ACLEDA BANK: S&P Affirms 'B+/B' ICRs on Strong Business Position


C H I N A

FOSUN INT'L: Moody's Lowers CFR to B2 & Alters Outlook to Negative
REMARK HOLDINGS: Successfully Appeals Nasdaq Delisting Notice
SHANDONG ENERGY: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
TD HOLDINGS: To Acquire Controlling Interest in Shenzhen Tongdow


H O N G   K O N G

NEWOCEAN ENERGY: HK High Court Orders Firm to Appoint Liquidators


I N D I A

A P GOYAL: CRISIL Keeps D Debt Ratings in Not Cooperating
AASU EXIM: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
ADM SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating
CAMELLIA INFRA: ICRA Keeps B+ Issuer Rating in Not Cooperating
CAUVERY TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating

CONCORDE DESIGNS: CRISIL Keeps D Debt Ratings in Not Cooperating
D.D.R & CO: ICRA Keeps B+ Debt Ratings in Not Cooperating
DELUXE KNITTING: CRISIL Keeps C Debt Ratings in Not Cooperating
EMINENT DEALERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
GOA ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating Category

JAWAHAR EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating
JBF PETROCHEMICALS: GAIL Emerges as Successful Bidder
JENAM ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
K.K.R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
KISSAN RICELAND: CRISIL Keeps D Debt Ratings in Not Cooperating

KRISHNENDU BHAKTA: ICRA Keeps B+ Debt Ratings in Not Cooperating
KVR INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
LORD BUDDHA: CRISIL Keeps D Debt Rating in Not Cooperating
MY BIKE: CRISIL Keeps D Debt Rating in Not Cooperating Category
MY CAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category

OMEXO TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
PARADIGM TUNNELING: CRISIL Keeps D Ratings in Not Cooperating
PRIYADARSHINI SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating
S M ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
SAFIRE OFFSET: CRISIL Keeps D Debt Ratings in Not Cooperating

SATYAM EXIMTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
STAR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
STAUNCH NATURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
VIN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
VIRGIN ROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating



J A P A N

TOSHIBA: JIP-led Group Likely to Miss Lending Deadline for Buyout


N E W   Z E A L A N D

K J MCIVOR: Court to Hear Wind-Up Petition on Oct. 31
LAND SPECIALIST: Grant Bruce Reynolds Appointed as Liquidator
STELLAFORD LIMITED: Creditors' Proofs of Debt Due on Nov. 25
WEST EYRETON: Court to Hear Wind-Up Petition on Nov. 10


S I N G A P O R E

GRAB HOLDINGS: S&P Affirms 'B-' ICR on Ample Liquidity
HIN LEONG: UniCredit Loses Claim Against Glencore Over Oil Deal
LION PEAK: Court to Hear Wind-Up Petition on Nov. 4
QGC TRADE: Court to Hear Wind-Up Petition on Nov. 4
THREE ARROWS: Liquidators Say Founders Ducking Subpoenas



S O U T H   K O R E A

E MART INC: Moody's Withdraws 'Ba2' Corporate Family Rating


S R I   L A N K A

FINTREX FINANCE: Fitch Maintains 'B+(lka)' Rating on Watch Negative
SARVODAYA DEVELOPMENT: Fitch Keeps 'B+(lka)' Rating on Watch Neg.

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ANAX CO: First Creditors' Meeting Set for Oct. 31
-------------------------------------------------
A first meeting of the creditors in the proceedings of Anax Co Pty
Ltd will be held on Oct. 31, 2022, at 11:00 a.m. at the offices of
O'Brien Palmer at Level 9, 66 Clarence Street, in Sydney.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Oct. 19, 2022.


ARNOLD CLASSIC: Tony Doherty in Trouble After Company Liquidation
-----------------------------------------------------------------
The Sydney Morning Herald reports that through grit and
determination, gym impresario Tony Doherty became king of the
Australian fitness scene, with his own TV program and a business
partnership with Arnold Schwarzenegger that resulted in the
country's biggest sports expo.  But now the self-made entrepreneur,
who built his empire after arriving in Melbourne from Bendigo in
the 1990s with AUD250,000 of debt and a truckload of broken gym
equipment, is in financial strife.

SMH relates that Mr. Doherty has been battling financial
difficulties after a cooling of relations with the Hollywood star
and former governor, and the collapse of his promotions company
which ran the Arnold Sports Festival, a victim of COVID-19
lockdowns.

The festival was last held at Melbourne Convention and Exhibition
Centre in 2019, the report recalls. It attracted thousands of
participants in sports from bodybuilding to boxing, but also more
niche pastimes including cup stacking and historical medieval
combat.

According to SMH, the liquidator to Mr. Doherty's company, Arnold
Classic Australia, estimates that while the majority of
stockholders received refunds, about 700 ticket holders will be
left out of pocket by a total of more than AUD100,000 as a result
of the event's collapse.

Companies who signed up as exhibitors - including US drinks giant
Bang Energy - have launched legal proceedings in Victoria against
Doherty's group in an attempt to claw back money they allege they
are owed due to the event folding, SMH says.

Asked about his financial difficulties, Mr. Doherty told The Sunday
Age that postponing the event four times, after restrictions forced
him to shut the 2020 event one week after the Melbourne grand prix
was cancelled, had cost him AUD1.6 million.

"It's pretty hard to recover from," the report quotes Mr. Doherty
as saying.  "It is correct that the pandemic devastated our expo
business, causing significant financial loss. However, at all times
we have remained positive and are working hard re-establishing our
businesses, which is progressing well, and we are looking forward
to the future."

SMH relates that Mr. Doherty - who witnessed the near-fatal
shooting of Bandidos boss Toby Mitchell outside his flagship gym in
Brunswick in 2011 - warned in a 2020 interview that the COVID-19
impact on his expo business could bankrupt him.

Speaking at the time about the closure of the Arnold Sports
Festival with bodybuilding vlogger Dave Palumbo of RXMuscle, Mr.
Doherty said: "[We] just took the hit, just moved some stuff around
and if it had have been more, honestly, it would have wiped me out,
like it was this close.

"I guess I was lucky that three or four of our probably four or
five of our big sponsors and exhibitors who'd put their money in
agreed to leave it in for next year just to help me through it.

"Without that, we wouldn't have been able to get through. I would
have been bankrupt."

Mr. Doherty declined to answer questions from The Sunday Age about
whether he was facing personal bankruptcy as a result of the
festival now being disbanded, as he had predicted in his 2020
interview, SMH relays.

The businessman, who has given his name to a chain of gyms in
Victoria and Western Australia, is still hosting and promoting the
International Federation of Bodybuilding and Fitness' IFBB PRO
national finals in Brisbane on October 28, SMH notes.

The IFBB PRO competition, which is separate to the Arnold Classic,
has drawn large crowds to its state competitions. The NSW finals
were declared the biggest bodybuilding show in Australian history,
with about 150 competitors, more than the Arnold Classic, he said.

Mr. Doherty's gymnasium business, which operates venues in central
Melbourne, Dandenong and Brunswick, as well as Perth, continues
despite suffering a fall in patronage in 2020 and 2021 because of
the pandemic restrictions.

A report prepared by the liquidator to Arnold Classic Australia,
Hamish MacKinnon of Dye & Co, confirms that Mr. Doherty's business
was a victim of lockdowns, according to SMH.

"I have been advised in March of 2020, that the restrictions
imposed by the Victorian government in response to the COVID-19
pandemic resulted in the Melbourne Convention and Exhibition Centre
closing and forcing cancellation of that year's event just one week
before it was due to run," Mr. MacKinnon writes in his report.

"At this time, the company had received monies from exhibitors and
ticket sales to the public; with considerable amounts expensed on
the event for printing, merchandise and on a range of marketing, PR
and advertising."

The report explains that the Arnold Classic offered ticket holders
and exhibitors options for refunds or rollover packages to use at
the next year's event, SMH relays.

A little over a quarter of all ticket holders - or 723 ticket
holders representing AUD111,602 in ticket sales - decided not to
seek a refund and chose the rollover option and are still owed
refunds on their tickets, according to the report cited by SMH.

However, the liquidator expects that ticket holders and other
creditors to the group, including its ticket seller Ticketebo, will
receive a refund equivalent to 5.6 cents in the dollar.


COLORTV LIMITED: Second Creditors' Meeting Set for Oct. 31
----------------------------------------------------------
A second meeting of creditors in the proceedings of colorTV Limited
has been set for Oct. 31, 2022, at 8:30 a.m. via virtual meeting
technology and at the offices of Pitcher Partners, Level 11, 12-14
The Esplanade, in Perth, WA.
  
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. 28, 2022, at 4:00 p.m.


FULTON AVENUE: First Creditors' Meeting Set for Oct. 31
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Fulton
Avenue Enterprises Pty Ltd will be held on Oct. 31, 2022, at 2:00
p.m. via virtual meeting only.

Cameron Gray of DW Advisory was appointed as administrator of the
company on Oct. 19, 2022.


LANSKEY CONSTRUCTIONS: Building Company Goes Into Liquidation
-------------------------------------------------------------
News.com.au reports that a Queensland builder with offices across
Australia and overseas has become the latest casualty in the
struggling construction sector after it collapsed earlier this
week.  On Oct. 24, Brisbane-based builder Lanskey Constructions QLD
Pty Ltd went into liquidation.

The firm had head quarters in Brisbane, Sydney, Melbourne, Perth
and even Auckland.

Only the Queensland branch has been impacted by the company's
collapse while the others are still operating as per normal, the
report notes.

Ben Campbell and John Park, of FTI Consulting, were appointed to
wind up the company, news.com.au discloses.

As liquidators were only appointed 24 hours ago, they were not able
to comment on the amount the company owed, how many creditors there
were or how many projects had been placed in jeopardy.

They could confirm, however, that there were currently no staff
employed in the now defunct company, news.com.au relates.

An FTI Consulting spokesperson told news.com.au: "The appointment
does not impact other entities in the Lanskey Constructions Group.

"The Liquidators will seek to manage the affairs of the Company in
a manner which maximises the outcome for its creditors. There are
currently no staff directly employed by the Company.

"Creditors of Lanskey Constructions QLD Pty Ltd will be updated in
due course."

Lanskey Constructions was founded in 1986 by the eponymous Paul
Lanskey and also another man called Ross Williams.

The company claims it has a AUD200 million turnover across all its
offices. Projects ranged from AUD100,000 to costing more than
AUD100 million for their clients, according to their website,
news.com.au discloses.

However, according to the most recent filing with ASIC, the whole
Lanskey Constructions company made a loss of AUD218,000, with a
revenue of AUD139.7 million in the year up until June 2021.

The company works on commercial builds such as retail fit-outs and
also schools, service stations, warehouses and food processing
plants. Some of the firm's clients included Woolworths, Coles,
Starbucks and Myer.

