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

                     A S I A   P A C I F I C

          Wednesday, November 30, 2022, Vol. 25, No. 233

                           Headlines



A U S T R A L I A

ACCE AUSTRALIA: Second Creditors' Meeting Set for Dec. 1
ELLSWORTH PTY: First Creditors' Meeting Set for Dec. 6
FTX AUSTRALIA: First Creditors' Meeting Set for Dec. 1
MITSHABEL PTY: First Creditors' Meeting Set for Dec. 2
TIQK PTY: First Creditors' Meeting Set for Nov. 30



C H I N A

CBAK ENERGY: Incurs $849K Net Loss in Third Quarter
CHINA EVERGRANDE: May Propose Swapping Debt for HK Shares
CHINA EVERGRANDE: To Sell Shenzhen Commercial Plot for $1.05BB
GUANGXI FINANCIAL: Moody's Affirms 'Ba1' CFR, Outlook Stable


I N D I A

AMBICA INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
BEFFY CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
DHRUVTARA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
DIGI EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
DUROPLY INDUSTRIES: CRISIL Lowers Long/Short Term Ratings to D

GOBIND INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
ISHANI RICE: CRISIL Lowers Long/Short Term Debt Ratings to D
JIWANRAM SHEODUTTRAI: CRISIL Withdraws D Rating on INR13.2cr Loan
KAISER APPLIANCES: CRISIL Keeps B Debt Ratings in Not Cooperating

KEEN AND CORE: CRISIL Keeps C Debt Rating in Not Cooperating
M.P.S. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
MAPSKO BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating
MARS THERAPEUTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
METCUT TOOLINGS: CRISIL Keeps D Debt Ratings in Not Cooperating

NIK-SAN ENGINEERING: CRISIL Lowers Rating on INR8.2cr Loan to C
OM BESCO: CRISIL Lowers Rating on INR15cr Cash Loan to D
ORMA MARBLE: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJHANS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating
RAM COMTRADE: CRISIL Lowers Long/Short Term Debt Ratings to D

RAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
REFORM FERRO: NCLT Admits SBI's Insolvency Plea vs. Firm
S.M. RAM: CRISIL Keeps D Debt Ratings in Not Cooperating Category
SAMYU GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
SOKHI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating

SWARG GOLDTOUCH: CRISIL Keeps B- Debt Ratings in Not Cooperating
TECHNO SAT: CRISIL Keeps D Debt Ratings in Not Cooperating
UNIQUE INFRASPACE: CRISIL Keeps B Debt Rating in Not Cooperating
VARSHIL PACKAGING: CRISIL Reaffirms B+ Rating on INR17cr Loan
VISHNUJI REFINERY: CRISIL Keeps B+ Debt Rating in Not Cooperating

WILLIAM INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating


J A P A N

FTX JAPAN: Executive Sees User Funds Safe From Parent's Bankruptcy
TOSHIBA CORP: Preferred Bid Delayed Amid Loan Uncertainty


M A L A Y S I A

CAPITAL A: To Combine AirAsia and AirAsia X as Part of Revamp Plan


N E W   Z E A L A N D

BARAKAT CONCRETE: Creditors' Proofs of Debt Due on Dec. 22
CORE CIVIL: Court to Hear Wind-Up Petition on Dec. 8
D AND K CIVIL: Creditors' Proofs of Debt Due on Jan. 7
KWIK CLEANING: Court to Hear Wind-Up Petition on Dec. 15
PREMIUM HOMES: Grant Bruce Reynolds Appointed as Liquidator

RAWSON INDUSTRIES: Court to Hear Wind-Up Petition on Dec. 5


S I N G A P O R E

A&A UNIVERSE: Katja Monika Beate Daborn Appointed as Liquidator
ALPHA BODYTEC: Court to Hear Wind-Up Petition on Dec. 9
EQONEX CAPITAL: Placed in Provisional Liquidation
FTX TRADING: Singapore Gov't. Faces Parliament Over FTX Fallout
GMEDES PTE: Commences Wind-Up Proceedings

IRCI INDUSTRIES: Court to Hear Wind-Up Petition on Dec. 9

                           - - - - -


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

ACCE AUSTRALIA: Second Creditors' Meeting Set for Dec. 1
--------------------------------------------------------
A second meeting of creditors in the proceedings of ACCE Australia
Pty Ltd has been set for Dec. 1, 2022, at 2:00 p.m. virtually by
Microsoft Teams teleconference.
  
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. 30, 2022, at 4:00 p.m.

Bradley John Tonks of PFK was appointed as administrator of the
company on Sept. 23, 2022.


ELLSWORTH PTY: First Creditors' Meeting Set for Dec. 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Formtrade
Pty Ltd and Ellsworth Pty Ltd and will be held on Dec. 6, 2022, at
10:00 a.m. and 10:30 a.m. respectively via Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Nov. 24, 2022.


FTX AUSTRALIA: First Creditors' Meeting Set for Dec. 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of FTX
Australia Pty Ltd and FTX Express Pty Ltd will be held on Dec. 1,
2022, at 11:00 a.m. via virtual meeting only.

John Mouawad, Scott Langdon and Rahul Goyal of KordaMentha were
appointed as administrators of the company on Nov. 11, 2022.


MITSHABEL PTY: First Creditors' Meeting Set for Dec. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Mitshabel
Pty Ltd will be held on Dec. 2, 2022, at 3:30 p.m. at Level 1, 160
Pacific Highway in Charlestown and via teleconference.

Jeffrey Allan Shute of Shaw Gidley was appointed as administrator
of the company on Dec. 2, 2022.


TIQK PTY: First Creditors' Meeting Set for Nov. 30
--------------------------------------------------
A first meeting of the creditors in the proceedings of TIQK Pty
Ltd, TIQK (Holdings) Pty Ltd and TIQK Investments Pty Ltd will be
held on Nov. 30, 2022, at 11:00 a.m. at the offices of
HoganSprowles at Level 9, 60 Pitt Street in Sydney and via virtual
facilities.

Michael Hogan and Brendan Copeland of HoganSprowles were appointed
as administrators of TIQK Pty et al. on Nov. 21, 2022.




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

CBAK ENERGY: Incurs $849K Net Loss in Third Quarter
---------------------------------------------------
CBAK Energy Technology, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $848,728 on $57.72 million of net revenues for the
three months ended Sept. 30, 2022, compared to net income of $20.02
million on $9.56 million of net revenues for the three months ended
Sept. 30, 2021.

