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

                     A S I A   P A C I F I C

          Wednesday, December 14, 2022, Vol. 25, No. 243

                           Headlines



A U S T R A L I A

ADVANCED HOLDINGS: Second Creditors' Meeting Set for Dec. 16
CLOUGH LTD: Darwin Ship Lift Project in Doubt After Co's Collapse
CRIMSON BOND 2022-2P: S&P Assigns B(sf) Rating on Class F Notes
ELLUME LIMITED: Bought Out of Administration for AUD57 Million
LABOUR SOLUTIONS: First Creditors' Meeting Set for Dec. 19

MOLECTRA TECHNOLOGIES: First Creditors' Meeting Set for Dec. 21
SCHNEIDER GROUP: First Creditors' Meeting Set for Dec. 21
STATHAN PTY: Second Creditors' Meeting Set for Dec. 19


B A N G L A D E S H

BANGLADESH: Moody's Puts Ba3 Issuer Rating on Review for Downgrade


C H I N A

CENTRAL CHINA REAL: Moody's Lowers CFR to Caa2, Outlook Negative
CHENGDU JINGKAI: Moody's Alters Outlook on 'Ba2' CFR to Positive
GUANGZHOU R&F: Co-Chairman Wanted in U.S. for Bribery


I N D I A

A. T. EXPORTS: CRISIL Withdraws B Rating on INR5cr Bank Debt
AA ESTATES PRIVATE: Insolvency Resolution Process Case Summary
AEGIS MEDICINES: Insolvency Resolution Process Case Summary
AIR CARRYING: Insolvency Resolution Process Case Summary
APLAB LTD: CRISIL Assigns B- Rating to INR14cr Cash Loan

ARSHIYA NORTHERN: Insolvency Resolution Process Case Summary
BAID INDUSTRIES: Insolvency Resolution Process Case Summary
BIOWORLD MERCHANDISING: CARE Hikes Rating on INR16cr Loan to BB-
BP BANSAL AGRITECH: Insolvency Resolution Process Case Summary
BUDDHA GLOBAL: CRISIL Lowers Rating on LT/ST Loans to D

BYJU'S: Lenders Seek Quicker Part-Payment of $1.2 Billion Loan
DARJEELING POWER: ICRA Keeps B+ Debt Ratings in Not Cooperating
DAYAL ENERGY: CRISIL Lowers Rating on LT/ST Loans to D
DEXLER INFORMATION: CRISIL Withdraws B Rating on INR5.24cr Loan
DUNNIMAA ENGINEERS: Insolvency Resolution Process Case Summary

GAJANAND SPINTEX: CRISIL Lowers Rating on INR4.5cr Term Loan to B
GODAVARI POLYMERS: ICRA Reaffirms D Rating on INR42.87cr LT Loan
GRG INFRASTRUCTURE: Insolvency Resolution Process Case Summary
HARDROCK ATTACHMENTS: Insolvency Resolution Process Case Summary
HARPREET COLOR: ICRA Lowers Rating on INR14.40cr Loan to D

HINDUSTAN TEXTILES: CRISIL Withdraws B Rating on INR14cr Loan
IC ELECTRICALS: CRISIL Lowers Rating on LT/ST Loans to D
JAGATPAL SINGH: ICRA Keeps B+ Debt Ratings in Not Cooperating
JANASHREE MICROFIN: CARE Moves B Issuer Rating to Not Cooperating
JAY METAL: ICRA Keeps B Debt Ratings in Not Cooperating Category

JAYPEE INFRATECH: NCLT Reserves Order on Suraksha Group's Bid
KARVY FINANCIAL: ICRA Reaffirms D Rating on INR12.50cr LT Loan
KBD INDUSTRIES: ICRA Assigns B+ Rating to INR26.63cr LT Loan
LAKSHMI EGG: ICRA Withdraws B+ Rating on INR19cr LT Loan
MAHAVIR SHIP: CRISIL Upgrades Rating on INR30.20cr Loan to B+

MASS-TECH CONTROLS: CRISIL Withdraws B Rating on INR4cr Loan
MAXIMAA SYSTEMS: Insolvency Resolution Process Case Summary
NEETA DEVELOPER: ICRA Keeps B+ Debt Rating in Not Cooperating
NYLES SALES: Insolvency Resolution Process Case Summary
OLYMPIC DECOR: CRISIL Withdraws B Rating on INR15cr Cash Loan

OPTO CIRCUITS: Insolvency Resolution Process Case Summary
OVERSEAS INFRASTRUCTURE: Insolvency Resolution Case Summary
RAJESH ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating
RELIANCE CAPITAL: Lenders Finalise E-Auction Process for Bidders
S. I. SURGICAL: CRISIL Assigns B+ Rating to INR20cr Proposed Loan

SARGAM INDIA: Insolvency Resolution Process Case Summary
SHAH PACKWELL: CRISIL Moves B- Debt Ratings to Not Cooperating
SIMTEL TRADING: Insolvency Resolution Process Case Summary
SKYLEAD CHEMICALS: Insolvency Resolution Process Case Summary
SUN GANGA: Insolvency Resolution Process Case Summary

VIJAYKUMAR AND CO: ICRA Withdraws B+ Rating on INR5cr LT Loan


M O N G O L I A

MONGOLIAN MINING: S&P Lowers LT Issuer Credit Rating to 'SD'


N E W   Z E A L A N D

BEACOS NZ: First Creditors' Meeting Set for Dec. 14
BLUESTONE NZ 2022-2: S&P Assigns Prelim. Bsf Rating on F Notes
CORE CIVIL: Creditors' Proofs of Debt Due on Jan. 19
PARI LIMITED: Creditors' Proofs of Debt Due on Jan. 16
RUAPEHU ALPINE: Faces Liquidation After Govt .Refuses Extra Funding

SAVVY MARKETING: Court to Hear Wind-Up Petition on Feb. 9
TAKIMANO LIMITED: Creditors' Proofs of Debt Due on Jan. 12
WAIKATO EXPLORER: In Liquidation After Waikato's Jetty Upgrade


S I N G A P O R E

HASSON FOOD: Court to Hear Wind-Up Petition on Dec. 30

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A U S T R A L I A
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ADVANCED HOLDINGS: Second Creditors' Meeting Set for Dec. 16
------------------------------------------------------------
A second meeting of creditors in the proceedings of Advanced
Holdings Pty Ltd has been set for Dec. 16, 2022, at 10:00 a.m. at
110 Harris Street, Harris Park, in NSW and via Zoom
videoconference.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 15, 2022, at 4:00 p.m.

Suelen McCallum of dVT Group was appointed as administrator of the
company on Nov. 11, 2022.


CLOUGH LTD: Darwin Ship Lift Project in Doubt After Co's Collapse
-----------------------------------------------------------------
ABC News reports that fresh doubt has been cast over the future of
a half-a-billion-dollar Northern Territory government project after
the collapse of Clough Ltd, one of the major companies involved.

According to ABC News, the government is adamant the $515 million
ship lift will go ahead, while its critics have questioned if
continued delays and cost blowouts could push the project beyond
feasibility.

The taxpayer-funded facility was intended to bring millions of
dollars into the economy each year with infrastructure that would
service large vessels in Darwin Harbour.

But the plans were dealt a blow last week when Perth-based
construction firm Clough - which is designing and building the ship
lift with joint-venture partner BMD - entered voluntary
administration on Dec. 5.

Administrators from Deloitte are now combing through the company's
projects to assess how they could be brought to fruition, ABC News
says.

On Dec. 7, Northern Territory Infrastructure Minister Eva Lawler
said the government was closely monitoring the situation, ABC News
relates.

"With big projects, we often see these things, where there is some
sort of delay," she said.

"These are big projects, there's big risks around these projects."

A government spokesperson said the government was "100 per cent
committed" to delivering the project and emphasised it was being
built by a joint venture.

Questions have previously been raised about what return taxpayers
will get on their investment after it was revealed the facility's
operator - luxury pearl company Paspaley - would collect any
revenue, according to ABC News.

ABC News notes that the project has already faced significant
delays, with a two-year build initially expected to begin in 2021.

Clough and BMD were appointed to lead the design and construction
in July this year, following what the government said was a
three-stage procurement process that took place over two years.

                          About Clough Ltd

Clough Ltd -- http://www.clough.com.au/-- is an engineering and
construction contractor providing full project lifecycle solutions
primarily to the oil and gas industry in Australia and South East
Asia.  Its services range from front-end engineering design,
construction, installation and commissioning to long-term
operations and asset management.

On Dec. 5, 2022, Clough Group went into voluntary administration
after a takeover deal with WeBuild fell through, leaving its 1,250
employees uncertain about their future.

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


CRIMSON BOND 2022-2P: S&P Assigns B(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Crimson Bond Trust 2022-2P.
Crimson Bond Trust 2022-2P is a securitization of prime residential
mortgage loans originated by BC Securities Pty Ltd. (BCS).

The ratings assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio, which
comprises residential mortgage loans to residents and nonresidents
of Australia and to self-managed superannuation fund borrowers, and
the credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination, excess spread, if any, and a loss reserve funded by
the trapping of excess spread, subject to conditions. Our
assessment of credit risk considers BCS's underwriting standards
and approval process as well as its servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the loss reserve, the
principal draw function, the liquidity reserve, and the provision
of an extraordinary expense reserve. S&P said, "Our analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date."

S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. as the
bank account provider.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes."

  Ratings Assigned

  Crimson Bond Trust 2022-2P

  Class A1-MM, A$135.00 million: AAA (sf)
  Class A1-AU, A$158.75 million: AAA (sf)
  Class A2, A$18.45 million: AAA (sf)
  Class B, A$24.50 million: AA (sf)
  Class C, A$25.70 million: A (sf)
  Class D, A$20.10 million: BBB (sf)
  Class E, A$12.60 million: BB (sf)
  Class F, A$7.80 million: B (sf)
  Class G, A$5.10 million: Not rated


ELLUME LIMITED: Bought Out of Administration for AUD57 Million
--------------------------------------------------------------
Business News Australia reports that Brisbane-based rapid COVID-19
test maker Ellume has been plucked out of administration by
competitor Hough Consolidated in a US$38 million (AUD57 million)
deal, which will also give the buyer ownership of a fast-growing US
subsidiary.

The deal also gives Hough access to Ellume's fluorescent
immunoassay technology that can generate results in the space of 15
minutes, and were the product of a decade of research and
development following to the swine flu pandemic of 2009-10, which
allowed for a fast pivot to tackling COVID with more precise
diagnoses, the report says.

Ellume Ltd, which has been in administration since September 1,
would be completely acquired by Hough as part of the agreement
which requires approval from creditors - expected to be sought at a
meeting that Business News Australia understands will be held
before Christmas.

The sale also includes the US-based subsidiary of Ellume, which is
100 per cent owned by the Australian company but was not placed
into voluntary administration alongside its parent, the report
relates.

As part of the binding implementation deed and funding agreement
entered into by Ellume's administrators John Park and Joanne Dunn
of FTI Consulting, Hough would provide interim funding to enable
the ongoing operations of the company.

Further, Hough would create a creditors' trust to enable the
transfer of shares in the company and to make distributions to
creditors and employees, Business News Australia relates.

If accepted by creditors, Ellume - founded by 2020 Brisbane Young
Entrepreneur of the Year Dr Sean Parsons - would be able to offset
some but not all of the $140 million it has in liabilities to
creditors.

According to FTI, Ellume's liabilities include $89 million owed to
convertible note holders, $49 million to creditors, and $1.69
million of employee entitlements, Business News Australia
discloses. As of September 1, Ellume's Australian arm had 215
employees.

This compares to confirmed assets worth about $39 million,
including $1.5 million in cash, $37 million in plant & equipment
assets, and $620,000 in debt owed to Ellume.

According to the report, the company, fell into voluntary
administration in September just months after opening a 20,000sqm
facility in the US.

At the time, Dr Parsons said administrators were appointed in order
to "help determine the best course of action to secure and
strengthen a future for Ellume".

That future could soon be in the hands of Hough Consolidated, which
also makes rapid antigen tests for detecting COVID-19. These are
sold at major Australian retailers including Officeworks and
Woolworths, and online by e-commerce operators like Amazon.

Founded initially to develop simple-to-use diagnostics tools for
common infectious diseases, Ellume grew rapidly during the COVID-19
pandemic with its app-enabled rapid test kit that targeted the
premium end of the market and was approved by the US Food and Drug
Administration (FDA) in December 2020.

At the time, it was manufacturing around 100,000 rapid COVID-19
tests per day from its 4,400 sqm facility in Brisbane, which was
backed by a $40 million investment from the US National Institutes
of Health (NIH) to scale up production.

The company's US arm then received a $304 million US Government
contract to scale up production further which funded the
establishment of Ellume's US-based manufacturing facility.

On the back of the company's rapid growth, Dr. Parsons told
Business News Australia in April that it was working on developing
a flu-COVID combination test.

                         About Ellume Limited

Ellume Limited develops, manufactures, and commercializes the next
generation of digitally enabled diagnostic products for healthcare
professionals and consumers.

Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of Ellume Limited on Aug. 31, 2022.


LABOUR SOLUTIONS: First Creditors' Meeting Set for Dec. 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Labour
Solutions Perth Pty Ltd (trading as Cowelco Engineering) will be
held on Dec. 19, 2022, at 4:00 a.m. at the offices of Ticcidew Pty
Ltd at 463 Scarborough Beach Road in Osborne Park and via
teleconference facilities.

Simon Roger Coad of Ticcidew Pty Ltd was appointed as administrator
of the company on Dec. 7, 2022.


MOLECTRA TECHNOLOGIES: First Creditors' Meeting Set for Dec. 21
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Molectra
Technologies Pty Ltd will be held on Dec. 21, 2022, at 10:00 a.m.
at the offices of Mcleods Accounting at Level 9, 300 Adelaide
Street in Brisbane and via virtual meeting technology.

Jonathan McLeod and Bill Karageozis of Mcleods Accounting were
appointed as administrators of the company on Dec. 9, 2022.


SCHNEIDER GROUP: First Creditors' Meeting Set for Dec. 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Schneider
Group Pty Ltd will be held on Dec. 21, 2022, at 2:00 p.m. via
Microsoft Team.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Dec. 9, 2022.


STATHAN PTY: Second Creditors' Meeting Set for Dec. 19
------------------------------------------------------
A second meeting of creditors in the proceedings of Stathan Pty Ltd
(trading as Phoenix Corrosion Control) has been set for Dec. 19,
2022, at 10:00 a.m. at Mezzanine Level, 28 The Esplanade in Perth.
  
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 16, 2022, at 4:00 p.m.

Jeremy Joseph Nipps and Thomas Birch of Cor Cordis were appointed
as administrators of the company on Nov. 14, 2022.




