---

       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, December 7, 2022, Vol. 25, No. 238

                           Headlines



A U S T R A L I A

AMALINE PROPERTIES: First Creditors' Meeting Set for Dec. 14
CLOUGH GROUP: Collapses After WeBuild Ends AUD350M Merger
E.A.H. RINGWOOD: First Creditors' Meeting Set for Dec. 13
FORTICODE RESEARCH: First Creditors' Meeting Set for Dec. 13
IRIDIUM LOGISTICS: Second Creditors' Meeting Set for Dec. 15

MNT INVESTMENTS: First Creditors' Meeting Set for Dec. 14


C H I N A

AGILE GROUP: Moody's Lowers CFR to Caa1 & Sr. Unsec. Notes to Caa2
SUNAC CHINA: Expects US$5.5 Billion Net Loss for 2021


H O N G   K O N G

HONG KONG AIRLINES: Creditors Approve US$6.2 Billion Debt Revamp


I N D I A

AHINSA FLOUR: CRISIL Keeps B Debt Ratings in Not Cooperating
ALLURE CONSUMER: CRISIL Keeps B+ Debt Rating in Not Cooperating
AMMA WOODS: CRISIL Keeps D Ratings in Not Cooperating Category
BRUSSELS LABORATORIES: CRISIL Assigns B+ Rating to INR6cr Loan
BVA AUTO: CRISIL Moves B+ Debt Ratings to Not Cooperating

DEVANSHI PLYBOARD: CRISIL Moves B Debt Ratings to Not Cooperating
GRANDCITY HOSPITALITY: CRISIL Keeps D Ratings in Not Cooperating
INDEXONE INFRACON: CRISIL Keeps B+ Rating in Not Cooperating
JAGDISH INTERNATIONAL: CRISIL Cuts Rating on INR13.5cr Loan to B
JAIN PLYWOODS: CRISIL Moves B+ Debt Ratings to Not Cooperating

KAMAL AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
LOOCUST INCORP: CRISIL Moves D Debt Ratings to Not Cooperating
NEERAJA DEVELOPERS: CRISIL Keeps B+ Ratings in Not Cooperating
NISHANTH POULTRY: CRISIL Moves D Debt Rating to Not Cooperating
NISHI FOREX: CRISIL Moves D Debt Ratings to Not Cooperating

NITIN FIRE: CRISIL Keeps D Debt Ratings in Not Cooperating
OM PAPER: CRISIL Lowers Rating on INR16cr LT Loan to B
OYO HOTELS: Lays Off 600 Employees as Part of Reorganisation
PARASMONI ORGANIC: CRISIL Keeps B+ Ratings in Not Cooperating
PAVAN AUTOMOBILES: CRISIL Moves B+ Debt Rating to Not Cooperating

PC JEWELLER: CRISIL Keeps LT/ST D Debt Rating in Not Cooperating
PUNJAB SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJA UDYOG: CRISIL Moves B- Debt Ratings to Not Cooperating
RAM AUTOTECH: CRISIL Moves D Debt Ratings to Not Cooperating
RBL SHEETGRAH: CRISIL Moves B+ Debt Ratings to Not Cooperating

ROSELABS LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
SCOPE INGREDIENTS: CRISIL Keeps B Rating in Not Cooperating
SHRUTI RICE: CRISIL Moves D Debt Ratings to Not Cooperating
UNIQUE TREES: CRISIL Moves B Debt Ratings to Not Cooperating
VIPIN BROTHERS: CRISIL Keeps B Debt Rating in Not Cooperating



N E W   Z E A L A N D

JUNIPER DEVELOPMENTS: Creditors' Proofs of Debt Due Dec. 29
LONG CLOUD: Court to Hear Wind-Up Petition on Dec. 15
NZ FINTECH: Moola and 9 Other Subsidiaries Go Into Liquidation
OPTIC SECURITY: Creditors' Proofs of Debt Due on Dec. 12
PROMARINE GROUP: Creditors' Proofs of Debt Due on Dec. 19

SYNGINEERING WATER: Court to Hear Wind-Up Petition on Dec. 15


S I N G A P O R E

CARR GROUP: Court Enters Wind-Up Order
DB STRUCTURED: Creditors' Proofs of Debt Due on Nov. 25
FANTASY PACKAGING: Court Enters Wind-Up Order
HAPPY BUNCH: Commences Wind-Up Proceedings
ONLINE MARINE: Court Enters Wind-Up Order

RMH FAMILY: Creditors' Meeting Scheduled for Dec. 21
THREE ARROWS: Founders Ordered to Hand Over Records to Liquidators


S R I   L A N K A

SRI LANKA: World Bank Approves Concessional Funding Request

                           - - - - -


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

AMALINE PROPERTIES: First Creditors' Meeting Set for Dec. 14
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Amaline
Properties Pty Ltd will be held on Dec. 14, 2022, at 11:00 a.m. at
the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in
Sydney, NSW.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of the company on Dec. 2, 2022.


CLOUGH GROUP: Collapses After WeBuild Ends AUD350M Merger
---------------------------------------------------------
Alex Turner-Cohen at news.com.au reports that a major Western
Australian building and engineering company has collapsed after its
AUD350 million lifeline ended when another firm pulled out of a
merger deal.

On Dec. 5, Perth-based Clough Group went into voluntary
administration after the takeover deal fell through, leaving its
1,250 employees uncertain about their future, news.com.au
discloses.

According to the report, an Italian industrial construction group
called WeBuild planned to acquire Clough as a way to enter the
Australian market.

The AUD350 million conditional deal was struck on November 8 but
less than a month later, it fell apart, leaving Clough on the
rocks, news.com.au relates.

In the lead-up to the merger, WeBuild reportedly loaned Clough
AUD167 million and was set to fork out a further AUD30 million,
before pulling out of the acquisition.

Clough's South African owners, Murray & Roberts, then appointed Sal
Algeri, Jason Tracy, David Orr and Glen Kanevsky of Deloitte as
voluntary administrators, news.com.au relates.

In a short statement on Dec. 5, WeBuild said the merger had been
scrapped as the companies had "jointly determined and agreed that
there is no reasonable prospect of that acquisition proceeding
through to a successful completion."

"The parties have therefore unconditionally agreed to terminate the
sale and purchase agreement with immediate effect," WeBuild said.

The firm's administration has impacted 12 companies under the
Clough Group umbrella, news.com.au reports.

It's also left in doubt the future of Clough's 1250 Australia-based
employees, and the 1,250 overseas employees from Papua New Guinea,
the UK and the US.

Clough builds industrial projects in the energy, resources and
infrastructure sector, which has left a number of sites in the
lurch.

They were contracted for the federal government's Snowy Hydro 2.0
expansion, as well as a number of other projects in NSW, Western
Australia and Papua New Guinea.

