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

                     A S I A   P A C I F I C

          Wednesday, November 23, 2022, Vol. 25, No. 228

                           Headlines



A U S T R A L I A

COMMPOWER INDUSTRIAL: Second Creditors' Meeting Set for Nov. 25
DELTA RESOURCE: Second Creditors' Meeting Set for Nov. 24
MINERAL RESOURCES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
NUFARM LIMITED: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
PARCELPOINT PTY: Second Creditors' Meeting Set for Nov. 25

RBP SUPERMARKET: First Creditors' Meeting Set for Nov. 25
T.T.L AUSTRALIA: First Creditors' Meeting Set for Nov. 25
TOZER CONSTRUCTION: Ex-Employee Not Paid Superannuation for Months


C H I N A

CHINA EVERGRANDE: Gives Back Land Sites to Wuhan City
REMARK HOLDINGS: Incurs $8.9 Million Net Loss in Third Quarter
STX DALIAN: Shipyard Resumes Operation After Hengli Takeover
[*] CHINA: Plans New Lending Tool to Support Embattled Developers


I N D I A

AMBICA PULSE: CRISIL Keeps B+ Debt Rating in Not Cooperating
ANANTHAPURI EDUCATIONAL: CRISIL Keeps B+ Rating in Not Cooperating
AVIAN TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating
BMS HOSPITALITY: CRISIL Keeps B+ Debt Rating in Not Cooperating
CARMEL CASHEWS: CRISIL Keeps B+ Debt Rating in Not Cooperating

CROWN ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating
DELHI INT'L: S&P Affirms 'B' ICR & Alters Outlook to Positive
EASTERN MATTRESSES: CRISIL Moves B Rating from Not Cooperating
GOVINDARAJA MUDALIAR: CRISIL Keeps B+ Ratings in Not Cooperating
GRAND AUTO: CRISIL Keeps B+ Debt Rating in Not Cooperating

JET AIRWAYS: Lenders May Sell 11 Planes as Plan Execution Delayed
KNISS LABORATORIES: CRISIL Lowers Long/Short Term Rating to D
LAXMI MOULDS: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHAVIR ECO: CRISIL Lowers Rating on INR7.55cr Loan to B
MG INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating

N I ENGINEERING: CRISIL Lowers Long/Short Term Rating to D
NAGARWALA ENTERPRISES: CRISIL Keeps B+ Rating in Not Cooperating
NEESARG MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
PKP PROCESSORS: CRISIL Keeps D Debt Ratings in Not Cooperating
PRAVARSHA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating

RADHESH PLASTICS: CRISIL Keeps B Debt Ratings in Not Cooperating
RAJALAKSHMI POULTRY: CRISIL Keeps D Ratings in Not Cooperating
RATHI SUPER: NCLAT Allows Jindal Stainless to Bid for Company
SUD PINES: CRISIL Lowers Rating on INR4.5cr Cash Loan to B
SUNDARAM MULTI: CRISIL Withdraws D Rating on INR12.50cr Cash Loan

THEME ENGINEERING: CRISIL Lowers Rating on INR23cr Bank Loan to B
V MART: CRISIL Moves B Debt Rating from Not Cooperating Category
V. R. GHUGE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
V. S. TAPES: CRISIL Keeps B Debt Ratings in Not Cooperating
YOUVAKSHHII DIGITAL: CRISIL Keeps B Rating in Not Cooperating

YOUVAKSHI EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
YOUVAKSHI GODOWNS: CRISIL Keeps B Debt Rating in Not Cooperating
YOUVAKSHI SHOPPING: CRISIL Keeps B Debt Rating in Not Cooperating


N E W   Z E A L A N D

CURTAIN DECOR: Court to Hear Wind-Up Petition on Dec. 5
GORGEOUS LUCK: Creditors' Proofs of Debt Due on Dec. 13
LONSDALE ARCHITECTURAL: Court to Hear Wind-Up Petition on Nov. 24
LYALL HOLDINGS: Goes Into Liquidation Owing NZD2.4 Million
OMAIO KORERO: Court to Hear Wind-Up Petition on Dec. 1

WILLBERT CIVIL: Creditors' Proofs of Debt Due on Dec. 19


S I N G A P O R E

AVPIV SAPPORO: Creditors' Proofs of Debt Due on Dec. 22
HWEE BEE: Creditors' Proofs of Debt Due on Dec. 26
SCCPRE TWENTY: Creditors' Proofs of Debt Due on Dec. 21
SPRING ROLLS: Commences Wind-Up Proceedings
VENTURESKIES LLP: Court to Hear Wind-Up Petition on Dec. 9



T H A I L A N D

ASIA WEALTH: Suspended From Doing Business

                           - - - - -


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

COMMPOWER INDUSTRIAL: Second Creditors' Meeting Set for Nov. 25
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Commpower
Industrial Pty. Ltd.  has been set for Nov. 25, 2022, at  11:00
a.m. via virtual meeting technology and at 165 Camberwell Road,
Hawthorn East 3123.
  
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. 24, 2022, at 5:00 p.m.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of the company on Oct. 20, 2022.


DELTA RESOURCE: Second Creditors' Meeting Set for Nov. 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of Delta Resource
Management Pty Ltd has been set for Nov. 24, 2022, at 11:00 a.m.
via virtual meeting only.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 23, 2022, at 4:00 p.m.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of the company on June 23, 2022.


MINERAL RESOURCES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Australia-based Mineral Resources
Limited's (MIN) Long-Term Issuer Default Rating (IDR) at 'BB'. The
Outlook is Stable. Fitch has also affirmed MIN's US-dollar senior
unsecured notes at 'BB'.

MIN's ratings reflect the company's quality lithium assets, rising
demand and production of spodumene concentrate and lithium
hydroxide, which has enhanced earnings from the stable cash flow
generation of its mining services business. Fitch expects the
company to continue to strengthen the lithium hydroxide commercial
production that will support the group's investment programme
during the forecast downturn in iron ore prices.

KEY RATING DRIVERS

Lithium Prices Boost Earnings: Strong lithium prices and the
commencement of lithium downstreaming at Mt Marion saw MIN's
lithium segment record strong financial results in the financial
year ended June 2022 (FY22), with reported EBITDA of AUD585
million, up from negative AUD11 million. MIN is one of the world's
largest spodumene miners by resource and a joint-venture partner to
the world's largest lithium suppliers. Therefore, it is well
positioned to respond to rising demand, and Fitch forecasts an
increase in lithium hydroxide sale to 100,000 tonnes a year by
2026.

Large Capex, Conservative Financial Policy: Strong cash flow from
MIN's lithium operations and a solid cash position at FYE22 of
AUD2.4 billion are sufficient to fund increasing capital
expenditure following the positive final investment decision on the
Onslow iron project, while maintaining MIN's targeted EBITDA
leverage ratio of below 3x. Fitch expects MIN to stay committed to
its conservative balance sheet and to adopt a prudent approach in
funding growth projects.

Its forecasts take into account MIN's Onslow project and the
development of its Wodgina spodumene concentrate and lithium
hydroxide operations. Its rating case scenario sees MIN's EBITDA
net leverage peak at 1.1x in FY25, which assumes sufficient
headroom (1.9x) to its negative sensitivity. However, the forecasts
do not account for MIN's prospective projects that may soon reach
the final investment decision stage.

Onslow Project Risks More Manageable: MIN executes and fully funds
its greenfield Onslow project, in which it holds a 60.3% interest.
The company plans to execute the project under a fixed-priced
contract, which increases execution risk, but contingencies in the
Onslow budget provide a buffer against costs that cannot be
controlled at the early stage of development. Fitch expects risks
associated with significant cost overruns while executing the
fixed-price contract to fall over the next year, as the first ore
to be shipped is targeted by December 2023.

MIN has extensive experience in delivering mine and infrastructure
development projects in Western Australia, with a capability to
design, manage and construct large projects internally. Most of the
stages of the Onslow development have already been designed, giving
MIN an opportunity to reduce its exposure to some risks, such as
labour or material shortages, and to fix some future costs to limit
price fluctuation. However, the extent of risk reduction is subject
to MIN securing all required construction consents and approvals
without significant delays.

Developing Scale and Diversification: Fitch expects the
contribution from MIN's lithium business to the group's EBITDA to
increase significantly over the next three to four years. In
contrast, EBITDA generated by the iron ore business is likely to be
challenged by declining iron ore prices. Thus, MIN's cash flow
prospects in the mid-term will largely be determined by a single
commodity - lithium. In the longer term, Fitch expects a
significant improvement in diversification, as the company's
large-scale Onslow iron project comes online.

Unique Profit-Sharing Model: MIN provides pit-to-port, life-of-mine
services to mines. It acquires undeveloped resource assets that can
benefit from its mining infrastructure services. MIN funds a mine's
design and construction in return for equity, and then secures a
life-of-mine contract that charges based on units of production,
with no direct exposure to commodity prices. It monetises part of
its stake over the medium-term and reinvests the funds in its
business. MIN's model eliminates the risk of contract loss and
allows it to capture earnings from its profit-share commodity
operation.