Projects for the Queensland division have ranged all over the state
including in Southport and all the way in Cairns.

News.com.au has contacted Mr Lanskey and Lanskey Constructions for
comment but they did not immediately respond.


LIBERTY SERIES 2022-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2022-1 SME.

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2022-1 SME

AUD76.0 million of Class A1a Notes, Assigned (P)Aaa (sf)

AUD216.0 million of Class A1b Notes, Assigned (P)Aaa (sf)

AUD88.0 million of Class A2 Notes, Assigned (P)Aaa (sf)

AUD27.5 million of Class B Notes, Assigned (P)Aa2 (sf)

AUD10.0 million of Class C Notes, Assigned (P)A2 (sf)

AUD8.0 million of Class D Notes, Assigned (P)Baa2 (sf)

AUD9.0 million of Class E Notes, Assigned (P)Ba2 (sf)

AUD3.0 million of Class F Notes, Assigned (P)B2 (sf)

The AUD12.5 million of Class G Notes are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
to self-managed superannuation funds (SMSFs), small- and
medium-sized enterprises (SMEs) and individuals, originated and
serviced by Liberty Financial Pty Ltd (Liberty, unrated). The
mortgage loans are secured by commercial, residential, or both
commercial and residential properties in Australia and denominated
in Australian dollars.

Liberty is an Australian non-bank lender that started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans. As of June 2022, Liberty has total receivables of
AUD13 billion.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

The evaluation of the underlying receivables and their expected
performance;

The credit enhancement provided by note subordination, the
guarantee fee reserve and excess spread;

The legal structure and availability of the liquidity facility;
and

The credit strength and experience of Liberty as servicer.

According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, low weighted average loan to value (LTV) of the underlying
portfolio, and a guarantee fee reserve. However, Moody's notes that
the transaction features some credit weaknesses such as the
proportion of bullet loans within the portfolio and the pro rata
amortisation of rated notes under certain conditions.

Key transactional features are as follows:

Class A1 and Class A2 notes benefit from 35.11% and 15.56% of
subordination respectively.

Principal collections will be at first distributed sequentially.
Starting from the second anniversary from closing, all notes
(excluding the Class G notes) may participate in proportional
principal collections distribution subject to the step down
conditions being satisfied. The step down criteria include, among
others, no charge offs on any of the notes and average arrears
greater than 60 days not exceeding 4.0% of the aggregate loan
amount. Principal pay-down will revert to sequential once the
aggregate loan amount is 20.0% or less of the aggregate loan amount
at closing, or on or following the payment date in November 2024.

The guarantee fee reserve, which is unfunded at closing, will
build up to a limit of AUD2.25 million from excess spread. The
reserve account will firstly be available to meet losses on the
loans and charge offs against the notes. Secondly, it can be used
to cover any required payment shortfalls that remain after
liquidity facility and principal draws.

Key portfolio features are as follows:

Due to the mixed nature of the pool, the portfolio is categorised
into SME and residential loan sub-pools.

The SME sub-pool, representing 38.5% of the overall portfolio,
primarily includes loans to company borrowers. The residential loan
sub-pool, representing 61.5% of the overall portfolio, primarily
includes loans to individuals.

The weighted average scheduled LTV of the combined portfolio is
64.5%, with only 1.6% of the loans with a scheduled LTV above
80.0%.

Around 2.4% of the portfolio comprises bullet loans – i.e. loans
requiring a lump sum repayment of principal at the end of the loan
term. These loans do not amortise over the initial term of up to
five years and rely on either refinancing or sale of the underlying
property to repay the loan at maturity.

In addition to the bullet loans, the portfolio contains 15.6% of
loans with an initial interest only period of up to five years,
converting to principal and interest thereafter.

Key model and portfolio assumptions:

For the total pool, Moody's portfolio credit enhancement ("PCE")
– representing the loss that Moody's expects the portfolio to
suffer in the event of a severe recession scenario – is 16.3% for
the combined portfolio. Moody's mean expected loss for the combined
portfolio is 2.1%. For the SME sub-pool, the PCE is 24.3% and mean
expected loss is 3.8%. For the residential loan sub-pool, Moody's
Individual Loan Analysis Credit Enhancement (MILAN CE) is 9.8% and
mean expected loss is 1.0%.

Methodology Underlying the Rating Action:

The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework" published in July 2022.

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

Factors that could lead to an upgrade of the notes include rapid
build-up of credit enhancement, due to sequential amortisation, or
better-than-expected collateral performance. The Australian
macroeconomic conditions and the housing market are primary drivers
of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, deterioration in credit quality of
transaction counterparties, fraud, or a lack of transactional
governance.

OXIGEN BUSINESS: First Creditor' Meeting Set for Oct. 31
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Oxigen
Business Consulting Pty Ltd will be held on Oct. 31, 2022, at 11:00
a.m. at the offices of Westburn Advisory at Level 5, 115 Pitt
Street, in Sydney.

Rajiv Ghedia and Shumit Banerjee of Westburn Advisory were
appointed as administrators of the company on Oct. 19, 2022.


RUBY BOND 2020-1: S&P Affirms BB (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings affirmed its ratings on five classes of
residential mortgage-backed securities (RMBS) issued by AMAL
Trustees Pty Ltd. as trustee of Ruby Bond Trust 2020-1.

S&P said, "The rating affirmations reflect our view that the
transaction has been performing in line with our expectations. The
underlying collateral portfolio predominantly comprises residential
mortgage loans to borrowers who are nonresidents of Australia. As
of Sept. 30, 2022, the portfolio has a pool factor of 48.3%, with a
current weighted-average loan-to-value ratio of 53.7% and
weighted-average seasoning of around 47 months. No loans are more
than 30 days in arrears, and there have been no losses to date and
no charge-offs to any of the classes of notes.

"We have observed a reduction in the weighted-average asset margin
of the pool as of Sept. 30, 2022, relative to that on closing. This
is in line with the trend we have observed in other RMBS
transactions in this sector. The notes are currently paying on a
sequential basis and will transition to pro-rata basis once
conditions are met."

The credit support available to each class of rated notes, which
has increased since closing, is sufficient to withstand the
stresses S&P applies at each respective rating level. This credit
support comprises subordination from junior classes of notes;
excess spread, if any; and, should certain triggers be met, a loss
reserve funded by excess spread. As of Sept.30, 2022, the loss
reserve balance is nil.

S&P's cash-flow analysis indicates the transaction's cash flows are
supportive of timely payment of interest and ultimate payment of
principal to the rated classes of notes under its rating stress
assumptions. The various mechanisms to support liquidity within the
transaction include the loss reserve, an amortizing liquidity
reserve, and principal draws.

S&P said, "Factors constraining our ratings reflect the unique
features of the portfolio. This includes that the concentration of
borrowers from a single country--China--remains high, at around
87%. Such concentration exposes the transaction to events or
policies that could disrupt the flow of funds between countries. In
our cash-flow analysis, we applied additional compressed default
curves to simulate a possible concentrated disruption in cash flows
to the trust. Furthermore, compared with typical prime Australian
RMBS, the underlying security property in this portfolio is more
concentrated to specific property developments, particularly of
high-rise and midrise apartments."

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

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

  Ratings Affirmed

  Ruby Bond Trust 2020-1

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


TIM TECHNOLOGIES: Second Creditors' Meeting Set for Nov. 1
----------------------------------------------------------
A second meeting of creditors in the proceedings of Tim
Technologies Pty Limited has been set for Nov. 1, 2022, at 10:00
a.m. via a telephone call.
  
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. 31, 2022, at 5:00 p.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
the company on March 14, 2022.





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ACLEDA BANK: S&P Affirms 'B+/B' ICRs on Strong Business Position
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term and 'B' short-term
issuer credit ratings on Cambodian bank ACLEDA Bank Plc. The rating
outlook is stable.

S&P affirmed the ratings because it expects ACLEDA to maintain its
strong business position and funding profile in Cambodia over the
next 12 months.

ACLEDA has maintained stable and healthy earnings while growing at
a steady pace. The bank has achieved this by managing its funding
costs and leveraging digitalization to extend its reach. This has
helped it build up capital.

S&P forecasts ACLEDA's loans will grow 18-19% over 2022-2023, lower
than the 23% growth we project for the sector but much higher than
the bank's trend growth before the pandemic. This reflects the
revival of the bank's credit expansion on the back of the country's
healthy economic recovery. That said, the capital build-up from
earnings, while better than peers, may not be enough to fund
targeted strong growth.

There are positive aspects in the quality of ACLEDA's capital and
earnings. These include the absence of hybrids in the bank's
capital and healthy retained earnings. S&P said, "However, we
believe other factors will squeeze capitalization. These include
the pressure on net interest margin (NIM)from industry dynamics and
interest rate environment and stronger loan growth, in the absence
of any planned new issuance of equity and dividend payouts of more
than 30% that we project for 2022-2024. The bank may thus maintain
a risk-adjusted capital ratio (RAC) of 6%-7% over 2022-2024, in our
estimation. We consequently revised our assessment of the SACP to
'bb-'from 'bb'."

Despite COVID-19, Cambodia's banking industry has attracted a
steady increase of new banks and finance companies. This has
exacerbated pressure on NIM. S&P expects ACLEDA's margins to remain
better than the those of the sector. Margins are, however, are
unlikely to recover to pre-pandemic levels in the forecast period.

ALCEDA had a loan-to-deposit ratio of more than 103% as of December
2021, which climbed to 107% as of June 2022. This was despite a
robust 24% increase in deposits in 2021, reflecting a conscious
decision by management to keep cost of funding manageable while
defending NIM.

However, S&P believes that funding will remain deposit-oriented.
This is owing to strong branding and ACLEDA's reputation as a
stalwart of the Cambodian banking system. A strong business
franchise in Cambodia, fast-improving digital reach, stable revenue
streams, and strong retail deposit base underpin the ratings.

ACLEDA is one of the largest banks in Cambodia by loans, with a
13.6% market share. The bank is the third-largest by deposits, with
a 14.5% market share. It focuses on lending to small to midsized
enterprises and maintains a strong retail presence (boosted by its
digital reach and branch network--the largest among Cambodian
banks).

ACLEDA's asset quality will remain under pressure, but S&P expects
deterioration to be manageable. Mitigating downside risks are the
bank's adequate risk management. This is reflected in
lower-than-industry restructuring levels and lower exposure to the
microfinance, construction, and real estate sectors.

S&P anticipates credit costs will peak at about 68 basis points in
2022, before gradually declining. That said, asset quality will
remain dependent on Cambodia's economic recovery over the next 12
months, as well as the ability of management to navigate latent
risks from strong growth.

The ratings on ACLEDA remain subject to Cambodia's economy, which
is still undeveloped. That is because the bank primarily operates
in Cambodia (98% of its loan book is from Cambodia). S&P does not
expect it to be able to withstand the stress that could undermine
the wider economy, including the sovereign.

