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

                     A S I A   P A C I F I C

          Monday, November 28, 2022, Vol. 25, No. 231

                           Headlines



A U S T R A L I A

AMAL TRUSTEES 2022-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
BLUESTONE CBA 2015: Fitch Affirms 'Bsf' Rating on Class F Notes
CANDY CLUB: Second Creditors' Meeting Set for Nov. 29
FIRM CONSTRUCTION: Goes Into Administration
LIQUORICE BRAND: Second Creditors' Meeting Set for Nov. 30

METRO FINANCE 2022-2: Moody's Gives B1 Rating to AUD2.75MM F Notes
MILKO GROCERY: First Creditors' Meeting Set for Dec. 1
NATURAL OILS: Second Creditors' Meeting Set for Nov. 30
PEPPER RESIDENTIAL 28: S&P Raises Cl. F Notes Rating to BB-(sf)
PROSPAROUS TRUST 2022-1: Moody's Gives (P)B2 Rating to Cl. D Notes

TRIPLE MMM: First Creditors' Meeting Set for Dec. 1
TRITON BOND 2022-4: S&P Assigns B(sf) Rating on Class F Notes


C H I N A

CHINA EVERGRANDE: To Appeal After Wuhan Government Takes Back Land
SHANGRAO CITY CONSTRUCTION: Fitch Affirms LongTerm IDRs at 'BB+'
XINHU ZHONGBAO: S&P Affirms 'B' ICR & Alters Outlook to Negative
[*] CHINA: Banks Pledge US$162 Billion in Credit to Developers


H O N G   K O N G

TRINITY GROUP: Frasers Group Buys Gieves and Hawkes


I N D I A

AIREN METALS: CARE Keeps D Debt Ratings in Not Cooperating
ANAND GLASS: CARE Keeps C Debt Rating in Not Cooperating Category
ANSAL PROPERTIES: Insolvency Resolution Process Case Summary
BHUMIKA EGG: CARE Keeps B- Debt Rating in Not Cooperating Category
BRIGHT SHAFT: CARE Keeps C Debt Rating in Not Cooperating Category

CHANDER BHAN: CARE Keeps C Debt Rating in Not Cooperating
CLINTEC INDIA: Voluntary Liquidation Process Case Summary
EFFIMAX ENGINEERS: Liquidation Process Case Summary
EMCO GLOBAL: Voluntary Liquidation Process Case Summary
EMPERIA REALTY: CARE Keeps D Debt Rating in Not Cooperating

FIRST RELIABLE: CARE Lowers Rating on INR13.17cr LT Loan to B-
GATI INFRASTRUCTURE PVT: CARE Keeps D Rating in Not Cooperating
GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
GAYATRI PROJECTS: Insolvency Resolution Process Case Summary
GTL INFRASTRUCTURE: Insolvency Pleas Against Company Dismissed

HIM ALLOYS: Insolvency Resolution Process Case Summary
HIM CYLINDERS: Insolvency Resolution Process Case Summary
INDO FABRICS: CARE Lowers Rating on INR13.84cr LT Loan to D
INNOVARI TECHNOLOGIES: Liquidation Process Case Summary
J.D. TALC: CARE Keeps B- Debt Rating in Not Cooperating Category

JAI ANNANYA: Insolvency Resolution Process Case Summary
KARPAGAM MILLS: CARE Moves D Debt Ratings to Not Cooperating
KRIPA TELECOM: CARE Keeps C Debt Rating in Not Cooperating
KUBER CONCAST: CARE Lowers Rating on INR6.29cr LT Loan to B-
MAHA ASSOCIATED: CARE Keeps D Debt Ratings in Not Cooperating

MANTOVANI DI DHARTI: Insolvency Resolution Process Case Summary
MUDHAI DAIRY: Insolvency Resolution Process Case Summary
N & N CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
OMID ENGINEERING: Insolvency Resolution Process Case Summary
PARADISE CONSUMER: CARE Keeps D Debt Ratings in Not Cooperating

PERPETUAL CAPITAL: Insolvency Resolution Process Case Summary
PROGRESSIVE METERS: Insolvency Resolution Process Case Summary
PROPLARITY INFRASTRUCTURE: Insolvency Resolution Case Summary
RAJA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
RAPID BUILDWELL: Insolvency Resolution Process Case Summary

REFORM FERRO: Insolvency Resolution Process Case Summary
RN RICE: CARE Keeps B- Debt Ratings in Not Cooperating Category
S K PETRO: CARE Lowers Rating on INR27.75cr LT Loan to D
S KUMARS LIMITED: Insolvency Resolution Process Case Summary
SAI INTERNATIONAL: CARE Keeps C Debt Ratings in Not Cooperating

SALIGRAM TIMBERS: CARE Keeps B- Debt Rating in Not Cooperating
SANT BABA: CARE Keeps B- Debt Rating in Not Cooperating Category
SAPTARISHI HOTELS: CARE Keeps D Debt Rating in Not Cooperating
SB ISPAT PRIVATE: Liquidation Process Case Summary
SELVANAAYAKI TEXTILE: CARE Lowers Rating on INR21cr Loan to D

SHARMA KALYPSO: Liquidation Process Case Summary
SHIW PRASAD: CARE Lowers Rating on INR7.50cr LT Loan to B-
SRINIVASA RICE: CARE Keeps C Debt Rating in Not Cooperating
SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating
TANEJA OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating

TECHNOFAB ENGINEERING: Insolvency Resolution Process Case Summary
TIGER STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
TRULY CREATIVE: Insolvency Resolution Process Case Summary
UTTAM DOORS: CARE Keeps D Debt Rating in Not Cooperating Category
VENESSA METALS: Liquidation Process Case Summary

YUMMZ FOODS: Insolvency Resolution Process Case Summary


N E W   Z E A L A N D

FLOOR MECHANICS: Court to Hear Wind-Up Petition on Dec. 9
HT BUILDING: Creditors' Proofs of Debt Due on Dec. 23
NEW ZEALAND LJ: Creditors' Proofs of Debt Due on Dec. 16
OTAGO EXCAVATION: Colin Gower Appointed as Receiver


P A K I S T A N

PAKISTAN: To Repay US$1 Billion Early on Dec. 2, SBP governor Says


S I N G A P O R E

AGASTA MARKETING: Creditors' Proofs of Debt Due on Dec. 27
KHENG CHEONG: Commences Wind-Up Proceedings
KITCHEN CULTURE: Requisitioning Shareholders Claim Successful EGM
MERRIMACK PTE: Court Enters Wind-Up Order
OPHIR-ROCHOR RESIDENTIAL: Creditors' Proofs of Debt Due on Dec. 27

PINK FISH: Commences Wind-Up Proceedings


T H A I L A N D

RAIMON LAND: Fitch Affirms & Withdraws 'CCC(tha)' National Rating
THAI AIRWAYS: Names New CEO Amid Restructuring Plan

                           - - - - -


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A U S T R A L I A
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AMAL TRUSTEES 2022-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by AMAL Trustees Pty Ltd as
trustee of Allied Credit ABS Trust 2022-1.

Issuer: AMAL Trustees Pty Ltd as trustee of Allied Credit ABS Trust
2022-1

AUD147 million Class A Notes, Assigned (P)Aaa (sf)

AUD5 million Class A-X Notes, Assigned (P)Aaa (sf)

AUD20 million Class B Notes, Assigned (P)Aa2 (sf)

AUD6.4 million Class C Notes, Assigned (P)A2 (sf)

AUD5.6 million Class D Notes, Assigned (P)Baa2 (sf)

AUD5.6 million Class E Notes, Assigned (P)Ba2 (sf)

AUD4.8 million Class F Notes, Assigned (P)B2 (sf)

The AUD5.3 million Class G1 and AUD5.3 million Class G2 Notes
(together, the Class G Notes) are not rated by Moody's.

Allied Credit ABS Trust 2022-1 is a cash securitisation of loans
backed by auto, motorcycle, marine or other assets by Allied Credit
Pty Ltd (Allied Credit, unrated). This is Allied Credit's third
term ABS transaction.

The loans are to either consumer (78.6%) or commercial (21.4%)
borrowers based in Australia. The loans are backed by motor
vehicles (76.0%), motorcycles (16.7%), marine assets (6.1%) or
recreational vehicles (1.3%).

The loans were originated by entities either 100% owned by Allied
Credit or 50% owned by Allied Credit together with a joint venture
partner. All receivables were underwritten by Allied Credit. The
receivables are serviced by Allied Retail Finance Pty Ltd (ARF,
unrated), a wholly owned subsidiary of Allied Credit.

Allied Credit, a privately owned company, was established in 2010
with the primary focus on financing of motorcycle and marine
consumer loans. In 2019, Allied expanded into financing of auto
loans.

Allied Credit's total loan book was around AUD1.9 billion as of
September 30, 2022. Allied Credit's origination volumes of retail
auto loans have grown significantly over 2022, following its
acquisition of the auto dealer finance portfolio in December 2021
from Macquarie Leasing Pty Limited (Macquarie Leasing), a wholly
owned subsidiary of Macquarie Bank Limited
(A2/P-1/A1(cr)/P-1(cr)).

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 2.00% of the rated notes balance, the legal structure,
the experience of ARF as servicer and presence of AMAL Asset
Management Limited as a back-up servicer.

According to Moody's, the transaction benefits from granular
composition of the pool with good geographic diversification.

The key challenge is the presence of the Class A-X Notes. These
notes are not collateralised and repaid senior in the waterfall
from the available income, which reduces the excess spread
available to cover losses.

Another challenge is the limited historical performance data
available for motor vehicle loans. With around three and a half
years of performance data available, the future performance of
these loans could be subject to greater variability than the
current data indicates.

Key transactional features are as follows:

Once step-down conditions are satisfied, all notes, including
Class G Notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 32.5% subordination to
the Class A Notes and no unreimbursed charge-offs.

National Australia Bank Limited (Aa3/P-1/Aa2(cr)/P-1(cr)),
Macquarie Bank Limited and Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)) will provide interest rate swaps in the
transaction, covering around 80%, 10% and 10% of the total notional
amount hedged respectively as at closing. The swaps will hedge the
interest rate mismatch between the assets bearing a fixed rate of
interest, and floating rate liabilities. The total notional balance
of the swaps will follow a schedule based on amortisation of the
rated notes assuming certain prepayments.

AMAL Asset Management Limited is a back-up servicer. If ARF is
terminated as servicer, AMAL will take over the servicing role in
accordance with the standby servicing deed and its back-upservicing
plan.

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 recessionary scenario — is 25%. Moody's mean default for
this transaction is 5.2%. The assumed recovery rate is 32%.
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.

The assumed default rate and PCE are lower than for Allied Credit's
previous securitisation, Allied Credit ABS Trust 2021-1 (default
rate of 5.9% and PCE of 29%).

Key pool features are as follows:

The pool consists of 78.6% consumer loans and 21.4% of commercial
loans.

Interest rates in the portfolio range from 4.05% to 18.95%, with a
weighted average interest rate of 8.6%.

Loans with balloon payments at the end of the term represent
around 10.9% of the pool. All of these loans are secured by auto.

The weighted average seasoning of the portfolio is 5.4 months,
while the weighted average remaining term of the portfolio is 59.3
months.

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.


BLUESTONE CBA 2015: Fitch Affirms 'Bsf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has affirmed six note classes from Bluestone CBA
Warehouse Trust 2015's mortgage-backed pass-through floating-rate
bonds. Classes C, D, E and F were placed Under Criteria Observation
(UCO) on 6 June 2022 following the publication of the updated APAC
Residential Mortgage Rating Criteria. The warehouse has
subsequently been restructured and Fitch has removed these notes
from UCO.

The transaction is backed by a pool of first-ranking Australian
conforming and non-conforming residential full- and
low-documentation mortgage loans. All mortgages were originated by
Bluestone Group Pty Ltd and the notes were issued by Permanent
Custodians Limited in its capacity as trustee of Bluestone CBA
Warehouse Trust 2015.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
Bluestone CBA
Warehouse Trust
2015

   A                 LT AAAsf  Affirmed   AAAsf
   B                 LT AAsf   Affirmed    AAsf
   C                 LT Asf    Affirmed     Asf
   D                 LT BBBsf  Affirmed   BBBsf
   E                 LT BBsf   Affirmed    BBsf
   F                 LT Bsf    Affirmed     Bsf

KEY RATING DRIVERS

Stable Asset Performance: Arrears of 30+ and 90+ days have been
stable over the last 12 months and were at 4.5% and 3.3%,
respectively, at end-August 2022. This was above Fitch's 2Q22
Dinkum Non-Conforming RMBS Index of 1.2% and 0.4%. There has been
one realised loss in the past 12 months. The transaction has a
rolling one-year revolving period; therefore, its analysis is based
on a proxy pool that was stressed based on pool parameters and
historical data to reflect its expectation of the pool's future
composition.

The proxy pool is shaped by the portfolio characteristics that
impact foreclosure frequency within the APAC Residential Mortgage
Rating Criteria, with three separate proxy pools based on various
conforming parameters. The 40% conforming proxy pool produced the
highest portfolio loss; the pool's 'AAAsf' weighted-average (WA)
foreclosure frequency of 38.4% is driven by the Fitch-stressed WA
unindexed loan/value ratio (LVR) of 72.3%, loans with LVR greater
than 80% making up 29.2% of the portfolio, non-conforming loans of
60%, investment loans of 37.0%, interest-only loans of 14.8% and
30+ day arrears of 14.3%. The 'AAAsf' WA recovery rate of 50.6% is
driven by the stressed portfolio's WA indexed scheduled LVR of
71.8%.

Credit Enhancement Supports Ratings: Each tranche of rated notes
benefits from credit enhancement provided by the respective
subordinated notes and will revert to sequential paydown, building
up credit enhancement, if performance significantly deteriorates
triggering an amortisation event or if the revolving period is not
extended. The rated notes pass Fitch's relevant cash flow model
stresses at their respective ratings. The payment of additional
interest on the class B to F notes is not included in the rating
assessment of each note.

Low Operational and Servicing Risk: Bluestone is a non-bank lender
with extensive experience in originating, servicing and managing
its mortgage portfolio. Fitch undertook an operational review and
found that the operations of the originator and servicer were
comparable with market standards and that there were no material
changes that may affect Bluestone's ongoing ability to undertake
administration and collection activities.

Collection timelines, policies, procedures and origination
practices are largely in line with those of other lenders in
Australia after considering the mix of conforming and
non-conforming borrowers, as evident from the transaction's
historical performance.

Economic Rebound to Support Stable Outlook: Transaction performance
is supported by Australia's continued economic growth - 3.6% GDP
growth for the year to June 2022 - and tight labour market, with a
3.4% unemployment for October 2022. This is despite increasing
interest rates. Fitch expects GDP growth to slow to 1.9% in 2023,
with unemployment increasing to 4.1%, reflecting the global
slowdown and the lagged impact of aggressive monetary tightening
from the Reserve Bank of Australia.

