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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

          Monday, November 7, 2022, Vol. 25, No. 216

                           Headlines



A U S T R A L I A

ACIVIL CONTRACTING: Second Creditors' Meeting Set for Nov. 10
ALLCO FINANCE: AUD704M Bank Debt Trades at 94% Discount
ARCHIX HOLDINGS: First Creditors' Meeting Set for Nov. 9
CBD DEVELOPMENT: Second Creditors' Meeting Set for Nov. 10
GREENSILL: Tokio Marine Asked to Explain on Resisting to Give Docs

GREENSILL: Underwriter Alleges Misleading, Deceptive Conduct
MISSION IMPOSSIBLE: First Creditors' Meeting Set for Nov. 14
REDZED TRUST 2022-3: Fitch Assigns 'B(EXP)sf' Rating on Cl. F Notes
RUNNYMEDE TRUCKING: Second Creditors' Meeting Set for Nov. 11
[*] Business Failures to Rise Amid 'Backlog' of 12K Insolvencies



C H I N A

CHINA DILI: Moody's Cuts CFR to Caa2 & Alters Outlook to Negative
GOME HOLDINGS: Will Delay, Not Stop Salary Payment, Insider Says
WM MOTOR: Mulls Job and Pay Cuts Amid Financial Woes
ZHONGYUAN AMC: Fitch Alters Outlook on 'BB+' LongTerm IDRs to Pos.
[*] CHINA: Expands Debt Guarantee Program for Property Developers



I N D I A

A. K. BUILDERS: CARE Lowers Rating on INR8cr LT Loan to C
ALAKNANDA HYDRO: CARE Lowers Rating on INR3,722.70cr Loan to C
APOLLO ANIMAL: CARE Keeps B- Debt Rating in Not Cooperating
ASHIMA PAPER: CARE Keeps B- Debt Rating in Not Cooperating
AUTOLINE INDUSTRIES: CARE Withdraws D Long/Short Debt Rating

BNH INFRA: CARE Keeps B+ Debt Rating in Not Cooperating Category
C. J. CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
CHOMU MAHLA: Insolvency Resolution Process Case Summary
CORPORATE FASHION: CARE Keeps D Debt Ratings in Not Cooperating
CS INFRACONSTRUCTION: Insolvency Resolution Process Case Summary

DARJEELING ORGANIC: Insolvency Resolution Process Case Summary
DCP INDIA PRIVATE: Insolvency Resolution Process Case Summary
DUHAN ELECTRIC: CARE Keeps B- Debt Rating in Not Cooperating
E VILLAGE KENDRA: Insolvency Resolution Process Case Summary
GREAT INDIAN: Insolvency Resolution Process Case Summary

HORIZON METALTECH: Insolvency Resolution Process Case Summary
ISITVA STEEL: Insolvency Resolution Process Case Summary
J P SINGHAL: CARE Keeps D Debt Ratings in Not Cooperating
KANDLA ENERGY: Insolvency Resolution Process Case Summary
KASHI VISHWANATH: CARE Keeps B- Debt Rating in Not Cooperating

KISSAN SOLVEX: CARE Keeps B+ Debt Rating in Not Cooperating
KPC FLEXI: CARE Keeps C Debt Rating in Not Cooperating Category
MAA SUBHALA: CARE Reaffirms B+ Rating on INR8.80cr LT Loan
MANI SQUARE: CARE Lowers Rating on INR243.50cr LT Loan to D
MANSAROVAR HOLIDAYS: CARE Keeps D Debt Rating in Not Cooperating

NAVNEET MOTORS: CARE Lowers Rating on INR25cr LT Loan to B-
NICE PROJECTS: CARE Keeps C Debt Rating in Not Cooperating
PACIFIC ACADEMY: CARE Keeps D Debt Ratings in Not Cooperating
PARAGON CABLE: CARE Lowers Rating on INR4cr LT Loan to B
PARIVARTAN BUILDTECH: CARE Lowers Rating on INR15.05cr Loan to D

PAWAN ENTERPRISES: CARE Keeps B-/A4 Debt Rating in Not Cooperating
PMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating
PRAKASH STEELAGE: CARE Keeps D Debt Ratings in Not Cooperating
RAJESH LANDMARK: Insolvency Resolution Process Case Summary
SAHIL SPINTEX: Insolvency Resolution Process Case Summary

SAV STEELS: Insolvency Resolution Process Case Summary
SIDDS JEWELS PRIVATE: CARE Keeps D Debt Ratings in Not Cooperating
SKYI PROPERTY: CARE Keeps D Debt Rating in Not Cooperating
SOUNDARARAJA MILLS: Insolvency Resolution Process Case Summary
SUNRISE ENTERPRISES: CARE Lowers Rating on INR10cr LT Loan to B-

TOUCHSTONE FINE: CARE Lowers Rating on INR10cr LT Loan to B-
UTOPIAN SUGARS: CARE Keeps D Debt Rating in Not Cooperating
VEDANTA RESOURCES: Moody's Lowers CFR to B3, Outlook Remains Neg.


J A P A N

TOSHIBA CORP: Preferred Bidder May Miss Nov. 7 Finance Deadline


M A L A Y S I A

CAPITAL A: Air India to Buy Remaining Stake in AirAsia India
CAPITAL A: Taps Research Firm to Help Devise Regularisation Plan


N E W   Z E A L A N D

CHISELED FITNESS Creditors' Proofs of Debt Due on Dec. 12
DUNEDIN DONUTS: Creditors' Proofs of Debt Due on Nov. 25
JGURLFITNESS LIMITED: Creditors' Proofs of Debt Due on Nov. 29
MAUSA LABOUR: Grant Reynolds Appointed as Liquidator
TOTAL CIVIL: Court to Hear Wind-Up Petition on Dec. 2

WE ARE BAMBOO: Customers Out of Pocket as Travel Company Shut


S I N G A P O R E

BOW & PETAL: Court Enters Wind-Up Order
EIGHT STARS: Creditors' Proofs of Debt Due on Dec. 4
GOLDEN ENERGY: Moody's Affirms B1 CFR & Rates New Secured Notes B1
LEE KIAT: Creditors' Proofs of Debt Due on Dec. 5
SIGNATURE PHOTOGRAPHY: Court Enters Wind-Up Order

STANFORD MARINER: Commences Wind-Up Proceedings


S R I   L A N K A

SRI LANKA: S&P Affirms 'SD' Foreign Currency Sovereign Ratings


V I E T N A M

VIETNAM: Fitch Affirms Foreign Currency IDR at 'BB', Outlook Pos.

                           - - - - -


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

ACIVIL CONTRACTING: Second Creditors' Meeting Set for Nov. 10
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Acivil
Contracting Pty Ltd has been set for Nov. 10, 2022, at 10:00 a.m.
via telephone conference.
  
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 Nov. 9, 2022, at 4:00 p.m.

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


ALLCO FINANCE: AUD704M Bank Debt Trades at 94% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Allco Finance Group
Ltd is a borrower were trading in the secondary market around 5.6
cents-on-the-dollar during the week ended Fri., November 4, 2022,
according to Bloomberg's Evaluated Pricing service data.

The AUD704 million facility is a term loan.  The loan was scheduled
to mature on September 30, 2009.   About AUD667 million of the loan
was drawn and outstanding.

Allco Finance Group Limited provided financial services. The
Company focused on originating and structuring transactions,
co-arranger's structured finance transactions, funding and managing
assets, and specialized managed fund vehicles.

The company went into voluntary administration in November 2008.

The Company's country of domicile is Australia.



ARCHIX HOLDINGS: First Creditors' Meeting Set for Nov. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Archix
Holdings Pty Ltd will be held on Nov. 9, 2022, at 3:00 p.m. via
online video conferencing.

Cameron Crichton and Michael McCann of Grant Thornton Australia
were appointed as administrators of the company on Oct. 31, 2022.


CBD DEVELOPMENT: Second Creditors' Meeting Set for Nov. 10
----------------------------------------------------------
A second meeting of creditors in the proceedings of:

         - CBD Development Group Pty Ltd;
         - C & K Group Investments Pty Ltd;
         - Chenli Pty Ltd;
         - The Bentleigh Centre Pty Ltd;
         - CBD Development Holdings Pty Ltd; and
         - Chen Corporate Holdings Pty Ltd

has been set for Nov. 10, 2022, at 12:30 p.m. via virtual meeting
technology.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 9, 2022, at 5:00 p.m.

Barry Wight and Sam Kaso of Cor Cordis were appointed as
administrators of the company on July 6, 2022.


GREENSILL: Tokio Marine Asked to Explain on Resisting to Give Docs
------------------------------------------------------------------
Australian Financial Review reports that Tokio Marine has been
given a month by the Federal Court to explain why it is resisting
requests to produce documents demanded by one of Greensill's
creditors.

White Oak Commercial Finance Europe has served subpoenas on IAG and
Tokio Marine, as well as Marsh, Greensill Capital's insurance
broker, AFR says.

According to AFR, Tokio Marine and Marsh are resisting White Oak's
attempts to get information, filing applications with the court to
"set aside" their subpoenas.

AFR relates that the Federal Court last week ordered Tokio Marine
must provide evidence of why it does not want to provide the
information requested by late November. Marsh was also previously
ordered to provide evidence for its protests.

IAG has maintained that it has no "net" insurance exposure to trade
credit policies sold through Sydney-based insurance agency Bond &
Credit Co (BCC).

Tokio Marine has separately alleged that Greensill Capital acted
"fraudulently" by failing to disclose material information required
for insurance and has said that it will not pay out on insurance
policies, adds AFR.

AFR notes that the Greensill group packaged up invoice
"receivables", which were sold to investors. Insurance was key to
investors being satisfied they were protected if things went awry.

According to AFR, creditors are now seeking to collect on insurance
claims after Greensill Group entities, including Greensill Bank,
collapsed in early 2021, and are filing Federal Court lawsuits. But
insurers including IAG are defending the matters.

The disputes zero in on policies that Greensill group entities
signed from 2017 via BCC, which at the time was half-owned by IAG
and is now fully owned by Japan's Tokio Marine.

Among those suing is White Oak, seeking US$146 million (AUD232
million) for debts allegedly owed by customers of GFG Alliance's
Liberty Commodities, part of metals entrepreneur Sanjeev Gupta's
group. Mr. Gupta was Greensill Capital's biggest client.

BCC is targeted in that lawsuit and had maintained in an earlier
defence that it was "induced" to make insurance agreements due to
"non-disclosures and misrepresentations" by Greensill group
entities, AFR notes. These included allegations of customers being
non-existent and the charging of "exorbitant" fees.

                        About Greensill Capital

Greensill Capital is an independent financial services firm and
principal investor group based in the United Kingdom and Australia.
The Company offers structures trade finance, working capital
optimization, specialty financing and contract monetization.
Greensill Capital Pty is the parent company for the Greensill
Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021.  Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia.  Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, as voluntary administrators in
Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021.  The petition was
signed by Jill M. Frizzley, director.  It listed assets of between
$10 million and $50 million and liabilities of between $50 million
and $100 million.  The case is handled by Honorable Judge Michael
E. Wiles.  Togut, Segal & Segal LLP, led by Kyle J. Ortiz, is the
Debtor's counsel.

                       About Greensill Bank

Bremen-based Greensill Bank, formerly known as NordFinanz Bank AG,
is a German subsidiary of Greensill Capital UK.  It was acquired in
2014 by Greensill Capital, which itself filed for insolvency on
March 8, 2021.

Greensill Bank filed a Chapter 15 petition (Bankr. S.D.N.Y. Case
No. 21-10757) on April 20, 2021, to seek U.S. recognition of its
insolvency proceeding in Germany.  Michael C. Frege is the
administrator.

Greensill Bank's U.S. counsel:

         David Farrington Yates
         Kobre & Kim LLP
         Tel: (212) 488-1211
         E-mail: farrington.yates@kobrekim.com


GREENSILL: Underwriter Alleges Misleading, Deceptive Conduct
------------------------------------------------------------
Nic Fildes and Robert Smith at The Financial Times report that an
underwriter who signed off on billions of dollars of insurance
policies for Greensill Capital ahead of its collapse has said he
would not have approved the cover if he had been aware of alleged
"misleading and deceptive conduct".

Greg Brereton, who worked for Sydney insurer The Bond & Credit Co,
set out his defence in a court filing in response to a case brought
by US investment firm White Oak, which bought some of the debts
owed to Greensill Capital by steel group GFG Alliance, the FT
relates.

It is the first time that Mr. Brereton has issued any statement on
the collapse last year of SoftBank-backed Greensill Capital
following the cancellation of its insurance cover, the FT notes.

BCC provided US$10 billion worth of coverage against the risk of
default on Greensill Capital's lending to its clients, which was
then packaged up into investment products and sold to investors
such as Credit Suisse, the FT discloses.

Mr. Brereton's relationship and email exchanges with Greensill
Capital's Australian founder Lex Greensill form a critical part of
the Australian court case that will be a test case for insurers and
reinsurers, as well as investors, who stand to lose billions on
their investments with Greensill Capital if the policies do not pay
out, the FT relays.

BCC has already made the case that it was "induced to enter into
the relevant insurance instruments by reason of non-disclosures and
misrepresentations" from Greensill Capital, the FT states.

According to the FT, Mr. Brereton's filing says that he "would not
have signed" the insurance policies if he had been "aware" of these
matters, adding that this alleged "misleading and deceptive
conduct" would have "induced" him into signing off on the cover. He
blamed the "misrepresentations" for any losses or damages claimed
by White Oak.

Court documents filed by BCC allege that Greensill Capital failed
to disclose material details during negotiations with Brereton over
insurance cover and in one case presented him with customers "based
on their perceived attractiveness to an insurer", the FT notes.

Mr. Brereton, however, also laid some of the blame on insurer IAG,
which he said had also "misled" him, the FT relates.

IAG, whose subsidiary Insurance Australia Limited is named on the
key insurance policies, told investors last year that the sale of
its 50 per cent stake in BCC to Tokio Marine in 2019 had eliminated
its exposure to Greensill Capital, the FT recounts.

It has also argued in its defence that BCC overstepped its
authority by providing oversized levels of cover to Greensill
Capital, including outside Australia, and that it had not approved
the wording and structure of the policies, according to the FT.

                        About Greensill Capital

Greensill Capital is an independent financial services firm and
principal investor group based in the United Kingdom and Australia.
The Company offers structures trade finance, working capital
optimization, specialty financing and contract monetization.
Greensill Capital Pty is the parent company for the Greensill
Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021.  Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia.  Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, as voluntary administrators in
Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021.  The petition was
signed by Jill M. Frizzley, director.  It listed assets of between
$10 million and $50 million and liabilities of between $50 million
and $100 million.  The case is handled by Honorable Judge Michael
E. Wiles.  Togut, Segal & Segal LLP, led by Kyle J. Ortiz, is the
Debtor's counsel.