News.com.au says Clough appears to have been in financial strife
for some time with its auditors, PwC, warning in the most recent
filing with the Australian Securities and Investments Commission
(ASIC) that the firm's continued survival was dependent on the
merger.

In the lead up to the acquisition, Clough borrowed AUD167 million
from WeBuild, according to The Australian.

Clough posted a AUD375.3 million loss and a AUD304 million working
capital deficit in the last financial year, news.com.au discloses.

WeBuild was also meant to hand out a further AUD30 million as a
loan to keep the company afloat but put an end to this when the
merger was scuppered.

In a statement, Clough said the administration process "provides
for the possibility of compromise with creditors, through adoption
of a Deed of Company Arrangement, a binding arrangement between the
company and its creditors governing how the company's affairs will
be dealt with".

Voluntary administrator and Deloitte Turnaround & Restructuring
partner Mr Algeri, said in a statement to news.com.au: "With our
appointment, over the next two to three days, we will carry out an
urgent assessment of the financial position of the Clough Group
companies, with a view to sourcing immediate interim funding to be
able to continue work on as many projects as possible as quickly as
possible.

"An accelerated sale and recapitalisation process will also
commence."


E.A.H. RINGWOOD: First Creditors' Meeting Set for Dec. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of E.A.H.
Ringwood Pty Ltd. ATF Ringwood Property Trust will be held on Dec.
13, 2022, at 10:30 a.m. at the offices PKF Melbourne, at Level 12,
440 Collins Street, in Melbourne.

Paul A. Allen and Jason G. Stone of PKF were appointed as
administrators of the company on Dec. 1, 2022.


FORTICODE RESEARCH: First Creditors' Meeting Set for Dec. 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Forticode
Research Pty Ltd, Forticode Australia Pty Ltd and Forticode IP Pty
Ltd, will be held on Dec. 13, 2022, at 10:00 a.m. at Suite 21.02,
Level 21, Australia Square, 264 George Street, in Sydney, NSW, via
virtual meeting technology.

Alan Walker of WLP Restructuring was appointed as administrator of
the companies on Dec. 5, 2022.


IRIDIUM LOGISTICS: Second Creditors' Meeting Set for Dec. 15
------------------------------------------------------------
A second meeting of creditors in the proceedings of Iridium
Logistics Pty Ltd has been set for Dec. 15, 2022, at 9:30 a.m., at
the offices of Jirsch Sutherland, at Level 30, 140 William Street,
in Melbourne, Victoria, and via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 8, 2022, at 5:00 p.m.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Nov. 8, 2022.


MNT INVESTMENTS: First Creditors' Meeting Set for Dec. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of MNT
Investments Pty Ltd will be held on Dec. 14, 2022, at 3:00 p.m. via
virtual facility.

Michael Gregory Jones of Jones Partners was appointed as
administrator of the company on Dec. 2, 2022.




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

AGILE GROUP: Moody's Lowers CFR to Caa1 & Sr. Unsec. Notes to Caa2
------------------------------------------------------------------
Moody's Investors Service has downgraded Agile Group Holdings
Limited's corporate family rating to Caa1 from B3, and the
company's senior unsecured ratings to Caa2 from Caa1.

The ratings outlook on Agile remains negative.

"The downgrade and negative outlook reflect Agile's heightened
liquidity and refinancing risks in view of its weak sales, limited
financial flexibility, sizable refinancing needs and constrained
access to funding," says Kaven Tsang, a Moody's Senior Vice
President.

RATINGS RATIONALE

Moody's has assessed that Agile's liquidity will remain inadequate
over the next 12-18 months, in the absence of new external
financing or asset disposals to address its sizable debt
maturities.

There were news reports that the company has missed a coupon
payment for an exchangeable bond due on November 24, and will defer
the coupon payments for its USD700 million 8.375% senior perpetual
notes due on December 4.

While the company has a 30-day grace period to remediate the coupon
payment for the exchangeable bond, and the coupon payments of the
senior perpetual notes is deferrable, these developments reflect
the company's weak liquidity and limited financial flexibility.

Moody's expects Agile's property sales to remain weak over the next
6-12 months amid current difficult operating conditions. This will
continue to weigh on the company's operating cash flow and
liquidity. In the first 10 months of 2022, the company's contracted
sales declined 49% from the same period a year ago to RMB57.8
billion.

Agile has over the past 3-6 months been actively raising funds
through asset disposals and equity issuances to service its
maturing debt, but the scale and timing of further asset disposals
are uncertain given the currently weak market sentiment and the
company's still constrained access to funding.

Agile's Caa2 senior unsecured ratings on its USD notes are one
notch lower than its CFR because of the risk of structural
subordination. This subordination risk reflects the fact that most
of Agile's claims are at the operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.

In terms of environmental, social and governance factors, Agile's
weak liquidity and financial positions reflect the company's
aggressive financial strategy and weak financial and liquidity
management. Its delay in releasing its audited financial results
for 2021 earlier this year is also a governance weakness. In
addition, Moody's has considered Agile's concentrated ownership by
its key shareholder, the Chen family.

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

An upgrade of Agile's ratings is unlikely over the next 12 months,
given the negative outlook.

However, positive rating momentum could emerge if Agile improves
its liquidity and access to funding; repays its maturing debt
without sacrificing its balance sheet liquidity; and maintains its
current credit metrics through the next 12-18 months.

On the other hand, Moody's could downgrade Agile's ratings if the
company's access to funding and liquidity deteriorate further, in
turn further increasing its refinancing risks.

Moody's would lower the ratings on the perpetual notes – relative
to Agile's CFR – if the company is likely to defer several coupon
payments such that deferred coupons become substantial as a
percentage of the principal amount of the notes.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Agile Group Holdings Limited (Agile) is one of China's major
property developers. As of June 30, 2022, the company had a land
bank with a planned gross floor area of 43.49 million square
meters.


SUNAC CHINA: Expects US$5.5 Billion Net Loss for 2021
-----------------------------------------------------
Yicai Global reports that Sunac China Holdings expects to have
swung to a net loss of CNY38.3 billion (US$5.5 billion) last year,
the struggling property developer said on Dec. 2.

Tianjin-based Sunac, which fell into a debt crisis last year, had
issued a profit warning on Nov. 29, after failing to submit its
2021 annual results on time earlier this year. It had a net profit
of CNY35.6 billion in 2020, Yicai Global notes.

According to the report, the homebuilder mainly blamed the forecast
loss on recurring Covid-19 outbreaks in China, the rapid downturn
in the real estate market, and significant changes in the operating
environment since March. As a result, Sunac made further provisions
for property impairment and expected credit loss on receivables and
external guarantees, and provision for impairment of goodwill and
related long-term assets in its cultural and tourism city
development and operations business.

