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

                     A S I A   P A C I F I C

          Monday, December 12, 2022, Vol. 25, No. 241

                           Headlines



A U S T R A L I A

DIGITAL SURGE: Collapses Into Administration
EMECO HOLDINGS: Moody's Alters Outlook on 'B1' CFR to Positive
FIRSTMAC ASSET 1: Moody's Assigns B2 Rating to AUD9.02MM F Notes
GT CAPITAL: First Creditors' Meeting Set for Dec. 16
JUNKEE MEDIA: Owners Settle Financial Dispute

NEST JOINERY: Second Creditors' Meeting Set for Dec. 14
PAYROLL SERVICES: First Creditors' Meeting Set for Dec. 16
PROSPAROUS TRUST 2022-1: Moody's Assigns B2 Rating to Cl. D Notes
REVROOF PTY: First Creditors' Meeting Set for Dec. 16
SWYFTX PTY: Lays Off 35% of Workforce

TECH2 BUSINESS: Second Creditors' Meeting Set for Dec. 20


C H I N A

LONGFOR GROUP: Bank of China Offers Loans to Ease Liquidity
NANJING PUKOU: Moody's Affirms Ba2 CFR & Alters Outlook to Positive


H O N G   K O N G

AMBER GROUP: Fends Off Rumours Amid Lay-Offs and Delayed Severance


I N D I A

AJM DEVELOPERS: CARE Assigns B+ Rating to INR27cr LT Loan
AREK INDUSTRIES: CARE Lowers Rating on INR7.50cr LT Loan to B-
ASHISH SHIP: CARE Keeps B-/A4 Debt Ratings in Not Cooperating
ASIAN RE-SURFACING: CARE Keeps C Debt Ratings in Not Cooperating
BALAVIGNA WEAVING: Ind-Ra Assigns BB LongTerm Issuer Rating

CAPTRONIC SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating
CHETAS CONTROL: Ind-Ra Cuts Bank Loan Rating to 'BB'
CMC TEXTILES: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
DDE RENEWABLE: CARE Reaffirms B Rating on INR35.46cr LT Loan
DEEP LUMBERS: CARE Lowers Rating on INR9cr Loans to D

DEEP TIMBERS: CARE Lowers Rating on INR7.50cr ST Loan to D
ELECTRO INTERNATIONAL: CARE Moves B+ Ratings in Not Cooperating
EMERALD HEIGHTS: CARE Keeps B+ Debt Rating in Not Cooperating
ESS PEE: CARE Keeps C Debt Ratings in Not Cooperating Category
ETCO DENIM: CARE Keeps D Debt Ratings in Not Cooperating

ETCO INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
FLUIDTHERM TECHNOLOGY: CARE Keeps B+ Rating in Not Cooperating
G.G. EXPORTS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
G3S BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
GAJANAN AGRO: CARE Keeps B Debt Rating in Not Cooperating

GLOBAL PACKAGING: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
GOYAL SONS: CARE Lowers Rating on INR4.50cr LT Loan to B-
GREEN MIRROR: CARE Keeps D Debt Rating in Not Cooperating Category
IBIS SMART: CARE Keeps B+ Debt Rating in Not Cooperating Category
KRISHNA SAHAKARI: Ind-Ra Hikes Bank Loan Rating to 'B+'

KUBER CASTING: CARE Lowers Rating on INR3.50cr LT Loan to B-
LEARNET SKILLS: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
MAHALAXMI BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
MANI MORE: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
MAVERICK HOLDINGS: Ind-Ra Assigns BB Term Loan Rating

MG OILS: Ind-Ra Moves 'BB+' LT Issuer Rating to Non-Cooperating
MONEYPLUS FINANCIAL: Ind-Ra Affirms BB Bank Loan Rating
NEWTECH SHELTERS: CARE Keeps D Debt Rating in Not Cooperating
NIPANI INFRA: Ind-Ra Affirms BB+ Long-Term Issuer Rating
PANDURANG SAHAKARI: CARE Keeps B+ Debt Rating in Not Cooperating

RAJKAMAL ELECTRIC: CARE Keeps B+ Debt Rating in Not Cooperating
RAMAYANI CREATIONS: CARE Keeps C Debt Rating in Not Cooperating
ROHAN OIL: CARE Lowers Rating on INR6.0cr LT Loan to B+
SAFESPACE WAREHOUSING: CARE Lowers Rating on INR6.89cr Loan to B-
SOMNATH SPINNING: CARE Assigns B+ Rating to INR55.60cr LT Loan

VARIDHI COTSPIN: CARE Keeps B+ Debt Ratings in Not Cooperating
VM MATERE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
YOGINDERA WORSTED: CARE Keeps D Debt Ratings in Not Cooperating
ZEE LEARN: Yes Bank Files Insolvency Bid Against Unit


I N D O N E S I A

KAWASAN INDUSTRI: S&P Lowers ICR to 'SD' on Distressed Exchange


J A P A N

TOSHIBA CORP: JIP Moving Closer to Securing Financing for Buyout


N E W   Z E A L A N D

AIRPORT NINE: Court to Hear Wind-Up Petition on Dec. 15
BIOFUME LIMITED: Creditors' Proofs of Debt Due on Jan. 9
BULLETPROOF SERVICES: Court to Hear Wind-Up Petition on Dec. 15
JD FORD: Court to Hear Wind-Up Petition on Dec. 15
KONO NZ: Fruit Snack Brand Annies to Close Next Year

NZ FINTECH: Thomas Lee Rodewald Appointed as Receiver


S I N G A P O R E

CARE FOODS: Court Enters Wind-Up Order
CLYDESBUILT HOLLAND: Commences Wind-Up Proceedings
INDORAMA ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 8
LIGMAN PTE: Commences Wind-Up Proceedings
RCLF HANGZHOU: Creditors' Proofs of Debt Due on Jan. 10

TERRA LITE: Court Enters Wind-Up Order

                           - - - - -


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

DIGITAL SURGE: Collapses Into Administration
--------------------------------------------
News.com.au reports that Australian cryptocurrency exchange Digital
Surge has collapsed into administration, with its 30,000 Aussie
customers unable to trade or withdraw money.

The trading platform, set up in 2017, allowed customers to access
more than 300 different digital currencies before its collapse.

KordaMentha Restructuring has been appointed as administrators and
is working on a rescue package, News.com.au relates.

The directors of Digital Surge, based in Brisbane, will spend AUD1
million of their own money on a repayment plan that aims to refund
every customer what they are owed, the Australian Financial Review
reported, News.com.au relays.

The bitcoin exchange froze trading last month after global
competitor FTX went under, wiping the balances of all customers.
The AUD32 billion cryptocurrency exchange filed for bankruptcy amid
bombshell revelations that the platform was poorly managed and
little more than a Ponzi scheme. FTX's epic fall from grace has
sent shockwaves around the cryptocurrency world.

News.com.au says Digital Surge had been using the FTX platform for
some of its trading.

According to news.com.au, KordaMentha's Scott Langdon said he was
very pleased with the cooperative and collaborative approach taken
by the directors to understand Digital Surge's financial position.

He also advised Digital Surge customers their funds were the
administrators' highest priority.

"We fully appreciate the uncertainty the voluntary administration
will create. We will proactively and regularly communicate with
customers to ensure they are fully informed on the progress of the
administration," he said.

The directors have commenced working with stakeholders to prepare a
rescue package, the report notes. The administrators anticipate
this will be in the form of a deed of company arrangement (DOCA),
which all creditors will have an opportunity to consider in due
course.


EMECO HOLDINGS: Moody's Alters Outlook on 'B1' CFR to Positive
--------------------------------------------------------------
Moody's Investors Service has affirmed Emeco Holdings Limited's B1
corporate family rating. At the same time, Moody's has changed the
rating outlook to positive from stable

RATING RATIONALE

The positive outlook and rating affirmation reflects Emeco's
conservative financial profile, which provides the company with a
good buffer to manage a potential mining downturn. Also supportive
of the positive outlook and Emeco's enhanced downturn resilience is
the company's: 1) more balanced exposure to various commodities; 2)
predominantly variable cost structure; 3) enhanced scale resulting
from equity-funded acquisitions over the last several years, and;
4) its wider business offerings, which further embeds Emeco into
its customers' projects and increases project tenures.

Emeco has been demonstrating a consistently conservative financial
profile with net debt/EBITDA remaining around 1x since the fiscal
year ended June 30, 2021, in line with the company's publicly
articulated net debt/EBITDA target. This has led Moody's adjusted
gross debt/EBITDA to register in the 1.2-1.3x range over the same
period.

Emeco's B1 rating continues to be supported by its solid market
position in the Australian mining equipment rental sector, and
strong financial profile.

Emeco's rating is constrained by its concentration towards the
mining sector and the sector's inherent cyclicality, which can
cause sharp declines in earnings and cash flow during a downturn.
Emeco's customer base also has a relatively high proportion of
smaller mining players, which Moody's views as increasing
counterparty risk.

Emeco's higher counterparty risk was demonstrated by the recent
potential issue regarding the full recoverability of an
approximately AUD32 million of outstanding amounts owing to its Pit
N Portal business, which was acquired by Emeco in 2020.

Emeco's earnings performance has remained solid with the company
reporting operating EBITDA of AUD250 million in fiscal 2022, up
around 5% year on year. The company has also guided to fiscal 2023
operating EBITDA of AUD245-260 million (before any potential
impacts from the accounting treatment for its uncertain Pit N
Portal receivables). Under Moody's base case assumptions the rating
agency expects gross debt/EBITDA will remain in the low 1x range
over the next 12-18 months.

LIQUIDITY

Emeco's credit profile aslo benefits from a good liquidity profile
supported by its AUD60 million cash balance as of June 30, 2022.
The company also recently refinanced its AUD100 million revolving
credit facility, which will now mature in December 2025, with an
option to extend for further two years at Emeco's election. Over
the next 12-18 months, Moody's expects Emeco to remain free cash
flow positive after dividends, with the revolver remaining largely
undrawn. Emeco's accrued tax losses mean that cash income taxes are
not expected to be payable over the next few years, supporting cash
generation. The company has no drawn debt maturing until July 10,
2026 when its senior secured notes are due.

ESG CONSIDERATIONS

Emeco's ESG credit impact score is moderately negative (CIS-3).
Emeco's score reflects moderately high exposure to environmental
and social prisks due to its business of providing equipment rental
to the mining sector. These risks are balanced by Emeco's
conservative approach to capital management.

The environmental risk score for Emeco is E-3 (moderately
negative). Emeco's environmental risk score takes into
consideration its concentration to the mining sector. Emeco's
mining customers face environmental risk factors such as natural
capital, water management, waste and pollution, and physical
climate risks, which have the potential to indirectly affect Emeco
via reduced equipment demand and utilization. The potential
transition towards lower emission mining equipment may also present
a challenge to Emeco albeit over a longer time horizon.

The social risk score for Emeco is S-3 (moderately negative). Given
Emeco's business focus on the mining sector and large mining
equipment, the social risk score is primarily driven by the
company's exposure to health and safety risks. Moody's note the
company's good safety statistics which compare favourably against
industry averages.

The governance risk score for Emeco is G-2 (neutral to low).
Emeco's governance score benefits from its conservative financial
policy with a publicly articulated target of maintaining 1.0x net
leverage. It has previously raised equity to repay debt. However,
concentrated ownership by hedge fund Black Diamond Capital
Management (-32%) has the potential to increase governance risks.

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

The rating could be upgraded if the company further develops its
track record of maintaining compliance with its stated financial
policies, while improving its operating and earnings performance.

The potential for further positive rating action will also consider
factors such as any material changes to Emeco's contract, customer
and commodity mix profile, as well the company's future growth
strategy and funding approach. In particular, an upgrade would
require no further increases in counterparty risk or uncertainty
around receivables collection.

Furthermore, an upgrade would require Emeco to continue to maintain
a strong financial and liquidity profile. Financial indicators
Moody's would consider for an upgrade include positive free cash
flow generation on a consistent basis, gross debt/EBITDA sustaining
below 1.5x, and/or cash and undrawn revolver of at least AUD150
million.

Given the positive outlook, a rating downgrade is unlikely over the
next 12-18 months. However, the rating could be downgraded if the
company's operating performance and credit metrics weaken, or if
operating conditions deterioate significantly. Specifically, the
rating could be downgraded if the company deviates from its
leverage target, gross debt/EBITDA exceeds 3x and free cash flow is
negative on a sustained basis, and/or utilization rates deteriorate
meaningfully.

The principal methodology used in this rating was Equipment and
Transportation Rental published in February 2022.

BACKGROUND

Emeco Holdings Limited is an ASX-listed company primarily focused
on providing equipment rental to the Australian mining sector.
Emeco also owns and operates component and rebuild company Force,
as well as underground mining services and equipment rental company
Pit N Portal.

FIRSTMAC ASSET 1: Moody's Assigns B2 Rating to AUD9.02MM F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Firstmac Fiduciary Services Pty Ltd in its capacity as
the trustee of the Firstmac Asset Funding Trust No. 1 Series Auto
No. 1.

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

AUD399.00 million Class A Notes, Assigned Aaa (sf)

AUD25.41 million Class B Notes, Assigned Aa2 (sf)

AUD14.25 million Class C Notes, Assigned A2 (sf)

AUD6.18 million Class D Notes, Assigned Baa2 (sf)

AUD8.55 million Class E Notes, Assigned Ba1 (sf)

AUD9.02 million Class F Notes, Assigned B2 (sf)

The AUD12.59 million Class G Notes are not rated by Moody's.

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

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

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

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

The availability of excess spread over the life of the
transaction. The portfolio yield of 5.74% is providing excess
spread to cure portfolio losses. The transaction also contains a
loss reserve which traps excess spread up to a target balance of
AUD1.50 million if 90 days or greater past due arrears are greater
than 2.0%.

The liquidity reserve in the amount of 1.20% of the note balances
subject to a floor of AUD1.60 million.