S&P said, "The stable rating outlook reflects our expectation that
ACLEDA will maintain its financial profile over the next 12 months,
with sufficient buffers for the economic impact from COVID-19 and
macroeconomic hurdles. Several factors should help the bank sustain
its above-average funding profile. These include its large retail
deposit base, dominant digital and physical presence, and role as
the main bank for government payroll. We assess the risks of
economic imbalances in Cambodia's banking system to be high,
stemming from continued rapid credit expansion amid a correction in
property prices."

S&P views a downgrade of ACLEDA as unlikely as this would need a
downward revision of the SACP by two notches.

S&P could upgrade ACLEDA if economic risks in Cambodia ease.

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of ACLEDA. We assess
Cambodia's banking regulatory framework as weak and supervision as
passive and subject to financial and political constraints.

"In our view, regulatory initiatives in the country yield only
incremental improvements over time and do not keep pace with the
rapid expansion of the banking system. At the same time, we assess
ACLEDA's governance as superior to its domestic peers' and
supportive of its strong business position."




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FOSUN INT'L: Moody's Lowers CFR to B2 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating of Fosun International Limited.

At the same time, Moody's has also downgraded to B2 from B1 the
senior unsecured bonds issued by Fortune Star (BVI) Limited and
unconditionally and irrevocably guaranteed by Fosun.

Moody's has changed the outlook on all ratings to negative from
ratings under review.

This concludes the review for downgrade initiated on September 30,
2022.

"The downgrade reflects Fosun's weak liquidity, recent fast and
significant decline of the market value of its listed assets which
erodes its funding headroom, and the execution risk related to the
company's fundraising plans amid capital market volatility and
prevalent risk averse sentiment. Moody's are also concerned that
accelerated divestments or pledge of good quality assets will lead
to a faster-than-expected weakening of Fosun's portfolio size and
quality, as well as its financial flexibility, which no longer
supports its previous B1 rating," says Lina Choi, a Moody's Senior
Vice President.

The negative outlook reflects the refinancing uncertainties and
execution risks of asset sales to repay Fosun's sizable debt
maturing over the next 12 months, and the company's ongoing
challenges in balancing liquidity needs and maintaining its
investment portfolio quality.

RATINGS RATIONALE

Fosun's liquidity is weak at the holding company (holdco) level.
Its cash on hand at the holdco level is insufficient to cover its
short-term debt maturing over the next 12 months. In addition, its
recurring income, which comprises mainly dividends from underlying
investments, is inadequate to cover interest and operating
expenses.

Moody's expects Fosun to face difficulties in refinancing its
sizable short-term debt in public bond markets, both onshore and
offshore, given the current weak market sentiment. A meaningful
proportion of the company's sizable debt at the holdco level
consists of onshore and offshore public bonds. Fosun's holdco has
not issued unsecured long-term public bonds since the beginning of
2022.

Fosun has increased asset divestures to raise funds to repay debt.
These include sales of small stakes in Shanghai Fosun
Pharmaceutical (Group) Co Ltd and Shanghai Yuyuan Tourism Mart Co.,
Ltd, and most recently, the intended bulk sale of its stake in
Nanjing Nangang Iron & Steel United Co., Ltd.

Moody's believes that the accelerated asset divestures will reduce
the size of Fosun's investment portfolio. As listed assets or those
of good quality are generally easier to be disposed of, divestures
of such assets will lead to a quicker-than-expected weakening of
Fosun's portfolio quality by reducing its asset diversification,
portfolio transparency, and dividend income, which no longer
support its previous B1 rating.

Moody's also estimates that the market value of Fosun's key
holdings decreased by around 30% between the end of June and
October 20 due to the combined factors of shareholding dilution and
market value decline. The drop in the market value of its key
holdings alone drove a contraction of around 10% from the estimated
portfolio value as of the end of June 2022.

In addition, Fosun's portfolio is largely unencumbered so far,
giving it the flexibility to raise funds through asset pledges.
However, asset pledges for new financing, if implemented on a large
scale, will decrease the unencumbered assets available for Fosun's
unsecured lenders. A combination of a lower market value of the
portfolio and reduced unencumbered assets will weaken the company's
financial flexibility.

The B2 CFR continues to reflect Fosun's (1) large investment
portfolio, (2) proven investment track record and slower
debt-funded expansion, and (3) sizeable holdings of marketable
securities and active asset-recycling activities. Such strengths
are counterbalanced by (1) Fosun's weak liquidity and heightened
refinancing risk, (2) potential weakening of portfolio size and
quality along with asset divestments, (3) credit contagion risk
from some weak subsidiaries, and (4) complicated group structure
and inadequate information transparency.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's aggressive financial policy,
complicated organizational structure, limited transparency at the
holdco level, and concentrated ownership. Fosun has a financial
policy that tolerates high risk as indicated by the company's weak
liquidity management and high reliance on short-term debt to fund
long-term investments. Fosun is controlled by its founder and
chairman, Guangchang Guo, who ultimately held a 62% stake in the
company as of December 2021. The concentrated large shareholder
ownership indicates the major shareholder could materially change
the company's financial policy and strategy.

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

Given the negative outlook, a rating upgrade is unlikely in the
near future. However, the outlook could return to stable if Fosun
(1) strengthens its liquidity position, including materially
improving its cash to short-term debt ratio, reducing its reliance
on short-term funding and regaining access to long-term public bond
markets, (2) executes the asset divestments and other fundraising
successfully to adequately meet refinancing needs, (3) maintains
stable and good access to bank facilities, (4) maintains a stable
business and financial profile at the holdco level, such that the
diversification and transparency of its investment portfolio remain
largely stable, its adjusted (funds from operations
[FFO]+interest)/interest and market value-based leverage stay
steady, and unencumbered asset ratio does not materially drop; and
(5) largely contains the contagion risk from its key investees.

Moody's could downgrade Fosun's rating if (1) the company's access
to funding remains weak, as indicated by Fosun having limited
access to the bond market for a prolonged period or difficulty in
renewing or obtaining bank facilities; (2) its asset divestures
cannot proceed to meet its funding needs due to market volatility,
execution uncertainty and regulatory reasons; (3) the company's
business and financial profiles weaken. This would be indicated by
a deterioration in its portfolio quality after asset divestures,
lower recurring income at the holdco level, and a material drop in
listed and unencumbered assets of the portfolio, with a further
weakening in its adjusted (FFO+interest)/interest, or its market
value-based leverage; or (4) contagion risk from key investees
increases.

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in July 2018.

Fosun International Limited (Fosun) has diversified businesses
spanning four broad categories: (1) integrated finance; (2)
tourism, leisure and consumer; (3) pharmaceuticals, medical
services and health products and (4) resources, environment and
technology.

The estimated market value of Fosun's investment portfolio totaled
around RMB271 billion as of the end of June 2022. The consolidated
group's revenue totaled RMB174 billion in the last 12 months ended
June 2022.

Fosun is headquartered in Shanghai and listed on the Hong Kong
Stock Exchange in 2007.

REMARK HOLDINGS: Successfully Appeals Nasdaq Delisting Notice
-------------------------------------------------------------
Remark Holdings, Inc. said that on Oct. 17, 2022, a Nasdaq Hearings
Panel granted the Company's request to continue its listing on The
Nasdaq Stock Market.  During the hearing, Chief Executive Officer
Kai Shing Tao presented a comprehensive plan on how the Company
intends to fulfill Nasdaq's listing requirements based upon its
future business and capital prospects.

Remark's continued listing is subject to the conditions that, on
Jan. 11, 2023, the company must demonstrate compliance with
Nasdaq's minimum bid price requirement under listing rule
5550(a)(2) by evidencing a closing price of $1.00 or more per share
for a minimum of 10 consecutive trading sessions, and that the
company provides prompt notification of any significant events that
occur during the period ending on Jan. 11, 2023, that may affect
its compliance with Nasdaq rules.

                       About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- its subsidiaries, and the
variable-interest entities that the company consolidates,
constitute a diversified global technology business with leading
artificial intelligence and data-analytics, as well as a portfolio
of digital media properties.  The company's easy-to-install AI
products are being rolled out in a wide range of applications
within the retail, urban life cycle and workplace and food safety
arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company's corporate headquarters and U.S.
operations are based in Las Vegas, Nevada, and it also maintain
operations in London, England and Shanghai, China. The operations
of the variable interest entities the company consolidates are
headquartered in Chengdu, China with additional operations in
Hangzhou.

As of June 30, 2022, the Company had $33.36 million in total
assets, $39.68 million in total liabilities, and a total
stockholders' deficit of $6.32 million.

Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2022, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.


SHANDONG ENERGY: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
ratings of Shandong Energy Group Company Limited (Shandong Energy)
and Yankuang Energy Group Company Limited (Yankuang Energy). In
addition, Moody's has also affirmed the b1 Baseline Credit
Assessment (BCA) of Shandong Energy.

Moody's has also affirmed the Ba1 senior unsecured rating of the
bonds issued by Yankuang Group (Cayman) Limited and guaranteed by
Shandong Energy, and the Ba1 senior unsecured rating of the bonds
issued by Yancoal Int'l Resources Development Co., Ltd and
guaranteed by Yankuang Energy.

The outlook on the ratings remains stable.

"The ratings affirmation and stable outlook reflect Moody's
expectation that Shandong Energy's and Yankuang Energy's leverage
will remain stable over the next 12 to 18 months, thanks to the
strong cash flows from their diversified mining assets and lowcost
operations. Such cash flow will enable Shandong Energy to fund its
large investment programs and maintain its leverage. In addition,
we expect Shandong Energy to continue receiving a strong level of
support from the government, and that Yankuang Energy's importance
to Shandong Energy will remain intact," says Gerwin Ho, a Moody's
Vice President and Senior Credit Officer.

RATINGS RATIONALE

Shandong Energy's Ba1 CFR incorporates its BCA of b1 and a
three-notch uplift, reflecting Moody's assessment of the company's
strong likelihood of support from and a high level of dependency on
the Shandong government and ultimately the Government of China (A1
stable), in times of stress.

Moody's support assumption reflects Shandong Energy's 100%
ownership by the Shandong government; the importance of Shandong
Energy's mining assets to Shandong province in terms of economic
contribution and employment; the company's strategic role in
safeguarding energy security in Shandong province as the only
provincial state-owned energy investment platform; the track record
of government support to the company; and the Chinese government's
strong ability to support Shandong Energy through the Shandong
government, as indicated by China's A1 sovereign rating.

Moody's high dependency assumption reflects the fact that Shandong
Energy and the central government are exposed to common political
and economic event risks.

Shandong Energy's b1 BCA primarily reflects the company's large
scale and diversified coal mining assets, and its low-cost mining
operations in Shandong province and Australia (Aaa stable).