                       About Greensill Bank

Bremen-based Greensill Bank, formerly known as NordFinanz Bank AG,
is a German subsidiary of Greensill Capital UK.  It was acquired in
2014 by Greensill Capital, which itself filed for insolvency on
March 8, 2021.

Greensill Bank filed a Chapter 15 petition (Bankr. S.D.N.Y. Case
No. 21-10757) on April 20, 2021, to seek U.S. recognition of its
insolvency proceeding in Germany.  Michael C. Frege is the
administrator.

Greensill Bank's U.S. counsel:

         David Farrington Yates
         Kobre & Kim LLP
         Tel: (212) 488-1211
         E-mail: farrington.yates@kobrekim.com


MISSION IMPOSSIBLE: First Creditors' Meeting Set for Nov. 14
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Mission
Impossible Cleaning Pty Ltd (ATF S & S Samawi Family Trust) will be
held on Nov. 14, 2022, at 10:30 a.m. at the offices of Ticcidew Pty
Ltd at 463 Scarborough Beach Road in Osborne Park.

Simon Roger Coad of Ticcidew was appointed as administrator of the
company on Nov. 3, 2022.


REDZED TRUST 2022-3: Fitch Assigns 'B(EXP)sf' Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to RedZed Trust Series
2022-3's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans originated by RedZed Lending
Solutions Pty Limited.

The notes will be issued by Perpetual Trustee Company Limited in
its capacity as trustee of RedZed 2022-3. This is a separate and
distinct series created under a master trust deed.

   Entity/Debt      Rating          
   -----------      ------        
RedZed Trust
Series 2022-3

   A-1         LT AAA(EXP)sf Expected Rating
   A-2         LT AAA(EXP)sf Expected Rating
   B           LT AA(EXP)sf  Expected Rating
   C           LT A(EXP)sf   Expected Rating
   D           LT BBB(EXP)sf Expected Rating
   E           LT BB(EXP)sf  Expected Rating
   F           LT B(EXP)sf   Expected Rating
   G1          LT NR(EXP)sf  Expected Rating
   G2          LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The collateral pool totalled AUD500 million and consisted of 736
obligors with a weighted-average (WA) unindexed current loan/value
ratio (LVR) of 64.8% and a WA current indexed LVR of 63.2% at the
10 October 2022 cut-off date.

KEY RATING DRIVERS

Sufficient Credit Enhancement: The 'AAAsf' weighted-average
foreclosure frequency (WAFF) of 16.1% is driven by the WA unindexed
current LVR of 64.8%, low-documentation loans making up 87.9% of
the pool, self-employed borrowers accounting for 94.3% and, under
Fitch's methodology, non-conforming and investment loans forming
11.3% and 39.9%, respectively.

The 'AAAsf' portfolio loss has fallen to 6.9%, from 8.0% for the
previous RedZed transaction, RedZed Trust Series 2022-2, due to a
lower proportion of investment and high current LVR loans. The
class A-1, A-2, B, C, D, E and F notes benefit from credit
enhancement of 25.0%, 15.0%, 4.9%, 3.1%, 1.8%, 0.9% and 0.4%,
respectively.

Limited Liquidity Risk: Structural features include retention and
amortisation amounts that redirect excess income to repay the
notes' principal balances and a liquidity facility sized at 1.5% of
the invested note balance (excluding class G), with a floor of
AUD750,000; this is sufficient to mitigate payment interruption
risk. The rated notes can withstand all relevant Fitch stresses
applied in its cash flow analysis.

Low Operational and Servicing Risk: RedZed was established in 2006
and is an experienced specialist lender for self-employed
borrowers. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with
market standards.

Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market. GDP growth for the year to June 2022 was 3.6% and the
unemployment rate for September 2022 was 3.5%, despite rising
interest rates. Fitch expects GDP growth to slow to 1.9% in 2023,
with unemployment increasing to 4.1% amid a global economic
slowdown and the lagged effect of aggressive monetary tightening by
the Reserve Bank of Australia.

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss-coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions. Fitch applies the recovery rate stress to the recovery
rate to isolate the effect of a change in recovery proceeds at the
borrower level.

Note: A-1 / A-2 / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Increase defaults by 15%: AAAsf / AAAsf / A+sf / A-sf / BBBsf /
BB-sf / below Bsf

Increase defaults by 30%: AAAsf / AAAsf / A+sf / BBB+sf / BBB-sf /
B+sf / below Bsf

Reduce recoveries by 15%: AAAsf / AAAsf / A+sf / BBB+sf / BB+sf /
Bsf / below Bsf

Reduce recoveries by 30%: AAAsf / AAAsf / A-sf / BBBsf / BB-sf /
below Bsf / below Bsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / Asf / BBBsf / BB+sf / Bsf / below Bsf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / BBBsf / BB+sf / B+sf / below Bsf / below Bsf

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

An upgrade could result from macroeconomic conditions, loan
performance and credit losses that are better than Fitch's baseline
scenario or sufficient build-up of credit enhancement that would
fully compensate for credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

Upgrade Sensitivities

The class A-1 and A-2 notes are at 'AAA(EXP)sf', which is the
highest level on Fitch's scale. The ratings cannot be upgraded and
upgrade sensitivity scenarios are not relevant. Sensitivity stress
results for the remaining rated notes are as follows.

Note: B / C / D / E / F

Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf

Reduce defaults by 15% and increase recoveries by 15%: AAsf / AAsf
/ Asf / BBB-sf / BB+sf

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available for this
transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the RedZed's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

ESG CONSIDERATIONS

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


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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 10, 2022, at 4:00 p.m.

David Ross of I & R Advisory was appointed as administrator of the
company on Oct. 6, 2022.


[*] Business Failures to Rise Amid 'Backlog' of 12K Insolvencies
----------------------------------------------------------------
David Marin-Guzman at Australia Financial Review reports that the
number of businesses collapsing has returned to pre-pandemic levels
and is likely to ratchet up further as the tax office cracks down
on monies owed, according to a leading insolvency expert.

AFR relates that Michael Brereton, director of the Australian
Restructuring Insolvency and Turnaround Association, told ASIC's
forum on small business on Nov. 3 that he estimated there was a
backlog of between 10,000 to 12,000 companies that "probably should
have failed" during the pandemic but have yet to enter insolvency.

"My expectation is there is a backlog of [insolvency] appointments
still to happen and then I think the ATO activity will drive that
up over the course of next year," he told ASIC's forum panel on
small business.

Despite a common assumption that insolvency practitioners had been
busy since the pandemic, Mr. Brereton said it had gone "dead
quiet". He said that was driven by safe-harbour legislation to
protect directors for insolvent trading during the pandemic and
increasing the time to respond to creditor demands from 21 days to
six months, AFR relays.

"What creditor is going to bother issuing a statutory demand when
the other party has got six months to respond?" the report quotes
Mr. Brereton as saying. "So overnight all winding up work pretty
much stopped."

However, the number of insolvency appointments recently jumped from
about 1,000 to just above 2,000 in September, he said, which was
where the appointments were pre-COVID, although still low compared
to the previous 10 years.

AFR relates that the ATO, which had stopped all enforcement for the
past three years, had also started a "very softly, softly" approach
earlier this year, he said, sending letters to directors to get tax
affairs in order and also starting to get wind-up orders in court.

"A lot of [the recent jump in insolvencies] has been driven by the
signals from the ATO," he said, notes the report. "I think they
have sent the signal to directors to start being careful."

According to AFR, Council of Small Business Organisations Australia
chief executive Alexi Boyd said it was "not all complete disaster"
for small business and that "there are green shoots everywhere".
But she warned that regulatory change would jeopardise that.

"There are people who have made incredible successes out of COVID.
There are those who have pivoted and there are those who have found
new markets," AFR quotes Ms. Boyd as saying. "But as we increase
the burden of debt and the burden of regulatory reform and changes
we lose that ability to find the time to find new markets and find
the time to find new employees."




=========
C H I N A
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CHINA DILI: Moody's Cuts CFR to Caa2 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded China Dili Group's
corporate family rating to Caa2 from B3 and changed outlook to
negative from stable.

"The downgrade reflects the potential significant worsening in the
company's operations and financial profile stemming from risks
associated with ongoing litigation. The potential outcome could
also harm the company's reputation and raises questions around its
governance practices," says Shawn Xiong, a Moody's Vice President
and Senior Analyst.

The company has received civil rulings from courts in the People's
Republic of China that ordered the freezing of certain assets and
deposits of relevant subsidiaries included in the litigation. The
affected relevant subsidiaries contributed a significant share of
revenues to China Dili Group and represent a significant portion of
the company's total assets; thus, any significant adverse outcome
can be substantially detrimental to the company's credit profile.

According to the company's announcement on October 28, 2022[1], the
relevant subsidiaries were not part of the company at the time of
providing the debt guarantees and the existence of the guarantees
were not revealed in the acquisition process of the relevant
subsidiaries in 2020. Moody's notes that China Dili has launched an
independent investigation into the potential implications of the
litigation claims and other possible guarantees on the company as
well as the adequacy of its internal control system.

The negative outlook reflects the uncertainty around the outcome of
the ongoing litigation and the risks that other possible guarantee
arrangements may have been provided by members of the company to
secure other debts of third parties that might have exposed the
company to an amount substantially higher than the claimed amount
in the current litigation. It also reflects uncertainty around the
company's ongoing access to funding.

RATINGS RATIONALE

China Dili Group's Caa2 CFR reflects the risks posed by this
litigation to the company's credit profile with elevated business
and governance risks.

The rating is constrained by the company's small operating scale;
rise in direct sales of agricultural products, which will lower
margins and increase working capital requirements; and its track
record of related-party transactions.

On October 28, 2022, China Dili Group made an announcement on the
Stock Exchange of Hong Kong regarding two litigation claims in the
People's Republic of China (the "PRC") brought by a bank (the
"creditor bank") in the PRC in respect of two onshore bank loans
that had overdue repayments. The two onshore bank loans were
borrowed and guaranteed by third party companies, a controlling
shareholder of China Dili Group, Mr. Dai Yongge and companies
controlled by him and in addition, five subsidiaries of China Dili
Group.

These five subsidiaries are Harbin Hada Agricultural Produce and
Side Products Joint Stock Co., Ltd, Mudanjiang Muda Agricultural
Produce and Side Products Co., Ltd, Shenyang Dili Agricultural
Produce and Side Products Co., Ltd, Shenyang Jindongmao Property
Co., Ltd and Qiqihar Hada Agricultural Produce and Side Products
Co., Ltd (the "Relevant Subsidiaries"). The Relevant Subsidiaries
were alleged to have provided guarantees to the creditor bank for
the Relevant Bank Loans, together with Mr. Dai and the Relevant
Third Parties. The total amount claimed by the creditor bank was
approximately RMB1,150 million.

At the request of China Dili, trading in all securities of the
company on The Stock Exchange of Hong Kong has been suspended
pending the ongoing investigation and will remain suspended until
further notice.

Potential operational and financial disruptions to the five
subsidiaries as a result of the ongoing litigation can
significantly worsen China Dili's overall operational and financial
profiles. Moody's estimates total revenues from these five
subsidiaries formed significant shares of around 42% and 47% of
China Dili's high-margin commission and lease income for the first
half (H1) 2022 and full-year 2021 respectively.

China Dili's adequate liquidity as of June 30, 2022 and ongoing
access to funding could substantially deteriorate due to the
potential claims. The company had a cash balance of RMB1.08 billion
and total reported interest-bearing debt of around RMB1.8 billion
including short-term debt of around RMB460 million as of June 30,
2022.

ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS

China Dili's ESG credit impact score is very highly negative
(CIS-5). This assessment reflects its very highly negative exposure
to governance, and neutral-to-low social and environmental risks.

The governance risk score for China Dili is G-5 (very highly
negative), reflecting significant concerns around the adequacy of
its internal control system. It also reflects its concentrated
ownership by Mr. Dai Yongge and his family, and its substantial
connected-party transactions. Moreover, the company has had a
modest operating track record in terms of operating agriculture
wholesale markets and has started to ramp up its nascent business
of direct sales of agricultural products in 2021.

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

The negative outlook reflects the uncertainty around the outcome of
the ongoing litigation and the risks that other possible guarantee
arrangements may have been provided by members of the company to
secure other debts of third parties that might have exposed the
company to an amount substantially higher than the claimed amount
in the current litigation. It also reflects uncertainty around the
company's ongoing access to funding.

Positive rating momentum could emerge if (1) the outcome of the
ongoing litigation becomes certain and does not result in
significant negative impact on the operational and financial
profiles of the company and (2) China Dili maintains funding access
and an adequate liquidity position.

Moody's could downgrade China Dili's rating if (1) it fails to
serve its payment obligations or (2) the company's recovery
prospects for creditors deteriorate further.

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

China Dili Group, following the disposal of its commercial property
business in July 2016, is focused on its agriculture wholesale
market business.

GOME HOLDINGS: Will Delay, Not Stop Salary Payment, Insider Says
----------------------------------------------------------------
Yicai Global reports that a number of insiders close to Gome
Holdings Group told Yicai Global that the struggling home appliance
retailer would delay salary payment, not stop it.

Gome only informed its staff about the possibility of delayed
salary payment in the next six months, an insider told Yicai Global
in response to media reports claiming the Beijing-based companies
made employees sign letters of commitment with a clause in which
they acknowledged that the payment of salaries for the next six
months to 12 months would likely be delayed.

'Gome stopped paying employees salaries' became a hot topic on
Chinese social media late on Nov. 3 after the reports were
published.

Gome's workers will receive salaries for September after the Double
Eleven shopping festival and may as well get November's pay on
schedule, according to an industry professional, Yicai Global
relays.

Most private Chinese firms, especially those involved in the retail
business with physical stores, are facing intense cash flow
pressure, the insider noted.

According to Yicai Global, Gome's listed unit Gome Retail Holdings
said in a filing to the Hong Kong Exchange and Clearings that it
expects net loss to widen between 35 percent and 65 percent this
year from 2021.

Sales in the first three quarters likely plunged 55 percent to 60
percent from a year earlier, Gome Retail noted, adding that lower
sales income resulted in overdue loans. The firm missed a loan
payment of about CNY3 billion (USD414 million) at the end of
September and is now in talks with related financial institutions
to extend the deadline, it said, Yicai Global discloses.

Gome Retail has only CNY2.4 billion cash on account, while it owed
as much as CNY58.6 billion (USD8.1 billion) as of the end of June,
of which CNY22.9 billion are loans due this year. Its cash flow
from operations was CNY55.4 million (USD7.6 million) in the first
half, sinking from CNY2.1 billion a year before.

But other insiders close to Gome told Yicai Global that the company
is about to raise CNY10 billion from Xiamen C&D Group, a Chinese
firm mainly engaged in property development, supply chain
operation, tourism exhibition, medical health, and industrial
investment.