RATING SENSITIVITIES

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

Transaction 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 Sensitivity

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.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WA foreclosure frequency or WA recovery rates - are modified,
while holding others equal. The modelling process uses the
modification of default and loss assumptions to reflect asset
performance in up and down environments. The results should only be
considered as one potential outcome, as the transaction is exposed
to multiple dynamic risk factors.

Notes: A / B / C / D / E / F

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

Expected impact on note ratings of increased defaults:

Increase defaults by 15%: AA+sf / AA-sf / Asf / BBBsf / BBsf / Bsf

Increase defaults by 30%: AAsf / A+sf / A-sf / BBBsf / BBsf / Bsf

Expected impact on note ratings of decreased recoveries:

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

Reduce recoveries by 30%: AA+sf / Asf / BBBsf / BBsf / below Bsf /
below Bsf

Expected impact on note ratings of multiple factors:

Increase defaults by 15% and reduce recoveries by 15%: AAsf / A+sf
/ BBB+sf / BB+sf / B+sf / below Bsf

Increase defaults by 30% and reduce recoveries by 30%: A+sf /
BBB+sf / BBsf / Bsf / below Bsf / below Bsf

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

An upgrade could result from economic 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

As the notes are constrained by the revolving period concentration
test and cannot be ungraded, upgrade sensitivity scenarios are not
relevant.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring.

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

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator'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.

CANDY CLUB: Second Creditors' Meeting Set for Nov. 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of Candy Club
Holdings Limited has been set for Nov. 29, 2022, at 2:00 p.m.
virtually via Zoom.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 28, 2022, at 5:00 p.m.

Matthew Jess and Ivan Glavas of Worrells were appointed as
administrators of the company on Oct. 25, 2022.


FIRM CONSTRUCTION: Goes Into Administration
-------------------------------------------
News.com.au reports that West Australian business FIRM Construction
has fallen into administration in yet another blow for the
embattled construction industry.

According to the report, director Mark O'Gorman said the business
had been doing everything it could but failed to pull through the
financial challenges of 2022.

The industry is facing major problems from a steep rise in costs to
labour and material shortages that have slashed profits on existing
fixed-price contracts.

"We have been closely engaged with the Department of Finance in the
past few weeks to ensure our approach is aligned in terms of how
best to deliver on our public sector projects, and we hope that
process will continue while we are taking steps to restructure the
company," he said via WA Today, news.com.au relays.

"It is unfortunate that five projects awarded by the State
Government between 1 July 2021 and May 2022 did not qualify for any
financial relief for the significant cost escalations they
incurred."

News.com.au relates that Mr. O'Gorman said administrators will
attempt to restructure the business, which was turning over nearly
AUD100 million per annum just two years ago.

"Paying our staff and sub-contractors while continuing to deliver
the projects we have committed to has been our focus and priority,"
news.com.au quotes Mr. O'Gorman as saying.

"We have ensured most of our sub-contractors are protected by the
use of Project Bank Accounts - on both our public and private
sector projects."

FIRM Construction was stripped of the contract to build a school
earlier last week over fears it would not be ready for the 2023
school year, for which subcontractors are reported to be owed
hundreds of thousands of dollars, according to the report.

FIRM Construction, which has been in operation for 20 years, has an
AUD80 million portfolio of properties mid-construction across
Perth.  It has completed projects worth around AUD500 million for
the WA Government since 2010.


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.


METRO FINANCE 2022-2: Moody's Gives B1 Rating to AUD2.75MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
to be issued by Perpetual Corporate Trust Limited, as trustee of
Metro Finance 2022-2 Trust.

Issuer: Metro Finance 2022-2 Trust

AUD350.00 million Class A1 Notes, Assigned Aaa (sf)

AUD75.25million Class A2 Notes, Assigned Aaa (sf)

AUD29.00 million Class B Notes, Assigned Aa2 (sf)

AUD10.00 million Class C Notes, Assigned A2 (sf)

AUD8.50 million Class D Notes, Assigned Baa2 (sf)

AUD9.50 million Class E Notes, Assigned Ba2 (sf)

AUD2.75 million Class F Notes, Assigned B1 (sf)

The AUD15.00 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian prime commercial auto and equipment loans and leases and
novated leases secured by motor vehicles originated by Metro
Finance Pty Limited (Metro Finance, unrated). This is Metro
Finance's second auto and equipment asset backed securities (ABS)
transaction for 2022.

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers, for small-ticket
auto and equipment assets in low volatility industries. Metro
Finance originates its lending through the commercial auto and
equipment broker and aggregator industry nationally. Significant
origination growth began in 2014.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

The historical loss data. The static loss data used for Moody's
extrapolation analysis, which reflects Metro Finance's origination
history, was limited to the origination vintages between Q4 2014
and Q1 2021;

The evaluation of the underlying receivables and their expected
performance;

The fact that 73.0% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements. See below for further information on Metro
Finance's streamlined product;

The 45.9% exposure to loans with a balloon payment at the end of
the receivable term. The aggregate balloon exposure as a percentage
of current portfolio balance is 14.9%. Loans with a balloon payment
are subject to higher refinancing and, consequently, default risk;

The evaluation of the capital structure;

The availability of excess spread over the life of the
transaction;

The liquidity facility in the amount of 2.00% of the invested
amount of the rated notes subject to a floor of AUD970,000;

The interest rate swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)). The notional amount under the swap
agreement may exceed or fall below the outstanding balance of the
rated notes in the event that prepayments deviate from the assumed
prepayment rate. Such deviations will expose the transaction to
being under-hedged or over-hedged. Over-hedging risk is mitigated
by the fact that break costs are charged to the obligors and these
funds will flow through to the trust as collections. Further, Metro
Finance has the ability to adjust the notional schedule over the
life of the transaction to better match the paydown over time.

According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, the prime nature of the underlying borrower and the highly
diversified nature of the portfolio. However, Moody's notes that
the transaction features some credit weaknesses such as the
substantial portion of the portfolio extended on a streamlined
basis and the pro-rata amortisation of rated notes under certain
conditions.

Initially, the Class A1, Class A2, Class B, Class C, Class D, Class
E and Class F Notes benefit from 30.00%, 14.95%, 9.15%, 7.15%,
5.45%, 3.55% and 3.00% of note subordination, respectively. Class
A1 and Class A2 will receive principal proceed pro-rata and pari
passu. When Class A1 Notes subordination is greater than or equal
to 38.0% all notes will receive principal proceeds on a pro-rata
and pari passu basis.

Class B to G notes will be repaid junior to class A notes on a
sequential basis if there are any unreimbursed charge-offs on the
notes or if the first call option date has occurred. At all other
times, the structure will follow a pro-rata repayment profile
(assuming pro-rata conditions are satisfied).

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 2.25%, a
recovery rate of 35.00% and a portfolio credit enhancement of
15.00%. Moody's assumed default rate and recovery rate are stressed
compared to the historical levels of 1.19% (extrapolated mean
default of 1.30%) and 60.16% respectively.

The difference between the historical and assumed default rate and
recovery rate is in part explained by the additional stresses
assumed by Moody's to address the lack of a full economic cycle in
the historical data and the exposure to balloon loans in the
portfolio.

Moody's have also benchmarked the historical data for Metro Finance
to data from comparable Australian commercial auto and equipment
ABS originators. Moody's have also overlaid additional stresses
into Moody's default and PCE assumptions.

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:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

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


MILKO GROCERY: First Creditors' Meeting Set for Dec. 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of Milko
Grocery Pty Ltd will be held on Dec. 1, 2022, at 12:00 p.m. at
Level 40/2 Park Street in Sydney and via virtual meeting
technology.

Richard Albarran of Hall Chadwick was appointed as administrator of
the company on Nov. 21, 2022.


NATURAL OILS: Second Creditors' Meeting Set for Nov. 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of Natural Oils
Pty. Ltd. has been set for Nov. 30, 2022, at 10:00 a.m. via online
Zoom 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. 29, 2022, at 4:00 p.m.

Jeffrey Phillip Marsden and Andrew Sallway of BDO were appointed as
administrators of the company on Oct. 26, 2022.


PEPPER RESIDENTIAL 28: S&P Raises Cl. F Notes Rating to BB-(sf)
---------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of
nonconforming RMBS notes issued by Permanent Custodians Ltd. as
trustee for Pepper Residential Securities Trust No.28 (PRS28). At
the same time, S&P affirmed its ratings on two classes of notes for
the same transaction.

The rating actions reflect:

-- S&P's view of the credit quality of the underlying collateral
portfolios, which have been amortizing in line with its
expectations.

-- The significant buildup in the percentage of credit enhancement
provided to the rated notes.

-- The strength of the cash flows at each respective rating level
that are underpinned by the various structural mechanisms in the
transaction. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.

-- That S&P has factored into its analysis the arrears performance
of the transaction. The arrears generally have been above the
Standard & Poor's Performance Index (SPIN) for nonconforming loans
in the past 12 months. As of Sept. 30, 2022, 1.88% of the loans in
the pool are greater than 90 days in arrears. However, there have
been no losses to date and no charge-offs to any of the notes.

-- That S&P expects arrears levels to fluctuate over time, given
the characteristics of the portfolio, which includes borrowers with
adverse credit history, low-documentation loans, and self-employed
borrowers.

-- That principal to noteholders is currently paid sequentially;
however, once the step-down triggers are met, the transaction will
revert to pro-rata paydown. Under the pro-rata payment structure,
the class G allocated principal will continue to be paid to the
class F notes until the class F notes are fully repaid, followed by
the remaining subordinated notes once the class F notes have fully
repaid. S&P expects that the transaction will soon revert to pro
rata.

-- That the turbo repayment of the class F notes, being the most
subordinated rated notes, has created overcollateralization, which
provides additional credit support for the class F notes.

-- A constraining factor on the degree of upgrades is the
composition of the portfolio and the subset of borrowers who are
likely to be more susceptible to changes in the economy,
particularly rising interest rates and cost-of-living pressures.

-- These qualitative factors constrain S&P's ratings beyond
quantitative factors alone.

  Ratings Raised

  Pepper Residential Securities Trust No. 28

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA- (sf) from A (sf)
  Class D: to A- (sf) from BBB (sf)
  Class E: to BBB- (sf) from BB (sf)
  Class F: to BB- (sf) from B+ (sf)

  Ratings Affirmed

  Pepper Residential Securities Trust No. 28

  Class A1-a: AAA (sf)
  Class A2: AAA (sf)


PROSPAROUS TRUST 2022-1: Moody's Gives (P)B2 Rating to Cl. D Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by PROSPArous Trust 2022-1.

Issuer: PROSPArous Trust 2022-1

AUD142.0 million Class A Notes, Assigned (P)Aa3 (sf)

AUD19.0 million Class B Notes, Assigned (P)Baa2 (sf)

AUD8.4 million Class C Notes, Assigned (P)Ba1 (sf)

AUD18.0 million Class D Notes, Assigned (P)B2 (sf)

The AUD2.6 million Class E Notes and the AUD10.0 million Seller
Notes are not rated by Moody's.

PROSPArous Trust 2022-1 is a securitisation of Australian small
business loans and line of credit facilities. All portfolio
receivables were originated by Prospa Advance Pty Ltd (Prospa,
unrated). This is Prospa's second public term securitisation.

Prospa is an Australian financial technology company providing cash
flow products and services to small businesses in Australia and New
Zealand. Prospa started originating loans in 2012. As of June 2022,
Prospa had originated over AUD2.8 billion of loans and had 16,100
active customers.
RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 3.00% of the rated notes balance, the legal structure,
and the experience of Prospa as servicer and presence of Perpetual
Corporate Trust Limited as a back-up servicer.

Key transactional features are as follows:

A 12-month revolving period during which principal proceeds can be
used to fund additional line of credit facility draws or
re-invested in new small business loans subject to portfolio
parameters. Notably, principal proceeds cannot be re-invested in
new line of credit facilities. The revolving period is subject to
termination events which include any unreimbursed charge offs,
90-day arrears ratio exceeding 4% and failure of any portfolio
parameters.

An asset funding facility established to fund line of credit
facility draws in excess of available principal proceeds. The asset
funding facility will be repaid senior to the rated notes. Line of
credit facility draws in excess of available principal proceeds
will be funded by the asset funding facility in conjunction with
the issuance of Class L notes to Prospa. Class L notes will be
repaid subordinate to the rated notes post revolving period. The
utilisation of asset funding facility draws and Class L notes
issuance will be proportioned to maintain Class A Notes credit
enhancement levels.

The utilisation of interest rate caps to hedge the interest rate
mismatch between the assets bearing a fixed rate of interest, and
floating rate liabilities. The notional balance of the interest
rate caps will be sized to ensure asset funding facility draws and
the rated notes are hedged at all times.

Excess Spread reserve: If the portfolio yield is lower than 23.92%
or the 90-day arrears rate is greater than 4%, excess spread will
be used to fund the excess spread reserve up to the excess spread
reserve target balance. The excess spread reserve target balance is
calculated as follows: 23.92% less the required payments expressed
as a percentage of the total outstanding principal balance of
receivables, multiplied by the aggregate invested amount of the
Class A, Class B, Class C, and Class D notes. The excess spread
reserve can be utilised to cure portfolio losses and unreimbursed
charge offs.

Perpetual Corporate Trust Limited is the back-up servicer. If
Prospa is terminated as servicer, Perpetual will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.

Notable underlying portfolio features are as follows:

The portfolio obligors are micro-size companies and individual
entrepreneurs.

38.0% of the collateral pool are line of credit facilities with a
maximum redraw period of 26 months.

Granularity of the portfolio: The securitised portfolio is highly
granular, with the largest borrower representing 0.26% of the pool
and the 10 largest borrowers representing 2.10% of the pool. The
total number of borrowers  is 3,004.

Short weighted average life of the portfolio: 62.0% of the
collateral pool are fully amortising term loans. The maximum loan
maturity is 38 months. The portfolio weighted average life is 16
months, calculated on the assumption that all line of credit
facilities are refinanced out of the portfolio on the expiry of
their redraw period.

High portfolio yield: The transaction benefits from the collateral
pool's high weighted average interest rate of 28.32%.

Portfolio concentration in certain industry sectors: Borrowers
active in the Construction Services and Other Store-Based Retailing
industries, as defined by the Australian and New Zealand Standard
Industrial Classification (ANZSIC), account for 18.1% and 16.0% of
the loan portfolio, respectively.

85.5% of the portfolio are unsecured loans. These loans are
collateralised by personal guarantees only, and recoveries on
defaulted loans often rely on the realization of this personal
guarantee.

Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 8.4% for
the initial and subsequent portfolios over a weighted average life
(WAL) of 1.33years (equivalent to a B2 proxy rating as per Moody's
Idealized Default Rates). This default assumption is based on: (1)
the available historical vintage data; (2) the performance of
previous warehouse transactions originated by the originator,
including Prospa Trust Series 2018-1; (3) the characteristics of
the loan-by-loan portfolio information; and (4) the revolving
period parameters. Moody's took also into account the current
economic environment and its potential impact on the portfolio's
future performance, as well as industry outlooks or past observed
cyclicality of sector-specific delinquency and default rates.