For the nine months ended Sept. 30, 2022, the Company reported net
income of $848,040 on $194.27 million of net revenues compared to
net income of $52.35 million on $24.87 million of net revenues for
the same period during the prior year.

As of Sept. 30, 2022, the Company had $251.21 million in total
assets, $123.61 million in total liabilities, and $127.60 million
in total equity.

Liquidity and Capital Resources

The Company had financed its liquidity requirements from a variety
of sources, including short-term bank loans, other short-term loans
and bills payable under bank credit agreements, advance from its
related and unrelated parties, investors and issuance of capital
stock and other equity-linked securities.

As of Sept. 30, 2022, the Company had cash and cash equivalents and
restricted cash of $41.6 million.  Its total current assets were
$129.2 million and its total current liabilities were $115.9
million, resulting in a net working capital of $13.3 million.

As of Sept. 30, 2022, the Company had an accumulated deficit of
$121.2 million.

CBAK stated in the filing that, "The Company has accumulated
deficit from recurring net losses incurred for the prior years and
significant short-term debt obligations maturing in less than one
year as of September 30, 2022.  These conditions raise substantial
doubt about the Company ability to continue as a going concern. The
Company's plan for continuing as a going concern included improving
its profitability, and obtaining additional debt financing, loans
from existing directors and shareholders for additional funding to
meet its operating needs.  There can be no assurance that the
Company will be successful in the plans described above or in
attracting equity or alternative financing on acceptable terms, or
if at all."

Management's Comments

Yunfei Li, chairman and chief executive officer of the Company,
commented: "Our company managed to maintain a strong momentum in
the growth of revenues in the third quarter of 2022.  Our efforts
to develop the electric vehicle ("EV") & light electric
vehicle("LEV") market have achieved noticeable progress.  Our
revenues contributed from the EV & LEV market in the third quarter
grew by 413% compared to the same period in 2021.  Our strategic
partnership with JinPeng Group, one of China's biggest LEV
manufacturers, and its EV manufacturing unit, Jemmell, brings our
battery products to an increasing number of electric vehicles. With
our cooperation with more EV/LEV manufacturers, we anticipate to
see our products be applied to more electric vehicles and revenues
from this market segment grow at a faster pace."

Mr. Li continued: "We are also glad to see that there is an
increasing global demand for green energy, which substantially
boost our energy storage business.  We believe that our clients
with businesses all over the world will keep a strong demand for
our battery products in the near future."

Xiangyu Pei, interim chief financial officer of the Company, noted:
"In the first nine months of 2022, we managed to achieve a
year-over-year increase of 681% in revenues to $194 million. During
this period, revenues from our battery business grew by 168% to
$66.6 million as compared to the same period of 2021, of which
revenues from the LEV/EV sector have posted a strong increase of
341%.  Given the strong demand for our battery products, we are
very positive about our growth and development in the near term."

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

                       tinyurl.com/5hen7csb

                        About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications.  Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.

Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 15, 2022, citing that the Company has negative
cash flows from operating activities, accumulated deficit from
recurring net losses incurred for the prior years and significant
short-term debt obligations maturing in less than one year as of
Dec. 31, 2021.  All these factors raise substantial doubt about its
ability to continue as a going concern.


CHINA EVERGRANDE: May Propose Swapping Debt for HK Shares
---------------------------------------------------------
The Standard reports that China Evergrande has told offshore
creditors it plans to present a restructuring proposal as soon as
the first week of December to meet a self-imposed deadline,
according to people familiar with the matter.

According to The Standard, the proposal may include swapping debt
for shares in Evergrande's Hong Kong-listed auto and property
management units, one of the people said.

Evergrande's mainland assets will be mostly out of reach for its
offshore investors, the person added.

The Standard relates that Evergrande's working team overseen by the
local Guangdong government also recently reported a request from
one ad-hoc creditor committee to regulators, two people said,
adding that the group of creditors asked chairman Hui Kayan to
inject at least US$2 billion of his personal wealth into Evergrande
as a condition for agreeing with any proposals from the company,
the people said.

The moves dovetail with an acceleration of asset disposals by
state-backed creditors on the mainland, indicating that Beijing may
be close to deciding the fate of the world's most indebted
developer, The Standard says.

                        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 in
October 2022, Moody's Investors Service has withdrawn 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.


CHINA EVERGRANDE: To Sell Shenzhen Commercial Plot for $1.05BB
--------------------------------------------------------------
Reuters reports that China Evergrande Group said on Nov. 28 its
unit has entered into a deal to sell a piece of commercial land in
Shenzhen for CNY7.54 billion (US$1.05 billion), as the embattled
property developer looks to shave off its massive debt.

According to Reuters, Evergrande, which has about $300 billion in
liabilities, has been at the centre of a deepening property debt
crisis in China that has seen multiple developers defaulting on
their offshore debt obligations over the past year, prompting many
to consider debt restructuring.

Reuters relates that the company said it will sell the land to
Shenzhen Anhe No. 1 Property Development, a unit of Shenzhen Anju
Construction Investment and Operation. Real-estate firm China Vanke
holds a 20% stake in Shenzhen Anju.

Evergrande expects a loss of about CNY163 million from the disposal
of the 10,376.82 square meter landholding located in Shenzhen, the
report notes.

Reuters adds that the company said the proceeds from the sale will
be used to repay relevant debts in respect of the land, while
adding the land did not generate any rental income in 2020 and
2021.

                        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 in
October 2022, Moody's Investors Service has withdrawn 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.


GUANGXI FINANCIAL: Moody's Affirms 'Ba1' CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service has affirmed Guangxi Financial Investment
Group Co., Ltd's (GXFIG) Ba1 long-term corporate family rating.
Moody's has also affirmed GXFIG's Baa2 backed senior unsecured
rating for its USD bond, which is guaranteed by Guangxi Investment
Group Co. Ltd (GXIG, Baa2, stable).

GXFIG is a subsidiary of GXIG, which is wholly owned by the Guangxi
Autonomous Region Government (Guangxi Government) and supervised by
the Guangxi State-owned Assets Supervision and Administration
Commission (Guangxi SASAC).

The entity outlook is stable.