Gome and C&D already signed a deal at the beginning of the week,
but the funding amount is still unknown, one of the insiders noted,
Yicai Global relays. Xiamen, Fujian province-based C&D reported an
annual revenue of over CNY700 billion (USD96.6 billion) last year.

Shares of Gome Retail closed 1.6 percent up at 13 Hong Kong dollar
cents (0.2 US cents) on Nov. 4, Yicai Global discloses. The stock
has plunged 80 percent since January. Huang Guangyu and his wife,
the founders of Gome, have cashed in their holdings several times
this year, the report notes.

Gome Holdings Group Co. Ltd. operates in the electric appliance
retail businesses. The Company sells air conditioners,
refrigerators, induction cookers, microwave ovens, and other
electrical products. Gome Holdings Group also provides investment,
real estate development, finance, internet development services.


WM MOTOR: Mulls Job and Pay Cuts Amid Financial Woes
----------------------------------------------------
Caixin Global reports that Chinese electric-vehicle startup WM
Motor Holdings Ltd. is mulling job and salary cuts as the company
struggles with a welter of bad news including slow sales and
fundraising hurdles.

Founded in 2015 by Freeman Shen, a former executive of Geely Auto
Group and a former chairman of Geely unit Volvo's China operations,
WM was once viewed as a promising EV startup. It went into business
around the same time as domestic rivals Nio Inc., Xpeng Inc. and Li
Auto Inc., all of which are publicly traded in the U.S. and Hong
Kong with annual sales of around 100,000 vehicles each. WM sold
about 28,000 vehicles in the first nine months this year.


ZHONGYUAN AMC: Fitch Alters Outlook on 'BB+' LongTerm IDRs to Pos.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based Zhongyuan
Asset Management Co., Ltd (Zhongyuan AMC) to Positive from Stable
and affirmed its Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) at 'BB+'. Fitch has also affirmed Zhongyuan
AMC's USD400 million 4.2% senior unsecured notes due November 2022
at 'BB+'.

The Positive Outlook reflects firmer support from the Henan
provincial government, including a CNY4.5 billion capital injection
to expand the company's paid-in capital during the last 12 months,
which also resulted in an increase in the state's direct and
indirect ownership. Fitch expects the government to inject
additional capital into the company to double Zhongyuan AMC's
paid-in capital to CNY10 billion.

KEY RATING DRIVERS

'Midrange' Revenue Defensibility: Zhongyuan AMC operates various
business segments, with revenue from resolving non-performing
assets (NPAs) and financial services such as factoring and leasing,
investment income from equities and income from traditional
infrastructure projects, including resettlement housing. Fitch
expects Zhongyuan AMC's business diversification to partially
offset the volatility in a particular segment, despite its
geographical concentration in Henan.

'Midrange' Operating Risk: Zhongyuan AMC has well-identified cost
drivers. Finance costs, the biggest component, made up over 50% of
its total expenditure over the past two years. The assessment
reflects its expectation of moderate interest rate volatility and
the flexibility of its future expenditure. The NPA business is also
countercyclical, which means NPA supply would rise during economic
downturns with less competition in acquiring those assets and
benefitting Zhongyuan AMC.

'b+' Standalone Credit Profile (SCP): Fitch assessed Zhongyuan
AMC's SCP at 'b+' based on the 'Midrange' revenue defensibility
factor and operational risk assessment, and a 'Weaker' financial
profile. The assessment primarily considers the company's net
leverage, measured by net debt to Fitch-adjusted EBITDA, which will
stay around 16x-17x throughout the forecast period of 2022-2026, as
part of its future NPA acquisitions will be funded by debt.

Status, Ownership and Control 'Strong': Its assessment reflects the
Henan Finance Bureau's ultimate control and oversight of the
company, looking through its various intermediate shareholders,
including provincial- and lower-tier government-related entities
(GREs). This is reflected in the company's personnel appointments,
strategic planning and other major events. Zhongyuan AMC's state
ownership increased to 86% by end-September 2022 after the recent
capital injection, from 72% at end-2020.

Support Record 'Moderate': Its assessment reflects the government's
subsidies and capital injections, which amounted to CNY737 million
and CNY6 billion, respectively, during 2017-2021. The support is
also reflected in the government's effort in mobilising and
coordinating resources to facilitate the company's business
development. The attribute strength is partially constrained by the
company's more commercialised operating environment and greater
diversification in shareholding structure than other GREs rated by
Fitch.

Fitch believes the government has signaled growing support to
Zhongyuan AMC after the CNY4.5 billion capital injection through
Henan Investment Group Co., Ltd. (A-/Stable) to raise its share
capital and plans for another CNY500 million capital injection no
later than end-2023 to double its registered capital from CNY5
billion at end-2020. Fitch may revise the attribute to 'Stronger'
if Fitch believes there is ongoing timely and adequate support.
This would include execution of the capital injection, and the
potential impact on helping Zhongyuan AMC to maintain its financial
profile, if its policy project mandates rise.

Socio-Political Implications of Default 'Moderate': The company is
the first licensed local asset management company in Henan tasked
by the government with functions such as rural credit-union
restructuring and NPA resolution for both financial and
non-financial companies. Zhongyuan AMC's NPA resolution business is
crucial for diminishing financial risks in Henan province. However,
its assessment also takes into account the potential for its
replacement by other local GREs, which could mitigate the
socio-political implications of a default.

Financial Implications of Default 'Moderate': Fitch believes a
default of Zhongyuan AMC would weaken the funding access of other
local GREs and drive up their funding costs. It would also have
reputational impact on the credibility of the local government.
However, its assessment is mitigated by Zhongyuan AMC's limited
asset size among local GREs in Henan while its debt accounted for a
smaller proportion of the sponsor's overall risk.

DERIVATION SUMMARY

Fitch rates Zhongyuan AMC under the agency's Public Sector,
Revenue-Supported Entities Rating Criteria, which take into account
the company's revenue defensibility, operating risk and financial
profile. The three-notch uplift applied to the SCP reflects the
application of the GRE criteria and Fitch's assessment of the four
factors under the strength of linkage and incentive to support.

RATING SENSITIVITIES

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

- Continued government capital injections and increase in state
ownership as well as other adequate support to maintain the
company's financial profile would lead to an upward revision of the
support record assessment to 'Stronger' from 'Moderate'. The upward
reassessment would change the rating approach as Fitch would rate
it top down, instead of bottom up, from the sponsor, resulting in a
two-notch upgrade of its IDR;

- A sustainable improvement in Zhongyuan AMC's net leverage,
measured by net debt/EBITDA, along with better liquidity and debt
structure or stronger revenue defensibility;

- Reassessment of the other GRE rating factors, including increased
state ownership, and stronger socio-political and financial
implications of default would also result in a higher support score
and a potential upgrade.

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

- Weakening assessment of Zhongyuan AMC's revenue defensibility,
operating risk and financial profile would result in a
deterioration of the company's SCP. The reassessment would result
from factors including, but not limited to, its business
competitive landscape, operating revenue generation ability,
leverage, debt structure, funding access and liquidity;

- Negative rating actions would also stem from a lower assessment
for key rating factors under the GRE criteria, including weaker
government control, support track record and Fitch's perception of
Zhongyuan AMC's social economic and financial implications under a
default.

ISSUER PROFILE

Zhongyuan AMC was established in August 2015 with the Henan Finance
Bureau as its major shareholder and controller under the approval
of the provincial government. Its core business is NPA resolution,
and it is also engaged in equity investment, finance leasing,
factoring and social resettlement housing projects. It had total
assets of CNY70.8 billion at end-June 2022.

ESG CONSIDERATIONS

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

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Zhongyuan Asset
Management Co., Ltd   LT IDR    BB+ Affirmed    BB+

                      LC LT IDR BB+ Affirmed    BB+

   senior unsecured   LT        BB+ Affirmed    BB+


[*] CHINA: Expands Debt Guarantee Program for Property Developers
-----------------------------------------------------------------
Caixin Global reports that State-owned China Bond Insurance Co. is
expanding a debt guarantee program to help about a dozen property
developers issue CNY20 billion ($2.75 billion) of bonds to shore up
an industry that's mired in a liquidity crisis amid slumping
housing sales.

Together with the National Association of Financial Market
Institutional Investors (NAFMII) and the China Real Estate
Association, China Bond Insurance summoned 21 private developers to
a symposium Nov. 1 to update progress on previous guarantees for
developers' bond issuance and to listen to feedback, according to
Caixi. NAFMII is the self-regulatory body of the interbank market
backed by the central bank.




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

A. K. BUILDERS: CARE Lowers Rating on INR8cr LT Loan to C
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A. K.
Builders (AKB) continues to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank     10.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 14,
2021, placed the rating(s) of AKB under the 'issuer
non-cooperating' category as AKB had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AKB
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 30, 2022, September 9, 2022, September
19, 2022.

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

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

A.K. Builders (AKB) is a proprietorship firm established in 1999 by
Mr Ashok Kumar. AKB is engaged in the civil construction work in
Punjab, Sikkim, Madhya Pradesh and Jharkhand which includes
infrastructure development, road works, construction of educational
institutes, earthworks etc. The firm is registered as a class 'A'
contractor with Public Work Department (PWD) of Punjab and Madhya
Pradesh.


ALAKNANDA HYDRO: CARE Lowers Rating on INR3,722.70cr Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Alaknanda Hydro Power Company Limited (AHPCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     3,722.70     CARE C Revised from CARE BB+
   Facilities                      and removed from Credit watch
                                   with Negative Implications

   Long Term Bank       255.00     CARE D Revised from CARE BB+
   Facilities                      and removed from Credit watch
                                   with Negative Implications

   Non-Convertible      139.00     CARE D Revised from CARE BB+
   Debentures                      and removed from Credit watch
                                   with Negative Implications

Detailed Rationale & Key Rating Drivers

CARE Ratings Limited (CARE Ratings) has revised the long-term
rating for the subordinate term loan (denoted by Sl.No. (ii)) and
the non-convertible debentures availed by Alaknanda Hydro Power
Company Limited (AHPCL) to CARE D while revising the rating of
other bank facilities (denoted by Sl.No. (i)) to CARE C. This is on
account of non-payment of the dues to Edelweiss group of lenders.
Same has been confirmed by the concerned lender and debenture
trustee.

The rating continues to be constrained by the absence of fund based
working capital limit of AHPCL to manage any cash flow mismatch,
leveraged capital structure with weak debt coverage indicators on
account of higher interest burden, weak credit profile of the
off-taker and hydrological risks associated with run-of-the-river
power generation.

However, it is noted that the promoter group has considerable
experience in infrastructure space apart from which there is
revenue visibility provided by AHPCL's long-term power purchase
agreement (PPA) backed by a cost-plus tariff structure, thereby
ensuring recovery of return on equity.

Rating sensitivities

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

* Timely servicing of debt for at least three consecutive months
* Material improvement in the credit profile of the off-taker
* Significant reduction in borrowing cost, leading to material
improvement in debt coverage metrics

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

* Not applicable

Detailed description of the key rating drivers

Key Rating Weaknesses

* Non-payment of dues: As per the statutory auditor vide AHPCL's
audited annual report for FY22 (refers to period from April 1 to
March 31), the company did not default in any repayments except for
the redemption of NCDs and repayment of term loan falling due on
March 31, 2022 as per the settlement agreement with Edelweiss group
of lenders. This reporting is contrary to the feedback received
from AHPCL through the monthly statement citing timely servicing of
all debt. The said dues stand unpaid as on date as per the
confirmation received from the lender and debenture trustee.

* Leveraged capital structure and weak debt coverage indicators:
Capital structure of AHPCL has been leveraged due to subdued
profitability in the past. Overall gearing, though improved to
7.10x as on March 31, 2021 (PY: 7.97x), continued to remain high.
Moreover, interest cover has been marginal over the years due to
higher average cost of borrowing. It remained unchanged at 1.49x in
FY22.

* Hydrological risks associated with run-of-the-river power
generation: Run-of-the-river power is considered an unstable source
of power, as a run-of-the-river project has little or no capacity
for water storage and therefore is dependent on the flow of river
water for power generation. It thus generates more power during
times when seasonal river flows are high and less during lean
period. However, AHPCL has demonstrated healthy operational
performance since the commissioning of the project in June 2015.

Key Rating Strengths

* Revenue visibility backed by a long-term Power Purchase Agreement
(PPA) with Uttar Pradesh Power Corporation Ltd (UPPCL): AHCPL has
entered into long term PPA with UPPCL for sale of 88% of the power
generated and to provide the remaining 12% of power generated as
free energy to Uttarakhand State. The initial term of PPA is 30
years extendable by another 20 years on mutually agreeable terms
and conditions between AHCPL and UPPCL. The tariff is a two-part
pass-through structure comprising capacity charge and primary and
secondary energy charge.

* Experienced promoter in infrastructure space: AHPCL belongs to
the Hyderabad-based GVK group which has presence in various
segments of infrastructure space viz. power, roads, airports, etc.

Liquidity - Poor

Gross cash accrual generation of the company vis a vis its debt
obligation is marginal. The company is exposed to the vagaries of
payment due to high counterparty credit risk. Moreover, the company
is not having any sanctioned working capital limit.

AHPCL is a Special Purpose Vehicle (SPV) promoted by the GVK group.
The company has set up a 330 MW (4 × 82.5) runof-the-river
hydroelectric power project on Alaknanda River at Shrinagar,
Uttarakhand. The company commenced commercial operations from June
21, 2015 (as against original scheduled Commercial Operations Date
(COD) of the project of July 31, 2011). AHPCL has signed PPA with
UPPCL for selling 88% of the power generated and the balance is
provided as free energy to State of Uttarakhand.


APOLLO ANIMAL: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Apollo
Animal Medical Group Trust (AAMGT) continues to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank      5.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

Founded in the year 2002, Apollo Animal Medical Group Trust
(AAMGT), Jaipur is the pioneer institution in private sector for
imparting quality Veterinary Medical education. It offers
Bachelor's degree in Veterinary Science & Animal Husbandry (B.V.Sc.
& A.H.). This college is affiliated with the Rajasthan University
of Veterinary and Animal Sciences (RAJUVAS), Bikaner. It follows
the curriculum prescribed under minimum standards for veterinary
education degree course BVSc & AH, Regulations, 1993, as amended in
2008 by Veterinary Council of India (VCI).


ASHIMA PAPER: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashima
Paper Products (APP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.16       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Gurgaon based, Ashima Papers Products (APP) was established on June
24, 2005 as a partnership firm and is currently being managed by
Mr. Shalender Goyal and Mrs. Manju Goyal who are sharing profits
and losses equally. The firm is engaged in manufacturing of
disposable paper cups at its manufacturing facility located in
Gurgaon.


