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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, January 11, 2023, Vol. 26, No. 9

                           Headlines



A U S T R A L I A

AMALINE PROPERTIES: Second Creditors' Meeting Set for Jan. 18
HALLBUILD PTY: First Creditors' Meeting Set for Jan. 17
K2M INVESTMENTS: First Creditors' Meeting Set for Jan. 19
LDC PTY: Goes Into Liquidation; Owes AUD7 Million
MNT INVESTMENTS: Second Creditors' Meeting Set for Jan. 18

MOBIKE: Bike-Sharing Company Faces AUD1.3MM Problem After Collapse
MURPHY MCCARTHY: First Creditors' Meeting Set for Jan. 18
SRD QLD: Second Creditors' Meeting Set for Jan. 19


C H I N A

BETTER LIFE: To Cede Retail Unit Control Amid Liquidity Crunch
CARREFOUR CHINA: Reportedly Denies Bankruptcy Rumor
CHINA: Developers Face US$141BB Wall of Maturing Bonds in 2023


H O N G   K O N G

SJM HOLDINGS: Fitch Affirms BB- Foreign Currency IDR, Outlook Neg.


I N D I A

BSR POULTRY: CRISIL Lowers Rating on INR11.5cr Cash Loan to B
BYJU'S ALPHA: Fidelity Fund Marks $21.8M Loan at 21% Off
E-VILLAGE RESORTS: CRISIL Keeps B Debt Rating in Not Cooperating
EVERSHINE WOOD: CRISIL Keeps B Debt Rating in Not Cooperating
F.I. EDUCATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating

FAUNA INTERNATIONAL: CRISIL Lowers Rating on INR0.5cr Loan to B
KARUNAMAYE BEVERAGES: CRISIL Keeps B- Ratings in Not Cooperating
LAV LAXMI: CRISIL Keeps B Debt Rating in Not Cooperating
LAXMI GARMENTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LAXMI INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating

M.G. BROTHERS: CRISIL Keeps B Debt Ratings in Not Cooperating
MAHALAXMI INDUSTRIES: CRISIL Keeps B Rating in Not Cooperating
MANGAL TRADING: CRISIL Keeps B+ Debt Rating in Not Cooperating
MANGALMAY FOUNDATION: CRISIL Keeps B Ratings in Not Cooperating
MARUTHI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating

MAXIMO CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MEKA BUJJI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAJEEV TRADECOMM: CRISIL Lowers Rating on INR10cr Cash Loan to B
RAJESH STEEL: CRISIL Keeps B Debt Rating in Not Cooperating
RAM SARUP: CRISIL Keeps B Debt Rating in Not Cooperating

ROCKWELL MINERALS: CRISIL Keeps B Debt Rating in Not Cooperating
ROYAL CONSTRUCTION: CRISIL Keeps B Debt Rating in Not Cooperating
S.K. FARMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
S.M. EDIBLES: CRISIL Keeps B+ Debt Rating in Not Cooperating
SAKTHI EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating

SHARDA ROAD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SIDDHARTHA SUPER: CRISIL Keeps B Debt Ratings in Not Cooperating
VANI TOBACCOS: CRISIL Reaffirms B+ Rating on INR6cr Loan


J A P A N

TOSHIBA CORP: Japan Banks Target End-January for Bid Loan Decision


P A K I S T A N

PAKISTAN: Saudi Arabia Weighs Boosting Investment to US$10BB


S I N G A P O R E

BLACKSTONE CAPITAL: Creditors' Proofs of Debt Due on Feb. 10
BUKIT BATOK: Creditors' Proofs of Debt Due on Feb. 6
CALYX INVESTMENTS: Creditors' Proofs of Debt Due on Feb. 6
HAN CAPE: Creditors' Proofs of Debt Due on Feb. 6
NEW ENGLAND: Creditors' Proofs of Debt Due on Feb. 6

SINGAPORE: Number of Compulsory Wind-Ups Rises After Two-Year Fall
YANGZIJIANG SHIPPING: Court to Hear Wind-Up Petition on Jan. 20

                           - - - - -


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

AMALINE PROPERTIES: Second Creditors' Meeting Set for Jan. 18
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Amaline
Properties Pty Limited has been set for Jan. 18, 2023, at 10:00
a.m. at the offices of O'Brien Palmer, Level 9, 66 Clarence Street,
in Sydney, NSW.

