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

                     A S I A   P A C I F I C

          Friday, December 9, 2022, Vol. 25, No. 240

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2022-1: Moody's Assigns B2 Rating to AUD6MM F Notes
COOPER UTILITIES: First Creditors' Meeting Set for Dec. 15
EASY TIMES: Ends Voluntary Administration
FTX AUSTRALIA: Customers May Not Get All Money Back, Admin Warns
LEGAL SEARCH: Moody's Affirms B2 CFR & Alters Outlook to Negative

MANVISION CONSULTING: First Creditors' Meeting Set for Dec. 16
MEDIA HEROES: First Creditors' Meeting Set for Dec. 15
NEXUS COMMUNICATIONS: Second Creditors' Meeting Set for Dec. 15
RESIMAC BASTILLE 2022-2NC: Moody's Assigns (P)B2 Rating to F Notes
SOLWAY CLOTHING: Urgent Expressions of Interest Invited

STONE MAISON: Second Creditors' Meeting Set for Dec. 15


C H I N A

EHI CAR SERVICES: S&P Withdraws 'B-' LT Issuer Credit Rating
GOME HOLDINGS: Unit Loses Supervisory Board Chief
GREENLAND HK: S&P Withdraws 'B-' Issuer Credit Rating
GREENLAND HOLDING: S&P Withdraws CCC- Issuer Credit Rating
NIUTRON: To Refund Customers as Startup Is Unable to Fulfil Orders



H O N G   K O N G

GENTING HONG KONG: World Dream to be Auctioned Off in Singapore


I N D I A

ABIRAMI ENGGINEERING: CRISIL Lowers Rating on INR10cr Loan to B
AMMAN CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
AMRIT INDIA: Pre-packaged Process Case Summary
BELLA JEWELRY: Insolvency Resolution Process Case Summary
BUSTHAN AL: CRISIL Withdraws D Rating on INR5cr Term Loan

C M ROY: CRISIL Moves B Debt Ratings to Not Cooperating Category
CALPRO SPECIALITIES: CRISIL Withdraws B+ Rating on INR4cr Loan
CHW FORGE: CRISIL Keeps B LT Debt Rating in Not Cooperating
HEXAGON CONSTRUCTIONS: CRISIL Keeps B Rating in Not Cooperating
IRIS KNITWEAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating

KRAFT INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
MACRO DAIRY: Insolvency Resolution Process Case Summary
MEDIAMAN INFOTECH: Insolvency Resolution Process Case Summary
MI BUILDTECH PRIVATE: Insolvency Resolution Process Case Summary
MICRORIVVATE METAL: CRISIL Assigns B Rating to INR15cr Loans

MODERN INDIA: CRISIL Keeps D LT/ST Debt Rating in Not Cooperating
NJOY BLUES: Insolvency Resolution Process Case Summary
PHANINDRA KUMAR: CRISIL Keeps B+ Debt Rating in Not Cooperating
QRS RETAIL: CRISIL Keeps B Debt Rating in Not Cooperating
QUALITEK PHARMA: CRISIL Keeps B+ Debt Ratings in Not Cooperating

RAGHAVENDRA POULTRY: CRISIL Keeps D Ratings in Not Cooperating
RAJSHREE SUGARS: CRISIL Reaffirms D Rating on INR160.3cr LT Loan
RENEW POWER: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
RENUKA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAI DIVINE: CRISIL Keeps B Debt Rating in Not Cooperating

SUBI CHEMICALS: Insolvency Resolution Process Case Summary
THINK & LEARN: DoubleLine OCF Values $183,600 Loan at 73% of Face
TRINETRA POULTRIES: CRISIL Moves B Ratings to Not Cooperating
UNITED INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
V.D. SWAMI: CRISIL Keeps D Debt Ratings in Not Cooperating

VASANTHA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VIPUL ORGANICS: CRISIL Keeps B Debt Ratings in Not Cooperating
VIRAJ STEEL: CRISIL Keeps B- Debt Rating in Not Cooperating
VISA STEEL: Insolvency Resolution Process Case Summary
YOUVAKSHI NEWS: CRISIL Keeps B Debt Ratings in Not Cooperating



N E W   Z E A L A N D

ARMSTRONG DOWNES: Subcontractors to Get NZD2.89MM, Liquidators Say
C J PHILLIPS: Creditors' Proofs of Debt Due on Jan. 27
HAYASHI NEW ZEALAND: Court to Hear Wind-Up Petition on Dec. 13
NG MANAGEMENT: Court to Hear Wind-Up Petition on Dec. 15
REHUA REO: Court to Hear Wind-Up Petition on Dec. 15

SMD1 LIMITED: Creditors' Proofs of Debt Due on Jan. 4


S I N G A P O R E

ARROW WASTE: Commences Wind-Up Proceedings
AUTOEXPORT & EPZ: Court Enters Wind-Up Order
DREAMLAND PRODUCTION: Court Enters Wind-Up Order
LAMPE ASIA: Court Enters Wind-Up Order
SUN HOUSE: Creditors' Proofs of Debt Due on Jan. 9



S O U T H   K O R E A

MAGNACHIP SEMICONDUCTOR: Moody's Affirms 'B1' CFR, Outlook Stable


S R I   L A N K A

BANK OF CEYLON: Fitch Lowers LongTerm Local Currency IDR to ‘CCC-'

                           - - - - -


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A U S T R A L I A
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ALLIED CREDIT 2022-1: Moody's Assigns B2 Rating to AUD6MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by AMAL Trustees Pty Ltd as trustee of
Allied Credit ABS Trust 2022-1.

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

AUD183.75 million Class A Notes, Definitive Rating Assigned Aaa
(sf)

AUD6.25 million Class A-X Notes, Definitive Rating Assigned Aaa
(sf)

AUD25 million Class B Notes, Definitive Rating Assigned Aa2 (sf)

AUD8 million Class C Notes, Definitive Rating Assigned A2 (sf)

AUD7 million Class D Notes, Definitive Rating Assigned Baa2 (sf)

AUD7 million Class E Notes, Definitive Rating Assigned Ba2 (sf)

AUD6 million Class F Notes, Definitive Rating Assigned B2 (sf)

The AUD6.625 million Class G1 and AUD6.625 million Class G2 Notes
(together, the Class G Notes) are not rated by Moody's.

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

The loans are to either consumer (78.4%) or commercial (21.6%)
borrowers based in Australia. The loans are backed by motor
vehicles (76.6%), motorcycles (16.3%), marine assets (6.0%) or
recreational vehicles (1.1%).

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

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

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

RATINGS RATIONALE

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

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

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

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

Key transactional features are as follows:

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

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

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

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 25%. Moody's mean default for
this transaction is 5.2%. The assumed recovery rate is 32%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

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

Key pool features are as follows:

- The pool consists of 78.4% consumer loans and 21.6% of
commercial loans.

- Interest rates in the portfolio range from 4.55% to 18.00%, with
a weighted average interest rate of 8.6%.

- Loans with balloon payments at the end of the term represent
around 11.4% of the pool. All of these loans are secured by auto.

- The weighted average seasoning of the portfolio is 8.8 months,
while the weighted average remaining term of the portfolio is 56.0
months.

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

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

Up

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

Down

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

COOPER UTILITIES: First Creditors' Meeting Set for Dec. 15
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Cooper
Utilities Pty Ltd will be held on Dec. 15, 2022, at 10:00 a.m. via
videoconference facilities only.

David Trim and Brent Kijurina of Hall Chadwick were appointed as
administrators of the company on Dec. 5, 2022.


EASY TIMES: Ends Voluntary Administration
-----------------------------------------
The Voluntary Administration of Easy Times Brewing Co Pty Ltd has
now ended and the business has been returned to the control of the
new Director/s via the execution of a Deed of Company Arrangement
on Nov. 22, 2022.

The signing of the DOCA followed the unanimous support of all
creditors at the second and final meeting held on November 1.

Easy Times Brewing Co appointed David Stimpson and Adam Kersey of
SV Partners as voluntary administrators on Sept. 26, 2022 whilst
continuing the ongoing trading of the hotel under Administration.

SV Partners conducted a deep dive assessment of the reasons for
failure and ultimately determined to undertake a process to
restructure and re-finance the business and bring it out of
administration. A significant staff and business restructure
process was necessary with unsustainable wage costs one of the
largest factors involved in the business becoming insolvent. A
share restructure process also remains underway as a component of
the DOCA which should be finalized in the next quarter.

The DOCA was accepted on the first business day after the minimum
statutory VA period of 5 weeks was completed reflecting the
extraordinary efforts of the business to rapidly work through the
issues identified by the Administration process and to return the
business to solvency.

Debts exceeding AUD320,000 were identified and at face value
liquidation and permanent closure of the business was a very real
probability without the efforts of the new management and ownership
team. The Administrators received a number of preliminary offers
during the VA period mostly proposing to break up the business,
purchasing the brewing equipment and closing the brewpub however
these proposals were ultimately not in the interests of or
supported by creditors.

A Deed of Company Arrangement was proposed by The Craft Collective
Pty Ltd whose owners and Directors were existing shareholders (and
large creditors) of Easy Times, but not Directors. During the VA
process, the Craft Collective worked with all trade creditors and
ensured they were paid in full such that these former minority
shareholders of Easy Times carried the losses instead of their
industry partners. This step alone is the primary reason that
liquidation was avoided so the beers could continue to flow and the
talented brewery and hotel staff remain employed.

SV Partners has confirmed that all employee entitlements were paid
in full and this was an essential element for support of the DOCA
by key creditors including the ATO. The formal process of debt
rejection letters for unsubstantiated debt claims remains ongoing
as is the normal process in a Voluntary Administration however any
claims that employee entitlements were not paid are absolutely
rejected.

"The SV Partners team were focused on finding a way for the
underlying business operations to be restructured where possible
and for trade to continue after the Voluntary Administration
process was completed and the DOCA proposed by the Craft Collective
was undoubtedly the most viable option to support that outcome as
confirmed by the unanimous vote of all creditors," Easy Times
said.

"During the administration period the Craft Collective and Easy
Times team worked tirelessly to massively reduce unnecessary costs
by more than AUD400,000 per annum, raised significant capital to
ensure trade creditors were paid in full, completed record brewery
production volumes and even completed the largest canning run in
the history of the business to support keeping the doors open.