Partnership Reduces Risk: MIN's joint venture with Albemarle
Corporation (BBB/Stable) and Ganfeng Lithium Group Co., Ltd reduces
the execution and capital commitments associated with its lithium
hydroxide plants. MIN has an interest in two 25 kilotonnes per
annum (ktpa) lithium hydroxide modules in Kemerton, Western
Australia, and will sell most of its hydroxide under long-term
contracts as part of its transaction with Albemarle. Likewise,
Albemarle and Ganfeng convert and sell the lithium hydroxide
produced from MIN's share in Wodgina and Mt Marion's spodumene
concentrate, respectively.

Secured Debt in Capital Structure: Fitch expects MIN's capital
structure to include secured debt. However, this should stay below
1.0x EBITDA. The rating on MIN's senior unsecured debt could be
downgraded if the ratio of prior-ranking debt/consolidated
operating EBITDA rises to 3.5x or above, irrespective of any
movement in the issuer's IDR.

DERIVATION SUMMARY

MIN's rating reflects its strong position in lithium mining, where
it benefits from the upturn in the commodity cycle and increasing
production driven by the ongoing extension of its mines. MIN
compares well against peers, PT Adaro Indonesia (AI, BBB-/Stable),
PT Indika Energy Tbk (BB-/Stable) and First Quantum Minerals Ltd.
(FQM, B+/Positive), which also lack diversification in cash flow
sources in the mid-term.

Similar to MIN, AI integrates in-house mining services. However, AI
is better positioned on the cost curve. It also has more
flexibility in timing and the size of its capex plan. Through its
parent - PT Adaro Energy Indonesia Tbk - AI's integrated
power-generation business reduces the negative impact from the
downturn in the thermal coal market.

MIN and Indika have a similar operation scale and exposure to high
execution risk at new developments. However, MIN's financial
profile is stronger and its lithium production is at the expansion
stage, supported by strong demand for rare-earth minerals. This
justifies a notch lower rating for Indika.

In contrast to MIN, FQM has higher leverage and exposure to
high-risk profile countries. This justifies its two-notch lower
rating.

KEY ASSUMPTIONS

- Iron ore price in line with the Fitch price deck, adjusted for
impurity discounts

- Strong lithium demand in the near-term moderating in later years,
with a spodumene concentrate price of around USD3,400 in FY23 and
USD1,800 by FY25

- MIN's share in Wodgina is 50% and 15% in Kemerton

- Gradual ramp-up in export volume of spodumene concentrate from Mt
Marion and Wodgina

- Gradual increase in commercial production of lithium hydroxide
from 2023 to 92ktpa in 2026

- Dividend pay-out ratio at around 50% of underlying net profit
after tax

- Conservative capex forecast compared with the announced capital
budget for the Onslow project

RATING SENSITIVITIES

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

- EBITDA net leverage sustained below 2.0x

- The establishment of an operational record in the commercial
production of lithium hydroxide

- Successful completion of the Onslow iron ore project

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

- EBITDA net leverage rising above 3.0x for a sustained period

- Material loss of mining service contracts

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: MIN reported cash of around AUD2.4 billion at
FYE22 and the group's net debt position was AUD0.4 billion. In
FY22, the group placed USD1.25 billion in senior unsecured notes
maturing in 2027 and 2030. The group's revolving credit facility of
AUD400 million, which expires in FY25, remains undrawn. The next
major debt maturity is in FY27.

ISSUER PROFILE

MIN is a mining and mining services company based in Australia. The
mining segment operates iron ore and lithium mines located in
Western Australia. The company also holds an interest in gas
exploration and production assets in the Perth basin.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch made standard financial adjustments, as described in the
applicable rating criteria. In addition, AUD48.4 million of
impairments and non-cash items were reclassified as non-operating.

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
   -----------              ------           -----
Mineral Resources
Limited               LT IDR BB  Affirmed      BB

   senior unsecured   LT     BB  Affirmed      BB


NUFARM LIMITED: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Nufarm Limited Long-Term Issuer Default
Rating (IDR) at 'BB' and the senior unsecured notes issued by
Nufarm's wholly owned subsidiaries Nufarm Australia Limited and
Nufarm Americas Inc. under a dual tranche structure at 'BB/RR4'.
The Outlook on the Long-Term IDR is Stable.

The rating reflects Nufarm's top 10 market position in agricultural
chemicals, balanced by its reliance on external suppliers for most
of its active ingredients and a product portfolio skewed towards
herbicides. Nufarm's financial profile has improved, with lower
leverage and an extended debt maturity profile. This was driven by
favourable refinancing activities, higher EBITDA from strong
commodity prices, and improved working capital management. The
Stable Outlook reflects its expectation that Nufarm's credit
metrics will remain adequate for its rating over the medium term.

KEY RATING DRIVERS

Ninth-Largest Market Share: Nufarm has a top-10 market position in
terms of overall crop-protection and global seed product sales. It
ranks second in Australia, is the leader in New Zealand, and has
strong positions in segments such as European cereal herbicides,
turf and ornamental crop protection in the US, and phenoxy
herbicides globally. Nufarm also benefits from the sale of products
sourced from Japan's Sumitomo Chemical, the eighth-largest industry
player, under a strategic alliance.

Scale Differentiator: Nufarm's scale remains small compared with
the industry's leading players, with revenue less than half of
those in the top five positions, although it is well positioned
within the 'bb' category. The ability to provide a comprehensive
set of product solutions to farmers with the help of an extensive
portfolio is a key competitive advantage. Fitch believes Nufarm is
likely to invest in growing its scale and product range in the next
few years through organic as well as inorganic means.

Robust Industry Fundamentals: The global crop-protection industry
has high barriers to entry, as significant expertise and investment
are needed for registrations, sales and distribution, and
manufacturing. The market is highly regulated and registrations
usually take several years. Crop-protection chemicals are
characterised by higher R&D intensity, better profitability and
lower price volatility than commodity chemicals. Industry players
also have pricing power, which lowers risks from foreign-exchange
and raw-material cost swings, although there is typically a lag in
cost pass-through.

Limited Vertical Integration: Nufarm has reduced its manufacturing
footprint in the past few years and increased its reliance on
external purchases. Manufacturers in China contribute the majority
of its raw material requirements, and supply has lately been
affected by a reduction in suppliers due to stricter environmental
regulations. Fitch expects Nufarm to sustain its reliance on
external suppliers in the medium term, which leads to volatility in
raw material availability and cost. This is mitigated through
long-term agreements, local procurement teams and established
relationships with suppliers.

Moderate Product and Geographical Diversification: Herbicides,
whose demand is prone to significant impact from dry weather,
contribute two-thirds of Nufarm's revenue, weakening the
diversification of its portfolio.

Nufarm derived 38% of its crop-protection revenue from North
America in the financial year ended September 2022 (FY22) (FY21:
37%), 29% from APAC (FY21: 28%) and 25% from Europe (FY21: 27%).
However, its geographical diversification is limited by a lack of
presence in Latin America, one of the largest crop chemicals
markets, and significant revenue exposure of over 20% to the
relatively small Australian market.

Stable Financial Profile: Nufarm's total debt/EBITDA leverage,
after Fitch's adjustments, declined to 2.3x in FY22 (FY21: 3.8x),
while net debt/EBITDA decreased to 1.3x (FY21: 1.8x). The
improvement was driven by Nufarm paying down its senior unsecured
notes to USD350 million and a 24% increase in reported underlying
EBITDA. Average net working capital/sales ratio continued to
improve to 28% in FY22 due to improved working capital management.
Fitch expects Nufarm to maintain a total debt/EBITDA leverage below
3.0x in the next few years in the absence of material debt-funded
acquisitions.

DERIVATION SUMMARY

Nufarm is rated two notches below crop-protection chemical industry
peers UPL Corporation Ltd (BBB-/Negative), whose rating is based on
the consolidated profile of its parent UPL Limited, and the 'bbb-'
standalone credit profile (SCP) of Syngenta AG (BBB+/Stable), whose
rating incorporates a two-notch uplift from its linkage with
indirect parents China National Chemical Corporation Limited
(A/Stable) and, ultimately, Sinochem Holdings Corporation Ltd. The
ratings difference between Nufarm and the peers is mainly due to
their stronger business profiles.

UPL Corporation is the largest company in the post-patent segment
of the crop-protection market, with an EBITDA of more than 4x that
of Nufarm and significantly higher EBITDA margins. The higher
margins reflect benefits from better vertical integration,
underscored by UPL Corporation's large manufacturing operations in
India that benefit from low operating costs. UPL Corporation also
has better geographical diversification as it has operations in
most markets, including Latin America. Its product portfolio is
more balanced, with no category constituting more than 35% of the
total.