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 Jan. 17, 2023, at 4:00 p.m.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Dec. 2, 2023.


HALLBUILD PTY: First Creditors' Meeting Set for Jan. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Hallbuild
Pty Ltd, trading as Hallbury Homes, will be held on Jan. 17, 2023,
at 10:00 a.m. at the offices of Frankston RSL, 183 Cranbourne Road,
in Frankston, Victoria, and via virtual meeting technology.

Michael Caspaney of Menzies Advisory was appointed as administrator
of the company on Jan. 5, 2023.


K2M INVESTMENTS: First Creditors' Meeting Set for Jan. 19
---------------------------------------------------------
A first meeting of the creditors in the proceedings of K2M
Investments Pty Ltd will be held on Jan. 19, 2023, at 11:00 a.m.

David Michael Stimpson and Adam Kersey of SV Partners were
appointed as administrators of the company on Jan. 9, 2023.


LDC PTY: Goes Into Liquidation; Owes AUD7 Million
-------------------------------------------------
News.com.au reports that a construction firm in Queensland has
collapsed owing AUD7 million and leaving nearly 50 projects
unfinished.  LDC Pty Ltd, based in Brisbane, went into liquidation
on Jan. 6 and becomes the first casualty in the construction
industry in 2023, the report says.

The company owes creditors and subcontractors AUD7.03 million,
news.com.au discloses citing the Courier Mail.

According to news.com.au, liquidator Bill Karageozis, of Mcleods
Accounting, said LDC, which launched in 2018, "obviously owes a lot
more than it owns in assets".

"There are 48 building sites affected in South East Queensland and
we've reached out to the Queensland Building and Construction
Commission (QBCC) and they're aware of the company going into
liquidation.

"They will contact the lot owners who have had partially completed
contracts. We will work with the QBCC and make sure they get what
they need."

LDC has 45 staff and owns more than AUD1 million in land, with
AUD304,000 worth of work in progress, the report discloses.

The company completed AUD19.4 million in works last year, and more
than AUD31.1 million the year before.

"We are looking into the affairs of the company and see why it went
down and try to get as much money as possible for the people who
are owed money," the report quotes Mr. Karageozis as saying.

The construction industry has been plagued with a spate of
collapses caused by a perfect storm of supply chain disruptions,
skilled labour shortages, skyrocketing costs of materials and
logistics, and extreme weather events.


MNT INVESTMENTS: Second Creditors' Meeting Set for Jan. 18
----------------------------------------------------------
A second meeting of creditors in the proceedings of MNT Investments
Pty Ltd has been set for Jan. 18, 2023, at 11:00 a.m. via virtual
meeting.

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 Jan. 17, 2023, at 4:00 p.m.

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


MOBIKE: Bike-Sharing Company Faces AUD1.3MM Problem After Collapse
------------------------------------------------------------------
News.com.au reports that more than 1,600 bikes worth a whopping
AUD1.3 million can't be recovered and will be left abandoned on
streets and in warehouses around Australia after bike sharing
company Mobike collapsed, a liquidator's report has revealed.

The Chinese owned operation saw Mobike's orange and silver bikes
hit the streets of Sydney and the Gold Coast in 2017 as it became a
global phenomenon with its dockless bike sharing scheme.

At the time, it boasted "incredible success" in cities like Milan,
Florence, Manchester and Washington D.C., the report says.

Meanwhile, its launch on the Gold Coast five years ago included
bikes featuring internal three-speed gears and surf racks with
2,000 of its bikes hitting streets across Southport, Surfers
Paradise, Broadbeach and Varsity Lakes.

But despite the company being sold for AUD3.8 billion in 2018, it
went under late last year, news.com.au recalls.

As a result, its website, app and bike tracking software were shut
down, making it impossible for Mobike liquidators Chifley Advisory
to uncover the exact location or number of bikes still in
circulation.