"The entire Easy Times team are hugely grateful for the immediate
and widespread support of the Craft Beer industry from Queensland
and across Australia who reached out in countless ways from donated
kegs, to wholesale purchases or by simply popping in and putting a
few dollars in the till for a cold craft beer! That support has our
heartfelt thanks to say the least, you know who you all are and we
cannot thank you enough."


FTX AUSTRALIA: Customers May Not Get All Money Back, Admin Warns
----------------------------------------------------------------
Josh Taylor at Guardian Australia reports that the Australian
administrators of failed cryptocurrency platform FTX are working to
return funds to creditors but say some Australian-based customers
could be forced to deal with US administrators.

FTX put its Australian companies into voluntary administration with
KordaMentha last month following the spectacular collapse of the
global cryptocurrency exchange at the start of November. Around
30,000 Australian customers were owed money or cryptocurrency from
the exchange, in amounts ranging up to AUD1 million.

According to Guardian Australia, the administrator Scott Langdon
told a first meeting of creditors on Dec. 1 that the company had
received more than 1,000 emails from affected customers. The main
question was whether they would get their money back.

Guardian Australia relates that Mr. Langdon said it was a "very
unfortunate set of circumstances" and the company was leaving no
stone unturned in its investigation.

"That requires some detailed analysis that requires work with the
US bankruptcy counterparts . . . to determine the existence or
otherwise of the digital currencies and who they belong to . . .

"We believe that there may be a significant void in terms of what
customers believe they own versus what in reality exists."

Since FTX went into administration, KordaMentha has been working to
determine the tangled web of companies within FTX and which
customers might be owed money by which branch of the business,
Guardian Australia relays.

FTX Australia and FTX Express were both set up as Australian
companies wholly owned by FTX Trading Limited, which is located in
Antigua and Barbuda.

According to Guardian Australia, FTX Australia was the company
established to for trading derivatives, of which the administrators
have determined there are around 11,000 customers - and 4,000
derivatives positions held by those customers. This is the company
with the Australian Financial Services Licence which is currently
suspended, and currently holds AUD2.5 million in cash recovered by
administrators.

Guardian Australia relates that FTX Express is the company
responsible for allowing customers to exchange fiat to
cryptocurrency and vice versa. The administrators have said there
are 17,000 customers who may be creditors of FTX Express, and they
have been able to secure AUD38.6 million in cash from this
business.

But creditors were told that if they had deposited cryptocurrency
from a different wallet directly onto the FTX platform, then their
funds were held by the US parent company and therefore beyond the
reach of local administrators.

"I had Joe the carpenter call me yesterday," the report quotes Mr.
Langdon as saying. "He indicated to me that he had transferred
AUD300,000 to another exchange to facilitate the purchase of a
digital asset. He then moved that digital asset onto the FTX
platform.

"It is our current understanding that that did not require any
interaction with FTX Express or FTX Australia. Accordingly, our
current view is subject to our further analysis, that particular
customer is likely to be a creditor of the FTX Trading regime."

The administrators could not say how many customers were in this
situation. Mr. Langdon said KordaMentha was working through the
issue diligently with legal advisors, and did not rule out court
involvement, Guardian Australia adds.

John Mouawad, Scott Langdon and Rahul Goyal of KordaMentha were
appointed as administrators of FTX Australia Pty Ltd and FTX
Express Pty Ltd on Nov. 11, 2022.


LEGAL SEARCH: Moody's Affirms B2 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Legal Search Holdings Pty Ltd. At the same time, Moody's
has affirmed the B2 backed senior secured first lien term loan
rating and Caa1 backed senior secured second lien term loan ratings
on the loans of ATI US Holdings Inc and Legal Search Pty Ltd as
co-borrower. Moody's has revised the outlooks to negative from
stable.

RATINGS RATIONALE

The negative outlooks on the ratings reflect Moody's expectation
that rising interest rates and considerable uncertainty in the
Australian and UK property markets will make it more challenging
for Legal Search to de-lever back to the rating tolerance threshold
of 7.0x over the next 12-18 months.  In the fiscal year ended June
30, 2022, Legal Search's leverage stood at 7.7x as per
Moody's-adjusted debt/EBITDA (which is based on reported numbers
not adjusted for one-time charges, and includes the share of loss
from joint ventures). Legal Search derives around 72% of total
revenue from the property market.  Moody's expects rising interest
rates will result in the company's EBITA/interest weakening to
around 1.4x-1.5x over the same period.

Nevertheless, Moody's expects that Legal Search's property-related
revenues will be supported by higher product pricing, which will
partly offset lower property transaction volumes.  Legal Search's
pricing power is supported by the fact that search fees typically
represent a small portion of total transaction costs and are
payable by end users.  Legal Search's products are also deeply
integrated within its clients' workflow systems, resulting in a
generally low customer churn.

Other mitigants include Legal Search's strong customer acquisition
and increasing uptake of technology within the conveyancing
industry.  Legal Search also continues to focus on diversifying and
expanding its product offerings away from property towards company
and personal searches and services.  Moody's estimates Legal Search
will de-lever over the next 12-18 months; however, only to levels
of around 7.3x–7.6x, which will still be above the rating
tolerance threshold.

The rating affirmations reflect Legal Search's market-leading
position; cash flow stability from predictable revenue, underpinned
by contractual arrangements and high customer retention; and high
barriers to entry, resulting from its first-mover advantage in
delivering integrated systems.

Legal Search's liquidity is supported by operating cash flow of
around AUD35 million-AUD45 million and AUD121.6 million of cash.
The company also has access to a long-dated revolver of AUD75
million, which is undrawn.  The rating agency notes that higher
interest payments will affect cash flow over the next 12-18 months,
and subsequently its coverage ratio.  

The company's credit profile remains constrained by its relatively
small scale compared with global peer software companies, elevated
leverage, and an acquisitive strategy.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Legal Search's credit exposure to environmental considerations is
neutral to low (E-2) across all environmental risk categories,
given it is a software company.  Legal Search's credit exposure to
social considerations is moderately negative (S-3) driven by a
moderate exposure to data protection and cyber security risks given
the amount of data that the company collects. The company mitigates
this risk through operating under the Privacy Act 1998, and the
Australian Crime Commission Act 2002.  Legal Search Pty Ltd's
exposure to governance considerations is highly negative (G-4).
This reflects the company's i) financial policy with debt-funded
acquisitions and high financial leverage, ii) concentrated
ownership structure with Christian Beck as the ultimate controlling
shareholder and iii) relatively limited transparency given this is
a newly re-organized private company.

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

Moody's could change the outlooks back to stable if Legal Search
de-levers back to 7.0x and/or the Australian and UK property market
transaction volumes stabilize.  

Moody's could downgrade the ratings if Legal Search's adjusted
debt-to-EBITDA exceeds 7.0x on a sustained basis and/ or the
company's liquidity profile weakens. Moody's could also downgrade
the ratings if there are any debt-funded dividend payouts.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Legal Search Holdings Pty Ltd is a legal technology company that
provides clients access to an integrated cloud-based platform with
due diligence searching, e-conveyancing and litigation workflow
solutions operating across Australia and New Zealand, the U.K and
North America.


MANVISION CONSULTING: First Creditors' Meeting Set for Dec. 16
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Manvision
Consulting Pty Ltd will be held on Dec. 16, 2022, at 11:00 a.m. via
Microsoft Teams.

Mohammad Mirzan Bin Mansoor and Damien Mark Hodgkinson of Olvera
Advisors were appointed as administrators of the company on Dec. 6,
2022.


MEDIA HEROES: First Creditors' Meeting Set for Dec. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Media Heroes
Pty Ltd will be held on Dec. 15, 2022, at 11:00 a.m. at the offices
of Rapsey Griffiths Turnaround + Advisory at Level 5, 55-57 Hunter
Street in Newcastle.

Mitchell Griffiths of Rapsey Griffiths Turnaround + Advisor was
appointed as administrator of the company on Dec. 7, 2022.


NEXUS COMMUNICATIONS: Second Creditors' Meeting Set for Dec. 15
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Nexus
Communications Systems Pty Ltd has been set for Dec. 15, 2022, at
10:00 a.m. at the offices of Hamilton Murphy Advisory.
  
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. 14, 2022, at 4:00 p.m.

Stephen Dixon and Geoffrey Trent Hancock of Hamilton Murphy
Advisory were appointed as administrators of the company on Nov.
10, 2022.


RESIMAC BASTILLE 2022-2NC: Moody's Assigns (P)B2 Rating to F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Trustee Company
Limited as trustee of Resimac Bastille Trust Series 2022-2NC.

Issuer: Perpetual Trustee Company Limited as trustee of Resimac
Bastille Trust Series 2022-2NC

AUD95.0 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD280.0 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD50.0 million Class AB Notes, Assigned (P)Aaa (sf)

AUD43.5 million Class B Notes, Assigned (P)Aa2 (sf)

AUD8.0 million Class C Notes, Assigned (P)A2 (sf)

AUD8.0 million Class D Notes, Assigned (P)Baa2 (sf)

AUD7.5 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.5 million Class F Notes, Assigned (P)B2 (sf)

The AUD4.5 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by RESIMAC Limited (RESIMAC,
unrated).

RESIMAC is an Australian non-bank lender, specialising in
non-conforming and prime residential mortgage lending. As of
September 30, 2022, RESIMAC's Australian mortgage portfolio was
around AUD15.6 billion.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance, the legal structure, the
experience of RESIMAC as servicer and the presence of Perpetual
Trustee Company Limited as the backup servicer.

According to Moody's, the Class A1 and Class A2 Notes (together,
the Class A notes) benefit from 25.00% subordination compared with
the 13.20% MILAN CE. However, Moody's notes that the transaction
features some credit weaknesses such as a relatively high weighted
average scheduled LTV (72.8%) and loans underwritten on an
alternative documentation basis (91.8%).

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 13.2%. Moody's expected loss for this transaction is 1.4%.

Key transactional features are as follows:

Initially, principal payments will be made sequentially, starting
with Class A1 Notes. All classes of notes, excluding the Class G
Notes and Class Z Notes, will start receiving their pro-rata share
of principal on a payment date 24 months after closing, provided
that other step-down conditions are met. These include, among
others, no unreimbursed charge-offs and at least 26.4%
subordination to the Class A Notes. Principal payments will revert
to sequential on and after the call option date, occurring on the
earlier of the payment date falling in January 2026 and when the
invested  balance of notes falls below 20% on the initial balance
of the notes.

The servicer is required to maintain the weighted average interest
rates on the mortgage loans at a level sufficient for the trust to
meet the required payments when due, plus 0.25%.