RATINGS RATIONALE

The affirmation of GXFIG's ratings with a stable outlook reflects
Moody's assessment that the company's good capital position will
offset risks associated with its changing business mix, geographic
concentration and low profitability over the next 12-18 months. In
addition, the company will remain strategically and financially
important to its parent GXIG and the Guangxi Government.

GXFIG's Ba1 CFR incorporates (1) the company's b1 standalone
assessment, (2) a one-notch uplift based on Moody's assumption of a
very high level of support from GXIG, and (3) a two-notch uplift
based on Moody's assumption of a high level of support from the
Government of China (A1 stable) in times of need.

The Baa2 backed senior unsecured rating incorporates GXFIG's b1
standalone assessment and five notches of uplift based on an
affiliate-backed level of support from GXIG, reflecting the parent
company's unconditional and irrevocable guarantee on the bond. The
guarantee represents an unsecured and unsubordinated obligation of
GXIG. Obligations under the guarantee will rank pari passu with
GXIG's existing and future unsecured and unsubordinated
obligations. Therefore, the Baa2 backed senior unsecured bond
rating is at the same level as GXIG's Baa2 issuer rating.

GXFIG has been restructuring its business mix since 2020, aiming to
become a financial holding company. GXIG injected 90% ownership in
Guangxi Investment Group Capital Management Company Limited (GXIG
Capital) and 95% ownership in Guangxi Investment Group Financial
Holding Co. Ltd. into GXFIG (GXIG Financial Holding) during 2020
and 2021. In addition, most of the nonfinancial services-related
assets have been transferred out of GXFIG. Moody's expects the
Guangxi Government and GXIG to inject more shareholding of
financial institutions in the province to GXFIG.

Moody's expects GXFIG's profitability to remain weak over the next
12-18 months because of the change in business mix. The company's
return on average assets (ROAA) amounted to 0.3% in 2021, dampened
by the high loss ratio of the company's property and casualty (P&C)
insurance business, low yield of its microfinance and leasing
business, and an increase in impairment losses. The company's
annualized ROAA improved to 0.9% in the first half of 2022,
compared with 0.8% in the same period last year, due to lower
finance costs and a net recovery of provision charges. The company
reported large amounts of investment gains and fair value gains in
2021 and H1 2022, which were a key driver of its profitability
during the period.

GXFIG has good capital adequacy that benefited from multiple rounds
of capital injections, as well as the injection of assets, such as
shareholding in GXIG Capital and GXIG Financial Holding, by the
provincial government and GXIG. In Q1 2022, the company raised
RMB5.7 billion in equity capital by issuing new shares to the
Department of Finance of Guangxi, GXIG and other local enterprises
owned by the provincial government. Moody's expects the Guangxi
Government and GXIG to inject more capital to support GXFIG's
transition into a financial holding company over the next 12-18
months.

GXFIG has lowered its credit risks by significantly reducing its
outstanding microloan balance since 2020. GXFIG's outstanding
guarantee balance has also declined over the past two years. At the
same time, GXFIG's investment properties increased to RMB31.6
billion as of June 30, 2022 from RMB175 million as of the end of
2019, mainly because of GXFIG's swap of microloans for land from
other government-related entities in the province. The value of
these investment properties will be affected by the property market
and local government's planned usage of the land. As of June 30,
2022, on-balance sheet loans, investment properties and off-balance
sheet guarantee exposures were equivalent to 2%, 27% and 29% of its
total assets respectively.

GXFIG heavily relies on wholesale funding and has large amounts of
debts due over the next two years. The refinancing risk is
mitigated by the parental support from GXIG. After becoming GXIG's
subsidiary in December 2019, GXFIG benefited from various kinds of
funding support from GXIG, including credit enhancement for its
onshore and offshore funding, and shareholder loans, which lowered
its refinancing risk and funding cost.

Moody's assumption of a very high level of support from GXIG is
based on the company's ownership structure, management alignment,
and GXFIG's strategic importance to and financial link with its
parent. After its equity placement in Q1 2022, GXFIG is 71.4% owned
by GXIG and 13.9% owned by the Department of Finance of Guangxi.

The high level of support from the Chinese government takes into
consideration (1) GXIG's status as the largest state-owned
enterprise in Guangxi in terms of total assets; (2) the strategic
importance of GXIG's underlying businesses to the Guangxi
Government; (3) GXIG's close links with the Guangxi Government; and
(4) the strong track record of government support for GXFIG. The
Guangxi Government has positioned GXFIG as the key platform for
consolidating the government-owned financial services businesses in
the region.

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

Moody's could upgrade GXFIG's Ba1 rating if the level of parental
or government support for the company increases, or its standalone
assessment improves.

GXFIG's standalone assessment could improve if the company (1)
significantly strengthens its asset quality and profitability while
maintaining a robust capital adequacy level, with its net
income/average managed assets ratio above 1.0% and tangible common
equity/tangible managed assets ratio above 16.0% on a sustained
basis; (2) improves its liquidity, with a higher coverage of its
debt maturities; and (3) significantly reduces the complexity and
opacity of its operations by streamlining its organizational
structure and stabilizing its business model.

Moody's could downgrade GXFIG's Ba1 rating if the level of parental
or government support weakens because of the company's diminishing
strategic importance to its parent and the regional economy, or the
company's standalone assessment is lowered.

GXFIG's standalone assessment could be lowered if (1) the company's
asset quality and profitability deteriorate significantly, with its
net income/average managed assets ratio below 0.3% on a sustained
basis; (2) its capital adequacy weakens because of aggressive asset
expansion and minimal internal capital generation, with its
tangible common equity/tangible managed assets ratio below 12.0% on
a sustained basis; or (3) its coverage of debt maturities declines
significantly, and the company faces difficulties in refinancing
its maturing debt.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

Headquartered in Nanning, Guangxi, Guangxi Financial Investment
Group Co., Ltd reported consolidated total assets of RMB115.5
billion as of the end of June 2022.




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

AMBICA INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Ambica
International Food Company Private Limited (SAIFCO) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            59         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            30         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            21         CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing         37         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing         18         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing         15         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Term Loan              11.06      CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SAIFCO was set up by Mr Ishwar Chand Goel in 1983 as a
proprietorship firm, and was reconstituted as a private limited
company in November 2006. It mills and processes basmati rice. Its
plant is at Taraori in Karnal, Haryana. The company also purchases
semi-processed rice from smaller mills in the area, and sorts and
exports it.