Default rate volatility and recovery rate: Moody's assumed a
coefficient of variation (i.e. the ratio of standard deviation over
the mean default rate explained above) of 50.5%, as a result of the
analysis of the portfolio concentrations in terms of single
obligors and industry sectors. Moody's assumes a recovery rate of
10%, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information,
complemented by the available historical vintage data.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
July 2022.

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

Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Additionally, Moody's
could downgrade the ratings in case of poor servicing, error on the
part of transaction parties, a deterioration in the credit quality
of transaction counterparties, or lack of transactional governance
and fraud.


TRIPLE MMM: First Creditors' Meeting Set for Dec. 1
---------------------------------------------------
A first meeting of the creditors in the proceedings of Triple MMM
Holdings Pty Ltd will be held on Dec. 1, 2022, at 10:00 a.m. via
virtual meeting only.

Matthew Hutton of McGrathNicol was appointed as administrator of
the company on Nov. 21, 2022.


TRITON BOND 2022-4: S&P Assigns B(sf) Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Triton Bond Trust 2022-4 Series
1.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, which comprises entirely of residential investment
mortgage loans, of which 77.6% are to SMSFs. Because this is a
closed portfolio, no further loans will be assigned to the trust
after the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises mortgage
lenders insurance covering 1.7% of the loans in the portfolio as
well as note subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.0% of the invested amount of all rated and
class G notes, subject to a floor of 0.10% of the initial invested
amount of all notes, principal draws, and a loss reserve that
builds from excess spread, are sufficient under its stress
assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS, should any be entered into after transaction
close.

  Ratings Assigned

  Triton Bond Trust 2022-4 Series 1

  Class A1-MM, A$90.00 million: AAA (sf)
  Class A1-AU, A$377.50 million: AAA (sf)
  Class A2, A$38.50 million: AAA (sf)
  Class AB, A$16.50 million: AAA (sf)
  Class B, A$8.80 million: AA (sf)
  Class C, A$7.15 million: A (sf)
  Class D, A$4.95 million: BBB (sf)
  Class E, A$3.03 million: BB (sf)
  Class F, A$1.60 million: B (sf)
  Class G, A$1.98 million: Not rated




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

CHINA EVERGRANDE: To Appeal After Wuhan Government Takes Back Land
------------------------------------------------------------------
Yicai Global reports that China Evergrande is fighting back after a
district government in Wuhan city, central Hubei province,
repossessed 11 parcels of land owned by the embattled Chinese real
estate developer without offering to pay any compensation.

The Jiangxia district government has seized 1.4 square kilometers
of land that is part of Evergrande's Science and Technology Tourism
City project, an entertainment and tourism complex still under
construction, the Guangzhou-based real estate developer said Nov.
24.

Yicai relates that Evergrande is in talks with the local government
and will file an appeal to protect its legitimate rights and
interests, it said.

According to the report, the planning and natural resources bureau
in Jiangxia district has rescinded the land use rights to 11 out of
the 24 plots sold to Evergrande unit Evergrande Tourism Group for
its Science and Technology Tourism City and will not pay
compensation, it said on its website on Nov. 18. The move will not
affect the construction already underway on the other land parcels,
it added.

According to the law, if a developer has not developed the land to
which it has acquired the rights within two years, the government
can take it back.

Evergrande bought 24 parcels of land covering 3.3 square kilometers
for CNY5.6 billion (US$782 million) in December 2017 to build an
entertainment, residential, business and leisure complex, Yicai
notes. The developer has already invested CNY2.1 billion (US$293.4
million) in the project and has constructed around 242,000 square
meters of supporting projects on 1.2 square kilometers of land, it
added.

Evergrande, which is estimated to have liabilities of over USD300
billion, has been selling assets in recent years in order to recoup
funds, including the return of land use rights but it has always
received payment before. In August it handed back the rights to a
piece of land in southern Guangdong province where it had planned
to build a football stadium, Yicai recalls. The provincial
government refunded CNY5.5 billion (US$815 million), resulting in a
loss of CNY1.3 billion for Evergrande.

                       About China Evergrande

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

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

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

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


SHANGRAO CITY CONSTRUCTION: Fitch Affirms LongTerm IDRs at 'BB+'
----------------------------------------------------------------
Fitch Ratings has affirmed China-based Shangrao City Construction
Investment Development Group Co., Ltd.'s (SCID) Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'. The
Outlook is Stable. Concurrently, Fitch has affirmed SCID's senior
unsecured notes at 'BB+'.

Fitch deems SCID a government-related entity (GRE) and its rating
approach is based on its expectations of a high likelihood of
exceptional government support for the entity, if needed. Fitch has
not adopted the Parent and Subsidiary Linkage Rating Criteria as
Fitch believes the entity has a strong linkage with the local
government due to its public-service mission despite the indirect
shareholding structure.

KEY RATING DRIVERS

Status, Ownership and Control: 'Strong'

SCID does not have a special legal status that would imply a
transfer of its liabilities to the local government in the case of
a default. Shangrao Investment Holding Group (SIHG) owned 96.67% of
SCID at end-3Q22 and retained 100% of voting rights in a
shareholders' meeting. Its 'Strong' assessment reflects the local
government's indirect shareholding despite its control of the
company. The Shangrao State-owned Assets Supervision and
Administration Commission appoints the board of directors. SCID
reports its annual financing plans and project status to the local
government via SIHG.

Support Track Record: 'Strong'

SCID's financial stability is partly reliant on local government
support, including subsidies equivalent to 38%, 119% and 113% of
net profit in the last three years, respectively. The local
government injected additional paid-in capital of CNY600 million in
2021, which may be followed by further capital injections in
2022-2023 to decrease high leverage. The government also made asset
injections such as equity in local public entities, a right to use
state-owned lands, and revenue-generating assets. Part of SCID's
debt associated with legacy projects will be repaid by the local
government.

Socio-Political Implications of Default: 'Moderate'

Fitch expects SCID, as the largest infrastructure developer in
Shangrao, to continue to undertake such projects, a sign of its
economic importance. Shangrao's urbanisation rate of 55.3% in 2021
was lower than the nation's 64.7%. This means there will be
continuous investment in urban development projects. Nevertheless,
a default by SCID would not necessarily cause material disruptions
as the entity's subsidiaries may continue providing the services
and potential substitutes may step in to ensure the projects can
continue.

Financial Implications of Default: 'Very Strong'

SCID carries out an important role in financing urban development
projects in Shangrao in compliance with the local government's
development plan. It borrows from various financial institutions
including policy banks as well as raises funds in the market
directly. It had outstanding borrowings of CNY64 billion in 2021,
equivalent to 73% of the local government's debt. Fitch believes a
default could diminish confidence in lending to GREs as most of
SCID's debt is associated with urban development projects. A
default may also significantly hurt the financing options and
borrowing capacity of other projects.

Standalone Credit Profile

Revenue Defensibility 'Midrange'

SCID's core business accounted for 31% of its revenue in 2021, down
from 64% a year earlier, due to an expansion of the aluminium
business (44% of revenue) after it acquired 29.99% of Fujian Minfa
Aluminium Inc. in August 2020. The core business is highly
dependent on the local government's development plan and the
economy, which remains highly uncertain. Annual subsidies have been
supportive, keeping the overall business viable, but they cannot be
controlled by SCID and policy changes could have a significant
impact on its earnings.

Operating Risk 'Midrange'

Fitch does not expect high volatility in its cost for the
agent-construction segment. Potential cost fluctuations are
mitigated by a cost-plus contractual framework, which results in a
gross profit margin of around 6%. Fitch expects the contractual
framework that secures its gross margin to continue as part of the
local government's favourable policy. A gradual recovery from the
Covid-19 pandemic may provide some upside on its margin. Fitch
expects supply cost increases to be recoverable under the framework
but there can be a lag on collection from the local government.

Financial Profile 'Weaker'

Adjusted debt rose 9% to CNY64 billion in 2021 from a year earlier.
Continuous investment in urban development projects and a long
period of collection after project completion led to the debt
accumulation. Negative cash generation from operations continued
due to the lag in collection of receivables, with outstanding sales
days rising to 1,059 in 2021 from 534 in 2017, and large initial
investments in projects. Net adjusted debt/equity fell to 164% in
2021, from 173% a year earlier, due to the paid-in capital
injection and contributions in kind from the government.

Derivation Summary

The entity's ratings reflect the four factors assessed under our
Government-Related Entities Rating Criteria, combined with the 'b'
Standalone Credit Profile assessed under Fitch's Public-Sector,
Revenue-Supported Entities Rating Criteria.

Liquidity and Debt Structure

Continuous investment on projects and the long collection period
are likely to weigh on the entity's liquidity and it will continue
to rely heavily on refinancing its debt. It had total cash of
CNY3.9 billion at end-2021, of which 52% was restricted (deposits).
Pledged assets were a moderate 8% of total assets or 22% of net
assets in 2021. Issued debt increased rapidly at a CAGR of 36%
between 2016 and 2021, accounting for the majority of the debt
(52%), including US dollar notes (3%) and perpetual bonds of CNY500
million, a decrease from the CNY1,500 million a year earlier.

Issuer Profile

SCID finances and manages public works, including infrastructure,
land development and resettlement housing in Shangrao city, Jiangxi
province. The projects are mandated by the local government and
policy changes could affect the entity's core business.

RATING SENSITIVITIES

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

- A lowering of Fitch's credit view of the sponsor's ability to
provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations;

- Deterioration in the strength of linkage to the government or
incentive to support by the government may lead to a rating
downgrade.

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

- An upward revision of the sponsor's ability to provide subsidies,
grants or other legitimate resources allowed under China's policies
and regulations;

- Enhanced strength of linkage to the government or incentive to
support by the government may lead to a rating upgrade.

ESG Considerations

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

   Entity/Debt                    Rating           Prior
   -----------                    ------           -----
Shangrao City
Construction Investment
Development Group Co.,
Ltd.                     LT IDR    BB+  Affirmed     BB+

                         LC LT IDR BB+  Affirmed     BB+

   senior unsecured      LT        BB+  Affirmed     BB+


XINHU ZHONGBAO: S&P Affirms 'B' ICR & Alters Outlook to Negative
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Xinhu Zhongbao Co. Ltd. S&P also affirmed its 'B-' long-term
issue rating on the company's guaranteed senior unsecured notes.

S&P said, "The negative outlook on Xinhu reflects our view that the
company's liquidity buffer will tighten on the back of debt
repayments in 2023. Sales execution risks amid a prolonged property
market downturn could also weaken the company's liquidity.

"We revised our rating outlook on Xinhu to negative owing to the
company's weakening liquidity.As of Sept. 30, 2022, the Xinhu had
an unrestricted cash balance of Chinese renminbi (RMB) 9.25
billion, which covers only 68% of its short-term debt (including
puttable bonds). We believe the company will mainly utilize
internal resources to repay most of its onshore and offshore bond
maturities (including puttable bonds) of RMB7.0 billion in 2023,
weakening its liquidity buffer.

"Xinhu's liquidity could be supported by monetization of its
unpledged and liquid investment portfolio, which we estimate to be
RMB5.7 billion. The company has a record of disposing its onshore
and offshore investment portfolio for liquidity use. During the
third quarter of 2022, it disposed RMB1.9 billion of its
investments in Greentown China Holdings Ltd. and Hangzhou Honghua
Digital Technology Stock Co. Ltd. Additionally, the company secured
new borrowings from banks by pledging assets. Moreover, Xinhu is
likely to receive government payments for liquidity replenishment
in the next one to two months. We estimate the new borrowings
combined with government payments will total RMB2.7 billion."

Sales execution remains a risk for Xinhu amid the property market
downturn. The company's operating scale is small. Its largest
project for presale in 2023 is an urban renewal project in a prime
location in Shanghai. The project is in partnership with Sunac
China Holdings Ltd. (a developer in distress), which acquired
interest from Xinhu in 2020. The estimated value of the project is
30%-40% of Xinhu's saleable resources in 2023. Construction on the
project is yet to commence because it is pending removal of
existing buildings. Xinhu's failure to smoothly proceed with the
construction and presales of the project will hurt its contracted
sales and operating cash flow in 2023.

Maintaining a strong relationship with banks and financial
institutions will be essential for Xinhu. The company has an
established relationship with banks, partly due to its equity
ownership in some of them, including CITIC Bank Co. Ltd., China
Zheshang Bank Co. Ltd., and Bank of Wenzhou Co. Ltd. Xinhu's debt
has continued to decrease in 2022, mainly due to repayment of
development loans from banks after completing sales of some key
projects. As of Sept. 30, 2022, 58% of the reported debt were bank
borrowings, 28% were bonds, and the remaining 14% were other loans,
mainly from asset management companies and local government
financing vehicles. As such, maintaining strong relationships with
banks and financial institutions is a key factor for Xinhu's
refinancing and liquidity.

S&P Said, "The negative rating outlook reflects our view that
Xinhu's liquidity buffer will weaken over the next 12 months. The
company has large upcoming bond maturities, which it will need to
address using internal resources. Sales execution risks amid the
prolonged property market downturn will also weigh on liquidity.

"We could lower the rating if Xinhu's liquidity deteriorates.
Indications of this could be: (1) sluggish sales or delayed project
delivery; (2) an inability to refinance upcoming maturities; or (3)
weakening relationships with banks and creditors.

"We could also lower the rating if Xinhu's land or investment
spending is higher than we expect, such that its debt-to-EBITDA
ratio rises to more than 10x.

"We could revise the outlook to stable if Xinhu's liquidity
improves. This could happen if: (1) Xinhu can maintain satisfactory
contracted sales and cash collection; (2) the company's access to
funding channels improves; and (3) the company makes good progress
in monetization of financial assets."

ESG credit indicators: To E-3, S-2, G-4; From E-3, S-2, G-3

S&P said, "Governance factors are now a negative consideration in
our credit rating analysis of Xinhu. We see deficiencies in
internal controls based on a warning notice issued by China
Securities Regulatory Commission in November 2022, mainly on
certain company disclosures and approval processes.

"Additionally, Xinhu does not have very clear internal controls for
debt growth, in our view. Its leverage, measured by the ratio of
debt to EBITDA, has been high relative to peers' due to material
capital needs for the property development and financial investment
segments. Partly offsetting these risks are the company's
investment portfolio. Xinhu's stakes in financial institutions and
technology startup companies provides dividend income and
capitalization opportunities. The investment portfolio includes
some listed companies that can be monetized to reduce leverage, if
needed.

"Environmental factors are a moderately negative consideration in
our credit rating analysis of Xinhu Zhongbao. The company's
exposures to environmental and social risk are largely in line with
those of sector peers."


[*] CHINA: Banks Pledge US$162 Billion in Credit to Developers
--------------------------------------------------------------
Reuters reports that China's biggest commercial banks have pledged
at least US$162 billion in fresh credit to property developers,
bolstering recent regulatory measures to ease a stifling cash
crunch in the sector and triggering a rally in property shares.

Reuters relates that three state-owned banks lined up around $131
billion worth of credit lines to developers on Nov. 24, a day after
three other lenders committed US$31 billion, responding to
Beijing's call for support.

The authorities have been stepping up measures in recent weeks to
support developers, after many defaulted on their debt obligations
and were forced to halt construction, Reuters says.