Under the retention mechanism, excess spread remaining after
reimbursement of losses, carry-over charge-offs and payment of
Class G interest is used to repay principal on the Class F Notes,
up to AUD5,000,000, thereby limiting their exposure to losses.
Issuance of an equivalent amount of subordinated Class Z Notes at
the same time will preserve the level of credit enhancement
available to the more senior ranking notes.

Key pool features are as follows:

The pool has a weighted-average scheduled loan-to-value (LTV) of
72.8%, although only 5.9% of the loans have scheduled LTVs over
80%.

The pool has a weighted average seasoning of 13.9 months.

At least 79.9% of loans in the pool are to self-employed
borrowers. The income of these borrowers is subject to higher
volatility than employed borrowers, and they may experience higher
default rates. For further 9.3% of loans, borrower employment type
is not provided, and for 0.9% of loans it is classified as other.

Alternative documentation loans make up around 91.8% of the pool.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

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

Upgrade

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

Downgrade

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


SOLWAY CLOTHING: Urgent Expressions of Interest Invited
-------------------------------------------------------
Michael Carrafa as Administrator of Solway Clothing seeks urgent
expressions of interest in purchase of the Solway Clothing
business.

Key investment opportunities include:

* Stock at valuation;

* Intellectual Property, including the business and
  trading names, website, https://highandmighty.com.au and
  customer database (subject to obtaining consent); and

* Leasehold Premises (subject to landlord consent).

Expressions of Interest are required by close of business on Dec.
9, 2022.

Further information will be available to interested parties after
execution of a Confidentiality Agreement and payment of a
refundable security deposit of AUD2,500. All inquiries should be
directed to Mr William O'Neil-Shaw of SV Partners on (03) 9669 1123
or William.O'neil-Shaw@svp.com.au.

Solway Clothing is a Melbourne based fashion retail business
specialising in contemporary menswear for big and tall men. Solway
Clothing stocks from modern stylish sportswear to favourite
classics. From Cutter & Buck authentic American sporting wear to
European jeans, the focus is on quality, performance and the best
fit.

Michael Carrafa of SV Partners was appointed as administrator of
Solway Clothing Coy. Proprietary Limited, trading as "Solway
Clothing" and "High and Mighty" and "Fashion Retail Personnel" on
Nov. 22, 2022.


STONE MAISON: Second Creditors' Meeting Set for Dec. 15
-------------------------------------------------------
A second meeting of creditors in the proceedings of Stone Maison
Pty. Limited has been set for Dec. 15, 2022, at 4:00 p.m. via
virtual meeting only.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 14, 2022, at 4:00 p.m.

Christopher Damien Darin of Worrells was appointed as administrator
of the company on Nov. 10, 2022.




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

EHI CAR SERVICES: S&P Withdraws 'B-' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit rating
on eHi Car Services Ltd. and 'B-' issue rating on its senior
unsecured notes at the company's request. The rating outlook on the
China-based car rental company was negative at the time of
withdrawal.


GOME HOLDINGS: Unit Loses Supervisory Board Chief
-------------------------------------------------
Yicai Global reports that Fang Wei, the chairman of the board of
supervisors of Gome Telecom Equipment, a unit of cash-strapped
electronics retail giant Gome Holdings Group, has resigned from his
post, citing personal reasons.

Fang nominated Wang Na, financial director of sister firm Gome
Retail Holdings, as his successor, Shanghai-listed Gome Telecom
announced on Dec. 6, Yicai Global relates.

Fang will remain as a senior vice president of Gome Retail, a
source close to the parent company told Yicai Global. He was
previously its chief financial officer and is now vice chair of its
investment and financing committee.

Wang joined Gome in 2014. She was the financial director and
manager of Gome Electric Appliance until last year and the deputy
financial director of Gome Retail between 2021 and this year, Gome
Telecom added, noting that it will hold a shareholders' meeting on
Dec. 21 to review her nomination as chair of the board of
supervisors.

Gome Retail's operational revenue shrank 54 percent to CNY12.1
billion (USD1.7 billion) in the six months ended June 30 from a
year earlier, while its net loss widened 50 percent to CNY3 billion
(USD429.7 million), Yicai Global discloses.

According to Yicai Global, rumors claiming Gome would be liquidated
because of debts recently circulated online. None of Gome Group's
subsidiaries have received any legal documents or inquiries from
judicial authorities regarding a bankruptcy filing, Gome Retail
said in a statement on its Weibo account on Dec 1.

Beijing-based Gome Group will deal with its operational
difficulties through negotiations under the premise of fully
protecting the rights and interests of all parties, Gome Retail
added then, Yicai Global relays. The white goods retailer will
follow legal provisions and ask relevant parties to abide by laws
and regulations to solve the problems, it said.

Gome Electric Appliance has yet to take action to pay off debts,
the head of a home appliance company told Yicai Global on Dec. 6,
adding that the firm will do its best to get back the money it is
owed to protect its rights and interests.

Gome Retail gave up on expansion plans and remains focused on its
existing businesses.

On Dec. 6, Gome Electric Appliance initiated the Gome Cup sales
promotion nationwide. Between Dec. 7 and Dec. 11, Gome's units will
invite 10 outstanding salespersons to join a competition by taking
part in livestreaming sales.

Gome's big investments in new ventures have hardly paid off, as the
company still relies on its offline businesses because of a tight
budget, a former mid-level manager told Yicai Global at the end of
September.

Gome Holdings Group Co. Ltd. operates in the electric appliance
retail businesses. The Company sells air conditioners,
refrigerators, induction cookers, microwave ovens, and other
electrical products. Gome Holdings Group also provides investment,
real estate development, finance, internet development services.


GREENLAND HK: S&P Withdraws 'B-' Issuer Credit Rating
-----------------------------------------------------
S&P Global Ratings had withdrawn its 'B-' issuer credit rating on
Greenland Hong Kong Holdings Ltd. at the company's request.

The rating on the China-based property developer had a negative
outlook at the time of withdrawal.


GREENLAND HOLDING: S&P Withdraws CCC- Issuer Credit Rating
----------------------------------------------------------
On Dec. 7, 2022, S&P Global Ratings raised its long-term issuer
credit rating on Greenland Holding Group Co. Ltd. to 'CCC-' from
'SD'. S&P also raised its long-term issue rating on the senior
unsecured notes that the company guarantees, to 'CC' from 'D'.

S&P subsequently withdrew its issuer credit rating on Greenland and
the issue rating at the company's request.

S&P said, "We upgraded Greenland after we reassessed the credit
profile of the China property developer following the completion of
a two-year maturity extension for all of its U.S. dollar senior
unsecured notes from their original maturity dates.

"The rating reflects our continuing view that Greenland's liquidity
for repaying holding company debt has depleted as it prioritizes
project completions. Furthermore, the company faces heightened
repayment pressure owing to material onshore bond and offshore
loans coming due in 2023."

Greenland has onshore bond maturities of RMB 7.2 billion due by the
end of 2023, of which RMB6.3 billion are due in the next six
months. The company also has some offshore loans due in 2023 of
about RMB2.5 billion, putting additional pressure on its
already-depleted liquidity.

Greenland's repayment ability will largely depend on cash
collection from sales and asset disposal. Both remain hindered by
weak sentiment toward distressed developers and ongoing COVID
restrictions in China. The company's contracted sales in the first
three quarters of 2022 decreased 57% year on year to RMB99 billion.
Execution risk surrounds asset disposal, which may not be timely
for the near-term debt maturities.

Prior to the ratings withdrawal, the negative outlook reflected
S&P's view that Greenland still faces heightened risk in raising
fresh liquidity from project sales and asset disposals to meet its
debt obligations due over the next six months.

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


NIUTRON: To Refund Customers as Startup Is Unable to Fulfil Orders
------------------------------------------------------------------
Yicai Global reports that Niutron will offer buyers of the Niutron
NV a full refund within the next 48 hours as the Chinese electric
car manufacturer is unable, for reasons of its own, to deliver any
vehicles for the time being.

The 24,376 potential buyers who have placed pre-orders for
Niutron's first car model since its debut on Oct. 8 have been very
understanding, the Beijing-based company said on its Twitter-like
Weibo account on Dec. 7, Yicai Global relates. Each customer will
also be gifted a toy-sized model of the Niutron NV and a Starbucks'
gift card worth CNY200 (USD28.60) by way of apology.

Automaker Dorcen, which is the only manufacturer of Niutron's
vehicles, is on the verge of bankruptcy as it has racked up huge
debts, Yicai Global says citing Autohome, a car sales and data
platform. It is not qualified to make vehicles and it will take
some time for the Ministry of Industry and Information Technology
to check its qualifications, it added.

Rumor has it that employees at Dorcen's plant in Changzhou, eastern
Jiangsu province have been asked to resign in groups and all of
them will be dismissed in the near future, Yicai Global relates.

The Niutron NV series has three models priced between CNY278,800
(USD39,927) and CNY318,800. The pure electric version has a range
of up to 560 kilometers. Deliveries were supposed to start next
September.

Niutron was set up last year by Li Yinan, founder of e-scooter
maker Niu Technologies, which has been very successful in China. It
is the third company established by 51-year-old Li, who used to
work at telecoms giant Huawei Technologies.




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

GENTING HONG KONG: World Dream to be Auctioned Off in Singapore
---------------------------------------------------------------
Inside Asian Gaming reports that another cruise ship previously
owned by Genting Hong Kong looks set to be sold after the Sherriff
of the Supreme Court of Singapore announced details of a closed-bid
auction to take place for World Dream this month.

First sailing in 2017, World Dream and its sister ship Genting
Dream had been operated by Genting Hong Kong subsidiary Dream
Cruises, which ceased sailings in March after its parent company
entered liquidation. IAG says the ship has since been moored at
Singapore's Changi General Purpose Anchorage.

According to details published by the Sherriff late last week, all
bidders must provide a deposit of US$50,000 - which will be
returned to all unsuccessful bidders - by 21 December, IAG
discloses. Any successful bid will be subject to court approval,
however, and there is no guarantee that any bid will be approved
should they fail to meet fair market value. Any successful bidder
will also be required to purchase the US$1.2 million worth of
bunker fuel already aboard the ship.

Measuring 335 meters in length and weighing 150.7 tonnes, World
Dream has capacity for 5,000 passengers and was designed
specifically to serve the Asian market.