BEFFY CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Beffy Cashew
Company (BCC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        7         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      3         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         27         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          8         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital         4         CRISIL D (Issuer Not
   Facility                          Cooperating)

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

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

Detailed Rationale

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

BCC, set up in 2003, is based in Kollam. The firm processes raw
cashew nuts. Mr. Benny George manages operations.


DHRUVTARA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhruvtara
Agro and Allied Industries Private Limited (DAAIPL) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Proposed Long Term     1          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              4          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2013 as a private limited company, DAAIPL processes
food items such as wheat flour, maida, and sooji. Mr Baban Phatke
is the promoter.


DIGI EXPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Digi Export
Venture Private Limited (DEVPL; a part of the Five Core group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        2         CRISIL D (Issuer Not
                                     Cooperating)

   Bill Discounting        8         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit in       6         CRISIL D (Issuer Not
   Foreign Currency                  Cooperating)

   Proposed Fund-          5         CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL),
Visual and Acoustics Corporation LLP (Visual), DEVPL, Happy
Acoustics Pvt Ltd (Happy), 5Core, and Neha Exports (Neha). This is
because all these entities, collectively referred to as the Five
Core group, have common management, brand, customers, suppliers,
and strong operational synergies. Furthermore, 5Core is a wholly
owned subsidiary of FCEL.

DEVPL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr Amarjit Kalra
and his family manage the operations. Incorporated in 2002, FCEL is
listed on the National Stock Exchange Emerge platform since May
2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan).

Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are
private-limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core was set up in 2012 and has a unit in Bhiwadi.


DUROPLY INDUSTRIES: CRISIL Lowers Long/Short Term Ratings to D
--------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Duroply Industries
Limited (DIL) to 'CRISIL D; Issuer not cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating', as company has delayed
servicing its debt obligation.

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

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

CRISIL Ratings has been consistently following up with DIL for
obtaining information through email dated July 12, 2022, September
28, 2022 and November 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of the entity, which restricts its
ability to take a forward-looking view on the entity's credit
quality.

CRISIL Ratings believes the rating action on DIL is consistent with
'Assessing Information Adequacy Risk'. Based on the best available
information, CRISIL Ratings has downgraded the rating to 'CRISIL D;
Issuer not cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating', as company has delayed servicing its debt
obligation.

Incorporated in 1957 as a private limited company, DIL manufactures
plywood and allied products. It became a deemed public limited
company in 1974 and is listed on the Bombay Stock Exchange. Units
are in Jeypore, Assam, and Rajkot, Gujarat. It also owns a
bought-leaf tea processing factory in Jeypore.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            22         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   SME Gold Card           2.2       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan               2.8       CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

GIPL was incorporated in 1991, promoted by Mr Sushil Kumar Agarwal
and his family members. The company manufactures agricultural
implements at its facility in Barabanki, Uttar Pradesh, with an
installed capacity of 12,000 implements per annum.


GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gourav
Poultries India Private Limited (GPPL; part of the Rathi group)
continue to be 'CRISIL C Issuer Not Cooperating'.

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

   Proposed Long Term     1.33       CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             12.12       CRISIL C (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

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

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

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

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

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


ISHANI RICE: CRISIL Lowers Long/Short Term Debt Ratings to D
------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Ishani Rice Mills
Private Limited (IRMPL; formerly known as Agnibina Rice Mills
Private Limited) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4', citing lack of information and
management cooperation.

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

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

CRISIL Ratings has been consistently following up with IRMPL and
has sought information through letters and emails dated October 28,
2022 and November 17, 2022, apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IRMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that the rating action on
IRMPL is consistent with 'Assessing Information Adequacy Risk'.

Consequently, the ratings have been downgraded to 'CRISIL D/CRISIL
D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4', citing
lack of information and management cooperation.

The downgrade reflects the ongoing delays in servicing of debt
obligation.

IRMPL was incorporated in 2013 and commenced operation in April
2018. The company is owned and managed by Mr Nazrul Islam Miya and
his family members. It operates a rice mill at Burdwan, West Bengal
with an installed capacity of 24,000 metric tonnes per annum.


JIWANRAM SHEODUTTRAI: CRISIL Withdraws D Rating on INR13.2cr Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Jiwanram Sheoduttrai Industries Private Limited (JSIPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.25        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Foreign Bill          8           CRISIL D/Issuer Not
   Discounting                       Cooperating (Withdrawn)

   Letter of Credit      1           CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Packing Credit       10           CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Fund-       13.2         CRISIL D/Issuer Not
   Based Bank Limits                 Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with JSIPL for
obtaining information through letters and emails dated October 16,
2021 and December 21, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JSIPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on JSIPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
JSIPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
JSIPL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL Rating's policy on withdrawal of its rating on bank
loan facilities.

JSIPL, incorporated in 1997 and promoted by Mr Alok Prakash, is
based in Kolkata. The company manufactures leather-based protective
gloves, garments, and accessories.


KAISER APPLIANCES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaiser
Appliances (KA) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         10         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Working Capital        10         CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

   Working Capital        15         CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

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

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

Detailed Rationale

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

KA was established as a proprietorship by Mr Girish Gupta in 2005.
It manufactures and sells kitchen appliances, including gas stoves,
mixer grinder and others. The manufacturing facility is in
Faridabad.


KEEN AND CORE: CRISIL Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keen and Core
Developers (KCD) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          5         CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             6         CRISIL C (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

KC is proprietorship of Mr Satyabeer Singh registered in June 2008.
The firm is engaged in civil, building and road construction work.
Operations are concentrated in Uttar Pradesh and Madhya Pradesh.


M.P.S. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M.P.S. Steel
Castings Private Limited (MPS) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            23         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        8         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     47.01      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        25         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

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

Detailed Rationale

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

MPS was set up in in 1996 to manufacture sponge iron and mild-steel
ingots. Currently, there are no commercial operations in MPS.


MAPSKO BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mapsko
Builders Private Limited (MBPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               25        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in January 2003, MBPL develops residential real estate
projects. It is a part of the Krishna Apra group that was set up in
1997 by Mr. Amrit Singla (director, Apra Builders Ltd).