According to news.com.au, the liquidator's report revealed the
company had suffered losses since 2020.

It it also noted that one of the company's directors had told them
there were "approximately 1600 bicycles located at four storage
facilities in NSW and Queensland with an estimated value of
AUD1,341,860".

With Mobikes having gone into liquidation in October, attempts to
find a buyer for the bikes, which could be worth an estimated
AUD840 each, have not been successful – in particular for 1,300
located in NSW, news.com.au relates.

"As the third-party software provider has terminated the company's
software, we are unable to access the information about the bikes
currently deployed," liquidator Henry Kwok told the Sydney Morning
Herald.

"We were advised some bikes may be deployed in Gold Coast,
Queensland."

As a result the liquidators said in the report they had "no
alternative" but to make a "commercial decision to disclaim
interest in the bikes at all known locations," news.com.au relays.

They based the decision on "valuation figures" which were not
shared publicly, the bikes location, the cost of storage and the
difficulty in getting software rebooted.

However, Mr. Kwok said Mobike still remained the legal owner of the
bikes despite no longer retaining an interest in dealing with them
and anyone who sold them would have to pay back any surplus,
news.com.au relays.

In China, Mobike was attempting to turn a profit last year by
raising prices, said a report from the South China Morning Post.

News.com.au notes that Mobike owner Meituan blamed the price hikes
on "increases in hardware, operations and maintenance costs", while
the industry as a whole had been hit by a shortage of raw
materials, including steel, plastic and tires and had also battled
intense competition with billions lost.


MURPHY MCCARTHY: First Creditors' Meeting Set for Jan. 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Murphy,
McCarthy & Associates Pty. Limited, trading as "MMA Civil
Contractors" will be held on Jan. 18, 2023, at 11:00 a.m. at the
offices of PKF, 755 Hunter Street, in Newcastle, West NSW, and via
virtual meeting technology.

Simon Thorn of PKF was appointed as administrator of the company on
Jan. 6, 2023.


SRD QLD: Second Creditors' Meeting Set for Jan. 19
--------------------------------------------------
A second meeting of creditors in the proceedings of SRD QLD Pty Ltd
has been set for Jan. 19, 2023, at 10:00 a.m. at Level 6, 239
George Street, in Brisbane, Qld.  

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 Jan. 18, 2023, at 4:00 p.m.

Daniel Moore of BCR Advisory was appointed as administrator of the
company on Dec. 13, 2022.




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

BETTER LIFE: To Cede Retail Unit Control Amid Liquidity Crunch
--------------------------------------------------------------
Yicai Global reports that Chinese private retailer Better Life
Commercial Chain Share has revealed that Better Life Investment
Group, its controlling shareholder, plans to transfer its stake and
entrust its voting rights to a local government financing vehicle.

Yicai Global relates that the shares and voting rights represent 29
percent of Better Life Commercial Chain Share's total share
capital, the Hunan province-based company said. Trading of its
shares was suspended on Jan. 9 for up to two days, it added.

Better Life Commercial Chain Share closed at CNY6.66 (USD0.97)
before the trading halt, with a market capitalization of almost
CNY5.8 billion (USD856.4 million), the report discloses.

According to the report, Better Life Investment still faces
financial difficulties despite receiving CNY2 billion (USD295
million) in support from state-owned enterprise last year.

Yicai Global relates that Better Life Commercial Chain Share said
uncertainties surround the transaction, without disclosing
information about the local government financing vehicle.

Data shows that at the end of last September, Better Life
Commercial Chain Share was 34.99 percent owned by Better Life
Investment and its founder and actual controller was Wang Tian.

Wang's wife Zhang Haixia directly owns 6.01 percent stake in Better
Life Commercial Chain Share, and Tencent Holdings' affiliate Linzhi
Tencent Technology is its third biggest shareholder with 5 percent,
Yicai Global discloses.

If the transfer is successful, the unnamed LGFV will become Better
Life Commercial Chain Share's biggest shareholder, th report
notes.

Founded in 1995, Better Life Investment is involved in retail
trade, e-commerce, commercial property, and other businesses. It
had revenue of CNY41.5 billion (USD6.1 billion) in 2019.