It remains to be seen whether Genting Hong Kong's controlling
shareholder, Genting Group patriarch Lim Kok Thay, submits a bid of
his own after he registered and launched a new cruise ship brand in
Singapore called Resorts World Cruises earlier this year, according
to the report.

IAG relates that the looming sale of World Dream comes just weeks
after Disney Cruise Line confirmed it has purchased Global Dream -
an unfinished 9,000 capacity ship that was being built by Genting
Hong Kong at its Germany shipyards prior to its collapse.

As previously reported by Inside Asian Gaming, Genting Hong Kong's
joint provisional liquidators are also expected to confirm the sale
of the company's stake in Travellers International Hotel Group -
operator of Manila's Newport World Resorts - in the coming months.

                       About Genting Hong Kong

Genting Hong Kong Limited was a holding company that operated
cruise and resort businesses. It owned the cruise lines Crystal
Cruises, Dream Cruises and Star Cruises (collectively Genting
Cruise Lines, Resorts World Manila, and the MV Werften and Lloyd
Werft shipyards.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
20, 2022, Genting Hong Kong has filed a winding-up petition in
Bermuda, after the bankruptcy of its shipyard in Germany triggered
US$2.78 billion of debt and forced Asia's largest operator of sea
cruises to be liquidated.

The owner of Dream Cruise Holding appointed Alvarez & Marsal's
Edward Simon Middleton and Tiffany Wong Wing-sze as provisional
liquidators, South China Morning Post disclosed citing a filing on
Jan. 19 to the Hong Kong stock exchange.

On Oct. 7, 2022, the company and its subsidiary Dream Cruises were
ordered by the Bermuda Court to wind up its business.




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

ABIRAMI ENGGINEERING: CRISIL Lowers Rating on INR10cr Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Shree
Abirami Enggineering Works (SAEW) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

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

Set up in 1992, Chennai-based SAE is engaged in the field of
repair, rewinding, overhauling, erection, testing, commissioning
and servicing of transformers, primarily power transformers. It
also manufactures power transformers. SAE is accredited with ISO
9001:2008 certification. Mr P Sirsabesan manages the operations.


AMMAN CARS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Amman
Cars India Private Limited (SACPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Inventory Funding      9.5       CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

   Inventory Funding      8         CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)


   Overdraft Facility     1.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 2007 and promoted by Mr. Senthil Kumar and Mr. V
Vadivelu, SACPL is a dealer for passenger vehicles manufactured by
MSIL. Registered office is in Omalur in Salem, Tamil Nadu.


AMRIT INDIA: Pre-packaged Process Case Summary
----------------------------------------------
Debtor: Amrit India Limited
        202, 2, Community Center
        Naraina, New Delhi 110028

Pre-packaged Insolvency Commencement Date: November 30, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Mukesh Kumar Jain

Interim Resolution
Professional:            Mukesh Kumar Jain
                         T-1, 3rd Floor, Pankaj Arcade
                         Plot no.16, Sector-5
                         Dwarka, New Delhi 110075
                         E-mail: fcafcs19@gmail.com

                            - and -

                         202,2, Community Center
                         Naraina, New Delhi 110028
                         E-mail: amritppirp2022@gmail.com


BELLA JEWELRY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Bella Jewelry Private Limited
        Unit No. 504 Seepz++ Block II
        Seepz Jogeshwari Link Road
        Andheri East, Mumbai 400096

Insolvency Commencement Date: November 28, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 21, 2023

Insolvency professional: Sanjay Vasant Samudra

Interim Resolution
Professional:            Sanjay Vasant Samudra
                         Ground Floor C Block
                         Bld No. 23, Ambar Prasad
                         General Arun Kumar
                         Vaidya Nagar Bandra
                         Reclamation Bandra West
                         Near Lilawati Hospital
                         Mumbai Suburban
                         Maharashtra 400050
                         E-mail: samudrasvs@gmail.com
                                 cirp.bellajewelry@gmail.com

Last date for
submission of claims:    December 12, 2022


BUSTHAN AL: CRISIL Withdraws D Rating on INR5cr Term Loan
---------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Busthan Al Wathaniya (BAW) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL Rating's policy on withdrawal of its rating
on bank loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Export Packing         2         CRISIL D/Issuer Not
   Credit                           Cooperating (Withdrawn)

   Foreign Bill           3         CRISIL D/Issuer Not
   Negotiation                      Cooperating (Withdrawn)

   Term Loan              5         CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with BAW for
obtaining information through letters and emails dated February 10,
2022 and February 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 BAW. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on BAW is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
BAW to 'CRISIL D/CRISIL D Issuer not cooperating'.

Set up in 2013, BAW, a partnership between Mr KV Ismail and Mr
Nazari Ismail, manufactures and exports a range of processed food,
including vegetables, Indian pickles, spices, chocolates, and
canned and frozen food. It is based in Kerala.


C M ROY: CRISIL Moves B Debt Ratings to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of C M
Roy Construction Private Limited (C M Roy) to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         4.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            4.6       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital        0.9       CRISIL B/Stable (ISSUER NOT
   Demand Loan                      COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with C M Roy 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 C M Roy, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on C M
Roy 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 C M Roy to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 1990 as a proprietorship concern by Mr. C M Roy , it
got reconstituted as a private limited company in 2016. CMCPL
undertakes civil construction work for government bodies in Andaman
and Nicobar Islands.


CALPRO SPECIALITIES: CRISIL Withdraws B+ Rating on INR4cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Calpro Specialities Private Limited (CFPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.5       CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            4         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Foreign Letter         7.5       CRISIL A4/Issuer Not
   of Credit                        Cooperating (Withdrawn)

   Foreign Letter         2         CRISIL B+/Stable/Issuer Not
   of Credit                        Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with CFPL for
obtaining information through letters and emails dated January 22,
2022 and February 7, 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 CFPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on CFPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
CFPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

CFPL was set up in 1984 as a proprietorship firm by Mr Arun Kumar
Agarwal, and was reconstituted as a private limited company in
1989. It manufactures and distributes preservatives, emulsifiers,
enzymes, pectin, and stabilisers for the food and beverage
industry. The manufacturing unit is in Sohna District, Haryana.
Operations are managed by key promoters, Mr Arun Kumar Agarwal and
his sons, Mr Amit Agarwal and Mr Ayush Agarwal.


CHW FORGE: CRISIL Keeps B LT Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of CHW Forge
Private Limited (CFPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating        -        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Short Term Rating       -        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

CFPL was set up as a partnership concern in 1956 by the Chaudhry
family, which is based in Ghaziabad, Uttar Pradesh; it was
reconstituted as a private limited company in 1970, as a public
limited company (Chaudhry Hammer Works Ltd) in 2003, and as a
private limited company with the current name in November 2010.

The company has two operating units, one each in Ghaziabad and
Greater Noida, Uttar Pradesh, with combined forging, heat
treatment, machining, and finishing facilities.

CFPL is ISO 9001:2008-certified by Bureau Veritas Quality
International, ISO 14001:2004-, OHSAS 18001:2007-, ISO:
27001-2005-, AD-Merkblatt WO-, and PED 97/23/EC-certified by TUV
Nord - Germany, and API Spec 6A-certified by American Petroleum
Institute.


HEXAGON CONSTRUCTIONS: CRISIL Keeps B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hexagon
Constructions (HC) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2         CRISIL A4 (Issuer Not
                                    Cooperating)

   Secured Overdraft      4         CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

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

Established as a partnership firm in 2003, Hexagon Construction
(HC) is engaged in construction of industrial buildings. Based in
Hyderabad (Telangana), HC is promoted by its managing partner -
Mr.V Vamshi Krishna.


IRIS KNITWEAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Iris Knitwear
(IK) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan              1.23      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

Set up as a partnership firm in 1986 by Mr. Sudarshan Jain and his
father. The firm is currently managed by his sons Mr. Rishav Jain
and Mr. Manuj Jain. Iris Knitwear manufactures fashion winter wear
for women (accounts for 80% of total revenue), such as jackets and
coats, jumpers and cardigans, pullovers, long-sleeved tops,
T-shirts and tops, blazers, and sportswear. The firm also
manufactures summer and nightwear. Products are sold under the Oner
brand, which was established in 1997.


KRAFT INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of KRAFT
Infrastructures (Kraft) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

Established in June 2016, Kraft is a partnership firm established
as a special purpose vehicle (SPV) to develop a commercial real
estate project - Sky Solitaire in Ahmedabad, Gujarat. Mr Ashesh
Gajjar, Mr Ajay Soni, Mr Ramesh Padhiyar and Mr Kaniyalal Pagrani
are the partners.


MACRO DAIRY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Macro Dairy Ventures Private Limited
        C/o Sardar Jagpal Singh Khangura
        VPO Latala Ludhiana
        Punjab 141205

           - and -

        Hotel Majestic Park Plaza
        Bhal Wala Chowk
        Ludhiana, Punjab

Insolvency Commencement Date: November 30, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 29, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Krishan Vrind Jain

Interim Resolution
Professional:            Mr. Krishan Vrind Jain
                         SCO 345-346, 2nd Floor
                         Sector 35-B
                         Chandigarh 160022
                         E-mail: jainkv@gmail.com

                            - and -

                         Sco-818, 1st Floor
                         Above Yes Bank, NAC
                         Manimajara, Chandigarh 160101
                         E-mail: cirp.macrodairy@gmail.com
                         Mobile: 94170-09490
                                 73411-05244

Last date for
submission of claims:    December 15, 2022


MEDIAMAN INFOTECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Mediaman Infotech Pvt. Ltd.
        Flat no. 104, Building No. 2
        B Wing, Sankalp CHSL
        Near Mans Hotel
        Andheri (E), Mumbai 400059

Insolvency Commencement Date: November 22, 2022

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

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

Insolvency professional: Mr. Satish Anand Sharma

Interim Resolution
Professional:            Mr. Satish Anand Sharma
                         C-3/1204, Hyde Park
                         Sec. 35G, Kharghar
                         Navi Mumbai
                         Maharashtra 410210
                         E-mail: advosas@gmail.com

                            - and -

                         Construction House
                         5th Floor, Ballard Estate
                         Mumbai 40001     
                         E-mail: cirp.mediaman@gmail.com

Last date for
submission of claims:    December 6, 2022


MI BUILDTECH PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s M.I. Buildtech Private Limited
        T-167, Street no. 5
        Gautamppuri Delhi
        North East DL 110053
        IN

Insolvency Commencement Date: November 23, 2022

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: May 22, 2023

Insolvency professional: Mr. Swatantra Kumar Singh

Interim Resolution
Professional:            Mr. Swatantra Kumar Singh
                         P-6/90 2nd Floor Connaught Circus
                         Connaught Place, New Delhi 110001
                         India
                         E-mail: singh@caindelhiindia.com

Last date for
submission of claims:    December 7, 2022


MICRORIVVATE METAL: CRISIL Assigns B Rating to INR15cr Loans
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Microrivvate Metal Private Limited (MMPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           10.69      CRISIL B/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits      4.31      CRISIL B/Stable (Assigned)

The rating reflects MMPL's modest scale of operation, working
capital intensive operations and highly leveraged capital
structure. These weaknesses are partially offset by its extensive
industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation: Considering limited track record of
operations, scale of operation is modest with revenue of Rs 49
crore in fiscal 2022. Intense competition continues to constrain
scalability and bargaining power with customers and suppliers.
CRISIL Ratings understands that scale of operations is likely to
remain modest over the medium term.