AUTOLINE INDUSTRIES: CARE Withdraws D Long/Short Debt Rating
------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of CARE D
assigned to the bank facilities of Autoline Industries Limited with
immediate effect. The above action has been taken at the request of
Autoline Industries Limited and 'No Objection Certificate'/'No Dues
Certificate' received from the banks that have extended the
facilities rated by CARE.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        -         Reaffirmed at CARE D
   Facilities                      and withdrawn

   Short Term Bank       -         Reaffirmed at CARE D
   Facilities                      and withdrawn

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: There were on-going delays in
debt servicing with two of its lenders due to the stressed
liquidity position.

Incorporated in December 1996, Auto Industries Limited is engaged
in manufacturing of auto components especially sheet metal
components, subassemblies and assemblies. AIL is an integrated auto
ancillary company that designs, engineers, develops and
manufactures auto components and assemblies. The capacities have
been acquired through organic and inorganic growth. AIL's products
(more than 1,000 varieties) are used in Commercial Vehicles (CV),
Passenger Cars (PC), Sports Utility Vehicles (SUV), two wheelers,
tractors by Original Equipment Manufacturers (OEMs) like Tata
Motors Limited (rated CARE AA-; Stable/CARE A1+), Mahindra &
Mahindra Limited (rated CARE AAA; Stable/CARE A1+), Bajaj Auto
Limited, Force Motors, General Motors and others in the automobile
industry.


BNH INFRA: CARE Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of BNH
Infra Projects (India) Private Limited (BNH) to Issuer Not
Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      36.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Detailed rationale and key rating drivers

CARE has placed the ratings of BNH under the 'issuer
non-cooperating' category as BNH had failed to provide the 'no
default statement' for three consecutive months. BNH continues to
be non-cooperative despite repeated requests for submission of
information to monitor the ratings through phone calls, and emails
dated August 1, 2022, August 22, 2022, October 11, 2022, October
21, 2022.

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

Detailed description of the key rating drivers

At the time of last rating on March 22, 2022, following were the
rating strengths and weaknesses (updated for FY22 financials as
available from ROC).

Key Rating Weaknesses

* Leverage capital structure and weak debt coverage indicators: As
on March 31, 2022, capital structure has remained leveraged marked
by overall gearing ratio of 4.00x as on March 31, 2022 (March 31,
2021: 4.07x). Further, due to higher debt level, Debt coverage
indicators continued to remain weak marked by TDGCA of 7.20x
however it improved from the level of 15.91x on March 31, 2021.
Furthermore, interest coverage ratio improved at 2.77x during FY22
from 1.72x in FY21.

* Working capital intensive nature of operations: The operations
remained working capital intensive marked by elongated operating
cycle. The working capital cycle was improved although remained
elongated and stood at 229 days in FY22 as against 375 days in
FY21. This was primarily due to due to improvement in average
inventory period to 110 days and collection period to 165 days in
FY22.

* Profitability margins are susceptible to change in raw material
prices: The prices of raw materials i.e. sand, cements, bricks and
steel etc. have remained fluctuating in past and are also dependent
upon the availability of these raw materials. Further, the average
cost of unskilled labour has been on increasing trend in the recent
past. Moreover, the projects in hand of BNH does not contain any
price escalation clauses related to the prices of raw material.
Hence, BNH remains exposed to raw material and labour price
fluctuation risk and any adverse movement in the key raw material
or unskilled labour cost may have direct bearing on the net margins
of BNH.

* Tender based nature of operations: The company bids in tender
orders for civil & construction projects and all these are
tender-based and the revenues are dependent on the company's
ability to bid successfully for these tenders. Profitability
margins come under pressure because of competitive nature of the
industry. However, the promoter's satisfactory industry experience
of more than a decade mitigates this risk to some extent.
Nevertheless, there are numerous fragmented & organized players
operating in the segment which makes the civil construction space
highly competitive.

Key rating strengths

* Experienced promoters: The promoters, Mr. Gaurav Sharma and Ms.
Shilpa Basavaraj have been in the business of undertaking contracts
and services for over a decade. Mr. Gaurav Sharma in engaged in the
business of mining and quarrying of coal and minerals while Ms.
Shilpa Basavaraj was engaged in the business of trading of B2B
products.

* Medium term revenue visibility from order book position and high
customer concentration risk: The order book position of the company
has improved and remained at INR 402.16 crore as on February 10,
2022 which is 20.15 times of TOI of FY21 and expected to be
completed by May 2025 which gives moderate revenue visibility.

* Improvement in scale of operations albeit moderate decline in
profitability margins: During FY22, the scale of operations
witnessed robust increase at Rs 57.71 crores in FY22 from Rs 19.86
crores at FY21. BNH has derived 65% of its revenue from
subcontracting during FY21. Profitability margins moderately
declined to 20.19% in FY22 from 22.77% in FY21.

* Stable outlook for infrastructure industry: Infrastructure sector
is a key driver for the Indian economy. The sector is highly
responsible for propelling India's overall development and enjoys
intense focus from Government for initiating policies that would
ensure time-bound creation of world class infrastructure in the
country. Infrastructure sector includes power, bridges, dams, roads
and urban infrastructure development.

Bangalore, Karnataka, based BNH Infra Projects (India) Private
Limited, was incorporated in 2007 as 'NBH Properties (India)
Private Limited', later the name was changed to BNH Infra
Properties (India) Private Limited in October 2017. The company is
engaged in construction of bridges, roads and highways.


C. J. CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of C. J.
Corporation (CJC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      11.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 30,
2021, placed the rating(s) of CJC under the 'issuer
non-cooperating' category as CJC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CJC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 16, 2022, August 26, 2022, September 05,
2022.

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

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

C.J Corporation (CJC) is a partnership firm, established in March
2003, by promoters of Alok group i.e. Jiwrajka family (holding 36%
partnership share) and Mr Mahendra Chirawala & Mr Aditya Chirawala
(holding the remaining proportion equally between them). It is
primarily engaged in manufacturing of Corrugated Boxes and Textile
tubes. It also manufactures some specialized products like
corrugated pallets, container assembly, etc. The manufacturing
plant is located at Silvassa.


CHOMU MAHLA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Chomu Mahla Toll Road Private Limited
        1252, Pushpanjali Apartments
        Old Prabhadevi Road
        Prabhadevi, Mumbai
        Maharashtra, India 400025

Insolvency Commencement Date: November 2, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 17, 2023

Insolvency professional: CA Naren Sheth

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

Last date for
submission of claims:    November 16, 2022


CORPORATE FASHION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Corporate
Fashion Private Limited (CFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.46      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 31,
2021, placed the rating(s) of CFPL under the 'issuer
non-cooperating' category as CFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 17, 2022, July 27, 2022, August 6, 2022.

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

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

Bhilwara (Rajasthan) based Corporate Fashion Private Limited (CFPL)
was incorporated in 2011 by Mr. Vijay Pal Singh and Mr. Prateek
Sharma. CFPL is engaged in the business of manufacturing of
readymade garments mainly men's wear as well as trading of
synthetic grey and finished fabrics and other clothing accessories.
The company also does manufacture of readymade garments on job work
basis and also gets manufactured grey and finished fabrics on job
work basis. The plant of CFPL is located at Bhilwara, Rajasthan.

CS INFRACONSTRUCTION: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: C.S. Infraconstruction Limited

        Registered office:
        Village and Post Khanwar Ballia
        UP 277001

        Corporate office:
        B-5/299, Vipul Khand
        Gomtinagar. Lucknow 226010

Insolvency Commencement Date: November 1, 2022

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: April 29, 2023

Insolvency professional: Pawan Lohia

Interim Resolution
Professional:            Pawan Lohia
                         A 505, Gardenia Greens
                         C-10, Sector 18
                         Vasundhara, Ghaziabad
                         Uttar Pradesh 201012
                         E-mail: pawanlohea@gmail.com
                                 cirp.csil@gmail.com

Last date for
submission of claims:    November 14, 2022


DARJEELING ORGANIC: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Darjeeling Organic Tea Estates Private Limited
        C/o Regus Grandeur Offices Private Limited
        PS Arcadia, 9th Floor
        4A Abanindra Nath Thakur Sarani
        Kolkata 700016
        WB
        
        Previously situated at:
        34A Metcalf Street, 7th Floor
        Kolkata 700013
        West Bengal

Insolvency Commencement Date: October 28, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 25, 2023

Insolvency professional: CA Santanu Brahma

Interim Resolution
Professional:            CA Santanu Brahma
                         AH-276, Salt Lake
                         Sector-II, Kolkata 700091
                         E-mail: ip.santanubrahma@gmail.com
                                 dotepl.irp@gmail.com

Last date for
submission of claims:    November 11, 2022


DCP INDIA PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: DCP India Private Limited
        B-39, Near PVR Plaza
        Block-B, Connaught Place
        New Delhi 110001

Insolvency Commencement Date: October 31, 2022

Court: National Company Law Tribunal, New Delhi Bench II

Estimated date of closure of
insolvency resolution process: March 26, 2023

Insolvency professional: Romesh Chander Sawhney

Interim Resolution
Professional:            Romesh Chander Sawhney
                         850/GH-13, Paschim Vihar
                         New Delhi 110087
                         E-mail: casawhney@yahoo.co.in
                                 cirp.dcpindia@gmail.com

Last date for
submission of claims:    November 14, 2022


DUHAN ELECTRIC: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Duhan
Electric Works (DEW) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.65       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Duhan Electric Works (DEW) was established in 1997 as a
proprietorship firm by Mr. Kuldeep Singh. The firm is a Registered
Class-A Electrical Contractor in the State of Haryana & Uttar
Pradesh and is engaged in providing services in the electrical
sector. The firm undertakes contracts for laying of power
transmission lines, erection, testing and commissioning of
electrification works.


E VILLAGE KENDRA: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: E Village Kendra Limited

        Registered office:
        Tangra Industrial Estate II
        45, Radhanath Choudhury Road
        Kolkata 700015
        West Bengal, India

        As per the record of the Registrar of Companies
        29/1B Dr. Ambedkar Sarani
        Kolkata 700046

Insolvency Commencement Date: October 29, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 26, 2023
                               (180 days from commencement)

Insolvency professional: Bimal Kanti Choudhury

Interim Resolution
Professional:            Bimal Kanti Choudhury
                         77A/50 Raja S.C. Mallick Road
                         8 S.P.B. Block
                         Kolkata 700092
                         E-mail: bimalkantichoudhury@gmail.com
                                 ip.evillage@gmail.com

Last date for
submission of claims:    November 12, 2022


GREAT INDIAN: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Great Indian Nautanki Company Private Limited

        Registered office:
        Basement right side office portion
        E-311, Daya Tower
        Main Vasant Kunj Road
        Mahipalpur, New Delhi 110037

        Corporate office:
        At Gate No. 5
        Kingdom of Dreams
        Huda Auditorium Complex
        Sector-29, Gurugram
        Haryana 1122001

Insolvency Commencement Date: November 2, 2022

Court: National Company Law Tribunal, Principal Bench

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

Insolvency professional: Sanjay Garg

Interim Resolution
Professional:            Sanjay Garg
                         193, Agroha Kunj
                         Sector 13, Rohini
                         New Delhi 110085
                         E-mail: rp.sanjaygarg@gmail.com

                            - and -

                         Osrik Resolution Pvt. Ltd.
                         908, 9th Floor, D Mall
                         Netaji Subhash Place
                         Pitampura 100034
                         E-mail: cirp.ginc@gmail.com

Last date for
submission of claims:    November 16, 2022

HORIZON METALTECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Horizon Metaltech Private Limited
        Plot No. 3C-1 Apparel Park cum
        Industrial Area, Village Katha
        Baddi Distt Solan H.P. 173205

Insolvency Commencement Date: October 28, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: April 26, 2023

Insolvency professional: Pooja Damir Miglani

Interim Resolution
Professional:            Pooja Damir Miglani
                         House No. 83
                         New Fateh Singh Nagar
                         Ludhiana, Punjab 141013
                         E-mail: ipcspdm@gmail.com
                                 horizon.cirp@gmail.com

Last date for
submission of claims:    November 11, 2022


ISITVA STEEL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Isitva Steel Private Limited

        Registered address:
        45-60, Keesara Road
        Nagaram, Hyderabad
        TG 500083

        Corporate office:
        Ayyannas Sree Corporate
        Plot No. 31, Phase-1
        Kamalapuri Srinagar Colony
        Banjara Hills, Hyderabad
        TG 500073

Insolvency Commencement Date: October 28, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 17, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Prakash Dattatraya Naringrekar

Interim Resolution
Professional:            Mr. Prakash Dattatraya Naringrekar
                         503-A, Blue Diamond CHS Ltd
                         Chincholi Bunder Link Road Junction
                         Malad West, Mumbai 400064
                         E-mail: prakash03041956@gmail.com
                                 isitva.cip@gmail.com

Last date for
submission of claims:    November 11, 2022


J P SINGHAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J P Singhal
& Company (JPSC) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 4,
2021, placed the rating(s) of JPSC under the 'issuer
non-cooperating' category as JPSC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JPSC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 20, 2022, August 30, 2022, September 9,
2022.

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

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

JPSC was established in December, 1982 as proprietorship firm by
Mrs. Kamaladevi Singhal which was later on reconstituted as
partnership firm in November 2013. Presently, JPS is managed by
four partners namely Mr. Jai Prakash Singhal, Mr. Narendra Kumar
Singhal, Mr. Dinesh Kumar Singhal and Mr. Madanlal Singhal. JPS is
engaged into providing services such as conducting seismic surveys,
bunk accommodation, catering, equipment supply, man power supply
and housekeeping service. JPSC is also engaged into trading of
stationery, hardware products, electronic products, gaming
equipment, sports and gym items etc.


KANDLA ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kandla Energy and Chemicals Limited
        11, Second Floor, Shri Krishna Centre
        Near Mithakhali Six Roads
        Navrangpura, Ahmedabad 380009

Insolvency Commencement Date: October 31, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 21, 2023
                               (180 days from commencement)

Insolvency professional: CA Nimai Gautam Shah

Interim Resolution
Professional:            CA Nimai Gautam Shah
                         605-606-607, Silver Oaks
                         Near Mahalaxmi Char Rasta
                         Paldi, Ahmedabad 380007
                         Gujarat
                         E-mail: cnjabd@gmail.com
                                 kandlaenergy.cirp@gmail.com

Last date for
submission of claims:    November 14, 2022


KASHI VISHWANATH: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kashi
Vishwanath Stone Crusher (KVSC) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

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

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

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

Uttarakhand based, Kashi Vishwanath Stone Crushers was established
on April 15, 2017 as a partnership firm and is currently being
managed by Mr. Murari Lal, Mr. Satyapal Singh, Mr. Vishal
Chaudhary, Mr. Gaurav Singh and Mr. Narendra Singh. The firm was
incorporated with the objective of stone crushing, washing, grading
& natural screening of stones.


KISSAN SOLVEX: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kissan
Solvex Private Limited (KSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 7,
2021, placed the rating(s) of KSPL under the 'issuer
non-cooperating' category as KSPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KSPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 24, 2022, August 3, 2022, August 13, 2022.