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B A N G L A D E S H
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BANGLADESH: Moody's Puts Ba3 Issuer Rating on Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service has placed the Government of Bangladesh's
Ba3 long term issuer and senior unsecured ratings on review for
downgrade. Short term issuer ratings are affirmed at Not Prime and
the outlook was stable before being placed under review.

The decision to place the ratings on review for downgrade is driven
by Moody's assessment that Bangladesh's deteriorating external
position raises external vulnerability and government liquidity
risks in a way that may not be consistent with its current rating.
This assessment also reflects governance weaknesses in the ability
of institutions to take credible measures to arrest the
deterioration of reserves adequacy. While Moody's expects the
agreement on the Extended Credit Facility/Extended Fund Facility
and the Resilience and Sustainability Facility with the
International Monetary Fund (IMF) to provide some external
financing, programme conditions have not been finalised, raising
uncertainties around the government's ability to meet them and
their economic and social impact. Risks to reserves adequacy are
compounded by uncertainty around the composition of reserves.

Bangladesh's foreign exchange reserves are declining at a rapid
pace, largely driven by rising costs for energy imports and
moderating growth in export earnings. The rise in food and
fertilizer prices has also inflated the subsidy bill for the
government. While the Taka devaluation and softening of some
commodity prices could improve terms of trade in the medium-term,
Moody's expects the energy crisis to exacerbate balance of payments
and liquidity risks in the near-term.

The sovereign's financing options remain narrow due to the absence
of international issuance and limited domestic capital markets,
while FDI are very limited. Although Bangladesh has modest debt
payments due to the concessional nature of its external debt with
long maturities, weak debt affordability – with interest payments
absorbing a widening share of the government's narrow revenue base
– poses further risks.

The rating review will focus on understanding the scope and
conditions under which IMF support will be provided. Moody's will
assess the government's willingness and ability to consistently
meet the IMF programme's requirements, given the challenging social
conditions that have been intensified by recent fuel and energy
shortages, as well as the support that the IMF programme can
facilitate from other international institutions. In addition, the
review will seek to refine the assessment of reserves adequacy,
given uncertainty around the composition of the sovereign's foreign
currency reserves.

Concurrently, Bangladesh's local-currency (LC) and foreign-currency
(FC) ceilings have been lowered to Ba1 and Ba3 from Baa3 and Ba2,
respectively. The LC ceiling is placed two notches above the
sovereign rating, reflecting weak predictability and reliability of
government institutions and high external imbalances, which raise
risks for the garment export sector's contributions to government
revenue; balancing a relatively small government footprint. The FC
ceiling is placed two notches below the LC ceiling, reflecting low
capital account openness, weak policy effectiveness, and some
degree of unpredictability surrounding capital flow management,
taking into account low external indebtedness.

RATINGS RATIONALE

RATIONALE FOR INITIATING THE REVIEW FOR DOWNGRADE

Bangladesh's declining foreign exchange reserves adequacy, acute
energy crisis, and dollar liquidity shortage have raised concerns
about the government's ability to service external debt payments.
The inability of the government to arrest the deterioration of
reserves, despite the Taka devaluation and implementation of
unorthodox policy measures highlights the severity of the
situation.

The widening current account deficit due to unfavourable terms of
trade, as well as Bangladesh Bank's attempt to defend the Taka,
have eroded foreign exchange reserves by around $11 billion for the
last 12 months. Although reserves remain at relatively high levels,
the import coverage ratio has declined significantly. As of
November 2022, foreign exchange reserves (excluding gold and SDRs)
fell to $30 billion or around 4 months of imports from 8 months in
January 2021 – despite import restrictions and energy rationing.
While the devaluation of the Taka will ease balance of payments
pressures in the medium-term, as will an expected rebound in
remittances, Moody's assesses that the import coverage ratio will
continue to weaken towards 3 months of imports, while current
account will remain wide (around 4%) over the next few years.

Risks to reserves adequacy are heightened by uncertainties around
the composition of reserves. Bangladesh Bank currently includes
assets from the Export Development Fund (EDF), swap lines with the
Government of Sri Lanka, and other assets with questionable
liquidity as part of its official reserves.  In Moody's view,
reserves adequacy will be materially weaker if these assets do not
meet liquidity requirements.  

Bangladesh's long-standing weak fiscal revenues and rising energy
costs complicates the government's immediate policy choices, with
increasing subsidy costs putting pressure on the government's
fiscal metrics. Moody's expects the fiscal deficit to remain wide,
around 5.0-5.5% of GDP over the next few years, increasing the debt
burden to above 40% of GDP. The devaluation of the Taka weakens
debt affordability, with interest payments expecting to consume
almost 25% of revenues. The energy crisis also exacerbates
Bangladesh's weakening macroeconomic environment – with high
inflation undermining consumption and slowing exports and
remittances impacting growth – as energy shortages may affect
garment production.

While Moody's expects that Bangladesh will continue to secure
official financing through international financial institutions,
with the IMF programme expected to unlock further financing, the
financing options available to the government to stabilise the
balance of payments remain limited. Bangladesh has no established
access to international financial markets and domestic markets
remain very shallow. Foreign direct investment flows are weak at
0.5% of GDP in fiscal 2022. The limited foreign exchange liquidity
has also affected banks and companies operating in Bangladesh with
the need of cross-border transactions. Therefore Moody's assessment
of government liquidity risk has worsened.

Finally, capital flow management measures introduced by Bangladesh
Bank such as increased margins against import letters of credit
(LCs), increased monitoring of LCs, and import restrictions have
failed to arrest the deterioration of reserves. Such inefficient
measures, in addition to the implementation of unorthodox,
distortive monetary policy tools such as a multiple exchange rate
regime, has lowered Moody's assessment of the institution's
monetary and macroeconomic policy effectiveness.

GDP per capita (PPP basis, US$): 7,044 (2021) (also known as Per
Capita Income)

Real GDP growth (% change): 6.9% (2021) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.6% (2021)

Gen. Gov. Financial Balance/GDP: -3.7% (2021) (also known as Fiscal
Balance)

Current Account Balance/GDP: -1.1% (2021) (also known as External
Balance)

External debt/GDP: 19.6% (2021)

Economic resiliency: ba3

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On December 06, 2022, a rating committee was called to discuss the
rating of the Bangladesh, Government of. The main points raised
during the discussion were: The issuer's institutions and
governance strength, have materially decreased. The issuer's fiscal
or financial strength, including its debt profile, has materially
decreased. The issuer has become less susceptible to event risks.

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

The ratings would likely be confirmed at their current level if
pressures on Bangladesh's external position were to ease durably,
for example due to effective policy measures that would rebuild
foreign exchange reserves to adequate levels and a credible
financing plan to address the wide current account deficit.
Additionally the implementation of fiscal reforms that would
increase revenue mobilisation in particular, leading to a material
narrowing of fiscal deficits in the next few years and contributed
to bolstering debt affordability, would also support a confirmation
of the rating.

The rating would likely be downgraded if pressures on Bangladesh's
external position were to keep building, with an enduring erosion
of foreign exchange reserves and uncertainty surrounding financing
sources, while the energy crisis continued to put pressure on
external and fiscal metrics.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Bangladesh's very highly negative (CIS-5) ESG Credit Impact Score
reflects very high exposure to environmental and social risks, and
weak governance which, together with low financial capacity,
constraint the sovereign's ability to adjust to environmental and
social risks.

The exposure to environmental risk is very highly negative (E-5).
As a low-lying country with large coastal areas, Bangladesh is
highly prone to flooding, which disrupts economic activity and
raises social costs. Low incomes and weak infrastructure quality
compound the impact of weather-related events on the economy, and
in turn, associated fiscal costs. In addition, the magnitude and
dispersion of seasonal monsoon rainfall also influence agricultural
sector growth, generating some volatility and raising uncertainty
about rural incomes and consumption. As a net energy importer,
exposure and risks related to carbon transition are not present.

Moody's assess Bangladesh's exposure to social risks as very highly
negative (S-5). Low incomes stem in part from physical and social
infrastructure constraints to economic development that will take
time to address. That said, per capita incomes have grown strongly
over the past decade and poverty rates have declined sharply,
thanks to high and stable economic growth. This has also delivered
improvement in access to basic services, although Bangladesh's
challenges related to improvements in educational opportunities and
outcomes, health and safety, and labor force inclusion remain areas
of social risk.

Bangladesh's weak institutions and governance profile constrain its
rating, as captured by a highly negative governance issuer profile
score (G-4). Challenges in control of corruption and rule of law
weaken existing institutions, while the credibility of legal
structures is also limited. These governance challenges have in
part contributed to asset quality issues in the banking sector.
Besides, a deteriorating monetary policy framework undermines
macroeconomic stability, while challenging fiscal prudence.

The principal methodology used in these ratings was Sovereigns
published in November 2022.




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C H I N A
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CENTRAL CHINA REAL: Moody's Lowers CFR to Caa2, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded Central China Real Estate
Limited's (CCRE) corporate family rating to Caa2 from B3, and the
company's senior unsecured rating to Caa3 from Caa1.

The outlook remains negative.

"The downgrade reflects CCRE's heightened default risks given its
sizable debt maturities over the next 6-12 months and weak
liquidity, due to its sluggish contracted sales and constrained
access to funding," says Daniel Zhou, a Moody's Analyst.

"The negative outlook reflects Moody's expectation that creditors'
recovery prospects could deteriorate if the company defaults," adds
Zhou.

RATINGS RATIONALE

CCRE faces high refinancing risks for its sizable amount of
offshore debt maturities over the next 6-12 months, including
USD900 million of bonds due between April and November 2023.

Moody's assesses CCRE's liquidity will be insufficient to meet all
of the company's payment obligations over the next 6-12 months,
absent any meaningful new fundraising or asset disposals.

CCRE's weak contracted sales will also weigh on its operating cash
flow and liquidity. Moody's expects CCRE's contracted sales will
continue to decline over the next 12 months as conditions remain
difficult in CCRE's core markets.

CCRE's gross contracted sales decreased 56% year on year to RMB21.8
billion during the first eleven months of 2022, because of
difficult market conditions and the impact from COVID-induced
disruptions.

CCRE's unrestricted cash balance further dropped to RMB3.6 billion
as of June 2022 after plunging to RMB5.9 billion as of December
2021 from RMB22.6 billion as of December 2020, as the company
repaid a large portion of maturing debt using its internal cash
resources amid a tight funding environment.

Moody's also expects that CCRE would have to use a material portion
its cash for project development, thereby constraining the
company's financial flexibility to service its maturing offshore
bonds at the holding company level.

CCRE's earlier missed payment for the coupon of its offshore bonds
also reflects the company's weak liquidity and limited financial
flexibility, though the company managed to remediate the situation
within the 30-day grace period.

CCRE's relationship with Henan Railway Const. & Inv. Group Co Ltd
(A2 stable), which became the company's second largest shareholder
in July 2022, could facilitate CCRE's access to onshore funding.
However, it remains challenging for CCRE to raise sizable amounts
of new funds to meet its operating and debt repayment needs over
the next 6-12 months.

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

In terms of environmental, social and governance (ESG) factors,
CCRE's weak liquidity and financial positions reflect the company's
aggressive financial strategy and weak financial and liquidity
management. The company's provision of financial guarantees to
related parties will also increase its contingent liabilities and
the risk of potential fund leakages.

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

Moody's could downgrade the ratings if CCRE defaults on its debt
repayment obligations or the recovery prospects for CCRE's
creditors deteriorate further.

Conversely, an upgrade is unlikely given the negative outlook.

However, positive rating momentum could emerge if CCRE successfully
addresses its near-term debt repayment, as well as improves its
operating cash flow, liquidity and access to funding over the next
12-18 months.

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

Founded in 1992, CCRE is a leading property developer in Henan
province in China. As of June 30, 2022, the company's land bank
totaled 56.21 million square meters in gross floor area (GFA).


CHENGDU JINGKAI: Moody's Alters Outlook on 'Ba2' CFR to Positive
----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on ChengDu JingKai GuoTou Inv Grp Co., Ltd.

At the same time, Moody's has affirmed Chengdu Jingkai's Ba2
corporate family rating and the Ba2 senior unsecured rating on the
bond issued by Chengdu Jingkai.

"The change in outlook to positive reflects the improvement in
Chengdu Jingkai's contingent liability exposure and government
payments, which are backed by the company's strengthening financial
management and increasing strategic importance to Chengdu city,
respectively," says Roy Zhang, a Moody's Vice President and Senior
Analyst.

"The rating affirmation also reflects Chengdu Jingkai's 100%
ownership by the Administration Committee of Chengdu Economic &
Technological Development Zone (CEDZ) under the Chengdu city
government, and important role in developing and operating the
CEDZ," adds Zhang.

RATINGS RATIONALE

Chengdu Jingkai's Ba2 CFR incorporates (1) Chengdu's governmental
capacity to support (GCS) score of a3 and (2) Moody's assessment of
how the company's characteristics affect the Chengdu city
government's propensity to support the company, resulting in a
five-notch downward adjustment.

Chengdu Jingkai has taken measures to reduce its contingent
liability exposure. Its external guarantees decreased to RMB16.1
billion, accounting for around 43% of Chengdu Jingkai's equity in
2021, from 77% in 2018. As of June 2022, the company reported that
external guarantees further reduced to RMB13 billion, representing
35.5% of its equity. These guarantees are provided to local
state-owned entities (SOEs) within the CEDZ under government
guidance. The company targets to further control such contingent
liability exposures next year.

The company has also reduced its reliance on nonstandard financing
products. It has gradually replaced this financing with lower cost
bond issuance and bank loans over the past two years. As of
September 2022, the company's  borrowing from nonstandard financing
products was around 28.5% of its total debt, down from 34% in 2019,
which will likely continue to reduce in the coming years.

In the government plan published in May 2022, Chengdu city has
emphasized the development of local manufacturing industries. And
CEDZ, where Chengdu Jingkai primarily operates, is a key automobile
manufacturing base in Chengdu that is likely to receive more policy
support from the city government.

Apart from CEDZ's increasing strategic importance to Chengdu City,
Chengdu Jingkai's policy role in Chengdu city as the major local
government financing vehicle (LGFV) undertaking infrastructure in
CEDZ is strengthening given the importance and relevance of its
projects to public policy objectives. This is reflected in the
higher predictability of government financial support in recent
years, including regular allocation of substantial amounts from the
provincial government's issuance of special purpose bonds.

Chengdu city government's GCS score reflects (1) its status as a
provincial capital, which is one of the higher administrative
levels in Moody's assessment of the hierarchy of regional and local
governments (RLGs) in China (A1 stable) and (2) its relatively high
contingent liability risks from its SOEs, although this risk is
offset by its large and diverse economy.