* Working capital intensive operations: Gross current assets were
at 109-164 days over the three fiscals ended March 31, 2022. This
is driven by moderate credit period of 50 to 60 days extended to
the customers and inventory levels of 40 to 75 days. Operations are
expected to remain working capital intensive over the medium term.

* Highly leveraged capital structure: MMPL's capital structure is
highly leveraged with small networth of INR2.51 crores and high
dependence on external borrowings. Gearing total outside
liabilities to adj tangible networth (TOL/ANW) was high about 5.97
times and 9.46 times respectively as on 31st March 2022. Further,
the capital structure is expected to remain highly leveraged over
the medium term due to continued reliance on external borrowings.

Strengths:

* Extensive industry experience of the promoters: Mr. Ramnaresh
Sahani, promoter of MMPL have an extensive experience of over two
decades in the trading industry and this has given them an
understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers. MMPL will
continue to benefit from the extensive experience of the
promoters.

Liquidity: Poor

The company's cash accruals are expected to be over INR0.60- 0.70
crore which are insufficient against term debt obligation of
INR0.55- 1.19 crore over the medium term. Bank limit utilization is
moderate at around 86 percent for the past twelve months ended
October 2022. The promoters are likely to extend support in the
form of unsecured loans to meet its working capital requirements
and repayment obligations.


Outlook Stable

CRISIL Ratings believes MMPL will continue to benefit over the
medium term from its longstanding relationships with principals and
experience of the management to mitigate the inherent risk in
trading business.

Rating Sensitivity factors

Upward factor

* Sustained improvement in revenue and profitability leading to
higher-than-expected cash accruals of above Rs 1.2 crores
* Sustained improvement in financial risk profile

Downward factor

* Decline in revenue or profit margin leading to cash accruals of
less than INR0.5 crore.
* Any weakening in interest coverage ratio or gearing impacting the
financial risk profile.

MMPL (based in Navi- Mumbai) was incorporated in 2018 and is and
promoted by Mr. Ramnaresh Sahani and Mr. Mukesh Sahani. It is
engaged in trading and wholesaling of pipes, fittings, valves,
drilling products, and related accessories which are mainly used in
oil & gas, energy, chemical, water and construction industry.


MODERN INDIA: CRISIL Keeps D LT/ST Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Modern India
Con-Cast Limited (Modern; part of the Modern India 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 Modern 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 Modern, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Modern is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Modern continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Modern and Gayson and Co
Pvt Ltd (Gayson). This is because the two companies, together
referred to as the Modern India group, have strong operational and
financial linkages in terms of intragroup sales and financial
support from Gayson to Modern.

The Modern India group was set up by Mr. Bhupinder Singh Saini and
Mr. Bakhshish Singh Dhanjal. Modern, incorporated in 1987,
manufactures ferroalloys, mostly silico-manganese and
ferromanganese. Gayson, incorporated in 1963 and acquired by the
group in 1981, trades in ferroalloys and rolling-mill products.


NJOY BLUES: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Njoy Blues LLP
        1st Floor, 22/6/1A
        Rustomjee Street
        Kolkata, West Bengal 700019

Insolvency Commencement Date: November 30, 2022

Court: National Company Law Tribunal, Kolkata Bench-II

Estimated date of closure of
insolvency resolution process: May 28, 2023

Insolvency professional: Mr. Arun Poddar

Interim Resolution
Professional:            Mr. Arun Poddar
                         1st, Floor, 144B Shyama Prasad
                         Mukherjee Road, Post Office Kalighat
                         Near Rash Behari More
                         Kolkata, West Bengal 700026
                         E-mail: ca.arunpoddar@gmail.com

                            - and -

                         C/o Ancoraa Resolution Private Limited
                         1412, Real Tech Park
                         Sector 30 A, Vashi
                         Navi Mumbai 400703
                         E-mail: cirp.njoy@ancoraa.com

Last date for
submission of claims:    December 14, 2022


PHANINDRA KUMAR: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Phanindra
Kumar Baishya (PKB) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         4         CRISIL A4 (Issuer Not
                                    Cooperating)

   Secured Overdraft      1         CRISIL B+/Stable (Issuer Not
   Facility                         Cooperating)

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

Set up in 1997, PKB is a proprietorship, engaged in civil
construction. The firm majorly undertakes laying of railway tracks,
minor bridges, construction of railways embankments etc. for Indian
railways.


QRS RETAIL: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of QRS Retail
Limited (QRL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            17        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 2006, QRL is part of the QRS group, and is jointly
managed by Mr  S Gauthaman and his brother, Mr S Muralidharan.. The
company retails consumer durables through 21 outlets spread across
Kerala. It also retails Titan watches (three outlets), Max branded
apparel (five outlets), and food items through Nilgiris (2
outlets).

The QRS group has been in the business of retailing for more than
seven decades. Besides consumer durables, the group also retails
mobile phones and textiles through various group entities. QRL
operates most of its showrooms on the properties of Quilon Radio
Service, a group entity, which undertakes real estate development.


QUALITEK PHARMA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Qualitek
Pharma (QP) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           0.83       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit      0.5        CRISIL A4 (Issuer Not
                                    Cooperating)

   Packing Credit        1          CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Long Term    7          CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             1.67       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

QP, set up in 2006 by Mr K. Srinivasa Rao and Mrs A. Aruna Kumari,
manufactures sustain release, immediate release, multi vitamin and
enteric coated pharmaceutical pellets and taste masked granules.
Its manufacturing facilities are located in Hyderabad, Telangana.



RAGHAVENDRA POULTRY: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Raghavendra Poultry Farm (SRHPF; a part of the Sri Poultry group)
continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Term Loan              4.8       CRISIL D (Issuer Not
                                    Cooperating)

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

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

                          About the Group

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

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

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


RAJSHREE SUGARS: CRISIL Reaffirms D Rating on INR160.3cr LT Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the
long-term bank facilities of Rajshree Sugars and Chemicals Limited
(RSCL).

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term
   Bank Loan Facility       160.3       CRISIL D (Reaffirmed)

   Rupee Term Loan          24.31      CRISIL D (Reaffirmed)

   Rupee Term Loan          21.51      CRISIL D (Reaffirmed)

   Rupee Term Loan          48.07      CRISIL D (Reaffirmed)

   Rupee Term Loan          70.24      CRISIL D (Reaffirmed)

   Rupee Term Loan          37.16      CRISIL D (Reaffirmed)

   Rupee Term Loan           9.92      CRISIL D (Reaffirmed)

   Rupee Term Loan         272.49      CRISIL D (Reaffirmed)

The ratings continue to reflect continuation of default status in
the sugar development fund (SDF) loans availed by the company. The
said loans are restructured vide Administrative Approval (AA) dated
20.05.2022 issued by the Department of Food & Public Distribution,
Ministry of Consumer Affairs, Food and Public Distribution (DFPD)
and the Tripartite agreement between the Company, DFPD and IFCI
(nodel agency of SDF-DFPD) had been executed on 12.08.2022. The
other compliance formalities as stipulated in AA are under process
and hence the SDF loan is still considered to be under default. The
company has confirmed the same through its fiscal 2022 audited
financials and public disclosures on the exchange. The bank loan
facilities availed by the company have been restructured in July
2021 and the repayments on the same have started in September
2021.

The ratings also factor RSCL's modest financial risk profile and
the company's susceptibility to regulatory risks in the sugar
industry. However, these rating weaknesses are partially offset by
the promoters' extensive industry experience and availability of
diverse revenue streams.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest financial risk profile: The Company's financial risk
profile continue to be modest marked by gearing and subdued debt
protection metrics. Substantial losses incurred in the past and
sizeable debt has resulted in leveraged capital structure marked by
a gearing of around 1.64 times as on March 31, 2022. Debt
protection metrics remains subdued marked by an interest coverage
of 1.97 time for fiscal 2022.

* Susceptibility to regulatory changes and cyclicality in the sugar
industry: The sugar manufacturing industry is highly regulated and
exposed to seasonality in cane production. These factors impact the
scale of operations and profitability.

Strength:

* Established regional presence and diverse revenue streams: RSCL
has established presence in sugar industry as reflected from
turnover in the range of Rs.320-460 crore for the last four fiscals
ended March 2022 The Company could also achieve cash profit in the
last 2 years. The company has integrated operations with
bagasse-based cogeneration plant of 54.5-MW and distillery capacity
of 125 kilo litres per day.

Liquidity: Poor

The company's liquidity is weak on account of modest utilization of
installed capacities resulting in under recovery of fixed costs
mainly finance cost and carry of past unpaid dues to creditors. As
a result, the company has been classified as nonperforming asset
from fiscal 2018.


Rating Sensitivity factors

Upward Factors

* Timely servicing of debt

* Improvement in turnover by more than 30 percent.

* Implementation of the resolution plan.

Based in Coimbatore (Tamil Nadu), RSCL was incorporated in 1985 and
is a fully integrated sugar manufacturer with distillery and
cogeneration capabilities. The  operations of the company are
managed by Mr. R. Varadarajan, Wholetime Director and he is
assisted by Mr.R.Raghuram, Chief Operating Officer, Mr G
Sathiyamoorthi, President and Mr. C.S. Sathiyanarayanan, CFO. Mr.
M. Ponraj is the Company Secretary.  Ms Rajshree Pathy is
Non-Executive Chairperson of the Company.