Due to successive investment in the construction of large shopping
malls, Better Life Investment faced a liquidity crunch in 2020,
Yicai Global notes. As of last September, the company had total
assets of CNY30.3 billion, of which current assets were only CNY3
billion, while its liabilities were as high as CNY16 billion in the
same period, Yicai Global discloses.

Yicai Global says the group was the subject of bankruptcy rumors in
June. As a result, customers with Better Life's prepaid cards
flocked to its bricks-and-mortar stores to use them.

Hunan Xingxiang Investment Holding Group and Hunan Luvalley
Development Group, two government-backed firms, provided CNY2
billion of liquidity to the group in June, making them
co-second-largest shareholder with a 17.88 percent stake, with Wang
and his wife's holding down to 72.27 percent from 88 percent, the
report notes.


CARREFOUR CHINA: Reportedly Denies Bankruptcy Rumor
---------------------------------------------------
Yicai Global reports that Carrefour China has reportedly rebutted a
rumor that the hypermarket chain operator, majority owned by
Chinese retail giant Suning.Com, is about to go bankrupt.

Consumers should not believe or spread rumors, the relevant person
in charge at Carrefour China was cited as saying by The Paper on
Jan. 9, Yicai Global relays. The retailer will continue to
cultivate the Chinese market and provide excellent services, the
person said.

As well as some empty shelving in Carrefour stores, customers have
also noted that their gift cards have been rejected recently,
leading to online rumors about the business' impending demise,
according to Yicai Global.

Carrefour's stores in the Chinese mainland accept WeChat Pay,
Alipay, Cloud QuickPass, bank cards, cash, and other payment
methods, and most goods can be bought via gift cards, the person
claimed.

Carrefour entered China in 1995 and expanded quickly early on,
securing a relatively large market share. But profits began to
decline as competition increased. In 2019, the French retailer sold
80 percent of its loss-making China business to Jiangsu-based
Suning for CNY4.8 billion (USD699 million at the time), Yicai
Global recalls.

According to Yicai Global, the retail sector has faced
unprecedented challenges in recent years because of the Covid-19
pandemic and other factors, the person said, adding that Carrefour
China is transforming and upgrading to deal with these challenges
and promote new supply chain models.

With the coordination and support of suppliers, groups, and other
parties, the firm's supply chain is being optimized in an orderly
manner, and will continue to provide consumers with richer product
choices, the person said, Yicai Global relays.

Carrefour had 151 stores in China as of Sept. 30, after 54 closed
in the first three quarters of the year, Yicai Global discloses
citing Suning's financial report released on Nov. 1.

Yicai Global relates that Suning shut some regional stores to
improve Carrefour China's economies of scale. The integration of
the 3C (computers, communications, and consumer electronics)
business model took advantage of the large number of consumers in
stores to increase the income from the highly profitable home
appliance business and share fixed costs.

Carrefour China's net loss widened almost 14 percent to CNY662
million (USD98 million) in the first half of 2022 from a year
earlier, Suning's earnings statement showed. Revenue fell 25
percent to CNY8.9 billion (USD1.3 billion).


CHINA: Developers Face US$141BB Wall of Maturing Bonds in 2023
--------------------------------------------------------------
Caixin Global reports that Chinese developers are facing growing
pressure on debt repayment as CNY958 billion (US$141 billion) of
onshore and offshore bonds come due by the end of this year, data
from a property think tank show.

The figure is CNY70 billion more than last year, Liu Shui, a senior
researcher at the China Index Academy, wrote in a note Jan. 9.
Bonds issued in the onshore market account for nearly two-thirds of
the total, the academy said in a separate report on Jan. 6, the
report relays.




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

SJM HOLDINGS: Fitch Affirms BB- Foreign Currency IDR, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed SJM Holdings Limited's (SJMH) Long-Term
Foreign-Currency Issuer Default Rating and senior unsecured rating
at 'BB-'. The Outlook is Negative. The 'BB-' rating on the
outstanding notes issued by its subsidiary, Champion Path Holdings
Limited, has also been affirmed. The notes are rated at the same
level as SJMH's senior unsecured rating, as they represent the
company's unconditional and irrevocable obligations.