Economic prospects are also worsening due to renewed COVID-19
lockdowns and other curbs in cities nationwide. China reported
record high COVID infections on Nov. 24.

The massive, coordinated injection of liquidity into the property
sector buoyed the shares of major developers on Nov. 24, the report
notes.

According to Reuters, Country Garden, China's top developer by
sales, closed more than 20% higher after state media reported on
Nov. 24 it had received a credit line from Postal Savings Bank of
China (PSBC) worth at least CNY50 billion (US$7.00 billion).

China Vanke, CIFI Holdings and Greentown China rose between 8.4%
and 18.4% in Hong Kong.

A gauge tracking the sector, the Hang Seng Mainland Property Index
(.HSMPI), closed up 6.8%.

According to Reuters, PSBC late on Nov. 24 announced that it would
provide a total of CNY280 billion in financing to Country Garden as
well as others.

Industrial and Commercial Bank of China (ICBC), the world's largest
bank by assets, also said on Nov. 24 that it has agreed to offer
CNY655 billion of financing to 12 property firms including Vanke,
Longfor and Country Garden, Reuters discloses.

China Construction Bank Corp signed cooperative agreements with
eight property developers, including Vanke, Longfor and Midea,
financial media outlet Yicai reported, relays Reuters.

China's banking regulator also said on Nov. 24 that banks issued
CNY2.64 trillion in real estate loans and CNY4.84 trillion in
mortgage loans from January to October, Reuters adds.




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

TRINITY GROUP: Frasers Group Buys Gieves and Hawkes
---------------------------------------------------
South China Morning Post reports that Britain's Frasers Group has
bought Gieves and Hawkes, the 250-year-old Savile Row tailor
acquired in an ill-fated spending spree five years ago by Chinese
fashion tycoon Qiu Yafu as part of a failed push to build China's
version of luxury fashion house LVMH.

Gieves and Hawkes was put up for sale in July after Hong
Kong-listed Trinity Group went into liquidation in 2021, according
to the Post. Qiu's Shandong Ruyi Technology Group acquired Trinity
in 2017 from Victor Fung Kwok-king, the chairman of the Li & Fung
Group.

"We are pleased to conclude the sale of Gieves & Hawkes to Frasers
Group, and in doing so secure the long-term future for this iconic
brand," the Post quotes Vincent Fok, Asia head of corporate finance
and restructuring at FTI Consulting, which is acting as liquidator
for Trinity, as saying.

"In addition, the Trinity portfolio includes the luxury fashion
brand Cerruti, for which we have commenced a sale process while
concurrently considering options for British designer menswear
brand Kent & Curwen," Mr. Fok said.

Terms of the transaction were not disclosed, the Post notes.

Gieves and Hawkes traces its roots back to Gieves, a supplier to
the Royal Navy founded in 1782, and Hawkes, a supplier to the
British Army founded in 1771. The two tailors merged in 1974 and
moved to their flagship store on Savile Row in London.

The tailor has been favoured by British royalty, such as King
George III, British politicians, including former Prime Minister
Winston Churchill, and celebrities, such as actor Sean Connery and
soccer star David Beckham.

According to the Post, the brand was initially acquired by Trinity
Group in 2012 for GBP32.5 million (US$39.3 million) in a deal that
could have topped GBP60 million based on performance bonuses.

The Post relates that Qiu's Ruyi made US$4 billion worth
acquisitions of overseas brands in a three-year period beginning in
2015 as he sought to build a luxury empire on par with LVMH, the
French luxury fashion house.

In addition to the Gieves and Hawkes owner, Ruyi acquired UK
outerwear maker Aquascutum and French fashion retailer SMCP, whose
labels include Sandro, Maje and Claudie Pierlot.

However, Ruyi ran into difficulty paying its debts beginning in
2019 and faced further pressure from the Covid-19 pandemic,
reportedly delaying a domestic bond repayment on a CNY1 billion
note twice between March and June 2020, the Post states.

Trinity, the Gieves and Hawkes owner, began liquidation proceedings
in August 2021 and was delisted by the Hong Kong stock exchange on
October 31 after an 18-month suspension of trading in its shares.

Last week, a receiver was appointed to sell prime office space in
the Bank of America Tower in Hong Kong's Central district that was
bought in 2018 by a company controlled by Qiu and other directors,
the Post reports.

The Post says the acquisition marks the latest deal for Mike
Ashley's Frasers, which owns Sports Direct, the clothing brand Jack
Wills, the department store chain House of Fraser and the lingerie
brand Agent Provocateur.

The company, which has acquired several troubled brands in recent
years, took a stake in German fashion house Hugo Boss in 2020 and
now owns a nearly 33 per cent stake in the company.




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

AIREN METALS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Airen
Metals Private Limited (AMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.86      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     274.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 17,
2021, placed the rating(s) of AMPL under the 'issuer
non-cooperating' category as AMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 3, 2022, August 13, 2022, August 23,
2022.

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

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

Incorporated in 1995 by Mr Sudhir Agarwal at Jaipur, Rajasthan,
AMPL commenced commercial operations in 1998. AMPL is engaged in
the business of manufacturing paper-insulated strips, over-head
contact wires/conductors, bus bars, sheets and tubes from
non-ferrous metals, mainly copper and aluminium. AMPL has its
manufacturing facility situated at Jaipur and Reengus, Rajasthan.


ANAND GLASS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anand Glass
Works (AGW) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.83       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.52       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 11,
2021, placed the rating(s) of AGW under the 'issuer
non-cooperating' category as AGW had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AGW
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2022, September 6, 2022, September
16, 2022.

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

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

Anand Glass Works (AGW) was incorporated in 2001 as a partnership
firm and is currently managed by Mr. Rajendra Prasad Jain, Mr.
Devendra Kumar Jain. AGW is engaged in the manufacturing of glass
containers and tableware. The manufacturing facility of the firm is
located at Firozabad, Uttar Pradesh.


ANSAL PROPERTIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ansal Properties and Infrastructure Limited
        115 Ansal Bhawan
        K G Marg
        New Delhi 110001

        Other addresses:
        Shopping Square, Second Floor
        Sushant Golf City
        Sultanpur Road
        Lucknow, Uttar Pradesh 226030

        Esencia, Sector 67
        Gurugram, Haryana 122001

        C/o Ansal Plaza
        Ferozepur Road
        Opp. Circuit House
        Ludhiana, Punjab 141001

        Ansal Susant City
        Nh-08 Jaipur Road
        Ajmer, Rajasthan 305023

Insolvency Commencement Date: November 17, 2022

Court: National Company Law Tribunal, New Delhi Bench (Court II)

Estimated date of closure of
insolvency resolution process: November 16, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Ashwani Kumar Singla

Interim Resolution
Professional:            Mr. Ashwani Kumar Singla
                         E 701, Park Grandeura-BPTP
                         Sector 82, Near Shiv Nadar School
                         Opposite Delhi Public School
                         Nehar Paar, Faridabad
                         Haryana 121007
                         E-mail: ashwaniksingla@gmail.com
                                 ansal.cirp@gmail.com  

Classes of creditors:    Home Buyers under Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Pankaj Arora
                         Shubham Tower
                         Neelam Chowk
                         N 1T Faridabad 121001
                         Haryana

                         Mr. Mukesh Chand Jain
                         F-703, Munirka Apartments
                         Sector-9, Plot-11
                         Dwarka, New Delhi 110075

                         Mr. Deepak Kumar Goyal
                         Flat no. 101
                         Shridher Apartments 884/6
                         Ward-6 Mehrauli
                         New Delhi 110030

Last date for
submission of claims:    December 1, 2022


BHUMIKA EGG: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhumika Egg
Educing Valley (BEEV) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.06       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Bhumika Egg Educing Valley (BEEV) was established in 2012 as a
proprietorship firm by Mrs Sarita Chowdhary. However, the
commercial operations commenced from April, 2013. BEEV is engaged
in poultry farming business at its poultry farm located in Bhiwani,
Haryana. The firm has total installed capacity of about 8,40,000
layer birds per batch as on March 31, 2016. The firm sells eggs
mainly to retailers located in Haryana and Punjab. The main raw
materials for feeding the chicken are maize, soyabean and defatted
rice bran which are procured majorly from suppliers based in Uttar
Pradesh, Bihar and Haryana while the 1 day old chicks are procured
from Skylark Hatcheries Private Limited.


BRIGHT SHAFT: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bright
Shaft Industries (BSI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.75       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 6,
2021, placed the rating(s) of BSI under the 'issuer
non-cooperating' category as BSI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BSI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 22, 2022, September 1, 2022, September
11, 2022.

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

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

Faridabad, Haryana based Bright Shaft Industries (BSI) is a
proprietorship firm established in year 1986. The firm is managed
by Mrs. Raj Mehta. The firm is engaged in manufacturing of iron and
steel bright bars.


CHANDER BHAN: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chander
Bhan Yogesh Kumar (CBYK) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term           3.00       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 19,
2021, placed the rating(s) of CBYK under the 'issuer
non-cooperating' category as CBYK had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CBYK
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 4, 2022, September 14, 2022, September
24, 2022.

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

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

Delhi-based Chander Bhan Yogesh Kumar (CBYK) is a partnership firm
established in 1999. CBYK succeeded an erstwhile proprietorship
firm established in March 1981 by Mr Chander Bhan. The firm is
currently being managed by Mr Yogesh Gupta and Mr Rajesh Gupta
sharing profit and losses equally. CBYK is engaged in trading of
iron and steel products such as T.M.T bars, angles, channels,
beams, plates and flats etc.

CLINTEC INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Clintec (India) International Private Limited
        487, 2nd Main, 8th Cross
        Mico Layout BTM II Stage
        Bangalore 560076
        Karnataka India

Liquidation Commencement Date: November 14, 2022

Court: National Company Law Tribunal, Bangalore Bench

Insolvency professional: Venkataraman Jayagopal

Interim Resolution
Professional:            Venkataraman Jayagopal
                         E-003, Victoria Haven
                         Patel Ram Reddy Road
                         Domlur 1st stage
                         Bangalore 560071
                         E-mail: clintec.vl@gmail.com
                                 gopal_venus@hotmail.com
                         Tel: 9341240595

Last date for
submission of claims:    December 13, 2022


EFFIMAX ENGINEERS: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Effimax Engineers Private Limited
        Flat No. 3, Plot No. 1051
        "I" Block 18th Main Road
        Anna Nagar West, Chennai 600040
        Tamil Nadu

Liquidation Commencement Date: November 17, 2022

Court: National Company Law Tribunal, Division Bench-III, Chennai

Date of closure of
insolvency resolution process: June 14, 2022

Insolvency professional: Chandramouli Ramasubramaniam

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         'RAJI' 3B1, 3rd Floor, Gaiety Palace
                         No. 1L, Blackers Road
                         Mount Road, Chennai 600002
                         Tamil Nadu
                         E-mail: srinidhicra@gmail.com
                                 fcs.rms@gmail.com
                         Tel: 044-28526292
                              044-42606292

Last date for
submission of claims:    December 17, 2022


EMCO GLOBAL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: EMCO Global Private Limited
        Shop No. 1, Ground Floor
        Bldg. 1, Plot 330
        Gomata Janata CHS Ltd.
        G. K. Marg, Lower Parel
        Mumbai 400013
        Maharashtra, India

Liquidation Commencement Date: November 21, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Mr. Balaji Shrirang Sagar

Interim Resolution
Professional:            Mr. Balaji Shrirang Sagar
                         Sr. No. 21/5
                         Opp. Creative Camio
                         Near PCMC D Ward Office
                         Aund-Ravet Road
                         Rahatani, Pune 411027
                         India
                         E-mail: balajisagar381973@gmail.com
                         Tel: +91-9561071705

Last date for
submission of claims:    December 21, 2022


EMPERIA REALTY: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Emperia
Realty (ER) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 03,
2021, placed the rating(s) of ER under the 'issuer non-cooperating'
category as ER had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ER continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 19, 2022, September 29, 2022,
October 9, 2022.

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

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

Established in March 2015 by Mr. Govind Patel with his relatives,
Emperia Realty (ER) is engaged in real estate development &
construction of residential as well as commercial spaces. The firm
forms part of the renowned Akshar Group (AG), with Akshar
Developers (AD) being the flagship firm. AG, founded in 1995, has
developed a number of residential & commercial spaces across Navi
Mumbai. ER is currently developing its maiden project namely Akshar
Emperia Garden (EG) at Panvel in Navi Mumbai, Maharashtra, a
residential project spanning across a total saleable area of
1,72,460 Sq. Ft. The said project is registered by Real Estate
Regulatory Authority (RERA) (RERA ID: P52000011872). CARE does not
have any update in this regard.


FIRST RELIABLE: CARE Lowers Rating on INR13.17cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
First Reliable Industries (FRI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.17       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 23,
2021, placed the rating(s) of FRI under the 'issuer
non-cooperating' category as FRI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. FRI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 9, 2022, October 19, 2022, October 29,
2022.

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

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

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

First Reliable Industries (FRI) is a partnership firm established
in November-2016. It has set up a unit for manufacturing of
Polypropylene (PP) and High-Density Polyethylene (HDPE) based woven
sack bags and fabrics which find application in packaging for
various industries like chemicals, fertilizers etc. The
manufacturing unit is located at Khanna, Punjab.


GATI INFRASTRUCTURE PVT: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gati
Infrastructure Private Limited (GIPL) continues to remain in the
'Issuer Not Cooperating' category.


                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      229.23      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of GIPL under the 'issuer
non-cooperating' category as GIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2022, August 16, 2022, August 26,
2022.

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

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

Gati Infrastructure Pvt Ltd. (GIPL) is a special purpose vehicle
(SPV) promoted by Mr. M K Agarwal & associates along with his group
company – Amrit Jal Ventures P Ltd. (AJVPL) to set up a 110 MW
run-of-the-river, Chuzachen hydro-electric project (HEP) in the
state of Sikkim. The project is located on the tributaries of
Teesta River - Rangpo and Rangli, in east Sikkim. The project was
awarded to GIPL under an implementation agreement entered into
between Government of Sikkim (GoS), Sikkim Power Development
Company (SPDC) for a period of 35 years from commercial operating
date (COD).


GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gati
Infrastructure Bhasmey Power Private Limited (GIBPPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      285.34      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 20,
2021, placed the rating(s) of GIBPPL under the 'issuer
non-cooperating' category as GIBPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GIBPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 06, 2022, August 16,
2022, August 26, 2022.

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

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

Gati Infrastructure Bhasmey Power Private Limited is a Special
purpose vehicle (SPV) promoted by Mr. M K Agarwal and an associate
company; Amrit Jal Ventures Pvt Ltd. (AJVPL) for setting up a 54 MW
(2 X 27 MW) (which was later revised to 62 MW) Run of the River,
Bhasmey Hydro Electric Power Project (BHEPP). The project is
located on the river Rangpo, a major tributary of Teesta River in
the East District of Sikkim. The project was awarded by Government
of Sikkim (GoS) and Sikkim Power Development Company (SPDC) on
Build, Own, Operate and Transfer (BOOT) basis for a period of 35
years from the scheduled Commercial Operations Date (COD). The
project was scheduled to be commissioned in March 2014.