At the same time, Shandong Energy's BCA is constrained by the
company's high leverage; exposure to long-term carbon transition
risks; exposure to high coal price volatility particularly outside
China; substantial capital spending needs to fund multiple large
projects and the resultant project execution risks.

Under Shandong government's mandates to secure energy security,
seek new economic growth drivers and upgrade the industry base,
Shandong Energy has been undertaking several high-profile and
strategic projects or acquisitions in the petrochemical, new energy
and financial industries.

While these capital-intensive projects will help to diversify the
company's business away from coal and further reinforce Shandong
Energy's importance to the Shandong government, these investments
will pressure the company's short-term funding needs. However,
Moody's expects that Shandong Energy can fund these large projects
mainly through its internal cash flow and maintain its leverage, as
measured by Moody's-adjusted debt/EBITDA, consistent with its
rating, albeit at relatively high level.

Shandong Energy has benefited from higher coal prices in 2021 and
the first half (1H) of 2022. Its leverage improved to 4.9x for the
last 12 months (LTM) ended June 2022 from 6.5x in 2020. Moody's
expects the company's leverage to further fall to 4.0x in 2022 and
gradually soften to 4.8x-5.9x in 2023 and 2024 with the
normalization of coal prices. Such metrics remain appropriate for
the company's b1 BCA.

Shandong Energy's liquidity is weak. Its cash on hand and projected
operating cash flow are insufficient to cover its debt maturities
and expected capital spending over the next 12 months.

The stable rating outlook reflects Moody's expectation that, over
the next 12-18 months, Shandong Energy's credit metrics will stay
appropriate for its b1 BCA; there will be no drastic decline in
coal prices in China; the company will be prudent in its investment
strategy in accordance with its current plan; its importance to the
Shandong province and ultimately the Chinese government will remain
unchanged; and the government's ability to support will remain
intact, as reflected in the stable outlook of China's sovereign
rating.

Yankuang Energy's Ba1 CFR incorporates its standalone credit
profile and a two-notch uplift based on likely support from its
parent Shandong Energy.

Moody's support assumption considers the strategic importance of
Yankuang Energy's mining assets to Shandong Energy and ultimately
to the Shandong government, in terms of economic contributions and
employment; Shandong Energy's majority ownership and control over
Yankuang Energy; Yankuang's track record of receiving support from
Shandong Energy and Shandong government; and the reputational
damage to Shandong Energy and the Shandong government if Yankuang
defaults.

Yankuang Energy's standalone credit profile is supported by its
diversified coal mining assets and related infrastructure; the good
quality of Australian coal assets under its subsidiary Yancoal
Australia Ltd, which has low financial leverage; its low-cost
mining operations in Shandong province; and its good liquidity.

At the same time, Yankuang Energy's standalone credit profile is
constrained by the company's moderately high debt leverage relative
to its rated global and regional peers' following years of
expansion and acquisitions; carbon transition risk in the long
term; and the exposure to coal price volatility as coal mining
continues to drive the majority of its earnings.

Due to benefit of high coal prices, Yankuang Energy's leverage
improved to 2.9x in 2021 and further improved to 1.8x in the last
12 months (LTM) ended June 2022, from 6.9x in 2020. Moody's
forecasts the company's leverage will remain at 1.7x-2.0x over the
next 12-18 months. Despite Yankuang Energy's improved leverage, the
rating agency considers the credit profiles of Shandong Energy and
Yankuang Energy to be closely linked. As Shandong Energy's flagship
subsidiary, Yankuang Energy contributes a substantial amount of
Shandong Energy's businesses, accounting for 40% and 53% of
Shandong Energy's adjusted assets and EBITDA in 2021, respectively.
Moody's expects Yankuang Energy to continue playing an essential
role for Shandong Energy in executing its business strategy.

Yankuang Energy has a good liquidity profile. Its cash on hand and
projected operating cash flow are more than sufficient to cover its
planned capital expenditure and debt maturities over the next 12
months.

Shandong Energy's and Yankuang Energy's ratings also consider the
following environmental, social and governance (ESG) risks.

Both companies face elevated environmental risks associated with
the coal mining industry, including carbon transition risks, as
countries reduce their reliance on coal power. They are also
exposed to high social risks associated with the coal mining
industry, including health and safety and responsible production.

With respect to governance, Shandong Energy has limited information
transparency on its investment strategy and financial policy, which
have been materially influenced by the Shandong government given
the government's ultimate control and full ownership over the
company. It also needs to manage integration challenges related to
its past and ongoing mergers, acquisitions and investment
projects.

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

Moody's could upgrade Shandong Energy's rating if (1) the
likelihood of government support increases; or (2) the company's
BCA improves significantly.

Shandong Energy's BCA could improve if the company lowers its debt
leverage through stronger cash flow generation and be disciplined
in capital spending, and successfully integrates its newly acquired
businesses and manages the execution risks related to ongoing
projects.

Credit metrics indicative of upward rating pressure on the BCA
include adjusted debt/EBITDA below 3.0x-3.5x on a sustained basis.

Moody's could downgrade Shandong Energy's rating if (1) the
likelihood of government support decreases; or (2) the company's
BCA weakens meaningfully.

Shandong Energy's BCA could weaken if it undertakes large-scale
debt-funded investments, resulting in further deterioration in its
financial profile; if there is a substantial disruption in its core
mining operations; or if material execution risks arise from its
investment projects.

Credit metrics indicative of downward rating pressure on the BCA
include adjusted debt/EBITDA above 6.0x-6.5x over a prolonged
period.

Yankuang Energy's rating would be upgraded if Shandong Energy's
rating is upgraded, which would reflect Shandong Energy's ability
to strengthen its financial profile without any adverse changes in
Moody's assumption of government support.

Yankuang Energy's rating would be downgraded if Shandong Energy's
rating is downgraded, which would reflect a material deterioration
in the group's financial profile.

A weakening of government support for Shandong Energy would also
pressure Yankuang Energy's rating.

The principal methodologies used in rating Shandong Energy Group
Company Limited and Yankuang Group (Cayman) Limited were Mining
published in October 2021.

Shandong Energy Group Company Limited is the largest coal mining
group in Shandong province and the third-largest coal mining group
in China in terms of coal production volume in 2021. The company is
also involved in other businesses, including high-end coal
chemical, logistics and trading, power generation, machinery
manufacturing, financial services and others.

Shandong Energy is ultimately owned by the Shandong government; it
is directly held by the Shandong State-owned Assets Supervision and
Administration with a 70% holding share. Shandong Guohui Invt Hldg
Grp Co., Ltd. (Baa2 stable) and the Shandong Caixin Asset
Management Co., Ltd hold the remaining 20% and 10% stakes in the
company, respectively.

In 2021, Shandong Energy produced 255 million tons of raw coal,
reported revenue of RMB774 billion and assets of RMB751 billion.

Yankuang Energy Group Company Limited listed on the Shanghai and
Hong Kong stock exchanges in 1998. As of June 30, 2022, it was
54.92% owned by Shandong Energy Group Company Limited.

As of June 30, 2022, Yankuang Energy owned and operated various
coal mines across China and Australia, including in Shandong and
Shaanxi provinces and the Inner Mongolia Autonomous Region in
China, as well as in the Australian states of Queensland, New South
Wales and Western Australia.

In 2021, Yankuang Energy produced 105 million tons of raw coal,
reported revenue of RMB109 billion and assets of RMB302 billion.

TD HOLDINGS: To Acquire Controlling Interest in Shenzhen Tongdow
----------------------------------------------------------------
Shenzhen Baiyu Jucheng Data Technology Co., Ltd., a wholly-owned
subsidiary of TD Holdings, Inc., and Shanghai Zhuotaitong Industry
Co., Ltd, have entered into an exclusive option agreement and a
ten-year exclusive business cooperation agreement which provide the
Company the exclusive option to acquire a controlling interest of
Shenzhen Tongdow Internet Technology Co., Ltd., an integrated
service provider for an online to offline e-commerce commodities
trading platform in China, and further propel the Company's global
commodities trading market presence.

Pursuant to the Agreements, the Company agrees to acquire 65% of
the equity interests of STIT from SZIC in consideration of RMB650
million in cash.  The Company also agrees to provide complete
customer support, business support and related supply chain
management services to STIT.  The acquisition is subject to a
fairness opinion and valuation report of STIT from an independent
third party.  Management expects the acquisition to be completed in
a month.  As the transaction proceeds, the Company will publicly
disclose required information either through press releases or SEC
filings, as appropriate.

Ms. Renmei Ouyang, the chief executive officer of the Company,
stated, "STIT operates China's largest non-ferrous metal trading
online to offline e-commerce commodities trading platform
Tongdow.com with over 30 software registration rights.  This
acquisition would not only allow us to expand our online e-commerce
commodities trading business, but also allow us to support our
customers by providing the innovative and comprehensive service. We
remain committed to executing the strategic initiatives, this
transaction represents important progress as we aim to build an
ecosystem of digital e-commerce platforms.  STIT has established a
mature service network to provide fast, professional technical
support and training to clients and became a leading service
provider for e-commerce commodities trading in China.  We are
excited to work with STIT who has capacities to increase our
presence on the global market.  Leveraging the advantages of STIT's
platform and expertise, we are looking forward to increasing our
customer base, expanding our business portfolio and adding revenue
resources.  We believe that we are well positioned to achieve the
next phase of our growth and create more value for our
shareholders."

                         About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China.  Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers.  Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading. For more
information, please visit http://ir.tdglg.com.

TD Holdings reported a net loss of $940,357 for the year ended Dec.
31, 2021, a net loss of $5.95 million for the year ended Dec. 31,
2020, and a net loss of $6.94 million for the year ended Dec. 31,
2019.  As of June 30, 2022, the Company had $274.62 million in
total assets, $28.26 million in total liabilities, and $246.36
million in total equity.




=================
H O N G   K O N G
=================

NEWOCEAN ENERGY: HK High Court Orders Firm to Appoint Liquidators
-----------------------------------------------------------------
Manifold Times reports that Hong Kong-listed NewOcean Energy
Holdings Limited which is currently undergoing liquidation, on Oct.
25 said the High Court of Hong Kong on Oct. 13 (Hong Kong time)
ordered the company to appoint joint and several liquidators.

Mr. Kenneth Fung and Mr. Roderick John Sutton, both of FTI
Consulting (Hong Kong) Limited were named as the liquidators,
Manifold Times discloses.

Manifold Times previously reported the first meeting of
contributories of the company was held on Oct. 12, 2022 at 3:00
p.m. (Hong Kong time).

On August 15, NewOcean said the High Court of Hong Kong on August 8
ordered the company to wind up.

This is following a winding up petition filed by Kuwait Petroleum
Corporation (KPC) against the embattled company in Hong Kong on
April 12, 2022, Manifold Times notes.

Manifold Times, citing an earlier NewOcean stock exchange filing
published on May 13 2022, says KPC was a liquefied petroleum gas
(LPG) supplier for NewOcean's wholly owned subsidiary Sound Agents
Limited since 2011.