Fitch has removed the Rating Watch Negative for all of the ratings
after the official award of a new, 10-year gaming concession in
Macao on 16 December 2022, with reasonable terms and commitments,
in its opinion. Visitor recovery remains a key risk to SJMH's
deleveraging trajectory, which is reflected in the Negative
Outlook. Fitch continues to forecast SJMH's gross leverage metrics
will return to within the 'BB-' threshold by 2025, assuming a
successful ramp-up of its Grand Lisboa Palace (GLP) resort.

KEY RATING DRIVERS

Recovery Trajectory Driving Outlook: The removal of the concession
overhang eliminates a material credit risk, but uncertainly remains
over a recovery in gross gaming revenue (GGR) and visitor arrivals
into Macao, despite recent positive developments. Fitch's base case
expects Macao's GGR to be 50%, 70% and 90% of 2019 levels in 2023,
2024 and 2025, respectively.

Fitch believes there is potential pent-up demand for gaming and
leisure-oriented activities in Macao following nearly three years
of pandemic restrictions for mainland Chinese gamblers. Other
global gaming jurisdictions experienced rapid recovery to
pre-pandemic demand levels once travel restrictions were lifted,
often less than a year. These include Las Vegas in 2021 and its
expectation of a Singapore rebound in 2023. Macao visitor arrivals
remain significantly depressed and its outlook on a recovery will
depend on monthly visitor and GGR figures.

Risks Remain: The recent easing of travel restrictions and Covid-19
protocols by the Chinese, Macao and Hong Kong governments is a
positive development, but its impact on Macao's operating
performance will be more meaningful by mid-2023 given the rapidly
increasing number of Covid-19 cases in China. China and Macao's
exit from a "zero Covid" policy is also still at a nascent stage
and it is unclear how economic and other policies will respond
during this critical transition period.

As the virus circulates more widely, a temporary period of economic
volatility may be unavoidable, in light of China's limited levels
of naturally acquired immunity, comparatively low vaccine booster
coverage for the elderly, and the experience of other economies
that have pursued a similar path.

Deleveraging Will Take Time: Fitch expects SJMH's gross leverage to
remain elevated and inconsistent with a 'BB-' rating until at least
2025, as GLP will take time to ramp up after its opening in July
2021. Fitch forecasts gross leverage of 9.9x and 4.4x in 2024 and
2025, respectively. Fitch believes SJMH is willing and able to
deleverage further in the longer term once GLP ramps up, as the
company had been maintaining a strong balance sheet, with a net
cash position until 2019.

Manageable Investment Pipeline: SJMH and its parent, Sociedade de
Turismo e Diversoes de Macau (STDM), committed to spending a
minimum of MOP14 billion over the new 10-year concession term
through 2033. This will include marketing activities, organising
sporting events, as well as capex, such as the renovation of the
Lisboa Hotel and the Grand Lisboa. Fitch believes the magnitude of
the spending will be manageable from a cash flow perspective as
operations normalise, and is reasonable relative to its historical
spending.

Concession Uncertainty Removed: All six incumbents were awarded new
10-year gaming concessions that were signed on 16 December. The
potential for losing the concession previously drove SJMH's Rating
Watch Negative, in addition to the potential for more onerous
operating terms and capital commitments, none of which transpired.
Fitch believes the completion of the concession process is positive
for Macao's gaming regulatory environment relative to other global
gaming jurisdictions, given the government's pragmatic approach.

DERIVATION SUMMARY

SJMH has high geographical concentration and a weaker market
position than US-based Las Vegas Sands Corp. (BB+/Negative), which
has a portfolio of quality assets in attractive regulatory regimes.
SJMH had a more conservative balance sheet before its leverage rose
as a result of its GLP development. It also faces uncertainty over
its deleveraging progress over the ramp-up of the GLP project and
the recovery from the pandemic.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

For existing casinos:

- Baseline assumption of net revenue falling 50% in 2023, 30% in
2024 and 10% in 2025, from 2019 level. In addition, Fitch applied a
40% cut to satellite casinos' revenue to reflect recent
terminations and reduced capacity.