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

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

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

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

MAIN MODEL ASSUMPTIONS

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

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

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

Methodology Underlying the Rating Action

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

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

Up

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

Down

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


GT CAPITAL: First Creditors' Meeting Set for Dec. 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of GT Capital
Partners Pty Ltd will be held on Dec. 16, 2022, at 10:00 a.m. at
the offices of PricewaterhouseCoopers at Level 15, 125 St Georges
Terrace in Perth and via electronic facility.

Simon Theobald and Robert Ditrich of PwC were appointed as
administrators of the company on Dec. 6, 2022.


JUNKEE MEDIA: Owners Settle Financial Dispute
---------------------------------------------
The Sydney Morning Herald reports that colourful publishing
entrepreneur Piers Grove has agreed to sell his stake in youth
website Junkee to former Nine chairman David Haslingden in an
attempt to dampen speculation about the outlet's future.

Mr. Grove, a former investor in satirical news outlet The Betoota
Advocate and Instagram focused outfit The Daily Aus, will step down
from his position as managing director of Junkee and hand over his
equity to business partner Mr. Haslingden, who he had threatened
with legal action over the repayment of a AUD1.2 million loan, SMH
relates.

In a joint statement on Dec. 8, RACAT Group (Haslingden's business)
and Mr. Grove said they had reached a financial settlement. Mr.
Grove, who had a stroke in May, had not been seen in the office for
months, raising concerns about who was in charge of the website.
Junkee will be led by a newly appointed editor-in-chief, Alice
Griffin, and head of operations and sales, Niki Jones, the report
says.

According to SMH, the settlement comes days after an investigation
by independent news outlet Crikey revealed that attempts by Messrs.
Grove and Haslingden to reshape Junkee had led to mounting losses
and a mass exodus of staff. SMH relates that the article said staff
were concerned about the company's financial stability and future
and said Grove was threatening to sue Haslingden, the former
chairman of Nine (the owner of this masthead) and an ex News Corp
executive, over an unpaid loan.

"Junkee was purchased by Scout Publishing, a joint venture between
Piers Grove and RACAT Group. Both Mr. Grove and RACAT financed the
purchase and operations, in the form of loans convertible into
equity," the statement, as cited by SMH, said. "The AUD1.2 million
was paid by Mr. Grove as a convertible loan. Mr. Grove has now
offered to sell his interests in Scout to RACAT. The outcome has
been mutually agreed by both parties who are confident of
completing this in the next month."

RACAT Group is a publishing, production and digital company that
runs Australian Geographic, game developer and publisher Runaway
Play and Northern Pictures, the production company behind TV shows
such as Love on the Spectrum, Hardball and Lukewarm Sex. Its board
members include former Telstra executive Joe Pollard and Sharon Tal
Yguado, the former head of original series and head of genre series
at Amazon Studios.

In December last year, RACAT Group and Mr. Grove bought Junkee and
its sister titles AWOL and Punkee from ASX-listed media company
oOh! Media for an undisclosed sum, SMH recalls. Junkee was not
profitable, but deals with Google and Meta which occurred because
of media bargaining laws helped provide certainty of income.

RACAT Group combined Junkee Media with its other publication
Australian Geographic under a single entity called Scout Publishing
in April and Mr. Grove was announced as managing director of both
titles. However, he suffered a stroke in May and was on leave for
months. In October, staff were told Mr. Grove was not returning to
the company. He plans to focus on other projects.


NEST JOINERY: Second Creditors' Meeting Set for Dec. 14
-------------------------------------------------------
A second meeting of creditors in the proceedings of Nest Joinery
Pty Ltd has been set for Dec. 14, 2022, at 3:00 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 Ju, 2022, at 4:00 p.m.

Andrew Blundell and Simon Cathro of Cathro & Partners were
appointed as administrators of the company on Nov. 9, 2022.


PAYROLL SERVICES: First Creditors' Meeting Set for Dec. 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Payroll
Services Australia Sydney Pty Ltd will be held on Dec. 16, 2022, at
11:00 a.m. via teleconference only.

Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on Dec. 6, 2022.


PROSPAROUS TRUST 2022-1: Moody's Assigns B2 Rating to Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by PROSPArous Trust 2022-1.

Issuer: PROSPArous Trust 2022-1

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

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

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

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

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

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

Prospa is an Australian online small business lender offering
high-yielding, unsecured and secured short-term loans, line of
credit and business-to-business payment solutions to small
businesses in Australia and New Zealand. Prospa started originating
loans in 2012. As of June 2022, Prospa had originated over AUD2.8
billion of loans and had 16,100 active customers.

RATINGS RATIONALE

The 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 3.00% of the rated notes balance, the legal structure,
the experience of Prospa as servicer and presence of Perpetual
Corporate Trust Limited as a back-up servicer.

Key transactional features are as follows:

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

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

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

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

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

Notable underlying portfolio features are as follows:

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

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

Granularity of the portfolio: The securitised portfolio is highly
granular, with the largest borrower representing 0.26% of the pool
and the 10 largest borrowers representing 2.10% of the pool. The
total number of borrowers is 3,151.

Short weighted average life of the portfolio: 62.0% of the
collateral pool are fully amortising term loans. The maximum loan
maturity is 36 months. The portfolio weighted average life is 16
months, calculated on the assumption that all line of credit
facilities are refinanced out of the portfolio on the expiry of
their redraw period.

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

Portfolio concentration in certain industry sectors: Borrowers
active in the Construction Services and Other Store-Based Retailing
industries, as defined by the Australian and New Zealand Standard
Industrial Classification (ANZSIC), account for 18.0% and 15.8% of
the loan portfolio, respectively.

85.0% of the portfolio are unsecured loans. These loans are
collateralised by personal guarantees only, and recoveries on
defaulted loans often rely on the realization of this personal
guarantee.

Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 8.3% for
the initial and subsequent portfolios over a weighted average life
(WAL) of 1.32years (equivalent to a B2 proxy rating as per Moody's
Idealized Default Rates). This default assumption is based on: (1)
the available historical vintage data; (2) the performance of
previous warehouse transactions originated by the originator,
including Prospa Trust Series 2018-1; (3) the characteristics of
the loan-by-loan portfolio information; and (4) the revolving
period parameters. Moody's took also into account the current
economic environment and its potential impact on the portfolio's
future performance, as well as industry outlooks or past observed
cyclicality of sector-specific delinquency and default rates.

Default rate volatility and recovery rate: Moody's assumed a
coefficient of variation (i.e. the ratio of standard deviation over
the mean default rate explained above) of 50.7%, as a result of the
analysis of the portfolio concentrations in terms of single
obligors and industry sectors. Moody's assumes a recovery rate of
10%, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information,
complemented by the available historical vintage data.

Methodology Underlying the Rating Action

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

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

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

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


REVROOF PTY: First Creditors' Meeting Set for Dec. 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Revroof Pty
Ltd will be held on Dec. 16, 2022, at 10:30 a.m. via teleconference
facility

Glenn Jeffrey Franklin and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of the company on Dec. 6, 2022.


SWYFTX PTY: Lays Off 35% of Workforce
-------------------------------------
News.com.au reports that Australian crypto exchange, Swyftx, was
forced to lay off 35% of its staff in a second round of brutal cuts
earlier last week.

News.com.au relates that the Brisbane-based company announced to
employees late on Dec. 5 that 90 of them would be packing up their
desks for good.

According to the report, Swyftx's joint CEOs, Alex Harper and Angus
Goldman, informed workers of the "difficult decision" at a
company-wide town hall and released a statement after.

Mr. Harper blamed the mass sackings directly on the FTX collapse,
including at Swyftx.

According to ASIC documents filed last week, Swyftx's profit has
declined 23 per cent. At the same time, however, they did see a 55%
increase in trade volumes, News.com.au relays.

Swyftx, which announced a AUD1.5 billion merger with online share
trading platform Superhero in June, admitted it had expanded too
quickly.

"The truth is that Swyftx grew too fast," Mr. Harper conceded.


TECH2 BUSINESS: Second Creditors' Meeting Set for Dec. 20
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

          - Tech2 Business Solutions Pty Ltd;
          - Tech2 Business Solutions Pty Ltd;
          - Gizmo Corporation Pty Ltd;
          - Tech2home Pty Ltd; and
          - Tech2home (Communications) Pty Ltd

has been set for Dec. 20, 2022, at 2:30 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 Ju, 2022, at 4:00 p.m.

Andrew Reginald Yeo and Timothy James Bradd of Pitcher Partners
were appointed as administrators of the company on Aug. 25, 2022.




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

LONGFOR GROUP: Bank of China Offers Loans to Ease Liquidity
-----------------------------------------------------------
Reuters reports that Bank of China, one of China's top four
state-owned banks, said in a Dec. 9 statement that has offered
offshore loans to cash-starved Chinese property developer Longfor
Group Holdings Ltd.

Reuters relates that the move was part of the arrangement by
regulators to help developers repay their debts as China has
stepped up support in recent weeks to undo a liquidity squeeze that
has stifled the sector, which makes up a quarter of the world's
second-largest economy and has been a key driver of growth.

Longfor Group Holdings Limited operates as a real estate
development company. The Company develops and markets residential
areas, office buildings, hotels, restaurants, and other related
areas. Longfor Group Holdings also provides community management,
landscape greening materials maintenance, real estate agencies, and
other services.

Longfor Group carries S&P Global Ratings' senior unsecured notes
rating of 'BB+'.


NANJING PUKOU: Moody's Affirms Ba2 CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service has changed the rating outlook to
positive from stable on Nanjing Pukou Economic Development Co.,
Ltd.

At the same time, Moody's has affirmed Nanjing Pukou's Ba2
corporate family rating.

"The change in outlook to positive reflects improving trends in the
Pukou district government's propensity to support Nanjing Pukou
given the company's increasing strategic importance to Pukou
district. Moody's expect this trend will continue and likely drive
the company's corporate family rating to a higher level over the
next 12 months," says Ying Wang, a Moody's Vice President and
Senior Analyst.

RATINGS RATIONALE

Nanjing Pukou's Ba2 corporate family rating (CFR) is based on the
Pukou district government's capacity to support (GCS) score of baa3
and Moody's assessment of how the company's characteristics affect
the Pukou district government's propensity to support, resulting in
a two-notch downward adjustment from the GCS score.

Nanjing Pukou is the sole developer of public infrastructure and
primary land development in the Pukou Economic Development Zone
(the Development Zone), which accounts for over 80% of the Pukou
district's GDP. The Development Zone is an important hub for key
industries such as integrated circuits (IC), semiconductors, new
energy vehicles and advanced manufacturing. In particular, the IC
industry has developed rapidly in the Development Zone, which now
accounts for a quarter of all IC companies and one-third of IC
industry revenue in Nanjing city.

As the Development Zone continues its material contribution to
Pukou district's economic development and industrial upgrade
especially in the highly strategic IC industry, Nanjing Pukou's
strategic importance will also be elevated. This is because the
company is the sole platform in the Development Zone to undertake
government-mandated primary land development and public
infrastructure projects such as transportation hub and IC
industrial parks, which are critical to supporting industrial
development and attracting new investments to the Development
Zone.

Moody's assessment of the Pukou district government's GCS score
reflects Pukou's status as a district-level area, one of the lower
administrative levels in Moody's assessment of the hierarchy of
regional and local governments in China (A1 stable); and its
relatively high state-owned enterprise (SOE) related contingent
liability risks.

The Ba2 CFR also reflects the Pukou district government's
propensity to support Nanjing Pukou, which is based on (1) the
Pukou district government's full ownership of Nanjing Pukou; (2)
the company's status as the sole platform to provide essential
public services, including primary land development and
infrastructure construction, in the Pukou Economic Development
Zone; and (3) its good access to funding with low reliance on
nonstandard financing.

However, the two-notch downward adjustment from Pukou district
government's GCS score mainly reflects Nanjing Pukou's fast debt
growth in public-policy projects relative to government payments,
and the contingent risk related to the external guarantees owed by
other SOEs in the Pukou district.

Given Nanjing Pukou's strategic importance, Moody's expects that
Nanjing Pukou will continue to receive government cash payments,
mainly in the form of payments for primary land and infrastructure
development projects, operating subsidies and capital injections,
to support its substantial public project investments in the
Development Zone. Between 2018 and 2021, Nanjing Pukou received
around RMB12 billion of government cash payments, which were
sufficient to cover around 30% of its investment and working
capital needs. However, these government cash payments are subject
to volatility in public land sales.

Moody's forecasts Nanjing Pukou's capital spending will be around
RMB10 billion every year in 2022-24, which will continue to be
partly supported by government payments and partly funded by debt.
As such, Moody's expects the company's debt to grow around 10%
annually over the next two years.

Moody's considers that Nanjing Pukou has good access to funding as
reflected in the company's low reliance on nonstandard financing.
The company is a frequent issuer in the onshore bond market and has
established relationships with major state-owned banks. The company
benefited from bond investors' increasing preference to invest in
bonds from local government financing vehicle (LGFV) issuers in
well-developed provinces, thus attracting low funding costs in the
onshore bond market. In the first half of 2022, it issued a RMB800
million 3-year medium-term note (MTN) in the onshore market at 3.6%
p.a.

Moreover, the company has made significant efforts to manage its
contingent risk exposure in recent years. Moody's expects that the
company's external guarantees and third-party lending will amount
to around 20%-25% of total equity by the end of 2022, which is
materially lower than 58% as of the end of 2019.

Nanjing Pukou's rating also considers the following environmental,
social and governance (ESG) factors.

Nanjing Pukou has neutral to low environmental risk, alongside
highly negative social risk and moderately negative governance
risk. The likely government support can partially, but not fully,
offset the effect of these considerations on the rating.

The company has neutral to low environmental risk, mainly
reflecting its low exposure to physical climate risks in terms of
the impact of extreme weather patterns on its urban infrastructure
assets.

The company's highly negative social risk exposure is common among
most LGFVs and relates to demographic and societal trends. The
company invests in urban construction projects as it implements
public policy initiatives mandated by the Pukou district
government. Population growth and demographic and societal trends
shape the company's development targets and affect the Pukou
district government's propensity to support the company.

The company's moderately negative governance risk exposure is
associated with its financial strategy and risk management, and
management credibility and track record – in particular its
moderate debt growth to support its investments, and its fair
government payment mechanism.