GAYATRI PROJECTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Gayatri Projects Limited
        TSR Towers, B-1, 6-3-1090
        Rajbhavan Road
        Somajiguda, Hyderabad
        TG 500082

Insolvency Commencement Date: November 17, 2022

Court: National Company Law Tribunal, Atlanta, USA Bench

Estimated date of closure of
insolvency resolution process: May 14, 2023

Insolvency professional: CA Sai Ramesh Kanuparthi

Interim Resolution
Professional:            CA Sai Ramesh Kanuparthi
                         Plot no. 6-B, Beside TDP office
                         Road No. 2, Banjara Hills
                         Hyderabad 500034
                         E-mail: gplcirp@gmail.com
                                 info@ksrfms.com

Last date for
submission of claims:    December 1, 2022


GTL INFRASTRUCTURE: Insolvency Pleas Against Company Dismissed
--------------------------------------------------------------
The Economic Times reports that in two separate orders, the Mumbai
bankruptcy court dismissed Canara Bank's petition to admit GTL
Infrastructure and GTL Ltd for corporate insolvency.

The two-member bench relied on the Supreme Court's order of
Vidarbha Industries Power for GTL Infra and the failure of lenders
to adhere to the central bank's guidelines for GTL, according to
the copies of the order reviewed by ET.

In 2018, Canara Bank filed an application for initiation of
insolvency proceedings against GTL Infrastructure Ltd. over the
alleged default of INR541.49 crore.

GTL Infrastructure Ltd offers ready to use passive infrastructure
to wireless telecom operators.GTL Infra serves as a single window
one-stop-shop provider of infrastructure and services to telecom
operators by undertaking the full range of responsibilities in
building and maintaining the sites. The company`s expertise lies in
providing robust passive infrastructure solutions to telecom
service providers thus adding value to their service by optimizing
cost structure and enhancing reach.The services offered by the
company include Passive Infrastructure Solutions and In-Building
Solutions.


HIM ALLOYS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: HIM Alloys and Steels Pvt Ltd
        Plot No. 1-4, Industrial Area
        Amb Distt Una
        Himachal Pardesh 174003

Insolvency Commencement Date: November 22, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 20, 2023

Insolvency professional: Reshma Mittal

Interim Resolution
Professional:            Reshma Mittal
                         R-4/39, Raj Nagar
                         Ghaziabad 201002
                         E-mail: careshmamittal@gmail.com
                                 him.cirp@gmail.com

Last date for
submission of claims:    December 6, 2022


HIM CYLINDERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: HIM Cylinders Limited
        Plot No. 1-4, Industrial Area AMB
        HP 174003

Insolvency Commencement Date: November 22, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 20, 2023

Insolvency professional: Reshma Mittal

Interim Resolution
Professional:            Reshma Mittal
                         R-4/39, Raj Nagar
                         Ghaziabad 201002
                         E-mail: careshmamittal@gmail.com
                                 himcylinder@gmail.com

Last date for
submission of claims:    December 6, 2022


INDO FABRICS: CARE Lowers Rating on INR13.84cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Indo
Fabrics (IFB), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term bank      13.84      CARE D Revised from CARE B+;
   facilities                     Stable

Detailed rationale and key rating drivers

The revision in the rating assigned to the bank facilities of IFB
factors in delays in servicing debt obligations due to stressed
liquidity position. The rating continues to be constrained by small
scale of operations, moderate capital structure, weak debt
protection metrics, highly competitive industry and proprietorship
constitution of the entity with inherent risk of withdrawal of
capital.

Rating sensitivities

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

* Improvement in liquidity position with satisfactory track record
of timely servicing of debt obligations.

Detailed description of the key rating drivers

Key rating weaknesses

* On-going delays in debt servicing: The firm is unable to generate
sufficient cash flows leading to stretched liquidity position
resulting in on-going delays in meeting its term loan debt
obligations.

* Small scale of operations: The scale of operations remained small
ranging from INR39 crore to INR49 crore over past three years ended
FY22. The firm booked income of INR24.50 crore in 7mFY23(Prov.)
(refers to the period April 01 to October 31).

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm remained leveraged with overall
gearing of 4.38x as of March 31, 2022 as against 3.99x as of
March 31, 2021 due to maximum utilisation of working capital
limits. The debt coverage indicators remained weak with total
debt/GCA of 20.96x as of March 31, 2022 as against 22.78x as of
March 31, 2021.

* Constitution of a proprietorship concern with risk of withdrawal
of capital: Proprietorship nature of business has an inherent risk
of withdrawal of capital by the proprietor at the time of their
personal contingencies resulting in reduction of capital base
leading to adverse effect on capital structure. It is witnessed
that the promoter has withdrawn capital to tune of INR0.63 crore as
of March 31, 2022 for personal contingencies.

* Highly competitive industry with intense competition: Since large
number of units are operated in similar line of business, the
competition within the players remains very high resulting in high
fragmentation. The firm is facing high competition from many
organized and unorganized players in the industry. Apart from the
high competition from the local players, firm is facing the
competition from established players in domestic and international
market in terms of reputed brands, long track record etc.

Liquidity- Poor:

Liquidity is poor marked with lower accruals to tune of INR0.97
crore in FY22 to repay its term debt obligation of INR1.07 crore in
FY23 with modest cash balance of INR0.11 crore as of March 31,
2022. The firm has been sanctioned with cash credit of INR12 crore
and the average utilisation of working capital limit stood at 97%
for last twelve months ended September 2022.

Indo Fabrics (IFB) is a proprietorship concern established in the
year 1999 by Mrs. Indumathi. The firm is primarily engaged in the
manufacture of grey fabrics. Mrs. Indumathi is supported by her
husband Mr. Palanisamy in handling the operations. IFB has two
divisions namely sizing division and weaving division. It has 36
sulzer looms in the weaving division and 700 power looms. As of
September 2021, IFB has installed capacity of 2500 kg/day for yarn
sizing and 13 lakh meter/month for manufacturing of grey fabrics.
The firm has its manufacturing unit at Sommanur, Coimbatore.


INNOVARI TECHNOLOGIES: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Innovari Technologies Private Limited
        E-20 1st & 2nd Floor Hauz Khas
        New Delhi 110016

Liquidation Commencement Date: November 2, 2022

Court: National Company Law Tribunal, Delhi Bench

Date of closure of
insolvency resolution process: November 2, 2022

Insolvency professional: Atul Mittal

Interim Resolution
Professional:            Atul Mittal
                         174, BALCO Apartments
                         Plot No. 58, IP Extn.
                         Patparganj, Delhi 110092
                         E-mail: a.mittalmc@gmail.com

                            - and -

                         163, BALCO Apartments
                         Plot No. 58, IP Extn.
                         Patparganj, Delhi 110092
                         E-mail: innovaritechnologiespvtltd@
                                 gmail.com

Last date for
submission of claims:    December 21, 2022


J.D. TALC: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J.D. Talc
(JT) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.16       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 23,
2021, placed the rating(s) of JT under the 'issuer non-cooperating'
category as JT had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 09, 2022, October 19, 2022, October 29, 2022.

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

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

Haldwani (Nainital) –based J.D. Talc (JD) is a partnership firm
established in 2013 by Mr. Rajendra Singh Daffoti. JD is engaged
into micronizing and supply of soap lumps and powder and operates
from its ISO 9001:2015 certified facility. These products have
application in making of paper, paints and coating, polyester
putties, pharmaceuticals, plastics and rubber, cosmetics.


JAI ANNANYA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Jai Annanya Investments Private Limited
        8, Camac Street
        Shantiniketan, 7th Floor
        Room No. 11 and 12
        Kolkata 700017

Insolvency Commencement Date: November 15, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 14, 2023
                               (180 days from commencement)

Insolvency professional: Amit Choraria

Interim Resolution
Professional:            Amit Choraria
                         14/2 Old China Bazar Street
                         4th Floor, Room No. 401
                         Kolkata 700001
                         E-mail: hmcsamitchoraria@gmail.com
                                 jaiannanya.cirp@gmail.com

Last date for
submission of claims:    November 29, 2022


KARPAGAM MILLS: CARE Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the ratings on certain bank facilities of
Sri Karpagam Mills India Private Limited (SKM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       55.85      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      6.45       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from SKM to monitor
the ratings vide e-mail communications/letters dated October
12,2022, October 31,2022, November 2, 2022 and November 8, 2022
among others and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the ratings on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on from Sri Karpagam Mills India Private Limited
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings assigned to the bank facilities of Sri Karpagam Mills
India Private Limited (SKM) continue to factor in ongoing delays in
servicing debt obligations and overdrawals in working capital
facilities. The ratings are also constrained by declined scale of
operations in FY21 (A) (refers to April 01 to March 31), weak
capital structure, weak debt coverage indicators and volatility in
raw material prices.

Detailed description of the key rating drivers

At the time of last rating on October 25, 2021 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

* Delay in servicing debt obligations and overdrawals: The
operating cycle of the company elongated to 369 days in FY21
(Prov.) (refers to April 1 to March 31) from 240 days in FY20 due
to stretched inventory and collection period. Due to stretched
working capital cycle, the company has overdrawn its working
capital facilities for more than 30 days and the account remains as
NPA.

* Declined scale of operations: During FY21, the size of operations
of the company declined and stood moderate with total operating
income at INR84.32 crore as against INR121.34 crore in FY20 on
account of low production due to Covid lockdown during Q1FY21.

* Weak capital structure and debt coverage indicators: The capital
structure of the company continued to remain weak with overall
gearing which deteriorated to 5.22x as of March 31, 2021 (Prov.)
from 5.19x as of March 31, 2020. The debt coverage deteriorated and
remained weak with TD/GCA at 29.43x as of March 31, 2021 as against
20.09x as of March 31, 2020.

* Volatility in raw material prices: The profitability of spinning
mills depends largely on the prices of cotton and cotton yarn which
are governed by various factors such as area under cultivation,
monsoon, international demand-supply situation, etc. The cotton
being the major raw material of spinning mills, movement in cotton
prices without parallel movement in yarn prices impact the
profitability of the spinning mills. The cotton textile industry is
inherently prone to the volatility in cotton and yarn prices.

Liquidity: Poor

Liquidity is poor marked by lower accruals to repay term debt
obligations and fully utilized bank limits and with moderate cash
balance of INR1.70 crore as on March 31, 2021 (Prov.). The
operating cycle of the company elongated and stood higher at 369
days in FY21(Prov.) from 240 days in FY20 due to higher inventory
and collection period which led to overdrawals in working capital
limits. The company had not opted for covid moratorium whereas it
had availed emergency covid loan of INR5.80 crore on August 2020
with tenure of 48 months including holiday period of 12 months.

* Industry outlook and COVID impact: Cotton production in India is
estimated to remain stable y-o-y and stand at 6.1 million tonnes in
the current cotton season (CS) October 2020–September 2021 backed
by higher yields. Apart from production, cotton supply includes
carry-over stocks from last season which surged by 290.6% to 2.1
million tonnes and as a result total cotton supply during CS
2020-21 is estimated to increase by 21.7% to 8.4 million tonnes.
The domestic cotton demand which was disrupted due to Covid-19
pandemic in CS 2019-20 is expected to grow by 32% to 5.6 million
tonnes on account of a likely recovery in domestic cotton demand in
the current season. After meeting domestic requirements, India is
estimated to increase cotton exports by 20% to 1.02 million tonnes
backed by improving international cotton consumption and the demand
for Indian cotton on account of its competitive pricing in the
global markets. Cotton yarn production declined by 21.3% y-o-y to
2,918 thousand tonnes (2.9 million tonnes) during April
2020-February 2021. This was mainly due to sharp decline of 53%-94%
in the first 3 months of FY21 on account of Covid-19 disruptions.
Thereafter, the output fell by a slower 7.1% in July 2020 and
decreased by a marginal 0.5%-1.5% in the months of August 2020,
December 2020 and February 2021 and increased by 0.2%-7% in rest of
the months during FY21 on account of better domestic demand and
increase in exports of cotton yarn.

Sri Karpagam Mills India Private Limited (SKM) was incorporated in
the year 2005 by Mr. A. Somasundaram and his brothers. SKM is
located at Coimbatore, Tamil Nadu is engaged in manufacturing of
cotton yarn of counts 10-60s with installed capacity of 52,800
spindles as on June 30, 2020.


KRIPA TELECOM: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kripa
Telecom (KT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

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

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

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

Bengaluru based, Kripa Telecom was established in the year 2000 and
promoted by Mr. P Ramesh, Mr. D Sudhakar and Mr. P Yeshodkrishna.
Presently, the firm is engaged in manufacturing of various types of
LED lights ranging from 15W-120W, manufacturing of telecom products
like RF antennas, RF connectors, wired products. KT has three
branch offices for selling of its products in Bengaluru
(Karnataka), Guntur (Andhra Pradesh) and Maharashtra. KT sells its
products within Karnataka, Andhra Pradesh, Maharashtra and
Tamilnadu. The firm is an approved LED lights supplier of Ministry
of Renewable Energy (MNRE).


KUBER CONCAST: CARE Lowers Rating on INR6.29cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kuber Concast (KC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.29       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 08,
2021, placed the rating(s) of KC under the 'issuer non-cooperating'
category as KC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 24, 2022, September 3, 2022, September 13, 2022.

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

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

The rating assigned to the bank facilities of KC has been revised
on account of non-availability of requisite information to carryout
review.

Incorporated in 2008, Kuber Concast (KC) was promoted by Mr. Rakesh
Kumar and Mr. Vishal Sahi with operations of the firm starting in
November-2016 only. At present the firm has four partners with Mr.
Rakesh Kumar as the Managing Partner of the firm. The firm is
engaged in the manufacturing of steel products i.e. rounds, flats
and squares. The sole manufacturing facility of the firm is
situated at Mandi Gobindgarh, Punjab. The firm is also engaged in
trading of rounds, flat bars, M.S. bars, etc.


MAHA ASSOCIATED: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maha
Associated Hotels Private Limited (MAHPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       70.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale & Key Rating Drivers

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

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

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

Maha Associated Hotels Private Limited (MAHPL), incorporated on
December 23, 2009, is engaged in development of a threestar
mid-market hotel and a hotel training facility at New Industrial
Complex, Neemrana, Alwar District, and Rajasthan. The hotel is
being developed under the brand name of 'Hampton by Hilton'with
Hampton Inns International Franchise LLC (HIIL, subsidiary of
international hospitality major Hilton Worldwide LLC) as the
technical partner for the project. MAHPL has a franchise agreement
with HIIL, primarily for the use of brand name and also a program
fee agreement for marketing related activities of HIIL.