As a result of the delay in publishing its 2021 earnings report,
Sunac's stock has been suspended from trading in Hong Kong since
April 1, the report says. It also has not yet filed a semi-annual
report for 2022.

Sunac ranked 10th in China for sales between January and November
this year, with about CNY161.1 billion (USD23.1 billion), Yicai
Global discloses citing data from the China Index Research
Institute. In the first 10 months, the builder handed over about
140,000 homes.

Sunac's priority is to raise funds and strive to deliver homes on
schedule. Yicai Global notes that the firm reportedly received
CNY10 billion in bailout funds to complete nearly 70 projects in 20
cities, including Tianjin, Chongqing, Harbin, Shenyang, and Jinan.

A unit of Sunac sold 90 percent of its interest in a Shanghai
residential project on Nov. 28. A person familiar with the matter
told Yicai Global on Dec. 1 that it would get CNY12 billion in cash
from the deal. Other sources told Yicai Global the following day
that Sunac will continue to operate the Dongjiadu project, with the
unsold homes worth more than CNY50 billion.

Last month, the People's Bank of China and the China Banking and
Insurance Regulatory Commission issued a 16-point plan to encourage
trust companies to support the reasonable financing needs of real
estate firms and their projects, recalls Yicai Global. The
Dongjiadu project falls within the scope of this policy.

Embattled developers should make full use of these favorable
policies, according to Tianfeng Securities and industry insiders.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn Sunac China
Holdings Limited's Ca corporate family rating and its C senior
unsecured ratings.  Prior to the withdrawal, the rating outlook was
negative.  Moody's has decided to withdraw the ratings because it
believes it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.




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

HONG KONG AIRLINES: Creditors Approve US$6.2 Billion Debt Revamp
----------------------------------------------------------------
South China Morning Post reports that creditors have approved the
US$6.2 billion debt restructuring plan of Hong Kong Airlines, with
the case set to be heard in Hong Kong and UK courts later this
month.

Three groups of creditors, previously separated into unsecured
creditors, critical lessors and perpetual note holders by the
restructuring plan, voted for the proposal, despite objections from
certain peers, according to people familiar with the matter, the
Post relays.

An ad hoc group representing some bondholders, which claims to hold
40 per cent of the voting rights on HK$6.6 billion (US$841 million)
of perpetual notes, said it would not challenge the decision given
the low chance of reverting the decision.

The Post says the plan's approval removes a key hurdle for the
airline to tackle total liabilities of around HK$49 billion and to
receive a new equity injection of HK$3 billion to alleviate a
liquidity crunch.

Hong Kong Airlines has been hit hard by a slump in traffic since
the social unrest in the second half of 2019 followed by the
outbreak of the coronavirus pandemic. Since its parent HNA Group
went into bankruptcy restructuring following Beijing's clampdown on
its aggressive asset acquisitions overseas, the carrier has
suffered. It has seen profits slide, debt payments deferred and
headcount cut by 65 per cent.

All critical lessors - who leased aircraft to the carrier with debt
ownership - voted for the proposal, according to documents seen by
the Post on Dec. 5.

At the creditors' meetings on November 25 and December 1, 90.8 per
cent of unsecured creditors owning HK$20.29 billion yuan had voted
for the restructuring plan, the Post notes. In the perpetual bond
creditors group, close to 80 per cent voted for the proposal.

Some creditors decided against their original idea of voting
against the proposal, after Hong Kong Airlines persuaded them to
avoid "reputational risks", one of the sources said.

Meanwhile, a winding-up petition against the airline, brought by
Irish aircraft leasing company Stellar Aircraft Holding in March,
in Hong Kong High Court, has been adjourned to January 16, the Post
has learned.

According to the Post, Hong Kong Airlines on Dec. 5 updated the
court regarding creditors' approval of the restructuring plan. A
hearing on the restructuring plan could be held on or before
December 14.

Another hearing regarding the approval of the restructuring plan
will also be held in the High Court of Justice of England and Wales
on Dec. 9, according to the documents seen by the Post.

The Post adds that Hong Kong Airlines said it aims to restore
financial stability and resume trading of its securities, and
reduce debt burden via the restructuring.

The company will receive HK$3 billion, subject to the passing of
the restructuring plan, from HNA Aviation and other unnamed joint
venture partners in exchange for new ordinary shares in the
carrier, which will represent at least 94 per cent of the issued
shares of Hong Kong Airlines, the Post adds.

Hong Kong Airlines was founded in 2007. It offers passenger and
cargo services. It is the third biggest carrier based in Hong
Kong.




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

AHINSA FLOUR: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ahinsa Flour
Mill Private Limited (AFMPL) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit             3.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit             0.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit             0.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash           7.5      CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating)

   Term Loan               0.2      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan               0.4      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan               3        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan               1        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 2012 and promoted by Mr. Pradeep Bhadora and his
family members, AFMPL processes wheat products such as atta, maida,
suji, rava, and bran under its brands, MP Gold and Swarn Bhog. The
facility in Tikamgarh, Madhya Pradesh, has an installed capacity of
120 tonne per day and is utilised at around 80%.


ALLURE CONSUMER: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Allure
Consumer Products Private Limited (ACPPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan             19.8       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

ACPPL set up in October 2016, is engaged into job work of toilet
soaps manufacturing for FMCGs companies. The manufacturing plant is
located at Dehradun.


AMMA WOODS: CRISIL Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amma Woods
Private Limited (AWPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.6       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      12.5       CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 2012, AWPL is a Kerala-based company that trades in
timber. The company is managed by the Kerala-based Keyes group
which has over 25 years of experience in the wood trading business.
The day-to-day operations are managed by Ms. K V Sulekha.


BRUSSELS LABORATORIES: CRISIL Assigns B+ Rating to INR6cr Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Brussels Laboratories Private Limited (BLPL).

                         Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6         CRISIL B+/Stable (Assigned)


   Term Loan              5         CRISIL B+/Stable (Assigned)

The ratings reflect BLPL's highly leveraged capital structure,
working capital intensive operations, susceptibility to adverse
changes in government regulations and fluctuations in forex rates
and extensive exposure to group companies. These weaknesses are
partially offset by the extensive industry experience of the
promoters in the pharmaceutical industry and sound operating
efficiency.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital intensive operations: Gross current assets (GCAs)
were sizeable at 170-250 days over the last three financial years
driven by high inventory and receivable levels. GCAs were 244 days
as on March 31, 2022. The company is required to extend long credit
period. Furthermore, due to business need, it holds large work in
process and inventory.

* Leverage Financial Risk Profile: The financial risk profile of
company is leverage as reflected in TOL/ANW ratio of 7.9 times as
on March 31, 2022 (increased from 6.5 times as on March 31, 2021).
With increase in networth and schedule repayment. Through it is
expected to improve but will be highly leverage over the medium
term. Satisfactory interest coverage ratio of over 2 times in FY22
and expected to remain so over the medium term.

