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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

          Friday, November 25, 2022, Vol. 25, No. 230

                           Headlines



A U S T R A L I A

DELIVEROO AUSTRALIA: First Creditors' Meeting Set for Nov. 28
EARTH PLANT: First Creditors' Meeting Set for Nov. 29
FIRSTMAC ASSET 1: Moody's Assigns (P)B2 Rating to AUD5.7MM F Notes
GRAND THEATRE: First Creditors' Meeting Set for Nov. 30
HUMM ABS 2022-2: Moody's Gives (P)Ba2 Rating to AUD10.92MM E Notes

LIQUORICE BRAND: Second Creditors' Meeting Set for Nov. 30
MANDRI INVESTMENTS: Second Creditors' Meeting Set for Nov. 29
NORTH QUEENSLAND EXPORT TERMINAL: S&P Cuts Sec. Debt Rating to 'B-'
REDZED TRUST 2022-3: Fitch Assigns 'Bsf' Rating on Class F Notes


B A N G L A D E S H

PREMIER BANK: Moody's Assigns 'B1' Deposit Ratings, Outlook Stable


C H I N A

CHINA OIL: Moody's Affirms 'Ba2' CFR & Alters Outlook to Negative
COUNTRY GARDEN: Gets New Credit Line of Up to US$7 Billion
SEAZEN COMPANIES: S&P Lowers LT ICR to 'BB-', Outlook Negative
SUNING.COM: Debt-Ridden Chinese E-Commerce Firm Denies Bankruptcy
YINCHUAN TONGLIAN: Fitch Lowers LongTerm IDRs to 'BB', Outlook Neg.



I N D I A

AKR CONSTRUCTION: CRISIL Keeps C Debt Ratings in Not Cooperating
ALLURE TEX: CRISIL Keeps D Debt Ratings in Not Cooperating
ARQUBE INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
ASHTANGA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
BLUE DUCK: CRISIL Keeps D Debt Ratings in Not Cooperating

CARAVAN OIL: ICRA Withdraws B+ Rating on INR6.50cr LT Loan
DURLAX INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
GEECO ENERCON: ICRA Assigns D Rating to INR37cr Cash Credit
HARVIN IMPEX: CRISIL Keeps C Debt Ratings in Not Cooperating
HILLWOOD IMPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating

JAYANT PRINTERY: ICRA Keeps B+ Debt Rating in Not Cooperating
LANCO INFRATECH: SC Dismisses GUVNL Appeal for Termination of PPA
MALIK MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating
MES INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
MIJAN IMEX: CRISIL Keeps D Debt Ratings in Not Cooperating

MODEST INFRASTRUCTURE: ICRA Withdraws B Rating on INR50cr LT Loan
MV & VAJRA: ICRA Keeps B+ Debt Ratings in Not Cooperating
OSHIYA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
P G MERCANTILE: CRISIL Keeps D Debt Ratings in Not Cooperating
PIYUSH INFRATECH: ICRA Cuts Rating on INR20.0cr LT/ST Loan to D

RADIANT SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
RAJ AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating
RICHLOOK CREATIONS: CRISIL Keeps D Ratings in Not Cooperating
S HOMES: CRISIL Keeps D Debt Ratings in Not Cooperating Category

SAI ENGINEERING: ICRA Keeps B+ Debt Rating in Not Cooperating
SHAKTI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating
SNEHAL ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
TAJ AGRO INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
TAJ AGRO: ICRA Keeps B+/A4 Debt Rating in Not Cooperating

TARAPUR TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating


I N D O N E S I A

BUMI RESOURCES: Moody's Hikes CFR to B3 & Alters Outlook to Stable


N E W   Z E A L A N D

EXCLUSIVE MARINE: Court to Hear Wind-Up Petition on Nov. 28
GO TO COLLECTION: Placed Into Voluntary Administration
GRAPHIC DESIGN: Creditors' Proofs of Debt Due on Jan. 10
HEREFORD MEWS: Creditors' Proofs of Debt Due on Dec. 20
PERFECTION IS: Creditors' Proofs of Debt Due on Dec. 21

WEST COAST CONTRACTING: Court to Hear Wind-Up Petition on Nov. 28


S I N G A P O R E

ASIA ORCHIDS: Commences Wind-Up Proceedings
CHONG SING: Members' Final Meeting Set for Dec. 21
M & E GROUP: Creditors' Meetings Set for Dec. 2
TRIYARDS IP: Members' Final Meeting Set for Dec. 21
YONGNAM HOLDINGS: In Talks to Secure Refinancing or Investment



T H A I L A N D

THAI AIRWAYS: To Borrow Less Amid Recovery

                           - - - - -


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

DELIVEROO AUSTRALIA: First Creditors' Meeting Set for Nov. 28
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Deliveroo
Australia Pty Ltd will be held on Nov. 28, 2022, at 11:00 a.m. via
virtual meeting only.

Andrew Knight, Michael Korda, and Craig Shepard of KordaMentha were
appointed as administrators of the company on Nov. 16, 2022.


EARTH PLANT: First Creditors' Meeting Set for Nov. 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Earth Plant
Hire Pty Limited will be held on Nov. 29, 2022, at 11:30 a.m. via
Zoom.

Henry McKenna of Vincents was appointed as administrator of the
company on Nov. 17, 2022.


FIRSTMAC ASSET 1: Moody's Assigns (P)B2 Rating to AUD5.7MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
issued by Perpetual Corporate Trust Limited in its capacity as the
trustee of the Firstmac Asset Funding Trust No. 1 Series Auto No.
1.

Issuer: Firstmac Asset Funding Trust No. 1 Series Auto No. 1

AUD252.00 million Class A Notes, Assigned (P)Aaa (sf)

AUD16.05 million Class B Notes, Assigned (P)Aa2 (sf)

AUD9.00 million Class C Notes, Assigned (P)A2 (sf)

AUD3.90 million Class D Notes, Assigned (P)Baa2 (sf)

AUD5.40 million Class E Notes, Assigned (P)Ba1 (sf)

AUD5.70 million Class F Notes, Assigned (P)B2 (sf)

The AUD7.95 million Class G Notes are not rated by Moody's.

Firstmac Asset Funding Trust No. 1 Series Auto No. 1 (Firstmac
Series Auto No. 1) transaction is a static cash securitisation of
consumer auto loan receivables extended to prime borrowers in
Australia by Firstmac Limited (Firstmac, unrated).

Firstmac is a privately-owned non-bank lender that has been
operating for more than 40 years. Firstmac manages a balance sheet
of approximately AUD16.7 billion, including AUD15.5 billion in
residential mortgages, AUD0.5 billion in auto loans and AUD700
million in cash investments. Firstmac has offices in Brisbane,
Sydney and Melbourne. Firstmac Series Auto No.1 will be Firstmac's
inaugural auto ABS issuance.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

The evaluation of the capital structure. The transaction features
a sequential/pro rata paydown structure. The notes will be repaid
on a sequential basis until the pro rata paydown conditions are
satisfied, upon which principal will be distributed pro rata among
Class A through Class G Notes. However, Class G Notes receive no
principal allocation whilst any other notes are outstanding. The
Class G Note principal allocation is re-directed and distributed to
the Class F Notes until the aggregate invested amount is reduced to
zero. The Class G Note principal allocation is then distributed
pari passu to Class A through Class E Notes until repaid in full.

The availability of excess spread over the life of the
transaction. The portfolio yield of 5.64% is providing excess
spread to cure portfolio losses. The transaction also contains a
loss reserve which traps excess spread up to a target balance of
AUD1.00 million if 90 days or greater past due arrears are greater
than 2.0%.

The liquidity reserve in the amount of 1.20% of the note
balances.

The interest rate swaps provided by [ National Australia Bank
Limited ("NAB") ] and Westpac Banking Corporation ("WBC"), both
Aa3/P-1/Aa2(cr)/P-1(cr) rated.

The experience of Firstmac as servicer, and the back-up servicing
arrangements with Perpetual Trustee Company Limited.

In Moody's view, the transaction benefits from credit strengths
such as the granular nature of the portfolio and its seasoning.

At the same time, Moody's notes that the transaction features some
credit weaknesses. Approximately 30% of loans include a balloon
payment, potentially exposing the deal to refinancing and,
therefore, higher default risk. The pro rata amortisation of the
subordinated classes of notes other than Class G Notes, after
certain stepdown conditions are met, will also lead to reduced
credit enhancement of the senior notes in absolute terms.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.00%, a
recovery rate of 35.00%, and a Aaa portfolio credit enhancement
("PCE") of 13.50%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 0.93%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Firstmac's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 13.50% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.

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

Up

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

Down

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

GRAND THEATRE: First Creditors' Meeting Set for Nov. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Grand
Theatre Company Pty Ltd will be held on Nov. 30, 2022, at 11:00
a.m. at the offices of FTI Consulting at Level 47, 152-158 St
Georges Terrace in Perth.

Ian Charles Francis and Daniel Hillston Woodhouse of FTI Consulting
were appointed as administrators of the company on Nov. 18, 2022.


HUMM ABS 2022-2: Moody's Gives (P)Ba2 Rating to AUD10.92MM E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes issued by Perpetual Corporate Trust Limited in its capacity
as the trustee of the humm ABS Trust 2022-2.

Issuer: humm ABS Trust 2022-2

AUD64.00 million Class A1 Notes, provisional Rating Assigned
(P)Aaa (sf)

AUD70.40 million Class A2 Notes, provisional Rating Assigned
(P)Aaa (sf)

AUD14.70 million Class A2-G Notes, provisional Rating Assigned
(P)Aaa (sf)

AUD21.21 million Class B-G Notes, provisional Rating Assigned
(P)Aa2 (sf)

AUD11.13 million Class C-G Notes, provisional Rating Assigned
(P)A2 (sf)

AUD5.67 million Class D-G Notes, provisional Rating Assigned
(P)Baa2 (sf)

AUD10.92 million Class E Notes, provisional Rating Assigned (P)Ba2
(sf)

The AUD11.97 million of Class F Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
unsecured, retail, buy now pay later (BNPL) receivables originated
under the brand 'humm' by Humm BNPL Pty Ltd (originator), a
subsidiary of Humm Group Limited ("hummgroup").

This is hummgroup's fourteenth term securitisation of the
originator's assets.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

the evaluation of the underlying receivables and their expected
performance. The portfolio includes a high proportion (34.1%) of
loans related to solar-related products;

the availability of excess spread to meet losses over the life of
the transaction;

the liquidity facility in the amount of 1.00% of the rated note
balance;

the interest rate swaps provided by National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)); and

the experience of Flexirent Capital Pty Limited as servicer, and
the back-up servicing arrangements with Perpetual Corporate Trust
Limited.