Syngenta is an innovator and the global leader in the
crop-protection chemicals market in terms of sales, with a large
portfolio of patented crop-protection chemicals. It has higher
EBITDA margins and revenues of more than 5x that of Nufarm.
Syngenta also has a better business profile than Nufarm, supported
by its significantly larger scale of operations, healthy product
and geographical diversification, and market leadership across
several key segments.

Nufarm is rated one notch below soda ash producer Tata Chemicals
Limited (TCL, BB+/Stable), among broader chemical industry peers.
TCL and Nufarm have similar leverage, but TCL has higher EBITDA
margins, which have helped it to weather rising energy costs. TCL
has a strong market position as the world's third-largest soda ash
producer, with a cost advantage compared with peers. TCL, like
Nufarm, is constrained by its small scale relative to global peers
and limited product diversification, exposing it to risks related
to the commodity nature of soda ash than peers that are larger or
sell multiple products.

Nufarm is rated two to three notches below other fertiliser
producers, including OCI N.V. (BBB-/Stable), The Mosaic Company
(BBB-/Positive), ICL Group Ltd. (BBB-/Stable) and CF Industries,
Inc. (BBB/Stable). The ratings difference between these peers and
Nufarm is due to their stronger business profiles in terms of size,
scale, level of diversification and cost position.

KEY ASSUMPTIONS

- Revenue CAGR of around 7% between FY23 and FY26

- Average EBITDA margin (after adding capitalised R&D costs and
adjusting for leases) of around 8.7% between FY23 and FY26

- Average annual capex (after adjusting for capitalised R&D costs)
of around AUD137 million between FY23 and FY26, funded mainly by
operations

- Total spending on acquisitions of around AUD200 million until
FY26, which is likely to raise its leverage

RATING SENSITIVITIES

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

- Positive rating action is unlikely in the next 12 months, in
light of Nufarm's capex plans and investments for growth in the
seed technologies segment. Fitch will consider a positive rating
action if there is a material improvement in its business profile,
potentially through better product and geographical
diversification, and/or improved vertical integration.

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

- EBITDA leverage above 3.5x on a sustained basis;

- Sustained negative FCF;

- Evidence of weakening competitiveness and business profile

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch estimates Nufarm's readily available cash
at around AUD400 million as of end-September 2021, lower than the
reported cash and cash equivalents of AUD586 million after
adjustment for working capital seasonality. By comparison, Nufarm's
short-term debt (adjusted for supplier financing) was lower at
around AUD339 million. Long-term debt was almost entirely comprised
of the USD350 million senior unsecured notes that were recently
refinanced.

Fitch expects Nufarm to use its substantial liquidity and cash to
fund its capex projects and working capital requirements, repay a
portion of its debt, and seek growth opportunities from bolt-on
acquisitions.

ISSUER PROFILE

Nufarm is among the world's ten largest crop-protection chemical
companies, operating predominantly in the post-patent segment,
which involves products whose patents have expired. It also has a
relatively small but fast-growing global commercial seeds
business.

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         Recovery   Prior
   -----------              ------         --------   -----
Nufarm Limited        LT IDR BB  Affirmed               BB

Nufarm Australia
Limited

   senior unsecured   LT     BB  Affirmed     RR4       BB

Nufarm Americas Inc.

   senior unsecured   LT     BB  Affirmed     RR4       BB


PARCELPOINT PTY: Second Creditors' Meeting Set for Nov. 25
----------------------------------------------------------
A second meeting of creditors in the proceedings of Parcelpoint Pty
Ltd has been set for Nov. 25, 2022, at 11:00 a.m. at the offices of
Hayes Advisory at Level 16, 55 Clarence St in Sydney and virtually
via Zoom.
  
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. 24, 2022, at 11:00 a.m.

Alan Hayes of Hayes Advisory was appointed as administrator of the
company on Aug. 25, 2022.


RBP SUPERMARKET: First Creditors' Meeting Set for Nov. 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of RBP
Supermarket Pty Ltd will be held on Nov. 25, 2022, at 10:30 a.m. at
the offices of McLeod & Partners at Level 4, 89 Scarborough Street
in Southport and via conference telephone call.

Nick Keramos and Bill Karageozis of McLeod & Partners were
appointed as administrators of the company on Nov. 16, 2022.


T.T.L AUSTRALIA: First Creditors' Meeting Set for Nov. 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of T.T.L
Australia Pty Ltd will be held on Nov. 25, 2022, at 11:00 a.m. via
Zoom teleconference facilities.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of the company on Nov. 15, 2022.


TOZER CONSTRUCTION: Ex-Employee Not Paid Superannuation for Months
------------------------------------------------------------------
News.com.au reports that a former employee at a collapsed
construction firm claims she hasn't been paid superannuation for
months, while an teenage administration trainee was left to manage
building projects as massive staff turnover gutted the company.

At the beginning of this month, news.com.au reported that
residential builder Tozer Construction Group had been court-ordered
to go into liquidation.

News.com.au relates that the company, which built homes for
residents in Canberra and Wagga Wagga in regional NSW, has left
behind a trail of devastated tradies, customers and employees.

The firm's appointed liquidator, Stephen Hundy of insolvency firm
Worrells, estimates that Tozer Construction Group owes at least
AUD1 million but said it is too early to be sure at this stage,
Stuff discloses.

According to the report, Sarah Towers was just 18 when she started
work at the company straight out of school but said that as staff
started quitting in droves, it was left to her to organise the
builds for customers' dream homes, even though she had no
experience.

"It was pretty bad. Customers wanted their refunds. We got called
pretty much every day and got screamed at (by tradies) asking when
they were going to get paid," Ms. Towers told news.com.au.

"I quit due to my mental health."

In all, the company had about 80 projects in Wagga Wagga and about
180 in Canberra, according to Ms. Towers, by the time she left
early last year.

The young worker claimed she would often end up organising the home
builds herself despite never having worked in construction before.

When things went wrong, other staff would shout at her and blame
her, she added.

News.com.au relates that Ms. Towers said one employee "would cry
pretty much every day" as they received angry calls from trades
demanding payment.

Despite the company's cash crunch being obvious to employees, the
firm continued to take on more projects.

"We just kept picking up jobs we couldn't handle," she claimed.

"I remember we signed on a AUD2 million job, they wanted their
money back, we couldn't pay them."

Now 20, Ms. Towers quit at the beginning of 2021.

She told news.com.au she was hired as a contractor, which was
"lucky" as it meant she received all her superannuation from a
third party.

However, other employees weren't so lucky, the report notes.

news.com.au says Janet (name withheld over privacy concerns) was
another employee at Tozer Construction who quit in September 2021
after two years with the company.

At first, she contracted for the firm but then was brought on as a
full-time employee.

For the entire nine months she was on Tozer's payroll, not a single
cent was deposited into her superannuation account, according to a
MyGov transcript seen by news.com.au.

"I checked mine (my superannuation account). I haven't had one
single payment," she told news.com.au.




=========
C H I N A
=========

CHINA EVERGRANDE: Gives Back Land Sites to Wuhan City
-----------------------------------------------------
Reuters reports that a Chinese municipal district said it had taken
back 134,500 hectares (332.4 acres) of land formerly held by a unit
of debt-laden developer China Evergrande Group and had made no
payment for doing so.

The government of Jiangxia District in the central city of Wuhan
retrieved its land-use rights over the undeveloped sites at the
Evergrande Technology Tourism City on November 16, Reuters relates
citing a statement by the district's Planning and Natural Resources
Bureau.

According to Reuters, China Evergrande unit Wuhan Baden City
Investment Co Ltd has held the land as developer of Evergrande
Technology Tourism City. A right to use land is the Chinese
equivalent of ownership, since title is always ultimately held by
the state.

China Evergrande, engulfed by $300 billion in liabilities, has been
at the centre of a deepening property debt crisis that has seen
multiple developers default on offshore debt obligations over the
past year, leaving many negotiating debt restructuring.

The land parcels taken back by Jiangxia comprised nine residential
sites, two commercial and one for mixed development, the filing,
dated Nov. 18 showed, Reuters relays. It gave no further details.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific, Moody's
Investors Service, in October 2022, withdrew China Evergrande
Group's (Evergrande) corporate family rating and senior unsecured
ratings, the CFRs of Hengda Real Estate Group Company Limited and
Tianji Holding Limited, and Scenery Journey Limited's backed senior
unsecured ratings.


REMARK HOLDINGS: Incurs $8.9 Million Net Loss in Third Quarter
--------------------------------------------------------------
Remark Holdings, Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $8.92 million on $2.81 million of revenue for the three months
ended Sept. 30, 2022, compared to a net income of $72.75 million on
$1.23 million of revenue for the three months ended Sept. 30,
2021.

For the nine months ended Sept. 30, 2022, the Company reported a
net loss of $46.88 million on $10.04 million of revenue compared to
net income of $65.72 million on $9.65 million of revenue for the
nine months ended Sept. 30, 2021.

As of Sept. 30, 2022, the Company had $16.69 million in total
assets, $31.38 million in total liabilities, and a total
stockholders' deficit of $14.69 million.