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

Moody's could upgrade the rating if China's sovereign rating is
upgraded or the Pukou district government's capacity to support
strengthens, which could result from a material strengthening in
the Pukou district's economic or financial profile, or the
government's ability to coordinate timely support, or Nanjing
Pukou's characteristics change in a way that cause the Pukou
district government's propensity to support to increase, such as
through (1) an elevation of its strategic importance to Pukou
district's economic and social development with sustainable
government support over economic cycles; or (2)  an increase in
government payments and an improvement in the predictability of
government payment mechanisms, whereby dedicated fiscal budget
allocations and transfers from higher-tier governments can
consistently cover a large share of its operational and debt
servicing needs.

A downgrade is unlikely given the positive outlook. However, the
outlook could return to stable if the abovementioned positive
credit trends reverse. For example, if (1) the company's strategic
importance in the Development Zone declines; or (2) it materially
increases its contingent risk exposure related to external
guarantees and third-party lending from current levels; or (3) its
debt and leverage rapidly increase without corresponding government
payments and this increases its reliance on high cost financing,
including debt borrowings from nonstandard financing channels; or
(4) it aggressively expands its commercial businesses and the risks
from its commercial businesses increase.

Because Nanjing Pukou's rating is based on Pukou district
government's GCS score, the rating could also be downgraded if (1)
China's sovereign rating is downgraded, or (2) if the Pukou
district government's capacity to support weakens, which could be a
result of a material weakening in Pukou district's economic or
financial profile, or (3) the government's ability to coordinate
timely support. Changes in the Chinese government's policies that
prohibit governments from supporting LGFVs will also affect the
rating.

The principal methodology used in this rating was Local Government
Financing Vehicles in China Methodology published in April 2022.

Nanjing Pukou Economic Development Co., Ltd. (Nanjing Pukou) is the
sole platform mandated by the Pukou district government to
undertake primary land development and infrastructure projects in
the Pukou Economic Development Zone. Apart from executing
government-mandated projects, it also has commercial businesses
such as financial investments, property services and manufacturing
facilities.

Nanjing Pukou is 100% owned and supervised by the Administrative
Committee of the Development Zone, a representative institution of
the Pukou district government in the city of Nanjing, the capital
of Jiangsu province. As of September 2022, Nanjing Pukou reported
total assets of RMB89.3 billion and total revenue of RMB935
million.




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

AMBER GROUP: Fends Off Rumours Amid Lay-Offs and Delayed Severance
------------------------------------------------------------------
South China Morning Post reports that signs of trouble are emerging
at crypto unicorn Amber Group, which started in Hong Kong and is
backed by big name investors including Temasek and Sequoia Capital,
in the latest reminder of the risks that remain for the virtual
asset industry following the collapse of FTX.

The Post relates that the company, which early this month announced
that its 30-year-old co-founder Tiantian Kullander had died
suddenly in his sleep, played down the potential impact of FTX's
bankruptcy last month, saying it had no exposure to the derivatives
trading firm Alameda Research or FTT, the token of FTX, and its
money left on the exchange was less than 10 per cent of its trading
capital. It "does not pose a threat" to business operations or
liquidity, Amber Group posted on Twitter.

News of lay-offs at the firm have added to concerns about the
health of the company, the report says. Former employees in
Shenzhen said they have been unable to collect severance after
being laid off in November without any answers from the company.

According to the Post, Amber Group spokeswoman Elaine Wang said in
an emailed response that "rumours and false information were easy
to . . . spread in times of chaos", without commenting on specific
questions. It is "business as usual" at the company, she said. She
added that she did not have information on the company's total
trading capital.

Dozens of Amber Group employees in Shenzhen were promised severance
payments on December 5, but few if any have received the money, one
of the laid off workers told the Post. Chinese labour law typically
requires one month of severance for each year employed.

When some former employees attempted to inquire about their
compensation on Tencent Holdings' WeChat, their messages either
went unanswered or resulted in them being blocked by human
resources and CEO Michael Wu, according to screenshots seen by the
Post.

Rumours have since swirled online about the cryptocurrency trading
firm, which was founded in Hong Kong in 2017 and later moved its
headquarters to Singapore.

Nearly the entire industry has been impacted by the implosion of
FTX, which was once the second-largest cryptocurrency exchange in
the world. Losses widened for cryptocurrencies while prices had
already been falling - about US$2 trillion in value has been wiped
out since a peak last year.

As with so many other cryptocurrency firms, it has been a rough
month for Amber Group since FTX declared bankruptcy on November 12,
the Post says. Mr. Kullander died 21 days later.

But troubles for the entire industry started even earlier when the
collapse of Luna sent crypto prices plummeting. Amber group has
been cutting staff, and Mr. Kullander told Bloomberg in September
that the company had cut 5 to 10 per cent of jobs this year, the
Post recalls. Some Shenzhen staff members were notified in October
that their last day would be November 15, the former employee told
the Post.

On December 1, Amber Group asked all of its mainland China
employees to work from home to "safeguard people's health and
safety" amid uncertainties caused by Covid-19 and virus control
measures, according to a company email seen by the Post. Staff
members were expected to take their work computer and personal
belongings with them on December 2, according to the email.

While the Shenzhen government suggested people continue to work
from home at the end of November, multiple cities started loosening
testing requirements last week after widespread protests related to
the country's zero-Covid policy. On December 3, Shenzhen announced
that it would end a requirement for a negative Covid-19 test
results to enter public venues, including offices. It was followed
by a similar policy change from the central government on Dec. 7.

Amber Group managing partner Annabelle Huang first responded to
rumours on Dec. 6, posting on Twitter that withdrawals were "open
as usual". The post came after cryptocurrency news outlet Wu
Blockchain reported that Amber had begun to lay off hundreds of
workers this month and asked Chinese employees to clear their
desks, according to the Post.

The company must "constantly adjust and pivot" its internal teams
as it "weathers through market cycles", the company said on its
official Twitter account following the report.

Amber Group employees in Hong Kong were still working on Dec. 7
during a visit to the company's office in Central. Two staff
members there declined to comment on the lay-offs or rumours about
the company, referring the Post to the company's public
representative.

Employees also had questions after the company's Shenzhen
subsidiary Aibei Weilai Technology appointed a new company
representative last month, the former employee said. Tan Xianlin
replaced He Yongcheng as legal representative, according to Aibei
Weilai records on Chinese corporate database QiChaCha.

Unable to reach company executives, disgruntled former employees on
Dec. 6 called the Shenzhen police, who told the workers they cannot
take any action yet, the former employee said.

Amber Group - which operates cryptocurrency finance services
including market making, trading and asset management, and a
retail-facing exchange named WhaleFin – is backed by major
venture capital firms.




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

AJM DEVELOPERS: CARE Assigns B+ Rating to INR27cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of AJM
Developers LLP (AJMDL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          27.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AJMDL are
constrained by its post stabilization risk associated with debt
funded project and presence in a highly competitive and fragmented
industry. The ratings, however, draws comfort from experienced
partners and technically qualified team coupled with location
advantage.

Rating Sensitivities

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

* Improvement in scale of operations as marked by total operating
income of INR60 crore and above on a sustained basis
* Ability to achieve the envisaged revenue and profitability while
maintaining the capital structure.

Negative Factors – Factors that could lead to negative rating
action/downgrade:

* Project execution and stabilization risk

Detailed description of the key rating drivers

Key Rating Weaknesses

* Post stabilization risk associated with debt funded project: The
firm is developing a project of four-star hotel with 54-room in
Dehradun, Uttarakhand. The total project cost of project is
INR70.32 crore, proposed to be funded through debt of INR27.00cr
and remaining through equity/unsecured loan infused by partners of
INR43.32 crore. The construction part in the project is around 70%
completed as on October 31, 2022. The firm has incurred INR45.00
crore on the development of the project as on October 31, 2022. The
amount invested is partly funded through equity/ internal accruals
of INR35.20 crore and partly through tied up term debt of INR9.80
crore. The project is expected to complete by March, 2023. Any cost
overrun due to delay in project implementation shall be met out of
partners' contribution. Successful completion of the project within
the time and cost estimates will remain critical for the firm.

* Presence in a highly fragmented and competitive industry: The
Indian hospitality industry is highly fragmented in nature with the
presence of large number of organized and unorganized players
spread across various regions. Cyclical nature of the hotel
industry and increasing competition from already established and
upcoming hotels due to low entry barriers may impact the
performance of AJMDL. Though, the demand for hotel rooms is
expected to steadily grow in the medium term on account of
anticipated increase in commercial and tourism activity and growth
of the economy, however, presence of many luxury hotels in the
vicinity can exert pressure on occupancy and ARR of the hotel in
the medium-term. However, the firm is generating revenue from
diversified business, thus, this risk is partially mitigated to a
great extent.

Key Rating Strengths

* Experienced promoters and technically qualified team: Established
in 2018, AJM Developers LLP (AJMDL) is managed by its partners Mr.
Raj Lumba, Ms. Jasmine Lumba, Mrs. Kiran Lumba and Mr. Surender
Mohan Lumba. Mr. Raj Lumba holds experience of around two decades
in the similar line of business. He is ably supported by Mrs.
Jasmine Lumba and Ms. Kiran Lumba who are graduate and look after
the day to day operations of the firm. Mr. Surender Mohan Lumba
aged 72 years, is a post graduate. He brings in rich experience of
around two decades to the firm. Although the partners have prior
minuscule experience in hospitality segment, they are well-versed
with construction sector and have adequate acumen about various
aspects of business which is likely to benefit AJMDL in the long
run.

* Location advantage: AJMDL is proposing to open a four-star hotel
with convention facility in Dehradun. Dehradun is located in the
Doon Valley on the foothills of the Himalayas. The city is famous
for its picturesque landscape. It is well connected and in
proximity to Himalayan tourist destinations such as Mussoorie, Auli
and the Hindu holy cities of Haridwar and Rishikesh along with the
Himalayan pilgrimage circuit of Chota Char Dham. The city is also
considered 'City of Schools' where students come from all over
India to study. All the above factors may play key role in increase
of the footfall.

Liquidity: Stretched

The liquidity position of the firm remains stretched characterized
by low envisaged GCA level of INR0.09 crore in FY23 against nil
repayment of term loan. The repayment of term loan will begin from
FY24 onwards. Post project-implementation risk in the form of
stabilization and streamlining of operations to achieve the
envisaged scale of operation and risk arising on account of
competitive nature of industry is yet to been seen.

Dehradun (Uttarakhand) based AJM Developers LLP (AJMDL) was
established in 2018. It is managed by its partners Mr. Raj Lumba,
Mrs. Jasmine Lumba, Ms. Kiran Lumba and Mr. Surender Mohan Lumba.
AJMDL is engaged in construction of four-star category hotel with
convention facility in Dehradun. The firm has acquired ~ 3,553 Sq.
M. land for construction of hotel on chakrata road, near clock
tower which is a renowned landmark in the city. The construction
work of hotel is around 70% completed as on October 31, 2022. It
will be operational in the last quarter of FY23. The hotel will
have 54 rooms, 2 banquet halls, 3 conference rooms, 1 restaurant
cum bar and one basement parking.


AREK INDUSTRIES: CARE Lowers Rating on INR7.50cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Arek
Industries Private Limited (AIPL), as:

   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      7.50        CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank     0.10        CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

The ratings have been revised on account of non-availability of
requisite information. The revision further considers a decline in
profitability as well as a highly leveraged capital structure on
account of high overall debt vis-a-vis low networth based in FY22
over FY21.

Arek Industries Private Limited (AIL) is a private limited company
incorporated in January, 2016 and is currently being managed by Mr.
Ashwani Kumar, Patanjali Gupta and Mr. Pranav Gupta as its
directors. The company commenced operations in January, 2017. AIL
is engaged in the manufacturing of textile products such as mink
blankets at its manufacturing facility located at Panipat,
Haryana.


ASHISH SHIP: CARE Keeps B-/A4 Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashish Ship
Breakers Private Limited (ASBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short     50.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Incorporated in 1999, Ashish Ship Breakers Private Limited (ASBPL)
is engaged in ship breaking activity and trading of scrap (started
from 2014) in the Alang–Sosiya belt of Bhavnagar region in
Gujarat. The company is promoted by Mr. Harikrishan Agarwal and
Mrs. Padma Agarwal having experience of more than a decade in ship
breaking business. The company engaged in the business of ship
breaking activity through allotted plots at Alang Shipyard by
Gujarat Maritime Board (GMB).


ASIAN RE-SURFACING: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Asian
Re-Surfacing of Road Agency Private Limited (ARORAPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.23       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           6.25       CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

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

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

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

Delhi based, Asian Re-Surfacing of Road Agency Private Limited
(ARRA) was established on November 18, 1985 as a private company.
The company is being managed by Mr. Prem Arora. The company is
engaged in construction of roads only for government departments.
The raw materials namely, tar, sand, cement, steel, tiles, plywood,
bricks, etc. which the firm procures from various domestic
manufacturers and wholesalers.


BALAVIGNA WEAVING: Ind-Ra Assigns BB LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Balavigna Weaving
Mills Private Limited (BWMPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR293 mil. Fund-based working capital limits assigned with
     IND BB/Stable/IND A4+ rating; and

-- INR254.50 mil. Term loan due on February 2028 assigned with
     IND BB/Stable rating.

Key Rating Drivers

The ratings reflect BWMPL's small scale of operations as indicated
by revenue of INR1,282.04 million in FY22 (FY21: INR793.35
million). The growth in revenue was due to a recovery in economic
activities post the decline in COVID-19 infections, coupled with
increase in demand in the apparel retail industry and increased
sales realizations. In 1HFY23, the company booked revenue of
INR773.85 million. As of October 2022, it had an order book of
INR104.58 million, to be executed by end-December 2022. Ind-Ra
expects the revenue to improve further in FY23 on the back of the
company's increased focus on sales and the rise in domestic demand
for apparel.