Initially, the Class A Notes (which include Class A1, Class A2 and
Class A2-G Notes) benefit from 29.00% of note subordination. The
Class B-G, Class C-G, Class D-G and Class E Notes benefit from
18.90%, 13.60%, 10.90% and 5.70% respectively.

The transaction features a sequential/pro rata paydown structure.
If the pro rata conditions are not satisfied, principal collections
will be distributed sequentially to the Class A1 to Class F Notes
(pari passu between the Class A2 and A2-G Notes). If the pro rata
paydown conditions are satisfied, principal will be distributed pro
rata among Class A1 to Class F Notes (separate pro-rata paydown
conditions for Class A to Class E Notes, and conditions for Class A
to Class F Notes).

Key model and portfolio assumptions

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 28.00%. Moody's mean default for
this transaction is 4.50%. The assumed recovery rate is 0%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Moody's assumed mean default rate is stressed compared to the
historical levels of 3.77%. The expected default captures Moody's
expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.

Key pool features are as follows:

- The weighted average interest rate of the portfolio is 11.4%.

- The weighted average remaining term of the portfolio is 28.7
months. The weighted average seasoning of the initial portfolio is
7.7 months.

- Solar, medical services, jewellery, home owner and non-home
owner receivables constitute 34.1%, 25.0%, 8.3%, 10.3% and 22.3% of
the portfolio respectively.

Methodology Underlying the Rating Action

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

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

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

LIQUORICE BRAND: Second Creditors' Meeting Set for Nov. 30
----------------------------------------------------------
A second meeting of creditors in the proceedings of Liquorice Brand
and Digital Pty Ltd has been set for Nov. 30, 2022, at 2:00 p.m. at
the offices of Hamilton Murphy Advisory at Level 21, 114 William
Street in Melbourne and via virtual meeting technology.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 29, 2022, at 4:00 p.m.

Richard Rohrt of Hamilton Murphy Advisory was appointed as
administrator of the company on Oct. 25, 2022.


MANDRI INVESTMENTS: Second Creditors' Meeting Set for Nov. 29
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Mandri
Investments Pty Ltd has been set for Nov. 29, 2022, at 11:00 a.m.
via teleconference facilities.
  
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. 28, 2022, at 5:00 p.m.

Blair Pleash of Hall Chadwick was appointed as administrator of the
company on Oct. 25, 2022.


NORTH QUEENSLAND EXPORT TERMINAL: S&P Cuts Sec. Debt Rating to 'B-'
-------------------------------------------------------------------
S&P Global Ratings lowered the issue ratings on North Queensland
Export Terminal Pty Ltd.'s (NQXT) senior secured debt to 'B-' from
'BB-' as the risk of refinancing has heightened. The recovery
rating is unchanged.

The negative outlook reflects the risk of further downward pressure
if funds for NQXT's upcoming refinancing are not in the project
account by Nov. 30, 2022.

NQXT, located 25 kilometers northwest of Bowen in the Australian
State of Queensland, is Australia's northernmost coal port. The
multiuser port has a design capacity of 50 million tons per annum
(mtpa) that is about 70% contracted under medium-to-long term
take-or-pay agreements. The port is held under a 99-year lease
acquired by the Adani Group from the Queensland government in early
2011.

-- Stable revenue under the take-or-pay contracts and
socialization arrangement based on five-year tariffs.

-- Contracted capacity from multiple shippers until 2028.

-- Strong quality and competitiveness of the coal from the
Queensland basin.

-- Exposure to refinancing risk (including the upcoming December
2022 maturity) and dependence on cash sweeps.

-- Periodic exposure to contract renewals.

-- Some headline environmental, social, and governance (ESG) risk
given linkages to Carmichael Mine as one of the users.

S&P said, "We have lowered the long-term issue credit rating on
NQXT's debt to 'B-' from 'BB-', reflecting the increased refinance
risk of an upcoming US$500 million maturity due Dec. 15, 2022.

"The risk arises from a delay in our expectations of receipt of
funds by the port. Earlier this year, NQXT management had indicated
that the upcoming payment will be met via additional funding from
the sponsors, the Adani Group. The payments were expected to be in
the project accounts by September 2022, but have yet to be
received.

"Given NQXT is a project financed asset, we do not factor in any
potential support from the Adani Group, despite the parent's recent
track record. Over the past two years, NQXT has raised more than
A$500 million of shareholder loans from its ultimate parent to meet
multiple debt maturities and legal liabilities and has also
refinanced a smaller amount of US$150 million in the private
placement market. Nonetheless, we do not ascribe any benefit to the
project until either a refinancing is complete or NQXT receives
funds from the parent.

"Consequently, we have revised our downside case assessment to
reflect the upcoming maturity and are factoring this downside into
the rating. After taking into account the final bullet payment of
the upcoming maturity, the minimum debt service coverage ratio
(DSCR) in our downside drops to 0.15x for the 12-months ending Dec.
31, 2022, reflecting a 'b-' downside assessment. Our base case
assessment, however, continues to assume that the facility will be
refinanced. Consequently, we are likely to raise the rating on
conclusion of the refinancing, subject to the project's revised
capital structure and our expectations of refinance margins for
this project.

"We believe that continued delay in receipt of funds beyond Nov.
30, 2022, could lead to further downward pressure on the rating.
Our liquidity assessment remains less-than-adequate, given that the
port's ratio of sources to uses of funds is less than 1x over the
next 12 months on account of the aforementioned debt maturity."

The negative outlook reflects the material refinancing risk
associated with NQXT's impending US$500 million bond maturing in
December 2022, which is equal to 50% of the project's outstanding
debt. There is increasing uncertainty as the funds for refinancing
have yet to be received by NQXT as per timelines previously
indicated by management. Over the past two years, NQXT has been
unable to refinance most of its debt maturities in the capital
markets and has primarily relied on funds from the Adani Group.

S&P said, "We may lower the rating further if uncertainty further
increases around the upcoming refinancing, such that sufficient
funds are not received by the project company by Nov. 30, 2022.

"We could raise the rating, with a stable outlook, if the
refinancing is completed. The extent of an upgrade would depend
upon the nature and cost of the refinancing instrument,
management's expected project capital structure going forward, as
well as our expectations of the future refinancing margins."

Base Case

Assumptions

-- Contracted tonnage profile assumes contracts are consummated as
scheduled, with no unanticipated contract termination. Thereafter,
NQXT to be contracted for about 35 mtpa, or 70% of total capacity;

-- For the reset commencing July 2022, a terminal infrastructure
charge of A$4.8/ton;

-- Operations and maintenance costs passed through to users;

-- Long-term lifecycle costs (capital expenditure) of about A$5.5
million per quarter, funded from cash flow and ultimately passed
through to shippers;

-- Upcoming US$500 million debt tranche refinanced at maturity.

-- Future refinancing margins of 600 basis points (bps) over base
rates; and

-- S&P said, "Our modelling assumes that the cash sweep will
commence in 2034 such that the senior debt is fully repaid over the
subsequent 10 years, well before the end of the current S&P Global
Ratings' project assessment period in 2050. This is substantially
shorter than the project's most recent assessment of the
volume-weighted mine life, which currently extends out to 2077. The
assumptions on the concession expiration and the beginning of the
cash flow sweep do not affect our view of the outcome since the
DSCR calculations are interest-only, with amortization thereby not
affecting the ratios."

Key metrics

-- Minimum DSCR over the life of the project of 1.52x; and

-- Average DSCR of about 1.86x over the current projection period
to 2034 (referenced to the beginning of the cash flow sweep
period).

Downside Case

Assumptions

-- Revenue decreases by 15% throughout the concession period, with
NQXT supporting the revenue loss before socialization applies;

-- Operations, maintenance, and lifecycle cost pass-through
maintained;

-- Refinancing margin increases by 150 bps compared with our base
case; and

-- Bullet repayment of the upcoming US$500 million debt tranche at
maturity.

Key metrics

-- Minimum DSCR over the projection period is 0.15x;

-- The potential for imminent cash shortfall under our downside
case leads to an assessment of a 'b-' downside; and S&P rates to
this downside.

The ratios above are calculated in accordance with S&P's criteria
on a quarterly basis, with ratios annualized on a 12-month trailing
basis. Given the project's financial structure, all ratios are
interest-only, except under the downside, where the December 2022
maturity is factored in the DSCR calculation.


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

There has been an update to one of the transaction's amortisation
events since Fitch assigned expected ratings on 31 October 2022. An
amortisation event will be subsisting if the payment date falls on
or after the first call option date, rather than on or after the
second payment date following the first call option date.

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

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

   A-1 AU3FN0072773    LT AAAsf  New Rating    AAA(EXP)sf
   A-2 AU3FN0072781    LT AAAsf  New Rating    AAA(EXP)sf
   B AU3FN0072799      LT AAsf   New Rating     AA(EXP)sf
   C AU3FN0072807      LT Asf    New Rating      A(EXP)sf
   D AU3FN0072815      LT BBBsf  New Rating    BBB(EXP)sf
   E AU3FN0072823      LT BBsf   New Rating     BB(EXP)sf
   F AU3FN0072831      LT Bsf    New Rating      B(EXP)sf
   G1 AU3FN0072849     LT NRsf   New Rating     NR(EXP)sf
   G2                  LT NRsf   New Rating     NR(EXP)sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

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

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

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

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

Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market. GDP growth for the year to June 2022 was 3.6% and the
unemployment rate for October 2022 was 3.4%, despite rising
interest rates. Fitch expects GDP growth to slow to 1.9% in 2023,
with unemployment increasing to 4.1% amid a global economic
slowdown and the lagged effect of aggressive monetary tightening by
the Reserve Bank of Australia.

RATING SENSITIVITIES

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

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

Downgrade Sensitivities

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

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

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

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

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

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

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

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

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

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

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

Upgrade Sensitivities

The class A-1 and A-2 notes are at the highest level on Fitch's
scale. The ratings cannot be upgraded and upgrade sensitivity
scenarios are not relevant.

Sensitivity stress results for the remaining rated notes are as
follows.

Note: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / Bsf

Reduce defaults by 15% and increase recoveries by 15%: AAsf / AA-sf
/ Asf / BBB-sf / BBsf

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

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




===================
B A N G L A D E S H
===================

PREMIER BANK: Moody's Assigns 'B1' Deposit Ratings, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has assigned B1 foreign and local
currency long-term deposit ratings to The Premier Bank Limited
(PBL). Moody's has also assigned a b2 Baseline Credit Assessment
(BCA) and Adjusted BCA to the bank.