Chengdu Jingkai's Ba2 CFR reflects the Chengdu city government's
propensity to support the company, based on its 100% ownership by
the Administration Committee of CEDZ under the Chengdu government,
and important role in developing and operating the CEDZ.

However, the existing five-notch downward adjustment from Chengdu
city government's GCS score reflects (1) Chengdu Jingkai's niche
role in Chengdu city, (2) its relatively high reliance on
nonstandard funding channels and (3) high exposure to contingent
risks.

Chengdu Jingkai is mandated by the local government to build
affordable housing within the CEDZ. It also undertakes other key
public infrastructure projects in the CEDZ, including primary land
development, and the construction of schools and hospitals. The
CEDZ is a national economic and technology development zone located
in the Longquanyi district of Chengdu city. As of the end of 2021,
the company had constructed over 90% of affordable housing and
around half of entrusted infrastructure in the area.

The rating also considers the following environmental, social and
governance (ESG) factors.

The ESG Credit Impact Score for ChengDu JingKai is highly negative
(CIS-4). Chengdu Jingkai is exposed to moderately negative
environmental risks, highly negative social risks, along with
highly negative governance risk. The effect of these considerations
on the rating can only be partially mitigated by likely support
from the Chengdu city government.

Chengdu Jingkai's moderately negative environmental risk (E-3
Issuer Profile Score) is driven by a moderately negative exposure
to physical climate risks in Chengdu city. Exposure to carbon
transition, water management, waste and pollution and natural
capital are also neutral to low.

The company's highly negative social risks (S-4 Issuer Profile
Score) reflect risks common to most LGFVs linked to demographic and
societal trends. The company invests in urban construction and
housing projects to implement public policy initiatives mandated by
the local government. The company's exposure to responsible
production, human capital and health and safety at urban
construction projects sites is moderately negative.

The company's highly negative governance risk (G-4 Issuer Profile
Score) reflects highly negative scores associated with its
financial strategy and risk management. The moderately negative
score for management credibility and track record reflects Moody's
view that the company in general meets guidance including financial
performance, public projects execution and government support. The
company's exposure to board structure, policies and procedures is
highly negative, reflecting LGFVs' common features of having
concentrated ownership, board structure and that their primary
activities on public policy projects prioritize public interest
over commercial viability.

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

Moody's could upgrade Chengdu Jingkai's CFR if:

(1) China's sovereign rating is upgraded; or the Chengdu city
government's GCS strengthens, which could be a result of a
significant strengthening in its economic or financial profile, or
its ability to coordinate timely support;

(2) Chengdu Jingkai's characteristics change in a way that
strengthens the Chengdu city government's propensity to support,
such as through:

The company becoming more strategically important to the Chengdu
city government; for example, a significant increase in coverage of
public-policy projects in Chengdu;

Increase in government payments and 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 their
operational and debt-servicing needs;

Improvement in access to bank loans and the bond market, along
with a reduction in high-cost debt borrowed from nonstandard
financing channels; or

Significant reduction in loans, guarantees or other credit
exposures to external parties, compared with its equity base.

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 were to
aggressively rely more on shadow banking financing; or (2) the
company's debt and leverage rapidly increase without a
corresponding rise in government payments; or (3) it substantially
increases its contingent liability exposure.

Because Chengdu Jingkai's rating is based on Chengdu government's
GCS score, the rating could also be downgraded if China's sovereign
rating is downgraded, or if the Chengdu government's capacity to
support weakens, which could be a result of a material worsening in
Chengdu's economic or financial profile, or in 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 these ratings was Local
Government Financing Vehicles in China Methodology published in
April 2022.

Chengdu Jingkai is 100% owned by the Administration Committee of
Chengdu Economic & Technological Development Zone (CEDZ) under the
Chengdu government, and plays an important role in developing and
operating the CEDZ. The company was established in 2005 by the
State-owned Assets and Government Offices Administration Bureau of
Longquanyi District of Chengdu. On July 7, 2020, the ownership of
Chengdu Jingkai was transferred to the Administrative Committee of
CEDZ, a designated management committee under the Chengdu city
government.

Chengdu Jingkai is mainly engaged in affordable housing
development, primary land development and urban construction on
behalf of the Administration Committee of CEDZ. Chengdu Jingkai
also carries out some commercial activities, including property
management and commercial property leasing. As of the end of 2021,
Chengdu Jingkai reported revenue of RMB2.5 billion and total assets
of RMB99.2 billion.


GUANGZHOU R&F: Co-Chairman Wanted in U.S. for Bribery
-----------------------------------------------------
Reuters reports that the billionaire co-chairman and CEO of Chinese
developer Guangzhou R&F Properties Co Ltd is wanted in the United
States, accused of paying kickbacks to obtain permits for a
construction project in San Francisco, a court in London heard on
Dec. 12.

Zhang Li, who co-founded Hong Kong-listed R&F, is wanted on a
provisional warrant issued in the Northern District of California
that accuses him of participating in a scheme to bribe public
officials between 2015 and 2020, according to Reuters.

Reuters relates that Ben Lloyd, representing U.S. prosecutors, said
the scheme involved the payment of bribes to officials in San
Francisco for the benefit of R&F's U.S. affiliate, Z&L Properties
Inc.

R&F, in a statement on its official WeChat account late on Dec. 12,
said it is taking "legal action" against a "false accusation".
Zhang was accused of bribery because of provision of "banquet
dinner and hotel accommodation" to the former San Francisco public
affairs chief who was visiting China, it said, Reuters relays.

Zhang did not appear on Dec. 12 at London's Westminster
Magistrates' Court, where his lawyers asked a judge to grant him
bail ahead of a legal battle against extradition to the United
States.

The 69-year-old, who is worth $2.3 billion, according to Forbes
magazine, offered to pay a security of GBP15 million ($18.4
million), the report says.

Mark Summers, representing Zhang, said GBP10 million of the
security would be provided by R&F. He added: "It cannot go higher
than that because of the listing rules [of] the Hong Kong stock
exchange."

Zhang would provide the other GBP5 million, Mr. Summers said.

According to Reuters, Judge John Zani granted bail and imposed a
24-hour curfew on Zhang. The judge also said Zhang must be
handcuffed to a member of his court-appointed private security team
when he left his house for the purposes of attending court.

In a separate securities filing to the Hong Kong stock exchange on
Dec. 13, R&F said it did not provide any security money towards
bail for Zhang in London, adding it has no interest in Z&L, which
is owned by Zhang, Reuters reports.

It said that the case will not have any material adverse impact on
the company's business and operations.

R&F shares, however, tumbled more than 13% on Dec. 13,
underperforming a 0.3% fall in the Hang Seng Mainland Properties
Index.

                         About Guangzhou R&F

Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
24, 2022, Moody's Investors Service has withdrawn the Caa2
corporate family rating of Guangzhou R&F Properties Co., Ltd. and
Caa3 corporate family rating of R&F Properties (HK) Company
Limited. Prior to the withdrawal, the rating outlooks on both
entities were negative.

Moody's has decided to withdraw the ratings for its own business
reasons.




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

A. T. EXPORTS: CRISIL Withdraws B Rating on INR5cr Bank Debt
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
A. T. Exports (ATE) on the request of the company and receipt of a
no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Post Shipment          5         CRISIL B/Stable/Issuer Not
   Credit                           Cooperating (Withdrawn)

   Pre Shipment           7         CRISIL A4/Issuer Not
   Credit                           Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with ATE for
obtaining information through letters and emails dated June 20,
2022 and August 18, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ATE was set up in 1992 as a partnership between Mr. Raman Wasan,
Mr. Rajiv Wasan, Mr. Rahul Wasan, Mr. Rakshit Wasan, and Mr. Rajat
Wasan. This Agra (Uttar Pradesh)-based firm manufactures leather
shoes of all types (for men, women, and children), which are
exported to European countries, mainly Italy, Spain, France,
Germany, Belgium, and the UK.


AA ESTATES PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: A A Estates Private Limited
        RNA Corporate Park
        Next to Collector's Office
        Kalanagar, Bandra(East)
        Mumbai MH 400051
        IN

Insolvency Commencement Date: December 6, 2022

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: CMA Harshad Shamkant Deshpande

Interim Resolution
Professional:            CMA Harshad Shamkant Deshpande
                         Harshad S Deshpande & Associates
                         Cost Accountants
                         403, Kumar Millennium
                         Jaibhavani Nagar, Paud Road
                         Near Rohan Corner
                         Kothrud, Pune 411038
                         E-mail: harshad_de@hotmail.com
                                 cirp.aaestate@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Sanjeev Kumar Pandey
                         Vaishali Arun Patrikar
                         Suresh Chandra Jena

Last date for
submission of claims:    December 20, 2022


AEGIS MEDICINES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Aegis Medicines Private Limited
        A-502 Kumar Gulmohar CTS No. 1436
        Survey No. 70A/1/2/2B
        Wanowrie, Pune 411040
        IN

Insolvency Commencement Date: November 26, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 25, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Girish Siriram Juneja

Interim Resolution
Professional:            Mr. Girish Siriram Juneja
                         22, Dignity Apartments
                         Bon Bon Lane, 7 Bunglows
                         Versova, Andheri (West)
                         Mumbai 400053
                         E-mail: junejagirish31@gmail.com

                            - and -

                         C/o CA Hitesh Agrawal
                         113, Mata Mandir Road
                         Gokulpeth, Nagpur 440010
                         MH
                         E-mail: ip.aegismed@gmail.com

Last date for
submission of claims:    December 12, 2022


AIR CARRYING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Air Carrying Corporation (India) Private Limited
        11, Crooked Lane
        Maruti Market, Kolkata
        West Bengal 700069

Insolvency Commencement Date: November 17, 2022

Court: National Company Law Tribunal, Kolkata Bench (Court-II)

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

Insolvency professional: Shailesh Bhalchandra Desai

Interim Resolution
Professional:            Shailesh Bhalchandra Desai
                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         708, Raheja Centre
                         Nariman Point, Mumbai 400021
                         Maharashtra
                         E-mail: ip10362.desai@gmail.com
                                 cirpaccipl@gmail.com

Last date for
submission of claims:    December 1, 2022


APLAB LTD: CRISIL Assigns B- Rating to INR14cr Cash Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to the bank facilities of Aplab Ltd (Aplab).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         7.5       CRISIL A4 (Assigned)

   Cash Credit           14.0       CRISIL B-/Stable (Assigned)

   Letter of Credit       4.0       CRISIL A4 (Assigned)

   Proposed Letter
   of Credit              0.5       CRISIL A4 (Assigned)

The ratings reflect the weak financial risk profile and stretched
liquidity of Aplab, modest and stagnant scale of operations and
large working capital requirement. These strengths are partially
offset by the extensive experience of the promoter in the
electronic and power equipment industry.

Analytical approach

Loan from the director and inter-corporate deposit have been
treated as deb.

Key rating drivers and detailed description

Weaknesses

* Weak financial risk profile: The financial profile is impacted by
eroded networth, weak capital structure and subdued debt protection
metrics. On account of sizeable losses in the past, networth has
remained negative and the capital structure highly leveraged.
Furthermore, because of losses, weak profitability and high finance
cost, debt protection metrics are highly subdued. Though the
metrics improved in fiscal 2022, they remain weak, as reflected in
interest coverage and net cash accrual to total debt ratios of 1.33
times and 0.01 time, respectively, in fiscal 2022. The company was
able to lower its debt with reduction in working capital bank
borrowing and closure of term loan in fiscal 2022, supported by
receipt of pending sales proceeds for property sold in the past.
Nonetheless, sustained improvement in the company's operating
performance and financial metrics remains critical and shall be
monitored.

* Modest and stagnant scale of operations amid competition:
Industry competition constrains scalability, as reflected in
revenue in the range of INR51-61 crore over the four fiscals
through 2022. Operating margin has remained volatile in the past,
though it improved in fiscal 2022.

* High working capital intensity of business: Operations are highly
working capital intensive, as reflected in gross current assets
(GCAs) of 204 days as on March 31, 2022, driven by stretched
receivables and large inventory. The GCAs were even higher at over
370 days in fiscals 2021 and 2020 each. Stretch in the working
capital cycle has constrained the company's liquidity in the past.

Strength

* Extensive experience of the promoters: The key promoter and the
top management have experience of over three decades in the
electronics industry. Over the years, the promoters have
established a successful track record of execution and built
healthy relationships with customers across multiple sectors. The
promoters have also extended unsecured loans to Aplab.

Liquidity: Stretched

Bank limit remained fully utilised, with instances of overdrawal on
account of interest application at the end of the month; this is
regularised within the next 5-7 working days. Though the company
has repaid its term loan in fiscal 2022, its cash generation from
business is low. Also, operations are working capital intensive,
while the current ratio remains below unity. Furthermore, the
company cannot utilise its LC limit, which further constrains
liquidity.

Outlook Stable

Aplab will benefit its reduction in debt latest fiscal, however
sustained improvement in operating performance remains critical.

Rating sensitivity factors

Upward factors

* Sustained revenue growth and improvement in the operating margin
leading to cash accrual remaining steady at INR1.5 crore or above
* Maintenance of a comfortable financial risk profile and
liquidity, supported by efficient working capital management and no
overutilisation of working capital bank lines

Downward factors

* Weak operating performance, large losses or stretched working
capital cycle further constraining liquidity, leading to delay in
servicing of interest/debt
* Consistent decline in revenue or operating profitability
resulting in fall in cash accrual

Aplab, incorporated in 1964, manufactures electrical/electronic
equipment and devices. The company has multiple product divisions,
namely test and measurement instruments, power conversion and
controls, uninterruptible power supply (UPS) systems and banking
and retail automation. Aplab is a publicly listed company on the
BSE and has sales and support offices in over 50 cities across
India.