The ratings also factor in the company's modest EBITDA margin of
8.56% in FY22 (FY21: 12.99%) with a return on capital employed of
11.15% (9.8%). Despite the revenue increase, the EBITDA margin
declined due to an increase in cost of raw material (cotton).
Management expects the EBITDA margin to remain at similar levels in
FY23 due to the high input cost.

The ratings also reflect BWMPL's moderate credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expenses) of 1.51x in FY22 (FY21: 1.40x) and net leverage (total
adjusted net debt/operating EBITDAR) of 5.09x (FY21: 5.46x). The
improvement in credit metrics was due to a decrease in the debt
level to INR559.22 million at FYE22 (FYE21: INR566.09 million) and
the resultant decline in the interest expense to INR73.44 million
(FY21: INR72.9 million). In FY23, Ind-Ra expects the credit metrics
to improve further due to the scheduled repayment of term loans of
INR57.3 million.

Liquidity Indicator - Stretched: BWMPL's average maximum
utilization of the fund-based limits was 92.88% during the 12
months ended October 2022. The cash flow from operations improved,
although remained negative at INR0.13 million in FY22 (FY21:
negative INR14.44 million) due to a decline in receivables.
Consequently, the free cash flow improved to negative INR12.70
million (FY21: negative INR39.55 million). The company had an
elongated net working capital cycle of 108 days in FY22 (FY21: 166
days), which improved owing to a reduction in the inventory holding
period to 108 days (FY21: 156 days). It had low cash and cash
equivalents of INR0.66 million at FYE22 (FYE21: INR3.26 million).
Further, BWMPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.  

However, the ratings are supported by the promoters' nearly two
decades of experience in the textile industry, leading to
established relationships with its customers as well as suppliers.

Rating Sensitivities

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity profile,
all on a sustained basis, could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the net leverage
increasing above 5.5x and/or a further pressure on the liquidity
position, could lead to a negative rating action.

Company Profile

Incorporated in 1995, BWMPL manufactures cotton, polyester, modal,
excel, cotton slub, organic cotton, lycra cotton/polyester
fabrics.


CAPTRONIC SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Captronic
Systems Private Limited (CSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.71       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 28,
2021, placed the rating(s) of CSPL under the 'issuer
non-cooperating' category as CSPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CSPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 14, 2022, August 24, 2022, September 3,
2022.

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

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

Bangalore, Karnataka based Captronics Systems Private Limited
(CSPL) specialized in providing custom-built Automated Test
Equipment (ATE's), Automation & Data Acquisition services to
Aerospace & Defense, Nuclear, Automotive and manufacturing
industries.


CHETAS CONTROL: Ind-Ra Cuts Bank Loan Rating to 'BB'
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chetas Control
Systems Private Limited's bank facilities' ratings to 'IND BB
(ISSUER NOT COOPERATING)' from 'IND BBB (ISSUER NOT COOPERATING)'.


The detailed rating actions are:

-- INR10 mil. Fund-based working capital limits downgraded with
     IND BB (ISSUER NOT COOPERATING) rating; and

-- INR550 mil. Non-fund-based working capital limits downgraded  
     with IND A4+ (ISSUER NOT COOPERATING) rating.

Key Rating Drivers

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer with an investment grade
rating remaining non-cooperative with a rating agency for more than
six months should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect Chetas Control Systems' credit strength as the
company has been non-cooperative with the agency since May 17,
2022. Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

Company Profile

Established in 1989, Chetas Control Systems provides turnkey
solutions in water management. Based in Pune, it is an ISO
9001-2008 certified company specializing in ultrasonic transit time
flow metering technology. The company's day-to-day operations are
managed by Mahesh Deshmukh.


CMC TEXTILES: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated CMC Textiles
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:  

-- INR48.43 mil. Term loan due on April 2023 migrated to Non-
     Cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR210.0 mil. Fund-based limits migrated to Non-Cooperating
     category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR18.9 mil. Non-fund-based limits migrated to Non-
     Cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 20, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Incorporated in 2002 by Ajeet Yadav, Pawan Yadav, and Dheerendra
Yadav, CMC Textiles manufactures texturized yarn, wrap-knitted yarn
and jacquard fabrics at its Silvassa unit, which has a capacity of
12,500 million tons per year.


DDE RENEWABLE: CARE Reaffirms B Rating on INR35.46cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of DDE
Renewable Energy Private Limited (DREPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          35.46       CARE B; Stable Reaffirmed

Detailed rationale and key rating drivers

The rating assigned to the bank facilities of DREPL is constrained
by below average risk profile of company marked by continuing net
losses and negative net worth. The ratings also factor in
dependence of company's operational performance to climatic
conditions. However, the rating derives strength from company's
long term off take agreement with NTPV Vidyut Vyapar Nigam Limited
and its stable operational track record marked by steady Plant Load
Factor (PLF).

Rating sensitivities

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

* Ability of company to run profitable operations with improved
liquidity on a sustained basis.

* Improvement in its operational performance with CUF increasing to
more than 20% on sustained basis

Negative factors – Factors that could lead to negative rating
action/downgrade:

* Reduction in total operating income of company by more than 15%

* Increase in exposure towards group entities more than current
levels

Detailed description of the key rating drivers

Key rating weaknesses

* Below average financial risk profile: The company has a below
average financial risk profile characterized by leveraged capital
structure and low debt coverage indicators. The leveraged capital
structure is largely due to high debt and negative net worth towing
to accumulated losses. Further, the company has been continuously
reporting net losses since incorporation (INR1.77 crore during
FY22) because of high interest cost and depreciation. The interest
coverage ratio of the company stood at 1.47x during FY22 (PY:
1.31x). Furthermore, degradation of the solar modules over the
years has led to lower generation resulting in lower cash flows and
stretched liquidity and delays on its debt repayments in the past.
However, with additional investment to improve power generation,
the liquidity has marginally improved and company has been paying
its debt obligations in a timely manner for the last 12 months
ended September 2022.

* Exposure to climatic conditions: The operations of the company
are exposed to climatic conditions as well as technological risks
pertaining to adequate availability of sunlight and any redundancy
associated with the operational efficiency of PV modules.
Accordingly, the achievement of desired CUF is subject to changes
in climatic conditions, amount of degradation of modules as well as
other technological risks.

Key rating strengths

* Long term power off take arrangement: DREPL has signed a Power
Purchase Agreement (PPA) with NTPC Vidyut Vyapar Nigam Limited
(NVVNL) to supply power generated from the 5 MW solar projects for
a period of 25 years from COD which was on January 10, 2012.
According to the PPA, the power is to be sold at a fixed tariff
rate of INR11.55 per KWH. In the event that the payments are
delayed beyond the due date, NVVNL would be liable to pay late
payment surcharge for the delayed amount at 1.25% per month for the
actual period of delay.

* Stable operational track record: The operational performance of 5
MW grid connected solar photovoltaic (SPV) power plant constructed
by DREPL at Askandra Village, Jaisalmer district, Rajasthan which
was commissioned on January 10, 2012 remained satisfactory with CUF
(Capacity utilization factor) of 16.90% during FY22 (PY: 15.62%).

Liquidity: Stretched

The liquidity profile of the company continues to remain stretched.
This is mainly on account of lower generation of cash accruals
vis-à-vis debt repayments for the fiscal FY23 marked by expected
GCA of INR4.73 crore in FY22 against which it has repayment
obligations of around INR3.37 crore. The company has cash balance
of INR0.67 crore as on October 31, 2022.

DREPL was incorporated on November 17, 2009 and is a joint venture
between Nice Infracon Private Limited (NIPL) and Lanco Solar Energy
Private Limited (LSEPL), with NIPL holding 51% shares and LSEPL
holding 49% shares respectively. DREPL has set up a 5 MW solar
energy project in Askandra Village, Jaisalmer district, Rajasthan
under the Phase I of Jawaharlal Nehru National Solar Mission
(JNNSM) of Government of India. The project was funded in debt
equity ratio of 66:34; the project achieved Commercial Operations
Date (COD) on January 10, 2012. The company has signed a 25 years
long term Power Purchase Agreement (PPA) with NTPC Vidyut Vyapar
Nigam Limited (NVVNL) at a fixed tariff rate of INR11.55/ kWh in
January 2011.


DEEP LUMBERS: CARE Lowers Rating on INR9cr Loans to D
-----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Deep Lumbers Private Limited (DLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

   Short Term Bank      7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 27,
2021, placed the rating(s) of DLPL under the 'issuer
non-cooperating' category as DLPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. DLPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 13, 2022, August 23, 2022, September 2,
2022 and December 1, 2022.

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

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

The ratings have been revised on account of ongoing delays in debt
servicing as recognized from publicly available information i.e.
CIBIL filings.

DLPL was incorporated in 2013 and commenced operations in August
2013. The company is currently being managed by Mr. Kamal Deep
Garg, Mr Pradeep Garg and Mr Chander Shekhar Garg. DLPL is engaged
in trading and sawing of timber in form of timber blocks. The
company has its trading cum processing facility located at
Gandhidham, Gujarat. The company has one associate concern, namely,
Deep Timbers Private Limited which is engaged in similar line of
business since 2009.

DEEP TIMBERS: CARE Lowers Rating on INR7.50cr ST Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Deep Timbers Private Limited (DTPL), as:

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

   Short Term Bank       7.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 27,
2021, placed the rating(s) of DTPL under the 'issuer
non-cooperating' category as DTPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. DTPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 13, 2022, August 23, 2022, September 2,
2022 and December 1, 2022.

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

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

The ratings have been revised on account of ongoing delays in debt
servicing as recognized from publicly available information i.e.
CIBIL filings.

DTPL was incorporated in 2009 and is managed by Mr Kamal Deep Garg,
Mr Pradeep Garg and Mr Chander Shekhar Garg. The company commenced
its operations in December 2008. DTPL is engaged in trading and
sawing of timber in the form of timber blocks. The company has its
processing facility located at Gandhidham, Gujarat. Deep Lumbers
Pvt. Ltd. is a group associate and engaged in a similar line of
business.


ELECTRO INTERNATIONAL: CARE Moves B+ Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings has migrated the ratings on certain bank facilities of
Electro International Company Private Limited (EICPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.10       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable
                                   and moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      5.90       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

Detailed rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from EICPL to
monitor the rating(s) vide e-mail communications dated May 17,
2022, and November 18, 2022, and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
based on the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. Further, EICPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
EICPL's bank facilities will now be denoted as CARE B+/CARE A4;
ISSUER NOT COOPERATING.

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

The ratings have been revised and moved to ISSUER NOT COOPERATING
category on account of lack of availability of
adequate information.

Detailed description of the key rating drivers

At the time of last rating on September 23, 2021, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations with low profit margins: The total
operating income has moderated marginally during FY21 due to low
revenue booked from export. The company has booked a revenue of
around 30% of total sales from exports activities in FY21 as
against 58% in FY20. The overall scale of operations of the company
remained small marked by total operating income of INR56.76 crore
in FY21. The company has booked a turnover of INR46.64 crore during
5MFY22. The profit margins remained low marked by PBILDT margin of
1.30% (1.81% in FY20) and PAT margin of 0.45% (0.55% in FY20) in
FY21. Further, PBILDT margins moderated in FY21 owing to cessation
of export incentives which contributed to bulk of margins until
FY20. Furthermore, the tangible net worth also remained low at
INR3.12 crore as on March 31, 2021. The small scale restricts the
financial flexibility of the company in times of stress and it
suffers on account of lack of economies of scale.

* Exposure to geo-political and geographical concentration risk:
EICPL earned revenue of around 30% from exports markets during FY21
as against 58% in FY21. The major export destinations for the
company are UAE, Sri Lanka, Spain, Saudi Arabia, South Africa,
Malaysia etc. Thus, the company is exposed to geographical
concentration risk. It is to be noted, for any kind of geopolitical
crises, dependency on a few regions in the world may hamper the
revenue stream of the company.

* Moderate capital structure and debt coverage indicators: The debt
profile of the company comprises of working capital bank borrowings
and unsecured loans for last two years (FY20- FY21). Due to higher
utilization of bank barrowings as on account closing date; the
overall gearing ratio has deteriorated to 1.26x as on March 31,
2021 as against 0.75x as on March 31, 2020. The debt coverage
indicators remained moderate marked by interest coverage ratio of
1.97x (1.81x in FY20) and total debt to GCA of 14.31x (6.00x in
FY20) in FY21. Deterioration in TD/GCA was due to lower generation
of cash accruals along with higher utilization of fund-based limits
as on account closing date.

* Intensely competitive industry: Ferro alloys trading industry is
a very fragmented and competitive space with presence of large
number of small players operating in the same region due to low
capital requirement. In such a competitive scenario smaller company
like EICPL in general are more vulnerable on account of its limited
pricing flexibility.

Key Rating Strengths

* Experienced promoters and long track record of operation: EICPL
started its operations from 1996 and accordingly it has long
operational track record. Being in the industry since long, the
company has established satisfactory relationship with its customer
and suppliers. The key promoter Mr. Prashant Musaddi has around two
decades of experience in this line of business, looks after the day
to day operations of the company. He is supported by promoters Mr.
Piyush Musaddi and Mr. Vikash Agarwal.

Industry outlook

The company mainly trades into manganese based ferro alloys and the
demand for ferro alloys is directly linked with demand for steel.
The steel industry continues to witness steady growth, and in FY22,
domestic crude steel production is expected to reach 112-114
million tonnes, which would be a growth of 9%-11% y-o-y. CARE
Ratings expects the domestic steel demand to grow at a compounded
annual growth rate (CAGR) of about 7.5% during the next 2-3 years.
Steel demand will be supported by economic recovery, government
spending on infrastructure, revival in capex cycle and enhanced
liquidity. The Union Budget for 2021-2022 has a sharp 34.5% y-o-y
increase in allocation for capex at 5.54 lakh crore. The budget's
thrust is on infrastructure creation and manufacturing to propel
the economy. Therefore, enhanced outlays for key sectors like
defence services, railways, and roads, transport and highways would
provide impetus to steel consumption.