NewOcean entered into sale and purchase agreements with KPC,
including sale and purchase agreements dated Sept. 5, 2019 and
March 2, 2020, the report relates. Under these contracts, NewOcean
was to pay KPC for LPG supplies through an irrevocable documentary
letter of credit.

However, in 2020, "the company's bankers abruptly terminated credit
lines to the company and its various subsidiaries, causing the
company to default in paying KPC the penalties for breach of
contracts as it was unable to issue letters of credit."

NewOcean's business segments include the sales and distribution of
LPG, sales of electronic products, and its oil products business
that includes its bunkering business.

In a separate case, the Court of Appeal for Bermuda on July 26
ordered NewOcean to wind up, while several individuals were ordered
to continue acting as the Joint Provisional Liquidators of the
company, Manifold Times recounts.

This is following its battle against a winding up petition filed by
Hongkong Shanghai Banking Corporation (HSBC). It was alleged in the
winding up petition that the company had failed to satisfy the
petitioner a total indebtedness in the sum of HKD5,433,659.12
(USD698,274) and USD70,802,320 totalling approximately USD71.5
million, the report notes.

Based in Hong Kong, NewOcean Energy Holdings Limited --
http://www.newoceanhk.com/-- is an investment holding company
principally engaged in the sales and distribution of liquefied
petroleum gas (LPG) and natural gas (NG), oil products business and
sales of electronic products. The Company operates through three
main segments. The Sales and Distribution of LPG segment is mainly
engaged in the sales of LPG to various customers. The Oil Products
Business segment is mainly engaged in the sales of oil products to
both wholesaler and retailer customers, as well as leasing of oil
vessels. The Sales of Electronic Products segment is mainly
involved in the trade of electronic products, such as integrated
circuit and mobile phones.




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

A P GOYAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A P Goyal
Shimla University (APGSU) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         31         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with APGSU for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 APGSU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APGSU
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APGSU continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

APGSU was established in 2012, by the AP Goyal Charitable Trust,
through the APG Shimla University Establishment and Regulation Act,
2012. The trust is promoted by members of the Goyal family. It
offers more than 60 courses to over 3,000 students in Shimla,
including graduate and post-graduate programmes in fields of
engineering and management, and other courses in various streams.


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

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.15        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.56        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.69        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.60        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 1984, Aasu Exim Private Limited ('AEPL' or 'the
company') is engaged in manufacturing of grey fabric since FY 2011
and manufactures knitted furnishing, sportswear and designer wear
fabrics. AEPL supplies fabrics to major textile houses based in
South and Western parts of the country. The company has ~300 MT
knitting capacity at Bhiwandi and intends to increase it to 500 MT
over the medium term. The company is managed by Mr. Raj Kumar
Kaushik who has over two decades of experience in the textiles
industry.


ADM SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ADM Solar
Power and Infrastructure Private Limited (ADM) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Proposed Fund-        0.1         CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)
   
   Term Loan             3.75        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             0.3         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ADM for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 ADM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ADM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ADM continues to be 'CRISIL D Issuer Not Cooperating'.

ADM, incorporated in 2017 at New Delhi. ADM   is engaged in
manufacturing and installation of solar panels and allied
equipment. Further, it also provides annual maintenance services.
ADM has its manufacturing unit in greater Noida (Uttar Pradesh).


CAMELLIA INFRA: ICRA Keeps B+ Issuer Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of Camellia Infrastructures
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Issuer Rating         -        [ICRA]B+(Stable); ISSUER NOT
                                  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.

Camellia Infrastructures was established in 2009 as a partnership
firm. It is a professionally managed property developer and is
based in Bangalore. Camellia Infrastructures has executed one
project in the past in Marathahalli, which was completed in 2010,
encompassing 92,000 sq. ft. of built-up area. The promoter of the
firm, Mr. Sridhar Reddy, has executed three other projects through
other entities, namely Mid-town Structures and SSVR Constructions.
Currently, the firm is carrying out one project, namely Camellia
Pride, which has a built-up area of 1,63,000 sq. ft. and comprises
100 units, out of which Camellia's share is 60 units.


CAUVERY TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cauvery
Timber and Saw Mill (CT) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      4          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CT for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 CT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of CT
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up as a partnership concern in 2004, CT trades in timber,
mainly in Tamil Nadu. The firm has established relationships with
timber depots and saw mills spread across the region, and has a
stockyard in Toothukudi.


CONCORDE DESIGNS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Concorde
Designs Private Limited (CDPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CDPL for
obtaining information through letters and emails dated July 27,
2022 and September 28, 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 CDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CDPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

CDPL, incorporated in 2002, is promoted by Mr. Anvay Madhukar Naik.
It designs and constructs interior works for corporate customers
and provides architectural consulting.


D.D.R & CO: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of D.D.R & Co. 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-          1.26        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         7.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.24        [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.

DDR and Company was established as a partnership firm in 1997 in
Tirupati in Andhra Pradesh. The firm is primarily involved in
laying, strengthening, improving and maintaining roads in various
districts in Andhra Pradesh. The firm generally, participates in
government projects and its area of operations is limited to Andhra
Pradesh state. It is managed by Mr. Shahul Hameed who has vast
experience in finance and business management.


DELUXE KNITTING: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deluxe
Knitting Mill (DKM) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       0.5        CRISIL C (Issuer Not
                                     Cooperating)

   Mortgage Loan          8          CRISIL C (Issuer Not
   Facility                          Cooperating)

   Packing Credit         3.5        CRISIL A4 (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DKM for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 DKM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DKM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DKM continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Established as a partnership firm at Tiruppur, Tamil Nadu, in 1987,
DKM exports knitted garments.


EMINENT DEALERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Eminent
Dealers 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-          8.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         14.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.

Eminent Dealers Pvt. Ltd. (EDPL) was incorporated in June 1999 and
was engaged in the real estate business. The promoters stopped
doing real estate business in 2013 under this entity and has set up
a manufacturing unit for regenerated/recycled polyester staple
fibre (RPSF) which would be using waste PET (polyethylene
terephthalate) bottles as raw material. The manufacturing facility
of the company is based out of Bhilwara in Rajasthan with an annual
capacity of ~10,800 MT.


GOA ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Goa Ispat
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-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.62        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        20.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 1997, GIL was initially engaged in the
manufacturing of TOR steel till 2005. The company upgraded the
production capability to commence the manufacturing of TMT bars in
FY2006 under the brand name "Amba Shakti TMT 500". The company also
started production of structural steel products namely angles and
channels in FY2007 under the brand name "Amba". In FY2008, the
company started MS ingots production by taking the induction
furnace on lease from its sister concern M/s. Balaji Metals.
Currently, it manufactures of MS ingots and TMT bars (8mm to 32 mm)
and has an installed capacity of 48,000 MTPA and 60,000 MTPA
respectively. The manufacturing facility of the company is located
at Madkaim Industrial Estate in Goa. GIL has partially backward
integrated operations, whereby about half of the 2 MS ingots
required are manufactured in-house using a mix of sponge iron and
scrap as raw materials. Customer base of the company mainly
includes domestic traders.

JAWAHAR EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jawahar
Education Society (JES) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Rupee Term Loan      12.65        CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan      18.35        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JES for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 JES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JES continues to be 'CRISIL D Issuer Not Cooperating'.

JES was founded in 1991 by Mr. Annasaheb Patil. It runs two
colleges and one school in Maharashtra, which are A C Patil College
of Engineering and Technology, Jawahar Institute of Technology,
Management and Research and North Point School. The trust is
managed by Mr. Vinay Patil and Mr. Kamal Patil.


JBF PETROCHEMICALS: GAIL Emerges as Successful Bidder
-----------------------------------------------------
ICIS reports that state-owned Gas Authority of India Ltd (GAIL) has
emerged as the successful bidder to acquire debt-ridden JBF
Petrochemicals.

GAIL's resolution plan for JBF Petrochemicals has been approved by
the bankrupt company's creditors as per the requirements of the
Insolvency and Bankruptcy Code (IBC), GAIL said in a disclosure to
the Bombay Stock Exchange (BSE) on October 18, ICIS relates.

According to ICIS, the resolution plan has received "affirmative
vote of 100% of the members of the committee of creditors", it
added, without disclosing its offer for JBF Petrochemicals.

According to media reports, the offer was slightly more than INR20
billion for the debt-saddled JBF Petrochemicals, ICIS relays.

GAIL now needs approvals from the bankruptcy tribunal, the National
Company Law Tribunal (NCLT), to complete the take-over process, the
report notes.

                      About JBF Petrochemicals

JBF Petrochemicals, a subsidiary of polyester producer JBF
Industries, was set up September 2008 to operate a planned 1.25m
tonnes/year purified terephthalic acid (PTA) plant at Mangaluru in
the southern Karnataka state.

The plant, which is a backward integration project for JBF
Industries' polyester plants, was commissioned in 2017 but stopped
operations after the company defaulted on its loans in the same
year, according to ICIS.

On Feb. 1, 2022, JBF Petrochemicals' creditors decided to initiate
insolvency proceedings for the company, which has more than INR50
billion in debt.

According to ICIS, the creditors of JBF Petrochemicals had received
expressions of interest from seven companies, including Reliance
Industries Ltd (RIL); Materials, Chemicals & Performance
International (MCPI); HPCL-Mittal Energy Ltd (HMEL); Jindal
Polyfilms; GAIL and a consortium of Oil and Natural Gas Corp (ONGC)
and Indian Oil Corp (IOC).

They had earlier extended the bid-submission deadline, to
accommodate state-run oil and gas firms, which require approvals
from the government before making their final bids for JBF
Petrochemicals.


JENAM ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jenam
Enterprises Private Limited (JEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

   Inland/Import           7.75      CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

   Proposed Long Term      2.25      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with JEPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 JEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2012, JEPL, is promoted by Amit Sheth. JEPL is
engaged in trading of steel HR coils, CR coils and Colour coated
Coils in Maharashtra.


K.K.R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K.K.R.
International (KKR) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Packing Credit         2.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KKR for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 KKR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KKR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KKR continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KKR, set up as a proprietorship firm in 2010, manufactures and
trades in men's garments and knitted fabric. Mr. Sunil Kumar Arora
and Mr. Amit Kumar Arora are the proprietors.


KISSAN RICELAND: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kissan
Riceland Private Limited (KRPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            25         CRISIL D (Issuer Not
                                     Cooperating)

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

   Proposed Non Fund      1.77       CRISIL D (Issuer Not
   based limits                      Cooperating)

   Standby Line           2          CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Term Loan              1.23       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KRPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 KRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KRPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KRPL was incorporated in 2016, promoted by Mr. Ashok Garg, Mr.
Sushil Garg, and Mr. Tarsem Chand. The company took over the
operations of their partnership firm, Kissan Rice Mills, effective
from April 2016. It primarily mills and processes basmati and
non-basmati rice, which it sells domestically. The manufacturing
unit is in Kaithal, Haryana.