Remark stated, "Our history of recurring operating losses, working
capital deficiencies and negative cash flows from operating
activities give rise to substantial doubt regarding our ability to
continue as a going concern.

"We intend to fund our future operations and meet our financial
obligations through revenue growth from our AI offerings, as well
as through sales of our thermal-imaging products.  We cannot,
however, provide assurance that revenue, income and cash flows
generated from our businesses will be sufficient to sustain our
operations in the twelve months following the filing of this Form
10-Q.  As a result, we are actively evaluating strategic
alternatives including debt and equity financings.

"Conditions in the debt and equity markets, as well as the
volatility of investor sentiment regarding macroeconomic and
microeconomic conditions (in particular, as a result of the
COVID-19 pandemic, global supply chain disruptions, inflation and
other cost increases, and the geopolitical conflict in Ukraine),
will play primary roles in determining whether we can successfully
obtain additional capital."

Management Commentary

"In the third quarter, we secured strategic partnerships with
global video analytics market leaders like Genetec and Axis to
increase the speed of deployment of our award-winning artificial
intelligence solutions to a new range of customers.  This will
build upon the solid foundation which we believe will put us in the
best position for success in the coming quarters.  Additionally,
with President Biden's $3 trillion infrastructure bill, we believe
this will provide a once-in-a-lifetime opportunity to significantly
increase our market share by leveraging our critical position as a
provider of solutions addressing public safety and security that
the nation needs," noted Kai-Shing Tao, chairman and chief
executive officer of Remark Holdings.  "Finally, winning our first
contract with a major top-ten sports and entertainment arena having
more than 2.5 million annual visitors is a strong indicator of what
is ahead of us not just in the US, but globally."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1368365/000136836522000096/mark-20220930.htm

                       About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that help organizations monitor, understand, and act on
threats in real-time.  Remark consists of an international team of
sector-experienced professionals that have created video analytics.
The Company's GDPR-compliant and CCPA-compliant solutions focus on
market sectors including retail, federal and state governmental
entities, public safety, hospitality, and transportation.  Remark
maintains its headquarters in Las Vegas, Nevada, with an additional
North American office in New York and New York and international
offices in London, England, and Chengdu, China.

Remark Holdings reported net income of $27.47 million for the year
ended Dec. 31, 2021, compared to a net loss of $13.69 million for
the year ended Dec. 31, 2020. As of June 30, 2022, the Company had
$33.36 million in total assets, $39.68 million in total
liabilities, and a total stockholders' deficit of $6.32 million.

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


STX DALIAN: Shipyard Resumes Operation After Hengli Takeover
------------------------------------------------------------
Caixin Global reports that the shipyard of STX Dalian Shipbuilding
Co. Ltd., once the largest in Northern China, resumed operation
after nearly a decade of idleness as a takeover by petrochemical
giant Hengli Group Co. Ltd. brought to an end the shipbuilder's
long-running bankruptcy.

Several people close to Hengli told Caixin that the
textiles-to-petrochemicals conglomerate placed orders for four bulk
carriers, each with a capacity of 20,000 tons deadweight, at the
Dalian shipyard. The vessels will join Hengli's 12-ship fleet and
operate between the port of Qinhuangdao, the world's largest coal
exporting terminal, and Dalian for coal transport, sources said.

STX Dalian was established in 2007, with a registered capital of
USD1.125 billion, and employed over 20,000 people at its peak time.
However, the STX chaebol's deterioration into financial trouble in
2013 precipitated STX Dalian's demise.

STX Dalian is a subsidiary of Korea's STX Offshore & Shipbuilding.
The company is based in Dalian, China.


[*] CHINA: Plans New Lending Tool to Support Embattled Developers
-----------------------------------------------------------------
Caixin Global reports that China's central bank is developing a new
policy tool to encourage commercial banks to extend loans to
developers struggling with stalled construction, People's Bank of
China Governor Yi Gang said Nov. 21 at a forum.

The central bank plans to provide CNY200 billion ($28 billion) of
new loan quotas at nearly zero cost for commercial banks to lend to
cash-strapped developers that missed delivery schedules for
residential projects, people familiar with the matter told Caixin.

Caixin relates that the new lending program will be applied through
the end of the first quarter of 2023, with participation of six
large state-owned banks and 12 joint-stock banks, sources said.

The central bank previously launched special loans to support
unfinished property projects through two policy lenders — China
Development Bank and the Agricultural Development Bank.

According to Caixin, the new lending program is the latest move by
Chinese authorities to shore up the ailing property sector.

Also on Nov. 21, top financial regulators at a meeting told banks
to stabilize lending to property developers and construction
companies, Caixin reports. Authorities support the "reasonable"
extension of existing real estate development loans and trust
loans, according to a statement posted on the central bank's
website.

Caixin says policymakers in recent weeks have issued a series of
measures including a state-backed bond issuance program and a
16-point package to help developers ease their capital crunch,
signaling a shift from the previous tightening stance on the real
estate sector.




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

AMBICA PULSE: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ambica Pulse
Mill (APM) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with APM for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2007 as a proprietorship firm by Jodhpur, Rajasthan-based
Mr Dinesh Jain, APM primarily processes urad dal and has capacity
of 20 tonne per day. The firm sells to traders and commission
agents under the Tiranga and Champion brands.


ANANTHAPURI EDUCATIONAL: CRISIL Keeps B+ Rating in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ananthapuri
Educational Society (AES) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          7         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AES for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Ananthapuri Educational Society (AES) was set up in May 1991 by
late Prof. N. C. Nair, The society is a charitable society
registered under the Travancore - Cochin Educational and Charitable
Societies Act of 1955. The AES was formed to provide schooling and
higher education and various other courses. Saraswathi Vidyalaya
School follows the syllabus prescribed by Central Board of
Secondary Education (CBSE) 10+2 system. Saraswathi College of Arts
& Science was set up to provide higher education and is affiliated
to the University of Kerala which is A rated by NAAC.


AVIAN TECHNOLOGIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Avian
Technologies (AT) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Foreign Letter         1.95       CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Long Term Loan         3.26       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.39       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with AT for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AT, established in 2013-14 (refers to financial year, April 1 to
March 31), is a partnership firm of Mr. Anupkumar D and Ms. Lakshmi
Venkatsubramanian. It is engaged in sheet metal fabrication and
caters to industries such as capital goods, automotive, and
construction equipment. The firm's plant is in Chennai and has
installed capacity of 150 tonne per month.


BMS HOSPITALITY: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of BMS
Hospitality Private Limited (BMHOPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               7.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BMHOPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BMHOPL, incorporated in May 2017, operates a 4 star hotel named
Evoke Lifestyle in Candolim, Goa. The company is promoted by Mr.
Bimlesh Dutta Mishra, Mr. Shalini Manish Mishra and Mr. Manish
Rajendra Mishra.



CARMEL CASHEWS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Carmel
Cashews (Carmel) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/            5         CRISIL B+/Stable (Issuer Not
   Overdraft facility                Cooperating)

   Packing Credit         20         CRISIL A4 (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Carmel for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Carmel, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Carmel is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Carmel continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

Set up in 2004 as a partnership firm, Carmel processes raw cashew
nuts and sells cashew kernels. The firm is based in Kollam (Kerala)
and promoted by Mr C Yohannan and his family members.


CROWN ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Crown
Engineering Enterprises (CEE) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Letter
   of Credit               5         CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Working
   Capital Facility        5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CEE for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CEE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CEE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CEE continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 2010, CEE manufactures steel barrels. The firm has
its manufacturing unit in Barugur (Tamil Nadu). Its operations are
managed by Mr. Sendil Kumar.


DELHI INT'L: S&P Affirms 'B' ICR & Alters Outlook to Positive
-------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Delhi
International Airport Ltd. (DIAL) to positive from stable. At the
same time, S&P affirmed its 'B' long-term issuer credit rating on
DIAL and 'B' long-term issue rating on the company's senior secured
notes.

The positive outlook indicates that S&P may raise the ratings over
the next 12 months if DIAL's adjusted EBITDA margin strengthens
from its estimate of 26% for fiscal 2023, backed by a continued
passenger traffic recovery and timely receipt of commercial
property development (CPD) income.

Passenger traffic rebound remains a key driver for DIAL's cash
flow, supporting a better interest-servicing ratio.

DIAL's FFO cash interest coverage is likely to recover to above
1.0x in fiscal 2024. A strong passenger traffic recovery and CPD
income will support the financials. DIAL had a domestic passenger
volume of close to 23 million in the first half of fiscal 2023.
This represented a 96% rebound from the same period in 2019.

S&P expects a full recovery to pre-COVID-19 levels in fiscal 2023.
This is given typically higher traffic during the peak months of
October-December. In its view, domestic traffic could reach about
49.5 million passengers in fiscal 2023, up sharply from 32.8
million in fiscal 2022.