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

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

Kissan Solvex Private Limited (KSP) was incorporated as a private
limited company in February 1988 and is currently being managed by
Mr. Inderjit Singh and Mr. Kirandeep Singh. The company is engaged
in the extraction of rice bran oil at its processing facility
located in Jalalabad, Punjab. The company manufactures rice bran
oil in semi-edible form for industrial use. The company is also
engaged in the trading of rice bran.


KPC FLEXI: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KPC Flexi
Tubes (KFT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.20       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     12.00       CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 24,
2021, placed the rating(s) of KFT under the 'issuer
non-cooperating' category as KFT had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KFT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 10, 2022, August 20, 2022, August 30,
2022.

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

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

KPC Flexi Tubes (KFT) was established in 1988 as a partnership firm
by Mr K.P. Chandhok and Mr Gaurav Chandhok with profit sharing
ratio of 76% and 24%, respectively. The firm is engaged in
manufacturing and export of turned and machined components, rubber
moulded goods, sheet metal components and metal flexible hose. Its
manufacturing facility is located in Faridabad, Haryana.


MAA SUBHALA: CARE Reaffirms B+ Rating on INR8.80cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Maa
Subhala Cold Storage Private Limited (MSCSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           8.80       CARE B+; Stable Reaffirmed

Detailed rationale and key rating drivers

The ratings assigned to the bank facilities of MSCSPL are
constrained by its small scale of operations with moderate margins,
regulated nature of business, seasonality of business and
susceptibility to vagaries of nature, risk of delinquency in loans
extended to farmers, competition from other local players, working
capital nature of business resulting in leveraged capital
structure. However, the aforesaid constraints are partially offset
by its experienced management and long track record of operations,
proximity to potato growing area.

Rating sensitivities

Positive factors

* Sizeable increase in scale of operations from present level
(Total Operating Income above INR 25 crore) of the entity on a
sustainable basis.

* Improvement in overall gearing level below 1.00x on a sustained
basis.

Negative factors

* Decrease in scale of operations from present level (Total
Operating Income below INR3.00 crore) of the entity on a
sustainable basis.

* Deterioration in overall gearing level above 3.00x on a sustained
basis.

Detailed description of the key rating drivers

Key rating weaknesses

* Small scale of operations: MSCSPL is a relatively small player in
the cold storage business having total operating income and net
profit of INR3.88 crore and INR0.25 crore, respectively, in FY22
(A). The small size restricts the financial flexibility of the
company in times of stress and deprives it from economies of scale.
The total capital employed was also low at around INR11.41 crore as
on March 31, 2022. PBILDT margin declined to 18.28% in FY22 from
21.06% in FY21. The PAT margin has improved from 5.74% in FY 21 to
6.36% in FY22 due to lower capital charges.

* Seasonality of business with susceptibility to vagaries of
nature: MSCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in March.
The loading of potatoes in cold storages begins by the end of
February and lasts till March. Additionally, with potatoes having a
preservable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period between December to February.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent on
the basis of quantity stored and the production of potato is highly
dependent on vagaries of nature.

* Risk of delinquency in loans extended to farmers: MSCSPL provides
interest bearing advances only to farmers & traders who store their
potato in the company's cold storage. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of downward
correction in potato or other stored goods prices, as all such
goods are agro commodities.

* Regulated nature of industry: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal SLBC (State level Bankers'
Committee). The rent of these cold storages is decided by
considering various parameters related to pre-harvest and post
-harvest costs involved in cultivation and storage. Due to
government intervention, the cold storage facility providers cannot
increase rental charge commensurate with increased power tariff and
labour charge. For FY22, the ceiling price of potato for direct
financing the cold storage directly to the farmers at INR673 per
Quintal.

* Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed by
no capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

* Working capital intensive nature of business resulting in
leveraged capital structure and weak debt coverage indicators:
MSCSPL is engaged in the cold storage business and accordingly its
operation is working capital intensive. The company utilizes
working capital limits to give advances to some potato farmers who
store their crop in the company's cold storage. The quantum of
funding is determined on the basis of cost analysis done by West
Bengal SLBC (State level Bankers' Committee) every year in December
before the harvesting season. Overall gearing ratio increased from
1.55x as on March 31, 2021 to 2.73x as on March 31, 2022 on account
of enhanced cash credit limit Further the debt coverage indicators
remained moderate marked by interest coverage at 6.28x and total
debt to GCA has increased to 17.66x in FY22. Improvement in
interest coverage was on account of decrease in finance cost during
FY22.

Key rating strengths

* Experienced management and long track record of operations:
MSCSPL started its commencement from March 2004 and thus has long
track record of operations. Mr. Asit Manna looks after overall
management of the company. He has more than two decades of
experience in cold storage business and is supported by a team of
experienced professionals who have rich experience in the same line
of business.

* Proximity to potato growing area: MSCSPL's storing facility is
situated in the Paschim Medinipur district of West Bengal which is
one of the major potatoes growing regions of the state. The
favourable location of the storage unit, in close proximity to the
leading potato growing areas provides it with a wide catchment and
making it suitable for the farmers in terms of transportation and
connectivity.

Liquidity: Adequate

Liquidity is marked by sufficient cushion in cash accruals vis-
a-vis nil repayment obligation. Moreover, cash balance stood
moderate at INR1.07 crore as on March 31, 2022. The average
utilization of working capital limit remained at ~95% during post
harvest period of March to September, 2022 as per lender. The
current ratio remained at 1.38x as on March 31, 2022. The entity
has not availed any COVID loan.

Maa Subhala Cold Storage Private Limited (MSCSPL), incorporated in
the year 2003, is a Paschim Medinipur (West Bengal) based company,
promoted by the Manna family. It is engaged in the business of
providing cold storage services to potato growing farmers and
potato traders, having an installed storage capacity of 183,000
quintals in Paschim Medinipur district of West Bengal. The company
also engages itself in trading of potato and also provides loans to
farmers. Mr. Asit Manna (aged, 49 years) looks after overall
management of the company. He has more than two decades of
experience in cold storage business and is supported by a team of
experienced professionals who have rich experience in the same line
of business.


MANI SQUARE: CARE Lowers Rating on INR243.50cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Mani
Square Limited (MSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      243.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

   Short Term Bank      20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 15, 2022,
placed the rating(s) of MSL under the 'issuer non-cooperating'
category as MSL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 31, 2022.

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

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

The ratings assigned to the bank facilities of MSL have been
revised on account of delays in debt servicing recognized from
lenders' feedback.

MSL, part of the Kolkata-based Mani Group promoted by Mr. Sanjay
Jhunjhunwala, is engaged in the construction, development and
maintenance of commercial, retail as well as residential real
estate.


MANSAROVAR HOLIDAYS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mansarovar
Holidays (MH) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.37       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Nainital based, Mansarovar Holidays (MHS) was established in 2012
as a proprietorship firm and is managed by Mr. Punit Kumar Goel.
MHS is engaged in managing a hotel namely "Mansarovar" at
Nainital.


NAVNEET MOTORS: CARE Lowers Rating on INR25cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Navneet Motors (NM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      25.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank     47.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 5,
2021, placed the rating(s) of NM under the 'issuer non-cooperating'
category as NM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 21, 2022, August 31, 2022, September 10, 2022.

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

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

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

Formed in 1985, Navneet Motors (NM) is a partnership firm promoted
by Mr Lalit Narain Mathur and his family members. NM is engaged in
the automobile dealership business of Ashok Leyland Limited (ALL)
for commercial vehicles and Maruti Suzuki India Limited (MSIL) for
passenger cars.


NICE PROJECTS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nice
Projects Limited (NPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.40       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term          44.00       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 30,
2021, placed the rating(s) of NPL under the 'issuer
non-cooperating' category as NPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. NPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 16, 2022, July 26, 2022, August 5, 2022.

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

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

New India Contractors & Engineers (NICE), a construction agency,
started its activities in 1988 as a proprietorship firm and was
later incorporated as Nice Projects Limited (NPL), on April 22,
2004. The company promoted by Mr. Sartaj Ali, an engineer by
profession, is engaged in construction works pertaining to
residential complexes, warehouses & allied buildings, industrial
structures, educational institutions, hospitals, heavy steel
fabrication and erection works etc., and has executed number of
projects.


PACIFIC ACADEMY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pacific
Academy of Higher Education & Research Society (PAOHERS) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       43.09      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       6.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 06,
2021, placed the rating(s) of PAOHERS under the 'issuer
non-cooperating' category as PAOHERS had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. PAOHERS continues to be non-cooperative despite
repeated requests for submission of information through emails,
phone calls and a letter/email dated August 22, 2022,
September 1, 2022, September 11, 2022.

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

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

Udaipur-based (Rajasthan) PAHER was formed as Pacific Education
Society in October 1995 with an objective to set up educational
institutions. In March 2007, its name was changed to the current
form. PAHER was founded by Mr B.R. Agarwal who is the founder
Chairman of Pacific Group (PG). The other society members are Mrs
Leela Devi Agarwal, Mr Rahul Agarwal and Mr Ashish Agarwal. PAHER
offers courses in varied fields including pharmacy, dental,
engineering, management, education, media and mass communication,
information technology, hospitality and fashion technology.


PARAGON CABLE: CARE Lowers Rating on INR4cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Paragon Cable India (PCI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      5.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

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

Paragon Cable India (PCI) was established as a partnership firm in
the year 1991 by Mr. Vikas Nagpal along with his wife Mrs. Anjana
Nagpal. PCI is engaged in the manufacturing of electric wires and
cables and its products are ISO 9001:2008 certified.


PARIVARTAN BUILDTECH: CARE Lowers Rating on INR15.05cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Parivartan Buildtech Private Limited (PBPL), as:

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

   Long Term/          15.05       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable/
                                   CARE A4

   Short Term Bank      9.95       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 7,
2021, placed the rating(s) of PBPL under the 'issuer
non-cooperating' category as PBPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PBPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 23, 2022, September 2, 2022, September
12, 2022, October 27, 2022.

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

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

The ratings have been revised on account of non-availability of
requisite information. The ratings also factored in delays in debt
servicing recognized from publicly available information i.e.
wilful defaulter list of CIBIL and other publicly available
information.

PBPL was incorporated in November 2013 by Mr Parivartan and Mr Raja
Bhoj. The company has succeeded the business of an erstwhile
proprietorship firm M/s Parivartan Contractors from April 1, 2015
onwards which was managed by Mr Parivartan and established in 2008.
The company is engaged in road and civil construction work which
includes construction of roads and laying of sewage, water supply
and drainage pipeline. PBPL is registered as a Class 'I' contractor
for Road Works with Haryana Public Work Department (Building &
Road). The company operates mainly in Haryana, Rajasthan and Madhya
Pradesh. The main raw materials used in the construction and civil
works include bitumen, cement, steel and gravel which the company
procures from suppliers based in Haryana, Rajasthan and nearby
regions.


PAWAN ENTERPRISES: CARE Keeps B-/A4 Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pawan
Enterprises (PE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      8.80       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 7,
2021, placed the rating(s) of PE under the 'issuer non-cooperating'
category as PE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2022, August 3, 2022, August 13, 2022.

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

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

Jaipur based (Rajasthan) PE was formed in 1993 as a partnership
concern by Mr. Shyam Sunder Lashkery and Mr. Pawan Lashkery. PE is
engaged in the business of manufacturing and export of ladies
readymade garments and home furnishing. The manufacturing facility
of the firm is located at Jaipur.


PMT MACHINES: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of PMT
Machines Limited (PMT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      428.27      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 3, 2021, placed the
rating of PMT under the 'issuer noncooperating' category as PMT had
failed to provide information for monitoring of the rating. PMT
continues to be noncooperative despite repeated requests for
submission of information through e-mails dated July 9 2022, June
29, 2022, June 19, 2022 and phone calls.

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

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

PMT Machines Ltd (PMT) was incorporated on September 08, 1961 as
Traub India Pvt Ltd, promoted by TRAUB, a leading German Machine
Tool Company with a major shareholding of 70%, along with Mr D. L.
Shah. In 1979, TRAUB divested its entire stake in favour of Mr D.
L. Shah. Later on, in September 1989, it became deemed public
limited company and was renamed as PMT Machines Ltd. Subsequently
in 1994, Mr D. L. Shah sold the company to the Sandesara group. It
is one of the oldest machine tools producers in India. It
specializes in production of metal-working machine tools. Sterling
Biotech Ltd (SBL) is the flagship company of the Vadodara based
Sandesara group. It is mainly engaged in the manufacturing of
pharmaceutical-grade gelatin which has wide range.


PRAKASH STEELAGE: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prakash
Steelage Limited (PSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       150.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      70.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 13, 2017, placed
the ratings of PSL under the 'issuer non-cooperating' category as
PSL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. PSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 13, 2022; September 23,
2022 and October 3, 2022 and phone calls.

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

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

Detailed description of the key rating drivers

At the time of last rating on October 28, 2021 the following were
the rating weakness (updated for the information available from
stock exchange):

Key Rating Weaknesses

* Delay in servicing of debt obligations: There have been delays in
servicing of its debt obligation. As per audit report for year
ended March 31, 2022, the company has been sanctioned one-time
settlement by the lenders. The company has made the full and final
payment towards the one-time settlement to all the lenders during
the year ended March 31, 2022 and received No-due certificate from
the lenders. However, on account of non-receipt of no-due
certificate by CARE Ratings Limited, the said ratings, could not be
withdrawn.

PSL, incorporated on May 9, 1991, was converted into a public
limited company on August 12, 1997 and was listed in August 2010.
PSL started its business with trading in the stainless steel (SS)
sheets, coils, plates and scrap. The company now is engaged in the
manufacturing of stainless steel (seamless and welded) pipes and
tubes and trades into stainless steel sheets and coils. The company
products are used in heat exchanger, evaporators, heating elements,
fluid piping, pumps, valves, condensers and in many other
instrumentation equipments. The company exports its products to
several countries, such as USA, UAE, South Africa, European
countries, Canada, Singapore, Saudi Arabia, Turkey, Vietnam, etc.