RENEW POWER: Fitch Affirms LongTerm IDR at 'BB-', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed India-based ReNew Power Private
Limited's Long-Term Issuer Default Rating at 'BB-' with a Stable
Outlook. The agency has also affirmed the 'BB-' ratings on the
USD450 million notes issued by ReNew and USD400 million notes
issued by India Clean Energy Holdings, both due in 2027. India
Clean Energy Holdings is a Mauritius-based fully-owned subsidiary
of the majority parent of ReNew.

The affirmation reflects ReNew's large and growing portfolio of
renewable power assets, adequate liquidity and expected improvement
in its receivables profile. Fitch expects ReNew's high pace of
capex for projects under construction to keep its EBITDA net
leverage elevated in the near to medium term. However, Fitch
expects its interest cover, measured as EBITDA net interest cover,
to remain adequate for its 'BB-' ratings.

ReNew is one of India's leading renewable independent power
producers, with around 7.7GW of operational capacity from wind (51%
of capacity), solar (48%) and hydro (1%) power projects and a
project pipeline of above 5GW. ReNew's holding company directly
holds 463MW of wind-power assets, with the rest held by various
special-purpose vehicles.

KEY RATING DRIVERS

Leading Producer, Diversified Portfolio: ReNew's large size and
diversified renewable-asset portfolio provide economies of scale
and operating leverage, mitigating concentration risk. Its power
projects, including its pipeline under construction, are
diversified by source and geography, which mitigates risks from
adverse climatic conditions. Fitch expects ReNew's wind-based
generation to remain at average historical levels of around 25% of
plant load factors after falling about 22% in the financial year
ending March 2021 (FY21) due to a weaker wind season, in line with
other Indian wind projects.

Improving Receivables Position: Fitch expects ReNew's receivable
days to improve to 169 in FY23, assisted by its increasing exposure
to sovereign-owned entities that make timely payments and a rise in
receipt of payments from state utilities under late payment
surcharge rules since August 2022. Receivable days improved to 231
in 1HFY23 (1HFY22:272), from above 250 days in FY21 and FY22 due to
receipt of payments from state utilities, especially those from
Andhra Pradesh (AP) state.

ReNew expects AP's utilities, which accounted for around 45% of
receivables in FY22, to clear a large part of its long outstanding
dues by July 2023, having received four of 12 monthly instalments
by November 2022. ReNew's key counterparties - state-owned
power-distribution utilities - which account for about 60% of the
current offtake, have weak credit profiles. However, its exposure
to them is expected to lower to around 40% by FY24, as a large part
of its capacity under construction is tied up with counterparties
with timely payment records.

High Capex: Fitch anticipates ReNew's EBITDA net leverage to remain
above 6x over FY23-FY24 (FY22: 7.5x), before improving to around
5.3x by FY25 driven by its larger scale, improving receivables, and
large investment plans. Fitch expects the capex for capacity under
construction to remain high at about INR125 billion a year in FY23
and FY24 (FY22: INR90 billion).

Adequate Financial Profile: Fitch expects ReNew's EBITDA net
interest cover to remain above 1.5x in the near to medium term, the
key negative sensitivity for its 'BB-' ratings. Interest cover
remains adequate as more than two-thirds of its borrowings are
fixed rate, and the majority have long-dated maturity. ReNew also
has a track record of selling stake at project level to support
capex and maintain its financial profile.

Price Certainty, Volume Risk: Fitch believes the long-term power
purchase agreements (PPAs) for the group's operating assets offer
price certainty and long-term cash flow visibility. Fitch expects
more than 90% of group capacity to be tied up under PPAs with
tenors of 20-25 years even as ReNew increases direct offtake with
corporate PPAs, which have relatively shorter tenors of around
10-15 years. Production volume can still vary under the long-term
PPAs, as it is based on resource availability, which is affected by
seasonal and climatic patterns.

Healthy Debt-Service Coverage: Fitch monitors the cash flow from
operations (CFO)-based debt-service coverage ratio (CFO + interest
expense/scheduled project debt amortisations + interest expense) at
the holding company and unrestricted projects to analyse liquidity
and the unrestricted portfolio. Fitch expects the ratio to remain
at around 1.5x in the medium term, much higher than the negative
sensitivity level of 1x, with an increase in cash generation from
larger operational capacity and lower receivables.

No Notching for Subordination: Fitch does not notch down the US
dollar notes' rating, in light of its assessment of an
at-least-average recovery for noteholders. The subordination risk
is mitigated by the presence of 463MW of wind power assets at
ReNew, and cash available for upstreaming from ReNew's various
restricted groups post-servicing their own debt obligations. Its
view benefits from ReNew's large scale and diversity of projects
across geographies, resource types and counterparties. Fitch also
factors in the subordination of notes to prior-ranking project debt
at operating entities in the group.

Fitch rates both the USD450 million notes and USD400 million notes
at 'BB-', reflecting its expectations of an average recovery for
both the bonds and location of the assets - India - despite the
former benefitting from direct asset security .

Currency Risk: ReNew's earnings are in Indian rupees but its notes
are in US dollars, resulting in exposure to foreign-exchange risk.
ReNew has mitigated this risk by substantially hedging the notes'
coupon and principal.

DERIVATION SUMMARY

Fitch views Greenko Energy Holdings (BB/Negative) and Concord New
Energy Group Limited (CNE, BB-/Stable) as ReNew's close peers.
Greenko, like ReNew, is one of India's leading power producers,
with a focus on renewable energy. However, ReNew's operating
capacity has grown higher than Greenko over the last few years.

ReNew's resource risk is lower, with higher exposure of 51% to
solar-based projects (Greenko: 27% solar and 9.5% hydro). Its
counterparty risk is also lower, with 47% capacity contracted with
sovereign-owned entities and the rest with state-owned distribution
companies (42%) and direct sales (11%). Greenko's better credit
assessment than ReNew is supported by the former's stronger
financial access, benefitting from its strong shareholders, which
enables the company to rely on fresh equity for investments and
acquisitions, while utilising cash generated from operations to
deleverage.

CNE has an attributable wind capacity of 2.9GW across multiple
projects in China. Its feed-in tariffs are stable and its
counterparty risk is significantly lower than that of ReNew, as its
revenue stream is mostly reliant on State Grid Corporation of China
(A+/Stable) and China's Renewable Energy Subsidy Fund. In
comparison, ReNew has a larger size - allowing for diversity and
granularity across multiple projects - and improved financial
access after its Nasdaq listing. They have similar financial
profiles, resulting in the same overall rating assessment.

KEY ASSUMPTIONS

- Plant-load factors in line with average historical performance or
resource assessment studies

- Plant-wise tariff in accordance with the respective PPAs

- Average receivable days to reduce to around 169 in FY23 (FY22:
256), assisted by regular payments from state discoms under the
late payment surcharge scheme and ReNew's increasing exposure to
sovereign-owned entities

- Asset-level EBITDA margins of 80%-93%, in line with historical
performance or management guidance

- Capex to increase to around INR125 billion per annum from FY24 to
FY25 (FY22: INR90 billion)

- No dividend payout in the medium term

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Net debt/EBITDA below 5.0x on a sustained basis, provided that
there is no significant increase in ReNew's overall business risk
profile

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Operating EBITDA/net interest expense at below 1.5x for a
sustained period

- CFO-based debt service coverage ratio at the holding company and
unrestricted projects at below 1x for a sustained period

- Significant and prolonged deterioration of the receivable
position

- Failure to adequately mitigate foreign-exchange risk

LIQUIDITY AND DEBT STRUCTURE

Liquidity Supported by Market Access: ReNew had cash and cash
equivalents of around INR55.2 billion as of 1HFYE23, against debt
maturities over the next 12 months of around INR54.7 billion,
including short-term borrowings of INR34 billion. Fitch expects the
company to generate negative free cash flow in the near-to-medium
term due to ongoing capacity additions. However, ReNew has a policy
and record of raising equity in advance for its projects and has
adequate access to the domestic bank-loan market, which should
mitigate this.

ReNew has staggered debt maturities and benefits from a sound mix
of debt in the form of amortising project-level loans, with tenors
of between 13 and 23 years, and five tranches of US dollar notes
totalling USD2.2 billion, with an earliest maturity date of April
2024.

ISSUER PROFILE

ReNew is one of India's leading renewable-energy companies with a
total capacity, including projects under construction, of about
13.4GW.

The projects are spread across 10 states and comprise wind, solar
and hydro projects.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Prior
   -----------             ------           -----
ReNew Power Private
Limited              LT IDR BB-  Affirmed     BB-

   senior secured    LT     BB-  Affirmed     BB-

India Clean
Energy Holdings

   senior unsecured  LT     BB-  Affirmed     BB-


RENUKA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Renuka Silks
- Perambalur Unit (RS) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.5       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         2.75      CRISIL D (Issuer Not
                                    Cooperating)

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

RS is a partnership concern set up in 2013. It retails apparel for
men, women, and kids, and specialises in uniforms for schools and
corporates. The firm has a single showroom at Perambalur in Tamil
Nadu, covering 24,000 square feet. Its operations are managed by Mr
R Kandasamy.


SAI DIVINE: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sai
Divine Mining Private Limited (SSD) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     1.5       CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Working       2.5       CRISIL B/Stable (Issuer Not
   Capital Facility                 Cooperating)

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

Established in 2010, Sri Sai Divine Mining Pvt Ltd (SSD) is engaged
in two lines of businesses, namely, undertaking maintenance
contracts for mining equipment of cement plants and also in trading
and exporting of granites.


SUBI CHEMICALS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Subi Chemicals Private Limited
        509/10, Jeevan Deep Complex
        Opp. J.K. Tower
        Near Sub Jail
        Ring Road, Surat 395002

Insolvency Commencement Date: November 30, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 25, 2023

Insolvency professional: CA Nimai Gautam Shah

Interim Resolution
Professional:            CA Nimai Gautam Shah
                         605-606-607, Silver Oaks
                         Near Mahalaxmi Char Rasta
                         Paldi, Ahmedabad 380007
                         Gujarat
                         E-mail: cnjabd@gmail.com
                                 subi.cirp@gmail.com

Last date for
submission of claims:    December 14, 2022


THINK & LEARN: DoubleLine OCF Values $183,600 Loan at 73% of Face
-----------------------------------------------------------------
DoubleLine Opportunistic Credit Fund has marked its $183,613 loan
extended to Think & Learn Private LImited to market at $134,561, or
73% of the outstanding amount, as of September 30, 2022, according
to a disclosure contained in DoubleLine OCF's Form N-CSR for the
fiscal year ended September 30, filed with the Securities and
Exchange Commission on December 2.