Moreover, international passenger traffic is recovering strongly.
Volume in the first half of fiscal 2023 reached 80% of pre-COVID-19
levels. The pace of recovery was faster than our previous
expectation of 60%. With a continued easing of international travel
restrictions, increase in airlines' capacity, and resilient
passenger demand, S&P now believes international traffic could
recover to about 84% of pre-COVID levels in fiscal 2023. Traffic
could stage a full recovery in fiscal 2024.

Higher non-aero revenue and timely receipt of CPD income will
improve DIAL's profitability. The robust traffic recovery and
upcoming terminal expansion (September 2023) will also increase
non-aero revenue, particularly in the retail and duty-free
segments. Higher non-aero revenue of about Indian rupee (INR) 23
billion-INR29 billion over fiscals 2023-2024 will boost cash flow
and margins. Adjusted EBITDA margin could recover to 30% from
fiscal 2024 onward. Slower revenue growth than we anticipate could
lead to lower margins.

Additionally, commercial property monetization is an important part
of DIAL's business model. This is because stable cash flow from CPD
will help offset the company's high fixed cost base owing to high
revenue-share payments (45.99% of total revenue). In S&P's view,
CPD income could contribute about 40% to the company's adjusted
EBITDA over fiscals 2023-2024, supporting higher margins.

DIAL should be able to receive contracted CPD lease rentals from
Bharti Realty Ltd. in a timely manner, after it concluded the
transaction in September 2021. This relates to the leasing of 4.9
million square feet of commercial space (Phase 1 of office
complex). The company received lease rentals of INR2 billion in
fiscal 2023 (in September 2022) and will receive INR3.6 billion per
year thereafter. It plans to monetize commercial space of similar
scale to support higher cash flow and margins upon completion
(likely in fiscal 2025). S&P has not factored such plans into its
base case because DIAL has not finalized the deal.

DIAL should have more manageable funding needs over the next 12
months. The company has fully secured funding for its expansion,
following a INR10 billion onshore debt issuance in June 2022. It
also has an equipment lease financing facility of INR16 billion in
place. DIAL will pay interest costs until September 2023 and annual
lease rentals of about INR3.4 billion over a seven-year period
thereafter.

S&P said, "However, DIAL could replace the lease financing facility
with onshore borrowings if funding terms are attractive. We believe
our financial ratios will be largely the same because we would
treat the equipment lease financing arrangement as finance leases
in our analysis, similar to debt obligation.

"We expect a final decision on the deferral of revenue-share
payments to the Airport Authority of India (AAI) by June 2023. This
follows a delay in the arbitration process. Our base case assumes a
total deferred fee of about INR13 billion, payable in equal
tranches over fiscals 2024-2025. DIAL will likely stagger the
payments to help ease liquidity even as traffic volumes steadily
recover. This would likely result in manageable funding needs of
INR5 billion-INR6 billion in fiscal 2025, in our base case.

"In addition, DIAL recently received a favorable order on
aeronautical tax calculation from the Supreme Court of India. The
company will benefit from the true-up amount (since control period
1) and higher tariffs in the next control period 4 (CP4; April
2024-March 2029). Timely implementation will improve cash flow and
cover funding shortfalls in fiscal 2025. That said, we expect a
one-year delay in CP4 tariff implementation (starting fiscal 2026).
This is given a past record of tariff delays.

"The positive outlook on DIAL over the next 12 months reflects our
expectation that the company's profitability will strengthen, from
an EBITDA margin of 26% in fiscal 2023. A continued passenger
traffic recovery and timely receipt of CPD income will back this.

"We could raise the ratings if DIAL's profitability improves
sustainably to about 30%, supporting a stronger earnings profile
and FFO cash interest coverage of above 1.0x. Higher non-aero
revenue and the timely receipt of CPD income from continuing land
monetization could support this, which would offset the company's
high fixed cost base."

S&P could revise the outlook on DIAL to stable if the company's
profitability fails to improve sustainably to about 30%, or if its
FFO cash interest coverage falls sustainably below 1.0x. This could
happen if passenger traffic volumes are materially weaker than our
estimate, leading to lower non-aero revenue.

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

Social factors are a moderately negative consideration in S&P's
credit rating analysis of DIAL. This is because a pandemic-related
drop in passenger traffic has strained the airport's financials and
profitability over fiscals 2021-2022.

However, a strong traffic rebound in both domestic and
international traffic will support a steady cash flow recovery.
Catalysts for this include a continued easing of travel
restrictions, increases in airlines' capacity, and resilient
passenger demand. S&P expects DIAL to handle about 64.5 million
passengers in fiscal 2023, about 96% of pre-COVID levels.

Domestic traffic, which contributes about 70% of DIAL's traffic
mix, is likely to recover to pre-COVID levels by fiscal 2023. Also,
the airport is near the National Capital Region's central business
and residential districts. This can result in operating
restrictions to reduce noise and congestion.

Governance factors are a moderately negative consideration. This
reflects challenges in DIAL's strategic planning, given past delays
in formulating funding strategies.


EASTERN MATTRESSES: CRISIL Moves B Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated its ratings on the bank facilities of
Eastern Mattresses Private Limited (EMPL) to 'CRISIL B/Stable
Issuer Not Cooperating'. However, the management has subsequently
started sharing the information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating its rating to 'CRISIL B/Stable'.

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Cash Credit           17        CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Long Term Loan         3.48     CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term     3.02     CRISIL B/Stable (Migrated from
   Bank Loan Facility              'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The rating continues to reflect EMPL's modest scale of operations
and below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of EMPL's promoters in
the mattress manufacturing industry.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has considered the
standalone business and financial risk profiles of the company.
Unsecured loans of INR4.69 crore as on 31st March 2022, have been
treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Strength:

* Extensive experience of the promoters: Benefits from the
promoters near two-decade experience in the industry and
established relationships with suppliers and customers should
support the business. CRISIL Ratings believes that the company will
continue to derive benefits from the extensive experience of the
promoters.

Weaknesses:

* Modest scale of operations: Revenue is at around INR14.45 crore
in fiscal 2022. The modest scale of operations restricts the
company's bargaining capacity with suppliers and customers and
exposes it to competition from larger players.

* Below-average financial risk profile: Financial risk profile is
below average with weak capital structure as on March 31, 2022.
Debt protection metrics were poor, with net cash accrual to total
debt and interest coverage ratio of -0.22 time and -2.71 times,
respectively, in fiscal 2022. Going forward, the financial risk
profile is expected to remain weak over the medium term.

Liquidity: Stretched

Bank limit utilization is high at around 92.19 percent for the past
twelve months ended July 2022. Cash accruals are insufficient for
term debt obligation over the medium term, however the infusion in
the form of preference shares of INR13.99 crs and unsecured loans
from directors of the company in fiscal 2022 will manage the
short-term obligation. Current ratio was low at 0.23 times on March
31, 2022. The promoters are likely to extend support in the form of
equity and unsecured loans to meet its working capital requirements
and repayment obligations. Negative net worth limits its's
financial flexibility and restrict the financial cushion available
to the company in case of any adverse conditions or downturn in the
business.

Outlook: Stable

CRISIL Ratings believes that EMPL will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity factors

Upward Factors

* Improvement in the revenue profile and EBITDA margin of around
15%.
* Improvement in the financial risk profile.

Downward Factors

* Decline in the revenue profile to less than INR25 crores and
EBITDA levels at 10%.
* Deterioration in financial risk profile

Incorporated in 1999, EMPL manufactures and sells rubberised coir
mattresses, spring mattresses and polyurethane foam mattresses
under its own brand, Sunidra & Ruby. EMPL is based in Thodupuzha,
Kerala and its operations are managed by Mr Firoz Meeran and Mr
Nawas Meeran.


GOVINDARAJA MUDALIAR: CRISIL Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Govindaraja
Mudaliar Sons Private Limited (GMS) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

   Channel Financing      10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Channel Financing      10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Channel Financing       6         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Channel Financing      14         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GMS for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GMS is an authorized distributor for TSL's steel products in Tamil
Nadu and Pondicherry. The company is based in Chennai. The service
unit is in Gummidipoondi, Tamil Nadu.


GRAND AUTO: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Grand Auto
Capital (GAC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.3        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GAC for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GAC, set up in 2015, is the authorised dealer for sales and
services of SKODA cars, and has a showroom at Pitampura in Delhi.
It commenced operations in May 2016.


JET AIRWAYS: Lenders May Sell 11 Planes as Plan Execution Delayed
-----------------------------------------------------------------
The Economic Times reports that annoyed over the delay in the
execution of resolution plan, Jet Airways' lenders may sell 11
aircraft of the defunct carrier, effectively forcing it into
liquidation. Jet Airways' resolution plan received the National
Company Law Tribunal (NCLT) nod around a year and half ago but the
Jalan-Kalrock consortium has failed to pay the needed amount.

While the banks approved the resolution plan in October 2020, the
NCLT nod came in June 2021, the report relays. Bankers said that
the failure to pay the money has led them to relook their options.
"Nobody thought this would take so long to execute. But the fact is
banks cannot transfer the company till we receive the money, and
the way things are, it seems that the execution of the deal will
not happen soon," ET quotes a person privy of the development as
saying.