Strengths:

* Extensive industry experience of the promoters: The promoters'
experience of over two decades in the pharmaceuticals - formulation
industry, their understanding of the dynamics of the market and
established relationships with suppliers and customers should
continue to support the business. As a result, company was able to
achieve revenue of INR45 crore in FY22 (against INR38 crore in
FY21). During 5MFY23, company estimated revenue of INR11.68 crore
and expecting over INR45 crore by end of FY23.

* Sound operating efficiency: Return on capital employed is
satisfactory at 13% as on March 31, 2022 and operating margin of
6.7% in FY22 driven by high economies of scale and experienced
management.

Liquidity: Poor

Company is expecting to generate net cash accrual of over INR1.9
crore will be sufficient against term debt obligation of INR1.65
crore over the medium term. Bank limit utilization averaged a high
90% for the 12 months through October 2022. Current ratio was
moderate at 1.2 times on March 31, 2022. Need-based funding support
from the promoters is expected to continue.

Outlook: Stable

CRISIL Ratings believes BLPL will continue to benefit from the
extensive experience of its promoters, and established
relationships with clients.

Rating Sensitivity factors

Upward factors

* Increase in revenue by 20% and sustenance of operating margin,
leading to higher cash accrual
* Improvement in working capital cycle, with GCAs below 150 days.

Downward factors

* Net cash accrual falls below INR1.70 crore on account of decline
in revenue or operating profits.
* Increase in working capital requirements weaken the liquidity and
financial risk profiles.

Incorporated in 1993, BLPL is engaged in the manufacture of various
dosages forms such as syrups, tablets, capsules, syrups,
injections, ointments, and powders. Its facility is in Ahmedabad,
Gujarat. Mr Ashok Patel (B.Sc. D.pharm), Mr Rajesh Mandavle (B Sc)
and other family members are the promoters.


BVA AUTO: CRISIL Moves B+ Debt Ratings to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of BVA
Auto Private Limited (BVAPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.50      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            0.75      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BVAPL for
obtaining information through letters and emails dated September
30, 2022 and October 28, 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 BVAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BVAPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of BVAPL to 'CRISIL B+/Stable Issuer not
cooperating'.

BVAPL was set up in 1989 in Faridabad, Haryana. The company
initially manufactured parts and accessories for motor vehicles and
engines (brakes, gear boxes, axles and road wheels). Subsequently,
manufacturing operations were closed, and the company started an
authorised dealership of MSIL's NEXA range from August 2017.

DEVANSHI PLYBOARD: CRISIL Moves B Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Devanshi Plyboard Industries Private Limited (DPIPL) to 'CRISIL
B/Stable' from 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3.08      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Fund-Based             1.46      CRISIL B/Stable (ISSUER NOT
   Facilities                       COOPERATING; Rating Migrated)

   Funded Interest        0.29      CRISIL B/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

   Working Capital        4.17      CRISIL B/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of DPIPL to 'CRISIL B/Stable
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating.  Consequently, CRISIL Ratings
is migrating the rating on bank facilities of DPIPL to 'CRISIL
B/Stable' from 'CRISIL B/Stable Issuer Not Cooperating'.

The rating reflects DPIPL's limited scale of operations amidst
intense competition and working capital intensive operations. These
weaknesses are partially offset by the extensive experience of the
promoters in the plywood & laminates industry

Key Rating Drivers & Detailed Description

Weaknesses:

* Limited scale amidst intense competition: Intense competition
from unorganized players (over 90% are small and medium-sized
enterprises) and from substitutes such as veneers and wood plastic
composites (50% plastic and 50% wood), polyvinyl chloride, aluminum
and steel may continue to constrain scalability and pricing power.
Revenue remains low at around INR19 crore in fiscal 2022.

* Working capital intensive operations: DPIPL's working capital
intensive operations is reflected in its gross current assets
(GCAs) of 228 days as on March 31, 2022 driven by high receivables
of 228 days and moderate inventory of 79 days. CRISIL Ratings
believes the operations of DPIPL would remain working capital
intensive over the medium term.

Strength:

Extensive industry experience of the promoters: The promoters have
an experience of over a decade in Plywood & Laminates industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish strong relationships with suppliers
and customers.

Liquidity: Stretched

* Bank limit utilisation is moderate at around 87 percent for the
past twelve months ended March 2022. Cash accruals are expected to
be over INR40 lakhs which are sufficient against term debt
obligation of INR20-35 lakhs over the medium term. In addition, it
will be act as cushion to the liquidity of the company.

* Current ratio is healthy at 2.12 times on March 31, 2022.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale leading to net cash accruals
increasing above INR60 lakhs  per annum over the medium term.
* Improvement in working capital management
* Significant growth in topline over the medium term leading to a
subsequent improvement in margins

Downward factors

* GCAs increasing to above 250 days over the medium term
* Worsening of the liquidity position

DPIPL, incorporated in 2011 is located in Kolkata. DPIPL is owned &
managed by Mr. Niraj Agarwal and Bipin Kumar Singh. DPIPL is
engaged in manufacturing/processing of plywood, flush doors and
block boards. It is also engaged in trading of timber. DPIPL has
its processing facilities in Kolkata.


GRANDCITY HOSPITALITY: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Grandcity
Hospitality Private Limited (GCH) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     2.7       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             12.3       CRISIL D (Issuer Not
                                    Cooperating)

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

Grand City Hospitality Private Limited (GCH) was incorporated in
2011. The company has recently established a 51 room four star
hotel in Lucknow (UP) for which it has a marketing and management
tie up with Lemon tree. The hotel operations have commenced from
29th January 2019 onwards. The firm is being managed by Mr. Praveen
Kumar and Mr. Paramjeet Singh.


INDEXONE INFRACON: CRISIL Keeps B+ Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Indexone
Infracon And Logistics Private Limited (IIL) continues to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Packing Credit         35        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 2010, IIL started its operations in 2012 and is
engaged in trading of edible oil (majorly, Palm oil and soyabean
oil). Company is promoted by Mr. Gyan Choradia and his son, Mr.
Navin Choradia.


JAGDISH INTERNATIONAL: CRISIL Cuts Rating on INR13.5cr Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Jagdish International Private Limited (JIPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB/Stable/Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            13.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      4.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

Incorporated in 2004 and promoted by members of the Khandelwal
family, JIPL trades in wheat. Operations are managed by Mr Sanjeev
Khandelwal, Mr Rajeev Khandelwal and Mr Rajat Sharma. The
registered office is in Bareilly, Utter Pradesh.