ARSHIYA NORTHERN: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Arshiya Northern FTWZ Limited
        205 & 206 (Part), 2nd Floor
        Ceejay House, F-Block
        Shiv Sagar Estate
        Dr. Annie Besant Road
        Worli, Mumbai 400018

Insolvency Commencement Date: December 1, 2022

Court: National Company Law Tribunal, Court No. V, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 13, 2023

Insolvency professional: Ram Ratan Kanoongo

Interim Resolution
Professional:            Ram Ratan Kanoongo
                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         708, Raheja Centre
                         Nariman Point, Mumbai 400021
                         Maharashtra
                         E-mail: cirparshiya@gmail.com
                                 rrkanoongo@gmail.com

Last date for
submission of claims:    December 15, 2022


BAID INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Baid Industries Private Limtited

        Registered office:
        Plot No. 8, G.I.D.C.
        Panoli, Ankleshwar
        Bharuch, Gujarat 384116

        Principal office:
        102, Airlon House
        2/4569, Sangrampura Main Road
        Surat, Gujarat 395002

Insolvency Commencement Date: December 7, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 5, 2023
                               (180 days from commencement)

Insolvency professional: Murali Prasad Nalam

Interim Resolution
Professional:            Murali Prasad Nalam
                         Villa 67, Road 3
                         Dollar Meadows
                         Ambitus School Road
                         Near DRK Engineering College
                         Bowrampet, Hyderabad
                         Telangana 500043
                         E-mail: baid.cirp@gmail.com

Last date for
submission of claims:    December 21, 2022


BIOWORLD MERCHANDISING: CARE Hikes Rating on INR16cr Loan to BB-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bioworld Merchandising India Private Limited (BMIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       16.00      CARE BB-; Stable (Revised from
   Facilities                      CARE B; Stable

Detailed Rationale and key rating drivers

The revision in rating assigned to the bank facilities of BMIPL
factors in is small albeit growing scale of operations, moderate
though improved profitability margins and debt coverage indicators.
Further, the ratings continue to draw comfort from experienced
promoters coupled with long track record of operations and
association with reputed customer base coupled with wide
distribution network. The rating strengths are, however, partially
offset by moderate capital structure, elongated operating cycle and
competition from other license players.

Rating Sensitivities

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

* Improvement in the total operating income (TOI) of the company
above INR100 crore on sustained basis.

* Improvement in gearing level as marked by overall gearing below
1.00x on sustained basis.

* Improvement in collection period below 120 days.

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

* Elongation in operating cycle to more than 250 days on a
sustained basis.
* Decline in total income from operation by more than 20%.
* Decline in PBILDT margin below 1.40% on a sustained basis.
Detailed description of the key rating drivers

Key rating strengths

* Small albeit growing scale of operations: BMIPL's scale of
operation remained small though ameliorating, reflecting y-o-y
growth rate of 30.37% in FY22. The total operating income (TOI) of
the company has increased to INR56.02 crore in FY22 from INR42.97
crore in FY21. Upsurge in the scale of operation is primarily
backed by post-pandemic opening of stores, malls and increased
shopping trends coupled with revision in selling price of the
products. Nevertheless, the scale remains small, it limits the
company's financial flexibility in times of stress and deprives it
of scale benefits. The company has achieved TOI of INR37.89 crore
during 7MFY23 (refers to the period April 1 to October 31). As
envisaged with the addition of new online platforms to sell its
products, the company's total operating income is expected to
improve further and stood at ~Rs 65 crore during FY23.

* Moderate though improved profitability margins and debt coverage
indicators: BMIPL's profitability margins has substantially
improved in FY22 and stood moderate at 6.26% and 2.70% respectively
as against loss of (9.39) % and (14.94) % respectively in FY21.
Inclusion of products, which fetch better margin in the
productportfolio has resulted in improvement in profitability
margins. Further, during 7MFY23, PBILDT margin of the company stood
at 6.44%. As envisaged, with the company's planning to change in
product mix, profitability margins are expected to improve over the
medium term. Further, owing to improvement in profitability
margins, the debt coverage indicators of the company has improved
and stood moderate as marked by interest coverage ratio and Total
debt to GCA ratio of 2.33x and 7.16x respectively, in FY22 as
against (2.12x) and (2.55x) in FY21.

* Experienced promoters coupled with long track record of
operations: Bioworld Merchandising India Private Limited (BMIPL)
was incorporated as a private limited company in the year 2009 by
Mr. Rajeev Malik who is a Computer Science graduate and has an
overall experience of more than two decades in character
merchandising business through BMIPL since its inception and also
through another company established in USA- "Bioworld Merchandising
Inc." which is also engaged in similar business at global level.
The company is managed by Mr. Sanjeev Malik and Ms. Meenakshi
Malik, having an overall experience of around a decade in
merchandising business through BMIPL. The promoters have adequate
acumen about various aspects of business which is likely to benefit
BMIPL in the long run.

* Association with reputed customer base coupled with wide
distribution network: The company sells its products under three
product categories, i.e. "Free Authority" and "Virtis" targeting
the youth and "Kidsville" targeting the kids. The company sells its
products through offline platforms to B2B customers including
Lifestyle, Shoppers Stop, Future Retail, Reliance, Pantaloons,
Central, Vishal Mega Mart etc. and through online ecommerce
platforms of Myntra, Amazon, Flipkart, Jabong etc. and through its
own ecommerce website- voxpop.com. Additionally, the company has a
wide distribution network of around 300 distributors/dealers spread
all over India. Wide distribution network aids the company in
better market penetration and reaching the customers which further
establishes the brand image.

Key Rating Weaknesses

* Moderate capital structure: As on March 31, 2022, the debt
profile of the company comprises GECL loan and vehicle loans of
INR3.06 crore and working capital bank borrowings of INR11.95
crore. Capital structure of the company remained moderate though
improved as marked by overall gearing of 1.37x as on March 31, 2022
as against 1.59x as on March 31, 2021. The marginal improvement in
overall gearing is primarily on account of accretion of reserves to
tangible net worth of the company in FY22. The capital structure is
expected to remain moderate in the near to medium term on account
of improvement in tangible net worth of the company coupled with
limited debt levels as envisaged.

* Elongated operating cycle: Operating cycle of the company has
improved though remain elongated at 191 days in FY22 as against 227
days in FY21. The elongation is primarily attributed to higher
collection period. The company has to provide high credit period to
its clients, resulting into average collection period of 214 days
in FY22. The receivables remain high as the company sells its goods
to retail chains (factory sales) and distributors who further sell
to final customers, but the payments will be realized until the
goods are finally sold. Also, the company maintains an adequate
inventory of around 60-70 days in the form of finished goods to
meet the immediate demand of its customers. Moreover, the products
are sold in two seasons of 6-month period (Feb-July and Aug-Jan).
The inventory is thus procured in advance in order to fulfil the
demands of customers for the upcoming season. Further, the company
gets a maximum credit period of 2-3 months from its suppliers
resulting into average creditor period of 87 days in FY22. The
working capital limits stood ~80% utilized for the past twelve
months period ending October 31, 2022.

* Competition from other licence partners: The company does not
have any clause of exclusivity over the products sold in its
licence agreements with their licensors, thus it faces high risk
from competitors emerging in the similar line of business.

Liquidity: Stretched

The liquidity position of the company remained stretched as marked
by ~80.00% utilization of working capital limits over the period of
past 12 months ending on October 31, 2022. The company has reported
gross cash accruals of INR2.10 crore during FY22 and is expected to
generate envisage GCA of INR2.30 crore for FY23 against repayment
obligations of INR0.84 crore in same year. The company had low free
cash and bank balance of INR0.21 crore as on March 31, 2022.

Bioworld Merchandising India Private Limited (BMIPL) was
incorporated in the year 2009 by Mr. Rajeev Malik, who is a
Computer Science graduate and has an overall experience of more
than two decades in character merchandising business through
another company established in USA- "Bioworld Merchandising Inc."
which is also engaged in similar business at global level at a much
larger scale. BMIPL is engaged in trading of merchandise
(consisting of apparels, footwear and accessories) of iconic
characters of international mass media and entertainment companies
like Walt Disney, Warner Bros., Universal Studios LLC, Cartoon
Network, DC Comics, The Simpsons, Superman, Batman, Garfield,
Avengers etc. and has entered into various licensing agreements
with them for using the logos, captions and other copyrighted
material. The company has official licences of around 100 brands.
The company sells its products under three product categories, i.e.
"Free Authority" and "Virtis" targeting the youth and "Kidsville"
targeting the kids. The company has well established sales network
and has tied up with their B2B customers (i.e. Malls) for
displaying and selling their products to final customers and also
sells through ecommerce platforms of Myntra, Amazon, Flipkart,
Jabong etc. and also through its own ecommerce websitevoxpop.com.


BP BANSAL AGRITECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: B.P. Bansal Agritech Private Limited
        20B, Maharajpura Industrial Estate Pinto Park
        Gwalior Madhya Pradesh 474020
        India

Insolvency Commencement Date: December 2, 2022

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: May 29, 2023

Insolvency professional: Keyur Jagdishbhai Shah

Interim Resolution
Professional:            Keyur Jagdishbhai Shah
                         1007, Sun Avenue
                         One Bhudarpura, Ayojannagar
                         Manekbaug, Ahmadabad
                         Gujarat 380015
                         E-mail: cs.keyurshah@gmail.com
                                 keyur@keyurjshah.com
                                 cirp.bpbansal@gmail.com

Last date for
submission of claims:    Decemebr 15, 2022


BUDDHA GLOBAL: CRISIL Lowers Rating on LT/ST Loans to D
-------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Buddha Global Limited
(BGL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating'.

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

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

CRISIL Ratings has been consistently following up with BGL for
obtaining information through letters and emails dated December 1,
2022 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BGL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BGL
is consistent with 'Assessing Information Adequacy Risk. CRISIL
Ratings has downgraded the ratings to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating', the
rating downgrade is on basis of delays in servicing debt
obligations as best available information in the public domain

BGL was incorporated in 2011. It is engaged in importing and
trading agro commodities and other items such as rice, wheat,
pulses and other related food products. It is located in Delhi and
promoted by Mr. Deept Sarup Agarwal and Mr. Anil Tekriwal.


BYJU'S: Lenders Seek Quicker Part-Payment of $1.2 Billion Loan
--------------------------------------------------------------
Anto Antony at Bloomberg News reports that a group of creditors to
Byju's, India's most valuable startup, has asked the company to
immediately repay part of a $1.2 billion loan they recently bought
into as they renegotiate terms of the debt, according to people
familiar with the matter.

Bloomberg relates that the lenders have hired Houlihan Lokey Inc.
to advise them on amending covenants after the edtech titan
breached terms, including a September deadline for filing its
results for the year ended March 31, 2022, the people said, asking
not to be identified as the information isn't public. Rothschild &
Co. is representing Byju's in the talks, they said.

Most of the lenders in this group bought the debt from primary
holders in September, when the loan slumped to a record 64.5 cents,
and are seeking to profit from accelerated repayment, two of the
people said, Bloomberg relays.

The loan was trading at 80 cents on the dollar on Dec. 12, while
similar debt from another Indian startup Oyo Hotels is holding
close to the issue price, according to data compiled by Bloomberg.

Bloomberg adds that the renegotiated terms that Byju's has already
agreed with a majority of the lenders include providing monthly
business updates, hiring a chief financial officer, and increasing
the interest rate on the loan, the people said. The company is
seeking to restructure the loan as it struggles with steep losses
and meeting its cost reduction targets, Bloomberg News reported
earlier this month.

However, a small group of creditors are still holding out asking
the company, valued at $22 billion, to use its US unit's cash
reserves of about $850 million to prepay part of the year-old loan,
the people said, Bloomberg relays. The loan, priced at 550 points
over Libor in November 2021, is one of the largest unrated term
loan B offerings ever from a new-age company worldwide, according
to JPMorgan Chase & Co., one of the deal's bookrunners.


DARJEELING POWER: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term ratings of Darjeeling Power Private
Limited (erstwhile Darjeeling Power Limited) in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]B+(Stable);
ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.78        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         22.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.47        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Darjeeling Power Private Limited (erstwhile known as Darjeeling
Power Limited) is a Special Purpose Vehicle (SPV) incorporated to
develop, own and operate a 3 MW small hydro power (SHP) project
known as Shaung Mini Hydropower Project. The project is located in
Kinnaur District of Himachal Pradesh (HP). Darjeeling Power Private
Limited was 2 promoted by the Mumbai based Somani Group which is
engaged in education as well as hydro power. On March 23, 2016, the
entity converted its legal status to a Private Limited Company from
a Limited Company.

DAYAL ENERGY: CRISIL Lowers Rating on LT/ST Loans to D
------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Dayal Energy and Proteins Private Limited (DEPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

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

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

The rating action is based on delay in servicing debt obligations
by DEPL which came to CRISIL ratings' notice through public
information.

CRISIL Ratings has been consistently following up with DEPL for
obtaining information through letters and emails dated August 19,
2021, October 6, 2021 and October 21, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

DEPL, based in Akola, Maharashtra, and promoted by Bachuka family,
is a soya bean oil extractor and refiner. It has a solvent
extraction capacity of 800 tonne per day (tpd) and refining
capacity of 110 tpd. It extracts refined soya oil and crude soya
oil, and produces soya de-oiled cakes. The refined oil is also sold
and marketed under the brand All Day.


DEXLER INFORMATION: CRISIL Withdraws B Rating on INR5.24cr Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Dexler Information Solutions
Private Limited (DISPL) to 'CRISIL B/Stable Issuer not
cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of DISPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the rating on bank facilities of DISPL
from 'CRISIL B/Stable Issuer Not Cooperating to 'CRISIL B/Stable.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of bank loan ratings.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit         5.24       CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Cash Credit         2.00       CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Cash Credit         2.00       CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DISS, together referred to as the Dexler
group. This is because DISS is a fully owned subsidiary of Dexler
and most of the latter's revenue is routed through DISS.

DISPL, set up in 2001 by Mr. Anand Nagrajan in Bengaluru, provides
a wide array of services to SAP. The services include instructor
lead tutorial (ILT) courses, content development, E-learning
courses and content digitalisation. The group's SAP
education-related solutions are being used in 65 countries. DISS,
Dexler's wholly owned subsidiary in Singapore, is the principal
customer as SAP needed the transactions to be routed through
Singapore. The subsidiary started operations from January 2012.


DUNNIMAA ENGINEERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s Dunnimaa Engineers & Divers Enterprises
        Private Limited
        D-159, MIDC Nerul
        Navi Mumbai
        MH 400706
        India

Insolvency Commencement Date: November 29, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 23, 2023
                               (180 days from commencement)

Insolvency professional: Kamal Rajkumar Sharma

Interim Resolution
Professional:            Kamal Rajkumar Sharma
                         Ambavat Jain & Associates, LLP
                         Room No. 40, 9/15 Morarji Velji Bldg
                         1st Floor, Dr M.B. Velkar Street
                         Marine Lines (E)
                         Kalbadevi Road, Mumbai
                         Maharashtra 400002
                         E-mail: kamal.sharma@ajallp.in
                                 cirp.dunnimaa@gmail.com

Last date for
submission of claims:    December 13, 2022


GAJANAND SPINTEX: CRISIL Lowers Rating on INR4.5cr Term Loan to B
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Gajanand Spintex India Private Limited (GSIPL) to CRISIL B/Stable
Issuer Not Cooperating from CRISIL BB-/Stable Issuer Not
Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING)

   Rupee Term Loan        4.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with GSIPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2014, GSIPL is based in Mehsana, Gujarat. The
company manufactures cotton yarn. It is promoted by Mr Ashok Patel,
Mr Bharat Patel, Mr Sanjay Patel and Mr Vijay Patel. GSIPL has set
up a spinning mill of 11,520 spindles with complete system LMW. The
company's manufacturing facility in Mehsana has installed capacity
to produce 7,200 kilogram of yarn per day.