MANTOVANI DI DHARTI: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mantovani Di Dharti Private Limited
        6-3-1113/2, 2nd floor, DDIL Bhavan
        B S Maktha, Begumpet
        Hyderabad, Telangana 500016

Insolvency Commencement Date: November 18, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Krishna Komaravolu

Interim Resolution
Professional:            Krishna Komaravolu
                         House No. 7-1-214, Flat no. 409
                         Vamsikrishna Apartments
                         Dharam Karan Road
                         Ameerpet, Hyderabad 500016
                         E-mail: kkvolu@gmail.com
                                 irp.mddpl@gmail.com

Last date for
submission of claims:    December 2, 2022


MUDHAI DAIRY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Mudhai Dairy Private Limited
        Gat no. 544, Narayanwadi
        Chandoli Road at Post Narayanwadi
        Taluka karad Satara
        MH 415539
        IN

Insolvency Commencement Date: November 18, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Ashish Vyas

Interim Resolution
Professional:            Mr. Ashish Vyas
                         B-1A Viceroy Court CHS
                         Thakur Village, Kandivali (East)
                         Mumbai Suburban, Maharashtra 400101
                         E-mail: ashishvyas2006@gmail.com

                            - and -

                         A-402 Suashish IT Park
                         Dattapada Road
                         Borivali (East)
                         Mumbai 400066
                         E-mail: cirp.mudhaidairy@gmail.com

Last date for
submission of claims:    December 2, 2022


N & N CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of N & N
Constructions (NNC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 11,
2021, placed the rating(s) of NNC under the 'issuer
non-cooperating' category as NNC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. NNC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2022, September 6, 2022, September
16, 2022.

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

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

NNC based out of Visakhapatnam, was incorporated as a partnership
firm on April 15, 2010, by Mr P. S. Santosh, Managing Partner of
the firm along with three other partners, Mr P. Satya Rao, Mrs P.
Balabharathi, Mrs P. Varalakshmi. The firm is engaged in execution
of railway construction projects which includes erection and
commissioning of railway tracks and sidings for public and private
companies; civil works including construction of industrial and
residential buildings, drains and road works; supplying of Ready
Mix Concrete (RMC); large format earth works etc.


OMID ENGINEERING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Omid Engineering Pvt Ltd
        Plot No. 1-4, Industrial Area
        Amb Distt Una
        Himachal Pardesh 174003

Insolvency Commencement Date: November 22, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 20, 2023

Insolvency professional: Reshma Mittal

Interim Resolution
Professional:            Reshma Mittal
                         R-4/39, Raj Nagar
                         Ghaziabad 201002
                         E-mail: careshmamittal@gmail.com
                                 omid.cirp@gmail.com

Last date for
submission of claims:    December 6, 2022


PARADISE CONSUMER: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paradise
Consumer Products Limited (PCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.10      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           2.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 6,
2021, placed the rating(s) of PCPL under the 'issuer
non-cooperating' category as PCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 23, 2022, August 2, 2022, August 12, 2022.

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

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

Incorporated in 1988 by Mr. Randhirsingh Patil, Paradise Consumer
Products Limited (PCPL) (formerly Paradise Polymers Limited) is
engaged in manufacturing of various flexible packaging material,
viz., PVC lamination, PVC confectionery films, PVC cling films and
reprocessed rim, finding application in packaging vegetables,
fruits, various food stuffs, frozen products, candies, sweets &
confectioneries, etc. The manufacturing facility of the company is
located at MIDC in Jalgaon, Maharashtra.


PERPETUAL CAPITAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Perpetual Capital and Servicing Private Limited
        83, Arcadia
        Nariman Point
        Mumbai 400021

Insolvency Commencement Date: November 14, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 6, 2023

Insolvency professional: Mr. Vijay P. Lulla

Interim Resolution
Professional:            Mr. Vijay P. Lulla
                         201, Satchitanand Bldg.
                         12th Road, Opp. Ram Mandir
                         Khar (West), Mumbai 400052
                         E-mail: vijayplulla@rediffmail.com

                            - and -

                         203B, Arcadia Building, 2nd floor
                         Nariman Point, Mumbai 400021
                         E-mail: perpetualcapital.cirp@gmail.com

Last date for
submission of claims:    November 28, 2022


PROGRESSIVE METERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Progressive Meters Private Limited
        Flat No. 2C, 2nd Floor
        Urvashi Apartments
        3 Hungerford Street
        Kolkata 700017
        West Bengal, India

Insolvency Commencement Date: October 28, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Anup Kumar Singh

Interim Resolution
Professional:            Anup Kumar Singh
                         162/D/702 Lake Gardens
                         Kolkata, West Bengal 700045
                         E-mail: anup_singh@stellarinsolvency.com

                            - and -

                         Suite 1B, 1st Floor
                         22/28A Manoharpukur Road
                         Deshopriya Park, Kolkata 700029
                         E-mail: progressivemeters.sipl@gmail.com

Last date for
submission of claims:    November 11, 2022


PROPLARITY INFRASTRUCTURE: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: M/s Proplarity Infrastructure Pvt. Ltd.
        B-238, 2nd Floor
        North Ex Mall
        Prashant Vihar
        East Delhi 110085

Insolvency Commencement Date: November 16, 2022

Court: National Company Law Tribunal, Delhi Bench VI

Estimated date of closure of
insolvency resolution process: 180 days from commencement

Insolvency professional: Praveen Kumar Agrawal

Interim Resolution
Professional:            Praveen Kumar Agrawal
                         D-306, Ashiana The Heritage
                         Sector 4 Vaishali
                         Ghaziabad 201010
                         E-mail: pravag3001@gmail.com

                            - and -

                         Synergy Insolvency Professionals LLP
                         906, Tower A, I-Thum Business Park
                         Opp. Noida Electronic City
                         Metro Rail Station
                         Noida 201301
                         E-mail: praveen.agrawal@synergyipe.com
                         Tel: 0120-4126027
                         Mobile: 9720108105

Classes of creditors:    Property Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Jitendra Arora
                         Mr. Pradeep K Chauhan
                         Mr. Rajat Kuar Mehra

Last date for
submission of claims:    November 29, 2022


RAJA POULTRY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raja
Poultry Farm (RPF) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

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

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

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

Raja Poultry Farm (RPF) was established in the year 1992 and
promoted by Mrs. Mangamma (proprietor). The firm is engaged in
farming of egg, laying poultry birds (chickens) and trading of
eggs, cull birds and their Manure. The firm sells its products like
eggs and cull birds in, Assam, Kerala, Maharashtra and Tamil Nadu
to retailers through own sales 3 Credit Analysis & Research Limited
Rationale-Press Release personnel and through some dealers. The
firm mainly buys chicks (small chickens) from Venkateshwara
Hatcheries Private Limited. The firm purchases raw materials for
feeding of birds like rice broken, maize, sun flower oil cake,
shell grit, minerals and soya from local traders. Moreover, in
September 2016 the firm started commercial operation of solar roof
top power plant with installed capacity of 1.5 MW.


RAPID BUILDWELL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rapid Buildwell Limited
        D-3, District Centre Saket
        South Delhi, New Delhi 110017

Insolvency Commencement Date: November 21, 2022

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: May 20, 2023

Insolvency professional: Mr. Raman Devarajan

Interim Resolution
Professional:            Mr. Raman Devarajan
                         12 ICT SQ
                         RA Kidwai Road
                         Matunga, Mumbai 400019
                         E-mail: devarajan.raman@gmail.com

                            - and -

                         Off no 9, 2nd floor
                         22 Rajabahadur Mansion
                         Mumbai Samachar Marg
                         Opp. SBI Main Branch
                         Mumbai 400001
                         Email: ip.rapidbuildwell@gmail.com

Last date for
submission of claims:    December 5, 2022


REFORM FERRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Reform Ferro Cast Limited
        Naupala, Bagnan-II
        Howrah, West Bengal 711303

Insolvency Commencement Date: November 21, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 20, 2023

Insolvency professional: Mr. Arun Kumar Gupta

Interim Resolution
Professional:            Mr. Arun Kumar Gupta
                         P-15 Bentinck Street
                         3rd Floor
                         Kolkata 700001
                         E-mail: guptaarunkumar2001@yahoo.com
                                 reformferro.ibc@gmail.com

Last date for
submission of claims:    December 5, 2022


RN RICE: CARE Keeps B- Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RN Rice
Mill (RRM) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

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

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

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

RNRM was established in 2003 as a proprietorship firm by Mr Rajesh
Kumar Bansal. In 2008, the proprietorship firm was converted into
partnership firm with Mr Rajesh Kumar Bansal and Mr Mange Ram as
its partners; sharing profit and loss in the ratio of 65% and 35%,
respectively. RNRM is engaged in milling, processing and trading of
rice. The manufacturing unit is located at Kaithal, Haryana.


S K PETRO: CARE Lowers Rating on INR27.75cr LT Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
S K Petro Services Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       27.75      CARE D Revised from CARE BB-;
   Facilities                      Stable

   Long Term/           11.00      CARE D/CARE D Revised from
   Short Term                      CARE BB-; Stable/CARE A4
   Bank Facilities      

Detailed rationale and key rating drivers

The revision in the rating assigned to the bank facilities of S K
Petro Services Private Limited is due to ongoing delays in
servicing of principal & interest of term loan.

Rating sensitivities

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

* Default/delay free track record of 90 days.

Detailed description of the key rating drivers

Key rating weaknesses

* Delay in Debt servicing: There are ongoing delays in Principal &
Interest payment of Term Loan.

S K Petro Services Private Limited (SKPPL), which began operations
in 2006, is engaged in the business of renting of infrastructure
equipment servicing the oil & gas. SKPPL is an Onshore Rig Service
provider. SKPPLs primary focus is on providing drilling rigs
equipped with the latest technology, equipment and experienced
crew. Most of the rigs are equipped with top drives to undertake
highly specialized drilling operations in technically challenging
environment. SKPPL has ownership of all the 10 Rigs which it leases
out.

S KUMARS LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: S. Kumars Limited
        Niranjan, 99
        Marine Drive
        Mumbai 400002

Insolvency Commencement Date: November 18, 2022

Court: National Company Law Tribunal, Mumbai Bench, Court II

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

Insolvency professional: Anjan Bhattacharya

Interim Resolution
Professional:            Anjan Bhattacharya
                         144, Mittal Court
                         B Wing, 14th Floor
                         Nariman Point, Mumbai
                         Maharashtra 400021
                         E-mail: anjan.bhattacharya@
                                 aaainsolvency.com
                                 s.kumars.ibc@gmail.com

Last date for
submission of claims:    December 2, 2022


SAI INTERNATIONAL: CARE Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sai
International (Delhi) (SI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.70       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           4.75       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 6,
2021, placed the rating(s) of SI under the 'issuer non-ooperating'
category as SI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 22, 2022, September 1, 2022, September 11, 2022.

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

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

Sai International (SIL) was established in December 2005 as a
partnership firm by Mr Vishal Jagga and Mr Nishant Jagga as its
partners sharing profit and loss equally. The firm is engaged in
manufacturing of footwear products like shoes, sandals and slippers
at its three manufacturing facilities located at Bahadurgarh,
Haryana.


SALIGRAM TIMBERS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saligram
Timbers (ST) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 8,
2021, placed the rating(s) of ST under the 'issuer non-cooperating'
category as ST had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ST continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 24, 2022, September 3, 2022, September 13, 2022.

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

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

Saligram Timbers (ST), incorporated in 2001, is a partnership firm
engaged in the wholesale and retail trading of various kinds of
timber and plywoods. It is a family owned firm and is promoted by
four partners, Mr. Pritam Singh, his wife Mrs. Gurpreet Kaur and
their two sons- Mr. Barinder Singh and Mr. Ravneet Singh. The firm
is having in-house cutting facility to provide wood and timber
products as per customer requirements.


SANT BABA: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sant Baba
Bhag Singh Memorial Charitable Society (SBBSMCS) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.28       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

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

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

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

Sant Baba Bhag Singh Memorial Charitable Society (SBBSMCS) got
registered under the Society registration Act-1860 in June 2000.
The society was established by Sant Malkit Singh (President), Sant
Dilawar Singh (Vice President), S. Kewal Singh (Joint Secretory)
and Mr. Sunil Vats (member & legal advisor) with an objective to
provide higher education in the field of engineering, computers,
science, education and management. The society currently manages
four higher education institutions, two schools (upto XII standard)
and a multi facility charitable hospital. All the institutions of
SBBSMCS are located in Jalandhar, Punjab. The different courses
offered are duly approved by AICTE (All India Council of Technical
Education), PTU (Punjab Technical University), Jalandhar, GNDU
(Guru Nanak Dev University), Amritsar and NCTE (National Council of
Teacher Education), Jaipur.


SAPTARISHI HOTELS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saptarishi
Hotels Private Limited (SHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      220.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          20.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 8,
2021, placed the rating(s) of SHPL under the 'issuer
non-cooperating' category as SHPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SHPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 25, 2022, August 4, 2022, August 14, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution
while using the above rating(s).

Saptarishi Hotels Private Limited (SHPL) was incorporated on
October 7, 2010. The company is a special purpose vehicle (SPV)
incorporated for the development of a 4-star serviced apartments
and convention hotel property in the name of 'Double Tree by
Hilton' at Gachibowli, Hyderabad.


SB ISPAT PRIVATE: Liquidation Process Case Summary
--------------------------------------------------
Debtor: S.B. Ispat (India) Private Limited
        10/27, Guha Road
        P.O. Ghusuri
        Howrah
        West Bengal 711107

Liquidation Commencement Date: November 18, 2022

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: July 6, 2022

Insolvency professional: Nitin Daga

Interim Resolution
Professional:            Nitin Daga
                         Avani Oxford-II, Block 1
                         Flat 1B, 136
                         Jessore Road
                         Kolkata 700055
                         E-mail: daga.nitin.cs@gmail.com

                            - and -

                         68-A Metropolitan Co-operative
                         Housing Society, 2nd Floor
                         Kolkata 700105
                         E-mail: cirp.sbispat@gmail.com

Last date for
submission of claims:    December 18, 2022


SELVANAAYAKI TEXTILE: CARE Lowers Rating on INR21cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Selvanaayaki Textile (SST), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term bank      21.00      CARE D Revised from CARE B;
   Facilities                     Stable

Detailed rationale and key rating drivers

The revision in the rating assigned to the bank facilities of SST
factors in the delays in servicing debt obligations due to stressed
liquidity position. The rating continue to be constrained by
moderate scale of operations, moderate capital structure, weak debt
protection metrics, highly competitive industry and proprietorship
constitution of the entity with inherent risk of withdrawal of
capital.

Rating sensitivities

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

* Improvement in liquidity position with satisfactory track record
of timely servicing of debt obligations

Detailed description of the key rating drivers

Key rating weaknesses

* On-going delays in debt servicing: The firm is unable to generate
sufficient cash flows leading to stretched liquidity position
resulting in on-going delays in meeting its term loan debt
obligations.

* Small scale of operations: The scale of operations remained
moderate ranging from INR53 crore to INR80 crore over past three
years ended FY22. In FY22, the total income improved by 51% to
INR80.91 crore in FY22 from INR53.51 crore in FY21 on back of
better sales realization. The firm booked income of INR30 crore in
7mFY23 (prov.) (refers to the period April 01 to October 31).

* Leveraged capital structure and weak debt coverage indicators:
The firm's capital structure remained leveraged albeit improved
with overall gearing to 4.19x as of March 31, 2022 from 4.52x as of
March 31, 2021. The debt coverage indicators remained weak with
Total debt/GCA at 35.95x as of March 31, 2022 as against 63.81x as
of March 31, 2021.