The rating outlook is stable, reflecting Moody's expectation that
the bank's credit fundamentals will be stable over the next 12 to
18 months.

RATINGS RATIONALE

PBL's B1 long-term deposit and issuer ratings reflect its stable
but modest asset quality, with modest capitalization and
profitability. The ratings also reflect the bank's reliance on high
cost deposits as a result of its small deposit franchise, balanced
by good liquidity.

The ratings incorporate a one-notch uplift from the bank's b2 BCA,
based on Moody's expectation of a moderate probability of support
from the Government of Bangladesh (Ba3 stable) in times of need.

The bank is exposed to high asset risk because of its large share
of stressed loans. While nonperforming loan (NPL) ratio was 2.7% as
of the end of 2021, the bank had a significant stock of rescheduled
loans classified as performing, which Moody's views as risky
assets. In addition, its loan book is highly concentrated in large
corporate borrowers, exposing the bank to the risk of large
borrower defaults.

PBL's profitability is modest because of modest net interest
margin, with its return on tangible assets at 0.7% in 2021. This is
partially compensated by good fees and commission income, as well
as moderate credit costs.

The bank's capital is modest, with tangible common equity (TCE) to
Moody's-adjusted risk-weighted assets (RWA) at 7.5% as of the end
of 2021, lower than the 9.5% asset-weighted average of
Moody's-rated domestic peers. Moody's expects the bank's capital to
remain modest because its RWA growth will outpace internal capital
growth.

Although PBL has moderate reliance on market funding, its modest
deposit franchise and high reliance on costlier time deposits
result in high costs of funds. Low-cost current and savings
deposits accounted for only 15% of total deposits as of the end of
2021.

Liquidity is adequate at PBL, with liquid banking assets at 23% of
tangible banking assets as of the end of 2021, which consist mostly
of better-quality cash and government securities.

Corporate governance is a key credit consideration for PBL's
ratings. PBL's modest financial strategy and risk management are
reflected in its asset quality and capital levels, as well as its
concentration in large borrowers. The limited presence of
independent directors on the board poses governance risks such as
related-party transactions and inadequate management oversight.

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

Moody's could upgrade PBL's ratings if its stressed loans
significantly decrease, TCE/RWA ratio increases above 11.0%, and
return on tangible assets increases to above 1.3% on a sustained
basis.

Moody's could downgrade the bank's long-term ratings if its NPL
ratio increases significantly above 5%, or TCE/RWA ratio decreases
to below 7%. A significant deterioration in the bank's
profitability, funding and liquidity will also be negative for the
ratings.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

The Premier Bank Limited, headquartered in Dhaka, reported total
assets of BDT381.0 billion as of June 30, 2022.

LIST OF AFFECTED RATINGS/ASSESSMENTS

Issuer: Premier Bank Limited (The)

Adjusted Baseline Credit Assessment, Assigned b2

Baseline Credit Assessment, Assigned b2

Long-term Counterparty Risk Assessment, Assigned B1(cr)

Short-term Counterparty Risk Assessment, Assigned NP(cr)

Long-term Foreign and Local Currency Counterparty Risk Ratings,
Assigned B1

Short-term Foreign and Local Currency Counterparty Risk Ratings,
Assigned NP

Long-term Foreign and Local Currency Deposit Ratings, Assigned B1,
Outlook Stable

Short-term Foreign and Local Currency Deposit Ratings, Assigned
NP

Long-term Foreign and Local Currency Issuer Ratings, Assigned B1,
Outlook Stable

Short-term Foreign and Local Currency Issuer Ratings, Assigned NP

Outlook Assigned , Stable




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

CHINA OIL: Moody's Affirms 'Ba2' CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has revised the outlook on China Oil and
Gas Group Limited (COG) to negative from stable.

At the same time, Moody's has affirmed COG's Ba2 corporate family
rating and senior unsecured ratings.

"The negative outlook reflects COG's weakened credit quality in
light of the company's increased governance risks arising from its
external guarantee to Shandong Shengli and the lack of clarity on
the recovery prospects of its loans to its associate company Sino
Director," says Ralph Ng, a Moody's Vice President and Senior
Analyst.

RATINGS RATIONALE

COG's provision of an accumulated external debt guarantee of RMB1.1
billion earlier this year to its recently acquired 22.16%-owned
associate, Shandong Shengli Co., Ltd., is credit negative. Moody's
has adjusted the total maximum amount of external debt guarantee
provision in COG's credit metrics.

At the same time, the debt guarantee accounts for over half of
Shandong Shengli's total debt as of the end of 2021. COG's
management control over Shandong Shengli highlights the associate's
importance to COG. As a result, Moody's has consolidated Shandong
Shengli on a pro-rata basis based on COG's equity interest.

Overall, Moody's estimates COG's adjusted retained cash flows
(RCF)/debt will be between 12.1% and 12.2% in 2023-24, after making
the analytical adjustments for Shandong Shengli.

"The uncertainty around the recovery prospects of COG's loans to
associate company Sino Director implies higher governance risks
than Moody's previously expected," adds Ng.

COG has provided loans of about HKD1.06 billion to the subsidiary
of Sino Director to invest and operate certain coal mine assets,
which commenced phased operations in 2020 after years of
investments. Sino Director is a private company and 25%-owned
associate of COG.

The considerable size of this related-party transaction undermines
COG's governance framework. Moody's considers this transaction, as
well as the limited transparency of recovering the loan, as a
governance risk because it implies an unclear use of capital by COG
and brings into question potential cash leakage without appropriate
protection to COG and its creditors.

Furthermore, the risks of running a coal mine amid challenging coal
policies in China is higher than the risks involved in COG's
conventional city gas distribution.

Given the governance consideration, Moody's has recalibrated the
financial indicators for COG's current Ba2 CFR to reflect the
higher credit risks than previously expected.

Moody's expects COG's refinancing ability to weaken amid the
current volatile funding environment. The company will use its
internal funds, including its cash at the holding company level and
dividends from its subsidiaries in China and Canada, to repay its
debt obligations over the next 12 months. Moody's anticipates the
holding company's liquidity will remain weak, assuming it
successfully repays its short-term obligations.

COG's Ba2 CFR is underpinned by the steady growth in the company's
gas sales volumes, supported by positive industry policies and
stable domestic city-gas distribution.

In terms of environmental, social and governance (ESG) factors,
Moody's considers COG's governance risk to be high, considering its
investment in and guarantee provision to Shandong Shengli, as well
as its loans to Sino Director.

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

COG's negative outlook reflects the company's weakened credit
profile because of the external guarantee and borrowings to its
associates. The negative outlook also assumes stable operations at
the company's domestic gas distribution business and the manageable
scale of its upstream operations.

Upward rating pressure is limited over the next 12 months, owning
to the negative outlook. However, (1) a substantial reduction of
the external guarantee, (2) a solid and concrete recovery of COG's
loans to its associate, (3) sustainable improvement in its
financial metrics, and (4) improved liquidity at the holding
company level on a sustained basis will alleviate downgrade
pressure.

Moody's could downgrade the rating if concerns over COG's
governance persist. Other factors that could result in a rating
downgrade include (1) a material increase in upstream risk, (2)
aggressive debt-funded expansion projects or acquisitions, (3)
adverse regulatory changes, or (4) additional funding support to
its upstream business and its associates. Weak liquidity will also
trigger a downgrade.

Financial metrics indicative of a downgrade include RCF/debt
falling below 13% and funds from operations (FFO) interest coverage
staying below 3.0x on a sustained basis.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

China Oil and Gas Group Limited (COG) engages in the piped city gas
business, as well as the transportation and distribution of
compressed natural gas (CNG) and liquefied natural gas (LNG). The
company expanded its footprint to oil and gas production in Canada
in July 2014.

COG listed on the Hong Kong Stock Exchange in 1993 and began its
natural gas distribution business in 2002. Xu Tie-liang was the
company's largest shareholder and chairman, with a 27.62% stake in
the company as of June 30, 2022.

COUNTRY GARDEN: Gets New Credit Line of Up to US$7 Billion
----------------------------------------------------------
Reuters reports that Country Garden has signed a contract with the
Postal Savings Bank of China for a credit line of up to CNY50
billion (US$7.0 billion), Securities Times reported on Nov. 24.

The credit line will be used for loans for land development,
mergers and acquisitions, and mortgage financing, it said, Reuters
relates. On Nov. 23, three other commercial banks agreed to provide
fundraising support to property developers, including industry
giant Vanke, in a coordinated effort to support the country's
embattled property sector.

Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.

As recently reported in the Troubled Company Reporter-Asia Pacific
in September 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Country Garden to 'BB' from 'BB+'.

The negative outlook on Country Garden reflects the risk that the
company's liquidity buffer and leverage could further deteriorate
due to weaker sales and a high amount of construction expenditure.


SEAZEN COMPANIES: S&P Lowers LT ICR to 'BB-', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings, on Nov. 22, 2022, lowered its long-term issuer
credit ratings on Seazen Group Ltd. (Seazen) and Seazen Holdings to
'BB-' from 'BB'. At the same time, S&P lowered its long-term issue
rating on Seazen Holdings' outstanding senior unsecured notes to
'B+' from 'BB-'.

The negative outlook on Seazen reflects the risk that the company's
sales and liquidity may continue to deteriorate over the next 12
months, and its leverage will continue to rise.

The liquidity buffer of Seazen and its subsidiary Seazen Holdings
Co. Ltd. has further narrowed owing to faltering sales and
depleting cash.

Relationships with creditors will be key to alleviating the
companies' refinancing risk.

S&P said, "We lowered the ratings because Seazen's liquidity buffer
has further narrowed due to faltering sales and depleting cash. The
company's sales dropped by about 47% year on year in the first 10
months of 2022 amid weak homebuyer sentiment. We expect sales to
further weaken in the rest of 2022, with full-year total contracted
sales reaching Chinese renminbi (RMB) 119 billion-RMB121 billion, a
47%-49% drop compared with 2021." Sales will likely remain weak in
2023 due to Seazen's exposure to lower-tier cities, shrinking
saleable resources, and land bank.

Meanwhile, Seazen's cash had depleted by about RMB10 billion in the
third quarter of 2022 due to debt repayment, further stressing its
liquidity buffer. S&P has revised its assessment of the company's
liquidity to less than adequate from adequate, based on these
factors.