GODAVARI POLYMERS: ICRA Reaffirms D Rating on INR42.87cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Godavari
Polymers Private Limited (GPPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term           31.50       [ICRA]D; reaffirmed
   fund based          

   Long-term
   fund based–
   Term loan           11.93       [ICRA]D; reaffirmed

   Short-term–
   Non-fund based      34.50       [ICRA]D; reaffirmed

   Long-term
   unallocated
   limits              42.87       [ICRA]D; reaffirmed

Rationale

The reaffirmation of the ratings continues to consider the delays
in debt servicing by GPPL owing to its poor liquidity position and
negative cash accruals. The poor liquidity position has been on
account of delays in receivables from its customers and a sizeable
work-in-progress inventory. Further, the rating continues to factor
in its weak financial profile, marked by modest scale of
operations, operational losses and weak debt protection metrics.
Also, the profitability indicators remain exposed to fluctuations
in raw material prices. ICRA notes the company has an established
brand presence and extensive experience in the polymer processing
business. ICRA also notes GPPL's extensive distribution network and
a diversified mix of revenues from the RDS network,
micro-irrigation systems and institutional Government projects.

Key rating drivers and their description

Credit strengths

* Significant experience in polymer processing business and
established brand name: The company has more than 25 years of
experience in the pipe manufacturing business, resulting in a
reputed customer base. Moreover, GPPL has an established brand name
for HDPE pipes and MIS in the regions it operates.

* Widespread distribution network: Over the years, GPPL has built
an extensive distribution network of over 500 dealers in the rural
and semi-urban areas across six states in India for selling its
products and is expanding its presence in other states. The company
has a diversified mix of revenues from the RDS network,
micro-irrigation systems and IGP projects, minimising the risks
related to any segment-specific downturn. However, revenues from
IGP and micro-irrigation systems have been limited in the last two
years owing to increased receivables from these segments. Going
forward, the revenue would be driven by the RDS segment where the
receivable risk is limited.

Credit challenges

* Poor liquidity: The company's liquidity position is poor, as
reflected in the delays in meeting debt repayment obligations. The
poor liquidity position has been on account of delays in
receivables from its customers and a sizeable work-in-progress
inventory.

* Weak financial profile, marked by modest scale of operations,
operational losses and weak debt protection metrics: High fixed
expenses with declining revenue resulted in operating losses and
negative cash accruals in FY2021 and FY2022. Operating loss,
negative cash accruals and stretched receivables resulted in higher
debt and moderation in coverage indicators. The coverage indicators
are expected to remain weak in the near term. However, to support
the liquidity, the promoters have infused INR5.00-crore equity in
H1 FY2023.

* Profitability indicators exposed to volatility in raw material
prices: The company's revenues and margins are exposed to price
fluctuations of key raw materials such as PVC resin and HDPE/LDPE
granules. Any adverse movement in the prices of raw materials could
have an adverse impact on its margins, considering the stiff
competition in the industry.

Liquidity position: Poor

GPPL's liquidity is poor, evident from GPPL's recent instances of
delays in debt servicing. The liquidity position continues to be
poor due to negative cash accruals and high working
capital-intensive nature of operations emanating from its stretched
receivables and sizeable work-in-progress inventory.

Rating sensitivities

Positive factors – The ratings could be upgraded if the debt
servicing is regularised for a sustained period, as per ICRA
policy.

Negative factors – Not applicable.

GPPL was incorporated in August 1990 as a private limited company
and manufactures high-density polyethylene (HDPE) pipes, sprinkler
irrigation systems, drip irrigation systems and PVC pipes. The
company has two manufacturing units with an aggregate installed
capacity of 24,390 MT per annum with one unit at IDA Cherlapally,
Hyderabad, and the other at Shadnagar of Ranga Reddy district.


GRG INFRASTRUCTURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s GRG Infrastructure Private Limited
        AT Otala, Taluka Tankara
        Rajkot 360001
        Gujarat, India

Insolvency Commencement Date: November 30, 2022

Court: National Company Law Tribunal, Surat Bench

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

Insolvency professional: CA Pawankumar Jagetia

Interim Resolution
Professional:            CA Pawankumar Jagetia
                         508, 21st Century Business Centre
                         Near World Trade Centre
                         Ring Road, Surat 395002
                         E-mail: cirp.grginfra@gmail.com
                                 pjagetiaco@yahoo.co.in

Last date for
submission of claims:    December 15, 2022


HARDROCK ATTACHMENTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Hardrock Attachments Private Limited

        Registered office:
        17, Circuit House Area (East)
        Near SBI Bistupur
        Jamshedpur, Jharkhand 831001

        Factory:
        Dharwar Industrial Area
        Karnataka

Insolvency Commencement Date: December 2, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 30, 2023

Insolvency professional: CA IP Daulat Ram Jain

Interim Resolution
Professional:            CA IP Daulat Ram Jain
                         33, Shakespeare Sarani
                         Kolkata 700017
                         E-mail: daulatjain@rediffmail.com
                                 hardrock.irp@gmail.com

Last date for
submission of claims:    December 15, 2022


HARPREET COLOR: ICRA Lowers Rating on INR14.40cr Loan to D
----------------------------------------------------------
ICRA has revised the rating on the bank facility of Harpreet Color
Vision (P) Limited (HCVPL) and moved to the non-cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        14.40       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from [ICRA]C
   Cash Credit                   and moved to the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade takes into account irregularities in servicing
of debt obligations by HCVPL in the past, based on feedback
received from the banker. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade. As part of its process and in accordance with its
rating agreement with HCVPL, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.

Liquidity Position: Poor

The liquidity position of the company is poor, as reflected in
delays in debt servicing.

Incorporated in 1998, HCV assembles different variants of
televisions under its own brand, Futec. The company is promoted by
Mr. H. S. Malhotra and Mr. Harpreet Singh, who have two decades of
experience in manufacturing and marketing of TVs. Till FY2016, the
company mainly sold cathode ray tube (CRT) TVs. However, it has now
started making LED TVs as well. Moreover, it imports speakers from
China and sells the same under its own brand. Its production
facility is in Noida. The main market of the products includes
tier-II and tier-III cities in Uttar Pradesh, Uttarakhand, Haryana,
Rajasthan, Punjab, Bihar, and a few pockets of Delhi-NCR.

HINDUSTAN TEXTILES: CRISIL Withdraws B Rating on INR14cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Hindustan Textiles (HT) on the request of the company and receipt
of a no objection certificate from its bank. The rating action is
in line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            14        CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan          2.89     CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Long Term      3.11     CRISIL B/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with HT for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1977 as a partnership firm, HT manufactures cotton
yarn. The firm has two units, with a combined capacity of around
31760 spindles, in Coimbatore (Tamil Nadu). Its day-to-day
operations of the firm are managed by its promoter, Mr. D
Natarajan.


IC ELECTRICALS: CRISIL Lowers Rating on LT/ST Loans to D
--------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
IC Electricals Company Private Limited (ICE) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'. The ratings reflect the delay
in servicing of debt obligation by ICE, due to weak liquidity.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating      -          CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable)

   Short Term Rating     -          CRISIL D (Downgraded from
                                    'CRISIL A+)

The ratings continue to reflect the extensive experience of the
promoters in the electronic products industry and their funding
support. These strengths are partially offset by the large working
capital requirement and below-average debt protection metrics.

Key rating drivers & detailed description

Weaknesses:

* Delay in servicing of debt obligation: Due to weak liquidity, ICE
has delayed servicing of the interest and principal obligation on
the guaranteed emergency credit line (GECL) availed from Punjab
National Bank.

* Large working capital requirement: Gross current assets were high
at 351 days as on March 31, 2022, driven by stretched receivables
and large inventory of 117 and 229 days, respectively. Receivables
are high because of multiple quality checks during the billing
process. Inventory on the other hand, is procured as per
requirement of unexecuted orders.

* Modest debt protection metrics: Interest coverage and net cash
accrual to adjusted debt ratios stood at 1.6 times and 0.06 time,
respectively, in fiscal 2022. Debt protection metrics are modest
because of the highly working capital-intensive operations, and
hence, dependence on external debt. Improvement in debt protection
metrics remains a key monitorable.

Strengths:

* Extensive experience of the promoters: The two-decade-long
experience of the promoters in the electronic products business,
their strong understanding of market dynamics and healthy
relationships with customers and suppliers should continue to
support the business. ICE manufactures transformers, contractors,
reactors, motors, and alternator regulators, mainly for the Indian
Railways. The company undertakes constant innovation in the product
profile, so as to have a competitive advantage. The manufacturing
and research and development (R&D) facilities are in Haridwar,
Uttarakhand.

* Funding support from promoters: The promoters have extended
funding support via unsecured loans to cover the working capital
expense and to support liquidity. The loans were outstanding at
INR3.20 crore as on March 31, 2022. Such need-based support is
likely to continue and remains a key sensitivity factor.

Liquidity: Poor

Stretch in liquidity is reflected in delay in meeting the GECL
obligation and interest obligation on cash credit limit.

ICE was acquired by Mr. Sanjay Vishwakarma and Mr. Sunil Kumar
Verma in 2004, from India Castings Company. The company
manufactures electronic instruments and power electronics systems
for the Indian Railways (90% of sales) and also caters to original
equipment manufacturers of the Indian Railways (10%).


JAGATPAL SINGH: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of M/s
Jagatpal Singh in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.60        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          0.40        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Long Term/          4.50        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Non-Fund Based-                 Rating Continues to remain
   Others                          under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
  
Established in 1980 as a proprietorship concern, M/S Jagatpal Singh
(JS) is involved in civil construction business, including
construction of buildings and bridges. The firm is registered as
Class-A contractor with the Public Works Department of
Chhattisgarh.


JANASHREE MICROFIN: CARE Moves B Issuer Rating to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the ratings on certain bank facilities of
Janashree Microfin Limited (JMFL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Issuer rating          -        CARE B (Is); Stable; ISSUER NOT
                                   COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from JMFL to monitor
the rating(s) vide e-mail communications dated August 2, 2022;
November 1, 2022 among others 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
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on Janashree Microfin Limited's issuer rating
will now be denoted as CARE B (Is); Stable; 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).

Detailed description of the key rating drivers

At the time of last rating on September 9, 2021, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations with geographical concentration of loan
portfolio: The company was started in 2010 and started operating as
an NBFC-MFI from April 2017 and entire operations is limited to
Kerala with 11 branches. The portfolio has remained relatively
small and the company has been witnessing degrowth in loan
portfolio for the last three years. The loan portfolio stood at
INR3.22 crore as on March 31, 2021 as against INR4.90 crore as on
March 31, 2018.

* Weak Asset Quality: GNPA and NNPA stood at 14.73% and 14.21% as
on March 31, 2020 as against 1.88% and 0.90% as on March 31, 2019.
During transition from NBFC to NBFC-MFI there were transfer of
accounts between Janashree Mutual benefit Trusts (JMBT's) and JMFL
and there was impact on asset quality due to the same.
Subsequently, the asset quality was affected by the Kerala floods
and following that COVID-19 pandemic also had a significant impact
on the asset quality. Going forward, the improvement in asset
quality remains a key rating factor.

* Absence of diversification in funding: The company funds the loan
portfolio from its capital and going forward the company needs to
find other sources of funding and diversify the funding sources.

* Weak Profitability: The company has been reporting loses in the
last four years. In FY20, the company had a net loss of INR0.57
crore compared to a net loss of INR0.17 crore during March 31,
2019. During FY21 net loss has increased to INR0.92 crore. The
losses are mainly on account of smaller scale of operations with
high operating cost and amortisation of expenses incurred due to a
failed ECB transaction. Going forward, improvement in profitability
in on sustained basis remains a key rating sensitivity.

Key Rating strengths

* Experienced Management: The Directors of the company and the
senior management team have good experience in the business. The
directors are all coming from a social worker background. Janashree
Microfin Limited is part of the Janashree initiative headed by Mr.
M.M Hassan and then an NGO Janashree Sustainable Development
Mission was launched in 2006-07. The Janashree initiative began
with 20 members and grew up to 50,000 plus members throughout
Kerala. Janashree Microfin Limited was started as an extension of
this initiative, which works as per the guidelines and directives
issued by the Reserve Bank of India.

* Adequate capitalisation profile but capital base remains low: CAR
and Tier I CAR stood at 130.33% and 129.08% as on March 31, 2020.
Overall gearing remains at Nil as on March 31, 2020 and March 31,
2021. The company funds the loan portfolio entirely from its
capital. As on March 31, 2020, The net worth stood at INR5.07 crore
and loan portfolio stood at INR3.75 crore. As per March 31, 2021,
the net worth stood at INR5.00 crore and loan
portfolio stood at INR3.22 crore.

Janashree Microfin Limited (JMFL) is a NBFC-MFI registered with
Reserve Bank of India. The company was initially registered as non
deposit accepting NBFC and later converted into NBFC-MFI in April,
2017. The company is engaged in microfinancing activities with an
objective to give ultimate benefit to poor/woman/men
groups/individuals for enhancement of their livelihood in a
financially viable manner. And provide financial support to these
groups through community-based livelihood mutual benefit funds
trust organizations (private livelihood mutual benefit trust known
as Janashree Mutual Benefit Trusts (JMBT)) constituted by such
groups. These community-based organizations hold majority of share
capital of the company. Mr. M.M Hassan (Minister for Information,
Parliamentary Affairs & Non- Resident Keralites Affairs (NORKA)
from 2001 to 2004) is a founder and MD of Janashree Microfin
Limited. JMFL operates in the state of Kerala with 11 branches and
is headquartered in Trivandrum, Kerala. As on March 31, 2021, the
company has an AUM of INR3.22 crore.


JAY METAL: ICRA Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Jay Metal
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.85        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        (0.18)       [ICRA]A4; ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Jay Metal (JM) is a partnership firm which manufactures cylinder
liners and sleeves using the centrifugal casting process with an
annual installed capacity for manufacturing nine lakh pieces of
cylinder liners. The manufacturing facility is located at Shapar,
Rajkot in Gujarat, which includes an in-house machining centre
which consists of two CNC machines. The firm started commercial
operations from July 22, 2013 and is promoted by the Sakhiya family
which has more than a decade of experience in the cylinder liner
business.


JAYPEE INFRATECH: NCLT Reserves Order on Suraksha Group's Bid
-------------------------------------------------------------
India Infoline reports that the National Company Law Tribunal
(NCLT) has deferred its decision on Mumbai-based Suraksha Group's
bid to acquire Jaypee Infratech Ltd. and complete around 20,000
homes for dissatisfied homebuyers.