RAJESH LANDMARK: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rajesh Landmark Projects Private Limited
        139, Seksaria Chambers
        2nd Floor, N M Road
        Fort Mumbai, Mumbai City
        MH 400023
        IN

Insolvency Commencement Date: October 10, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 8, 2023

Insolvency professional: Bhrugesh Amin

Interim Resolution
Professional:            Bhrugesh Amin
                         BDO India LLP, Level 9
                         The Ruby, Northwest Wing
                         Senapati Bapat Road
                         Dadar (W), Mumbai 400028
                         IN
                         E-mail: bhrugeshamin@bdo.in
                                 rlpplclaims@bdo.in

Last date for
submission of claims:    October 24, 2022


SAHIL SPINTEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sahil Spintex Limited
        Ratia Road
        Village Boha Teh
        Budhlada, Mansa
        Punjab 151503

Insolvency Commencement Date: November 1, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: April 30, 2023

Insolvency professional: Mohit Chawla

Interim Resolution
Professional:            Mohit Chawla
                         SCO: 2935-36, Level-I
                         Sector 22-C
                         Chandigarh 160022
                         E-mail: ipservices@embeegroup.in
                                 ip.sahilspintex@gmail.com

Last date for
submission of claims:    November 15, 2022


SAV STEELS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: SAV Steels Private Limited
        5/53 Jagatipota
        Krishan Market Road
        P.O. Dhalua
        Kolkata WB 700152

Insolvency Commencement Date: October 28, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 26, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Uday Narayan Mitra

Interim Resolution
Professional:            Mr. Uday Narayan Mitra
                         72/1, Dawnagazi Road
                         Bally, Howrah
                         West Bengal 711201
                         E-mail: udaynarayanmitra@yahoo.co.uk
                                 cirp.savsteels@gmail.com
                         Mobile: 94335-32994
                                 8240850244

Last date for
submission of claims:    November 11, 2022


SIDDS JEWELS PRIVATE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sidds
Jewels Private Limited (SJPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          405.36      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 14,
2021, placed the rating(s) of SJPL under the 'issuer
non-cooperating' category as SJPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SJPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 31, 2022, August 10, 2022, August 20,
2022.

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

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

Analytical approach: Standalone

CARE has taken combined approach till FY20 (Audited) of Sidds
Jewels Private Limited, Sidds Jewels India LLP and Pooja Diam LLP
(Formerly Pooja Exports) as the group being controlled by same
promoter group and the decision-making being centralized. The group
has common finance and administration teams. Also, the group enjoys
business synergies with operations in same line of business.
However; as financial information post FY20 is unavailable for
Sidds Jewels India LLP. Hence, the standalone financials have been
considered from FY21 onwards.

Incorporated in 2003, Sidds Jewels Private Limited (SJPL) is
promoted by Mr. Sunil S. Kothari belonging to the Kothari family
from Mumbai. The company is into manufacturing and export of
diamond studded jewellery. The manufacturing facility is located in
SEEPZ, Mumbai which employs around 200 employees. Apart from
interest in G&J business, the Kothari family also has businesses in
hospitality, real estate, horticulture and plantation industry.


SKYI PROPERTY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Skyi
Property Ventures Limited Liability Partnership (SPVLLP) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 2,
2021, placed the rating(s) of SPVLLP under the 'issuer
non-cooperating' category as SPVLLP had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SPVLLP continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 19, 2022, July 29, 2022,
August 8, 2022.

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

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

Skyi Property Ventures Limited Liability Partnership (SPVLLP)
(Formerly known as Pate Future Constructions Limited Liability
Partnership) is a limited liability partnership firm formed on
January, 2015 and belongs to Pune based Pate Developers. SPVLLP was
formed for developing a budget residential development under the
name "LIFE MAXIMA" at Kirkatwadi, Pune. CARE does not have any
update on the latest developments in this regard.


SOUNDARARAJA MILLS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Soundararaja Mills Limited
        No. Soundararaja Buildings
        G.T.N. Salai Dindigul
        TN 624005
        India

Insolvency Commencement Date: October 15, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 13, 2023

Insolvency professional: Mutharasapuram Ganesan Chandrasekaran

Interim Resolution
Professional:            Mutharasapuram Ganesan Chandrasekaran
                         Flat No. 104, Tiana House of Hiranandani
                         Near Marina Mall, 5/63 OMR
                         Egattur, Chegalpattu
                         Chennai, Tamil Nadu 600130
                         E-mail: sekaranirp@gmail.com

                            - and -

                         BKC Centre, 31-E
                         Laxmi Indl. Estate
                         New Link Road, Andheri (W)
                         Mumbai 400053
                         E-mail: soundararajamills.ibc@gmail.com

Last date for
submission of claims:    October 29, 2022


SUNRISE ENTERPRISES: CARE Lowers Rating on INR10cr LT Loan to B-
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sunrise Enterprises (Mumbai), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 30,
2021, placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 16, 2022, August 26, 2022, September 5, 2022.

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

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

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

Established in 2011 as a partnership firm by Mr. Rupesh Dhirwani
with his relatives Mr. Mohanlal Pahuja and Mr. Vijay Pahuja, SE is
engaged in trading of various electrical items viz. cables, wires,
fans, lights, geysers, etc.


TOUCHSTONE FINE: CARE Lowers Rating on INR10cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Touchstone Fine Jewellery (TFJ), as:

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

   Short Term Bank      0.10       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 30,
2021, placed the rating(s) of TFJ under the 'issuer
non-cooperating' category as TFJ had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. TFJ
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 16, 2022, August 26, 2022, September 5,
2022.

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

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

Touchstone Fine Jewellery (TFJ) was established as a partnership
firm in the year 2013 by Mr. Apoorva Mehta, Mr. Malay Mody and Mr.
Siraj B Saraiya. The firm is engaged in manufacturing of diamond
and colour stone studded gold jewellery such as necklaces, rings,
bracelets, pendants, earrings etc. TFJ has its processing unit
located in Mumbai, Maharashtra.


UTOPIAN SUGARS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Utopian
Sugars Limited (USL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      136.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 31,
2021, placed the rating(s) of USL under the 'issuer
non-cooperating' category as USL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. USL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 17, 2022, July 27, 2022, August 6, 2022.

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

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

USL was incorporated in March, 2010 as a closely held limited
company to undertake manufacturing of sugar and sugar related
products at Taluka Mangalwedha in Solapur, Maharashtra. USL is
promoted by Mr. Umesh P. Paricharak as Chairman and his brother Mr.
Uttam V. Patil as Managing Director (MD) having industry experience
of over two decades.


VEDANTA RESOURCES: Moody's Lowers CFR to B3, Outlook Remains Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Vedanta Resources Limited (VRL) to B3 from B2. At the
same time, Moody's has downgraded the ratings to Caa1 from B3 on
the senior unsecured bonds issued by VRL, and those issued by
Vedanta Resources Finance II Plc and guaranteed by VRL.

The outlook on the ratings remains negative.

"The rating action reflects VRL's rising refinancing pressure given
that the company has yet to obtain funding for its large maturities
due in April 2023 and Vedanta Resources Finance II Plc's due in May
2023, which is taking longer than Moody's earlier expectations of
completion by October 2022. The proximity of the large maturities'
due dates without a refinancing completed well in advance indicates
VRL's aggressive liability management," says Kaustubh Chaubal, a
Moody's Senior Vice President.

"The negative outlook reflects holding company VRL's persistently
weak liquidity profile and Moody's concerns over the elevated
refinancing risk arising from its looming debt maturities," adds
Chaubal, also Moody's Lead Analyst for VRL.

RATINGS RATIONALE

Holding company (holdco) VRL's persistently weak liquidity and high
refinancing needs with large, looming debt maturities are a
pertinent credit risk, especially amid rising inflation and higher
interest rates weighing on global economic growth.

Moody's had earlier expected holdco VRL to refinance Vedanta
Resources Finance II Plc's April 2023 and VRL's May 2023 US dollar
bond maturities by October this year. In addition to these $900
million bond maturities in the first quarter (Q1) of the year
ending March 31m 2024, holdco VRL has $830 million loan repayments
between October 2022 and March 2023. While cash dividends can
somewhat ease the holdco's woes, large dividend payments will erode
its operating subsidiaries' liquidity.

Moody's continues to view the company's unsustainable capital
structure, weak liquidity and poor liability management -- as
illustrated through the holdco addressing debt maturities extremely
close to the scheduled debt maturity dates -- as signs of an
aggressive risk appetite, with implications on the company's
financial strategy and risk management, a key component of the
agency's corporate governance risk assessment framework.

Moody's estimates that holdco VRL would have reduced its gross debt
by almost $1 billion during the first half (H1) of fiscal 2023.
Still, holdco VRL has substantial cash needs over the 18-month
period from October 2022 through March 2024. These include: (1)
external debt maturities of around $3.8 billion, comprising almost
half of holdco VRL's debt as of September 2022; (2) $450 million of
an intercompany loan; and (3) an annual interest bill of around
$600 million.

Given VRL is purely a holding company without any operations, it
will stay reliant on dividends from operating subsidiaries and on
Indian and multinational banks for funding, because Moody's expects
cross-border capital markets to remain very challenging. In
addition to the $1.6 billion of dividends VRL received during H1
fiscal 2023, VRL's operating subsidiaries -- 69.7% owned Vedanta
Limited (VDL) and VDL's 64.9% owned subsidiary Hindustan Zinc
Limited (HZL) -- could pay dividends using their cash balances.
Still, Moody's expects that such dividends will fall substantially
short of the holdco's large cash needs until March 2024,
necessitating continued bank financing.

Moody's notes that VRL is negotiating financing arrangements toward
addressing part of its near-term debt maturities, although the
quantum and timing remain uncertain. Moreover, the rating agency
believes that holdco VRL is unlikely to proactively address
refinancing at least 12 months prior to scheduled maturity dates,
indicating characteristics of a low-B-category CFR.

Based on Moody's commodity price assumptions, VRL's consolidated
credit metrics will somewhat weaken in fiscal years 2023 and 2024
from fiscal 2022, mirroring the weakening trajectory in the prices
of its key commodities. Spot prices in October 2022 across VRL's
key commodities were 8%-20% lower than their respective averages
during April through September this year. Moody's forecasts for VRL
are based on the rating agency's price sensitivities for metals
($1.00-$1.30 per pound [/lb] for aluminum, $1.10-$1.40/lb for zinc,
and $17-$21 per ounce for silver). For oil and gas, Moody's
forecasts are based on a crude oil assumption of $90 per barrel for
the remainder of fiscal 2023, incorporating the windfall tax
imposed by the government of India and $60 per barrel for fiscal
2024 (and no windfall tax).

Moody's expects these price sensitivities to translate into
consolidated adjusted EBITDA of around $5.2 billion-$5.4 billion
and cash flow from operations of around $3.0 billion-$3.8 billion
for fiscal years 2023 and 2024. Moody's believes VRL will require
additional borrowings to fund its capital expenditure, especially
since the rating agency expects operating subsidiaries to pay large
cash dividends.

As a result, Moody's expects VRL's leverage -- measured by
consolidated adjusted gross debt/EBITDA --  will increase from 2.8x
as of March 2022 but will stay in the 3.2x-3.6x range over fiscal
years 2023 and 2024, still comfortably below the revised downgrade
trigger of 5.5x.

Meanwhile, VRL's equity base is thin with a capital structure that
remains highly skewed towards debt (comprising around 90% of total
capital). Given VRL's earnings are inherently susceptible to
volatile commodity prices, headroom under its financial covenants
could narrow. While VRL was in compliance with all financial
maintenance covenants as of March 2022, it has previously operated
with bank waivers for periods when in breach. Covenant compliance
will be key to its credit quality, especially with bank loans
comprising more than two thirds of VRL's consolidated debt. In a
scenario where VRL foresees a potential covenant breach, Moody's
expects the company to proactively seek covenant waivers, ahead of
the covenant testing date.

VRL's B3 CFR reflects the company's exposure to the inherent
volatility in commodity prices as well as the company's weak
liquidity and high refinancing risk, especially at holding company
VRL.

On balance, the B3 CFR also reflects VRL's credit strengths that
comprise its large-scale and diversified low-cost operations;
exposure to a wide range of commodities such as zinc, aluminum,
iron ore, oil and gas, steel and power; strong position in key
markets, enabling it to command a pricing premium; and history of
relative margin stability through commodity cycles.

VRL's senior unsecured bonds are rated at Caa1, one notch lower
than the B3 CFR, reflecting Moody's view that the bondholders are
in weaker position relative to operating subsidiaries' creditors.
The one-notch differential between the bond ratings and the CFR
reflects the legal and structural subordination of the holding
company bondholders to the rest of the group. Moody's calculates
operating company claims at around 60% of total consolidated claims
as of March 2022, with the balance of the claims distributed across
holding company VRL and its intermediate holding companies that
have a direct shareholding in Vedanta Limited (VDL).

OUTLOOK

The negative outlook reflects VRL's persistently weak liquidity
profile and Moody's concerns over the elevated refinancing risk
arising from holdco VRL's looming debt maturities.

LIQUIDITY

Holding company VRL's liquidity remains weak. Moody's estimates
that VRL's cash holding, new loans, management/branding fee and
dividends from operating subsidiaries will still not be sufficient
to meet the holding company's cash needs through March 2024.

ESG CONSIDERATIONS

VRL's very highly negative exposure to environmental considerations
relates to carbon transition, water management and natural capital.
The company's very highly negative social risk exposure emanates
from health and safety risks with an incidence of fatalities in
each of the past four years. The company's highly unionized work
force presents the risk of human capital, although the company has
not had any labor strikes in recent years. The company has a very
highly negative governance exposure due to VRL's concentrated
ownership with sole shareholder, Volcan Investments Ltd. This keeps
governance risk elevated given the company's past related party
transactions to the detriment of creditors. Governance risks also
reflect the company's aggressive liquidity risk management.

VRL's CIS-5 score reflects very high risks on environmental, social
and governance considerations. Absent these risks, the company's
large scale and efficient asset base could support a higher
rating.

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

Moody's expects holdco VRL to find sufficient funds through bank
loans and dividends to address its debt maturities until June 2023.
However, Moody's could further downgrade VRL's ratings if (1)
holdco VRL fails to address its January 2024 US dollar bond
maturity by June 2023, after depleting liquidity at operating
subsidiaries to repay near-term debt maturities; (2) VRL pursues
aggressive financial policies, in particular large debt-funded
investments that materially skew its financial profile; (3) there
is exposure to VRL's ultimate shareholder, Volcan Investments,
other than through modest dividends; (4) a sustained breach on any
of the company's financial covenants limits its ability to raise
debt; or (5) an adverse ruling on any of the company's lawsuits
results in large cash outflows.

Downward ratings pressure could also emerge if commodity prices
soften substantially and reduce VRL's EBITDA and free cash flow
generation, causing a sustained weakening in credit metrics, such
as adjusted debt/EBITDA stays above 5.5x, EBIT/interest coverage
remains below 1.0x, or cash flow from operations less
dividends/debt sustains below 7%.

An upgrade is unlikely, given the downgrade action and the negative
outlook on all ratings.

In addition, downward pressure on VRL's senior unsecured Caa1
ratings could also emerge if the company is unable to sustain
reductions in the level of priority claims ranking ahead of the
holding company's senior unsecured debt. While Moody's expects that
there may be some volatility in the ratio of priority claims to
total claims, a sustained deterioration in this metric toward
historical levels would likely cause the rating agency to widen the
difference between the CFR and the senior unsecured notes' rating
to two notches.

The outlook could return to stable if VRL (1) adopts prudent
financial and liquidity risk management strategies, including a
sustained approach to proactive refinancing; and (2) maintains
sufficient funding to fully address its debt maturities on a 12-18
month forward basis.