"Meanwhile, the 11 planes we have in our possession are also losing
value. Maybe the time has come to relook at selling those," the
person told Economic Times.

Six expressions of interest (EoIs) were received by the banks for
the purchase these planes in August, ET recalls. However, the
monitoring committee of Jet Airways, which includes banks and
representatives of Jalan-Kalrock, had decided to postpone the
process, ET reported last week.

Now that they are witnessing some interest for the planes, some
bankers are of the view that lenders have another window to make a
recovery, even if a small one, according to ET. "The Jalan-Kalrock
consortium has filed an intervention application in the NCLT, which
comes up for watch what they say to the court and act accordingly,"
shared a second person.

According to the report, the Jalan-Kalrock consortium has put the
blame on the banks for the delay in the execution of the resolution
plan and bankers expect the consortium to continue that argument in
the next hearing. In addition, they are readying a plan B to close
the case even if it means liquidation.

The trust deficit has widened due to no sight of payments despite
their agreement to waive two preconditions to facilitate the
takeover of Jet Airways, according to the bankers, ET relays.
"Though these were preconditions for the plan implementation, banks
had agreed to not oppose it in court if the consortium sought
relief. But instead, Jalan-Kalrock has started blaming banks for
the delay, which has raised doubts on their intentions," said the
first person cited above.

ET says the State Bank of India-led lenders' consortium had earlier
said it would give a NOC only after the new owners commit to a
timeline for implementing the debt resolution plan, which involves
a staggered payout. Until this is provided, Jet's ownership cannot
be transferred to the consortium.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services.  It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas will represent the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

In July last year, the Jalan-Kalrock consortium was declared as the
winning bidder for Jet Airways. In June last year, the NCLT
approved the consortium's resolution plan for the troubled
carrier.

Jet Airways got its air operator certificate revalidated in May
this year. The Mumbai-based company had plans to resume operations
in October but has not provided any official comments on the same,
according to Financial Express.


KNISS LABORATORIES: CRISIL Lowers Long/Short Term Rating to D
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Kniss Laboratories Private
Limited (KLPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
downgraded the rating on the bank facilities of KLPL from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL D/CRISIL D'.
The ratings reflect the delays in servicing of term debt
obligations.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating       -         CRISIL D (Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

The rating continues to reflect modest scale of operations, below
average financial risk profile and working capital intensive
operations. These weaknesses are mitigated by promoters' extensive
experience in this line of business.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation: KLPLs business profile is constrained
by its scale of operations in the intensely competitive
Pharmaceuticals - Formulation industry. Revenue from operations is
estimated at INR18.56 crore in fiscal 2022 (INR18.41 crore in
fiscal 2021).

* Below-average financial risk profile: Debt protection metrics
remain muted, as reflected by the interest coverage ratio of 1.8
times for fiscal 72022. Capital structure remain high reflected in
TOL/ANW estimated at 3.2 times as on March 31, 2022, on account of
its high working capital nature of operations. Networth stood at
INR7.44 crores as on March 31,2022.

* Working capital intensive operations: Gross current assets were
estimated at around 453 days ended March 31, 2022. Its large
working capital requirements arise from its high debtor and
inventory levels which were around 143 days and 272 days
respectively for year ended March 31,2022. Prudent working capital
intensive management would remain a key monitorable.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over 2 decades in Pharmaceuticals -
Formulation industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity - Poor

Liquidity is poor as reflected in delays in repayment of term debt
obligations. The cash credit limits have been fully utilised over
the past 12 months through October 2022.

Rating Sensitivity Factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days

* Improvement in working capital cycle with Gross Current Assets
(GCA) to less than 200 days supported by improvement in collection
cycle.

Incorporated in 1988, Kniss Laboratories is a private limited
company that specializes in the manufacture of allopathy and
ayurvedic formulations. The day to day operations of the company
are managed by Mr. M.D. Varadarajan.


LAXMI MOULDS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laxmi Moulds
Industries Private Limited (LMI) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Proposed Long Term      1.86      CRISIL D (Issuer Not  
   Bank Loan Facility                Cooperating)

   Proposed Long Term     13.20      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               0.94      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LMI for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

LMI was set up as a proprietorship concern, Laxmi Moulds
Industries, in 1981 by Mr. Nobukumar Manna. The firm's operations
were transferred to LMI on April 1, 2011. LMI manufactures tyre
moulds for motorcycles, trucks, tractors, and buses. Its
manufacturing facility is in Bhayander, Maharashtra. Operations are
managed by Mr. Nobukumar Manna and his son Mr. Shankar Manna.


MAHAVIR ECO: CRISIL Lowers Rating on INR7.55cr Loan to B
--------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Mahavir Eco Projects Private Limited (MEPPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Drop Line              7.55       CRISIL B/Stable (ISSUER NOT
   Overdraft Facility                COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Long Term     7.20       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with MEPPL for
obtaining information through letters and emails dated August 29,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012, MEPPL has established a CETP for chemical
units located at Sachin, near Surat. The promoter Mr Vatsal Naik
and his family have extensive experience in manufacturing chemical
intermediates.


MG INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MG Industries
Private Limited (MGIPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     3          CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MGIPL for
obtaining information through letters and emails dated August 29,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MGIPL, incorporated in 1997 is based in Gwalior, Madhya Pradesh,
and manufactures butyl rubber inner tubes. Its operations are
managed by Mr Mohit Gupta and the manufacturing plant is in
Gwalior.


N I ENGINEERING: CRISIL Lowers Long/Short Term Rating to D
----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
N I Engineering Technologies Private Limited (NIETPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Short Term Rating       -         CRISIL D (Downgraded from
                                     'CRISIL A4')

The ratings downgraded reflect irregularities in cash credit
facility & delays in repayment of term debt obligations on account
of weak liquidity.

The ratings continue to reflect NIETPL's below average financial
risk profile, and its working capital intensive operations. These
rating weaknesses are partially offset by the extensive industry
experience of NIETPL's promoters

Key Rating Drivers & Detailed Description

Weaknesses:

* Below average financial risk profile: NIETPL's financial risk
profile is below average marked by gearing of over 5.14 times
fiscal 2022. The debt protection metrics are average with cash
accruals to total debt ratio and interest coverage ratio are at
0.02 times and 1.25 times for FY 2022.

* Working capital intensive operations: NIETPL's
working-capital-intensive operations is reflected in its large
gross current assets of over 844 days as on March 31, 2022. The
working capital intensity is driven by large inventory and debtors
of 844 days and 156 days, respectively as on 31st March 2022.

Strength:

* Promoters' extensive experience: NETPL's promoters have extensive
industry experience. Over the years, the promoters' experience has
enabled the company in securing new orders and their successful
execution.

Liquidity: Poor

Liquidity is poor as reflected in overdrawal/irregularities in cash
credit.

Rating Sensitivity factors

Upward factors

* Timely repayment of debt obligations continuously for atleast 90
days.

* Substantial increase in revenues and profitability leading to
higher cash accruals

Incorporated in 2007, NIETPL manufactures fabricated items
primarily finding application in the mining, steel, cement and
power industries and in bulk material handling equipment.
Headquartered in Medak (Andhra Pradesh), NIETPL is promoted by Mr.
Mohammed Ayyub and Mr. Abdul Rashid Gaffer.


NAGARWALA ENTERPRISES: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nagarwala
Enterprises (NE) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with NE for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1980, NE is a partnership concern. Firm is promoted
by Mr Narendra Nagarwala. The firm is engaged into ginning and
pressing of the raw cotton and crushing of cotton seeds and factory
is situated in Wani, Maharashtra.


NEESARG MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Neesarg Motors
(NM) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/          6.25        CRISIL D (Issuer Not
   Overdraft                         Cooperating)
   facility              

CRISIL Ratings has been consistently following up with NM for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2008, NM is a Honda Motorcycle & Scooter India Pvt
Ltd Company Limited. (Honda) dealer of two wheeler and a service
provider of Tata Motors in Palanpur, Gujarat. NM has 3 Honda
authorized showrooms and provides 3S (Sales, Service and Spares)
facilities and 1 Tata service centre in Palanpur. The company is
promoted by Mr Yasin Banglawala.


PKP PROCESSORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PKP
Processors (PKP) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.35        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5.75        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    2.90        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             6           CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PKP for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in, 1996, PKP Processors (PKP) is engaged in dyeing of
fabric and yarn on job work basis. The firm is managed by four
partners Mr P. Subramanian, Mr. Sathish Kumar, Mr.Vinod Kumar and
Mr. Prem Kumar.


PRAVARSHA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pravarsha
Agro Industries Private Limited (PAIPL) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         5.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     4.0        CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with PAIPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PAIPL, incorporated in March 2012, is currently setting up a milk
processing unit in Medak district. The processing unit, once
operational, would have processing capacity of 10,000 litre of milk
per day. The principal product processed at the plant is milk.