Liquidity: Not Applicable

Kolkata based Electro International Company Private Limited (EICPL)
was set up as a partnership firm, 'Electro International Company'
in the year 1996 to initiate a trading and export business.
However, it was converted into private limited company in April
2012 and the name changed to the current name (EICPL). The company
is a merchant trader and it deals in ferro alloys, coal, ceramic
products etc. The company mainly is into export business and the
major export destinations are UAE, Sri Lanka, Spain, Saudi Arabia,
South Africa, Malaysia, Latin America etc. The company derived
around 30% of its total revenue from export activities and rest
from domestic market during FY21.


EMERALD HEIGHTS: CARE Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Emerald
Heights Academy & Realty Private Limited (EHARPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.39       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 16,
2021, placed the rating(s) of EHARPL under the 'issuer
non-cooperating' category as EHARPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. EHARPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 2, 2022, August 12,
2022, August 22, 2022.

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

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

Indore (Madhya Pradesh) based Emerald Heights Academy and Realty
Private Limited (EHARPL) was incorporated in January 1991 by Mr
Muktesh Singh Girnar along with his family members with an
objective to provide educational support activities to Emerald
Heights School Samitee (EHSS) which runs a senior secondary day-cum
boarding co-educational school since 1982 under the name of Emerald
Heights International School (EHIS). EHAR has given two academic
buildings on lease to EHSS and also provide 700 bed hostel
facilities, catering, house- keeping and other service as well as
school training and coaching facility to EHSS. Further, the company
is also operating a pre-primary school.

ESS PEE: CARE Keeps C Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ESS PEE
Industrial Corporation (EPIC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.02       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           3.45       CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 18,
2021, placed the rating(s) of EPIC under the 'issuer
non-cooperating' category as EPIC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. EPIC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 4, 2022, October 14, 2022, October 24,
2022.

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

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

Ess Pee Industrial Corporation (EPIC) was established in 1992 as a
partnership firm and is currently being managed by Mr. Pankaj Shoor
and Mr. Rahul Shoor. The firm is engaged in manufacturing of hand
tools which includes mainly spanners, wrenches and builder hardware
at its manufacturing facility located at Jalandhar, Punjab.


ETCO DENIM: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Etco Denim
Private Limited (EDPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     246.45       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/         112.99       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank     29.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

EDPL was established in the year 2005 by Mr Ramesh D Shah who is
the promoter of the company. The company is in the business of
spinning, yarn dyeing, denim fabric weaving and finishing. During
May 2013, EDPL made a capex for backward integration and
commissioned a plant for manufacturing denim from cotton bales. The
plant is located at Aliabad Industrial Area, Bijapur District,
Karnataka.

ETCO INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Etco
Industries Private Limited (EIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      140.56      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      12.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

EIPL is engaged in the business of manufacturing cotton yarn. In
2004, EIPL (formerly known as ETCO Spinners Pvt. Ltd.) took over
cotton spinning unit situated at MIDC area Parbhani, Maharashtra,
from the liquidators of Sahakari Soot Girni Ltd at a cost of
INR4.30 crore. The unit commenced its operations from January 1,
2007.


FLUIDTHERM TECHNOLOGY: CARE Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fluidtherm
Technology Private Limited (FTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.25       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      7.48       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 27,
2021, placed the rating(s) of FTPL under the 'issuer
non-cooperating' category as FTPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. FTPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 13, 2022, August 23, 2022, September 2,
2022.

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

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

Fluidtherm Technology Private Limited (FTPL) is a Chennai based
company which was incorporated in the year 1985 as a private
limited company and commercial operations were started from 1988.
The company is promoted by Mr N. Gopinath (Managing Director), Mrs
N. Prema Gopinath (wife of managing director) and Mr Srinivasan
Dilip, and is engaged in manufacturing of heat treatment furnaces,
fluidized bed reactors. In addition to all facilities for plant
design, procurement, the company also does contract-based R&D
services.


G.G. EXPORTS: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded G.G. Exports'
(GGE) Long-Term Issuer Rating to 'IND BB+' from 'IND BB (ISSUER NOT
COOPERATING)'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR1.0 bil. Fund-based working capital limits Long-term rating

     upgraded; short-term rating affirmed with IND BB+/Stable/IND
     A4+ rating.

The upgrade reflects the improvement in GG Export's revenue, EBITDA
margin and credit metrics in FY22.

Key Rating Drivers

GG Exports' revenue rose to INR4,388.56 million in FY22 (FY21:
INR2,102.84 million) due to an improvement in the flow of orders
post covid. The scale of operations continued to be medium. In
1HFY23, GG Exports achieved a revenue of INR2834.36 million. In
FY23, Ind-Ra expects the revenue to improve on a yoy basis due to
the opening up of the  market post the pandemic and increase in
demand in both domestic and global markets.

Furthermore, GG Exports' EBITDA margin increased to a modest 5.33%
in FY22 (FY21: 3.17 %) due to increased absorption of fixed cost,
led by the growth in revenue The ROCE was 10.2% in FY22 (FY21:
2.3%).  However, the firm's EBITDA margin remains vulnerable to
fluctuations  in the prices of rough and cut and polished diamonds
and forex volatility (FY22: forex gains of INR39.43 million; FY21:
forex gains of INR40.30 million). Ind-Ra expects the margins to be
stable in FY23

In addition, GG Exports' credit metrics improved in FY22 due to an
increase in the absolute EBITDA to INR231.08 million (FY21: INR66.7
million) due to increase in the revenue. The gross interest
coverage (operating EBITDA/gross interest expense) was 5.1x in FY22
(FY21: 1.88 x) and the net financial leverage (adjusted net
debt/operating EBITDA) was 3.82x (FY21:8.11x). In FY23, Ind-Ra
expects the credit metrics to remain strong, supported by a
continued upscale in the revenue and the absence of any major
debt-funded capex plans.

Liquidity Indicator – Stretched: GG Exports' average utilization
of the fund-based limits was 82% during the 12 months ended October
2022. The cash flow from operations turned negative at INR244.13
million in FY22  (FY21: INR53.13 million) due to unfavorable
changes in the working capital. Furthermore, the free cash flow
turned negative at INR402.95 million (FY21: INR15.96 million) due
to the incurring of capex of around INR158.82 million for the
procurement of machinery. The net working capital cycle days
remained elongated but improved to 154 days in FY22 (FY21: 261
days) due to a fall in the inventory days to 191 days (289 days)
and decrease in average debtor days to 78 days (92 days). The cash
and cash equivalents stood at INR20.15 million at FYE22 (FYE21: INR
19.77 million). GG Exports does not have any capital market
exposure and relies on banks to meet its funding requirements.

The ratings are supported by the partners' experience of more than
four decades in the diamond trading and manufacturing business.
This has led to longstanding relationships with suppliers and
customers, resulting in smooth supplies of raw material and repeat
orders, respectively.

Rating Sensitivities

Negative:  A stretch in the net working capital cycle or a
sustained decline in the operating performance, leading to the
gross interest coverage reducing below 2.5x or a substantial
deterioration in the liquidity position, on a sustained basis,
would lead to a negative rating action.

Positive: Sustaining the scale of operations along with efficient
managing of the net working capital cycle, leading to the gross
interest coverage remaining above 3.5x, and an improvement in the
liquidity position, would lead to a positive rating action.

Company Profile

Formed in 2010, G.G. Exports is a partnership firm that is wholly
owned and managed by the Zadaphia family. The firm is engaged in
the cutting and polishing of 0.01-3.00-carat-sized diamonds. The
firm has a manufacturing facility in Surat, Gujarat, which has a
monthly capacity of 15000-20000 carats and a registered office in
Mumbai, Maharashtra.


G3S BUILDERS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G3S
Builders Private Limited (GBPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

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

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

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

G3S Builders Private Limited (G3S) was incorporated in 2013 as a
private limited company by Mr. Gulzar Singh and his family members.
G3S is engaged in civil construction work for private players in
Punjab, Uttarakhand and Haryana which includes infrastructure
development, construction of hospitals, educational institutes,
residential projects etc. The orders undertaken by the company are
secured through the competitive bidding process. The company also
executes sub contracts for other civil contractor players.


GAJANAN AGRO: CARE Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Gajanan Agro Industries (SGAI) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.41       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.05       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

SGAI, was established as a partnership concern in the year 2012.
The firm is engaged in ginning and pressing of cotton and
extraction of oil from cotton seed. SGAI has a group concern namely
Shri Gajanan Trading Company (SGTC) which is engaged in the same
business as of SGAI.

GLOBAL PACKAGING: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Global Packaging's
Long-Term Issuer Rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR12.4 mil. Term loan due on April 2023 migrated to Non-
     Cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR66 mil. Fund-based limits migrated to Non-Cooperating
     category with IND BB (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR5.6 mil. Non-fund-based limits migrated to Non-Cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR47 mil. Proposed term loan* migrated to Non-Cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating.

*unallocated

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 20, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Global Packaging is a partnership firm incorporated in 2011 by
Kshitij Ajeet Yadav and Sumit Brijpal Yadav (holding 95% and 5%,
respectively). The firm, which has two units in Silvassa,
manufactures texturized yarn, wrap knitted yarn and jacquard
fabrics.


GOYAL SONS: CARE Lowers Rating on INR4.50cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Goyal Sons (GS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      0.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 1,
2021, placed the rating(s) of GS under the 'issuer non-cooperating'
category as GS had failed to provide information for monitoring of
the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GS continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 17, 2022, October 27,
2022, November 6, 2022.

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

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

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

Goyal Sons was established as a proprietorship concern, by Mr.
Vinod Kumar Goyal in the year 1987. The firm is primarily engaged
in the trading of all kinds of yarns, fibres and knitted cloth. The
firm is having its sales office in Ludhiana (Punjab).


GREEN MIRROR: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Green
Mirror Buildcon Private Limited (GMBPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 16,
2021, placed the rating(s) of GMBPL under the 'issuer
non-cooperating' category as GMBPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GMBPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 2, 2022, August 12,
2022, August 22, 2022.

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

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

Incorporated in September 2013, Ahmedabad (Gujarat)- based GMBPL is
promoted by two promoters namely Mr Suresh Badgujar and Mr.
Jitendra Badgujar. GMBPL is undertaking a greenfield project to
manufacture Autoclaved Aerated Concrete (AAC) blocks/bricks with
proposed installed capacity of 1,00,000 Cubic Meters per Annum
(CMPA) at its plant located at Kheda district of Gujarat.


IBIS SMART: CARE Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IBIS Smart
Marble Private Limited (ISMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      31.75       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

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

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

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

ISMPL is a private limited company established on May 20, 2017 by
Mr. Kantilal M. Shersiya, Pratik C. Patel and four other members.
ISMPL undertook a green-field project to manufacture vitrified slab
tiles with an installed capacity of 77,280 Metric Tonne Per Annum
(MTPA) at Morbi, Gujarat. ISMPL completed the project within the
envisaged cost of INR105 crore which was funded in debt: equity
ratio of 1.33 times. ISMPL commenced commercial operations from
December 2018 and FY19 was the first year of commercial
operations.


KRISHNA SAHAKARI: Ind-Ra Hikes Bank Loan Rating to 'B+'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded The Krishna
Sahakari Sakkare Karkhane Niyamit's (TKSSKN) bank facilities to
'IND B+' from 'IND B'. The Outlook is Stable.

The detailed rating actions are:

-- INR2,433.80 bil. (increased from INR2,278.21 bil.) Fund-based
     working capital facility upgraded with IND B+/Stable rating;
     and

-- INR566.20 mil. (reduced from INR721.79 mil.) Term loan due on
     FY32 upgraded with IND B+/Stable rating.

The rating upgrade reflects an improvement in TKSSKN's revenue,
profitability, and credit metrics in FY22 and Ind-Ra's expectation
that the entity will sustain this performance in the medium term.

Key Rating Drivers

The cooperative's operating revenue increased significantly to
INR3,391.32 million (FY21: INR1,972.36 million) on account of
increased sugar sales. In FY22, TKSSKN crushed 3,54,116MT of cane
juice (FY21: 2,73,138MT) during crushing days of 134 (102). The
total sugar produced was 38,799MT in FY22 (FY21: 29,667MT) with a
recovery rate of 11.06% (10.90%). The sale of sugar and by products
accounted for 83% of the total FY22 revenue (FY21: 84%). However,
the scale of operations remains medium, due to the cyclical nature
of operations in the sugar industry. Ind-Ra expects the entity to
sustain the revenue growth in FY23 on the back of the favorable
monsoon during the year, resulting in improved sugarcane
production.

Moreover, TKSSKN continued to report healthy EBITDA margin in FY22
which rose to 16.84% in FY22 (FY21: 14.82%). The margins remained
above 14% during FY21-FY22. However, the margins have been volatile
since FY17. Also, the cooperative reported a net profit of INR34.51
million in FY22 as against the net loss of INR250.28 million in
FY21.

Led by the revenue and EBITDA growth, TKSSKN's credit metrics
improved substantially, although remained weak. The interest
service coverage ratio (EBITDA/interest expense) increased to 1.52x
in FY22 (FY21: 0.78x) and the leverage ratio (debt/EBITDA) reduced
to 5.87x (11.57x) due to a significant increase in absolute EBITDA
to INR572.78 million (INR293.33 million). The debt service coverage
ratio also rose to 0.93x in FY22 (FY21: 0.52x). Ind-Ra expects the
credit metrics to improve over the medium term owing to sustained
growth in EBITDA.

Liquidity Indicator - Stretched: TKSSKN's average utilization of
fund-based limits was 87% for the 12 months ended October 2022. The
average cash conversion cycle remained stretched, despite improving
to 225 days in FY22 (FY21: 378 days) owing to the increased sale of
sugar under the Open General License Scheme apart from the monthly
sales quota, leading to a decrease in inventory holding period to
350 days (583 days). The cash and cash equivalents stood at
INR51.88 million in FY22 (FY21: INR31.29 million), which is much
lower than the debt service commitments (principal and associated
interest cost) of around INR526 million for FY23.

The ratings are supported by the cooperative's promoters'
experience of over three decades in the sugar industry.

Rating Sensitivities

Positive: An improvement in the liquidity, leading to an
improvement in debt service coverage ratio, all on a sustained
basis, could lead to a positive rating action.