MARS THERAPEUTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mars
Therapeutics and Chemicals Limited (MTCL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            5.75       CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest        0.55       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Proposed Long Term     0.20       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        5.00       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

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

Detailed Rationale

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

MTCL was originally set up as a private limited company by Mr P
Appa Rao and family in 1993. It manufactures pharmaceutical
formulations for the domestic market at its facility in
Secunderabad, Telangana.


METCUT TOOLINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Metcut
Toolings Private Limited (MTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Letter of Credit       0.6        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     9.45       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        2.9        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1989, MTPL manufactures carbide cutting tools that
are primarily used in the automotive industry. The company is
promoted by Mr. Kushal J Shetty.


NIK-SAN ENGINEERING: CRISIL Lowers Rating on INR8.2cr Loan to C
---------------------------------------------------------------
CRISIL Ratings has revised its rating on the long-term bank
facilities of Nik-San Engineering Company Limited (NSECL) to
'CRISIL C/Issuer not cooperating' from 'CRISIL B/Stable/Issuer not
cooperating; the short term rating continues to be 'CRISIL
A4/Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         16         CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             8.2       CRISIL C (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Letter of Credit        7         CRISIL A4 (Issuer Not
                                     Cooperating)

   Working Capital         5         CRISIL C (ISSUER NOT
   Term Loan                         COOPERATING; Revised from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with NSECL for
obtaining information through letters and emails dated August 30,
2022, September 10, 2022 and September 15, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NSECL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSECL
is consistent with 'Assessing Information Adequacy Risk'.

NCLT alert has been obtained against Nik -san Engineering Pvt Ltd.
company by Limited dated 9th November 2022.

Therefore, on account of inadequate information and lack of
management cooperation and NCLT issuance, CRISIL Ratings has
revised its rating on the long-term bank facilities of NSECL to
'CRISIL C/Issuer not cooperating' from 'CRISIL B/Stable/Issuer not
cooperating; the short term rating continues to be 'CRISIL
A4/Issuer not cooperating'.

NSECL is promoted by Mr. Suresh Kumar Choudhary and Mr. Naresh
Kumar Choudhary and was established has firm in 1993. The company
is involved in the manufacturing of distribution ransformers, low
tension current transformers (LTCT) and current and potential
transformers, with its manufacturing facility being located at
Vadodara, Gujarat. These products find application in the
distribution of electrical power and measuring instruments.


OM BESCO: CRISIL Lowers Rating on INR15cr Cash Loan to D
--------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of OM Besco Rail Products Limited (OBRPL), as:

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL C ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with OBRPL for
obtaining information through email dated January 22, 2022,
February 7, 2022 and 17th November 2022 apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of OBRPL, which restricts CRISIL
Ratings's ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
OBRPL's is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has downgraded the rating to
'CRISIL D; issuer not cooperating' from 'CRISIL C; issuer not
cooperating' The downgrade reflects stretched liquidity position of
the company resulting in delays in debt servicing and overdrawals
in fund-based limit

OBRPL, is a Kolkata based company, is involved in manufacture alloy
steel casting products for use in railway freight wagons. The
company has manufacturing facility based in Kolkata.


ORMA MARBLE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Orma Marble
Palace Private Limited (OMPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       5          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1994, OMPPL promoted by Mr. Lijo Joseph in
Angamaly, Kerala, is primarily engaged into in trading of granites,
marbles, ceramic tiles, vitrified tiles, adhesives, sanitary and
bathroom fittings, etc. The company owns three showrooms in
Angamaly.


RAJHANS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajhans
Infratech Private Limited (RIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               16        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1982, RIPL develops real estate in Noida, Uttar
Pradesh. Mr Ramesh Goel and Mrs Neelam Goel are the promoters.


RAM COMTRADE: CRISIL Lowers Long/Short Term Debt Ratings to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Shri Ram Comtrade Pvt
Ltd (SRCPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'

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

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

CRISIL Ratings has been consistently following up with SRCPL for
obtaining information through letters and emails dated September
22, 2021, November 12, 2021 and November 17, 2022, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

Investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'issuer not cooperating' as the rating has been
arrived at without any interaction with the management and is based
on best available, limited or dated information regarding the
company. Such non-cooperation by a rated entity may be a result of
weakening of its credit risk profile. Ratings with the 'issuer not
cooperating' suffix lack a forward-looking component.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or the strategic intent of SRCPL, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. The rating action on SRCPL is consistent
with the 'Assessing Information Adequacy Risk'

Consequently, the ratings have been downgraded to 'CRISIL D/CRISIL
D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating', citing lack of information and management
cooperation.

The downgrade reflects ongoing delays in debt servicing.

Incorporated in 2012, SRCPL trades in construction materials, such
as steel, cement and other materials such as jute, electrical items
and sanitaryware. The company is based in Ranchi, Jharkhand, and
carries out its business in the state. Mr Abhishek Agarwal and Mr
Prakash Sarawgi, who has over two decades of experience in trading
construction materials, are the promoters of the company.


RAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ram
Industries (Harij) (RI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.75        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.25        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

RI, formed in 2007, is promoted by Patan, Gujarat-based Mr Jaydev
Thakkar and his family members. The firm gins cotton.


REFORM FERRO: NCLT Admits SBI's Insolvency Plea vs. Firm
--------------------------------------------------------
The Economic Times reports that the bankruptcy court has allowed
the State Bank of India's petition seeking to initiate insolvency
proceedings against Kolkata-based steelmaker Reform Ferro Cast and
appointed Arun Kumar Gupta as its interim resolution professional.


ET relates that state-owned lender SBI had approached the Kolkata
bench of the National Company Law Tribunal (NCLT) against the
steelmaker after it defaulted on its dues of about INR267 crore.

The company had originally defaulted on its loans in April 2014 and
later the lender approached the Debt Recovery Tribunal (DRT)
against the company in June 2015, the report notes.


S.M. RAM: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.M. Ram Coal
Importers Private Limited (SMR) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Negotiation       2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      12          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

SMR was established in 2009 as a proprietorship concern by Mr SM
Ramar and was reconstituted as a private limited company in fiscal
2016. The company trades in steam coal and is based in Thoothukudi,
Tamil Nadu.


SAMYU GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Samyu Glass
Private Limited (SGPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        3.35        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          13.6         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      2.35        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       11.8         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        0.7         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital      11.1         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

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

Detailed Rationale

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

Based in Hyderabad, SGPL manufactures glass containers. The company
is promoted by Mr. S V Reddy and his associates.