While a two-member special bench led by NCLT President Justice
Ramalingam Sudhakar reserved the judgment late last month, the
written order was just recently uploaded, India Infoline relates.

India Infoline says the NCLT court asked the parties to submit
their final written arguments after the hearing concluded on
November 22.

In June last year, the Mumbai-based Suraksha group gained consent
from financial creditors and homebuyers to takeover Jaypee
Infratech Ltd. (JIL), raising optimism for 20,000 homebuyers in
stalled projects, primarily in Noida and Greater Noida, the report
recalls.

According to India Infoline, the Suraksha Group's proposal for the
indebted JIL was approved by the Committee of Creditors (CoC).
However, it was awaiting permission from the National Company Law
Tribunal's Principal Bench in Delhi (NCLT).

                       About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.


KARVY FINANCIAL: ICRA Reaffirms D Rating on INR12.50cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Karvy
Financial Services Limited (KFSL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term           12.50       [ICRA]D; reaffirmed
   fund based          

ICRA has reaffirmed the long-term rating of KFSL at [ICRA]D. The
rating takes into account the ongoing delays in the servicing of
its debt obligations by KFSL.

The rating also factors in the company's poor liquidity position
and strained financial flexibility on account of its weak asset
quality profile and lack of business growth in the last few years.
KFSL's asset quality remains weak (gross stage 3% of 81.4% as on
September 30, 2022). ICRA also notes the pending Enforcement
Directorate (ED) proceedings against KFSL, whereby the amount of
INR376.57 crore (including gain of ~Rs. 261 crore on the transfer
of the portfolio to SBFC Limited in FY2017) has been alleged as
proceeds of crime by the ED and matter is subjudiced. Due to this,
the auditor had expressed a disclaimer opinion on the financials
statements of FY2022. ICRA has withdrawn the rating on KFSL's
INR111.86-crore long-term fund-based programme as no amount is
outstanding against the rated instrument. This is in accordance
with ICRA's policy on the withdrawal of credit ratings.

Key rating drivers and their description

Credit challenges

* Default by parent company posing funding and capital-raising
challenges: KFSL's parent entity, Karvy Stock Broking Limited
(KSBL), also remains in default on its debt obligations. With an ED
investigation currently underway against KSBL and given the shared
brand name with the parent entity and the common directors, KFSL
would remain negatively impacted.

* Shrinking asset base with no fresh disbursements: KFSL's loan
book has been running down with minimal fresh disbursements in the
last few years (INR0.2 crore in FY2022 vs ~INR2 crore in FY2021).
Its gross loan book has run down to INR45.6 crore as on September
30, 2022 from INR471.7 crore as on March 31, 2021. This was largely
due to write-off of ~INR427 crore of intercorporate deposits (ICDs)
in FY2022 (including ~INR307 crore principal and ~ INR120 crore
accrued interest).

* Weak asset quality: KFSL's asset quality remains weak with a
significantly high gross stage 3 of 73.6% as on September 30, 2022
and 66.6% as on March 31, 2022. Further, the net stage 3 remained
high at 48.2% as of March 31, 2022. The company wrote off a large
portion of the loan book (INR307 crore of ICDs to Group companies),
which resulted in a reduction in the gross stage 3 in FY2022 to
66.7% as on March 31, 2022 from 93.6% as on March 31, 2021.

Liquidity position: Poor

The company is currently facing delays in the repayment of its bank
borrowings. It has been relying on recoveries from writtenoff and
non-performing advances for its debt repayments.

Rating sensitivities

Positive factors – ICRA could upgrade KFSL's rating in case of
timely debt repayments on a sustained basis.


Karvy Financial Services Limited is a fully-owned subsidiary of
Karvy Stock Broking Limited (KSBL; rated [ICRA]D ISSUER NOT
COOPERATING), directly and through other Group companies. It
received its non-banking financial company (NBFC) licence in Q1
FY2010. During the initial phase of operations, the company had
significant exposure to capital markets through products such as
loans against shares and commodities, and margin funding, which was
largely done in conjunction with the broking and commodities arms
of the Group. In FY2017, KFSL sold a substantial part of its assets
to SBFC Limited {rated [ICRA]A+ (Stable)} and transferred most of
its employees and the entire branch network and infrastructure
facilities to the latter. KFSL reported a profit of INR19.4 crore
on a total asset base of INR112.0 crore as on March 31, 2022
compared to a net loss of INR3.4 crore on a total asset base of
INR121.8 crore as on March 31, 2021. It reported a net profit of
INR4.8 crore in H1 FY2023 on a total asset base of INR102.7 crore
as on September 30, 2022.


KBD INDUSTRIES: ICRA Assigns B+ Rating to INR26.63cr LT Loan
------------------------------------------------------------
ICRA has assigned rating to the bank facilities of K B D Industries
LLP (KBDIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term
   Fund-based–
   Term Loan           26.63       [ICRA]B+(Stable); assigned

   Long-term
   Fund-based-
   Proposed
   Term Loan           26.62       [ICRA]B+(Stable); assigned

   Unallocated
   Limits               0.75       [ICRA]B+(Stable); assigned

Rationale

The assigned rating favorably factors in the healthy demand for
ethanol in the country and presence of off-take contract with
public sector oil marketing companies (OMCs) aiding revenue
visibility for KBDIL over medium term. The company's contract with
Bharat Petroleum Corporation Limited (BPCL), India Oil Corporation
Limited (IOCL) and Hindustan Petroleum Corporation Limited (HPCL)
ensures an annual offtake quantity of 1.8 crore (i.e.100% of
installed capacity) litres for a period of 10 years for supply of
Denatured Anhydrous Absolute Alcohol. The project also enjoys
locational advantages due to its proximity to ample raw material
sources, along with its ability to reach out to various oil
blending depots in the nearby areas. ICRA also notes that KBDIL
will be entitled to receive various fiscal benefits under the
National Biofuel Policy 2018 with presence of approval from
Department of Food and Public Distribution (DFPD), which are likely
to support its profitability postcommencement of operations.

However, the rating remains constrained on account of significant
project-related risks to which the firm is exposed, including any
delay in achievement of financial closure with sizeable dependence
on borrowings, commissioning the project within the budgeted cost
and time and achieving the desired process parameters and cost
efficiencies. Also, requisite approval from the Pollution Control
Board is yet to be received which poses certain risks in terms of
timely commencement of operations. KBDIL will also remain exposed
to regulatory risks associated with ethanol business given that its
price is fixed annually by OMCs. The ratings are further
constrained by the risks associated with the entity's status as a
limited liability partnership firm, including the risk of capital
withdrawal by the partners besides the partners being first
generation entrepreneurs.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
on the stability of revenues for the firm and a healthy demand
outlook for ethanol in the long term along with management's
ability to ensure adequate raw material availability, given its
location.

Key rating drivers and their description

Credit strengths

* Offtake agreement with Oil Manufacturing Companies (OMCs) with
minimum guaranteed volume provides stability to revenues: The firm
has entered into a long-term offtake agreement with OMCs for a
period of nine years four months for procurement of 1.8 crore (100%
of installed capacity) litre annually ethanol produced by the LLP,
providing adequate revenue visibility post commencement of
operations.

* Healthy demand potential for ethanol: The long-term demand
outlook of the ethanol and bio-fuel remains favorable on the back
of a significant demand-supply gap along with the government's
increasing focus to reduce crude oil import dependency. Further,
with Central government's aim to achieve 20 per cent ethanol
blending target by 2025, the demand for ethanol is likely to
continue.

* Strategic location of the upcoming project in Telangana: The
proposed facility of the entity is located at Terlapadu Village in
the Khammam district of Telangana. The site is in close vicinity to
the rice growing area ensuring ample supply of rice from the
neighboring areas. Further, the site is located near to oil
marketing company's blending depots of Vijawada (45-50 km from
Khammam) and Suryapet (100-110 km from Khammam). The proximity to
these cities is expected to provide SDL with logistics ease, thus
strengthening project's viability.

Credit challenges

* Inherent project risks like execution within the scheduled
timeframe and budgeted cost: The capital outlay of the project is
estimated at INR71 crore, which would be largely funded by a term
loan of INR53.25 crore (~75% of the total project cost) and balance
through promoters' contribution. As of October 2022, a cost of
around INR2.5 crore (3.52% of the total project cost) has been
incurred towards the acquisition of land, funded by promoters'
contribution. Of the total project cost of INR71 crore, a term loan
of INR26.625 crore sanctioned by IREDA, part equity has been
brought in with the balance with balance to be brought in by March
2023 prior to seeking disbursement. For the balance INR26.625
crore, the partners are in discussion with public sector banks .
The terms for IREDA's sanctioned facility propose maintenance of
two quarters principal and interest as debt service reserve account
(DSRA) providing liquidity cushion. The project plan envisages
commencement of commercial
operations from April 1, 2024, with all the development activities
on the ground are yet to be initiated. While the firm has proposed
to appoint engineering procurement and construction (EPC)
contractor, M/s Praj Industries (industry leader for the distillery
equipment) for the project on fixed cost basis, the project
execution would be dependent on financial closure. Though the
Company has received majority of the requisite approvals for
commencement of setting up of the unit, the permission from the
Pollution Control Board is still awaited which poses certain risks
in terms of timely commencement of operations. The company's
ability to achieve healthy capacity utilisation and generate
healthy cash accruals will be important for timely debt servicing.

* Significant dependence on debt in capital structure; financial
closure for the project is yet to be achieved: The total estimated
cost of the project is INR71 crore, which will be funded by term
loan of INR53.25 crore keeping the dependence on borrowings very
high. However, presence of DFPD approval would entitle the project
to interest subvention aiding viability. ICRA notes that as on date
only 50% the debt has been sanctioned. As the debt sanctioned and
under discussion has a oneyear moratorium and long tenure of over 6
years for repayment, thus pointing to adequate cash flows from
operations for debt servicing.

* Risks associated with operating in a regulated industry: KBDIL's
operations are vulnerable to the Government's policies and schemes
such as interest subvention, ethanol pricing and offtake, raw
material availability and pricing, etc. Hence, cessation of any
schemes or any material decrease in ethanol pricing would have an
adverse impact on the firm's financials. Further the prices of raw
materials are prone to significant fluctuations as their
availability depends on the monsoon. Nonetheless, the Central
government pre-ponement of ethanol blending target to 2025 has
created strong demand for ethanol and thus, support the financial
performance of the distillery units for manufacturing ethanol. The
LLP is also constructing a grain silos to store the required raw
material for the operations and will use both broken rice and maize
as the raw material, thus reducing the impact of price fluctuations
and eliminating the dependence on a single crop.

* Risks associated with the entity's legal status as a limited
liability partnership firm: ICRA notes that KBDIL is a limited
liability partnership firm and any significant withdrawal of
capital by the partners may adversely impact the firm's net worth
and liquidity position. The promoters are first generation
entrepreneurs with no prior experience in setting and scaling up
business.

Liquidity position: Stretched

The liquidity profile of the firm is likely to remain stretched.
Any delay in achieving financial closure might lead to a delay in
commissioning of the project, adversely impacting the business risk
profile of the firm.

Rating sensitivities

Positive factors – Timely commencement of operation within the
budgeted cost along with sustained improvement in scale and
profitability leading to healthy cash flows could lead to an
upgrade.

Negative factors – Negative pressure on the rating could arise on
account of delay in commencement of operation or costoverruns or
stabilization of the unit's operation.

KBD Industries LLP (KBDILLP) was incorporated on February 26, 2021
under the Limited Liability Partnership Act, 2008 with the
objective of carrying on the business of manufacturing and sales of
Ethanol and related products. The LLP is setting up a 60-kilo
litres per day (KLD) grain-based ethanol distillery, mainly using
broken rice and maize as the basic raw material in Khammam,
Telangana.


LAKSHMI EGG: ICRA Withdraws B+ Rating on INR19cr LT Loan
--------------------------------------------------------
ICRA has withdrawn rating to the bank facilities of Sri Lakshmi Egg
Farming Private Limited (SLEFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.34        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Term loan                       from [ICRA]BB- (Stable)and
                                   moved to the 'Issuer Not
                                   Cooperating' category and
                                   withdrawn

   Long Term-         19.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB- (Stable)and
                                   moved to the 'Issuer Not
                                   Cooperating' category and
                                   withdrawn

Rationale

The rating downgrade is because of lack of adequate information
regarding SLEFPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.  

As part of its process and in accordance with its rating agreement
with SLEFPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative towards providing the "No Default Statement" since
June 2022. In the absence of requisite information and in line with
the aforesaid policy of ICRA, a rating view has been taken on the
entity based on the best available information. ICRA is withdrawing
the ratings assigned to the bank facilities of SLEFPL at the
request of the entity and based on the No objection certificate
from the bankers in accordance with the policy on withdrawal of
credit ratings. The ratings are not reviewed as the entity has
remain Non cooperative towards the rating exercise. The Key Rating
Drivers and their description, Liquidity Position, Rating
Sensitivities and Key financial indicators have not been captured
as the rated instruments are being withdrawn.

Sri Lakshmi Egg Farming Private Limited (SLEFPL) was established as
a partnership firm in 1989 and was converted into a private limited
company in 2012. The company is involved in the business of
commercial layer poultry farming with a total installed capacity of
8,65,056-layer birds. The company has poultry sheds at seven
locations in East Godavari district of Andhra Pradesh.


MAHAVIR SHIP: CRISIL Upgrades Rating on INR30.20cr Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Mahavir Ship Breakers (MSB) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and reaffirmed its 'CRISIL A4' rating on the
short-term bank facilities of the entity.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.82       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit     32.98       CRISIL A4 (Reaffirmed)

   Proposed Fund-       30.20       CRISIL B+/Stable (Upgraded
   Based Bank Limits                from 'CRISIL B/Stable')

The upgrade reflects an increase in the scale of operations during
fiscals 2021 and 2022 and improvement in the financial risk profile
due to networth turning positive at INR8.9 crore as on March 31,
2022.

The ratings continue to consider weak financial risk profile, large
working capital requirement, and exposure to risks related to
cyclicality, industry fragmentation, and volatility in scarp prices
and foreign exchange (forex) rates. These weaknesses are partially
offset by the extensive experience of the partners in the
ship-breaking industry.

Analytical Approach

CRISIL Ratings has considered the standalone business and financial
risk profiles of MSB.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Networth was low at INR8.90 crore
and total outside liabilities to tangible networth ratio was high
at 7.51 times as on March 31, 2022. Interest coverage and net cash
accruals to adjusted debt were moderate at 2.66 times and 0.22
time, respectively, for fiscal 2022.

* Large working capital requirement: The ship breaking industry is
marked by large inventory as procurement of a single ship happens
in one go, while realisation through sales proceeds may take
180-270 days. The working capital requirement for ship breaking
activity is managed by the letter of credit (LC)-backed credit
received from the suppliers, aided by unsecured loans extended by
the partners and their families. With ship acquisition before the
end of fiscal 2022, inventory was high at 288 days as on March 31,
2022.