Maintaining good relationships with creditors, and being selected
as one of the private developers under new government supportive
measures, will be key to alleviating Seazen's refinancing risk. As
of Sept. 30, 2022, bank and other nonbank financial institutions'
financing accounted for about 57% and 7%, respectively, of the
company's gross debt. Trust companies could ask Seazen to repay its
debt early in view of the prolonged weak performance in China's
property sector. Seazen will then need to manage an orderly debt
reduction using internal resources. Seazen Holdings'
interest-bearing debt likely dropped by RMB6 billion, despite the
company drawing down new working capital loans, in the third
quarter of 2022.

That said, Seazen is one of the few privately-owned developers that
will benefit from a new 16-point plan introduced by the People's
Bank of China (PBOC) and China Banking and Insurance Regulatory
Commission (CBIRC) with more support from financial institutions.
Seazen proposes to issue a RMB2 billion medium-term-note under its
RMB15 billion issuance quota, out of the newly announced RMB250
billion 'Second Arrow', which is, the second batch of
credit-guaranteed bonds. The magnitude and timeline of actual
issuances under these new supportive measures will be key to
alleviating Seazen's refinancing risk.

Seazen's portfolio of unencumbered commercial properties could
provide funding support. The company had built a good record of
drawing down working capital loans in the third quarter of 2022. It
drew down about RMB3 billion in the period.

Seazen still had over 50 Wuyue Plaza malls, with an unpledged value
of RMB40 billion-RMB50 billion, against its total debt of about RMB
84 billion as of Sept. 30, 2022. This ratio is one of the highest
among rated developers. S&P estimates these could provide at least
additional financing of RMB15 billion. The company also issued a
RMB1 billion medium-term note in September this year by pledging
its Wuyue Plaza malls.

The negative outlook on Seazen reflects the risk that the company's
liquidity buffer could narrow further. This could be due to a
worse-than-S&P-expected sales decline and cash depletion over the
next 12 months.

Seazen's leverage could also rise amid declining sales and margins.
However, S&P expects the company to have stable rental income and
access to financing support from its commercial properties to
partly mitigate the said risks and to address debt maturities in
the rest of 2022 and 2023.

The ratings and outlook on Seazen Holdings will move in tandem with
those on Seazen.

S&P could lower the rating on Seazen if:

-- The company's liquidity weakens further. This could stem from a
significant slippage in contracted sales, refinancing difficulties
in any of the funding channels, or escalation of debt repayment in
trust loans or other borrowings. Substantial cash depletion or a
sharp increase in funding costs could signal such a deterioration.

-- The company's leverage deteriorates due to a further slippage
in profit margins and revenue booking. EBITDA interest coverage
dropping below 2.0x or the debt-to-EBITDA ratio significantly
weakening from 6x in the next 12 months would indicate such a
deterioration.

-- S&P may revise the outlook to stable if Seazen's liquidity
improves to an adequate level. This could be through satisfactory
cash inflow from contracted sales and stable rental income, as well
as new financing through pledges of existing malls.

At the same time, Seazen's sales and margins are better than we
forecast, such that EBITDA interest coverage stays above 2.0x and
the debt-to-EBITDA ratio falls below 6x, while growth in rental
income is also stable.

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


SUNING.COM: Debt-Ridden Chinese E-Commerce Firm Denies Bankruptcy
-----------------------------------------------------------------
Pandaily, citing Chinese business data platform Tianyancha, reports
that Suning.com and its logistics subsidiary became involved in a
bankruptcy review case on November 21, triggering rumors about the
e-commerce platform that has been struggling with a persistent debt
crisis. This report was later officially denied by the company,
Pandaily says.

According to Pandaily, the bankruptcy applicant is Neijiang Jinhua
Logistics Co., Ltd., and the cited reason is that Suning.com and
its logistics subsidiary have been unable to pay off debts, and
they obviously lack solvency.

Pandaily relates that Suning.com said that the case is a dispute
between its logistics subsidiary and Neijiang Jinhua Logistics, and
that it does not involve Suning.com itself. As of November 22,
after Suning.com paid off the arrears, Neijiang Jinhua Logistics
Co., Ltd. applied to the court to withdraw the application.

Various rumors have swirled this year regarding Suning.com's
bankruptcy liquidation and acquisition, Pandaily notes. On July 6,
the firm issued a statement denying any bankruptcy liquidation,
claiming that the company was operating normally. On November 9, it
once again denied rumors that it was acquired by supply and
marketing cooperatives.

Despite these assurances, many merchants and suppliers have taken
to online platforms to complain that Suning.com was in arrears with
its deposits and payments for goods, according to Pandaily.

Suning.com was also thrust into the limelight 10 years ago, recalls
Pandaily. In 2012, it became locked in a price war with Gome and
JD.com. In 2015, Alibaba became its second-largest shareholder with
a strategic investment of about 28.3 billion yuan ($3.96 billion).
After that, its investment map covered real estate, logistics,
sports, e-sports and other industries. However, these intensive
investments have become a drag on the platform.

Pandaily adds that from 2018 to 2021, the asset-liability ratio of
Suning.com soared to 55.78%, 63.21%, 63.77% and 89.66%
respectively. In 2020, it had to carry out a series of measures at
the end of the year, such as transferring shares, changing the use
of fundraising to repay debts and supplement working capital, and
splitting its businesses for financing.

After Shenzhen International withdrew in July last year,
Jiangsu-based funds, Alibaba and Huatai Securities jointly invested
in Suning.com. After a series of equity changes, founder Zhang
Jindong left the board, and the successor was Huang Mingduan,
former chairman of RT-Mart, who served as chairman of Suning.com.

Like other retail enterprises, Suning.com regards the "Double 11
Shopping Festival" as an important period in the fourth quarter of
each year, Pandaily sas. Before the opening of this shopping
festival, Suning.com announced that it had reached a strategic
cooperation with Meituan, and over 600 of its stores settled in the
food delivery platform. In August this year, it also opened its
first Yijia store in Nanjing. Suning Yijia is an innovative format
focusing on home appliances, home furnishing, and other services
under Suning.com.

Suning.Com Co., Ltd., operates consumer electronic products and
appliances sales stores. The Company sells telecommunication
equipment, telecommunication components, household appliances,
digital equipment, refrigerators, washing machines, and other
products. Suning.Com also provides equipment installation and
repairing services.


YINCHUAN TONGLIAN: Fitch Lowers LongTerm IDRs to 'BB', Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has downgraded China-based Yinchuan Tonglian Capital
Investment Operation Group Co., Ltd.'s (YCTL) Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDRs) to 'BB' from
'BB+'. The Outlook is Negative. Fitch has also downgraded YCTL's
USD300 million 4.45% senior unsecured bonds due 2023 to 'BB' from
'BB+'.

KEY RATING DRIVERS

The downgrade follows Fitch's reassessment of the sponsoring
government - China's Yinchuan municipality - under the agency's
International Local and Regional Governments Rating Criteria. This
is based on its perception that the municipality has a reduced
ability to provide legitimate support to YCTL. The Negative Outlook
reflects the risk of further downward pressure on its assessment of
YCTL's government-related entities (GRE) key rating drivers
pertaining to the financial implications of a default by YCTL,
including its funding access and funding costs over the next 6-12
months.

DERIVATION SUMMARY

YCTL's total GRE score is assessed under its GRE criteria, based on
'Strong' status, ownership and control, 'Moderate' support record,
'Moderate' socio-political implications of default and 'Strong'
financial implications of default.

YCTL's ratings also take into consideration the SCP, with revenue
defensibility assessed at 'Weaker', operating risk at 'Midrange'
and financial profile at 'Weaker'. Its negative assessment of the
company's management and governance and information quality factor
into the asymmetric risk consideration, and its negative liquidity
cushion results in the two-notch lowering of the SCP.

RATING SENSITIVITIES

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

- Improvement in Fitch's perception of the Yinchuan government's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations;

- Improved capital market access may result in a revision of its
Outlook back to 'Stable';

- Substantial improvement in the SCP, although this is less
likely.

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

- Deterioration in Fitch's perception of the Yinchuan government's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations;

- Further weakening in its capital market access, leading to a
lower assessment of the financial implications of a default, may
result in a bottom-up rating approach.

ISSUER PROFILE

YCTL is mandated to carry out urban development and capital
operations in Yinchuan. Its core policy business is in
infrastructure construction, liquefied natural gas sales and public
transportation. YCTL, as a capital operator, also has property
developments, and book and commodity sales.

ESG CONSIDERATIONS

YCTL has an ESG Relevance Score of '4' for Financial Transparency
due to weakness in its disclosure process, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Yinchuan Tonglian
Capital Investment
Operation Group Co.,
Ltd.                  LT IDR    BB  Downgrade     BB+

                      LC LT IDR BB  Downgrade     BB+

   senior unsecured   LT        BB  Downgrade     BB+




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

AKR CONSTRUCTION: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AKR
Construction Limited (AKR) continue to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        48          CRISIL A4 (Issuer Not
                                     Cooperating)

   Bank Guarantee        13.13       CRISIL A4 (Issuer Not
                                     Cooperating)

   Bank Guarantee        29.12       CRISIL A4 (Issuer Not
                                     Cooperating)

   Letter of Credit       3          CRISIL A4 (Issuer Not
                                     Cooperating)

   Overdraft Facility    15          CRISIL C (Issuer Not
                                     Cooperating)

   Overdraft Facility     5          CRISIL C (Issuer Not
                                     Cooperating)

   Overdraft Facility     7.75       CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AKR 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 AKR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AKR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AKR continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Established in the early 1990s as a proprietary concern AKR
Construction and later converted into a closely held public company
in 2004, AKR undertakes civil construction works, primarily
irrigation projects in Andhra Pradesh, Telangana, Karnataka, and
Madhya Pradesh.


ALLURE TEX: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Allure Tex
Trend Private Limited (ATTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill          11.00       CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Foreign Exchange       0.25       CRISIL D (Issuer Not
   Forward                           Cooperating)

CRISIL Ratings has been consistently following up with ATTPL 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 ATTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATTPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ATTPL, incorporated in 2011 in Mumbai, is promoted by Mr. Nirmal
Desai and Mr. Anil Gupta who have been in this industry for a
decade through associate companies. The company started operations
in 2012-13 (refers to financial year, April 1 to March 31). It
manufactures fabrics and ready-made garments.