SOKHI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sokhi Steels
Private Limited (SSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Term Loan              6          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SSPL was incorporated in 2011, promoted by Mr Lakhbir Singh Sokhi,
Mr Jagbir Singh Sokhi, and Mr Sukhbir Singh Sokhi; it commenced
operations in fiscal 2014. The company manufactures SG iron, cast
iron, and steel products.  It has a total furnace induction
capacity of about 750 tonne per annum at its plant in Ludhiana,
Punjab.


SWARG GOLDTOUCH: CRISIL Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swarg
Goldtouch Limited (SGTL) continue to be 'CRISIL B-/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1          CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Set up as a proprietorship firm in 2004, SGTL was reconstituted as
a limited company in 2008. SGTL trades in imitation jewellery. The
company has 18 retail shops in Mumbai, Thane, Pune, and Nashik (all
in Maharashtra).


TECHNO SAT: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Techno Sat
Comm (India) Private Limited (TSCIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            14         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           5         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Non            6.1       CRISIL D (Issuer Not
   Fund based limits                 Cooperating)

   Proposed Term Loan     25         CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Mumbai based TSCIPL, established in 2008, provides system
integration services such as networking and IT services, setting up
of surveillance, Wi-Fi solutions, Internet Protocol-based paging
systems, and interactive TV. The company has won a 10-year contract
from DMRC to provide free Wi-Fi on all its routes.


UNIQUE INFRASPACE: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Unique
Infraspace Private Limited (UIPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         35         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2011, UIPL, promoted by Mr Joitaram Ramdas Patel,
Mrs Prabhavati V Vaishnav, Mr Joydev Ganguly and Mr. Ramesh Wani,
undertakes projects in Ahmedabad.


VARSHIL PACKAGING: CRISIL Reaffirms B+ Rating on INR17cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Varshil Packaging Private Limited
(VPPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.5        CRISIL A4 (Reaffirmed)

   Cash Credit           7          CRISIL B+/Stable (Reaffirmed)

   Term Loan            17          CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale of operations, large
working capital requirement and below-average financial risk
profile of VPPL. These weaknesses are partially offset by extensive
experience of the promoters in the packaging industry and
diversified end-user industry base.

Analytical Approach

Unsecured loans from promoters of INR12.19 crore as on March 31,
2022, have been treated as neither debt nor equity (NDNE).

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The packaging industry is highly
fragmented and the consequent intense competition will continue to
constrain scalability, pricing power and profitability. Increase in
scale will remain a key rating sensitivity factor over the medium
term.

* Large working capital requirement: The working capital cycle is
likely to remain stretched as the company needs to extend high
credit period to customers and hold large work in process and
inventory to meet business need. Gross current assets have been
149-185 days for the past four fiscals and were 185 days as on
March 31, 2022, driven by debtors of 94 days and inventory levels
of 68 days.

* Below-average financial risk profile: Financial risk profile may
continue to be weak owing to modest cash accrual. Networth was
negative at -INR0.22 crore and gearing high at -107.85 times as on
March 31, 2022. Debt protection metrics were subdued, with interest
coverage ratio of 1.15 times and net cash accrual to total debt
ratio of 0.02 time in fiscal 2022.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of over a decade in the packaging industry; their strong
understanding of market dynamics and healthy relationships with
suppliers and customers should continue to support the business.

* Diversified end-user industry base: The end-user portfolio is
vast and comprises industries such as pharmaceutical and medical,
fast moving consumer goods, food and beverages, retail and
branding, and printing. Such diversity insulates the company from
risk of slowdown in any particular industry and aids in steady
growth.

Liquidity: Stretched

Cash accrual is projected at INR1.5-5.7 crore per annum,
insufficient to meet debt obligation of INR2.4-3.9 crore over the
medium term. Bank limit utilisation was high at around 98% for the
11 months through May 2022. Current ratio stood at 1.03 times on
March 31, 2022. Negative networth constrains financial flexibility.
The promoters are likely to extend funds (equity and unsecured
loans) to help meet working capital requirement and repayment
obligation.

Outlook: Stable

VPPL will continue to benefit from the extensive experience of its
promoters and their established relationship with clients.

Rating Sensitivity factors

Upward factors

* Revenue growth of 20% per annum and operating margin of 8-10%,
leading to adequate cash accrual against debt repayment obligation
* Improved financial risk profile, with comfortable debt protection
metrics

Downward factors

* Revenue declining by 20% each fiscal, resulting in
lower-than-expected cash accrual
* Large, debt-funded capital expenditure and/or further stretch in
the working capital cycle

VPPL, incorporated in 2010, manufactures multilayer films and other
packing materials such as protection film, laminated film roll,
agriculture mulch film, surface printing film and surface
protection film; its facility is based in Mehsana, Gujarat. Mr
Bhavik Patel, Mr Chintan Patel, Mr Sanjay Patel and Mr Vipul Patel
are the promoters.


VISHNUJI REFINERY: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vishnuji
Refinery Private Limited (VRPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            22         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Mr. Sohil Mandanka and family acquired Siddhi Vinayak Cotgin
Private Limited in late 2013, which was into cotton ginning. Name
was changed to VRPL, and the company switched operations to
refining edible oil such as soya, groundnut, cotton seed, and palm
oil.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.4        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.6        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

In accordance with the terms of the rating agreement with WIPL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
August 12, 2022 and October 13, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
WIPL to 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 1958 and promoted by Mr Vivek Juneja and Mr Manoj
Juneja, WIPL manufactures cotton and nylon socks for men, women,
and kids.




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

FTX JAPAN: Executive Sees User Funds Safe From Parent's Bankruptcy
------------------------------------------------------------------
Nikkei Asia reports that user assets at the Japanese arm of FTX
Trading have stayed safely apart from the rest of the collapsing
cryptocurrency exchange group, and "we're working toward returning
them as our top priority," FTX Japan Chief Operations Officer Seth
Melamed told Nikkei on Nov. 29.

Withdrawals at FTX Japan remain halted amid the turmoil engulfing
Bahamas-based parent FTX Trading, which is undergoing Chapter 11
bankruptcy proceedings in the U.S. The Japanese company has roughly
JPY19 billion (US$134 million) in user assets, including dormant
accounts, Nikkei relates.