* Exposure to risks related to cyclicality, industry fragmentation
and volatility in scarp prices and forex rates:
The industry is cyclical, and the viability of the business is
inversely correlated with the international freight index. Domestic
players also face competition from shipbreakers in China,
Bangladesh, and Pakistan. Further, the ship purchases are in
foreign currency (US Dollars) while realisation is in domestic
currency (Indian Rupees). Though the firm uses forwards to hedge
its forex risk, the cover is partial and taken based on management
expectations on forex movement. Also, the scrap rates are volatile
over the period of ship breaking, which impacts profitability.
Further, the industry faces risks associated with changes in
applicable regulatory norms.

Strength:

* Extensive experience of the partners: The partners have
experience of around three decades in the ship breaking industry;
their strong understanding of market dynamics and healthy
relationships with suppliers and customers. Also, the firm started
trading in billets and sponge iron from fiscal 2020.

Liquidity: Stretched

Large working capital requirement (entailing procurement of ship
against LC) restrains liquidity. Modest networth constrains
financial flexibility though it does not have any outstanding term
loan or bank borrowing. MSB does not have an open LC. Current ratio
was moderate at 1.49 times on March 31, 2022.

Outlook: Stable

MSB will continue to benefit from extensive experience of its
partners.

Rating Sensitivity factors

Upward factors

* Significant improvement in scale of operations with controlled
leverage ratio
* Cash accrual steady at more than INR2 crore per annum

Downward factors

* Adverse scrap rates or forex, leading to a weak margin of less
than 3%
vSizeable withdrawal of capital or a further stretch in the working
capital cycle

MSB, a partnership firm set up in 1983, is engaged in ship breaking
activity at Alang ship breaking yard, Bhavnagar (Gujarat). The firm
also started trading of billets and sponge iron from fiscal 2020.
It is owned and managed by Mr. Mukesh Jain and his family members.


MASS-TECH CONTROLS: CRISIL Withdraws B Rating on INR4cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Mass-Tech Controls Private Limited (MTCPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         6        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL A4'; Rating Withdrawn)

   Cash Credit            4        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

   Inland/Import          1.25     CRISIL A4 (ISSUER NOT
   Letter of Credit                COOPERATING; Migrated from
                                   'CRISIL A4'; Rating Withdrawn)

   Term Loan              0.20     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL B/Stable'; Rating
                                   Withdrawn)

CRISIL Ratings has been consistently following up with MTCPL for
obtaining information through letters and emails dated November 25,
2022 and December 1, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MTCPL. This restricts CRISIL
Ratings ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on MTCPL is consistent with Assessing Information Adequacy Risk.
CRISIL Ratings has migrated the ratings on the bank facilities of
MTCPL to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

MTCPL was incorporated in 1993 by Mr. Subash Patil and Ms Smita
Patil. The company assembles and designs direct current power
systems, battery chargers, convertors, and low-voltage switch gear
and control panels used in industrial setups. The manufacturing
unit is at Jalgaon, Maharashtra.


MAXIMAA SYSTEMS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Maximaa Systems Limited
        B-1, Yashkamal
        Tithal Road, Valsad
        Gujarat 396001
        India

Insolvency Commencement Date: December 1, 2022

Court: National Company Law Tribunal, AhmedabadBench

Estimated date of closure of
insolvency resolution process: May 27, 2023

Insolvency professional: Ajit Gyanchand Jain

Interim Resolution
Professional:            Ajit Gyanchand Jain
                         204, Wall Street 1
                         Near Gujarat College
                         Ellisbridge, Ahmedabad
                         Gujarat 380006
                         India
                         E-mail: ajit@vcanca.com
                                 cirp.maximaa@gmail.com

Last date for
submission of claims:    December 15, 2022


NEETA DEVELOPER: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating of Neeta Developer in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2006, Neeta Developer (ND or the firm) is a
partnership firm formed by Mr. Diwakar V Shetty, Sadanand Raju
Shetty and Mr. Uday Bhaskar Shetty as partners with the objective
of developing slum land located at Kurla East under Slum
Redevelopment Scheme. The firm is part of the 'Reliable Group,'
which has over two decades of track record in the real estate
development and has already completed multiple projects under SRA
(Slum Rehabilitation Authority) in western and central suburbs of
Mumbai.


NYLES SALES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Nyles Sales & Infraprojects Private Limited
        Plot No. 23/2, G-Block
        Bhagawan Market, Sambaji Nagar
        Chinchwad, Pune
        MH 411019
        IN

Insolvency Commencement Date: December 2, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 30, 2023

Insolvency professional: Mr. Sandeep Bishan Swaroop Goel

Interim Resolution
Professional:            Mr. Sandeep Bishan Swaroop Goel
                         1604, Verona
                         Hiranandani Gardens
                         Powai, Mumbai Suburban
                         Maharashtra 400076
                         E-mail: goelsandeep60@yahoo.com
                                 nylesalesip@gmail.com
                         Mobile: 9821186339

Last date for
submission of claims:    December 19, 2022


OLYMPIC DECOR: CRISIL Withdraws B Rating on INR15cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Olympic Decor LLP (ODPL) on the request of the company and receipt
of a no objection certificate from its bank. The rating action is
in line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

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

   Letter of Credit        1.5      CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Rupee Term Loan         4.8      CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with ODPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2000 as ODPL by the Patel family, ODL manufactures
paper-based, high-pressure decorative laminates in different
finishes (matt, cut glass, and leather), which it sells under the
Delta, and Royal Touche brands through a network of dealers across
India. ODPL's business is being undertaken by ODL from March 2016.


OPTO CIRCUITS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Opto Circuits (India) Limited
        Plot No. B3, Electronics City
        Bangalore South
        KA 560100
        IN

Insolvency Commencement Date: December 2, 2022

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: May 31, 2023

Insolvency professional: Pankaj Srivastava

Interim Resolution
Professional:            Pankaj Srivastava
                         "No. 5", 5th Cross Navya Nagar
                         Jakkur, Bangalore
                         Karnataka 560064
                         E-mail: ibc.opto@outlook.com

                           - and -

                         "No. 29", 1st Floor, SN Complex
                         14th Main Road
                         E-Block Extension
                         Sahakar Nagar
                         Bengaluru 560092

Last date for
submission of claims:    December 16, 2022


OVERSEAS INFRASTRUCTURE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Overseas Infrastructure Alliance (India) Private Limited
        501-502, OIA House
        470 Cardinal Gracious Road
        Andheri (E) Mumbai 400099

Insolvency Commencement Date: December 6, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 4, 2023
                               (180 days from commencement)

Insolvency professional: Harish Kant Kaushik

Interim Resolution
Professional:            Harish Kant Kaushik
                         F-1904, Sapphire Regency Towers
                         Kavesar, Ghodbundar Road
                         Thane (West), MH 400615
                         E-mail: harishkant2007@gmail.com

                            - and -

                         Unit No. 106, Kanakia Atrium-2
                         Cross Road 'A', Chakala MIDC
                         Andheri East, Mumbai 400093
                         E-mail: irp.overseainfra@gmail.com

Last date for
submission of claims:    December 20, 2022


RAJESH ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures
(NCDs) of Rajesh Estates And Nirman Private Limited (RENPL)
continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Non Convertible       297.6      CRISIL D (ISSUER NOT
   Debentures                       COOPERATING)
   Aggregating           

CRISIL Ratings has been following up with RENPL for getting
information through letters and emails dated August 30, 2022,
August 31, 2022, October 30, 2022 and October 31, 2022 apart from
various telephonic communications. However, the issuer has
continued to be non-cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on the
non-convertible debentures (NCDs) of RENPL continue to be 'CRISIL D
Issuer Not Cooperating'.

Incorporated in 1996, RENPL is a fully owned subsidiary of Rajesh
Constructions Company Pvt Ltd (the flagship company of the Rajesh
group). The company has been developing two projects: Raj Grandeur
and Raj Embassy and has recently started developing Raj Torres in
Thane, Maharashtra, aggregating to a total saleable area of 19 lakh
square foot (sq ft).

The Rajesh group is a Mumbai-based real estate developer, promoted
by Mr. Raghav Patel. Group companies have been engaged in real
estate construction and development for over 50 years. Operations
are currently managed by the third-generation of the family, Mr.
Priyal Patel and Mr. Pratik Patel. The group has nearly 86 lakh sq
ft of area under development across various projects in Mumbai as
on date.


RELIANCE CAPITAL: Lenders Finalise E-Auction Process for Bidders
----------------------------------------------------------------
BQ Prime reports that lenders of Reliance Capital Ltd. are believed
to have finalised the process and rules for conducting an e-auction
for the bidders.

According to sources, the e-auction will begin on Dec. 19, and it
will follow ascending auction process.

BQ Prime relates that the bid price of Rs 5,300 crore quoted by the
Cosmea-Piramal consortium will be the base price for the planned
auction, and in the round one, the bidders will have to bid more
than the base value, sources said.

This is the first time that an e-auction of this scale and
magnitude will take place for a resolution of an NBFC under the
Insolvency and Bankruptcy Code.

According to sources, the decision in favour of ascending e-auction
has been taken at the behest of LIC and EPFO, which together
control 35% of the voting rights in the committee of creditors, BQ
Prime relays.

Reliance Capital had received four binding bids at the company
level and the other three are Oaktree, Hinduja, and Torrent Group.

                       About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.

In February this year, RBI appointed administrator invited EoIs for
sale of Reliance Capital assets and subsidiaries.


S. I. SURGICAL: CRISIL Assigns B+ Rating to INR20cr Proposed Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of S. I. Surgical Private Limited (SISPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash
   Credit Limit            20       CRISIL B+/Stable (Assigned)

The rating reflects SISPL's exposure to intense competition, modest
scale of operation, working capital intensive operations and highly
leveraged capital structure. These weaknesses are partially offset
by its extensive industry experience of the promoters and healthy
debt protection.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition: Due to presence of large number
of organised & unorganized players in the segment driven by low
capital requirement, the industry is exposed to intense
competition. Therefore, scale of operations determines the
negotiating power with suppliers and customers, and ability to
withstand business downturns.

* Modest scale of operation: SISPLs business profile is constrained
by its scale of operations in the intensely competitive healthcare
supplies industry. SISPL's scale of operations will continue limit
its operating flexibility.

* Working capital intensive operations: Gross current assets were
at 280.0-151.0 days over the three fiscals ended March 31, 2022.
Its intensive working capital management is reflected in its gross
current assets (GCA) of 280.0 days as on March 31, 2022.  Its's
large working capital requirements arise from its high debtor and
inventory levels. It is required to extend long credit period.
Furthermore, due to its business need, it holds large work in
process & inventory.

* Highly leveraged capital structure:  SISPL has average financial
profile marked by high total outside liabilities to adj tangible
networth (TOL/ANW) of 6.98 times for last year ending on 31st March
2022.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of more than 2 decades in healthcare industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers.

* Comfortable debt protection: SISPL's debt protection measures
have been at comfortable level despite leverage due to moderately
healthy profitability. The interest coverage and net cash accrual
to total debt (NCATD) ratio are at 17.5 times and 1.25 times for
fiscal 2022. SISPL debt protection measures are expected to remain
at similar level over medium term.

Liquidity: Stretched

Cash accruals are expected to be over INR18 lakhs which are
sufficient against no major term debt obligation over the medium
term. In addition, it will be act as cushion to the liquidity of
the company.

Current ratio is low at 0.94 times on March 31, 2022. Low gearing
and moderate net worth support its financial flexibility and
provides the financial cushion available in case of any adverse
conditions or downturn in the business.

Outlook: Stable

CRISIL Ratings believe SISPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation by 60% and sustenance
of operating margin, leading to higher cash accruals
* Improvement in working capital cycle

Downward factors

* Decline in scale of operations leading to fall in revenue by 20%
and profitability margin, hence leading to lower net cash accrual.
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

SISPL was incorporated in July 2016. It is involved in
manufacturing of modular operation theatre (OT), hospital beds and
hospital furniture.

SISPL's manufacturing facility is located at Kolkata, West Bengal.


The company is owned & managed by Sanjoy Mukherjee, Samarpita
Mukherjee and Apratim Nandi.


SARGAM INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sargam India Electronics Private Limited
        Garg Trade Centre, Block No. 1
        IIIrd Floor, Behind SBI Bank
        Sector-11, Rohini
        Delhi 110085

Insolvency Commencement Date: November 29, 2022

Court: National Company Law Tribunal, New Delhi Bench-VI

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

Insolvency professional: Mr. Ankit Goel

Interim Resolution
Professional:            Mr. Ankit Goel
                         AAA Insolvency Professionals LLP
                         E-10A, Lower Ground Floor
                         Kailash Colony, Greater Kailash-I
                         New Delhi 110048
                         E-mail: ankitgoel@aaainsolvency.in
                                 sargamindiaelectronics.ibc@
                                 gmail.com

Last date for
submission of claims:    December 13, 2022


SHAH PACKWELL: CRISIL Moves B- Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shah
Packwell Industries (SPI) to 'CRISIL B-/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Funded Interest
   Term Loan              0.31      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              0.19      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital
   Term Loan              3         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SPI for
obtaining information through letters and emails dated November 28,
2022 and December 5, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SPI, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPI
is consistent with Assessing Information Adequacy Risk. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of SPI to 'CRISIL B-/Stable Issuer not cooperating'.

Incorporated in 1996 as a partnership firm, SPI manufactures
corrugated boxes using kraft paper. The firm is promoted by Mr.
Kapoor Shah, and his son Mr. Khilin Shah.