The principal methodology used in these ratings was Mining
published in October 2021.

Vedanta Resources Limited (VRL), headquartered in London, is a
diversified resources company with interests mainly in India. Its
main operations are held by Vedanta Limited (VDL), a 69.7%-owned
subsidiary. Through VRL's various operating subsidiaries, the group
produces oil and gas, zinc, lead, silver, aluminum, iron ore, steel
and power.

Delisted from the London Stock Exchange in October 2018, VRL is now
wholly owned by Volcan Investments Ltd. Founder chairman of VRL,
Anil Agarwal, and his family, are the key shareholders of Volcan.

For the fiscal year ending March 31, 2022, VRL generated revenues
of USD17.6 billion and adjusted EBITDA of USD6.4 billion. For the
first half of the fiscal year ending March 31, 2023, VDL reported
consolidated revenue of INR744.9 billion (USD9.3 billion) and
consolidated EBITDA of INR187.8 billion (USD2.3 billion).




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

TOSHIBA CORP: Preferred Bidder May Miss Nov. 7 Finance Deadline
---------------------------------------------------------------
Bloomberg News reports that a consortium considering a bid for
Toshiba Corp. is poised to miss a Nov. 7 deadline to secure
financing for what could be Asia's biggest deal this year,
according to people familiar with the matter.

Accordig to Bloomberg, four banks including Sumitomo Mitsui Banking
that were considering whether to issue commitment letters for loans
to the consortium led by Japan Industrial Partners have decided not
to proceed before the cutoff date set by Toshiba, the people said.
The banks have not yet made a formal decision, one of the people
said, asking not to be identified as the information is private.

Bloomberg relates that the lenders have been unable to make binding
commitments as the potential bidding groups have not finalized
details such as deciding on the lineup of their equity partners,
people familiar with the matter have said.

JIP's consortium, which is the preferred bidder, has been
considering a takeover of Toshiba at a valuation of about JPY2.4
trillion ($16.2 billion), and is seeking about JPY1.4 trillion from
banks, Bloomberg News has reported. The group continues to work on
the takeover proposal, the people said.

State-backed investment fund Japan Investment, which is leading a
rival group, received approval from the Ministry of Economy, Trade
and Industry on Oct. 27 to increase the size of the fund to JPY900
billion from JPY200 billion, JIC spokesperson Motoki Okumura said,
Bloomberg reports. The raised fund size will enable JIC to respond
to the recent increase in the number of large-scale buyout deals in
Japan, and was not specifically granted with individual projects in
mind, Okumura said.

Bloomberg relates that the increase came after JIC informed METI it
would need to contribute at least JPY500 billion to a Toshiba
takeover because of METI's requirement that the investor contribute
a minimum of 50% of the equity in the bid, people familiar with the
matter said.

Deliberations are ongoing and the lenders could still decide to
issue the letters before the deadline, the people said.
Representatives for JIP and SMBC declined to comment. A METI
official confirmed the increase in JIC's fund size and said METI
did not receive an application from JIC for a specific project,
declining to elaborate further, Bloomberg says.

The nation's largest banks have been stung recently by soured
lending, such as the financing commitments made to KKR & Co.-owned
auto parts supplier Marelli Holdings Co., which entered court-led
rehabilitation earlier this year when an alternative dispute
resolution process failed. Deutsche Bank AG was set to buy about
$690 million worth of the debt from a unit of SMFG, it was reported
in October.

JIP's consortium is in talks to form a partnership with domestic
companies including Orix and Chubu Electric Power Co. as well as
global investment firms such as Baring Private Equity Asia and CVC
Capital Partners, people familiar with the matter have said,
Bloomberg notes. CVC is considering reducing its planned
contribution to the bid in order to avoid antitrust scrutiny from
Chinese regulators.

                         About Toshiba Corp

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.




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

CAPITAL A: Air India to Buy Remaining Stake in AirAsia India
------------------------------------------------------------
Nikkei Asia reports that Tata Group-owned Air India will purchase
all shares in joint venture AirAsia India and merge it with a
low-cost carrier as part of the conglomerate's push to revamp its
airline business into a more competitive player.

Tata Group already owns an 83.67% stake in the carrier, and Air
India will acquire the remaining interest for INR1.5 billion ($18
million) from Malaysian airline group Capital A in a deal announced
on Nov. 2.  Capital A will focus its resources on Southeast Asia
going forward, Nikkei relates.

According to the report, the plan is to merge AirAsia India with
LLC operator Air India Express by the end of 2023, with all
services to be offered under the Air India Express brand.

Nikkei says the deal comes as Tata moves to consolidate its group
airlines. In January, Tata completed its purchase of former
national carrier Air India. The Competition Commission of India,
equivalent to the U.S. Federal Trade Commission, has approved the
new plan for Air India to purchase all shares of AirAsia India.

IndiGo, a low-cost carrier, accounted for 58% of the domestic air
passenger market share in the July-September quarter. Domestic
airline Vistara was next with 9.9% of the market, with Air India
and AirAsia India following.

Tata jointly owns Vistara with Singapore Airlines. The Singapore
carrier said in October that it is considering a potential merger
between Vistara and Air India.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.

AirAsia, headquartered in Malaysia, operates from hubs in Malaysia,
Thailand, Indonesia, Philippines and India. The airline's Malaysia
and Thailand operations are undertaken via AirAsia Bhd and Thai
AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, AirAsia Group Bhd (AAGB) is in the midst of formulating a
plan to regularize its financial condition to address its Practice
Note 17 (PN17) status.  According to The Star, Bursa Malaysia on
Jan. 13 dismissed AAGB's appeal seeking to extend an 18-month
relief period from being classified as a PN17 company that ended on
Jan. 7, 2022.

AirAsia triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

AirAsia also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, AirAsia was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.

CAPITAL A: Taps Research Firm to Help Devise Regularisation Plan
----------------------------------------------------------------
The Star reports that Capital A Bhd has engaged independent market
researcher, Providence Strategic Partners Sdn Bhd, to assist in
developing a proposed Practice Note 17 (PN17) regularisation plan.

The Star relates that the parent company of AirAsia Aviation Group
said Providence Strategic Partners will help with independent
market research and review of potential business plans with regard
to the plan's development.

"The company will continue to make the necessary announcements on
the development of its regularisation plan accordingly," it said in
a filing with Bursa Malaysia on Nov. 4, The Star relays.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.

AirAsia, headquartered in Malaysia, operates from hubs in Malaysia,
Thailand, Indonesia, Philippines and India. The airline's Malaysia
and Thailand operations are undertaken via AirAsia Bhd and Thai
AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, AirAsia Group Bhd (AAGB) is in the midst of formulating a
plan to regularize its financial condition to address its Practice
Note 17 (PN17) status.  According to The Star, Bursa Malaysia on
Jan. 13 dismissed AAGB's appeal seeking to extend an 18-month
relief period from being classified as a PN17 company that ended on
Jan. 7, 2022.

AirAsia triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

AirAsia also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, AirAsia was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.




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

CHISELED FITNESS Creditors' Proofs of Debt Due on Dec. 12
---------------------------------------------------------
Creditors of Chiseled Fitness Limited are required to file their
proofs of debt by Dec. 12, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 31, 2022.

The company's liquidators are:

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


DUNEDIN DONUTS: Creditors' Proofs of Debt Due on Nov. 25
--------------------------------------------------------
Creditors of Dunedin Donuts Limited and G.B. Queenstown Limited are
required to file their proofs of debt by Nov. 25, 2022, to be
included in the company's dividend distribution.

Dunedin Donuts Limited commenced wind-up proceedings on Oct. 19,
2022.

G.B. Queenstown Limited commenced wind-up proceedings on Oct. 24,
2022.

The companies' liquidators are:

          Trevor Edwin Laing
          Emma Margaret Laing
          Laing Insolvency Specialists Limited
          PO Box 2468
          Dunedin


JGURLFITNESS LIMITED: Creditors' Proofs of Debt Due on Nov. 29
--------------------------------------------------------------
Creditors of Jgurlfitness Limited are required to file their proofs
of debt by Nov. 29, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 25, 2022.

The company's liquidator is Kelera Nayacakalou.


MAUSA LABOUR: Grant Reynolds Appointed as Liquidator
----------------------------------------------------
Grant Reynolds of Reynolds & Associates on Oct. 26, 2022, was
appointed as liquidator of Mausa Labour Hire Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


TOTAL CIVIL: Court to Hear Wind-Up Petition on Dec. 2
-----------------------------------------------------
A petition to wind up the operations of Total Civil Limited will be
heard before the High Court at Auckland on Dec. 2, 2022, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 14, 2022.

The Petitioner's solicitor is:

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


WE ARE BAMBOO: Customers Out of Pocket as Travel Company Shut
-------------------------------------------------------------
Melissa Nightingale at NZ Herald reports that Sheryl Yesucevitz
should have been working with indigenous villagers deep within an
Amazon Rainforest last month. Instead, she found herself among
hundreds of well-meaning travellers who fear they are thousands of
dollars out of pocket after the Kiwi company they booked their
ethical holidays with announced its closure.

The Herald relates that the Massachusetts woman is one customer of
Lower Hutt-based company We Are Bamboo who were told last week
their pre-paid trips had been cancelled, and there would be no
refunds.

Most of the affected customers are from the US, UK, and Canada.

"I originally travelled with them in 2018," Ms. Yesucevitz told the
Herald.

She went to Costa Rica and helped with beach clean-ups and
releasing baby turtles into the ocean.

"The whole basis of their travel was to give back," she said.

After her 2018 trip, Ms. Yesucevitz signed up for two more,
including the Peru trip she was supposed to be taking in October
this year.

There were multiple postponements due to Covid-19, and in that time
Bamboo continued to sell discounted travel packages for trips when
the world reopened.

But last weekend, Ms. Yesucevitz received an email from the company
stating they would be closing down, the Herald relays.

The statement, which is also on Bamboo's website, cited Covid
pressures as one of the reasons of their closure, but also laid
part of the blame at the feet of a group of customers.

"There is a small group of individuals who were not prepared to
wait [for delayed trips], and their actions and online influence
have broken us, which impacts us all," it said.

"Our intentions here are not to play the victim but simply share
with you the levels to which this group has gone to ensure our
downfall, and made it their sole purpose to attack us, our
families, our staff, and our customers with the intent to destroy
Bamboo.

"Our lawyers have advised us that several individuals have crossed
the line, and there is a case and evidence for criminal
proceedings."

They said the group shared personal contact details and also
"spread misinformation and lies online".

According to the Herald, the statement did not specify the alleged
lies, but said it meant their sales levels were not high enough to
ensure the company's survival.

"Through tears, the Bamboo dream is over but will live forever, in
our broken hearts."

Ms. Yesucevitz emailed back, asking about a refund of the US$3,500
(NZD6,000) payment she had already made for the trips, but received
a response that there would be no refunds.

"A refund will not be possible . . . Bamboo no longer operates and
has been forced to close," the email said.

They pointed to their terms and conditions, saying they could
cancel the trip under circumstances including "force majeure",
which means an unforeseen event outside of the company's control.

Ms. Yesucevitz has one friend who is losing US$12,000 (NZD20,500)
due to the closure, and said the amount of money Bamboo was not
refunding would in her opinion be "in the millions, no doubt".

"We signed up for these because we wanted to make a difference in
the world and they took that away from us."

Ms. Yesucevitz is a member of a group on Facebook which has about
600 people in the same or a similar boat to her, the Herald notes.

Ms. Yesucevitz said she and multiple others have reported the issue
to the NZ Police. A police spokeswoman said they could not provide
comment to the Herald on cases relating to specific businesses or
organisations.

A petition addressing company founders Colin Salisbury and Mark
Foster-Murray and calling them to repay the trip fees has gained
587 signatures.

The Commerce Commission is looking into inquiries about We Are
Bamboo, the Herald notes.

The Herald adds that general manager of fair trading Vanessa Horne
said it had received 26 inquiries about Bamboo, 21 of which have
been made since August.

"We are currently assessing the information to understand whether
there has been any potential breach of the Fair Trading Act, the
level of harm caused and whether we will need to take action (and
what that could look like)."




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

BOW & PETAL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Sept. 16, 2022, to
wind up the operations of Bow & Petal Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


EIGHT STARS: Creditors' Proofs of Debt Due on Dec. 4
----------------------------------------------------
Creditors of Eight Stars Private Limited are required to file their
proofs of debt by Dec. 4, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 28, 2022.

The company's liquidators are:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


GOLDEN ENERGY: Moody's Affirms B1 CFR & Rates New Secured Notes B1
------------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Golden Energy And Resources Ltd (GEAR), and the B1 rating
on the $375 million senior secured notes issued by GEAR.

At the same time, Moody's has assigned a B1 rating to the proposed
senior secured notes due 2027 to be issued by GEAR as part of an
exchange offer for its existing notes. GEAR will not receive any
cash proceeds from the new notes.

The outlook remains stable.

"The ratings affirmation reflects Moody's expectation that, while
GEAR's potential segregation of its Indonesian thermal coal assets
will reduce its scale and business diversity, the company's large
cash balance and dividends from its 64%-owned Australian subsidiary
Stanmore Resources Limited will ensure that GEAR maintains good
liquidity over the next few years," says Maisam Hasnain, a Moody's
Vice President and Senior Analyst.

"Stanmore has substantially enlarged its scale following its
acquisition of Australian metallurgical coal miner BHP Mitsui Coal
Pty (now renamed Stanmore SMC Pty Ltd (SMC)) earlier this year. The
acquired mines have a long track record of operations and low-cost
structure, backed by a long reserve life," adds Hasnain, also
Moody's Lead Analyst for GEAR.

RATINGS RATIONALE

On November 1, 2022, GEAR announced an offer to exchange its
existing $375 million notes due 2026 with new notes maturing in
2027, at the same 8.5% coupon as GEAR's existing notes[1].

The exchange offer is to loosen certain bond covenants, including
amendments to permit the potential segregation of GEAR's 62.5%
stake in its Indonesian thermal coal mining subsidiary, PT Golden
Energy Mines Tbk (GEMS). A segregation includes a potential
distribution, transfer or divestment of all of GEAR's interest in
GEMS.

A potential segregation would first require GEAR to get noteholders
to release its GEMS stake as security on the notes. Apart from the
removal of the GEMS stake as security, the new notes being offered
under the exchange offer will have the same security package as the
existing notes, which includes GEAR's 64% shareholding in
Stanmore.

The exchange offer is conditional on holders of at least 75% of the
outstanding principal (i.e., $281.25 million) of GEAR's existing
notes tendering for the new notes. Once the exchange is complete,
GEAR intends to redeem any outstanding 2026 notes at a make-whole
premium with its internal cash.