Negative: Any deterioration in the operating performance leading to
deterioration in the credit metrics and a further stress on the
liquidity position, all on a sustained basis, will be negative for
the ratings.

Company Profile

TKSSKN came into existence in 1984 after it received an industrial
license from the government of India under the Industrial Act of
1951. The cooperative was registered on 10 March 1981 under
Karnataka Co-operative Societies Act, 1959. The cooperative
operates a 5,500TCD sugar plant and a 27MW capacity cogen power
plant in Athani Taluk of Belgaum district in Karnataka.


KUBER CASTING: CARE Lowers Rating on INR3.50cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kuber Casting Private Limited (KCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Long Term/Short      1.50       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

   Short Term Bank      3.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

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

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

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

The ratings have been revised on account of non-availability of
requisite information. The revision also considers low
profitability margins as well as moderate capital structure and
debt coverage marked by high overall debt vis-à-vis a low net
worth base in FY22.

Punjab-based Kuber Casting Private Limited (KCP) is a private
limited company incorporated in 2004. The company is promoted by
Mr. Vishal Sahi, Mr. Rakesh Kumar, Mr. Hemant Kumar and Mr. Bhadur
Chand. The company is engaged in the forging and casting of steel
ingots (both alloy and non-alloy) and metal rods. The company has
its manufacturing unit located in Mandi Gobindgarh, Punjab.


LEARNET SKILLS: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Learnet Skills
Limited's bank facilities in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
BB (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR100 mil. Non-fund-based limit/Fund-based limit* maintained
     in non-cooperating category with IND BB (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

*The limit is fungible

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 22, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Learnet Skills is a joint venture between Schoolnet India Limited
and National Skill Development Corporation (19.99%). The company
addresses training needs across government organizations, private
companies, international bodies and trainees themselves.


MAHALAXMI BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahalaxmi
Builders And Developers (MBD) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 28,
2021, placed the rating(s) of MBD under the 'issuer
non-cooperating' category as MBD had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MBD
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 14, 2022, August 24, 2022, September 3,
2022.

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

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

Gulbarga based, Mahalaxmi Builders and Developers (MBD) was
established in the year 2015 and promoted by 10 partners who are
close family members with a mix of first and second generation. The
firm constructs and develops residential projects.

MANI MORE: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mani More
Synthetics Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:  

-- INR20.1 mil. Term loan due on April 2023 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR60 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR1 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 20, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.  

Company Profile

Incorporated in 1999 and headed by Ajeet Udaiveersingh Yadav and
Pawan Yadav, Mani More Synthetics has units having a capacity of
3,900MT/year in Silvassa and Daman to manufacture texturized yarn,
wrap knitted yarn.


MAVERICK HOLDINGS: Ind-Ra Assigns BB Term Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Maverick Holdings & Investments Private Limited
(MHIPL):

-- INR2.120 bil. (increased from INR1.0 bil.) Term loan* due on
     March 2031 affirmed with IND BB/Stable rating;

-- INR170 mil. Fund-based working capital limit assigned with IND

     BB/Stable/IND A4+ rating; and

-- INR590 mil. Non-Fund-based working capital limit assigned with
     IND A4+ rating.

*Lease rental discounting (LRD) loan and funded interest term loan
(FITL)

ANALYTICAL APPROACH: To assign the ratings, Ind-Ra has taken a
consolidated view of MHIPL and its group company, Euroamer Garuda
Resorts (India) Private Limited (EGRIPL) as they are co-borrowers
for the LRD loan.

Rating Sensitivities

Negative: Any decline in the occupancy levels and/or delays in the
receipt of rental income, leading to a deterioration in the DSCR
with respect to the LRD loan will be negative for the ratings. Any
decrease in the profitability along with an increase in the working
capital, leading to stretched liquidity for the civil construction
business, leading to a deterioration in the credit profile could
also lead to a negative rating action.

Positive: An increase in lease rentals, leading to higher cash
generation and/or a substantial decline in the debt subsequently,
leading to a strong improvement in the DSCR with respect to the LRD
loan will be positive for the ratings. A sustained increase in the
revenue and successful execution of orders for the civil
construction business while improving its liquidity and credit
profile could also lead to a positive rating action.

Company Profile

Incorporated in 1991 and promoted by B.N. Garudachar and B.G. Uday,
MHIPL operates three shopping malls, namely, Garuda Mall, Garuda
Swagath Mall, and Garuda Yelahanka Mall in Bangalore. The company
is also a civil contractor for redevelopment projects for the
government of Karnataka. EGRIPL is involved in maintaining the
abovementioned malls. Its revenue is derived through common area
maintenance charges, parking charges, electricity charges,
advertisement fees and other miscellaneous charges from the three
malls. EGRIPL also collects lease rent from Inox Leisure Ltd, which
is situated in Garuda Mall.


MG OILS: Ind-Ra Moves 'BB+' LT Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated MG Oils' Long-Term
Issuer Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR220 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
October 8, 2021. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

Company Profile

Incorporated in 2013 as partnership firm, MG Oils provides refining
and trading of edible oil. The firm has its refining plant in
Madhya Pradesh.


MONEYPLUS FINANCIAL: Ind-Ra Affirms BB Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating on
Moneyplus Financial Services Private Limited's (MFSPL) bank loans
as follows:

-- INR50 mil. Bank loans affirmed with IND BB/Stable rating.

Key Rating Drivers

High Geographic and Borrower Concentration Risk: The rating is
constrained by MFSPL's exposure to geographical concentration risk.
At end-September 2022, the company had presence in the
Delhi-National Capital Region (93.5% of the loan book) and Haryana
(6.5%). The top 10 accounts in its loan book comprised 77.6% of the
book in FY22. Moreover, the loan against share (LAS) portfolio is
highly concentrated with five accounts accumulating to around
INR598 million at FYE22. Also, the assets under management growth
during FY21-FY22 remained largely driven by high-ticket business
loans. As part of the retail loan growth strategy and to enhance
geographic diversity, the company opened four new branches in
Rajasthan in September 2022. The company plans to grow its retail
loan book comprising small business mortgage loan, two-wheeler loan
and personal loan to reduce its borrower and geographical
concentration. This remains a rating monitorable.

Low Funding Flexibility: Of the total borrowings of INR829 million
at end-September 2022, 67% was contributed by inter-corporate
deposits and deposits from related parties & loans from
directors/relatives, 29% was from non-bank financial companies and
the balance 4% from NCDs. The company received a new sanction of
INR200 million from a bank during October 2022 to be utilized for
the priority sector lending. The ability of the company to raise
funds from external lenders remains to be seen.

Stable Asset Quality: The rating is supported by the company's low
delinquencies with gross non-performing assets of 0.56% (based on
180 days past due) at end-September 2022 (FY22: 0.55%). The
provision coverage ratio stood at 58.67% in 1HFY23 (58.83%). At
end-1HFY23, the LAS portfolio did not have any delinquencies;
however, the loan against property portfolio had gross
non-performing assets of 6.1% (FYE22: 5.1%). The company has an
experienced management team that continuously monitors both the
portfolio segments and tries to keep the delinquencies in check.
The rating is also supported by MFSPL's promoter's experience of
over a decade in the LAS segment. However, with the expected growth
in two-wheeler and personal loans, asset quality remains a
monitorable since industry-wide, these segments have shown higher
delinquencies. The ability of the management in growing the retail
book with control on asset quality remains to be seen.

Adequate Capitalization: Its tangible net worth stood at INR250.9
million at end-1HFY23 (FYE22: INR239.3 million). The leverage
increased to 3.3x at end-1HFY23 (FYE21: 3.1x) due to the increased
funding requirement towards the LAS book. As a policy, the company
aims to maintain its leverage below 4.0x and the LAS book below
40%. The rating benefits from MFSPL's adequate capitalization
levels (1HFY23 Tier 1: 23.07%, FY22: 22.78%) for the current scale;
however, plans to grow the retail book may require capital support
from shareholders.

Liquidity Indicator – Adequate:  At end-1HFY23, the company
maintained a cumulative surplus of around 31% of its total assets
in up to one-year bucket. Even in Ind-Ra's stress scenario, the
asset-liability statement remains positive in up to one-year
bucket. At end-October 2022, the company also had INR203 million of
unutilized bank lines and cash and liquid investments of INR5
million, sufficient to meet debt obligations of up to six months.

Rating Sensitivities

Positive: A substantial increase in the loan book with the scaling
up and seasoning of the granular retail book while maintaining
control over asset quality and funding diversification could lead
to a positive rating action.

Negative: Significant deterioration in the asset quality and
profitability metrics leading to capital impairment, the leverage
increasing above 4x on a sustained basis and funding challenges
would lead to a negative rating action.

Company Profile

MFSPL is a Reserve Bank of India-registered non-bank financial
company focused in extending finance to micro, small and medium
enterprises, and its product offerings include LAS, LAP, business
loans, personal loans and two-wheelers. It operates through 10
branches in the Delhi-National Capital Region, Haryana and
Rajasthan.


NEWTECH SHELTERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Newtech
Shelters Private Limited (NSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.44      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Noida-based (Uttar Pradesh) NSPL was incorporated in July, 2010 and
currently being managed by Mr. Mukesh Kumar Roy and Mr. Sanjeev
Kumar Roy. NSPL is engaged in the development of real estate
projects (commercial) mainly in Ghaziabad, Uttar Pradesh.

NIPANI INFRA: Ind-Ra Affirms BB+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nipani Infra and
Industries Private Limited's (NIIPL) Long-Term Issuer Rating at
‘IND BB+’. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based facilities affirmed with IND BB+/Stable

     /IND A4+ rating;

-- INR135 mil. Non-fund-based facilities affirmed with IND A4+
     rating; and

-- INR21.8 mil. (reduced from INR24 mil.) Term loan due on
     February 2027 affirmed with IND BB+/Stable rating.

Key Rating Drivers

The ratings reflect NIIPL’s continued small scale of operations
even as its revenue jumped 80% yoy to INR645.48 million in FY22,
mainly due to a higher number of orders for the construction of
light gauge steel frame buildings from northeast India,
specifically Manipur. During 7MFY23, NIIPL booked a revenue of
INR375.5 million. Its orderbook was INR1,741 million at end-October
2022 to be executed over the next three years. Around INR402
million of this orderbook is to be executed in the remainder of
FY23. Ind-Ra expects the revenue to improve yoy in FY23, based on
the existing orderbook and demand.

The ratings also reflect NIIPL's moderate credit metrics with an
interest coverage (operating EBITDA/gross interest expenses) of
5.31x in FY22 (FY20: 2.86x) and a net leverage (adjusted net
debt/operating EBITDAR) of 2.24x (5.48x). The credit metrics
improved yoy in FY22 due to an increase in the absolute EBITDA to
INR53.88 million (FY21: INR36.61 million). Ind-Ra expects the
credit metrics to improve further yoy in FY23, due to an increase
in the absolute EBITDA backed by revenue growth and the repayment
of COVID term loans.

Liquidity Indicator - Stretched: NIIPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. NIIPL's average maximum utilization
of the fund-based limits was 37.28% and that of the non-fund-based
limits was 58.83% during the 12 months ended October 2022. The cash
flow from operations turned positive at INR83.58 million in FY22
(FY21: negative INR79.39 million) due to positive working capital
changes. The company's net working capital cycle shortened to 60
days in FY22 (FY21: 137 days) due to a substantial decline in the
accounts receivables to INR48.17 million (INR79.8 million) as the
COVID impact normalized. The cash and cash equivalents stood at
INR25.90 million at FYE22 (FYE21: INR13.75 million).

The ratings are supported by the promoters' over a decade of
experience in the light gauge steel building industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

The ratings also factor in NIIPL's healthy EBITDA margins of 8.35%
in FY22 (FY21: 10.21%) with a return on capital employed of 17.3%
(10.9%). In FY22, the EBITDA margins declined as the company
initiated several new projects which offer low margins in the
initial stages. Ind-Ra expects the EBITDA margins to improve yoy in
FY23 as these projects reach maturity. The margins might also be
boosted by an expected increase in the proportion of light gauge
steel buildings constructed, which offer higher margins as compared
to conventional buildings.

Rating Sensitivities

Negative: A decline in the absolute EBITDA, leading to
deterioration in the overall credit metrics with the interest
coverage reducing below 2.2x and/or pressure on the liquidity
position, on a sustained basis, could lead to a negative rating
action.

Positive: An increase in the scale of operations with an increased
diversification of the orderbook, while maintaining the overall
credit metrics and liquidity profile, on a sustained basis, could
lead to a positive rating action.

Company Profile

NIIPL was incorporated in 2018 and was initially set up as Nipani
Industries in 1996. The company is engaged in the construction of
light gauge steel buildings along with conventional buildings and
has executed orders all over India.


PANDURANG SAHAKARI: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Pandurang Sahakari Sakhar Karkhana Limited (SPSSKL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      268.48      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 13,
2021, placed the rating(s) of SPSSKL under the 'issuer
non-cooperating' category as SPSSKL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SPSSKL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 30, 2022, August 9, 2022,
August 19, 2022.

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

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

SPSSKL was incorporated under Maharashtra Co-Operative Societies
Act 1960 in August 1988, to undertake sugar and sugar related
production by Mr. Sudhakarrao Paricharak, former member of
legislative assembly (MLA), Pandhapur (Founder Chairman of SPSSKL).
The first crushing season of the sugar factory was conducted in
Sugar Season (SS) 1992- 93 with an installed capacity of 1250 TCD.
SPSKL gradually expanded its capacity from 1250 TCD (with
co-generation unit of 9MW) during the year 1998 to its current
capacity of 4500 TCD (with an aggregate co-generation capacity of
19MW) and distillery unit of 45 Kilo Liters per Day (KLPD) as on
March 31, 2016.

RAJKAMAL ELECTRIC: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajkamal
Electric Press (REP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.72       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 1,
2021, placed the rating(s) of REP under the 'issuer
non-cooperating' category as REP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. REP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 17, 2022, October 27, 2022, November 6,
2022.