RADHESH PLASTICS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhesh
Plastics India Private Limited (RPIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.7        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              2.08       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RPIPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010 and headquartered in Koteshwara, Karnataka,
RPIPL trades in PVC resins and manufactures PVC pipes. The company
has a manufacturing capacity of 1750 tonnes of pipes per annum.


RAJALAKSHMI POULTRY: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Rajalakshmi Poultry Farm (SRPF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.2        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              4.8        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRPF for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Rating has consolidated the
business and financial risk profiles of Sri Raghavendra Poultry
Farm (SRHPF) and SRPF. That is because these two firms, together
referred to as the Sri Poultry group, have similar nature of
operations, operational & financial fungibility, and a common
management.

The Sri Poultry group was set up by Mr B H Thippeswamy and family
in Kodihally (Karnataka).

SRPF is engaged in poultry farming with capacity of 60,000 birds;
it also operates a 1 megawatt (MW) solar roof top plant and has a
25-year power-purchase agreement (PPA) with BESCOM.

SRHPF is engaged in poultry farming with capacity of 75,000 birds;
it also operates a 1 MW solar roof top plant and has a 25-year PPA
with BESCOM.


RATHI SUPER: NCLAT Allows Jindal Stainless to Bid for Company
-------------------------------------------------------------
Outlook India reports that the National Company Law Appellate
Tribunal (NCLAT) has upheld the National Company Law Tribunal
(NCLT) order to allow Jindal Stainless Ltd (JSL) to participate in
the auction of debt-ridden Rathi Super Steel even after a bidder
was selected.

According to Outlook, NCLAT said the NCLT "did not commit any
error" as sales were not completed and the object was to obtain the
maximisation of the assets, hence it "sees no reason to take a
different view".
    
"The Adjudicating Authority (NCLT) did not commit any error in
taking note of the offer made by Respondent No 1 (JSL) who made an
offer of initial INR190 crore and revised offer was INR201 crore
i.e. much higher than the one on which Appellant was declared
successful bidder," the NCLAT said.
    
JSL submitted its INR190 crore bid for Rathi Super Steel after the
liquidator forwarded the application before the NCLT, seeking
closure of the liquidation process and approval of terms and
conditions of sale to Rimjhim Ispat and Synergy Steel, the report
notes.
    
In the e-auction, Rimjhim Ispat and Synergy Steel had emerged as
the highest bidder with a INR177.50 crore offer for Rathi Super
Steel as a going concern and a letter of intent was also issued on
July 1, 2021.
    
However, on Oct. 3, 2021, JSL approached the NCLT and filed an
application for consideration of its bid for acquiring Rathi Super
Steel as a going concern, Outlook recalls. JSL had offered INR190
crore payable within 90 days from acceptance of the bid.
    
On this the Delhi-based Principal Bench of the NCLT had on Sept.
28, 2022, directed JSL to deposit EMD (Earnest Money Deposit) of
INR50 crore within three days of the pronouncement of this order.

Outlook relates that the NCLT further directed to proceed to hold
another auction between successful bidder Rimjhim Ispat and the
other two bidders namely Adya Oversees and Bansal Wire Industries
within seven days of this order.
    
Moreover, the insolvency tribunal had also fixed a reserve price of
INR201 crore for the auction and said if JSL fails to fulfil the
pre-deposit condition then the liquidator can confirm the sale to
the highest bidder Rimjhim Ispat and proceed to collect the balance
amount, the report states.
    
This was challenged by Rimjhim Ispat and Synergy Steel before the
appellate tribunal, which passed an interim order adjourning the
auction for 15 days.
    
However, the NCLAT said: "We thus are of the view that Adjudicating
Authority did not commit any error in passing the impugned order".

    
Outlook says the appellate tribunal further added that the NCLT has
given the opportunity to both appellants - Rimjhim Ispat and
Synergy Steel and respondent Jindal Stainless to participate.
    
The NCLT has "also put a condition to deposit INR50 crore by the
Jindal Stainless to ensure the bona fide as a pre-deposit of the
Jindal Stainless, we thus do not find any good ground to interfere
with the impugned order," the NCLAT said.
    
The corporate insolvency resolution process against Rathi Super
Steel was initiated by the NCLT on June 12, 2019. However, it
failed to attract any resolution plan following which it went for
liquidation.
    
Later, a notice was issued by the liquidator for an e-auction of
the sale of the company on Sept. 30, 2020, as a going concern at a
reserved price of INR200 crore, however, it failed to attract any
bidder. Despite several attempts and reducing the reserve price, no
bidder came forward.

Outlook relates that the last attempt for e-auction was made on
February 2021 on a standalone basis at a reserved price of INR104
crore, however, no bid was ever received by the liquidator.
    
Later on June 3, 2021, Rimjhim Ispat approached the liquidator
expressing interest in acquiring the company and submitted their
final offer of INR153 crore. Two other bidders also approached the
liquidator and the e-auction process was conducted on June 17,
2021, in which Rimjhim Ispat emerged as the highest bidder with
INR177.50 crore offer.
    
Following this, a letter of intent was also issued, the report
adds.

Rathi Super Steel Ltd manufactureS stainless steel sheet, rubber
sheet & stainless steel pipe.


SUD PINES: CRISIL Lowers Rating on INR4.5cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Sud
Pines Private Limited (SPPL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Buyer Credit Limit      4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit             4.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SPPL, incorporated in 1988, manufactures turpene oil, pine oil, and
thinners, used in soaps and household cleaning items. Mr Satish
Chandra Sood, Ms Neena Sood, and their son Mr Nitin Sood, manage
the operations.


SUNDARAM MULTI: CRISIL Withdraws D Rating on INR12.50cr Cash Loan
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Sundaram Multi Pap Limited
(SMPL; part of Sundaram Group) to 'CRISIL D/Issuer not
cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of SMPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of SMPL
to 'CRISIL D' from 'CRISIL D/Issuer Not Cooperating. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.50       CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

   Cash Credit            3.37       CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

   Corporate Loan        15.75       CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

   Funded Interest        4.70       CRISIL D (Migrated from
   Term Loan                         'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

   Funded Interest        0.73       CRISIL D (Migrated from
   Term Loan                         'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

   Proposed Long Term     7.95       CRISIL D (Migrated from
   Bank Loan Facility                'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

SMPL, incorporated in 1985, manufactures stationery, such as note
books, long books, diaries, note pads, and office stationery under
the Sundaram brand. Its manufacturing facility is in Palghar,
Maharashtra. The company is managed by the Shah family and is
promoted by Mr. Amrut Shah and his brother Mr. Shantilal Shah.


THEME ENGINEERING: CRISIL Lowers Rating on INR23cr Bank Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Theme
Engineering Services Private Limited (TESPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          22        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING)

   Bank Guarantee          23        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING)

CRISIL Ratings has been consistently following up with TESPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

TESPL, incorporated in 2002, is an ISO 9001: 2008 certified company
and is a civil engineering multi-disciplinary consultancy providing
professional engineering services. The company was established and
structured to fulfil the specific needs of national programmes
related to public utilities, community services, and industrial
facilities and infrastructure projects. It provides professional
engineering services for highways, rural roads, bridges and
flyovers, railway infrastructure, traffic and transportation
studies, and water resources and irrigation. It provides services
such as detailed project reports, general arrangement drawings, and
supervision quality control. Its corporate office is in Jaipur.


V MART: CRISIL Moves B Debt Rating from Not Cooperating Category
----------------------------------------------------------------
Due to inadequate information, CRISIL Rating, in line with SEBI
guidelines, had migrated the rating of V Mart Stores - Gajwel
(VMSG) to 'CRISIL B/Stable Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Rating is migrating the rating on bank
facilities of V Mart Stores - Gajwel(VMSG) from ' CRISIL B/Stable
(Issuer Not Cooperating) to 'CRISIL B/Stable'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3          CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Long Term Loan       3.92       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term   0.08       CRISIL B/Stable (Migrated from
   Bank Loan Facility              'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The rating continues to reflect an average financial risk profile
and a modest scale of operations. These weaknesses are partially
offset by the extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: The scale of operations is modest in
the intensely competitive department stores industry; this should
continue to limit operating flexibility.

* Average financial risk profile: The group has contracted sizeable
debt for setting up the project in VMG. This will continue to
constrain financial flexibility in the near team, with a total
outside liabilities to tangible networth ratio of around 2.37
times.

Strengths:

* Extensive industry experience of the partners: The partners have
an experience of more than 30 years through small department
stores. This has given them an understanding of the dynamics of the
market and enabled them to establish relationships with suppliers
and customers.

Liquidity Stretched

Bank limit utilisation is high at around 88 percent for the past 13
months ended September 2022. Cash accrual are expected to be over
INR0.5-0.6 crores which are sufficient against term debt obligation
of INR0.3-0.4 crores over the medium term. In addition, it will be
act as cushion to the liquidity of the company. Current ratio are
moderate at 1.09 times on March 31,  2022.

Outlook Stable

CRISIL Rating believes the VMSG will continue to benefit from the
extensive experience of the partners and established relationship
with clients.