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

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.75        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         3.35        [ICRA]A4 ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Mr. Krishnendu Bhakta, proprietor of Krishnendu Bhakta (KB) forayed
into civil construction business in 1995. The firm is primarily
engaged in the execution of Government tenders for civil
construction contracts of roads, buildings and other construction
works. The firm operates through its registered office in Purba
Medinipur, West Bengal and is a registered contractor with Public &
Works Department (PWD), West Bengal and is also enlisted with Digha
2 Shankarpur Development Authority (DSDA), Haldia Development
Authority (HDA) and West Bengal Fisheries Corp Ltd (WBFCL).


KVR INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kvr
Industries Private Limited (KVRIL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.14        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          14           CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          11.94        CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest
   Term Loan             0.96        CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest
   Term Loan             0.96        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        8           CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        1.9         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        6.1         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KVRIL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 KVRIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KVRIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KVRIL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2009, KVRIL manufactures newsprint paper and
writing and printing paper. The company is promoted by Mr. Kotha
Venkata Rao.


LORD BUDDHA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lord Buddha
Educational Society (LBES) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              30        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with LBES for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 LBES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LBES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LBES continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2010, LBES currently runs the Raipur Institute of Medical
Sciences. It is also setting up a medical college attached to the
hospital. Operations are managed by Mr Dalip Kumar.


MY BIKE: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MY Bike (MB)
continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MB for
obtaining information through letters and emails dated July 27,
2022 and September 14, 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 MB, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MB is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of MB
continues to be 'CRISIL D Issuer Not Cooperating'.

MB was established as a partnership firm in 2008 by Mr. Saurabh
Garg and his cousin, Mr. Vijay Garg. The firm is an authorised
dealer for all two wheelers of Hero MotoCorp Ltd (HMCL) in Bhopal
(Madhya Pradesh), where it has two showrooms and three workshops.
The firm also deals in spare parts for HMCL vehicles.


MY CAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MY Car
(Bhopal) Private Limited (MCBPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           35         CRISIL D (Issuer Not
                                    Cooperating)

   Inventory Funding     10         CRISIL D (Issuer Not
   Facility                         Cooperating)

   Inventory Funding      5         CRISIL D (Issuer Not
   Facility                         Cooperating)

   Inventory Funding     10         CRISIL D (Issuer Not
   Facility                         Cooperating)

   Proposed Long Term    10         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)


CRISIL Ratings has been consistently following up with MCBPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 MCBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCBPL continues to be 'CRISIL D Issuer Not Cooperating'.

MCBPL was set up in 2003 by Mr. Saurabh Garg. The company, an
authorized dealer of MSIL, operates four showrooms in MP of which
two are in Bhopal. MCBPL also deals in MSIL's spare parts.


OMEXO TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Omexo
Tiles 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-          2.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.05        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.75        [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.

M/s. Omexo Tiles (OT) was established in January 2012 and is
promoted by Mr. Mehul Patel alongwith other family members and
relatives. Later, in April 2017, there was a change in partnership
wherein 13 partners retired from the firm and 9 new partners are
admitted. Business profile of the company remained the same. The
firm is currently engaged in manufacturing of ceramic glazed wall
tiles which has wide usage for commercial as well as residential
buildings. The plant of the firm is located in Morbi, Gujarat. The
plant has an installed capacity of 26,300 MTPA for ceramic glazed
wall tiles. It currently manufactures wall tiles of two sizes: 12"
x 12" and 18" x 12" with the current set of machineries and
production facilities. The firm's capacity utilisation remained in
the range of 55-62% since inception.


PARADIGM TUNNELING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on the bank facilities of Paradigm
Tunneling Private Limited (PATUPL) has been downgraded to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL C/CRISIL A4 Issuer
Not Cooperating' due to DPDs of in CC and Term Loan.  

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         8          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       3          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PATUPL for
obtaining information through emails dated December 18, 2020,  June
9, 2021 and Oct. 10, 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 PATUPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PATUPL is consistent with 'Assessing Information Adequacy Risk'.

Established in 2013, company is engaged in construction of water
drainages, tunneling, large scale water pipelining projects.


PRIYADARSHINI SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Priyadarshini
Sahakari Soot Girni Limited (PSSGL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         4          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           15          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             24          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PSSGL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 PSSGL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PSSGL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PSSGL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PSSGL was established in 1991 in Yavatmal (Maharashtra) to assist
development of the small-scale cotton yarn manufacturing industry
in the region. It was formed as a joint initiative of the
Government of Maharashtra with the local farmer members. PSSGL
manufactures cotton yarn.


S M ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S M
Enterprises - East Delhi (SME) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      17        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SME for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 SME, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SME
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SME continues to be 'CRISIL D Issuer Not Cooperating'.

Set up as a proprietorship concern by Mr. Bharat Kalra, SME is
engaged into supply of construction and building materials.


SAFIRE OFFSET: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Safire
Offset Printers (SOP; part of the Safire group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.5         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          8           CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     1           CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       6.45        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working     2           CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SOP for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 SOP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SOP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SOP continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of The Safire Industries (SI)
and The Safire Offset Printers (SOP). This is because the two
entities, together referred to as the Safire group, are in the same
line of business, and have a common management and fungible cash
flows.

Set up in 1989 by Mr. Ayyanathan, SOP is part of the Safire group,
which prints film posters, brochures, calendars, text books, and
school magazines. Both SI and SOP are based in Sivakasi (Tamil
Nadu).


SATYAM EXIMTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satyam
Eximtex International Private Limited (SEIPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            30         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SEIPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 SEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2014, SEIPL is a Mumbai-based company engaged in
trading grey fabrics and cotton yarn. SEIPL has its registered
office in Mumbai and is promoted by the Varma family. Prior to
2014, the company was operating by the name of Amanvir Trading Pvt.
Ltd.


STAR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Star Agro
Marine Exports Private Limited (SAME) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill          47         CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Foreign Bill          44         CRISIL D (Issuer Not
   Discounting                      Cooperating)

   Foreign Letter        14         CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Long Term Loan        17.45      CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        47         CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         3         CRISIL D (Issuer Not
                                    Cooperating)

   Standby Letter        40         CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Standby Letter        56         CRISIL D (Issuer Not
   of Credit                        Cooperating)

CRISIL Ratings has been consistently following up with SAME for
obtaining information through letters and emails dated July 27,
2022 and September 14, 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 SAME, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAME
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAME continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SAME, Star Organic Foods
Inc, Star Aqua International Pvt Ltd, Star Agro Marine Inc, and
Star Agro Marine Foods Ltd. This is because all the five entities,
collectively referred to as the Star group, have business synergies
and significant operational and financial linkages with each
other.

Established in 1998 by Mr. Shaik Abdul Aziz, the Star group
undertakes cultivation, processing, and export of shrimp. The group
is based in Nellore (Andhra Pradesh) with its subsidiaries in
United States of America and United Kingdom.


STAUNCH NATURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Staunch
Natural Resources Private Limited (SNRPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SNRPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 SNRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNRPL continues to be 'CRISIL D Issuer Not Cooperating'.

SNRPL, incorporated in 2008, commenced operations in fiscal 2011.
The company trades in mill scale, iron ore fines, and imported mild
steel scrap. It has two directors: Mr. Nandish Parekh and Mr.
Aditya Golecha.


VIN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VIN Auto (VA)
continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Channel Financing       5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.35      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               2.65      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VA for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 VA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VA
continues to be 'CRISIL D Issuer Not Cooperating'.

VA was set up in 2006 by Mr. T Vinay as a partnership firm to
undertake the dealership for TML passenger cars; it is based in
Tumkur. It has outlets in Tumkur, Tittur, and Chitradurga (all in
Karnataka).


VIRGIN ROCK: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long term and short ratings for the bank
facilities of Virgin Rock Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

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

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

   Long Term/          1.41        [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 2007, Virgin Rock Private Limited (VRPL) is
primarily into mining of granite. The company operates a quarry
based out of Srikakulam in Andhra Pradesh. The company also
acquired leasing rights for another quarry in Anakapalle, near
Visakhapatnam in FY2013 which is yet to be operational. The
majority of the sales of the company are from exports to Italy, US,
Poland, Taiwan, Hong Kong, China, Poland and Switzerland while a
small portion of it comes from the domestic market. The company
sells its product under brand name "Vizag Blue".




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

TOSHIBA: JIP-led Group Likely to Miss Lending Deadline for Buyout
-----------------------------------------------------------------
Reuters reports that the preferred bidder to buy out Toshiba Corp,
a group led by private equity firm Japan Industrial Partners (JIP),
is likely to miss the deadline to secure bank loans for the deal,
the Kyodo news agency reported on Oct. 26.

Kyodo did not say where it got the information, Reuters relates.

Toshiba shares fell 2% on the report, reversing earlier gains.

According to Reuters, the JIP-led group was granted preferred
bidder status by Toshiba in a second round of bidding on Oct. 7,
though the conglomerate is still open to proposals from others,
people familiar with the matter have said.

JIP's initial offer was below JPY6,000 per share, sources familiar
with the matter have told Reuters, putting the value of a potential
tender offer at less than JPY2.6 trillion (US$17.55 billion).

JIP has been inviting Japanese firms including Orix Corp and Chubu
Electric Power Co Inc, the report adds.

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

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




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

K J MCIVOR: Court to Hear Wind-Up Petition on Oct. 31
-----------------------------------------------------
A petition to wind up the operations of K J Mcivor Building Limited
will be heard before the High Court at Timaru on Oct. 31, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 21, 2022.

The Petitioner's solicitor is:

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


LAND SPECIALIST: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Oct. 21, 2022, was
appointed as liquidator of Land Specialist Limited.

The liquidators may be reached at:

          Reynolds & Associates Ltd
          PO Box 259059
          Botany
          Auckland 2163


STELLAFORD LIMITED: Creditors' Proofs of Debt Due on Nov. 25
------------------------------------------------------------
Creditors of Stellaford Limited and Flame Meals Limited are
required to file their proofs of debt by Nov. 25, 2022, to be
included in the company's dividend distribution.

Stellaford Limited commenced wind-up proceedings on Oct. 20, 2022,
while Flame Meals Limited commenced wind-up proceedings on Oct. 21,
2022.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Business Restructuring
          Level 1, 50 Customhouse Quay
          Wellington 6011


WEST EYRETON: Court to Hear Wind-Up Petition on Nov. 10
-------------------------------------------------------
A petition to wind up the operations of West Eyreton Motors 2015
Limited will be heard before the High Court at Christchurch on Nov.
10, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 16, 2022.