ARQUBE INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Arqube
Industries (India) Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.50        [ICRA]B+ (Stable); ISSUER NOT
   Non-Fund                        COOPERATING; Rating Continues
   Based-Others                    to remain under issuer not
                                   cooperating category

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

   Long Term          10.50        [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

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

Arqube Industries (India) Limited (AIIL) was incorporated as a
limited company to take over an existing company "M/s. Venna Impex"
in FY2006. The firm was liquidated and all the assets and
liabilities were taken over by the company. AIIL is primarily
engaged in the export (trading) of human hair, both remy (tonsured
hair) & non-remy variety (fallen hair). The entity procures fallen
human hair and tonsured hair. After processing, these are exported
to manufacturers of hair extensions, wigs, toupees, hair pieces and
hair weavings abroad. The company largely exports to china
accounting for more than 90% of the total sales in the last few
years.

ASHTANGA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashtanga
Educational Trust (AET) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.03       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan        7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan        5.22       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AET 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 AET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AET continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 2012, AET operates an Ayurveda hospital and a residential
Ayurveda college in Kottanad, Kerala. Operations are managed by Mr
Narayana Namboodiri.


BLUE DUCK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Blue Duck
Textiles Private Limited (BDTPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Term Loan              3          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BDTPL 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 BDTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BDTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BDTPL continue to be 'CRISIL D Issuer Not Cooperating'.

BDTPL was incorporated in 2013 and is owned and managed by Shantanu
Kaul and Gitanjali Kaul. The company prints fabrics and other
related cloth material. Its manufacturing facility is located in
Uttar Pradesh.


CARAVAN OIL: ICRA Withdraws B+ Rating on INR6.50cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Caravan Oil Suppliers at the request of the company and based on
the No Objection certificate (NOC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                      

Caravan Oil Suppliers (COS) was established in 1986 by Mr.
Varghese. Currently, the firm is owned and managed by Asher family
who took over the firm in 1994. The partners of the firm are
namely, Mr. Sanjay Asher, Mrs. Preeti Asher, Mrs. Nita Asher and
Mrs. Yukti Asher. The firm is engaged into the trading of
industrial consumables ranging from industrial lubricants,
industrial tapes and adhesives, safety products, metal working
fluids, carbide cutting tools and abrasives. The firm is an
authorised distributor of Shell India Marketing Private Limited
(Shell), Houghton, 3M India Limited (3M), WIDIA and Dow Corning
India Private Limited (Dow Corning).


DURLAX INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Durlax India
Private Limited (DIPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       3.3        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              9          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DIPL 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 DIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DIPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Based in Mumbai, DIPL sells solid surface sheets and adhesives
under the Luxor and Aspiron brands. The company has a manufacturing
plant in Valsad, which commenced operations in December 2017. It is
managed by the Suthar family with Mr Shravan Suthar as Chairman.


GEECO ENERCON: ICRA Assigns D Rating to INR37cr Cash Credit
-----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Geeco Enercon
Private Limited (GEPL):, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term–
   Fund based–
   Cash credit        37.00      [ICRA] D; assigned

   Long term-
   Fund based-
   Term loan           3.95      [ICRA] D; assigned

   Short term–  
   Fund-based-  
   Bill discounting    6.10      [ICRA] D; assigned

   Short term–
   Fund-based-
   Stand-by line
   of credit (SLC)     3.00      [ICRA] D; assigned

   Short term–  
   Non-fund-  
   Bank guarantee      7.00      [ICRA] D; assigned

   Short term–
   Non-fund letter
   of credit           8.00      [ICRA] D; assigned

   Short term-
   Derivatives
   forward contract    1.00      [ICRA] D; assigned

   Unallocated         0.53      [ICRA] D; assigned

Rationale

The assigned rating factors in the delays in the timely servicing
of the debt obligations by the company in the last six months. The
company's liquidity in the las six months has remained stretched
due to the increase in working capital requirements following
higher order inflows and execution even as the corresponding
sanctioned working capital limits have been inadequate. The
company's stretched liquidity position is highlighted by its
near-full utilisation of the sanctioned fund-based working capital
limits in the last 12 months. Also, there have been instances of
overutilsiation of the limits in the recent past.

The ratings, also remain constrained by the company's relatively
moderate scale of operations, which limits the benefits arising
from economies of scale. The ratings consider the intense
competition in the industry and the limited diversification in
revenue, which mainly relies on customers operating in the thermal
power generation segment. The ratings also factor in GEPL's
exposure to risks of raw material fluctuation and forex movement.

ICRA, however, notes the company's operational track record and the
extensive experience of its promoters of over four decades in the
boiler components industry and its established customer
relationships, which have enabled repeat orders. Going forward, the
company's ability to service the debt obligations in a timely
manner on a sustained basis by managing its working capital
requirement efficiently and improving the liquidity position would
be a key rating sensitivity.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters: GEPL's promoters, Mr. V.
Rajagopal and Mr. C. Gunasekaran, have extensive experience of over
four decades in the boiler components industry. The strong
experience of the promoters with a proven operational track record
has facilitated in establishing strong ties with key customers and
suppliers.

* Reputed customer profile: GEPL has a reputed customer profile in
the thermal power sector. Additionally, it caters to the export
market, which provides geographical diversification to the
company's revenues. Export sales contributed to 26% of the revenue
in FY2021 and 44% in FY2022. A reputed customer profile and
geographical diversification helps to mitigate the firm's
counterparty credit risk and the risk of slowdown in any
geography.

Credit challenges

* Delays in servicing of debt obligations:- In the last six months,
GEPL had delayed payments of the debt obligations. The company's
liquidity in the last six months has remained stretched due to
increase in working capital requirements following higher order
inflows and execution. The company's stretched liquidity position
is also highlighted by its near-full utilisation of the sanctioned
fund-based working capital limits in the last 12 months. Also,
there have been instances of overutilsiation of the limits in the
recent past.

* Moderate scale of operations and intense competition: The firm's
scale of operations has remained modest, with an operating income
of INR93 crore in FY2022, though the same is expected to improve in
FY2023, supported by its comfortable order book position. The
company had an order book position of ~Rs. 80 crore as on September
30, 2022 (0.86 times of FY2022 OI), which provides revenue
visibility in the near term. Nevertheless, GEPL's scale of
operations continues to be moderate, restricting the benefits that
could arise from economies of scale. Besides, the intense
competition in the segment is likely to restrict its pricing
flexibility.

* High sectoral concentration of revenues: GEPL's customer profile
mainly comprises thermal power producers and other large-scale
industries where boilers are used. The same results in high
sectoral concentration of revenues and exposes the company to
adverse developments in the thermal power sector.

* Exposure to fluctuation in steel prices and foreign exchange
rates: The operating cycle/inventory conversion period is around
5-6 months. A lengthy operating cycle keeps the margins vulnerable
to the fluctuations in raw material prices due to the fixedprice
contracts with customers. The margins also remain susceptible to
the fluctuations in currency markets as the firm derives a
significant proportion of its revenues from exports.

Liquidity position: Poor

GEPL's liquidity position is poor, reflected in the delays in debt
servicing in the recent past and the near full utilisation of the
working capital limits with instances of overutilisation in the
last 12 months. ICRA notes that GEPL'sfund-based working capital
limits have been enhanced, which is expected to support the
liquidity position to an extent. Going forward, the company's
ability to service the debt obligations in a timely manner on a
sustained basis by managing its working capital requirement
efficiently and improving the liquidity position would be a key
rating sensitivity.

Rating sensitivities

Positive factors – The rating may be upgraded if the liquidity
profile of the company improves, resulting in regular debt
servicing for a sustained period.

Negative factors – Not applicable

GEPL, incorporated in 1999, primarily manufactures spare parts for
air pre-heaters (APH) used in boiler systems. Besides, it provides
renovation and modernisation services for the existing APHs and
supplies complete APH systems. Its manufacturing facility is at
Pudupatty in the Thanjavur district of Tamil Nadu. Its customers
primarily include thermal power producers and other large-scale
industries, where boilers are used. Apart from the sale of its
products and service offerings in the domestic market, GEPL derives
revenues from exports, with Philippines, Malaysia and Indonesia
being its major export destinations. The company is promoted by Mr.
V. Rajagopal and Mr. C. Gunasekaran, both of whom have an extensive
experience in the boiler components industry.


HARVIN IMPEX: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Harvin Impex
Private Limited (HIPL) continue to be 'CRISIL C/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.5        CRISIL C (Issuer Not
                                     Cooperating)

   Cash Credit            3.5        CRISIL C (Issuer Not
                                     Cooperating)

   Letter of Credit       0.5        CRISIL A4 (Issuer Not
                                     Cooperating)

   Letter of Credit       3          CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Long Term     7.5        CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with HIPL 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 HIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HIPL continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Set up in 1989 by Mr Devinder Ajmani and his family members, HIPL
trades in MDF and HDF. Its office is in New Delhi.


HILLWOOD IMPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hillwood
Imports and Exports Private Limited (HIEPL) continues to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       20         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HIEPL 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 HIEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HIEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HIEPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

HFPL based in Kerala, were incorporated in 2001-02 and process
timber logs. HFPL also manufactures building materials such as
window, door, and kitchen frames. HFPL primarily deals in teakwood,
while HIEPL deals mostly in hardwood.


JAYANT PRINTERY: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long term and short-term rating for the bank
facilities of Jayant Printery Llp in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          2.20        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-         2.55        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Jayant Printery which changed to Jayant Printery LLP in April 2015
was established in 1968. It is into the business of printing since
the last 46 years. It is managed by the promoters, Mr. Chhotubhai
Shah and Mr Shashank Shah, and is involved in commercial printing
of books, annual reports, calenders, posters, leaflets etc. The
company has a manufacturing facility situated in Palghar which is
equipped with the latest printing machinery. It also provides
preprinting and post-printing services and thus is a complete
printing solution provider.


LANCO INFRATECH: SC Dismisses GUVNL Appeal for Termination of PPA
-----------------------------------------------------------------
Business Standard reports that the Supreme Court has dismissed an
appeal by Gujarat Urja Vikas Nigam Ltd (GUVNL) against the order of
tribunals to not terminate the power purchase agreement (PPA)
between the Nigam and LANCO Infratech Ltd after latter's assets
were taken over by lender YES Bank for Bhadrada Solar Power Project
in Gujarat.

GUVNL had terminated the agreement for the solar power plant over
the commencement of liquidation proceedings against LANCO Infratech
Ltd. (owner of the power plant), the report says.

YES Bank was the financier for the project and had taken over the
project consequent to liquidation proceedings.

According to the report, the agreement was terminated by GUVNL
despite the fact that YES Bank Limited was successfully operating
the plant and generating electricity, the Supreme Court was told.

Earlier, both National Company Law Tribunal (NCLT) and its
appellate body NCLAT had allowed the PPA to operate.