DoubleLine OCF extended a Senior Secured First Lien Term Loan (3
Month LIBOR USD + 6.00%, 0.75% Floor) to Think & Learn Private
LImited.  The loan currently has an interest rate of 7.51% and is
scheduled to mature on November 24, 2026.

DoubleLine Opportunistic Credit Fund (NYSE: "DBL") was formed as a
closed-end management investment company registered under the
Investment Company Act of 1940, as amended.  The Fund is currently
operating as a diversified fund. The Fund was organized as a
Massachusetts business trust on July 22, 2011 and commenced
operations on January 27, 2012.

Think & Learn Private Limited, doing business as Byju's, provides
online educational services. The Company offers a technology based
educational platform for primary and secondary school subjects,
overseas and domestic test preparation courses, learning programs,
and applications. Byju's serves students in India.

TRINETRA POULTRIES: CRISIL Moves B Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Trinetra Poultries Private Limited (TPPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Fund-        0.04       CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

   Rupee Term Loan       6.61       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with TPPL 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 TPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TPPL
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 TPPL to 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2018, TPPL set up a poultry layer farm with
installed capacity of 1 lakh chicks. It also sells eggs in West
Medinipur, West Bengal. The plant started operations in November
2019. TPPL is owned and managed by Mr Milan Nandi and Ms Pinky
Nandi.


UNITED INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United India
Shoe Corporation Private Limited (UNISCO) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Export Packing
   Credit                 28.7      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        1        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        7.5      CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         17        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan          3        CRISIL D (Issuer Not
                                    Cooperating)

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

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of UNISCO and UNICO Leather
Product & Co (UCCO). This is because the two companies, together
referred to as the UNISCO group, are under a common management with
fungible cash flows.

Established in 2001, UNISCO manufactures leather shoes. UCCO,
established in 2015 manufactures shoe uppers and supplies them to
UNISCO.


V.D. SWAMI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V.D. Swami
And Co Private Limited (VDS) continues to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Long Term Loan          6        CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility     14        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

Incorporated in 1956 in Chennai, VDS undertakes erection, testing,
commissioning, and maintenance of electrical and engineering
equipment in industries across various sectors.


VASANTHA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vasantha Rice
Industries (VRI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.4        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    5.6        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             2          CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

VRI is involved in rice milling at Miryalguda in Nalgonda (Andhra
Pradesh). It was set up as a partnership firm in 2009, with Mr.
Chenna Krishna Reddy and his family members as partners. Its mill
has capacity of 8 tonnes per hour (raw and parboiled included).


VIPUL ORGANICS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vipul
Organics Limited (VOL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.15       CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           2.35       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Foreign Demand
   Bill Purchase        12          CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit      4          CRISIL A4 (Issuer Not
                                    Cooperating)

   Long Term Loan        7          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Packing Credit        2          CRISIL A4 (Issuer Not
                                    Cooperating)

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of VOL with its subsidiaries:
Shree Ambika Naturals Private Limited (SANPL). This is because all
these entities, together referred to as the Vipul Group, are in the
same line of business, common promoters and have significant
business and financial linkages.

                         About the Group

Incorporated in 1968, Mumbai based VOL is a company operating in
the paints and pigments sector. It is promoted by Mr Mihir Shah and
Mr Vipul Shah, and is listed on Bombay Stock Exchange.

SANPL manufactures dyes for dietary supplements and is a 100%
subsidiary of VOL.


VIRAJ STEEL: CRISIL Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Viraj Steel
and Energy Private Limited (VSEL) continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             12       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

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

VSEL, incorporated in 2004, started commercial production in 2006.
The company is owned and operated by Mr Kamaljeet Singh Ahluwalia
and Mr Prashant Kumar Ahluwalia. VSEL manufactures sponge iron
(capacity of 220,000 tonne per annum'tpa) and mild steel billets
(280,000 tpa) at its facility in Sambalpur, Orrisa. The company
also has a waste head recovery based power plant of 16 MW capacity
and an atmospheric fluidised bed combustion (AFBC) based power
plant with 14 MW capacity.


VISA STEEL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Visa Steel Limited

        Registered address:
        11, Ekamra Nayapalli
        Bhubaneswar, Odisha 751015

        Other address:
        VISA Hosue 8/10
        Alipore Road
        Kolkata 700027

        Kalinganagar Industrial Complex
        PO Jakhapura
        Jaipur 755026
        Odisha

Insolvency Commencement Date: November 28, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Ajay Kumar Agarwal

Interim Resolution
Professional:            Ajay Kumar Agarwal
                         Plot no. IID/31/1
                         Street No. 1111
                         PS Qube, Unit Number 1015A
                         10th Floor
                         Beside City Centre 2
                         Kolkata 700161
                         E-mail: cs.aaa.2014@gmail.com
                                 cirp.visasteel@gmail.com

Last date for
submission of claims:    December 13, 2022


YOUVAKSHI NEWS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Youvakshi
News Broadcasting India Private Limited (YNBPL) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash          15        CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating)

   Proposed Long Term     15        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

Incorporated in January 2019, YNBPL is expected to be engaged in
news broadcasting under the name 'Youvakshi TV'. It is promoted by
Mr. Gummadi Venkateswerllu. Operations are expected to commence in
FY20.




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

ARMSTRONG DOWNES: Subcontractors to Get NZD2.89MM, Liquidators Say
------------------------------------------------------------------
Stuff.co.nz reports that subcontractors will get their full NZD2.89
million in retention payments from liquidated Wellington company
Armstrong Downes Commercial, and a further NZD500,000 will be paid
to unsecured creditors by Christmas.

The company's total assets were still unknown, but included
NZD535,628 in cash, and NZD234,911 in GST as of November 2. It owed
NZD24.9 million to unsecured creditors, according to the
six-monthly liquidators' report, Stuff relays.

Since then, claims had risen to NZD30.4 million from 203 unsecured
creditors, and to NZD670,599 from eight secured creditors.

In June, unhappy creditors voted to replace original liquidators
David Ruscoe and Russell Moore from Grant Thornton, and
Auckland-based Waterstone was appointed, recalls Stuff.

Stuff says Waterstone took legal action after interviewing senior
staff and advisers including the company's accountants, lawyers,
finance manager and commercial manager.

It requested information about the previous liquidators' time in
office but had not yet received their time records or legal files.

"Based on our investigations, the liquidators considered there were
claims against parties related to the company," Waterstone said in
the report.

A confidential legal settlement was reached after claims were filed
in the High Court against the parties, Stuff notes.

"As liquidators, we took litigation, and we settled that litigation
for a seven-figure sum," Stuff quotes Damien Grant, Waterstone
principal, as saying.

"As a result of the legal settlement that we've done, we're in a
position to pay the retention creditors in full, so they'll be
getting 100 cents on the dollar."

Construction companies have to hold retentions, money held aside to
guarantee a sub-contractor will fix defects, in trust so that they
can be easily accessed if the company fails.

According to Stuff, Mr. Grant said Armstrong Downes Commercial held
the retentions exclusive of GST, which was standard industry
practice but meant there had been a shortfall.

Waterstone was also planning to pay at least NZD500,000 to
unsecured creditors, and expected to make a second payment next
April of between NZD700,000 and NZD900,000.

There could be further payments to come, although that was not
confirmed yet.

"We're pretty pleased," he said.

"We're an Auckland-based firm, we weren't known to these tradies
and these sub trades. So the creditors took a punt with us, and we
think we've delivered an excellent result."

Stuff relates that Waterstone would continue to investigate the
company, focusing on contracts where there were unresolved disputes
or amounts owed at the time of liquidation.

It also expected to investigate the conduct of the previous
liquidators "to ensure and gain comfort that their conduct was in
accordance with their professional and statutory obligations during
their time in office", according to the report cited by Stuff.

Waterstone noted that the original liquidators drew down fees of
NZD331,341 during six weeks and incurred legal fees of NZD188,968.

The current liquidators drew down NZD135,428 in fees in about five
months.

Armstrong Downes Commercial went into liquidation in early May
2022.  David Ruscoe and Russell Moore from Grant Thornton were
appointed liquidators to the 10-year-old company.


C J PHILLIPS: Creditors' Proofs of Debt Due on Jan. 27
------------------------------------------------------
Creditors of C J Phillips Construction Limited are required to file
their proofs of debt by Jan. 27, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 1, 2022.

The company's liquidator is:

          Andrew Marchel Oorschot
          Ashton Wheelans Chartered Accountants
          PO Box 13042
          Christchurch


HAYASHI NEW ZEALAND: Court to Hear Wind-Up Petition on Dec. 13
--------------------------------------------------------------
A petition to wind up the operations of Hayashi New Limited will be
heard before the High Court at Wellington on Dec. 13, 2022, at
10:00 a.m.

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

The Petitioner's solicitor is:

          Julia Snelson
          Legal Services
          11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


NG MANAGEMENT: Court to Hear Wind-Up Petition on Dec. 15
--------------------------------------------------------
A petition to wind up the operations of NG Management Limited,
Rehua Reo Limited, and JD Ford Holdings Limited will be heard
before the High Court at Auckland on Dec. 15, 2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 27, 2022.

The Petitioner's solicitor is:

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


REHUA REO: Court to Hear Wind-Up Petition on Dec. 15
----------------------------------------------------
A petition to wind up the operations of Rehua Reo Contracting
Limited will be heard before the High Court at Auckland on Dec. 15,
2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 16, 2022.

The Petitioner's solicitor is:

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


SMD1 LIMITED: Creditors' Proofs of Debt Due on Jan. 4
-----------------------------------------------------
Creditors of SMD1 Limited, SMD2 Limited, and SMD3 Limited are
required to file their proofs of debt by Jan 4, 2023, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 1, 2022.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751




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

ARROW WASTE: Commences Wind-Up Proceedings
------------------------------------------
Members of Arrow Waste Management Pte Ltd, on Dec. 5, 2022, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Mr. Abuthahir Abdul Gafoor
          Ms. Yessica Budiman
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


AUTOEXPORT & EPZ: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Nov. 25, 2022, to
wind up the operations of Autoexport & EPZ Pte. Ltd.

GC Lease Singapore Pte Ltd filed the petition against the company.

The company's liquidator is:

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


DREAMLAND PRODUCTION: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Nov. 25, 2022, to
wind up the operations of Dreamland Production Pte. Ltd.