SIMTEL TRADING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Simtel Trading Corporation Private Limited
        Cheraykkayath Building
        Grace Home No. 8/700R
        Vayansala Junction
        Thengode Thrikkakara Ernakulam
        Kerala 682030, India

Insolvency Commencement Date: December 1, 2022

Court: National Company Law Tribunal, Gurugram Bench

Estimated date of closure of
insolvency resolution process: May 30, 2023

Insolvency professional: Vikky Dang

Interim Resolution
Professional:            Vikky Dang
                         B-11, Near Mangal Bazar Gurudwara
                         Vishnu Garden, New Delhi 110018
                         E-mail: vikkydang@gmail.com

                            - and -

                         83, National Media Centre
                         Shanker Chowk, Nr. Ambiance Mall
                         DLF Cyber City
                         Gurugram 122002
                         E-mail: cirp.simteltrading@gmail.com

Last date for
submission of claims:    December 15, 2022


SKYLEAD CHEMICALS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Skylead Chemcials Ltd
        Survey No. 315, Bhavnagar-Sihor Road
        Navagam (Kardej), Post Vartej
        Vartej Bhavnagar
        Gujarat 364060

Insolvency Commencement Date: December 2, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 29, 2023

Insolvency professional: Tejas Shah

Interim Resolution
Professional:            Tejas Shah
                         B 201, Narayan Krupa Avenue
                         Opp. Prernatirth Derasar
                         Jodhpur, Satellite
                         Ahmedabad, Gujarat 380015
                         E-mail: tejasshah44@yahoo.com

                            - and -

                         9/B, Vardan Complex
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: cirp.skylead@gmail.com

Last date for
submission of claims:    December 14, 2022


SUN GANGA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Sun Ganga Construction Co. Pvt. Ltd.
        T-345, 3rd Floor, Plot No. 3
        Pocket 5, Manish Metro Plaza
        Sector 12, Near Ashirwad Chowk
        Dwarka, New Delhi 110075

Insolvency Commencement Date: November 25, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 23, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Sanjay Gupta

Interim Resolution
Professional:            Mr. Sanjay Gupta
                         C-4E/135 Janak Puri
                         New Delhi 110058
                         E-mail: sanjay@sgaindia.in

                            - and -

                         Primus Insolvency Resolution and
                         Valuation Pvt. Ltd.
                         C-4E/135, Janakpuri
                         New Delhi 110058
                         E-mail: cirpsunganga@gmail.com

Last date for
submission of claims:    December 8, 2022


VIJAYKUMAR AND CO: ICRA Withdraws B+ Rating on INR5cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Vijaykumar And Co. at the request of the company and based on the
No Objection Certificate/Closure Certificate received from the
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–         (5.00)       [ICRA]B+(Stable) ISSUER NOT
   Interchangeable-                COOPERATING; Withdrawn
   Cash Credit        
                                  
   Short-term-        30.00        [ICRA]A4 ISSUER NOT
   Non-Fund Based-                 COOPERATING; Withdrawn
   Letter of Credit   
                                   
VAC was established in 1994 as a proprietorship concern to carry
out ship recycling activities, which was subsequently converted
into a partnership firm. Currently, the firm operates from the
Alang Ship Breaking Yard in Bhavnagar, Gujarat. VAC is part of the
Bhupatrai Chimanlal Group, which started its business in 1970 with
its flagship company, Mono Plast, and began ship breaking
activities from 1985. At present, the Group enjoys a diversified
presence across various industries like ship recycling,
shipbuilding, steel, textiles, mining, solar and oxygen plant among
others. The Group companies include Paras Steel Corporation
(engaged in ship breaking), Dalkan Ship Breaking Ltd. (engaged in
ship breaking), Mono Steel India Limited (engaged in manufacturing
sponge iron, MS billets and TMT bars), and Jay Bharat Steel
Corporation (engaged in manufacturing MS billets), etc.




===============
M O N G O L I A
===============

MONGOLIAN MINING: S&P Lowers LT Issuer Credit Rating to 'SD'
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Mongolian Mining Corp. (MMC) to 'SD' from 'CC'. S&P also lowered
its long-term issue rating on MMC's outstanding senior unsecured
notes due 2024 to 'D' from 'CC'.

MMC has completed a tender offer for its senior unsecured notes due
April 2024. S&P considers the offer to be a distressed exchange
tantamount to a default.

The Mongolia-based coal miner has bought back about US$42.6 million
in aggregate principal amount of the existing notes, representing
approximately 9.68% of the US$440 million total outstanding
principal amount.

S&P said, "The downgrade follows MMC's completion of a cash tender
offer for its senior unsecured notes due April 15, 2024, which we
view as a distressed exchange. MMC bought back US$42.6 million of
the principal amount of the existing notes at a clearing price of
US$630 for each US$1,000 principal amount. The tendered amount
represents approximately 9.68% of the US$440 million total
outstanding principal amount. We view the final buyback amount as
significant, despite it being lower than the company proposed
tender cap of US$100 million."

MMC also canceled US$21 million in principal of the notes that was
held as treasury notes. The company has approximately US$376
million of the 2024 notes outstanding after completing the
transactions.

S&P said, "We view the transaction as tantamount to default. This
is because the participating bondholders received significantly
less than what they were promised for the original securities on
the maturity date, i.e., the par value. In addition, we see the
company as vulnerable to default on its U.S. dollar-denominated
notes upon maturity if it had not carried out the tender offer. The
company could face a material liquidity shortfall over the next
12-18 months without the transaction because its sales were hit by
restrictions on truck throughput at the Chinese-Mongolian border
since the outbreak of the COVID-19 pandemic. This is despite
operating conditions stabilizing recently, with higher border
throughput and sales volume.

"MMC will likely need to rely on refinancing to repay its
U.S.-dollar notes on time and in full, given its self-generated
cash may not be sufficient to cover the debt maturity. We view the
company's refinancing risk as high because financing conditions for
high yield issuers remain challenging, especially for coal
producers.

"We intend to review our ratings on MMC, including the issuer
credit rating and issue-level ratings as soon as we have sufficient
information to reassess. We will incorporate our forward-looking
opinion of the company's creditworthiness following completion of
the tender offer. This includes the sustainability of the company's
capital structure and liquidity position, considering the debt
reduction."

ESG credit indicators: E-4; S-3; G-4




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

BEACOS NZ: First Creditors' Meeting Set for Dec. 14
---------------------------------------------------
A first meeting of the creditors in the proceedings of Beacos NZ
Limited and Vac-U-Digga NZ Limited will be held on Dec. 14, 2022,
at 1:00 p.m. at Sky City Hotel, 72 Victoria Street West, in
Auckland.

Michael James Billingsley and Neil Robert Cussen on Dec. 4, 2022,
were appointed as administrators of Beacos NZ and Vac-U-Digga NZ.

The administrators may be reached at:

          Cor Cordis Pty Ltd
          PO Box Q1165
          Queen Victoria Building 1230
          NSW, Australia


BLUESTONE NZ 2022-2: S&P Assigns Prelim. Bsf Rating on F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by New Zealand Guardian Trust Co. Ltd. as trustee of
Bluestone NZ Prime 2022-2 Trust. Bluestone NZ Prime 2022-2 Trust is
a securitization of prime residential mortgages originated by
Bluestone Mortgages NZ Ltd.

The preliminary ratings S&P has assigned to the floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P said, "Our analysis is on
the basis that the rated notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date."

S&P said, "Our ratings also consider the counterparty exposure to
ASB Bank Ltd. as bank account provider and Bank of New Zealand as
the liquidity facility provider and interest-rate hedge provider.
The transaction documents for the swaps and facilities include
downgrade language consistent with S&P Global Ratings' counterparty
criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Bluestone NZ Prime 2022-2 Trust
  Class A1-S, NZ$52.50 million: AAA (sf)
  Class A1-L, NZ$145.50 million: AAA (sf)
  Class A2, NZ$26.00 million: AAA (sf)
  Class B, NZ$7.875 million: AA (sf)
  Class C, NZ$6.95 million: A (sf)
  Class D, NZ$4.725 million: BBB (sf)
  Class E, NZ$2.95 million: BB (sf)
  Class F, NZ$1.95 million: B (sf)
  Class G, NZ$1.55 million: Not rated


CORE CIVIL: Creditors' Proofs of Debt Due on Jan. 19
----------------------------------------------------
Creditors of Core Civil Holdings Limited are required to file their
proofs of debt by Jan. 19, 2023, to be included in the company's
dividend distribution.

The High Court at Christchurch appointed Tony Leonard Maginness and
Jared Waiata Booth of Baker Tilly Staples Rodway Auckland Limited
as liquidators on Dec. 8. 2022.


PARI LIMITED: Creditors' Proofs of Debt Due on Jan. 16
------------------------------------------------------
Creditors of Pari Limited, Mane Build Limited and BRL Consulting
Limited are required to file their proofs of debt by Jan. 16, 2023,
to be included in the company's dividend distribution.

Pari Limited commenced wind-up proceedings on Dec. 1, 2022. Mane
Build Limited commenced wind-up proceedings on Dec. 2, 2022. BRL
Consulting Limited commenced wind-up proceedings on Dec. 5, 2022.

The companies' liquidators are:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana
          Porirua 5247


RUAPEHU ALPINE: Faces Liquidation After Govt .Refuses Extra Funding
-------------------------------------------------------------------
Stuff.co.nz reports that the operator of Mt Ruapehu's Turoa and
Whakapapa ski fields faces liquidation after the Government
reportedly declined to provide a lifeline to keep it going until
the 2023 winter season.

Ruapehu Alpine Lifts went into voluntary administration in October
after the combined effects of Covid-19 lockdowns and border
closures, and a poor ski season left it NZD45 million in debt.

According to Stuff, the voluntary administrators needed NZD9
million to survive until the ski season opened. They had put
together a NZD4 million rescue package, from the Government and
ANZ, but that money was due to run out by Christmas.

Voluntary administrator John Fisk held a public meeting in Ohakune
on Nov. 30, and said Cabinet meeting on Nov. 28 advised there was
no more money available, according to a Facebook post by Owhango
Community Board member Murray Wilson.

Stuff relates that Sam Clarkson, founder of the Save Mt Ruapehu
Skifields Group, said the Cabinet decision not to inject more
funding was baffling.

"That leaves us with only one option now, that's liquidation."

Either way, taxpayer money would be needed but the most expensive
option was liquidation, Mr. Clarkson said.

Stuff adds that a spokesperson for MBIE said the Crown extended
bridging finance of NZD2 million in a 'one-off' loan, which was
matched by ANZ.

That was to provide sufficient working capital to retain the RAL
management team while a potential resolution was being negotiated.

"Issues remain challenging, and Government is continuing to
consider the situation.

"There is no further update at this stage."

The cost to the Crown to remove the ski field infrastructure from
Mt Ruapehu and return the area, in a National Park, to its natural
state was estimated at up to NZD100 million, Stuff says. There
would also be revenue loss for local businesses.

"The taxpayer has two choices here, pay up about NZD10 million or
NZD15 million to rescue RAL or pay NZD100 million to slaughter the
Central North Island economy, and Cabinet has given no reason why,"
Stuff quotes Mr. Clarkson as saying.  "It's just fiscal madness."

Last month, the Ministry of Business, Innovation and Employment
asked the administrators to survey RAL's 14,500 life pass holders
to see if they would financially support a new entity to operate
the ski fields, Stuff recalls.

A further NZD10 million to NZD15 million was needed to set up the
new entity.

According to the report, Mr. Clarkson said administrators needed to
hold a watershed meeting before December 16.

"We only really have one choice, which is to vote to liquidate."

RAL was the largest employer in the region, with up to 700 workers
at the season's peak.

The ski fields also supported a NZD100 million estimated annual
economic benefit to the region, and a further 880 jobs.

John Fisk and Richard Nacey of PwC on Oct. 11, 2022, were appointed
as administrators of Ruapehu Alpine Lifts Limited.


SAVVY MARKETING: Court to Hear Wind-Up Petition on Feb. 9
---------------------------------------------------------
A petition to wind up the operations of Savvy Marketing Limited and
Savvy Solutions Limited will be heard before the High Court at
Christchurch on Feb. 9, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 20, 2022.

The Petitioner's solicitor is:

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


TAKIMANO LIMITED: Creditors' Proofs of Debt Due on Jan. 12
----------------------------------------------------------
Creditors of Takimano Limited are required to file their proofs of
debt by Jan. 12, 2023, to be included in the company's dividend
distribution.

The High Court at Auckland appointed Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators on Dec. 9, 2022.


WAIKATO EXPLORER: In Liquidation After Waikato's Jetty Upgrade
--------------------------------------------------------------
Stuff.co.nz reports that Waikato Explorer Ltd, Hamilton's river
ferries firm, is sunk financially, and had "no other choice" but
voluntary liquidation after it failed to sell, raising questions
about recent ratepayer-funded jetty upgrades.

According to Stuff, Waikato Explorer has faced various financial
speedbumps, including Covid-19 lockdowns and the postponement of
Fieldays, director Darren Mills said. Its debts are in the hundreds
of thousands.

He said the liquidation raises questions about the future use of
jetties installed by Hamilton City Council near the museum and at
Hamilton Gardens, which recently got $1.6 million in renewal
funding, Stuff relays. The council said it didn't know about the
liquidation and will be disappointed if another operator doesn't
come along.

Stuff says Mr. Mills referred questions on the exact level of debt
to liquidators but confirmed it was in the "hundreds of thousands
of dollars" range. "It's not a huge amount . . . we're not talking
millions."

Auckland-based Khov Jones Ltd is handling the liquidation, Stuff
discloses citing a notice in the New Zealand Gazette.

Mr. Mills had been planning to sell up and move on from the Waikato
Explorer firm he had run with late wife Vanessa, telling Stuff in
June that the business was thriving despite closed borders and
Covid-19 restrictions, and had its most profitable year up to March
2021.

But on Dec. 5, he acknowledged there had been big problems after
that. Covid-19 lockdowns, especially in Auckland, the delay to
Fieldays and resulting loss of traffic this year, and "lots of
cancellations" had been factors leading him to put Waikato Explorer
Ltd on the market mid-year.

He had had various approaches but there were "a lot of tyre-kickers
around, no money".

One person had bailed out on contract signing day. "We thought,
we're flogging a dead horse."

The business was then put into voluntary liquidation, a move which
can be a "cost-effective way to exit a business" and protect from
legal action, according to an insolvency firm's website.

"We had no other choice . . . I'd personally run out of money and
the shareholders weren't prepared to put any more money into it,"
Stuff quotes Mr. Mills as saying.

Two of the firm's three vessels have been sold previously, with
proceeds from the latest sale of a vessel to Fiji going to paying
off business debts. The third, called Kiwi Cat and tied up at
Mystery Creek, is owned by the business and being managed by the
liquidator, he said, Stuff relays.

He's hoping its sale will fetch enough to pay all debts but isn't
sure it will cover them entirely.

The liquidator had a good reputation for getting a good price for
assets, he said.

Mr. Mills queried how much value the council would be getting out
of its jetties investment now that his boats were no longer using
them.

According to Stuff, Hamilton City Council said in a statement that
it hadn't been aware of the liquidation and it didn't know of any
money owed to it by the company.

"Council would be disappointed if there was no Waikato
Explorer-type services on the river and hopes that another operator
will enter the market," Stuff quotes parks and recreation manager
Maria Barrie as saying.

But no "formal consideration" had been given to the council buying
the company's assets and running a similar service, she said.




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

HASSON FOOD: Court to Hear Wind-Up Petition on Dec. 30
------------------------------------------------------
A petition to wind up the operations of Hasson Food Company Pte Ltd
will be heard before the High Court of Singapore on Dec. 30, 2022,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Dec. 8, 2022.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098



                           *********


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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                *** End of Transmission ***