"Our segregation methods have remained unchanged for five years,"
since before the acquisition of the Japanese exchange operator
formerly known as Liquid by FTX this year, Mr. Melamed said. He
stated that no funds are being managed overseas and that the wallet
that manages users' crypto assets, which is not connected to the
internet, is under FTX Japan's control, according to Nikkei.

The company aims to start getting money back to users within the
year, though the time frame could change, depending on how long it
takes to get permission from Bahamian and American courts, he said.


Nikkei relates that Mr. Melamed does not expect Japanese assets to
be touched in the effort to repay FTX creditors in the Chapter 11
process. "There's no precedent, and I think it would be impossible,
given the relationship between the U.S. and Japan," he said.

"We and our parent company agree that the best-case scenario would
be to sell the Japanese company with its customer assets intact and
to enter into negotiations while it holds the licenses needed to do
business in Japan," Nikkei quotes Mr. Melamed as saying.

The plan is to return the money through the Japanese arm's Liquid
trading platform, which is undergoing an audit toward that end. But
user data on the FTX platform that is needed for this process is
currently inaccessible for security reasons after a recent hack.

"We've hired engineers to develop a system to securely transfer the
data" to get money back to users as fast as possible, Mr. Melamed
said.

As for an eventual sale of FTX Japan, "we first need to get to a
point where we can return [customer] assets and maintain our
Japanese business license," he said, Nikkei relays.

The company has suspended operations under an order this month from
the Financial Services Agency, Japan's financial watchdog. While
that is set to end Dec. 9, "we're prioritizing returning assets
over reopening," Mr. Melamed said.

Crypto exchanges are regulated unusually tightly in Japan, Nikkei
notes. Cryptocurrency assets deposited by customers, or amounts
equivalent to them, must be held in "cold storage" -- wallets not
connected to the internet. Customers are given preferential rights
to recover their money if an exchange collapses.

                          About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal the next day amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.

At approximately 4:30 a.m. on Nov. 11, Bankman-Fried ultimately
agreed to step aside, and restructuring vet John J. Ray III was
quickly named new CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
A total of 102 entities
related to FTX have filed for Chapter 11 protection.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
Financial Times says the largest portion of those liquid assets
listed on a FTX international balance sheet dated Nov. 10 was $470
million of Robinhood shares owned by a vehicle not listed in the
bankruptcy filing.

The Hon. John T. Dorsey is the case judge.

Andrew G. Dietderich, James L. Bromley, Brian D. Glueckstein
andAlexa J. Kranzley at Sullivan & Cromwell LLP in New York, serve
as the Debtors' counsel.

Adam G. Landis, Kimberly A. Brown and Matthew R. Pierce at LANDIS
RATH & COBB LLP in Wilmington serve as local bankruptcy counsel to
FTX Group.

Alvarez & Marsal North America, LLC, is the Debtors' financial
advisor.

Kroll is the claims agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

Lawyers at Paul Weiss represent Mr. Bankman-Fried.

TOSHIBA CORP: Preferred Bid Delayed Amid Loan Uncertainty
---------------------------------------------------------
Bloomberg News reports that a buyout deal to potentially take
Toshiba Corp. private is taking longer than anticipated as banks
haven't yet decided whether to extend loans to the company's
preferred bidding group, according to people familiar with matter.

Bloomberg relates that banks including Sumitomo Mitsui Banking are
considering issuing commitment letters for loans to a consortium
led by Japan Industrial Partners and aren't expected to make a
decision until mid-December, which is later than planned, the
people said. The lenders are reviewing the JIP-led group's plans
for Toshiba's business, and to assess whether the loans will be
redeemed on schedule, the people said, asking not to be identified
as the information is private.

Toshiba had previously set a deadline of Nov. 7 for the financing
to be secured, Bloomberg News has reported.

JIP's consortium, which is the preferred bidder, is in talks with
banks for a takeover of Toshiba at a valuation of about JPY2.2
trillion, and is seeking about JPY1.2 trillion in syndicated loans,
the people said, Bloomberg relays. The consortium is seeking
another JPY200 billion in commitments from banks to cover operating
costs after the acquisition, they added.

Discussions are ongoing and the banks could decide not to proceed
with the loans, the people, as cited by Bloomberg, said.  

While the JIP-led group had initially planned on completing the
deal as soon as the end of March, it scrapped that estimate given
the delay in getting commitments from banks, the people said. Some
members of the consortium have become hesitant about the valuation
that had been proposed, people familiar with the matter have said.

The JIP-led group is in talks with about 20 potential co-investors
to back its offer, Bloomberg News has reported. Those include
Japanese companies such as Rohm, Suzuki Motor and Iwatani, as well
as financial services firm Orix.  

                           About Toshiba

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

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




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

CAPITAL A: To Combine AirAsia and AirAsia X as Part of Revamp Plan
------------------------------------------------------------------
Reuters reports that Malaysia's Capital A will combine its AirAsia
budget airline business with long-haul offshoot AirAsia X as part
of a corporate restructuring designed to shed its status as a
financially-distressed firm, CEO Tony Fernandes said.

According to Reuters, Capital A, headed by Mr. Fernandes, will
retain the digital, logistics and aviation services businesses,
while AirAsia X will be renamed AirAsia Aviation and be led by
long-time executive Bo Lingam under the plan. Capital A hopes
submit to Bursa Malaysia Securities for approval in February.

Capital A, which racked up losses during the pandemic, was in
January classified as a 'Practice Note 17', or PN17, company by the
Malaysian bourse, a tag given to financially distressed firms. PN17
companies may be de-listed if they fail to regularise their
finances within a set time frame.

AirAsia X is also classified as PN17, but in an interview with
Reuters on Nov. 29, Mr. Fernandes said under the restructuring
plan, both listed companies would emerge from that status by July
2023. Capital A investors will receive an in-specie distribution in
the former AirAsia X, giving them exposure to a pure airline
business with multiple brands.

"From what looked like a very sick airline, we've saved it," he
said of AirAsia, which grounded most of its fleet during the
pandemic. "We are refloating it and listing it as an independent
listed vehicle."

According to Reuters, the AirAsia Aviation business would raise
capital, possibly in tandem with a dual listing in the United
States or elsewhere in Asia, Mr. Fernandes said, and pursue growth
opportunities like setting up new airlines in places such as
Vietnam and Cambodia.