GC Lease Singapore Pte Ltd filed the petition against the company.

The company's liquidator is:

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


LAMPE ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Nov. 25, 2022, to
wind up the operations of Lampe Asia (Singapore) Pte. Ltd.

GC Lease Singapore Pte Ltd filed the petition against the company.

The company's liquidator is:

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


SUN HOUSE: Creditors' Proofs of Debt Due on Jan. 9
--------------------------------------------------
Creditors of Sun House Pte. Ltd. are required to file their proofs
of debt by Jan. 9, 2023, to be included in the company's dividend
distribution.

The company's liquidators are:

          Don M Ho
          David Ho Chjuen Meng
          c/o DHA+ pac, UEN No. 201318941R
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942




=====================
S O U T H   K O R E A
=====================

MAGNACHIP SEMICONDUCTOR: Moody's Affirms 'B1' CFR, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed Magnachip Semiconductor
Corporation's B1 corporate family rating.

The rating outlook is stable.

"The affirmation reflects Moody's expectation that Magnachip will
maintain significant net cash that, combined with its low capital
spending requirements, will give it a solid buffer against
near-term weakness in operating performance," says Gloria Tsuen, a
Moody's Vice President and Senior Credit Officer.

"The rating action also considers the good long-term growth
prospects for the company's core display and power businesses,"
adds Tsuen.

RATINGS RATIONALE

Magnachip's B1 rating reflects the company's strength in its core
display and power businesses, and its solid balance sheet with a
large liquidity buffer. In addition, the company's business model
does not require substantial capital spending, which allows it to
preserve cash flow.

At the same time, the rating is constrained by the company's small
scale, high customer and business concentrations, exposure to the
volatile and competitive consumer electronics industry, and changes
in end-customer demand.

The company's revenue and adjusted EBIT declined by 24% and 81%,
respectively, during the first nine months of 2022 over a year ago,
because of a global shortage in semiconductor manufacturing
capacity and reduced demand for smartphones amid pandemic-related
lockdowns in China and a slowing global economy.

However, Magnachip remains well positioned in the organic
light-emitting diode (OLED) display driver market where it has a
strong product lineup. This market has good long-term growth
prospects, driven by growth in 5G smartphones, OLED televisions and
new applications such as automotive. The company also has an
upgraded power product portfolio, focusing on higher-efficiency and
higher-margin products.

Moody's expects Magnachip's revenue from display and power products
to increase in the mid-teens percentage range in 2023. The
improvement will be driven by increased wafer supply, mass
production ramp-ups by key OLED customers, and the company's
continued new design wins.

That said, Moody's estimates that Magnachip's adjusted operating
margin will be weak at 0%-1% this year and next, compared with
4%-11% during 2019-21, and will improve moderately in 2024.

Magnachip has a strong net cash position with $251 million cash and
no interest-bearing debt as of September 30, 2022. Moody's expects
it to maintain a solid balance sheet, supported by very low capital
spending. This level of cash provides an adequate buffer against
external shocks and short-term volatility in operating
performance.

Environmental, social and governance (ESG) considerations have a
moderately negative impact on Magnachip's rating (CIS-3),
reflecting the company's moderately negative environment (E-3) and
governance (G-3) risks and neutral-to-low social risk (S-2). The
company has limited disclosures of its financial policy and
forward-looking guidance, although that is mitigated by its solid
balance sheet and the high independence of its board with five out
of six members being independent.

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

The stable rating outlook reflects Moody's expectation that the
company will return to growing its business while maintaining a
solid financial profile over the next 12-18 months.

A rating upgrade is unlikely over the next two to three years given
Magnachip's small scale, and high business and customer
concentrations.

Moody's would downgrade Magnachip's rating if its (1) adjusted
operating margin falls below 3%-5%; (2) adjusted debt/EBITDA rises
above 3.0x; or (3) net cash (excluding lease liabilities) falls
below $100 million.

The principal methodology used in this rating was Semiconductors
published in September 2021.

Magnachip Semiconductor Corporation is a designer and manufacturer
of analog and mixed-signal semiconductor platform solutions for
communications, Internet-of-Things, consumer, computing, industrial
and automotive applications.



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

BANK OF CEYLON: Fitch Lowers LongTerm Local Currency IDR to ‘CCC-'
--------------------------------------------------------------------
Fitch Ratings has downgraded Bank of Ceylon's (BOC) Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'CCC' and
maintained it on Rating Watch Negative (RWN). At the same time,
Fitch has affirmed BOC's Long-Term Foreign-Currency IDR and
Short-Term IDR at 'RD', Viability Rating (VR) at 'f' and Government
Support Rating at 'ns'.

BOC's National Long-Term Rating of 'AA-(lka)' on RWN was not
considered in this review.

The rating actions follow the downgrade of Sri Lanka's Long-Term
Local-Currency IDR to 'CC' from 'CCC' on December 1, 2022. For
details, please see Fitch Downgrades Sri Lanka's Long-Term
Local-Currency IDR to 'CC'; Affirms 'RD' Foreign-Currency IDR.

KEY RATING DRIVERS

Long-Term Local-Currency IDR Downgraded: The downgrade of BOC's
Long-Term Local-Currency IDR stems from the downgrade of the
sovereign's Long-Term Local-Currency IDR. The RWN on the bank's
Long-Term Local-Currency IDR reflects heightened near-term downside
risks to its credit profile from potential capital and funding
stress as default risk on domestic debt increases while access to
foreign-currency funding remains constrained.

The bank's Long-Term Local-Currency IDR is one notch above that of
Sri Lanka, reflecting its view of a lower risk the authorities will
impose restrictions on banks servicing their local-currency
obligations than non-payment by the sovereign. This approach is
consistent with Fitch's criteria under certain circumstances when
bank and sovereign ratings are both at very low levels.

Other Ratings Affirmed: The affirmation of BOC's Long-Term
Foreign-Currency IDR, Short-Term IDR and VR reflect the bank's
unpaid foreign-currency obligations. BOC's foreign-currency funding
and liquidity profile remains stretched with inflow of foreign
currency via remittances and export proceeds still inadequate to
meet its obligations, despite some improvement. The bank's access
to foreign-currency funding remains constrained by the sovereign's
weakened credit profile.

Rupee liquidity remains tight following the bank's sizeable lending
to the state in 2021, but Fitch expects local-currency liquidity to
be more manageable than foreign-currency, supported by BOC's strong
domestic franchise as well as its ability to access liquidity from
the central bank.

Risks to OE Intensify: Fitch has lowered Sri Lanka banks' operating
environment score to 'ccc-' with negative outlook, from
'ccc'/negative, reflecting its view that a probable default on
sovereign domestic debt and the ensuing risks to the broader
macroeconomic environment could intensify risks to banks' already
stressed credit profiles following the sovereign's default on
foreign-currency instruments, thus further hindering banks'
operational flexibility.

Potential Sovereign Restructuring Threatens Solvency: Fitch has
lowered BOC's capitalisation and leverage score to 'cc' from 'ccc'.
This reflects its view that a potential restructuring of the
sovereign's domestic debt, in addition to a possible haircut on
foreign-currency securities, could have a significant effect on the
bank's solvency given its large holdings of sovereign securities
relative to its common equity Tier 1 (CET1) capital (nearly 8 times
of BOC's CET1 capital at end-3Q22). The bank could then require
recapitalisation to restore viability without further regulatory
forbearance.

RATING SENSITIVITIES

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

The Long-Term Foreign-Currency IDR, Short-Term IDR and VR are
already at the lowest level on the scale and cannot be downgraded.

Fitch expects to resolve the RWN on BOC's Long-Term Local-Currency
IDR when the impact on the bank's credit profile becomes more
apparent, which may take longer than six months. Potential triggers
that could lead to a downgrade include:

- funding stress that impedes the bank's repayment ability in local
currency

- significant banking-sector intervention by authorities that
constrain banks' ability to service their local-currency
obligations

- a temporary negotiated waiver or standstill agreement following a
payment default on a large local-currency financial obligation

- where Fitch believes a bank has entered into a grace or cure
period following non-payment of a large local-currency financial
obligation.

- a reduction in CET1 below regulatory minimum (4.5% without any
buffers), even if there is regulatory forbearance regarding such a
shortfall.

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

The Long-Term Foreign-Currency IDR, Short-Term IDR and VR are
unlikely to be upgraded until Fitch believes that BOC is able to
meet its foreign-currency obligations in a full and timely manner,
which would be evident from a material improvement in its
foreign-currency funding and liquidity position, while also taking
into consideration other weaknesses in the bank's credit profile
and performance challenges that domestic banks are facing.

There is limited scope for upward rating action on the Long-Term
Local-Currency IDR in light of the RWN, and the negative outlook
Fitch has on several VR factors.

State Support Unlikely: The Government Support Rating of 'ns'
reflects its assessment that there is no reasonable assumption of
government support being forthcoming.

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

The rating is already at its lowest level and thus has no downside
risk.

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

The Government Support Rating is constrained by the sovereign
rating. An upward revision is possible, provided the sovereign's
ability to provide support significantly improves. However, this
appears unlikely in the near to medium term.

VR ADJUSTMENTS

The assigned VR is below the implied VR, reflecting a negative
adjustment from the weakest link of BOC's funding and liquidity,
which has a greater impact on the VR than what the weighting
suggests.

BOC has a 1.78% equity stake in Fitch Ratings Lanka Ltd. No
shareholder other than Fitch, Inc. is involved in the day-to-day
rating operations of, or credit reviews undertaken by, Fitch
Ratings Lanka Ltd.

ESG CONSIDERATIONS

Bank of Ceylon has an ESG Relevance Score of '4' for Governance
Structure due to ownership concentration, with a 100% state
shareholding and several related-party transactions with the state
and state-owned entities, which has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

Bank of Ceylon has an ESG Relevance Score of '4' for Financial
Transparency. It reflects its view that the recent regulatory
forbearance measured announced by the Central Bank of Sri Lanka
could distort the true solvency and liquidity position of the bank
thereby limiting financial transparency.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or to the way in which
they are being managed by the entity(ies).

   Entity/Debt                     Rating           Prior
   -----------                     ------           -----
Bank of Ceylon   LT IDR             RD   Affirmed     RD
                 ST IDR             RD   Affirmed     RD
                 LC LT IDR          CCC- Downgrade    CCC
                 Viability          f    Affirmed     f
                 Government Support ns   Affirmed     ns



                           *********


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

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

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

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