* Constitution of a proprietorship concern with risk of withdrawal
of capital: Proprietorship nature of business has an inherent risk
of withdrawal of capital by the proprietor at the time of their
personal contingencies resulting in reduction of capital base
leading to adverse effect on capital structure. It is witnessed
that the promoter has withdrawn capital during FY22 to tune of
INR0.10 crore for personal contingencies.

* Highly competitive industry with intense competition: Since large
number of units are operated in similar line of business, the
competition within the players remains very high resulting in high
fragmentation. The firm is facing high competition from many
organized and unorganized players in the industry. Apart from the
high competition from the local players, firm is facing the
competition from established players in domestic and international
market in terms of reputed brands, long track record etc.

Liquidity: Poor

Liquidity is poor marked with lower accruals to tune of INR0.88
crore in FY22 to repay its term debt obligation of INR2.15 crore in
FY23 and modest cash balance of INR0.14 crore as of March 31, 2022.
The operating cycle of the firm remained elongated at 151 days in
FY22 as against 121 days in FY21. SST allows credit period upto
45-50 days to its customers while it avails 20-30 days from its
suppliers. The firm has been sanctioned with cash credit of INR21
crore and the average utilisation of working capital limit stood at
99% for last twelve months ended October 2022.

Sri Selvanaayaki Textile (SST) is a proprietorship concern
established in the year 1989 by Mr. R. Palanisamy. The firm is
primarily engaged in the manufacture of grey fabrics. The promoter
is also supported by his wife Mrs. P. Indumathi in handling the
operations. SST procures raw material (cotton) from suppliers
located in India. The firm has sizing units. Each of the units have
an installed capacity of about 7200 kgs of yarn per day. After
sizing of yarn in the firm, the weaving process is outsourced to
job workers in and around Coimbatore. SST also exports its fabrics
to Mali, West Africa.


SHARMA KALYPSO: Liquidation Process Case Summary
------------------------------------------------
Debtor: M/s Sharma Kalypso Private Limited
        16C, Basant Lok
        Vasant Vihar
        New Delhi 110057

Liquidation Commencement Date: November 18, 2022

Court: National Company Law Tribunal, New Delhi Bench

Date of closure of
insolvency resolution process: June 2, 2022

Insolvency professional: Reshma Mittal

Interim Resolution
Professional:            Reshma Mittal
                         RR Insolvency Professionals LLP
                         R-4/39, Raj Nagar
                         Ghaziabad 201002
                         E-mail: careshmamittal@gmail.com
                                 skpl.cirp2019@gmail.com
                                 sharma.kaly@rrinsolvency.com

Last date for
submission of claims:    December 16, 2022


SHIW PRASAD: CARE Lowers Rating on INR7.50cr LT Loan to B-
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiw Prasad
Jyoti Prasad (SPJP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B; Stable and moved to
                                   ISSUER NOT COOPERATING category

Detailed rationale and key rating drivers

SPJP has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement.

In line with the extant SEBI guidelines, CARE Ratings Ltd.'s rating
on SPJP's bank facilities will now be denoted as CARE B-; ISSUER
NOT COOPERATING.

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

The ratings have been revised on account of stretched liquidity
position of the firm marked by frequent overdrawal in the Cash
Credit (CC) account; however, the same is being regularized within
30 days. The ratings also considers risk associated for being
constituted as a partnership firm with risk of withdrawal of
capital by partners, high government regulations, low profitability
margins and high exposure in group entity. However, the rating
draws strength from experienced partners with long track record of
operations, stable financial performance in FY22 (provisional) and
satisfactory financial risk profile.

Detailed description of the key rating drivers

At the time of last rating on September 01, 2021, the following
were the rating strengths and weaknesses (updated for the
information received from SPJP).

Key rating weaknesses

* Constitution as a partnership firm with risk of withdrawal of
capital: SPJP is a partnership firm and the inherent risk for
withdrawal of capital remains. During FY22 (Prov.), the partners
had withdrawn capital in excess of income generated by Rs.4.5
crores affecting the net worth of the company.

* High exposure in group entity: SPJP has advanced a loan of
INR18.53 crore as on March 31, 2022 (162% of partners' capital)
vis-à-vis INR21.03 crore as on March 31, 2021 (130% of partners'
capital) to its group entity i.e., Fortune Spirit Limited (rated
CARE D; INC) for its working capital requirements. Accordingly,
despite operational performance of the SPJP being stable, liquidity
of the firm got stretched due to consistent support being extended
to group entity.

* High government regulations: Liquor retailing is a highly
regulated industry. There are regulations in terms of advertising,
location of the stores, etc. This apart, the firm has to follow the
purchase terms fixed by Odisha State Beverages Corporation Limited
(OSBCL) which restrict its bargaining power.

* Low profitability margins: SPJP does not have any control over
the selling price of the products dealt with and has to transact at
rates determined by OSBCL. Hence, the firm has limited ability to
expand its margins. However, the firm has been efficient in
reducing the overall operating cost leading to marginal improvement
in profit margin in FY22. The PBILDT margin has improved from 4.72%
in FY21 to 5.97% in FY22.

Key rating strengths

* Experienced partner with long track record of operations: The
firm was established in 1994 by Mr. Rajesh Kumar Sahu. He has an
experience of more than 25 years in the liquor industry.
Currently, there are around 11 partners in the firm.

* Stable financial performance in FY22 (Prov.): The total operating
income of the firm has marginally deteriorated in FY22 (Prov.)
However, the PBILDT margin has increased from 4.72% in FY21 to
5.97% in FY22. The Interest coverage has improved from 2.85x in
FY21 to 3.23x in FY22, on the back of increase in profit. The firm
reported GCA of Rs.2.44 crore as on Mar 31, 2022 (Rs. 2.13 Cr. as
on Mar 31, 2021) vis-à-vis nil debt repayment obligation.

* Satisfactory financial risk profile: The financial risk profile
of the company is satisfactory marked by nil term debt coupled with
overall improvement in debt coverage indicators in FY22. However,
the overall gearing continues to be stable which is around from
0.79x as on March 31, 2022 (0.72x as on March 31st, 2021). The
TDGCA has also improved from 5.49x in FY21 to 3.73x in FY22 on the
account of growth in GCA.

M/s Shiw Prasad Jyoti Prasad (SPJP) was established in 1994 by Mr.
Rajesh Kumar Sahu. He has an experience of more than 25 years.
Currently, there are 11 partners in the firm. SPJP is presently
running 21 liquor retail stores to sell IMFL (Indian Made Foreign
Liquor) and country liquors in various districts of Odisha viz;
Bolangir, Dhenkanal, Bargarh, Sonepur, Kalahandi, etc.


SRINIVASA RICE: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Srinivasa
Rice Industry (SRI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      6.80        CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 11,
2021, placed the rating(s) of SRI under the 'issuer
non-cooperating' category as SRI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SRI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 27, 2022, September 6, 2022, September
16, 2022.

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

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

Srinivasa Rice Industry (SRI) was established in 2013 as a
partnership firm. It was promoted by Mr. M Surya PrabhakaraRao, Mr.
M. VenkataRatnam, Ms. M. Suji and Mr. D VenkateswaraRao. SRI is
engaged in milling and processing of rice. The rice milling unit of
the company is located at East Godavari District, Andhra Pradesh,
with an installed capacity to process 15400 metric tons per annum
Apart from rice processing, the firm is also engaged in selling
by-products such as broken rice, husk and bran.


SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sujala
Pipes Private Limited (SPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       31.80      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      15.07      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 13,
2021, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 30, 2022, August 10, 2022, August 19,
2022.

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

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

Sujala Pipes Private Limited (SPPL), belonging to Nandi group of
Kurnool, Andhra Pradesh (A.P.), was incorporated in 1982 as a
partnership concern and was reconstituted as a Private Limited
Company in February, 1988. SPPL is engaged in manufacturing of
Polyvinyl Chloride (PVC) pipes & fittings used in irrigation
projects, water management, sewerage, & drainage industry, etc.
Nandi group, promoted by Mr. S.P.Y Reddy, is a South India based
industrial house having diversified business interest. Apart from
manufacturing of PVC pipes, the group has presence in cement,
steel, dairy and construction segment.


TANEJA OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Taneja
Overseas (TO) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      9.00       CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category


Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 22,
2021, placed the rating(s) of TO under the 'issuer non-cooperating'
category as TO had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 8, 2022, October 18, 2022, October 28, 2022.

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

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

Taneja Overseas (TO) is a Punjab based, partnership firm
established in 2007 by Mr. Avtar Singh Taneja, Mr. Jaideep Singh
and Mrs. Satinder Kaur. The firm is engaged in processing of paddy
at its manufacturing facility located in Tarn Taran, Punjab.

TECHNOFAB ENGINEERING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Technofab Engineering Limited

        Registered office:
        913, Hemkunt Chambers
        89, Nehru Place
        New Delhi 110019

        Other address:
        Plot No. 5, Sector 27C
        Mathura Road
        Faridabad 121003

Insolvency Commencement Date: November 22, 2022

Court: National Company Law Tribunal, Surat Bench

Estimated date of closure of
insolvency resolution process: May 20, 2023

Insolvency professional: Pradeep Kumar Kabra

Interim Resolution
Professional:            Pradeep Kumar Kabra
                         C/905, Ofira Building V.I.P. Road
                         Bharthana, Vesu
                         Surat, Gujarat 395007
                         E-mail: ippradeepkabra@gmail.com

                            - and -

                         301, 3rd Floor, Reegus Business Center
                         Above Mercedes Showroom
                         New City Light Road
                         Bharthana, Vesu Surat
                         Gujarat 395007
                         Email: ip.technofab@gmail.com

Last date for
submission of claims:    December 6, 2022


TIGER STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tiger Steel
Engineering (India) Private Limited (TSEIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       23.57      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Short Term Bank      38.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      36.00      CARE A4+ (CE); ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE, vide its press release dated October 7, 2021, reviewed the
ratings of TSEIPL under the 'Issuer Non-Cooperating' category as
the company failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CARE has been
seeking information from TSEIPL to monitor the ratings vide emails
dated August 23, 2022, September 2, 2022 and September 06, 2022;
and calls. However, despite our repeated requests, the company has
not provided the requisite information for monitoring the ratings.


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

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

Tiger Steel Industries LLC (flagship company of the Tiger Group of
Companies based out of United Arab Emirates) had extended indirect
support to Tiger Steel Engineering (India) Private Limited in
availing Non-Fund-based limit in India. Tiger Steel Industries LLC
through its bank – Bank of Sharjah, had issued Stand-by Letter of
Credit (SBLC) to ICICI Bank Limited, India. ICICI Bank based on
this SBLC has sanctioned LC limit of INR36.00 crore to Tiger Steel
Engineering (India) Private Limited. Earlier, the abovementioned
rating was based on the terms and requisite documentation provided
to CARE during the last surveillance which was held on December 12,
2016 (the Initial rating of the said facility was done on January
27, 2015). Since the facility is of a revolving nature, CARE has
been seeking information from the company and its existing lenders
regarding the conduct/ classification and current status of the
account.

Incorporated in 1996, Tiger Steel Engineering (India) Private
Limited (TSEIPL) is in the business of design, fabrication and
erection of Pre-engineered Buildings (PEB) such as warehouses,
factory buildings, shopping malls, heavy to light steel such as
pipe racks, platforms etc. for oil & gas and petrochemical
Industries and various other industries. The company is a wholly
owned subsidiary of Tiger Steel Engineering LLC, Sharjah (UAE)
(Tiger Group). The company has manufacturing facility at Murbad,
near Mumbai and at Haridwar in Uttaranchal with a combined capacity
of 27,000 TPA for Hot rolled products and 43,000 TPA for cold-form
products.


TRULY CREATIVE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Truly Creative Developers Private Limited
        66 Rajendra Nagar
        Dattapada Road
        Borivali East
        Mumbai MH 400066
        IN

Insolvency Commencement Date: November 11, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Rajan Garg

Interim Resolution
Professional:            Mr. Rajan Garg
                         Flat No. 202, Wing B
                         2nd Floor, Safal Twins
                         Block Punjabwadi
                         Sion Trombay Road
                         Deonar, Mumbai Suburban
                         Maharashtra 400088
                         E-mail: fcarajangarg@gmail.com

                            - and -

                         Suite No. 5, 8th Floor
                         207, Embassy Centre
                         Jamnalal Bajaj Marg
                         Nariman Point, Mumbai 400021
                         Maharashtra, India
                         E-mail: trulycreative.sipl@gmail.com

Last date for
submission of claims:    November 25, 2022


UTTAM DOORS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Uttam Doors
Private Limited (UDPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 8,
2021, placed the rating(s) of UDPL under the 'issuer
non-cooperating' category as UDPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. UDPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 25, 2022, August 4, 2022, August 14, 2022.

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

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

Nagpur (Maharashtra) based Uttam Door Private Limited (UDPL) was
incorporated in 2012 by Mr. Gulab Patel. The company is engaged in
manufacturing and trading of plywood door, laminates and block
boards. Majority of the revenue is contributed by trading segment.
The manufacturing facility of the company is located at Nagpur
(Maharashtra). The company procures raw material from local
suppliers based in Nagpur and Uttar Pradesh and sell its products
in Maharashtra through dealers.


VENESSA METALS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Venessa Metals & Alloys Private Limited
        A-93, South Extension Part-2 New Delhi
        South Delhi DL 110049

Liquidation Commencement Date: November 18, 2022

Court: National Company Law Tribunal, New Delhi Bench V

Date of closure of
insolvency resolution process: January 11, 2021

Insolvency professional: Ashish Singh

Interim Resolution
Professional:            Ashish Singh
                         Flat No. 901, Tower A-3
                         Cleo County, Sector 121
                         Noida 201301
                         E-mail: ashishsinghcs@gmail.com
                                 vmapl.ip@gmail.com

Last date for
submission of claims:    December 22, 2022


YUMMZ FOODS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Yummz Foods Private Limited
        Village & PO Khamarshimulia
        Krishnagar, Nadia 741121 WB

Insolvency Commencement Date: November 17, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 16, 2023

Insolvency professional: Ram Ratan Modi

Interim Resolution
Professional:            Ram Ratan Modi
                         Merlin Links, 2nd Floor
                         Room No. 2F 166B
                         S.P. Mukherjee Road
                         Kolkata, West Bengal 700026
                         E-mail: rrmodi@gmail.com

                            - and -

                         Resurgent Resolution Professionals LLP
                         Central Plaza
                         2/6, Sarat Bose Road
                         7th Floor, Room No. 708
                         Kolkata 700020
                         E-mail: cirp.yummzfoods@gmail.com

Last date for
submission of claims:    December 1, 2022




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

FLOOR MECHANICS: Court to Hear Wind-Up Petition on Dec. 9
---------------------------------------------------------
A petition to wind up the operations of Floor Mechanics Limited
will be heard before the High Court at Auckland on Dec. 9, 2022, at
10:00 a.m.