GEAR's credit quality following the potential segregation of GEMS
will be anchored by the fundamental credit strength of Stanmore.
Moody's expects Stanmore to maintain steady annual coal production
of 12 – 13 million metric tons, and low leverage of 1.0x – 1.5x
over the next 12-18 months. Moody's also expects Stanmore to
generate consolidated EBITDA of around $1.0 billion in 2022,
declining to around $850 million in 2023 as metallurgical coal
prices normalize from their record-high levels earlier this year.

Nonetheless, GEAR's B1 ratings are constrained by (1) its
dependence on cash dividends from Stanmore to service its debt; (2)
short track record of owning and operating the SMC mines under
Stanmore; (3) exposure to cyclical metallurgical coal prices; and
(4) uncertainty over future growth and investment plans that could
further increase the complexity of the group's structure.

Moody's expects GEAR to maintain good liquidity at the holding
company level over the next 18-24 months. A standalone cash balance
of $94 million as of June 30, 2022 and Moody's expectation for GEAR
to receive $150 – 180 million in dividends from GEMS during the
second half of 2022, will be sufficient to meet GEAR's cash needs,
which include the redemption of up to $94 million of its residual
2026 notes post the exchange offer.

If a potential segregation of GEMS is implemented, Stanmore and its
subsidiaries will account for most of GEAR's earnings and cash
flow. However, Stanmore is not a subsidiary guarantor of GEAR's US
dollar notes. As a result, noteholders' claims in a distressed
situation are subordinate to liabilities at Stanmore and its
operating subsidiaries. This subordination risk is reflected in
GEAR's B1 CFR.

The outlook is stable, reflecting Moody's expectation that GEAR
will maintain good liquidity at the holding company level,
supported by steady dividends from Stanmore, and that GEAR will not
provide further funding to support any of its subsidiaries or joint
venture investments.

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

An upgrade is unlikely over the next 12-18 months given GEAR's
increased operational concentration following the potential
segregation of GEMS.

Nevertheless, Moody's could upgrade the ratings over time if GEAR
(1) substantially increases its scale and business diversity, (2)
generates steady dividends from all its investments, (3) is not
required to provide additional funding to support these businesses,
and (4) maintains debt serviceability at the holding company level
such that its interest coverage from dividend receipts exceeds 3.0x
— excluding the interest reserve account — on a sustained
basis.

Conversely, Moody's could downgrade GEAR's ratings as a result of
(1) weakening industry fundamentals or a higher cash usage at
Stanmore, which reduces the cash flow available for paying
dividends to GEAR; (2) aggressive financial policies, including
large debt-funded investments; (3) additional funding support
rendered to its subsidiary and joint venture investments; or (4)
debt at Stanmore and its subsidiaries does not decline.

Specific indicators that Moody's would consider for a downgrade
include interest coverage at GEAR on a standalone basis falling
below 1.5x or consolidated adjusted debt/EBITDA rising above 3.0x.

The principal methodology used in these ratings was Mining
published in October 2021.

Listed on the Singapore Stock Exchange, Golden Energy And Resources
Ltd (GEAR) is an energy and resources company with investments in
coal and gold. Following the potential segregation of PT Golden
Energy Mines Tbk, an Indonesian thermal coal producer, GEAR's
primary investments are a 64% effective stake in Australian
metallurgical coal producer Stanmore Resources Limited, and a 50%
joint venture stake in Australian gold producer Ravenswood Gold
Mine.

LEE KIAT: Creditors' Proofs of Debt Due on Dec. 5
-------------------------------------------------
Creditors of Lee Kiat Seng (Private) Limited are required to file
their proofs of debt by Dec. 5, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 1, 2022.

The company's liquidator is:

          Tan Shou Chieh
          c/o Singapore Secretarial Services
          6001 Beach Road #12-01 & #12-11,
          Golden Mile Tower
          Singapore 199589


SIGNATURE PHOTOGRAPHY: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Sept. 16, 2022, to
wind up the operations of Signature Photography & Videography Pte.
Ltd.

DBS Bank Ltd filed the petition against the company.


STANFORD MARINER: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Stanford Mariner 2 Pte Ltd, on Oct. 28, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908




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

SRI LANKA: S&P Affirms 'SD' Foreign Currency Sovereign Ratings
--------------------------------------------------------------
On Nov. 3., 2022, S&P Global Ratings affirmed its 'SD' long-term
and 'SD' short-term foreign currency sovereign ratings on Sri
Lanka. At the same time, S&P affirmed its 'CCC-' long-term and 'C'
short-term local currency sovereign ratings. The outlook on the
long-term local currency rating remains negative.

In addition, S&P lowered to 'D' from 'CC' the issue ratings on the
following bonds with missed coupon or principal payments:

-- US$1.0 billion, 6.85% bonds due March 14, 2024.
-- US$1.4 billion, 7.85% bonds due March 14, 2029.
-- US$1.5 billion, 7.55% bonds due March 28, 2030.

S&P transfer and convertibility assessment at 'CC' is unchanged.

Outlook

S&P's foreign currency rating on Sri Lanka is 'SD' (selective
default). It does not assign outlooks to 'SD' ratings because they
express a condition and not a forward-looking opinion of default
probability.

The negative outlook on the local currency rating reflects a high
risk to commercial debt repayments over the next 12 months in the
context of Sri Lanka's economic, external, and fiscal pressures.

Downside scenario

S&P could lower the local currency ratings if there are indications
of nonpayment or restructuring of Sri Lankan rupee-denominated
obligations.

Upside scenario

S&P said, "We could revise the outlook to stable or raise the local
currency ratings if we perceive that the likelihood of the
government's local currency debt being excluded from any debt
restructuring has increased. This could be the case if, for
example, the government receives significant donor funding, which
gives it some time to implement immediate and transformative
reforms.

"We could raise our long-term foreign currency sovereign credit
rating upon completion of the government's bond restructuring. The
rating would reflect Sri Lanka's post-restructuring
creditworthiness. Our post-restructuring ratings tend to be in the
'CCC' or low 'B' categories, depending on the sovereign's new debt
structure and capacity to support that debt."

Rationale

Sri Lanka's external public debt moratorium prevents payment of
interest and principal obligations due on the government's ISBs.
This would have affected interest payments due Sept. 14, 2022, and
Sept. 28, 2022, on its ISBs maturing 2024, 2029, and 2030.

Following the missed payments, and given S&P's belief that payments
were not made within 30 calendar days of the due dates, it lowered
the issue ratings on these bonds to 'D' (default).

Overdue payments now include the following bonds:

-- US$1.0 billion, 5.875% bonds due 2022.
-- US$1.25 billion, 5.75% bonds due 2023.
-- US$1.0 billion, 6.85% bonds due 2024.
-- US$500 million, 6.35% bonds due 2024.
-- US$1.5 billion, 6.85% bonds due 2025.
-- US$650 million, 6.125% bonds due 2025.
-- US$1.0 billion, 6.825% bonds due 2026.
-- US$1.5 billion, 6.20% bonds due 2027.
-- US$1.25 billion, 6.75% bonds due 2028.
-- US$1.4 billion, 7.85% bonds due 2029.
-- US$1.5 billion, 7.55% bonds due 2030.

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

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

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

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

  Ratings List

  RATINGS AFFIRMED  

  SRI LANKA
  
  Sovereign Credit Rating
  
   Foreign Currency          SD/--/SD

   Local Currency            CCC-/Negative/C

  Transfer & Convertibility Assessment

   Local Currency            CC

  SRI LANKA

   Senior Unsecured          CCC-

   Senior Unsecured          D

  SRILANKAN AIRLINES LTD.

   Senior Unsecured          CC

  DOWNGRADED  
                             TO     FROM

  SRI LANKA

   Senior Unsecured          D       CC




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

VIETNAM: Fitch Affirms Foreign Currency IDR at 'BB', Outlook Pos.
-----------------------------------------------------------------
Fitch Ratings has affirmed Vietnam's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB' with a Positive Outlook.

KEY RATING DRIVERS

Strong Growth Prospects: Vietnam's rating reflects its strong
medium-term growth prospects, lower government debt compared to
peers, and favourable external debt profile. Fitch expects growth
of 7.4% in 2022, led by strong gains in industry, construction and
services, and partly from base effects. High FDI in manufacturing
should continue to support robust growth in the medium term.
Downside risks remain, related to the economic implications of the
Ukraine war and tighter global funding conditions. Fitch forecasts
a slowdown in GDP growth, to 6.2% in 2023.

Vulnerable to External Shocks: Vietnam's high degree of trade
openness leaves the economy vulnerable to external shocks. However,
Fitch expects exports to keep performing well in the medium term,
benefitting from Vietnam's cost competitiveness, trade diversion
from China, and implementation of key trade agreements. Exports
grew by 17% yoy in 9M22, compared with 18% yoy growth during the
same period last year.

Greater Exchange Rate Flexibility: Vietnam's exchange rate has
depreciated by 7.3% against the US dollar, partly due to
generalised global strengthening of the dollar. However, the State
Bank of Vietnam (SBV) has also allowed for greater exchange rate
flexibility, widening the trading band to +/-5%, from +/-3% . We
expect the exchange rate to remain under pressure, given the
continued strength of the US dollar, and believe SBV will intervene
in the case of excessive currency volatility.

Decline in FX Reserves: A strong US dollar has led to significant
depreciation of the exchange rate. SBV has intervened in the
foreign exchange (FX) market, which led to FX reserves falling to
under USD100 billion, according to official figures, after rising
to a record USD109.8 billion at end-2021. Under its baseline, Fitch
expects reserve coverage of current external payments to average
about 2.7 months over 2022-2024.

Vietnam's external debt profile remains favourable, as its
creditors are largely bilateral and multilateral. In addition,
foreign investor holdings in the local currency government bond
market are minimal, at 0.7% of the stock at end-2021. Despite the
fall in FX reserves, Vietnam will remain a net external creditor in
2022-2024, a strength compared to the 'BB' median.

Upside Inflationary Pressures: Fitch believes inflationary
pressures are on the upside, with headline inflation averaging 2.7%
in 9M22, above the 1.8% during the same period last year, although
it is still below SBV's target range of 4%. This is associated with
elevated commodity prices this year - to gradually decline from
next year onwards - a weaker exchange rate and its expectation of
wide fiscal deficits. Fitch forecasts that inflation will exceed
SBV's target in 2022 at an average of 4.3%, and remain at about 4%
in 2023 and 2024, under its baseline.

SBV has tightened the refinancing rate by a cumulative 200bp in
2022, to 6% from 4%. Fitch does not anticipate another rate hike
before the end of the year, but expect a further increase of the
policy rate next year, by 25bp.

Government Debt below 'BB' Median: Fitch forecasts a rise in the
general government debt-GDP ratio to 41.3% in 2022, from about 39%
in 2021, but this would still be far below the 'BB' median. The
increase is driven by a widening of the budget deficit to its
forecast of 4.5% of GDP in 2022. General government revenues are
lower than the peer median. Cuts to the VAT, environmental tax and
certain tax exemptions, part of a near-term economic recovery
programme, will dampen revenues in the near term. These are
measures to keep inflation under control and are likely to be
reversed as inflationary pressures subside.

Contingent Liability Risks: Contingent liability risks from legacy
issues at state-owned enterprises (SOEs) and banking-sector
weakness remain a drag on the rating. Explicit government
guarantees fell to 3.8% of GDP by end-2021, from 4.6% in 2020, but
institutional weaknesses continue to weigh on public finances.
Fitch believes that structural weaknesses remain in the banking
sector, related to its thin capitalisation and opaque stressed
problem loan disclosures, despite recent improvements. Economic
momentum should, however, support banks' asset quality and
profitability over the next 12-18 months.

Weaker Structural Indicators: Vietnam's per-capita income and human
development indicators remain a weakness compared to its peers,
despite high rates of growth. Fitch estimates that its GDP per
capita was USD3,720 at end-2021, against the 'BB' median of
USD5,761. Vietnam is in the 40th percentile on the UN Human
Development Index, compared with the 49th percentile of the 'BB'
median. In the latest rankings, the country's World Bank Governance
Indicator ranked in the 42nd percentile, below the 47th percentile
of the peer median.

ESG - Governance: Vietnam has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators have in its
proprietary Sovereign Rating Model. Vietnam has a medium ranking in
the 42nd percentile, reflecting its recent peaceful political
transition, a moderate level of rights for participation in the
political process, moderate institutional capacity, established
rule of law, and moderate level of corruption.

RATING SENSITIVITIES

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

- External Finances: A sustained decline in foreign-exchange
reserves associated with pressure on the exchange rate that would
contribute to a weaker net external creditor position.

- Public Finances: Crystallisation of contingent liabilities on the
sovereign's balance sheet or a sustained period of higher fiscal
deficits, which would lead to a failure to stabilise government
debt over the medium term.

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

- Macroeconomic Policy and Performance: Sustained high growth that
reduces the GDP per capita gap vis-à-vis Vietnam's peers while
maintaining macroeconomic stability.

- Public Finances: Improvement in the government's revenue base or
a reduction in contingent liabilities that support sustainable
fiscal consolidation over the medium term.

- Structural: A material reduction in risks posed to the sovereign
balance sheet from weaknesses in the banking sector, such as
improvements in capitalisation, transparency regarding asset
quality, and the regulatory framework.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Vietnam a score equivalent to a
rating of 'BBB-' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final Long-Term Foreign-Currency IDR by applying
its QO, relative to SRM data and output, as follows:

- Structural Factors: -1 notch to reflect structural weaknesses in
Vietnam's large financial sector (about 162% of GDP) related to
weaker asset quality than official data indicate and low
capitalisation.

- Public Finances: -1 notch to reflect relatively high contingent
liability risks from a large SOE sector, including government
guarantees for SOEs and potential banking-sector recapitalisation
costs, as well as institutional weaknesses in public-finance
management.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within its criteria that are not fully quantifiable and/or
not fully reflected in the SRM.

ESG CONSIDERATIONS

Vietnam has an ESG Relevance Score of '5' for Political Stability
and Rights, as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. Vietnam has a
percentile rank below 50 for the World Bank Governance Indicator,
which has a negative impact on the credit profile.

Vietnam has an ESG Relevance Score of '5' for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. Vietnam has a percentile rank
below 50 for the World Bank Governance Indicator, which has a
negative impact on the credit profile.

Vietnam has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. Vietnam has a percentile rank below 50 for the World
Bank Governance Indicators, which has a negative impact on the
credit profile.

Vietnam has an ESG Relevance Score of '4[+]' for Creditor Rights,
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Vietnam, as for all sovereigns. Vietnam
has a record of more than 20 years without a restructuring of
public debt, which is captured in its SRM variable. This has a
positive impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Vietnam         LT IDR          BB Affirmed       BB
                ST IDR          B  Affirmed       B
                LC LT IDR       BB Affirmed       BB
                LC ST IDR       B  Affirmed       B
                Country Ceiling BB Affirmed       BB

   senior
   unsecured    LT              BB Affirmed       BB

   senior
   secured      LT              BB Affirmed       BB



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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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