JAIN PLYWOODS: CRISIL Moves B+ Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Jain
Plywoods (JP) to 'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/            2        CRISIL B+/Stable (ISSUER NOT
   Overdraft facility               COOPERATING; Rating Migrated)

   Proposed Long Term      3        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with JP for
obtaining information through letters and emails dated November 11,
2022 and November 16, 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 JP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JP is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of JP to 'CRISIL B+/Stable Issuer not cooperating'.

JP was established in 1991, it is located in Vishakhapatnam, Andhra
Pradesh. JP is engaged in trading of Plywood, Laminates, Hardware,
Adhesives and other decorative items. JP is owned & managed by
Lakshmi Dugar and Sanjeev Kumar Chhajer.


KAMAL AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kamal Agro
Products (KAP) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.25       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KAP for
obtaining information through letters and emails dated August 29,
2022 and October 31, 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 KAP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KAP continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2008, Latur (Maharashtra)-based KAP, a proprietor ship
firm of Mr Ramesh Prabhakar, processes and trades in pulses. It has
a processing capacity of 40 tonne/day.


LOOCUST INCORP: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Loocust Incorp Apparel Export Private Limited (LIAEPL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting      12         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Export Packing         4         CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

   Post Shipment          5         CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

   Pre Shipment          54         CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

   Pre Shipment          15         CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

   Term Loan              6         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with LIAEPL for
obtaining information through letters and emails dated November 11,
2022 and November 16, 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 LIAEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
LIAEPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of LIAEPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

LIAEPL was founded in 2003 under the name Loocust Incorp as
partnership firm & was later incorporated as private limited in
2015. LIAEPL is owned & managed by Mr.T.A. Balasubramanium and his
brother, Mr. T.A. Shanmugasundaram.LIAEPL is engaged in manufacture
of readymade garments mainly for export market. LIAEPLmanufacturing
facility is located in Tirupur with an installed capacity of 4,246
sewing machines.


NEERAJA DEVELOPERS: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neeraja
Developers and Promoters (NDP) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      2        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               8        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

NDP is a Bengaluru based real estate firm started in 2003. NDP is a
partnership firm started by Mr. Praveen Reddy along with his wife
Ms. Pratibha Praveen. The company is engaged in developing
residential real estate viz. villas and apartments in Bengaluru.


NISHANTH POULTRY: CRISIL Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Nishanth Poultry Breeding Farm (NPBF) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term    2.35       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan             6.20       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with NPBF for
obtaining information through letters and emails dated November 11,
2022 and November 16, 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 NPBF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NPBF
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of NPBF to 'CRISIL D Issuer not cooperating'.

NPBF was established in 2016 in Secunderabad and is promoted by Mr
Busani Srinivas and Ms Busani Nandini. It is engaged in the poultry
farming and hatchery business. The firm plans to set up a breeding
farm in Hyderabad.


NISHI FOREX: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Nishi
Forex and Leisure Private Limited (NFLPL) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            28        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan          5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Term Loan      7        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with NFLPL for
obtaining information through letters and emails dated November 11,
2022 and November 16, 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 NFLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NFLPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of NFLPL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2014, NFLPL is travel Solution Company offering
services like corporate travel management, forex, air ticketing,
travel and tour packages. NFLPL is promoted and actively managed by
Mr K. Rama Chandra and Mr Arjun Ananta. The company started its
operations in Bangalore and now has branch offices in Telangana,
Tamil Nadu, Delhi, Kerala and Andhra Pradesh. NFL had received FMC
license from Reserve Bank of India (RBI) in December 2014 and also
received an Authorised Dealer (AD II) license in May 2018.


NITIN FIRE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nitin Fire
Protection Industries Limited (NFPIL; part of the Nitin group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        10         CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee        29         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           20         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           45         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           42.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      25         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      75         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      30         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      40         CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Cash
   Credit Limit          12.5       CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Letter
   of Credit             10         CRISIL D (Issuer Not
                                    Cooperating)
   Standby Letter
   of Credit             76         CRISIL D (Issuer Not
                                    Cooperating)
   Standby Letter
   of Credit             30         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NFPIL for
obtaining information through letters and emails dated August 24,
2022 and October 31, 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 NFPIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NFPIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NFPIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of NFPIL and its wholly owned
subsidiaries: Eurotech Cylinders Pvt Ltd, Nitin Ventures FZE, and
Nitin Global Pte Ltd. All the companies, collectively referred to
as the Nitin group, have operational and financial linkages, and
common promoters.

The Nitin group is promoted by Mr. Nitin Shah and his sons, Mr.
Rahul Shah and Mr. Kunal Shah. It is an end-to-end solutions
provider for fire protection and safety equipment. It provides gas-
and water-based fire protection systems, and caters mainly to the
telecommunications, information technology, banking, and
manufacturing industries. The group manufactures and trades in
high-pressure seamless cylinders and industrial cylinders.

NFPIL, incorporated in 1995, provides fire detection and fire
suppression systems, and manufactures fire extinguishers. It
entered the United Arab Emirates (UAE) by acquiring a majority
stake in New Age Co LLC (New Age), which was an associate before
April 2010. New Age is an approved vendor for all seven emirates of
the UAE, and has a strong track record of providing fire protection
services and maintenance. The Nitin group has a presence in the
Middle East through Nitin Ventures FZE and in Singapore through
Nitin Global Pte Ltd. Eurotech Cylinders Pvt Ltd trades in
high-pressure compressed natural gas cylinders and valves and
caters mainly to the domestic market. NFPIL remains part of a
non-integrated, non-incorporated joint venture at an oil block in
Rajasthan, in which it has 11.1% equity ownership.


OM PAPER: CRISIL Lowers Rating on INR16cr LT Loan to B
------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Om Paper Mill - Hosur (OPMH) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit              6       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Long Term Loan          16       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects weakened business risk profile marked
by operating margin of (11.5) % in FY22. The same has led to
negative NCA of INR(9.75) crore which despite being backed by
capital infusion of INR3.4 crore remained stretched against
repayment obligations of around INR2.8 crore in FY22. Further,
operating margin has remained negative in Q1 FY23 and the same is
expected to remain modest in the current fiscal. Basis which net
cash accruals is expected to remain modest and incremental support
from the promoter is expected to meet the debt obligations as well
as other expenses. The same will remain key rating sensitivity
factor going forward.

The rating continues to reflect OPMH's low operating margin
susceptible to intense competition and cyclicality in the
industrial paper industry and weak financial risk profile. These
rating weaknesses are partially offset by its extensive industry
experience of the partners

Key Rating Drivers & Detailed Description

Weaknesses:

* Low operating margin susceptible to intense competition and
cyclicality in the industrial paper industry: The Indian industrial
paper industry is highly fragmented with several organized and
unorganized players. The level of fragmentation is even higher in
the industrial paper segment (which accounts for a major portion of
the total paper industry) where unorganized players hold majority
of the market share. Rapid growth in the number of small mills has
been because of the low entry barriers (the cost of setting up an
industrial paper plant is relatively low as most smaller capacities
are waste-paper-based and involve low investment in technology) and
government policies (several excise concessions and other benefits
to small paper mills granted from time to time).