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

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

Rajkamal Electric Press (REP) was established in 1977 as a
partnership firm by two partners namely Mr. Lalit Seth and Mr.
Vinod Seth sharing profit and losses equally. REP is engaged in
printing of textbooks for various publishing house such as
Macgrwahill, Oxford University Press, etc. The firm is into offset
printing, pre-press and post-press (i.e. binding, stitching,
lamination etc.) activities. The raw material used in manufacturing
includes paper reels/rolls, chemicals & inks, printed covers,
films, and nylo polymer plates which the firm procures mainly from
paper mills located in Andhra Pradesh, Tamil Nadu, Punjab,
Uttrakhand, Kolkata and Delhi.

RAMAYANI CREATIONS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ramayani
Creations (RC) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 1,
2021, placed the rating(s) of RC under the 'issuer non-cooperating'
category as RC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 17, 2022, October 27, 2022, November 6, 2022.

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

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

Bhiwadi-based, (Rajasthan) RMC was established as a partnership
firm in 2015, by Mr Jitender Bansal, Mr Sanjeev Jindal, Mr Vipin
Mehta and Mr Sunil Gupta with equal profit loss sharing ratio. RMC
was established with an objective to manufacture readymade garments
for ladies. The firm is setting up a manufacturing unit at Bhiwadi,
Rajasthan. The commercial operations are expected to commence from
June, 2015.


ROHAN OIL: CARE Lowers Rating on INR6.0cr LT Loan to B+
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rohan Oil Industries (ROI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B+; Stable Revised from
   Facilities                      CARE BB-; Stable

Detailed rationale and key rating drivers

The revision in ratings assigned to the Long Term bank facilities
of ROI factors in deviation in total debt as on March 31, 2022
(Audited) as compared to total debt as on March 31, 2022
(Unaudited) considered at the time of last review, deterioration in
overall gearing as on March 31, 2022 Vs as on March 31, 2021 along
with deterioration in debt coverage indicators, mainly on account
availing fresh term loan of INR3.37 crore in FY22 (A).

The rating continue to remain tempered on account of susceptibility
of margins to fluctuations in raw material prices, its presence in
fragmented and seasonal nature of industry with susceptibility to
government regulations, concentrated customer base and the
proprietorship nature of constitution. The rating also factors in
modest scale of operation; albeit improvement witnessed in FY22 (A)
and H1FY23(UA) and low networth base. The above weaknesses are
underpinned by the experienced management with demonstrated track
record in the industry, locational advantage emanating from the
proximity to raw materials and established clientele profile.

Rating sensitivities

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

* Growth in total operating income above INR100 crore with
subsequent increase in PBILDT and PAT margins above 4%
and 2% respectively on sustained basis.

* Improvement in solvency position with gearing levels below unity
on a sustained basis

Negative factors – Factors that could lead to negative rating
action/downgrade:

* Any deterioration in TOI, profitability margins on a sustained
basis

* Deterioration in liquidity profile on account of delay in
debtors' realization/inventory pileup

* Any significant deterioration in capital structure owing to
tangible net worth below present level on account withdrawals of
capital by partners or any un-envisaged incremental borrowings

Detailed description of the key rating drivers

Key rating weaknesses

* Modest scale of operations coupled with low profitability margins
and low networth base: During FY22, the total operating income
(TOI) of the entity grew by 21.95% to INR98.08 crores in FY22
(vis-à-vis INR80.43 crores in FY21). Further, the firm has
recorded ToI of around INR51.18 crore for the period April 1, 2022
to October 31, 2022. Despite the growth in last three years ended
in FY22, the scale of operations remains modest with TOI of
INR98.08 crore and total capital employed of INR16.78 crore as on
March 31, 2022. Furthermore, the tangible networth of the company
was low at INR1.79 crore as on March 31, 2022, led by lower
accretion of profits to partners capital coupled with withdrawals
in past. The small scale of operations restricts the financial
flexibility of the firm and deprives the same from economies of
scale of benefits.  With low value-added nature of the agro
processing industry, coupled with the fluctuation in prices of
underlying commodities (groundnuts), the profitability margins of
ROI stood low with PBILDT and PAT margins remaining within the
range of 1.38%- 1.71% and 0.41%-0.59% for the last three years
ended FY22.

* Deterioration in capital structure and weak debt coverage
indicators in FY22: The capital structure of the firm, marked by
overall gearing ratio, deteriorated from 6.57x as on March 31,
2021(A) to 8.39x as on March 31, 2022(A) and 4.90x as on March 31,
2022(UA) due to increase in overall debt from INR10.73 crore in
FY21 to INR15.00 crore in FY22 owing to new term loan of INR3.37
crore availed in FY22. The TD/GCA deteriorated from 16.46x in FY21
to 19.40x in FY22 due to low level of GCA of INR0.77 crore in FY22
along with interest coverage from 1.80x in FY21 to 1.73x in FY22
due to low level of PBILDT of INR1.35 crore in FY22.

* Presence in Seasonal and fragmented industry: As the firm is
engaged in the business of processing of agriculture commodities,
the prices of which remain fluctuating and depend on production
yield, demand of the commodities and vagaries of weather. Hence,
profitability of the firm is exposed to vulnerability in prices of
agriculture commodities. Moreover, the firm operates in an industry
which is highly fragmented and competitive in nature as evident by
the presence of numerous unorganized and few organized players. The
entry barriers in this industry are very low on account of low
capital investment and technological requirement. Due to this, the
players in the industry do not have any pricing power.

* Susceptibility to adverse changes in government regulations and
climatic condition: The price of groundnut is highly volatile in
nature owing to its seasonal nature and the price is regulated
through function of Minimum Support Price (MSP) by the government.
Hence, any adverse change in government policy and climatic
condition may negatively impact the prices of groundnut in domestic
market and could result in lower realizations and profit for ROI.

* Constitution as a proprietorship firm limiting financial
flexibility: ROI, being a proprietorship concern, is closely held
and is subject to limited disclosure norms. Further, owing to the
constitution of the firm, it is exposed to the risk of withdrawal
of capital as well as long-term existence of business operations
under the firm.

Key rating strengths

* Experienced promoter and management with demonstrated track
record in the industry: ROI is currently managed by Mr. Harish
Gala, who is well-versed with the intricacies of the business on
the back of about four decades of experience in agro based
industries. He looks after the overall function of the firm and is
ably supported by his son Mr. Rohan Gala, who is having an
experience of more than a decade in the same industry. The
extensive experience of the proprietor and key managerial personnel
in the industry has enabled the firm to garner good relations with
key stakeholders and identifying the market opportunities.

* Locational advantage emanating from the proximity to raw
materials: ROI's unit has close proximity to local Agricultural
Produce Market Committee (APMC) grain markets of Solapur, major raw
material procurement destinations for the entity. Furthermore, the
plant is having good transportation facilities and other
requirements like good supply of power, water etc. Accordingly, ROI
has locational advantage in terms of proximity to raw material and
connectivity.

* Established albeit concentrated clientele profile: ROI has a
revenue stream that is moderately concentrated with top customer
namely Avenue Supermarts Limited (D-Mart) contributing about 58.19%
to the total operating income for FY22. Further, the firm is
associated with reputed customers like Trent Hyper-market, More
Retails, Sabakat Traders amongst others. Through the adherence to
the quality and specifications of the products, the firm has been
able to secure repeat orders from the established clients. The
established client profile reduces counterparty risk.

Liquidity: Stretched

The liquidity position of the firm remains stretched as indicated
by the tightly matched accruals vis-a-vis repayment obligations,
higher utilization of working capital bank borrowings at 90% for
last twelve months ended October 31, 2022. The cash balance stood
modest at INR0.62 crore as on March 31, 2022. The firm has enhanced
the CC limit from the existing INR6 crore to INR10 crore as on
November 22, 2022.

Established in 1994, Rohan Oil Industries (ROI) is based in Solapur
and spearheaded by Mr. Harish Gala (Proprietor). The firm is
engaged in the business of processing of Peanut at its processing
facility located at Solapur, with an installed capacity of 15,000
tonnes per annum as on March 31, 2022 (increased from 12000 tonnes
in FY21) and requisite machineries for decortication, screening,
de-stoning, grading etc. The products offered by the entity include
shelled peanuts, raw peanuts, roasted peanuts, and diced peanuts.
The products are sold under the brand names Blue-Bird, Orchid,
Neelkamal, Rajkamal. The firm procures the raw material i.e.,
groundnuts from various traders, farmers, and Agricultural produce
market committee (APMC) based in Solapur and further sells the
processed peanuts mainly in domestic markets. The major clients of
the firm include Avenue Supermarts Limited (D-Mart), Trent
Hyper-market, More Retails amongst others.


SAFESPACE WAREHOUSING: CARE Lowers Rating on INR6.89cr Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Safespace Warehousing (India) Private Limited (SWPL), as:


                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.89       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

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

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

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

The ratings assigned to the bank facilities of SWIPL have been
revised on account of non-availability of requisite information.
The rating also factored in decline in scale of operations, overall
profitability, and debt coverage indicators during FY21 over FY20.

Indore (Madhya Pradesh) based Safespace Warehousing (India) Private
Limited (SWPL) was incorporated in July 2012 as a private limited
company by Mr.Rahul Parashar and Mr.Dharm Veer Singh. SWPL is
operating a warehouse for providing services to reputed clients
like LG Electronics India Limited, Asian Paints Limited, Mount
Everest Breweries Limited, The Divisional Flying Squad, Life Care
Logistics Private Limited etc. The company operates with storage
space of around 3.06 Hectare (7.56 Acres).


SOMNATH SPINNING: CARE Assigns B+ Rating to INR55.60cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Somnath
Spinning Private Limited (SSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          55.60       CARE B+; Stable Assigned

   Long Term/           3.50       CARE B+; Stable/CARE A4
   Short Term                      Assigned
   Bank Facilities      
                                   
   Short Term Bank
   Facilities           0.20       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SSPL are primarily
constrained on account of implementation and stabilization risk
associated with its ongoing project along with susceptibility of
profit margins to volatility in raw material prices in highly
competitive and inherent cyclical industry.  The ratings, however,
derives strengths from experienced promoters, location advantage of
plant being located in cotton producing region and eligibility for
incentives under governmental policies for the textile industry.

Rating Sensitivities

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

* Timely completion of the project within envisaged cost
parameters

* Achievement of envisaged scale of operations and profitability
while maintaining moderate capital structure

Negative Factors - Factors that could lead to negative rating
action/downgrade:

* Time overrun or cost overrun of the project by more than six
months

Detailed description of the key rating drivers

Key Rating Weaknesses

* Implementation and stabilization risk associated with ongoing
project: SSPL is implementing greenfield project for manufacturing
of combed and compact cotton yarn with proposed installed capacity
of 18240 spindles at its plant located at Dhrangadhra, Saurastra,
Gujarat. The project cost is estimated at INR76.34 crore with
project DER of 1.48 times considering unsecured loan of INR5.74
crore as quasi equity. The debt has been tied up with term loan yet
to be disbursed. Furthermore, commercial production is expected to
commence in H2FY24. Till September 30, 2022, it has incurred
INR17.89 crore including advance payment of INR4.67 crore towards
machineries and has cash and bank balance of Rs.6.18 crore.
Considering the nascent stage of project, timely completion of the
project within the envisaged cost parameters is critical for SSPL.
Further, post project implementation, stabilization of operations
by achieving envisaged capacity utilization and sales realization
also remains crucial.

* Highly competitive and inherent cyclical industry: The yarn
manufacturing industry is highly competitive and fragmented with
the presence of large number of players which limits the pricing
power of them. The textile industry also witnesses regulatory risks
such as change in domestic and international government policies
related to subsidies or imports/exports, which also affects the
industry players. Also, there is stiff competition
from Bangladesh, Vietnam etc. in terms of cotton exports. Further,
the textile industry is inherently vulnerable to the economic
cycles and is sensitive to overall economic activities, hence,
fortunes of industry players are lined with overall economic
situation.

* Susceptibility of profit margins to volatility in raw material
prices: SSPL's profitability is susceptible to the movement in the
prices of raw cotton which is the key raw material for production
of cotton yarn. The prices of raw cotton are volatile in nature and
depend upon factors such as area under production, yield, vagaries
of monsoon, international demand supply scenario, inventory carry
forward from the previous year and export quota along with minimum
support price (MSP) decided by the government. Prices of raw cotton
have been volatile over last couple of years, which translates into
risk of inventory losses for the industry players.

Key Rating Strengths

* Rich experience in the industry with established track record of
group companies: SSPL is promoted by Mr. Amrutchand Patel, Mohit
Patel, Manoj Hulani, Nitin Goraiya, Dilip Talvaniya and Vasudev
Patel. Promoters have rich experience of over two decades in the
agro. and allied industries. Mr. Amrutchand Patel, has over 22
years of experience in agro. based business comprising of trading
of seeds, pesticide products and grain sorting and cleaning. Mr.
Mohit Patel has experience of over 6 years in the textile industry.
Mr. Nitin Goraiya [B.E. Mechanical] will look after finance and
accounts for the proposed project. Mr. Vasudev Patel has vast
experience in agricultural fields through his engagement in group
company which is into the business of trading seeds and pesticides.
For the proposed project, he will be handling marketing
department.

* Plant location advantage: The manufacturing facility of SSPL is
located in Dhrangadhra district, Saurashtra region of Gujarat which
is one of the major cotton producing region of Gujarat. Hence,
SSPL's presence in cotton producing region has benefitted it in
terms of easy availability of raw materials and labour. Also, its
location proximity to Mundra, Kandla and Pipava ports and easy
access to railway lines resulted into lower logistics costs.

* Incentives under governmental policies: SSPL falls under the
definition of the thrust industries and is eligible for the
incentives to thrust industries under the 'Atmanirbhar Gujarat
Schemes-2022' like interest subsidy, net SGST reimbursement for 10
years and EPF reimbursement for 10 years. However, application for
the same is yet to be done.

Liquidity: Stretched

Liquidity position of SSPL remained stretched considering the
nascent stage of its project and pending debt disbursement.
However, comfort is drawn from the fact that promoters has infused
major part of their share in the initial stage of project.