The Petitioner's solicitor is:

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




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

GRAB HOLDINGS: S&P Affirms 'B-' ICR on Ample Liquidity
------------------------------------------------------
On Oct. 25, 2022, S&P Global Ratings affirmed its 'B-' long term
issuer credit rating on Grab Holdings Ltd. and the 'B-' long-term
issue rating on the senior secured notes the Singapore-based
mobility, delivery, and digital financial services platform
provider issued.

The stable outlook reflects S&P's expectation that Grab will
maintain sufficient liquidity that will provide a bridge toward
positive EBITDA and cash flows in 2025.

A slow recovery from COVID-19 and stiff competition have further
delayed Grab's road to profitability. S&P now forecasts the
company's EBITDA will turn positive in 2025, compared with its
previous expectation of 2023.

Grab's cash burn has accelerated due to the prolonged impact of
COVID and stiff competition, and we expect it to peak in 2022.
Lower spending per active user and the company's ongoing commitment
to disciplined spending on overhead cost will likely narrow the
negative EBITDA to about US$650 million in 2023, from US$926
million in 2022. S&P ultimately expects Grab to turn around by
2025. Grab is among the top mobility, delivery, and digital
financial services platform providers across the eight southeast
Asian countries. Despite the company's strong market position and
double-digit growth in top-line, its credit profile is constrained
by a lack of track record in generating positive free cash flows
and sustaining profitable operations.

Grab's sizable cash holdings and improved capital structure should
support its liquidity. The company's listing on the U.S. Nasdaq
stock market in December 2021 has strengthened its capital
structure and eliminated near-term refinancing risk. The company
converted convertible redeemable preference shares, which we treat
as debt-like, into equity. In addition, the US$4.5 billion cash
proceeds from the listing boosted Grab's cash balance and will
bridge its cash flows over the next three years, until operations
turn profitable. S&P said, "We expect the company's cash balance to
decline to US$5.9 billion by end-2022 from US$8.2 billion in 2021.
Nevertheless, we believe Grab will be able to maintain cash balance
of at least US$3 billion until EBITDA turns positive in 2025. We
have therefore revised our assessment of the company's capital
structure to neutral from negative."

Grab remains exposed to evolving regulatory risks, given the
nascent stage of the mobility and delivery industries. The
company's disruptive business model, particularly for the
ride-hailing industry, led to monetary fines for infringement of
antitrust laws. With the growing spotlight on the gig economy
workers, and the industry still in its infant stage, S&P believes
evolving regulatory policies will continue to pose uncertainty for
Grab, particularly for its compliance costs and related cost
structure.

S&P said, "The stable outlook reflects our expectation that Grab
will maintain sufficient liquidity to provide a bridge toward
positive EBITDA and cash flows, which we expect in 2025. The
outlook also reflects our view that Grab can execute business
improvements and growth strategies to achieve profitability during
the same period.

"We may lower the rating on Grab if we believe the company will not
be able to maintain an ample liquidity buffer. This could happen if
Grab is unable to improve its operational performance, and its cash
burn is faster and more protracted than we expect.

"We could also lower the rating if the company's unrestricted cash
balance falls below its expected cash burn over the next 24 months.
Based on the current rate of cash burn, this would imply a cash
balance of less than US$2 billion."

S&P could raise the rating on Grab if: (1) the company's operating
performance is significantly better than it expects, such that
positive and sustained profitability becomes imminent; and (2) Grab
maintains ample liquidity.

Indications of such improvement would be an increased take rate,
recurring active users, and lower incentive spending that signal a
sustainable turnaround in competitive position and earnings; and
EBITDA interest coverage of well above 2x.


HIN LEONG: UniCredit Loses Claim Against Glencore Over Oil Deal
---------------------------------------------------------------
Dale Wainwright at Tradewinds News reports that Glencore has
successfully fended off a claim by UniCredit to recover $37 million
linked to a transaction with liquidated Singapore oil trader Hin
Leong.

Singapore High Court judge Andre Maniam has ruled that the
commodities trader did not "defraud or deceive" the Italian lender,
nor did it conspire with Hin Leong to injure UniCredit, nor was it
unjustly enriched.

As reported in the Troubled Company Reporter-Asia Pacific on Oct 1,
2020, Italy's UniCredit SpA has sued Hin Leong Trading Pte Ltd over
a letter of credit, court documents show, one of several the
Singapore oil trader sought from lenders for oil purchases but used
to pay debt instead.  The Singapore High Court documents seen by
Reuters show the Italian bank has also sued commodity trading giant
Glencore over the matter.

In November 2019, Hin Leong requested UniCredit finance a December
delivery of about 150,000 tonnes of high-sulphur fuel oil from
Glencore for $37.2 million, the documents show.  But UniCredit,
which had extended the trader an $85 million credit line that
month, said in the court documents it was not aware at the time
that Hin Leong had a separate agreement to sell the cargo straight
back to Glencore on the same day.

Reuters related that the bank said it learned of this in June 2020,
via lawyers, from PwC, which was brought in as judicial manager of
Hin Leong after it was unable to repay bank loans of nearly $4
billion.

PwC, which did not respond to a request for comment, said in a
report in June there were deals involving at least 18 letters of
credit worth about $503 million opened by Hin Leong to purchase a
cargo only to sell it, each time, straight back to the seller
simultaneously, according to Reuters.

The letter of credit from UniCredit was one of these, PwC told the
bank via lawyers.

                      About Hin Leong Trading

Singapore-based Hin Leong Trading (Pte.) Ltd. provides petroleum
products and transportation services. The Company offers oil,
lubricants, grease, and diesel products, as well grants storage,
terminalling, trucking, and marine logistics services. Hin Leong
Trading serves customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.


LION PEAK: Court to Hear Wind-Up Petition on Nov. 4
---------------------------------------------------
A petition to wind up the operations of Lion Peak Hotel Pte Ltd
will be heard before the High Court of Singapore on Nov. 4, 2022,
at 10:00 a.m.

Flo Energy Singapore Pte. Ltd filed the petition against the
company on Oct. 14, 2022.

The Petitioner's solicitors are:

          M/s Vicki Heng Law Corporation
          140 Upper Bukit Timah Road
          #03-08 Beauty World Plaza
          Singapore 588176


QGC TRADE: Court to Hear Wind-Up Petition on Nov. 4
---------------------------------------------------
A petition to wind up the operations of QGC Trade and Services Pte
Ltd will be heard before the High Court of Singapore on Nov. 4,
2022, at 10:00 a.m.

Balin DWC-LLC filed the petition against the company on Oct. 12,
2022.

The Petitioner's solicitors are:
          Providence Law Asia LLC
          1 Raffles Place #29-62
          One Raffles Place
          Singapore 048616


THREE ARROWS: Liquidators Say Founders Ducking Subpoenas
--------------------------------------------------------
The foreign representatives of bankrupt cryptocurrency hedge fund
Three Arrows Capital have asked a New York judge for permission to
serve subpoenas on the company's founders through alternative means
because they have not cooperated with an investigation of its
assets.

Russell Crumpler and Christopher Farmer, in their joint capacities
as the duly authorized foreign representatives of Three Arrows
Capital, Ltd, which is the subject of an insolvency proceeding
currently pending in the British Virgin Islands ("BVI") before the
Eastern Caribbean Supreme Court in the High Court of Justice Virgin
Islands (Commercial Division), are asking the U.S. Bankruptcy Court
for authority to serve subpoenas for the production of documents
and testimony on the Debtor's founders, investment managers, and
third parties that the Foreign Representatives reasonably determine
during the course of their investigation may have information
relevant to the Debtor's assets, affairs, rights, obligations, or
liabilities.

From the outset of the BVI Proceeding, the Foreign Representatives
have been pursuing their investigation with urgency and by all
lawful means available to them.  The Foreign Representatives have
engaged directly with banks, cryptocurrency exchanges (both public
and over the counter), brokers, the Debtor's administrator, auditor
and legal representatives, the principals and management of certain
underlying investment assets and other custodians and
counterparties with which the Foreign Representatives believe the
Debtor or its affiliates have accounts.

The Foreign Representatives have also utilized the formal discovery
tools in furtherance of their continued efforts to identify and
preserve the Debtor's assets.  Specifically, following the Chapter
15 Provisional Relief Order entered by the U.S. Court on July 12,
2022, the Foreign Representatives served 18 subpoenas.  The
recipients of such subpoenas include banks, cryptocurrency
exchanges, and brokers that the Foreign Representatives have
identified as having information regarding the Debtor's assets
and/or maintaining accounts and digital wallets in the name of the
Debtor.

The Foreign Representatives have also attempted to serve subpoenas
on the Debtor's founders, Su Zhu and Kyle Livingstone Davies (the
"Founders").  As the Founders' whereabouts remain unknown, the
Foreign Representatives requested that Advocatus Law LLP, Singapore
counsel purporting to represent the Founders, accept service of the
subpoenas on behalf of the Founders.  Advocatus has declined to
accept service and, consequently, the Foreign Representatives have
filed with the U.S. Court seeking authority to serve the subpoenas
on the Founders by certain alternative means.

Additionally, the Founders are still yet to offer any forthright
cooperation, whether formal or informal, consistent with their
duties owed to the Debtor.  The Foreign Representatives have
attempted to engage with the Founders' counsel continuously
regarding a number of informal information requests, among other
matters.  Namely, the Foreign Representatives have requested
specific information regarding the Debtor's assets and accounts and
for cooperation in obtaining access to, and control over, them. The
Founders, through counsel, have made only selective and piecemeal
disclosures.  

In addition to the discussions with the Founders, the Foreign
Representatives have been provided with email addresses, which they
have been told can be used to send specific inquiries directly to
the Founders.  The Foreign Representatives have sent several
inquiries to these email addresses, and have yet to receive any
response.

Despite the Foreign Representatives' numerous requests for
cooperation in identifying and gaining control of the Debtor's
assets, the Founders have provided only an incomplete list of the
Debtor's assets.  In addition to selective disclosure of the
Debtor's assets, the Foreign Representatives also have reason to
believe that the Founders have continued to withhold "seed phrases"
and other information in their possession that is essential to
accessing and controlling certain of the Debtor's digital assets.

Likewise, the Founders have refused to cooperate with the Foreign
Representatives' efforts to gain access to the Debtor's books and
records in their possession.  The Founders, through counsel,
implausibly insist that the meager information provided to the
Foreign Representatives represents all of the documents in their
possession relating to the Debtor.

In addition, the Foreign Representatives believe that the Debtor's
investment manager and former investment manager -- Three AC Ltd, a
BVI entity (the "Current Investment Manager") and the Former
Investment Manager respectively (together with the Current
Investment Manager, the "Investment Managers") -- possess critical
information regarding the Debtor's assets and affairs.  The Former
Investment Manager was the investment manager of the Debtor until
August 20, 2021, at which point the Current Investment Manager
assumed that role.