Business Standard relates that NCLAT had observed that the process
of liquidation is going on and therefore, the liquidator should
have full access to all assets of the corporate debtor to take
meaningful steps for revival of the corporate debtor as a going
concern.

GUVNL had challenged the orders in the Supreme Court.

The court observed that there is no cavil to the issue that the
appellant seeks to wriggle out of the PPA albeit on the ground that
they are entitled to do so in terms of the agreement.

Charanya Lakshmikumaran, partner at Lakshmikumaran & Sridharan
Attorneys, represented YES Bank in the case. She said the judgement
is in line with the most crucial objectives of the Insolvency and
Bankruptcy Code (IBC) -- maximisation of value of assets.

                        About Lanco Infratech

Lanco Infratech Ltd was originally incorporated in 1993 as Lanco
Constructions Ltd in Secunderabad, Telengana; its name was changed
in 2000. The company provides Engineering, Procurement and
Construction (EPC) services, largely to its own subsidiaries and
affiliate entities. The Lanco group includes subsidiaries and
affiliates operating across the infrastructure sector, including
construction, power, EPC, infrastructure, and property development.
LITL is the Lanco group's flagship company.

NCLT had initiated insolvency resolution for Lanco on Aug. 7, 2017,
based on a petition filed by the company's lead lender IDBI Bank,
Business Standard disclosed. Lanco has a debt of over INR10,000
crore at the holding company level while the consolidated debt was
more than INR40,000 crore, according to Business Standard.

In August 2018, the Hyderabad bench of the National Company Law
Tribunal had ordered liquidation of Lanco Infratech after a
suitable buyer could not be found under the fixed timeline,
BloombergQuint disclosed.


MALIK MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Malik
Motors Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         13.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

MMPL was incorporated as a private limited company in 2010 and
began operations in 2012. It is an authorized dealer of light
commercial vehicles (LCV's) of Ashok Leyland Limited (ALL). The
company is the sole authorized dealer for Medak, Nalgonda, Siddipet
and Sangareddy districts of Telangana and authorized dealer for
Hyderabad and Secunderabad regions in Telangana. MMPL operates
twelve 3S (Sales, Spares and Service) facilities in these
districts. The company is managed by Mr. Rajesh Malik and Mr.
Neeraj Malik and is part of Malik group which is also into other
dealership businesses.


MES INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MES
International School - Pattambi (MES) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.4         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       10           CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MES 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 MES, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MES continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 1978, MES International School- Pattambi (MES) runs
a CBSE affiliated school from Jr. Montessori to 12th standard in
Pattambi, Kerala. It is run under Muslim Education Society Calicut
and Dr. Abboobacker is the chairman of the school.


MIJAN IMEX: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mijan Imex
International Private Limited (MIIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Term Loan               4.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MIIPL 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 MIIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIIPL continue to be 'CRISIL D Issuer Not Cooperating'.

MIIPL, incorporated in 2006 as a proprietorship concern by Mr
Masiar Atiar Rahaman, was reconstituted as a private-limited
company in 2011. The company trades in agro commodities, both in
the domestic and export markets.


MODEST INFRASTRUCTURE: ICRA Withdraws B Rating on INR50cr LT Loan
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Modest Infrastructure Private Limited at the request of the company
and based on the no-due certificate received from the banker, and
in accordance with ICRA's policy on withdrawal and suspension.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
key rating drivers, liquidity position, rating sensitivities and
key financial indicator have not been captured as the rated
instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         50.00        [ICRA]B (Stable) withdrawn
   Fund Based-                     
   Cash Credit                     
                                   
   Long Term/         18.00        [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                     withdrawn
   Non-Fund Based                      

   Long Term/        182.00        [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                     withdrawn
   Unallocated                      

Modest Infrastructure Private Limited is a shipbuilding and
repairing company, which undertakes projects to build small- to
medium-sized product tankers, bulk carriers and offshore survey
vessels, in addition to ship repairing activities. The company was
started as a shipping agency, Modest Offshore Services Private
Limited, by Mr. Kishore Gambani. It was involved in managing
vessels, repairing, dry docking of ships and other ship-related
services. In 2006, the company ventured into shipbuilding, and
currently has a shipyard facility at Ramsar in Bhavnagar, Gujarat.
In 2012, Dempo Shipbuilding & Engineering Private Limited, the
shipbuilding company of the Goa-based Dempo Group, acquired a 74%
(now 92%) stake in MIPL through a share purchase/share subscription
agreement.

In FY2021, the company reported a net loss of INR5.3 crore on an
operating income of INR25.1 crore compared with a net loss of
INR14.1 crore on an operating income of INR17.5 crore in FY2020.

MV & VAJRA: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the rating for the bank facilities of Mv & Vajra
Developers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         12.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

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

MV Vajra is a partnership firm, promoted by business families
comprising Vajra Constructions Group, led by Mr. G. Raj Kumar &
Associates and the MV Infra Group, led by Mr. K. Kiran Kumar and
family. It has been established to develop real estate activities
involving construction of residential apartments in Bangalore. Both
the Vajra Group and MV Group have extensive experience and exposure
in civil engineering, construction, real estate development,
telecommunication network infrastructure services and
manufacturing. The firm is developing its first project, Value
Plus, which was 3 launched in February 2017 at Doddakallsandra, off
Kanakapura Main Road, South Bangalore. The project comes under the
affordable segment with G+4 floors structure. The project's
saleable area is 189,905 sq. ft. comprising 149 flats of 2, 2.5 and
3-BHK apartments.


OSHIYA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Oshiya
Industries Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term        22.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in June, 2007, OIPL is primarily involved in the
trading of various iron and steel products such as hot rolled (HR)
coils, mild steel (MS) sheets, steel plates/rods, cold rolled (CR)
coils, sheets, bars, galvanised pipes, beams and ferrous metal
scrap. The name of the company was changed to Oshiya Industries
Private Limited in March, 2012, from Kuber Steel Traders Private
Limited. It is a part of the Shree Oshiya Group of industries which
refers to a consortium of companies promoted and managed by the
Ranka family.

P G MERCANTILE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P G
Mercantile Private Limited (PGMPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Foreign Exchange        3         CRISIL D (Issuer Not
   Forward                           Cooperating)

   Letter of Credit       60         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     79.89      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               4.63      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               5.57      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              13.41      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PGMPL 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 PGMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PGMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PGMPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2003 and promoted by Mr. Prateek Gupta, PGMPL
primarily trades in ferrous and non-ferrous metals. The company
also has two windmills (one each in Maharashtra and Tamil Nadu)
with total capacity of 3.7 megawatt. Mr. Gupta is also the
vice-chairman of Ushdev International Ltd, which is in the same
business.


PIYUSH INFRATECH: ICRA Cuts Rating on INR20.0cr LT/ST Loan to D
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Piyush
Infratech Private Limited (PIPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–         16.50        [ICRA]D; downgraded from
   Fund-based–                     [ICRA]BB (Stable); removed
   Cash credit                     from the 'Issuer Not
                                   Cooperating' category

   Long-term/         20.00        [ICRA]D; downgraded from
   Short-term–                     [ICRA]BB (Stable); removed   
   Non fund based                  from the 'Issuer Not
                                   Cooperating' category

Rationale

The rating action follows the delays in debt servicing by PIPL
during the current fiscal (interest servicing delays of 15-20 days
continued even in October and November), which came to ICRA's
notice during the recent banker feedback. No such irregularities
were highlighted in the monthly non-default statement submitted by
the company.

These delays are attributable to the elongated receivable cycle and
substantial delay in release of retention money (which was expected
in July 2021) and consequent impact on its cash flows. Moreover,
support to financially stressed group entities also affected PIPL's
overall liquidity position. Additionally, collection remains
sporadic resulting in cash flow mismatch and high utilisation of
working capital limits (average utilisation ~94% for six months
ending in October 2022). The rating is constrained by its
concentrated work order book (outstanding work order of INR103.5
crore as of October 2022 (~1.0 times of FY2022 provisional revenue)
providing weak revenue visibility. The order book is geographically
concentrated with most of the projects from the irrigation segment
and emanating from Maharashtra (88% of the outstanding order book
as of October 2022). ICRA has also considered the longstanding
experience of the promoters in the construction business.

Key rating drivers and their description

Credit challenges

* Weak financial risk profile; elongated receivables and
slow-moving orders resulting in delay in debt servicing: PIPL's
scale of operations remains moderate, with an operating income (OI)
of INR89.5 crore in FY2022 (provisional) and INR40.3 crore in 7M
FY2023 (provisional). The elongated receivable cycle and
substantial delays in work order execution (especially in YTD
FY2023) led to a stretch in the company's operating cash flows
culminating in delays in debt servicing obligations.

* Concentrated orderbook providing weak revenue visibility: The
company's order book is concentrated with majority of the projects
are from the irrigation segment. The order book is geographically
concentrated with 88% of the projects are from Maharashtra, while
the remaining one is from Andhra Pradesh. PIPL has a total
outstanding work order of INR103.5 crore as of October 2022 (~1.0
times of FY2022 (provisional) revenue), providing weak revenue
visibility. Its ability to grow the order book and sustain revenues
amid the stiff competition will remain crucial.

Liquidity position: Poor

PIPL's liquidity is poor with limited buffer in working capital
limits (utilisation at ~94% for the six-month period ending in
October 2022), given the elongated receivable cycle and sizeable
cash lock up in business in the form of retention money and
security deposits. It has debt repayment obligation of INR0.48
crore in FY2023. However, the company's liquidity position can
improve with timely recovery of receivables and release of
retention money.

Rating sensitivities

Positive factors – ICRA would upgrade the ratings in case timely
realisation of stuck receivables/retention money result in
improvement in the company's liquidity position, along with an
adequate track record of timely debt servicing.

Negative factors – Not Applicable.

Incorporated in June 2013, Piyush Infratech Private Limited is a
construction company based out of Aurangabad, in Maharashtra. It
was earlier a partnership firm named Piyush Enterprises, which was
started by the Managing Director, Mr. Pralhad Panhale and was
subsequently converted into a private company in 2013. PIPL is a
part of the Piyush Group and had initially started with small-sized
projects related with infrastructure like earthen dams, Kolhapuri
Type Weirs (K T weirs), etc. It has subsequently undertaken larger
projects including barrages, bridges, railway overbridges, lift
irrigation schemes, etc.