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

The Petitioner's solicitor is:

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


HT BUILDING: Creditors' Proofs of Debt Due on Dec. 23
-----------------------------------------------------
Creditors of HT Building Contractors (2018) Limited are required to
file their proofs of debt by Dec. 23, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 18, 2022.

The company's liquidator is:

         John Marshall Scutter
         Fervor Limited
         Level 1, 17–19 Seaview Road
         Paraparaumu Beach


NEW ZEALAND LJ: Creditors' Proofs of Debt Due on Dec. 16
--------------------------------------------------------
Creditors of New Zealand LJ Food Express Taupo Limited are required
to file their proofs of debt by Dec. 16, 2022, to be included in
the company's dividend distribution.

The High Court at Rotorua appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators of the company on Nov. 15, 2022.


OTAGO EXCAVATION: Colin Gower Appointed as Receiver
---------------------------------------------------
Colin Gower and Diana Matchett of BDO Christchurch on Nov. 18,
2022, were appointed as receivers and managers of Otago Excavation
Limited.

The Receivers may be reached at:

         BDO Christchurch
         Awly Building, Level 4
         287–293 Durham Street North
         Christchurch 8013




===============
P A K I S T A N
===============

PAKISTAN: To Repay US$1 Billion Early on Dec. 2, SBP governor Says
------------------------------------------------------------------
The Economic Times reports that Pakistan's central bank chief said
on Nov. 25 that the cash-strapped country would repay a US$1
billion international bond on December 2, three days before its due
date.

Jameel Ahmad, Governor of the State Bank of Pakistan (SBP), said
this at a briefing, according to sources privy to the development.

ET relates that the bond repayment of US$1.08 billion is maturing
on December 5 and there is fear due to the prevailing economic
difficulties that Pakistan may default on the external
liabilities.

Giving details of the payment, Ahmad said that the funding had been
arranged through multilateral and bilateral sources including an
immediate inflow of US$500 million on Nov. 29 from the Asian
Infrastructure Investment Bank.

The governor highlighted that despite payments of US$ 1.8 billion
in November, the foreign exchange reserves were stable. Data showed
that the central bank had US$ 7.8 billion on November 18, but it is
hardly enough for a month's imports.

Ahmad, however, hoped that the situation would improve and the
country would be in a far better position by the end of the
financial year in June 2023.

According to the report, Pakistan's economic situation remains
fragile with the balance of payment being one of the key worries.
Raging inflation and difficulties to expand the tax revenues are
also among the major issues.

ET says the SBP has raised its key policy rate by 100 basis points
to 16 per cent in a bid to control the rising prices but it will
further squeeze the financing needs of the private sector.

Part of the economic problems was due to the political instability
triggered by the delay in the appointment of the new army chief.

Since the appointment has been made, it is believed that political
uncertainty will decrease, giving confidence to the business
community, the report states.

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
31, 2022, Fitch Ratings has downgraded Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.




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

AGASTA MARKETING: Creditors' Proofs of Debt Due on Dec. 27
----------------------------------------------------------
Creditors of Agasta Marketing Solutions Pte. Ltd. are required to
file their proofs of debt by Dec. 27, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 22, 2022.

The company's liquidators are:

          Don M Ho
          David Ho Chjuen Meng
          M/s DHA+pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


KHENG CHEONG: Commences Wind-Up Proceedings
-------------------------------------------
Members of Kheng Cheong Engineering Pte Ltd, on Nov. 21, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Tan Eng Soon
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


KITCHEN CULTURE: Requisitioning Shareholders Claim Successful EGM
-----------------------------------------------------------------
The Business Times reports that Kitchen Culture's requisitioning
shareholders have claimed that shareholders representing about 40
per cent, or 173.6 million of the company's shares, approved the
appointment of five new directors at an extraordinary general
meeting (EGM) held on Nov. 25.

The new directors are James Rogers, appointed as non-executive
director; Yip Kean Mun, appointed as executive director; and Lam
Kwong Fai, Tan Meng Shern and Cheung Wai Man, who were appointed as
independent directors of the company.

Kitchen Culture's existing board, however, continues to deny the
validity of the EGM and its resolutions, according to BT.

In a statement released Friday night [Nov. 25], the board
maintained the five individuals elected would be ineligible for
election as none of them submitted any duly signed consent to
nomination as required by the company's constitution.

BT relates that the existing board of directors said they had
invited the requisitioning shareholders to apply to the Singapore
court to determine whether the call for the EGM was valid, or issue
another set of "proper and compliant" notices for a fresh EGM.

According to the report, the board's statement came following a
press release on Friday afternoon [Nov. 25] issued by the
requisitioning shareholders, which include Kitchen Culture's
largest shareholder Ooway Group, saying motions to replace the five
directors passed with 100 per cent support from eligible
shareholders at the meeting.

The requisitioning shareholders had first tried to remove Kitchen
Culture's directors in September this year. A first attempt at
holding an EGM, also deemed invalid by Kitchen Culture's board, had
been unsuccessful.

Liu Yanlong, an Ooway representative, urged the existing board of
directors to cooperate with the transition, adding that legal
action would be taken "to compel such compliance where necessary,"
BT relays.

In the statement, the requisitioning shareholders said Kitchen
Culture's new directors would be tasked with "turning the company
around and creating shareholder value, while also being mindful to
engage and communicate with shareholders and to run the company in
a more transparent manner".

BT adds that Yip, the new executive director of Kitchen Culture,
said on behalf of the new directors that to be more transparent,
they intend to adopt a policy of frequent engagement and
communication with all shareholders.

Ooway Group and seven individuals collectively own 21.7 per cent of
Kitchen Culture, which provides luxury kitchen fittings.

Trading in the shares of Kitchen Culture has been suspended since
July 12, 2021.

                        About Kitchen Culture

Based in Singapore, Kitchen Culture Holdings Ltd. --
https://www.khlmktg.com/ -- sells and distributes imported kitchen
systems, kitchen appliances, wardrobe systems, and household
furniture and accessories under the Kitchen Culture brand name. It
operates through Residential Projects, and Distribution and Retail
segments.

Kitchen Culture reported three consecutive net losses of SGD3.87
million, SGD4.77 million and SGD11.51 million for years ended  June
30, 2019, 2020, and 2021, respectively.


MERRIMACK PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Nov. 18, 2022, to
wind up the operations of Merrimack Pte Ltd.

PS Energy Pte Ltd filed the petition against the company.

The company's liquidators are:

          Farooq Ahmad Mann
          c/o Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


OPHIR-ROCHOR RESIDENTIAL: Creditors' Proofs of Debt Due on Dec. 27
------------------------------------------------------------------
Creditors of Ophir-Rochor Residential Pte. Ltd. and Ophir-Rochor
Investments Pte. Ltd. are required to file their proofs of debt by
Dec. 27, 2022, to be included in the company's dividend
distribution.

The companies commenced wind-up proceedings on Nov. 18, 2022.

The companies' liquidators are:

          Ong Kok Yeong David
          Lee Wei Hsiung
          c/o Tricor Singapore Pte. Ltd.
          80 Robinson Road #02-00
          Singapore 068898


PINK FISH: Commences Wind-Up Proceedings
----------------------------------------
Members of Pink Fish SG Pte Ltd, on Nov. 21, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Chian Yeow Hang
          c/o Abacus Insolvency Solutions
          238A Thomson Road
          #25-07/08 Novena Square Tower A
          Singapore 307684




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

RAIMON LAND: Fitch Affirms & Withdraws 'CCC(tha)' National Rating
-----------------------------------------------------------------
Fitch Ratings (Thailand) has affirmed Raimon Land Public Company
Limited's (RML) National Long-Term Rating of 'CCC(tha)'. The rating
reflects RML's unfunded liquidity and high refinancing risks over
the next 12 months.

Concurrently, Fitch has chosen to withdraw RML's rating for
commercial reasons.

KEY RATING DRIVERS

High Refinancing Risk; Unfunded Liquidity: Negative funds from
operations (FFO) and significant maturing debt will continue to
pose material refinancing risk and liquidity pressure on RML over
the next 12 months. RML has a commitment to invest in its new
data-centre projects and continue to inject its share of equity
into joint ventures (JV) to fund residential property construction,
which is concentrated in 2022-2024. It also has maturing debentures
totaling THB2.1 billion in 2023, most of which are secured by
property assets.

The success of refinancing and securing new funding at the
holding-company level is likely to hinge on RML's credibility and
favourable market conditions. Fitch understands the company is
considering several funding alternatives, which are also subject to
market uncertainty and execution risks. Financing at the project
level is more manageable because, in addition to the equity
injection from JV shareholders, committed facilities are available
under the project-financing structure, where debt repayments are
tied to proceeds from unit transfers and the projects' cash flow
generation.

Subordinated Cash Flows: RML has deployed an asset-light strategy
via the partnership structure, committing to improve its business
and financial positions. The JV concept should enable RML to better
manage new project launches to improve earnings stability without a
substantial capital burden from land acquisition and development
costs.

However, such structures are opaque and reduce financial
transparency, as cash flows are not consolidated into RML's
financial statements. There are some projects in the pipeline that
could be consolidated as RML is likely to partner with passive
investors, leaving the company with significant control over the
projects.

Limited Dividends from JVs: Most of RML's current and planned
projects have been carried out under the JVs, mainly with Tokyo
Tatemono Asia Pte. Ltd. and MEA Commercial Holdings Pte. Ltd. RML
owns 51%-60% of the JVs and provides proportionate guarantees for
the project-financing loans at the JV level. Its analysis
recognises the cash flow contribution to RML from the JVs via
dividends only due to limited fungibility of cash flow between RML
and the JVs. On the other hand, Fitch includes in RML's debt the
guarantees that it provided to the JVs' project-financing lenders.

Negative FFO to Persist: RML's small operations at the holding
company with sparse project launches has weakened its cash flows.
Negative FFO as well as large development exposure, including
development costs of the Phuket Villa, the data-centre projects and
Bangkok condominium projects under JVs, will continue to drive
RML's leverage to an excessive level in 2022-2023, with unclear
deleveraging capacity beyond 2023.

Fitch expects the dividend distribution from the JVs to be
insufficient to fund FFO over the next two years. Cash proceeds
from non-core asset disposals or equity injections could help
deleveraging. However, this is subject to uncertainty in the
current market conditions and Fitch does not incorporate this in
its projection.

Niche Position, Small Scale: RML is a listed residential property
developer with a reputable brand in core luxury condominiums,
serving both local and foreign buyers. Its key strengths are prime
locations in Bangkok's central business district or riverside and
premium quality. The operating scale is small with average revenue
of THB3 billion a year, or less than 5% of the total revenue of
listed Thai residential property developers. Its completed projects
were nearly fully taken up in 2021, while improving offshore demand
after the border reopening should support new project sales at its
JVs.

DERIVATION SUMMARY

RML's closest rating peer is FNS Holdings Public Company Limited
(B(tha)/Stable), which is a holding company with investments in
several businesses, including residential property development. FNS
has better liquidity than RML, given its large cash balance,
dividends from several investments and no significant capex
commitments. RML is exposed to higher liquidity and refinancing
risks due to its commitment to fund project construction at its
JVs. FNS is therefore rated multiple notches above RML.

RML's rating is multiple notches below that of JWD InfoLogistics
Public Company Limited (BB+(tha)/Rating Watch Positive) due to
higher liquidity risks and a weaker business profile. JWD is a
Thailand-based integrated logistics operator, which generates more
stable income supported by medium- to long-term contracts, while
RML mainly generates subordinated cash flows via dividends from its
JV residential property projects.

KEY ASSUMPTIONS

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

- Minimal revenue in 2022-2023, as all projects under construction
and future projects are carried out under the non-consolidated JVs
in Fitch's rating case, while more material revenue generation will
come from the data-centre projects in 2024;

- EBITDA loss in 2022-2024;

- No dividend from the JVs in 2022, but a dividend of around THB0.5
billion-1.0 billion a year in 2023-2024;

- Equity injection into the JVs totalling THB1.7 billion over
2022-2024;

- No dividend paid to shareholders over 2022-2024.

RATING SENSITIVITIES

Not relevant as the rating has been withdrawn.

LIQUIDITY AND DEBT STRUCTURE

Unfunded Liquidity: Total debt at end-September 2022 was THB3.3
billion, of which THB1.8 billion was due within 12 months. This
consisted of secured debentures of THB250 million due on 27
November 2022, which will be rolled over by the existing investor,
short-term unsecured debentures of THB487 million due June 2023,
secured debentures of THB900 million due September 2023, and loans
of THB170 million.

Several repayment alternatives for these debentures are being
explored but have not yet been secured. These include a plan to
sell RML's non-core assets or projects that are no longer
commensurate with its core luxury focus. The asset sales are under
negotiation with the potential buyers and expected to be completed
by 2023-2024, according to the company. This, if successful as
planned, will help reduce pressure on its leverage and liquidity in
2023-2024. Fitch does not factor in the expected proceeds from any
asset disposal because of the uncertain nature of the
transactions.

Fitch believes the company's accessibility to financial markets
remains weak, given the weak financial profile and unavailability
of unencumbered assets. Fitch expects RML's EBITDA interest
coverage to remain below 1.0x over 2022-2023, reflecting the
vulnerability of the company's financial profile.

ISSUER PROFILE

RML is a listed property developer, focusing on a luxury
residential segment, mainly Bangkok condominiums and beachfront
villas. It also has exposure to small hospitality and commercial
properties that are under construction.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's analysis recognises the cash flow contribution from the JVs
via dividends only. The calculation of adjusted debt includes
interest-bearing debt of RML and its subsidiaries as well as the
obligations under the guarantees RML provides to the JVs. The
obligations under the guarantees will change in line with the
guaranteed debt drawdown and repayment at the JV level.

Fitch assumes RML will provide a similar proportionate guarantee
for the new JVs' project-financing loans as it has provided for
existing JVs' loans. The calculation of adjusted inventory includes
assets only at RML's level, which are project development cost
(including advance payment), property assets purchased for sales,
land awaiting development, investment properties, right-of-use
assets, and investment in JVs.

   Entity/Debt               Rating                  Prior
   -----------               ------                  -----
Raimon Land Public
Company Limited      Natl LT CCC(tha)  Affirmed    CCC(tha)

                     Natl LT WD(tha)   Withdrawn   CCC(tha)

THAI AIRWAYS: Names New CEO Amid Restructuring Plan
---------------------------------------------------
Reuters reports that Thai Airways International PCL said on Nov. 25
that Chai Eamsiri would become the company's chief executive
officer from Feb. 1, as it proceeds with a pandemic-driven
restructuring plan.

Chai, currently the firm's chief financial officer, was chosen for
the top job from 53 internal and external candidates, the company
said in a statement, Reuters relays.

"The appointment is a crucial next step to build trust and
confidence among the creditors, passengers and business partners,"
it said, adding Chai had 37 years of experience and knowledge in
the Thai aviation industry.

Reuters says the airline, which has had acting CEOs since 2020,
opened applications for the top job in September. Candidates were
required to be Thai nationals in line with government regulations.

Thai Airways began bankruptcy protected restructuring of debt worth
THB400 billion (US$11.17 billion) last year.

The new CEO will have to work with the restructuring committee and
oversee the airline's recovery, Reuters 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.



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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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