Further, increased waste prices has led to low margin of (11.48)%
in FY22. Operating margin is expected to remain subdued over the
medium term.

* Weak financial risk profile: reduced margin has led to PAT loss
in FY22 resulting in weak net worth and gearing of INR(0.61) crore
and (42.26) respectively. Further with the expectation of low
profitability in the current fiscal, net worth and gearing is
expected to remain subdued over the medium term. Capital structure
is partially supported by capital infusion from the partners. Debt
protection metrics continues to remain weak with interest coverage
and NCATD of (2.08) times and (26)% respectively in FY22.

Strength:

* Extensive industry experience of the partners: The partners have
an experience of over 10 years in industrial paper industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers

Liquidity: Stretched

OMPH's liquidity is expected to remain stretched over the medium
term due to its nascent stages of operation. Average month-end bank
limit utilization remains modest at around 93.3 % percent for the
past 12 months ended September 2022. Net cash accruals is expected
to remain negative in the current fiscal, However liquidity is
partially supported by funding support from partners in the form of
capital infusion. Current ratio remains modest at 0.72 times as on
March 31, 2022.

Outlook: Stable

CRISIL Ratings believes that OMPH shall benefit from the extensive
experience of its promoters over the medium term.

Rating Sensitivity Factors

Upward factor

* Strong revenue growth rate with improved operating margin of more
than 10%
* Efficient working capital management along with improvement in
TOL/TNW

Downward factor

* Significant decline in revenue or margin continuing to remain
below (1.5)%
* Any large debt funded capital expenditure adversely impacting the
financial risk profile.

OPMH was established as partnership firm in 2016. It has recently
set up kraft paper manufacturing unit at Hosur-Tamil Nadu. OPMH has
started its commercial operation from June 2020 and owned by Mr.
Amruthlal Patel, Mr. Kantilal Patel, Mr. Ravj Patel, Mr. Jaiprakash
D. Patel and Mrs. Daksha D. Patel.


OYO HOTELS: Lays Off 600 Employees as Part of Reorganisation
------------------------------------------------------------
Reuters reports that SoftBank-backed Indian hotel aggregator Oyo
Hotels and Homes Pvt said on Dec. 3 it is cutting 600 jobs in its
corporate and technology departments.

Reuters relates that India's IPO-bound Oyo will cut 10% of its
3,700-employee base, while at the same time hiring 250 people, it
said in a statement.

Product and engineering teams are being merged to allow for
smoother functioning, the company said, adding that downsizing in
tech is also happening in teams which were developing pilots and
proof of concepts such in-app gaming, social content curation and
patron-facilitated content, Reuters relays.

"We will be doing all that we can to ensure that most of the people
we are having to let go, are gainfully employed," CEO Ritesh
Agarwal said.

Oyo Hotels first filed to go public in October 2021 but it has
delayed the share sale due to market conditions.

The company reported a net loss of INR3.33 billion ($40.90 million)
in the second quarter of the financial year compared with a loss of
INR4.14 billion in the first quarter, Reuters discloses. The
company's financial year runs from April 1 to March 31.


PARASMONI ORGANIC: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Parasmoni Organic and Agri Products Private Limited (POAPPL) to
'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Standby Fund-           1.2      CRISIL B+/Stable (Issuer Not
   Based Limits                     Cooperating)

   Term Loan               1.4      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan               1.4      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with POAPPL for
obtaining information through letters and emails dated September
30, 2022 and October 28, 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 POAPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
POAPPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of POAPPL to 'CRISIL B+/Stable Issuer not
cooperating'.

POAPPL has been set up in 2003 by the promoter, Mr Siddhartha Sen.
The company manufactures organic manure and fertilisers, and
undertakes processing and marketing of paddy seeds, maize, wheat
and other commodities.


PAVAN AUTOMOBILES: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Pavan
Automobiles (PA) to 'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               5.2      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with PA for
obtaining information through letters and emails dated September
30, 2022 and October 28, 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 PA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PA is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of PA to 'CRISIL B+/Stable Issuer not cooperating'.

PA was established as partnership firm in 2014 by Mr. D Suresh &
Mr. V Srinivasa Rao. It is authorized all two-wheeler dealer of
Honda Motorcycles & Scooters (I) Pvt Ltd. PA operates through 5
showrooms cum service center in Andhra Pradesh.


PC JEWELLER: CRISIL Keeps LT/ST D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PC Jeweller
Limited (PCJ; part of the PCJ group) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with PCJ for
obtaining information through letters and emails dated August 24,
2022 and October 31, 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 PCJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCJ continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

CRISIL Ratings has combined the business and financial risk
profiles of PCJ and its four wholly owned subsidiaries'PC Universal
Pvt Ltd, Transforming Retail Pvt Ltd, Luxury Products Trendsetter
Pvt Ltd, and PC Global Jewellers DMCC'collectively referred to as
the PCJ group, as the entities have business and operational
synergies. Moreover, PCJ had extended inter-corporate advances to
the subsidiaries as they do not have bank lines of their own.

                         About the Group

Established in 2005, Delhi-based PCJ manufactures, retails, and
exports jewellery. The product range includes gold, diamond, and
other jewellery and silver articles. The company is promoter by Mr.
Balram Garg and family. PCJ is listed on Bombay Stock Exchange
(BSE) and National Stock Exchange (NSE).

The company has four subsidiaries: PC Universal Pvt Ltd,
Transforming Retail Pvt Ltd, Luxury Products Trendsetter Pvt Ltd,
and PC Jeweller DMCC (incorporated in Dubai).


PUNJAB SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Punjab
Spintex Limited (PSL) 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           25         CRISIL D (Issuer Not
                                    Cooperating)

   Corporate Loan         5         CRISIL D (Issuer Not
                                    Cooperating)

   Inventory Funding     10         CRISIL D (Issuer Not
   Facility                         Cooperating)

   Standby Line           2.5       CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Term Loan             5          CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in December 2006 and promoted by Mr. Suresh Kumar and
three of his business associates, PSL gins cotton and manufactures
cotton yarn (in counts of 20s-30s). Operations began in December
2007.


RAJA UDYOG: CRISIL Moves B- Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Raja
Udyog Private Limited (RUPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             56       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit              8       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan                5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               15.26    CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RUPL for
obtaining information through letters and emails dated September
30, 2022 and October 28, 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 RUPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RUPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RUPL to 'CRISIL B-/Stable Issuer not
cooperating'.