RADIANT SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term rating of Radiant
Solar Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D/ [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         3.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         1.40       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

   Long-term/         2.35       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

   Short-term         2.25       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'

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

Incorporated in 2007, Radiant Solar Private Limited (RSPL) is a
system integrator and also a manufacturer of photovoltaic multi
crystalline silicon modules (panels) for residential, commercial
and utility scale power generation. The company was originally
founded in 2007 in United States of America as a system integrator
and subsequently shifted its operation to India in 2009. In FY2014,
RSPL has completed the construction of manufacturing facility for
SPV modules production unit at Fab city, Hyderabad with an
installed annual capacity of 20 MW per annum.


RAJ AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the long-term rating of Raj Agro in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.11        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not

   Long Term-          3.75        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Raj Agro (RA) is engaged in the business of milling and sorting of
Non-Basmati Rice. The company started established in th year 2009.
The installed capacity of the unit is 8 tons/hour which is located
at Sarriya District Gorakhpur (U.P.). The Company mainly exports to
Nepal. The day-to-day operations of the firm is managed by Mr.
Ranjan Gupta.


RATHI FEEDS: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rathi Feeds
India Private Limited (RFPL; part of the Rathi group) continue to
be 'CRISIL C Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.45       CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.75       CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              2.80       CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RFPL 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 RFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RFPL continues to be 'CRISIL C Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of RFPL, RHPL, and Gourav
Poultries India Pvt Ltd (GPPL). This is because the companies,
collectively referred to as the Rathi group are in the same line of
business, extend financial support to each other, and have a common
management.

RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.

RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and
his family members as a hatchery-cum-broiler unit. It has day-old
chick breeder farms with capacity of 220,000 parent birds in Jind
Haryana).

GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 150,000 parent birds
in Jind.

RFPL was set up in 2008 and is a feed processing unit and meets the
group's feed requirements. The group internally consumes around 60
per cent of feed processed by RFPL and sells the balance in the
open market. Its feed processing capacity is 200 tonne per day.


RICHLOOK CREATIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Richlook
Creations Private Limited (RCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Proposed Long Term      6.37      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               4.13      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RCPL 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 RCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2007, RCPL undertakes embroidery of saris and
knitting of grey manufacture of saris and dress materials. The
company, based in Surat, Gujarat, is promoted by Mr. Rajratan N
Goyal and his family members. It has a capacity of embroidery to
the extent of 150.5 million metres of saris per annum and knitting
to the extent of 20 million meters per annum.


S HOMES: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S Homes (S
Homes) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term    0.2         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             9.8         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with S Homes 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 S Homes, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on S
Homes is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of S Homes continues to be 'CRISIL D Issuer Not
Cooperating'.

S Homes is into residential real estate development in and around
Nellore, Andhra Pradesh. The partners of the firm are Mr. S V
Ramanaiah and family, Mr. Srinivasulu.


SAI ENGINEERING: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Sai Engineering
Foundation in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         35.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Sai Engineering Foundation (SEF) is a voluntary organisation
registered in accordance with the Societies Registration Act XXI of
1860. It is engaged in providing technical consultancy, planning,
detailed engineering and implementation of infrastructure projects
like buildings, complexes, roads, hydro-electric and solar power
projects, with a special focus on hydro power projects. It has
executed a number of power projects in Himachal Pradesh for
government entities as well as private developers. The entity has
also been allotted six hydro projects for which it looks after the
operations and maintenance as well.


SHAKTI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shakti
Basmati Rice Private Limited (SBRPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            67         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Exchange        0.52      CRISIL D (Issuer Not
   Forward                           Cooperating)

   Term Loan               0.48      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SBRPL 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 SBRPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBRPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2011, SBRPL is promoted by Mr. Shyam Lal Gupta and
family. It mills, processes, and sells basmati rice in the domestic
and export markets.



SNEHAL ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Snehal
Enterprises (SE) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             34        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SE 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 SE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SE
continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2007, SE is a Hindu Undivided Family business owned and
managed by Mr Nitin Jain and his family members. The firm trades in
various agricultural commodities including rice, paddy, and bardana
in the local markets of Punjab and Delhi. It is based in Amritsar,
Punjab.


TAJ AGRO INDUSTRIES: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term rating of Taj Agro Industries Llp
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Established in May 2014 and promoted by Mr. Himmatlal Chandra and
Mr. Jayesh Ganatra, Taj Agro Industries LLP, (Taj LLP) is engaged
in processing of pulses namely; red lentils, yellow lentils, pigeon
peas, crimson/red lentils. Based out of Navi Mumbai, Taj LLP has a
processing facility located in Asangaon, Thane with an installed
capacity to process 24,000 MTPA of food grain, pulses and lentils
(dal). The firm sells processed pulses to distributors, processors,
exporters across India.


TAJ AGRO: ICRA Keeps B+/A4 Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Taj Agro
Commodities Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/         50.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Fund Based/                     Rating Continues to remain
   Non-Fund Based                  under issuer not cooperating
                                   category

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

Incorporated in 2004, Taj Agro Commodities Pvt. Ltd. (TAC or the
company) is engaged in the import and trading of pulses in the
domestic market as well as exports of chick peas (which are
exempted from the exports ban). The product profile of the company
includes red and green lentils, green peas, black mapte, moong
beans, pigeon peas, chick peas, yellow peas, brown and black eye
beans. The product mix is largely dependent on the demand–supply
scenario. Crimson/red lentils (masoor dal) are a core sales
component currently. TAC is a part of the Trimurti Group, which
owns a building of ~4,000 square feet in proximity to the
Agriculture Produce Market Committee (APMC), Vashi, which is also
its registered and administrative office. It also has two godowns
in the APMC market.


TARAPUR TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tarapur
Transformers Limited (Tarapur) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        13          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           12          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       5          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    14.25       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan        5          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Tarapur for
obtaining information through letters and emails dated July 30,
2022 and September 30, 2022, apart from telephone calls. However,
the issuer has remained non-cooperative.

'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 has been
arrived at without any interaction with the management and is based
on best available, limited or dated information regarding the
company. Such non-cooperation by a rated entity may be a result of
weakening of the 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 Tarapur, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Tarapur is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Tarapur continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

Tarapur, incorporated in 1988, repairs and manufactures power and
distribution transformers. The company was a loss-making entity
when Bilpower Ltd (rated 'CRISIL D/CRISIL D Issuer Not
Cooperating') acquired 70 per cent of its equity shares in 2006,
after which it started making profits. Tarapur made its initial
public offering in April 2010, following which, Bilpower Ltd's
equity stake in it reduced to 41.46 per cent. Bilpower Ltd
continues to have a controlling stake in Tarapur. Tarapur's unit in
Boisar (Maharashtra) undertakes repairs, while its second unit in
Wada (Maharashtra), which commenced operations in 2008-09,
manufactures transformers. The company has developed facilities (at
an outlay of Rs.430 million) to manufacture transformers ranging
from 1 kilovolt ampere (kVA) to 5000 kVA.




=================
I N D O N E S I A
=================

BUMI RESOURCES: Moody's Hikes CFR to B3 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Bumi Resources Tbk (P.T.) (Bumi) to B3 from Caa3.

Moody's has also changed the outlook to stable from ratings under
review.

The rating action concludes the review for upgrade, which was
initiated on October 13, 2022.

"The upgrade reflects the substantial improvement in Bumi's capital
structure following the repayment of around $1.6 billion of debt
with new share issuance proceeds," says Maisam Hasnain, a Moody's
Vice President and Senior Analyst.

"Subsequently, Bumi's credit quality will continue to benefit from
its position as Indonesia's largest coal producer, through its
majority stakes in P.T. Kaltim Prima Coal (KPC) and PT Arutmin
Indonesia, while operating with little or no debt at the holding
company (HoldCo) level," adds Hasnain, who is also Moody's Lead
Analyst for Bumi.

RATINGS RATIONALE

In recent weeks, Bumi has repaid its Tranche B facilities, Series B
notes, Series C facilities, contingent value rights and residual
principal under its mandatory convertible bonds (MCBs), aggregating
around $1.6 billion. The company also intends to use its internal
cash to clear all outstanding accrued interest under its MCBs due
December 2024, of around $150 million within the next few months.
Subsequently, Bumi will have no HoldCo debt.

In terms of Bumi's financial policies and growth plans, Moody's
expects Bumi to use internal cash over the next 1-2 years to fund
its business diversification initiatives, which potentially include
investments into the coal downstream segment or into non-coal
minerals. Bumi is also unable to pay dividends until it can clear
its large $2.5 billion negative retained earnings as of September
2022.

Following the repayment of all its debt, Bumi will no longer retain
the services of an independent monitoring accountant. Under the
terms of its 2017 restructuring, Bumi's lenders had appointed KPMG
Services Pte. Ltd. to oversee Bumi's adherence to the terms under
its cash account management agreement (CAMA) with lenders.

However, despite the recent change in shareholding composition
following its new share issuance and the subsequent repayment of
its restructured debt, Bumi intends to maintain the presence of
independent members on its board of commissioners to provide
oversight to mitigate governance risks.

Bumi's B3 CFR also incorporates its heavy reliance on dividends
from its 51%-owned coal mining company KPC to service its HoldCo
cash needs. Such a situation also exposes Bumi to very high credit
exposure to environmental risk, and high credit exposure to social
risk associated with thermal coal mining operations. Bumi's
diversification initiatives could reduce its exposure to these
risks over time, but will entail execution risk.

Moody's expects Bumi to maintain very good liquidity at the holding
company level over the next 18 months given no committed capital
spending or shareholder returns during this period. In the absence
of any large investments, Bumi's cash balance will continue to
increase during this period as the company accumulates dividends
from its coal mining companies.

The rating outlook is stable, reflecting Moody's expectation that
Bumi will maintain very good liquidity and a sustainable capital
structure as it executes its growth and diversification strategy
over the next 12-18 months.

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

An upgrade over the next 12 months is unlikely following the recent
upgrade. However, Moody's could upgrade the rating if Bumi
demonstrates a track record of solid corporate governance with
conservative financial policies around its investments and
shareholder distributions.

Moody's could downgrade the rating if Bumi's (1) liquidity weakens
such that dividends received from subsidiaries are insufficient to
cover HoldCo cash needs over the next 12-18 months, or (2)
financial policies or growth plans result in an unsustainable
capital structure.

The principal methodology used in this rating was Mining published
in October 2021.

Bumi Resources Tbk (P.T.) (Bumi) is Indonesia's largest thermal
coal producer with around 74 million tons of coal for the 12 months
ended September 2022. Its principal assets include a 51% stake in
Kaltim Prima Coal (P.T.) (KPC) and a 90% stake in Arutmin Indonesia
(P.T.).