Somnath Spinning Private Limited (SSPL; IN:U17299GJ2021PTC125755),
established in September 2021, is promoted by Amrutchand Patel,
Mohit Patel, Nitin Goraiya, Dilip Talvaniya, Manoj Hulani and
Vasudev Patel. SSPL is implementing Greenfield project for
manufacturing of combed and compact cotton yarn with an installed
capacity of 18,240 spindles consisting of 10 ring frames of 1,824
spindles at its plant located at Dhrangahra district of
Surendranagar, Gujarat. SSPL is also proposed to recycle
by-products generated from the yarn production process to produce
lower counts of yarn.


VARIDHI COTSPIN: CARE Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Varidhi
Cotspin Private Limited (VCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      48.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      7.50       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

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

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

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

Incorporated in October 2014, VCPL is engaged in manufacturing of
cotton yarn with count range of 30s to 60s. Mr. Ankit Ajitsaria and
his family members are the key promoters of VCPL, who possess
longstanding experience in textile value chain. In FY17, VCPL
commenced establishment of a green-field project for setting up
cotton yarn spinning unit with 29,184 spindles translating into
production capacity of manufacturing 4,442.25 metric tonnes per
annum (MTPA) of cotton yarn. VCPL commenced commercial production
in December 2017.


VM MATERE: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded V. M. Matere
Infrastructures (India) Private Limited's (VMMIPL) Long-Term Issuer
Rating of 'IND D (ISSUER NOT COOPERATING)' from IND BB (ISSUER NOT
COOPERATING) and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR310 mil. Fund-based working capital limit (long term/short
     term) downgraded and withdrawn;

-- INR400 mil. Non-fund based working capital limit (short term)
     downgraded and withdrawn;

-- INR267.7 mil. Term loan (long term) downgraded and withdrawn

**Downgraded to 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

The downgrade reflects VMMIPL's delays in debt servicing in May
2022 due to its stressed liquidity position. Ind-Ra has not been
able to ascertain the reason for the delays, as the company has
been non-cooperative.

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite repeated requests by the agency, and
has not provided information about interim, sanctioned bank
facilities and utilization, business plan, and projections for next
three years, information on corporate governance, and management
certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

Company Profile

Incorporated in 1993, VMMIPL is an engineering, procurement and
construction contractor that undertakes civil construction work,
primarily related to flyovers, bridges, roads and buildings. It is
classified as Class-1 contractor and is eligible for bidding for
unlimited orders in Maharashtra.


YOGINDERA WORSTED: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yogindera
Worsted Limited (YWL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       66.18      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       9.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

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

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

Incorporated in 1997, Yogindera Worsted Limited (YWL) was promoted
by Mr.Ajay Kumar Gupta and his family members in collaboration with
Punjab State Industrial Development Corporation Limited (PSIDCL).
It was subsequently acquired by the 'Shiva' group in 2007. The
product profile of YWL was also changed from predyed
worsted/acrowool yarn to include other varieties of yarns like
dyed/white worsted woolen yarn, acrowoolen yarn, acrylic yarn,
polyester yarn, fancy yarn, hand knitting yarn, melange yarns,
space dyed/printed yarns, knitted cloth, etc. The company operates
from its manufacturing facility in Bathinda, Punjab.


ZEE LEARN: Yes Bank Files Insolvency Bid Against Unit
-----------------------------------------------------
LiveMint.com reports that Yes Bank has moved the National Company
Law Tribunal (NCLT) to initiate corporate insolvency resolution
process (CIRP) against Digital Ventures Pvt. Ltd, a wholly-owned
unit of Zee Learn Ltd.

According to LiveMint.com, the private lender has filed the
petition under Section 7 of the Insolvency and Bankruptcy Code,
which allows a financial creditor to file an application for
initiating the process. The NCLT has issued a notice to Digital
Ventures.

Digital Ventures is engaged in providing digital solutions
including maintaining websites of companies and creating multimedia
presentations for other firms.

Zee Learn provides education across India through its various
ventures. It operates through various schools and educational
institutions in India.

"Zee Group has been under financial turmoil since a long time. Last
year, they settled their debts and this year, they again failed to
honour their loan commitments. They are also trying to sell their
stakes in the company to deal with financial crisis. It all started
with wrong bets in different verticals and those mistakes cost them
their fortune which they acknowledged and still regret taking those
decisions and which mounted their debt and still their crisis is
far from over. In addition to bearing the brunt of lenders, they
are also facing regulatory concerns," LiveMint.com quotes Sonam
Chandwani, managing partner, KS Legal and Associates, as saying.

In April, a similar insolvency application was filed by the private
lender before the NCLT to initiate the insolvency process against
Zee Learn, LiveMint.com recalls. The lender had claimed that the
total amount in default was INR468 crore. The company said at the
time that it is in the process of verifying the bank's claim.

Since 2003, Zee Learn has run Asia's largest pre-school chain
Kidzee comprising about 1,900 schools in 750 cities across India
and neighbouring countries, as well as the Mount Litera Zee School
chain of KG to class XII schools comprising over 120 schools across
110 locations.




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

KAWASAN INDUSTRI: S&P Lowers ICR to 'SD' on Distressed Exchange
---------------------------------------------------------------
S&P Global Ratings, on Dec. 9, 2022, lowered its long-term issuer
credit rating on Kawasan Industri Jababeka Tbk. PT (Jababeka) to
'SD' from 'CC'. S&P also lowered its long-term issue rating on the
company's guaranteed 2023 notes to 'D' from 'CC'.

The downgrade follows Jababeka's announcement of the completion of
an exchange offer for its US$300 million notes due in October 2023.
Post the transaction, the company will have new senior secured
US$186 million notes due in 2027, about US$34 million of old notes
due in 2023, and a US$100 million loan from PT Bank Mandiri. S&P
expects Jababeka to repay the residual old notes at par before
maturity using internal accruals and the remaining US$20 million
from the Bank Mandiri loan.

S&P said, "We view the exchange offer as distressed, tantamount to
a default. In our view, the slightly higher coupon and par-for-par
exchange on the existing notes are insufficient compensation to
offset the extended maturity.

"The new notes benefit from an additional collateral of an about
300 hectare land parcel. We believe this also does not provide
adequate offsetting compensation because of the significant
uncertainty on perfecting collateral in a bankruptcy scenario in
Indonesia.

"In addition, we believe that the probability of a conventional
default is high in the absence of the exchange offer. This is given
Jababeka's large refinancing requirement over the next 12 months, a
period when we forecast operating cash flow will be thin.

"We will likely raise our ratings on Jababeka in the coming days to
'CCC+' if the settlement of the new notes proceeds as the company
intends. This reflects our view that the sustainability of
Jababeka's capital structure will depend on the company's ability
to increase its positive free operating cash flow to serve interest
expense, loan amortization, and cash reserve accounts under the
Bank Mandiri loan agreement.

"We project Jababeka's cash balance (excluding joint ventures) will
gradually erode to Indonesian rupiah (IDR) 270 billion-IDR370
billion by the end of 2024, compared with about IDR650 billion as
of June 30, 2022."

Jababeka is an Indonesia-based integrated township developer. The
company primarily engages in industrial, residential, and
commercial township developments, which contribute about half of
total EBITDA. The rest of its EBITDA comes from power, dry port,
water, wastewater, and estate management and hospitality services.




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

TOSHIBA CORP: JIP Moving Closer to Securing Financing for Buyout
----------------------------------------------------------------
Reuters reports that Japan Industrial Partners, the preferred
bidder to buy out Toshiba, has moved closer to securing financing
from banks, three people with knowledge of the matter said.

Concrete restructuring steps proposed by JIP have made a group of
lenders, including Toshiba's main banks Sumitomo Mitsui Banking and
Mizuho Bank, more confident in JIP's post-acquisition plans, said
two of the people who have direct knowledge of the financing
discussions, Reuters relates.

JIP, which is planning to form a consortium, is hoping to secure
commitments from banks this month for a buyout that would value the
industrial conglomerate at around JPY2.2 trillion (US$16 billion),
part of which would be funded by loans from the banks, one of the
people and a fourth source said.

Those two sources cautioned, however, that how much each bank will
take on in the financing has not been fixed yet and it's not clear
when that would be finalized, according to Reuters.

JIP's bid has called for Toshiba management to retain their jobs -
a proposal which initially made some of the banks cautious about
lending, sources have said.

The new restructuring steps proposed by JIP could not be
immediately learned, Reuters notes.

Orix, chipmaker Rohm and Japan Post Bank are among the Japanese
companies likely to join JIP in its bid, sources have previously
said.

Global private equity firms that have shown interest in joining a
Toshiba buyout could also participate in the debt portion of the
deal, said a separate person with knowledge of the situation,
Reuters relays.

Another bidder, the state-backed Japan Investment Corp., which
sources have said could form a consortium with Bain Capital and MBK
Partners, has been sidelined, one of the people said.

JIP originally teamed up with JIC in a first round of bidding
earlier this year, but disagreement over whether to keep Toshiba's
management saw them make separate bids in the second round, it was
previously reported, adds Reuters.

                           About Toshiba

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

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




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

AIRPORT NINE: Court to Hear Wind-Up Petition on Dec. 15
-------------------------------------------------------
A petition to wind up the operations of Airport Nine Limited will
be heard before the High Court at Auckland on Dec. 15, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 23, 2022.

The Petitioner's solicitor is:

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


BIOFUME LIMITED: Creditors' Proofs of Debt Due on Jan. 9
--------------------------------------------------------
Creditors of Biofume Limited are required to file their proofs of
debt by Jan. 9, 2023, to be included in the company's dividend
distribution.

The High Court at Tauranga appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on Dec. 5, 2022.


BULLETPROOF SERVICES: Court to Hear Wind-Up Petition on Dec. 15
---------------------------------------------------------------
A petition to wind up the operations of Bulletproof Services
Limited will be heard before the High Court at Auckland on Dec. 15,
2022, at 10:00 a.m.

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

The Petitioner's solicitor is:

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


JD FORD: Court to Hear Wind-Up Petition on Dec. 15
--------------------------------------------------
A petition to wind up the operations of JD Ford Holdings Limited
will be heard before the High Court at Auckland on Dec. 15, 2022,
at 10:00 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


KONO NZ: Fruit Snack Brand Annies to Close Next Year
----------------------------------------------------
Matthew Hampson at Stuff.co.nz reports that a Marlborough brand
famous for its fruit leather snacks will close next year.

Stuff relates that Blenheim-based Annies, owned by food and
beverage business Kono NZ, will be shutting its doors for good in
February next year as part of a wider strategic reset of the
business, Kono NZ has announced.

According to Stuff, Kono NZ chief operating officer Andy Wotton
said the closure of Annies was a difficult decision, but the brand
had not met performance requirements over a number of years, and
was not sustainable long-term.

"Kono NZ purchased Annies in 2014 after it had gone into voluntary
receivership. Despite our very best efforts to rebuild the business
over the last seven or eight years, Annies has, with the exception
of a couple of outlier results, operated at a loss," Stuff quotes
Mr. Wotton as saying.

"As a business we need to be able to adapt and, though hard, the
decision to close Annies is right, rather than continuing to
operate unsustainably into the future."

Annies went into voluntary receivership in 2013, resulting in the
loss of 30 jobs, before being bought by Kono NZ the year after.

Stuff says the brand currently employed 39 people in Marlborough,
and Mr. Wotton said Kono NZ hoped to offer staff redeployment
options within the business as an alternative to redundancy, and
were actively exploring opportunities.

"Manaakitanga is central to how we operate, and this process will
be managed as carefully and thoughtfully as possible. We will work
closely with our affected people over the coming weeks to explore
every opportunity available," he said.

According to the report, Marlborough Chamber of Commerce chief
executive Pete Coldwell said it was a "massive shame anytime a
business closes in the region, but particularly when it's one which
has been around for a lot of years and been so well known".

"We just hope that the people working there can get redeployed by
Kono and knowing Kono as a business, I feel sure that they will do
their utmost to do that," he said.

February 24 is set to be Annies last day of production, Stuff
notes. It was expected that normal business operations would
continue until then, and all open sales orders would be fulfilled.

Kono NZ is associated business of Wakatū Incorporation, a
Maori-owned organisation based in Nelson that operated a range of
food, beverage and property businesses, as well as charitable
activities.


NZ FINTECH: Thomas Lee Rodewald Appointed as Receiver
-----------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting  on Dec. 5, 2022, was
appointed as receiver and manager of NZ Fintech Group Limited, NZ
Fintech Group Holdings Limited and NZ Fintech Solutions Limited.

The administrators may be reached at:

          Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15543
          Tauranga 3144




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

CARE FOODS: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Nov. 25, 2022, to
wind up the operations of Care Foods (S) Pte. Ltd (formerly known
as Ecobuild Foods Pte. Ltd.).

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


CLYDESBUILT HOLLAND: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Clydesbuilt (Holland Link) Pte Ltd, on Nov. 30, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


INDORAMA ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 8
-------------------------------------------------------------
Creditors of Indorama Enterprises Pte. Ltd. are required to file
their proofs of debt by Jan. 8, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 2, 2022.

The company's liquidator is:

          Mr. Seenivasan Elayalwar
          c/o Apt Blk 199
          Boon Lay Drive, #15-63
          Singapore 640199


LIGMAN PTE: Commences Wind-Up Proceedings
-----------------------------------------
Members of Ligman Pte Ltd, on Dec. 8, 2022, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

          Yiong Kok Kong
          180 Cecil Street
          #12-04 Singapore 069546


RCLF HANGZHOU: Creditors' Proofs of Debt Due on Jan. 10
-------------------------------------------------------
Creditors of RCLF Hangzhou 1 Pte. Ltd. Pte. Ltd. are required to
file their proofs of debt by Dec. Jan. 10, 2023, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 2, 2022.

The company's liquidators are:

          Keoy Soo Earn
          Muk Siew Peng
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


TERRA LITE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Nov. 25, 2022, to
wind up the operations of Terra Lite Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



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

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

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

This material is copyrighted and any commercial use, resale or
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