RUPL was set up as Raja Biscuit Industries Pvt Ltd (RBIPL) in 2001
and got its present name in 2008. The company manufactures
biscuits, cakes, and namkeen products. Additionally, it has started
manufacturing cookies and has a small presence in coconut oil. All
its product ranges are sold under the Raja brand.


RAM AUTOTECH: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shri
Ram Autotech Private Limited (SRAPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        1.0        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility    6.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SRAPL for
obtaining information through letters and emails dated November 11,
2022 and November 16, 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 SRAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRAPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SRAPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

SRAPL was formed as a proprietorship firm in 1992 and was
reconstituted as a private limited company in 2010. The company
manufactures auto components such as sheet metals, plastic moulded
components, flanges, jigs, and fixtures. Its manufacturing units
are in Gurugram and Faridabad in Haryana. The company is promoted
by Ramesh Sharma and family.


RBL SHEETGRAH: CRISIL Moves B+ Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Rbl
Sheetgrah Private Limited (RBL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             2        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               3.25     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RBL for
obtaining information through letters and emails dated November 11,
2022 and November 16, 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 RBL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RBL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RBL to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2017, RBL operates a potato cold storage facility
in Shikohabad, Uttar Pradesh. The company is promoted by Mr Avinash
Kumar and Mr Girish Chandra.


ROSELABS LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Roselabs
Limited (RL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Inland/Import           1.5      CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

   Proposed Long Term      0.5      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with RL for
obtaining information through letters and emails dated August 29,
2022 and October 31, 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 RL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RL
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2008, RL is promoted by Ahmedabad (Gujarat) based
Mr Pawan Agarwal and his family members. The company is engaged in
trading of pharmaceuticals, dyes, chemicals, textile products and
plastic sheets. The company has its marketing offices in various
states across India.


SCOPE INGREDIENTS: CRISIL Keeps B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Scope
Ingredients Private Limited (SIPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letters and emails dated August 29,
2022 and October 31, 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 SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SIPL and Scope Specialities
LLP (SSL). That's because the two entities, together referred to as
the Scope group, are in the same business, and have significant
operational and financial linkages.

SIPL was originally established as Kawarlal Excipients Pvt Ltd in
2007 by Mr K Vijaylal Jain and his three sons; this company was
renamed in April 2011. It imports excipients, which have
applications in manufacturing tablets, syrups, sunscreen lotions,
creams, gels and others. The company, based in Chennai, is an
authorised dealer in India for various pharmaceutical companies
based in Italy, China, Taiwan, Malaysia, Spain, Japan, the US,
Thailand, and Germany.

Scope Specialities LLP is a partnership firm between Mr.Ashish Jain
and Mr.Ramesh Jain (sons of Mr.Vijaylal Jain) formed in 2016.The
firm is engaged in import and trading in excipients.


SHRUTI RICE: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shruti
Rice Mill (SRM) to 'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/            3        CRISIL D (ISSUER NOT
   Overdraft facility               COOPERATING; Rating Migrated)

   Proposed Long Term      4        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SRM for
obtaining information through letters and emails dated November 21,
2022 and November 25, 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 SRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRM
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SRM to 'CRISIL D Issuer not cooperating'.

SRM, set up in 2004 by Mr Sandeep Singh, is based in Allahabad,
Uttar Pradesh. It undertakes rice processing activities and trading
of paddy.


UNIQUE TREES: CRISIL Moves B Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Unique
Trees Private Limited (UTPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.8       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)


   Proposed Fund-         0.2       CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

   Term Loan             15         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with UTPL for
obtaining information through letters and emails dated September
30, 2022 and October 28, 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 UTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UTPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of UTPL to 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2010, promoted by Mr. R Ramdev Rao and Ms. R
Srilakshmi, UTPL is engaged in the production of hardy nursery
stock. The company owns 6 nurseries in Shankarpally district of
Telangana.


VIPIN BROTHERS: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vipin Brothers
(VB) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Warehouse Receipts      10       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

CRISIL Ratings has combined the business and financial risk
profiles of VB with group concerns - Vipin Kumar Nitin Kumar and Om
& Company. This is because these entities, collectively referred to
as the Vipin group, are in the same line of business and have
financial linkages.

The Vipin group, established in Ganganagar, Rajasthan, trades in
agro-commodities. Mrs Kamini Devi, her husband Mr Shamlal and their
son Mr Vipin Kumar are the promoters.




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

JUNIPER DEVELOPMENTS: Creditors' Proofs of Debt Due Dec. 29
-----------------------------------------------------------
Creditors of Juniper Developments Limited, Sycamore Developments
Limited and Ferrymead Holdings Limited are required to file their
proofs of debt by Dec. 29, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 24, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


LONG CLOUD: Court to Hear Wind-Up Petition on Dec. 15
-----------------------------------------------------
A petition to wind up the operations of Long Cloud Services Limited
will be heard before the High Court at Dunedin on Dec. 15, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 18, 2022.

The Petitioner's solicitors are:

          David Tasker
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


NZ FINTECH: Moola and 9 Other Subsidiaries Go Into Liquidation
--------------------------------------------------------------
Daniel Smith at Stuff.co.nz reports that payday lender Moola has
gone into liquidation after its parent company, NZ Fintech Group,
was placed into receivership.

Thomas Rodewald, from Rodewald Consulting, was appointed as
receiver of NZ Fintech Group Holdings, following an application
from its creditor, US-based Partners for Growth (PFG).

Stuff relates tht Mr. Rodewald said it was obvious there had
"clearly been issues with the companies for a while".

"PFG has called its money in, and called in receivers to sort its
position out . . . We can't really comment on the position of the
companies because we are still trying to establish it,"
Mr. Rodewald said.

According to Stuff, Mr. Rodewald confirmed he had placed 10
subsidiary companies of NZ Fintech into liquidation, including
Moola, vehicle finance company Zooma and payday lender
Needcashtoday.

The websites for all three businesses are out of action.

In December last year, the Commerce Commission said Moola had
engaged in cartel conduct with its online advertising, Stuff
recalls.

That involved Moola reaching agreements with other loan providers
to not bid on each other's brand names on Google Ads and to also
"negatively match" certain keywords so that their advertisements
would not show when those keywords were used.

Stuff relates that Commerce Commission chairperson Anna Rawlings
said this meant that consumers searching for a lender on Google
might not see ads for other loan providers, limiting their access
to information about alternative companies and services.

That was likely to have reduced their ability to make informed
choices, she said.


OPTIC SECURITY: Creditors' Proofs of Debt Due on Dec. 12
--------------------------------------------------------
Creditors of Optic Security Group Limited are required to file
their proofs of debt by Dec. 12, 2022, to be included in the
company's dividend distribution.