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

EXCLUSIVE MARINE: Court to Hear Wind-Up Petition on Nov. 28
-----------------------------------------------------------
A petition to wind up the operations of Exclusive Marine Coatings
Limited will be heard before the High Court at Whangārei on Nov.
28, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 8, 2022.

The Petitioner's solicitor is:

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


GO TO COLLECTION: Placed Into Voluntary Administration
------------------------------------------------------
Tina Morrison at Stuff.co.nz reports that the Madam Woo restaurant
chain, founded by celebrity chef Josh Emett and restaurateur Fleur
Caulton, has been put into voluntary administration as part of
hospitality group Go To Collection.

Malcolm Hollis and John Fisk of PwC were appointed administrators
by the company's directors on Nov. 24, PwC said in a statement.

The hospitality group operates the Rata, Madam Woo and Hawker &
Roll restaurants in Queenstown, Auckland, Hamilton and Tauranga and
employs more than 100 staff.

According to Stuff, Mr. Hollis said the administrators were working
closely with the company's directors, shareholders and management
to see if the business could be restructured and saved.

"The company has experienced a difficult period due to the impact
of Covid-19, especially the extreme shortage of staff," the report
quotes Mr. Hollis as saying.  "We will work with the team to devise
and implement a restructuring plan to ensure the components of the
business that are operating well can have a successful future."

The best performing restaurants would continue to provide high
quality services while the less popular sites would be closed, Mr.
Hollis said.

Nearly all the existing staff would be retained, he said.

According to Stuff, the group closed its Christchurch Madam Woo
restaurant in May 2020, with the loss of eight jobs. At the time,
Ms. Caulton said the restaurant's existing challenges had been made
worse by Covid-19.

Companies Office records show Go To Collection is 66.67% owned by
Emett and Caulton's company Mayfare. Other shareholders include the
Edgar family company SIL Long Term Holdings, and Sir Stephen
Tindall's K One W One, each with 8.33%.

The company's directors are Ms. Caulton, Andrew Glenn, and Emma
Hill. Emett stood down as a director in June 2020.

Stuff says PwC intents to put a proposal to creditors at a meeting
before Christmas.

Creditors would be contacted in due course, Mr. Hollis said.


GRAPHIC DESIGN: Creditors' Proofs of Debt Due on Jan. 10
--------------------------------------------------------
Creditors of Graphic Design Council Limited, Seasons Art Class NZ
Limited and Seasons Art Franchise NZ Limited are required to file
their proofs of debt by Jan. 10, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 8, 2022.

The company's liquidators are:

         Adam Botterill
         Damien Grant
         Waterstone Insolvency
         PO Box 352
         Auckland 1140


HEREFORD MEWS: Creditors' Proofs of Debt Due on Dec. 20
-------------------------------------------------------
Creditors of Hereford Mews Limited are required to file their
proofs of debt by Dec. 20, 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:

         Simon Dalton
         Benjamin Francis
         Gerry Rea Partners
         PO Box 3015
         Auckland


PERFECTION IS: Creditors' Proofs of Debt Due on Dec. 21
-------------------------------------------------------
Creditors of Perfection Is Possible Limited, B&W NZ Limited and
Drive Right Cars Limited are required to file their proofs of debt
by Dec. 21, 2022, to be included in the company's dividend
distribution.

Perfection Is Possible Limited commenced wind-up proceedings on
Nov. 14, 2022.

B&W NZ LIMITED and Drive Right Cars Limited commenced wind-up
proceedings on Nov. 15, 2022.

The company's liquidators are:

         Peri Finnigan
         Boris van Delden
         Keaton Pronk
         Iain Mclennan
         McDonald Vague Limited
         PO Box 6092
         Victoria Street West
         Auckland 1142


WEST COAST CONTRACTING: Court to Hear Wind-Up Petition on Nov. 28
-----------------------------------------------------------------
A petition to wind up the operations of West Coast Contracting (Far
North) Limited will be heard before the High Court at Whangārei on
Nov. 28, 2022, at 10:45 a.m.

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

The Petitioner's solicitor is:

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




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

ASIA ORCHIDS: Commences Wind-Up Proceedings
-------------------------------------------
Members of Asia Orchids Private Limited, on Nov. 15, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Ms. Lim Bee Lian Eliza.


CHONG SING: Members' Final Meeting Set for Dec. 21
--------------------------------------------------
Members and creditors of Chong Sing Fintech (Singapore) Pte. Ltd.
will hold their final general meeting on Dec. 21, 2022, at 4:00
p.m., via audio visual communication.

At the meeting, Abuthahir Abdul Gafoor and Yessica Budiman, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


M & E GROUP: Creditors' Meetings Set for Dec. 2
-----------------------------------------------
M & E Group Pte Ltd, which is in compulsory liquidation, will hold
a meeting for its creditors on Dec. 2, 2022, at 10:30 a.m., via
electronic means.

Agenda of the meeting includes:

   a. to receive an update on the status of the Company's
      liquidation;

   b. to deliberate the Company's next course of action to be
      taken;

   c. to approve the Liquidator's final billing and disbursements;

      and

   d. to consider any other matters which may properly be brought
      before the meeting.

The company's liquidators are:

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


TRIYARDS IP: Members' Final Meeting Set for Dec. 21
---------------------------------------------------
Members and creditors of Triyards IP Pte. Ltd., Triyards Strategic
Investments Pte. Ltd., Triyards Strategic Vietnam Pte. Ltd.,
Graffeo Coffee Roasting Company Asia-Pacific Pte. Ltd., Acmes-Kings
Corporation Pte. Ltd., and Graffeo Holdings Company Pte Ltd will
hold their final meeting on Dec. 21, 2022, at 9:00 a.m., 10:00
a.m., 11:00 a.m., 1:00 p.m., 3:00 p.m., and 2:00 p.m.,
respectively, at via audio visual communication.

At the meeting, Abuthahir Abdul Gafoor and Yessica Budiman, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


YONGNAM HOLDINGS: In Talks to Secure Refinancing or Investment
--------------------------------------------------------------
The Business Times reports that with SGD90.7 million in borrowings
due within the next year, Yongnam Holdings has commenced
negotiations with a potential financier and a potential investor to
keep the company afloat, said its chief executive Seow Soon Yong.

On Nov. 23, Seow said Yongnam has been exploring these options to
"ensure that the company (has) sufficient funds to service its
borrowings and is able to continue as a going concern," BT relays.
He added that the talks and their underlying transactions are
mutually exclusive, and Yongnam intends to only secure either
refinancing for its borrowings or an investor.

The mainboard-listed steel fabricator on Nov. 11 reported a net
loss of SGD18.2 million for its third quarter ended Sept. 30, up 73
per cent year on year, BT discloses. It also reported that its
current borrowings had more than doubled to SGD90.7 million from
SGD37.2 million previously.

Current borrowings refer to debts due within the next 12 months.

Responding to queries from the Singapore Exchange, Seow attributed
the increase to term loans of SGD61.2 million due within the coming
year, according to BT. He said refinancing would help Yongnam
service these borrowings and keep it viable. On the other hand,
securing an investor could involve negotiations with lenders and
creditors on loan and debt terms, to ensure the company can meet
its payment obligations.

According to BT, Yongnam earlier said in its financial statement
for the period ended Sept. 30 that it would consider monetising its
steel beams and columns if faced with short-term cash flow gaps.
The company noted that doing so could affect its business if it is
awarded any new projects involving these assets.

Based in Singapore, Yongnam Holdings Limited, an investment holding
company, provides engineering and construction services in
Singapore and rest of Asia Pacific. Its Structural Steelworks
division engages in engineering coordination, detailing, and
fabrication and erection of structural steel. This division is also
involved in the design, fabrication, supply, and erection of steel
structural frames for long span aircraft hangars, high rise
buildings, and commercial and industrial buildings, as well as for
infrastructure related developments. The company's Specialist Civil
Engineering division offers modular strutting systems, including
laced universal beams of various cross-sections in modular lengths;
single and double waler beams in various lengths, intermediate
supporting beams, king posts, and bracing and waler support
brackets; and a range of strut to waler joints to cover the used
angles. Its Mechanical Engineering division engages in the
installation of mechanical equipment and plants; and supply,
fabrication, and installation of mechanical components, as well as
in the plant maintenance activities.




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

THAI AIRWAYS: To Borrow Less Amid Recovery
------------------------------------------
Bangkok Post reports that Thai Airways International (THAI)
requires only half the money which it initially estimated would be
needed for recapitalisation, given its consistently positive
performance, a high-level meeting was told.  

According to Bangkok Post, the meeting on Nov. 23 was attended by
airline executives, those in charge of the carrier's rehabilitation
plan, senior officials at the Finance Ministry, Fiscal Policy
Office director-general Pornchai Thiraveja and State Enterprise
Policy Office (Sepo) director-general Pantip Sripimol.

The meeting -- held to follow up on THAI's financial rehabilitation
-- was chaired by Deputy Prime Minister Wissanu Krea-ngam, Bangkok
Post says.

Emerging from the meeting, Ms. Pantip said those who participated
were updated on the progress of the airline's rehabilitation after
the Central Bankruptcy Court in October approved THAI's revised
business reorganisation plan, Bangkok Post relates.

It was presented following a better-than-expected recovery from the
most financially trying period in the national carrier's history.

Despite improvements in the airline's operational performance and
balance sheet, helped by a solid recovery in tourism, THAI will
still need to comply strictly with the rehab plan with the
government's oversight, Ms. Pantip, as cited by Bangkok Post,
added.

THAI recently released the performance results of the company and
its subsidiaries in the third quarter. Its operating profit,
excluding one-time transactions, amounted to THB3.9 billion,
compared to the 5.3-billion-baht loss in the same period last year.
Total revenue was THB32.86 billion, higher than the same period
last year by 582%, Bangkok Post discloses.

Bangkok Post relates that Ms. Pantip said the meeting was also told
that THAI was on track to emerge from rehab by 2025.

THAI's liquidity has returned after the reopening of borders
prompted by the easing of the Covid-19 pandemic, which has
increased air travel demand. For this reason, the airline will need
to borrow less than originally planned to finance its operations
and recapitalise. The airline has cut its borrowing target of THB50
billion by half.

Ms. Pantip said despite the improvements, the airline still needs
loans to maintain its liquidity and drive business growth, Bangkok
Post adds.
  
                         About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific in May 2020,
Thailand's cabinet approved a plan to restructure troubled Thai
Airways International Pcl's finances through a bankruptcy court,
the Southeast Asian country's prime minister said on May 19, 2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.



                           *********


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
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