Capital A, in turn, could look to list its aviation services
business, including maintenance and catering, in Singapore where
rivals like Singapore Technologies Engineering and SATS could serve
as comparable companies, he added.

AirAsia expects to have 140 planes out of its fleet of 205 back in
service by the end of the year, down from an August estimate of
160, as it faces maintenance capacity bottlenecks after more than
two years of groundings, Mr. Fernandes said.

                          About Capital A

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

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

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

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

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

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




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

BARAKAT CONCRETE: Creditors' Proofs of Debt Due on Dec. 22
----------------------------------------------------------
Creditors of Barakat Concrete Limited are required to file their
proofs of debt by Dec. 22, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 17, 2022.

The company's liquidators are:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


CORE CIVIL: Court to Hear Wind-Up Petition on Dec. 8
----------------------------------------------------
A petition to wind up the operations of Core Civil Holdings Limited
will be heard before the High Court at Christchurch on Dec. 8,
2022, at 10:00 a.m.

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

The Petitioner's solicitor is:

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


D AND K CIVIL: Creditors' Proofs of Debt Due on Jan. 7
------------------------------------------------------
Creditors of D and K Civil and Haulage Limited are required to file
their proofs of debt by Jan. 7, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 21, 2022.

The company's liquidators are:

          Wendy Somerville
          Malcolm Hollis
          PwC Waikato
          PO Box 191
          Hamilton 3240


KWIK CLEANING: Court to Hear Wind-Up Petition on Dec. 15
--------------------------------------------------------
A petition to wind up the operations of Kwik Cleaning Services
Limited will be heard before the High Court at Invercargill on Dec.
15, 2022, at 11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 19, 2022.

The Petitioner's solicitor is:

          Courtney Waddell
          Inland Revenue
          Legal Services
          PO Box 1782
          Christchurch 8140


PREMIUM HOMES: Grant Bruce Reynolds Appointed as Liquidator
-----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on Nov. 21,
2022, was appointed as liquidator of Premium Homes Investments
Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


RAWSON INDUSTRIES: Court to Hear Wind-Up Petition on Dec. 5
-----------------------------------------------------------
A petition to wind up the operations of Rawson Industries Limited
will be heard before the High Court at Timaru on Dec. 5, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 6, 2022.

The Petitioner's solicitor is:

          Courtney Waddell
          Inland Revenue
          Legal Services
          PO Box 1782
          Christchurch 8140




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

A&A UNIVERSE: Katja Monika Beate Daborn Appointed as Liquidator
---------------------------------------------------------------
Katja Monika Beate Daborn on Nov. 21, 2022, was appointed as
liquidator of A&A Universe Ltd.


ALPHA BODYTEC: Court to Hear Wind-Up Petition on Dec. 9
-------------------------------------------------------
A petition to wind up the operations of Alpha Bodytec Pte Ltd will
be heard before the High Court of Singapore on Dec. 9, 2022, at
10:00 a.m.

Lim Bee Lan filed the petition against the company on Nov. 21,
2022.

The Petitioner's solicitors are:

          CNPLaw LLP
          600 North Bridge Road
          #13-01 Parkview Square
          Singapore 188778


EQONEX CAPITAL: Placed in Provisional Liquidation
-------------------------------------------------
Joshua James Taylor and Chew Ee Ling of Alvarez & Marsal (SE Asia)
on Nov. 22, 2022, were appointed as provisional liquidators of
Eqonex Capital Pte Ltd.


FTX TRADING: Singapore Gov't. Faces Parliament Over FTX Fallout
---------------------------------------------------------------
Joanna Ossinger at Bloomberg News reports that Prime Minister Lee
Hsien Loong and Deputy Prime Minster Lawrence Wong face a raft of
parliamentary questions this week over the losses incurred by
retail investors and the due diligence undertaken by state-owned
investor Temasek Holdings Pte, which wrote down its entire $275
million investment in FTX.

Bloomberg relates that the FTX exchange collapsed into bankruptcy
on Nov. 11 and there are questions about whether the platform
misappropriated customer funds for use by sister trading house
Alameda Research. Investors such as Sequoia Capital and Ontario
Teachers' Pension Plan also wrote off their stakes in FTX.

According to Bloomberg, Ho Ching, former chief executive of
Temasek, in a weekend Facebook post said "a loss in what may turn
out to be a badly managed company without adult supervision is egg
on our face." She defended Temasek's wider strategy, saying "some
of Temasek's best investments were made by being contrarian."

An explainer page on Temasek's website has been updated to say
multiple rounds of due diligence were undertaken into FTX and that
Temasek "enquired about the relationship, preferential treatment,
and separation between Alameda and FTX, and were given appropriate
confirmations that were contractually binding," Bloomberg relays.

                          About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal the next day amid reports on FTX regarding mishandled customer
funds and alleged US agency investigations.

At approximately 4:30 a.m. on Nov. 11, Bankman-Fried ultimately
agreed to step aside, and restructuring vet John J. Ray III was
quickly named new CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
A total of 102 entities
related to FTX have filed for Chapter 11 protection.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
Financial Times says the largest portion of those liquid assets
listed on a FTX international balance sheet dated Nov. 10 was $470
million of Robinhood shares owned by a vehicle not listed in the
bankruptcy filing.

The Hon. John T. Dorsey is the case judge.

Andrew G. Dietderich, James L. Bromley, Brian D. Glueckstein
andAlexa J. Kranzley at Sullivan & Cromwell LLP in New York, serve
as the Debtors' counsel.

Adam G. Landis, Kimberly A. Brown and Matthew R. Pierce at LANDIS
RATH & COBB LLP in Wilmington serve as local bankruptcy counsel to
FTX Group.

Alvarez & Marsal North America, LLC, is the Debtors' financial
advisor.

Kroll is the claims agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

Lawyers at Paul Weiss represent Mr. Bankman-Fried.


GMEDES PTE: Commences Wind-Up Proceedings
-----------------------------------------
Members of Gmedes Pte Ltd, on Nov. 22, 2022, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Tan Eng Soon
          Reliance 3P Advisory
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


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

MEP Building Services Pte Ltd filed the petition against the
company on Sept. 26, 2022.

The Petitioner's solicitors are:

          Fong & Fong LLC
          81A Clemenceau Avenue
          #05-18 Park Avenue Suites
          Singapore 239918



                           *********


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

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

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

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

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



                *** End of Transmission ***