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

The company's liquidators are:


          Malcolm Russell Moore
          David Ian Ruscoe
          Grant Thornton New Zealand Limited
          PO Box 1961
          Auckland


PROMARINE GROUP: Creditors' Proofs of Debt Due on Dec. 19
---------------------------------------------------------
Creditors of Promarine Group Limited are required to file their
proofs of debt by Dec. 19, 2022, to be included in the company's
dividend distribution.

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

The company's liquidator is Kelera Nayacakalou.


SYNGINEERING WATER: Court to Hear Wind-Up Petition on Dec. 15
-------------------------------------------------------------
A petition to wind up the operations of Syngineering Water Limited
will be heard before the High Court at Dunedin on Dec. 15, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 12, 2022.

The Petitioner's solicitors are:

          David Tasker
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140




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

CARR GROUP: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Nov. 25, 2022, to
wind up the operations of Carr Group Pte. Ltd.

Tristar Shipping Co SA filed the petition against the company.

The company's liquidators are:

          Ms. Chan Li Shan
          Mr. Thio Khiaw Ping Kelvin
          c/o Agile 8 Solutions Pte Ltd
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


DB STRUCTURED: Creditors' Proofs of Debt Due on Nov. 25
-------------------------------------------------------
Creditors of DB Structured Products Menasia Investments Pte Ltd,
which is in voluntary liquidation, are required to file their
proofs of debt by Dec. 31, 2022, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Tan Mong Geok
          c/o 112 Robinson Road
          #13-04 Singapore 068902


FANTASY PACKAGING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Nov. 25, 2022, to
wind up the operations of Fantasy Packaging Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

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


HAPPY BUNCH: Commences Wind-Up Proceedings
------------------------------------------
Members of Happy Bunch (SG) Pte Ltd, on Nov. 25, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Lee Yin Chen
          164 Bukit Merah Central #03-3655
          Singapore 150164


ONLINE MARINE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Nov. 25, 2022, to
wind up the operations of Online Marine Services Pte. Ltd.

Tristar Shipping Co SA filed the petition against the company.

The company's liquidators are:

          Ms. Chan Li Shan
          Mr. Thio Khiaw Ping Kelvin
          c/o Agile 8 Solutions Pte Ltd
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


RMH FAMILY: Creditors' Meeting Scheduled for Dec. 21
----------------------------------------------------
Creditors of RMH Family Clinic Pte Ltd will hold a meeting on Dec.
21, 2022, at 10:00 a.m.

Cameron Duncan and David Kim of KordaMentha were appointed as
Provisional Liquidators of the Company on Nov. 25, 2022.


THREE ARROWS: Founders Ordered to Hand Over Records to Liquidators
------------------------------------------------------------------
WSJ Pro Bankruptcy reports that a U.S. bankruptcy judge ordered the
founders of Singapore-based Three Arrows Capital Ltd. to turn over
records related to the failed cryptocurrency hedge fund's assets to
its liquidators.

WSJ Pro Bankruptcy relates that Judge Martin Glenn of the U.S.
Bankruptcy Court in New York granted the liquidators' request to
subpoena Three Arrows founders Su Zhu and Kyle Davies as part of an
effort to recover the hedge fund's assets. Messrs. Zhu and Davies
have offered only limited cooperation so far and have failed to
provide a complete set of books and records, according to the
liquidators' court filings.

The subpoenas authorized on Dec. 2 seek documents related to Three
Arrows' cryptocurrency wallets, accounts and other assets, as well
as records of the founders' communications on email, Twitter,
Discord, WhatsApp and Telegram. The liquidators also want to
question Messrs. Zhu and Davies under oath, according to court
documents cited by WSJ Pro Bankruptcy.

Although Judge Glenn authorized the subpoenas, he said he needed
more evidence before deciding whether to grant the liquidators'
request to serve legal notice to Messrs. Zhu and Davies through
their Twitter accounts. The liquidators have said they aren't sure
where the founders are currently residing after spending months
trying to determine their exact locations.

During court hearing on Dec. 2, the liquidators said they still
don't know where the founders are, but they suspect Mr. Davies is
in Bali and Mr. Zhu is in Indonesia, too, or in the United Arab
Emirates, the report relays.

Three Arrows collapsed this summer following a rout in
cryptocurrency prices. Its founders applied to have it liquidated
in the British Virgin Islands, where Three Arrows is incorporated,
after which court-appointed liquidators filed for U.S. bankruptcy
protection in New York.

WSJ Pro Bankruptcy adds that Adam Goldberg, a lawyer representing
the liquidators, said in court on Dec. 2 that although Messrs. Zhu
and Davies haven't cooperated with the investigation, the founders
have tried to rehabilitate their public image through press
interviews.

The founders have recently been more active on Twitter, where they
have discussed the theory that the recent collapse of crypto
exchange FTX caused Three Arrows to fail, the lawyer said.

"It's interesting, to say the least, that the first time we've
heard this theory that FTX caused the downfall of [Three Arrows]
was after FTX's own sensational collapse," the report quotes Mr.
Goldberg as saying.

Despite limited cooperation from the founders, the liquidators said
they have made progress unwinding Three Arrows' affairs and have
now taken control of government-issued currencies totaling $35.6
million as well as various crypto tokens.

WSJ Pro Bankruptcy relates that Mr. Goldberg said that although
Messrs. Zhu and Davies have tried to conceal their activities,
liquidators have identified transfers showing they used Three
Arrows funds to pay for a superyacht named the Much Wow.

The lawyer also said Three Arrows' founders worked with security
experts in June to set up secure communications that could be
deleted. Taken with their limited cooperation, Mr. Goldberg said
the liquidators believe "the founders' behavior shows they have
something to hide," adds WSJ Pro Bankruptcy.

                     About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.

As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.

The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.




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

SRI LANKA: World Bank Approves Concessional Funding Request
-----------------------------------------------------------
Reuters reports that the World Bank has approved crisis-hit Sri
Lanka's request to access concessional financing from the
International Development Association so as to help stabilise its
economy, the lender said on Dec. 6.

Soaring inflation, a weakening currency and low foreign exchange
reserves have left the island nation of 22 million struggling to
pay for imports of essentials such as food, fuel and medicine,
according to Reuters.

Reuters relates that through the IDA, Sri Lanka will receive
concessional financing, technical assistance, and policy advice
from the World Bank to implement reforms towards economic
recovery.

Access to IDA's concessional financing would also alleviate debt
service pressures as it offers more favourable terms, the World
Bank said in a statement.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its NZD12.6 billion pile of foreign
debt to preserve cash for essential goods.

That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.

Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.

On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
5, 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and
has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to ratings of
'CCC+' or below.  Fitch has also removed the Long-Term
Local-Currency IDR from Under Criteria Observation, on which it was
placed on July 14, 2022, following the publication of the updated
Sovereign Rating Criteria.



                           *********


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 ***