The Foreign Representatives have engaged with Solitaire LLP,
Singapore counsel purporting to represent the Former Investment
Manager, which has in the past represented itself as counsel to the
Founders.  The Foreign Representatives have requested, through
Solitaire, that the Investment Managers provide the Foreign
Representatives with access to the Debtor's books and records as
well as other information relating to the Debtor in the Investment
Managers' possession and control.  The Investment Managers have
provided only certain login details for some of the Debtor's
brokerage accounts and certain historical asset information for the
Debtor's feeder funds.  The Investment Managers piecemeal,
selective disclosures are insufficient and their lack of forthright
cooperation has hindered the Foreign Representatives' ability to
perform their duties.

                      About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.

As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.   After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim Number
VIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge.  Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.

The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.



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

E MART INC: Moody's Withdraws 'Ba2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn E Mart Inc.'s Ba2 corporate
family rating. Prior to the withdrawal, the rating outlook on E
Mart was stable.          
   
RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.
       
COMPANY PROFILE

E Mart Inc. is the largest hypermarket operator in Korea by revenue
and number of stores. As of June 30, 2022, it operated 159
hypermarket stores in Korea, including 21 warehouse stores. Through
its subsidiaries, the company is also engaged in other businesses,
such as online shopping, supermarkets, convenience stores, hotels,
food services and coffee.



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

FINTREX FINANCE: Fitch Maintains 'B+(lka)' Rating on Watch Negative
-------------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
Fintrex Finance Limited's National Long-Term Rating of 'B+(Ika)'.

KEY RATING DRIVERS

Substantial Downside Risk: The RWN on Fintrex's National Long-Term
Rating reflects potential for deterioration in its creditworthiness
relative to other entities on its Sri Lankan national ratings
scale, given the heightened stress on its funding and liquidity.
Its rating also reflects its small franchise in the Sri Lankan
finance and leasing companies (FLC) sector, high risk appetite and
high reliance on wholesale funding because of a weaker deposit
base.

Fitch views the FLCs' funding and liquidity conditions as tied to
the funding and liquidity positions of the country's banks, due to
direct funding and deposit relationships as well as the banking
sector's importance to the domestic financial system. Fitch
believes that any signs of funding or liquidity stress in the
banking sector would carry contagion risks for FLCs.

Significant Operating Environment Pressure: The credit profiles of
FLCs are under pressure in Sri Lanka's challenging operating
environment, with significant near- to medium-term downside risk
presented by the weakened sovereign credit profile (Long-Term
Local-Currency IDR: CCC/Under Criteria Observation). This could
further impair the economy and weigh on financial market
performance, raising downside risks to FLCs' asset quality and
earnings.

Fitch also believes that FLCs may be more susceptible to
interest-rate risk in the current high - and rising - interest rate
environment, as their mostly fixed-rate loans are repriced more
slowly than their debt.

Among the Smallest FLCs: Fintrex remains one of the smallest FLCs
in Sri Lanka with a 0.9% share of the sector's total loans as of
end-June 2022 and 0.3% of deposits. Fitch does not expect its
market share to increase significantly in the near term, given the
lack of quality growth opportunities amid difficult economic
conditions.

Asset-Quality Risks Remain: The economic challenges will continue
to put pressure on Fintrex's asset quality, especially with the
seasoning of its portfolio. Even so, headline asset-quality metrics
improved over the past two years, with the six-month overdue loan
ratio decreasing to 6.5% by end-June 2022 from a recent peak of
21.2% at end-March 2020 (FYE20). However, Fitch believes that the
decline was due partly to Fintrex's above-industry loan growth of
42% during FY20-1QFY23 (industry average: 8%), as well as rigorous
use of Covid-19 concessionary measures and more intensified
recovery efforts.

Weakened Profitability: Fintrex's annualised pre-impairment
operating profit (PPOP) fell to 1.4% of average gross loans in
1QFY23 (FY22: 6.6%), due mainly to sharp net interest margin (NIM)
compression after borrowing costs surged between April and June
this year. This translated into a sharply lower annualised pretax
profit/average assets ratio of 1.6% (FY22: 5.3%), partially offset
by net recovery equivalent to 0.3% of average gross loans. The PPOP
buffer against potential loan impairment charges has drastically
diminished, and may weaken further if the NIM continues to
decline.

Rights Issue: Fintrex's debt/tangible equity ratio remained largely
stable at 2.9x as of end-June 2022 (end-March 2021: 2.8x), aided by
the LKR600 million rights issue in 2022. This has augmented its
equity base to LKR3.17 billion, and helped replenish its
capitalisation after the aggressive loan growth between FY20 and
1QFY22.

Leverage Could be Volatile: The sustainability of its financial
leverage level - slightly below the industry's average - through
organic capital generation is challenged because of the company's
high-growth appetite in the medium term. Any sharp deterioration in
asset quality and profitability will also exert pressure on the
company's leverage.

Funding Dislocation: Fintrex remains under stress due to the
dislocated funding markets and volatility in local-currency
liquidity following the sovereign default early this year. Treasury
bill rates have more than tripled since January, leading to a surge
in funding costs, including bank borrowings and customer deposits.
Fitch believes that Fintrex faces greater funding challenges with
more pressure on funding costs in the current environment.
Wholesale funding and deposits contributed a respective 71% and 29%
of Fintrex's total debt at end-June 2022.

RATING SENSITIVITIES

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

The RWN reflects rising risks to Fintrex's rating from funding
stresses, which could lead to a multiple-notch downgrade. Fitch
expects to resolve the RWN when the impact on its credit profile
becomes more apparent, which may take more than six months.
Developments that could indicate funding and liquidity stresses may
include:

- inability to service the company's obligations as a result of
asset-liability mismatches, funding stress or disruptions from
intervention by authorities;

- a temporary negotiated waiver or standstill agreement following a
payment default on a large financial obligation, or where Fitch
believes that the company has entered into a grace or cure period
following non-payment of a large financial obligation.

A deterioration in the company's credit profile relative to other
local Fitch-rated entities may also result in negative rating
action. This would include a greater deterioration in asset
quality, funding costs and/or profitability leading to more severe
capital erosion relative to peers

A downgrade of the sovereign rating stemming from a default event
could also lead to a downgrade of the company's rating.

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

There is limited scope for upward rating action given the RWN.

   Entity           Rating                             Prior
   ------           ------                             -----
Fintrex Finance Limited

          Natl LT B+(lka)  Rating Watch Maintained   B+(lka)


SARVODAYA DEVELOPMENT: Fitch Keeps 'B+(lka)' Rating on Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
Sarvodaya Development Finance PLC's (SDF) National Long-Term Rating
of 'B+(lka)'.

KEY RATING DRIVERS

Sustained Downside Risks: The RWN reflects downside risk to SDF's
rating relative to other entities on its Sri Lankan national
ratings scale due to the potential stress in its credit profile
amid heightened stress on its funding and liquidity and challenging
operating environment in Sri Lanka. SDF's rating also reflects its
small franchise and less established and evolving business model
among financing and leasing companies (FLC), balanced against its
improved capital buffers and resumed deposit growth after the
regulator removed the restriction for it to raise deposits.

Fitch views the funding and liquidity conditions of Sri Lankan FLCs
as tied to the funding and liquidity positions of banks, due to
direct funding and deposit relationships as well as the banking
sector's importance to the domestic financial system. Fitch
believes that any signs of funding or liquidity stress in the
banking sector would carry contagion risks for Sri Lankan FLCs.

Challenging Operating Environment: Sri Lankan FLCs' credit profiles
are under pressure from the challenging operating environment and
significant economic downturn in Sri Lanka with high near- to
medium-term risk underpinned by the weakened sovereign credit
profile (Long-Term Local-Currency Issuer Default Rating CCC/Under
Criteria Observation). This could further impair the economy and
weigh on financial market performance, raising risks to FLCs' asset
quality and earnings, in particular, due to the negative effects of
economic disruptions on their largely sub-prime clientele with weak
credit profiles.

Persistent Asset-Quality Pressure: SDF's asset quality pressure
rose during 2022 on significant collection shortfalls in its
various lending segments, mainly driven by the negative effect of
disruptions in economic activity and fuel shortages on borrowers'
repayment capabilities. The collections have somewhat improved
since August 2022, but are likely to remain lower than historical
levels in the near term. SDF's impaired loans ratio of 17.9% at the
financial year ended March 2022 (FYE22) (FYE21: 20.2%) was above
peers' average and is likely to rise further due to continued
economic challenges.

Continued Margin Contraction: SDF's pretax profit/average total
assets declined to 3.7% in FY22 from 4.1% in FY21, and would face
continued pressure in FY23 due to net interest margin (NIM)
contraction as borrowing costs rise. Fitch believes the NIM will
remain susceptible to interest-rate risk in the current high - and
rising - interest rate environment, as SDF's fixed-rate loans are
repriced at a slower pace compared to their debt. This, coupled
with expected higher credit costs, would further weaken SDF's
profitability.

Heightened Funding and Liquidity Risk: SDF's financial flexibility
improved after the deposit cap imposed by the Central Bank of Sri
Lanka was removed in December 2021. This allowed SDF to resume
deposit raising over the past few months through its rural-based
funding platform. That said, its funding and liquidity profile is
vulnerable to funding market dislocation, including significant
repricing pressure amid high interest rates. SDF also has high
reliance on short-term funding and its unused credit facility may
not be sufficient to support its negative maturity gaps.

Increased Capital Buffer: SDF's capitalisation improved through an
initial public issuance of equity in late 2021, as well as
conversion of some shareholders' deposits into equity. Its tier 1
equity ratio rose to 29.2% by FYE22 from 13.0% at FYE20 with
strengthened buffers against losses. However, significant losses
due to severe asset-quality deterioration and weakened
profitability could negatively affect capitalisation.

RATING SENSITIVITIES

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

The RWN reflects rising risks to SDF's rating from challenging
operating environment, which could lead to a multiple-notch
downgrade. Fitch expects to resolve the RWN when the impact on
SDF's credit profile becomes more apparent, which may take more
than six months. Developments that could lead to a multiple-notch
downgrade include:

- inability to service obligations as a result of asset-liability
mismatches, funding stress or disruptions from intervention by
authorities;

- a temporary negotiated waiver or standstill agreement following
a payment default on a large financial obligation, or where Fitch
believes that SDF has entered into a grace or cure period following
non-payment of a large financial obligation.

A deterioration in the SDF's credit profile relative to other local
Fitch-rated entities may also result in negative rating action,
including multiple-notch downgrades. This would include a greater
deterioration in asset quality, funding costs and/or profitability
leading to more significant capital erosion relative to peers.

A downgrade of the sovereign rating stemming from a default event
could also lead to a downgrade of the SDF's rating.

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

There is limited scope for upward rating action given the RWN.

   Entity            Rating                             Prior
   ------            ------                             -----
Sarvodaya Development
Finance PLC

           Natl LT   B+(lka)   Rating Watch Maintained    B+(lka)



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

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

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

This material is copyrighted and any commercial use, resale or
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