Rating Sensitivity factors

Upward factors

* Strengthening of the business risk profile, with revenue and a
stable operating margin, leading to sizeable cash accrual above
INR0.75 crores
* Infusion of equity/unsecured loans, strengthening the overall
financial risk profile

Downward factors

* A decline in revenue or operating margin, leading to cash accrual
of below INR50 lakh per fiscal
* Weakening of the financial risk profile especially liquidity on
account of large, debt-funded capital expenditure or a stretched
working capital cycle.

The VMSG, established in 2017, is owned and managed by Mrs Thota
Padma, Mr Thota Spandan, Mr Kacham Shashikanth, Mr Kura Arun Kumar
and Mr Kacham Akhilesh. The group's two stores are engaged in
retail of groceries, general goods, electrical home appliances and
plastic items. The stores are in Siddipet and Gajwel, both in
Telengana.


V. R. GHUGE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. R. Ghuge -
Aurangabad (VRG) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility      0.05      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan               0.95      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VRG for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VRG was established in 1979 as a proprietorship concern by Mr VR
Ghuge. The firm is registered as a Class I contractor and
undertakes irrigation projects for the government of Maharashtra.
These projects include construction of earthen dams, and irrigation
sluices and canals.


V. S. TAPES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. S. Tapes
(VST) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.25       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              0.25       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VST for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VST a partnership firm set up in 2006, manufactures elastic tapes.
The manufacturing unit is at Tirupur, Tamil Nadu. Mr
Venkatachalapathy and Mr Surendran are the partners.


YOUVAKSHHII DIGITAL: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Youvakshhii
Digital India Private Limited (YDIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with YDIPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2015, YDIPL is into online trading of electronic
goods. It is promoted by Mr. Gummadi Venkateswerllu.


YOUVAKSHI EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Youvakshi
Exports And Iimports India Private Limited (YEIPL) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       15      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with YEIPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2015, YEIPL is into trading of edible oil. It
imports palm oil and trades in domestic market. It is promoted by
Mr. Gummadi Venkateswerllu.


YOUVAKSHI GODOWNS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Youvakshi
Godowns India Private Limited (YGIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash          30         CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with YGIPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in January 2019, YGIPL is expected to be engaged
distribution of food products and providing warehousing facility to
regional farmers/traders in Telangana and Andhra Pradesh. It is
promoted by Mr. Gummadi Venkateswerllu. Operations are expected to
commence in FY20.


YOUVAKSHI SHOPPING: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Youvakshi
Shopping Malls India Private Limited (YSMPL) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash           30        CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with YSMPL for
obtaining information through letters and emails dated August 24,
2022 and October 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of YSMPL with Dhana Sree
Collections Private Limited (DSCPL). This is because the two
entities, collectively referred to as the Youvakshi Shopping group,
are expected to be in the same line of business with significant
business linkages, have a common management, and fungible cash
flows.

Incorporated in 2017, YSMPL is planning to acquire a shopping
complex based out of Hyderabad, Telangana. Currently it is into
trading of ladies garments. Post the acquisition it is expected to
venture in retailing of gold ornaments along with ladies premium
sarees.

DSCPL, incorporated in 2018, is expected to engage in retailing of
ladies and kids wear. Operations have not commenced yet.




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

CURTAIN DECOR: Court to Hear Wind-Up Petition on Dec. 5
-------------------------------------------------------
A petition to wind up the operations of Curtain Decor 2016 Limited
will be heard before the High Court at Timaru on Dec. 5, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 5, 2022.

The Petitioner's solicitor is:

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


GORGEOUS LUCK: Creditors' Proofs of Debt Due on Dec. 13
-------------------------------------------------------
Creditors of Gorgeous Luck Limited are required to file their
proofs of debt by Dec. 13, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 14, 2022.

The company's liquidators are:

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


LONSDALE ARCHITECTURAL: Court to Hear Wind-Up Petition on Nov. 24
-----------------------------------------------------------------
A petition to wind up the operations of Lonsdale Architectural
Limited will be heard before the High Court at Christchurch on Nov.
24, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 24, 2022.

The Petitioner's solicitor is:

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


LYALL HOLDINGS: Goes Into Liquidation Owing NZD2.4 Million
----------------------------------------------------------
Brianna Mcilraith at Stuff.co.nz reports that Lyall Holdings, the
company that until recently operated the Mrs. Mac's pie brand in
New Zealand, has gone into liquidation.

According to Stuff, Lyall Holdings was put into liquidation last
week by its Australian parent company and Grant Thornton's David
Ruscoe and Mark McDonald appointed joint liquidators.

The company traded as Mrs. Mac's (NZ) until late October.

In their first report released on Nov. 16, the liquidators said the
company's records indicated there were more than 30 unsecured
creditors owed an estimated NZD2.4 million, Stuff discloses.

The creditors were mainly supermarkets such as New World and Pak 'n
Save, as well as petrol station Z Energy. It also owed NZD38,000 to
Inland Revenue.

Its total assets were listed at NZD1.6 million.

Mrs Mac's head office and factory are based in Perth, with an
office in Sydney and representatives across Australia and New
Zealand.

Its Australian parent company also went liquidation at the same
time and David Hodgson of Grant Thornton was appointed liquidator,
Stuff notes.

According to Stuff, Hodgson's report said there were 337 unsecured
creditors across NZ and Australia owed NZD17.8 million, including
NZD340,000 owed to the Australian Taxation Office.

But Australian media reported earlier in the week that Aus Pie Co
had bought the company, with chief executive Bruce Feodoroff saying
the acquisition would ensure Mrs Mac's had "bright future".

Aus Pie Co is linked to Australian petrol retailer United Petroleum
and Australian pastry chain pie face, Stuff notes.

A new New Zealand subsidiary, Mrs Mac's NZ, was incorporated in
late October, owned by United Petroleum.

In July, the brand sought an emergency capital boost to pay down
debt or attract a new owner.

Stuff adds that the next liquidators' report would not be issued
until mid-June 2023, unless the liquidation is concluded before
then.


OMAIO KORERO: Court to Hear Wind-Up Petition on Dec. 1
------------------------------------------------------
A petition to wind up the operations of Omaio Korero Limited
Partnership will be heard before the High Court at Auckland on Dec.
1, 2022, at 10:00 a.m.

Michael Adams filed the petition against the company on Dec. 1,
2022.

The Petitioner's solicitor is:

          Andrew Nicoll
          Hudson Gavin Martin
          Level 16, 45 Queen Street
          Auckland 1010


WILLBERT CIVIL: Creditors' Proofs of Debt Due on Dec. 19
--------------------------------------------------------
Creditors of Willbert Civil Limited are required to file their
proofs of debt by Dec. 19, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 14, 2022.

The company's liquidators are:

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




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

AVPIV SAPPORO: Creditors' Proofs of Debt Due on Dec. 22
-------------------------------------------------------
Creditors of Avpiv Sapporo SG Holding Pte. Ltd. are required to
file their proofs of debt by Dec. 22, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 15, 2022.

The company's liquidator is:

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


HWEE BEE: Creditors' Proofs of Debt Due on Dec. 26
--------------------------------------------------
Creditors of Hwee Bee (Pte) Ltd. are required to file their proofs
of debt by Dec. 26, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 16, 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


SCCPRE TWENTY: Creditors' Proofs of Debt Due on Dec. 21
-------------------------------------------------------
Creditors of SCCPRE Twenty Six (S) Pte. Ltd. are required to file
their proofs of debt by Dec. 21, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 16, 2022.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961


SPRING ROLLS: Commences Wind-Up Proceedings
-------------------------------------------
Members of Spring Rolls (Rochester) Pte Ltd, on Nov. 11, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ng Hoe Kiat Keith
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


VENTURESKIES LLP: Court to Hear Wind-Up Petition on Dec. 9
----------------------------------------------------------
A petition to wind up the operations of Ventureskies LLP will be
heard before the High Court of Singapore on Dec. 9, 2022, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 11, 2022.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098




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

ASIA WEALTH: Suspended From Doing Business
------------------------------------------
Bangkok Post reports that the Securities and Exchange Commission on
Nov. 22 ordered Asia Wealth Securities to cease all its operations
after its net capital fell below zero for more than 5 business
days.

According to the report, the SEC said the net capital of AWS was
negative for more than five business days from Nov. 14 and all its
business activities would be suspended until it could maintain its
net capital and receives permission from the SEC to resume
business.

Bangkok Post relates that the regulator also ordered AWS to
transfer the assets of its clients to other peer firms within 10
business days from Nov. 21.

On Nov. 18, the SEC suspended AWS for alleged use of clients' money
without their consent and demanded it return all the money by Nov.
20.

The SEC said that AWS had spent THB157.99 million from clients'
accounts on unauthorised share purchases, Bangkok Post relays.

Asia Wealth Securities Co., Ltd. is an investment company. The
Company offers securities trading, borrowing, lending, wealth
management, investment banking and other services.



                           *********


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

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

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

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

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



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