- EBITDA margin to gradually recover to 2019 levels - 24% for the
Grand Lisboa casino and 20% for other self-promoted casinos. For
satellite casinos, a 3% EBITDA margin will be more than offset by
the staff cost borne by SJMH from the closure of five satellite
casinos.

For GLP:

- Adjusted property EBITDA of HKD1.2 billion in 2024 and HKD2.5
billion 2025, based on net revenue of HKD7.5 billion and HKD11.2
billion, respectively, and EBITDA margin of 14% and 22%,
respectively.

Other Assumptions:

- Annual capex of HKD2 billion in 2023 and HKD500 million
thereafter.

RATING SENSITIVITIES

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

- A record of improvement in visitor arrivals into Macao and a
commensurate increase in underlying cash flow generation at SJMH
could result in the Outlook being revised to Stable;

- Adjusted gross debt/EBITDAR remaining below 3.5x for a sustained
period could lead to a rating upgrade.

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

- Adjusted gross debt/EBITDAR at above 4.5x for a sustained period.
Fitch expects gross leverage to return to within the negative
rating sensitivities by end-2025. A material deviation from this
timeframe due to a slower-than-anticipated ramp-up of GLP or the
recovery trajectory could lead to negative rating action.

LIQUIDITY AND DEBT STRUCTURE

Rising Liquidity: SJMH's liquidity has improved, with HKD4.5
billion in cash and HKD2.9 billion in an undrawn revolving facility
as of 30 September 2022, following the completion of its
refinancing of a HKD19 billion bank facility in June and a rights
issue in September that raised HKD2.9 billion. It also subsequently
drew down on a HKD2 billion shareholder loan that it secured from
its parent, STDM.

SJMH has no debt maturity until 2026. Fitch expects free cash flow
to remain moderately negative in 2023 as gaming revenue recovers
gradually, but it should turn positive in 2024 and rise in 2025
with the GLP ramp-up.

ISSUER PROFILE

Hong Kong-listed SJMH is the holding company of SJM Resorts, S.A.,
one of six casino operators in Macao. SJMH operates 15 casinos in
Macao, including GLP, its HKD39 billion integrated resort in Cotai,
four other self-promoted casinos and nine satellite casinos. Most
of the casinos are located on the Macao peninsula, apart from GLP.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating          Prior
   -----------             ------          -----
SJM Holdings
Limited             LT IDR BB-  Affirmed     BB-

   senior
   unsecured        LT     BB-  Affirmed     BB-

Champion Path
Holdings Limited

   senior
   unsecured        LT     BB-  Affirmed     BB-




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I N D I A
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BSR POULTRY: CRISIL Lowers Rating on INR11.5cr Cash Loan to B
-------------------------------------------------------------
Due to inadequate information, CRISIL Rating, in line with SEBI
guidelines, had migrated the rating of B S R Poultry Farm (BSR) to
'CRISIL BB-/Stable Issuer Not Cooperating'. However, the management
has subsequently started sharing requisite information, necessary
for carrying out comprehensive review of the rating.  Consequently,
CRISIL Ratings is migrating the rating on bank facilities of BSR
from 'CRISIL BB-/Stable Issuer Not Cooperating' to 'CRISIL
B/Stable'.                           

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Cash Credit           11.5      CRISIL B/Stable (Migrated from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Long Term Loan         3.5      CRISIL B/Stable (Migrated from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

The rating continues to reflect promoters' extensive experience and
established client relationship. The strength gets partially offset
by modest scale of operations in the fragmented poultry industry
and below average financial risk profile because of high gearing
and small networth.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: With revenue of INR96.2 crore for the
period ending March 31, 2022, scale of operations continues to
remain modest in the intensely competitive poultry industry, which
is driven by regional demand and supply factors due to
transportation constraints and perishable nature of the product.
Limited brand recall also increases the impact of competition from
the unorganized segment. However, with the increase in their bird
capacity, CRISIL expects the scale of operations of BSR to improve
over the medium term.

* Below Average financial risk profile: Gearing is high at around
7.55 times as on March 31, 2022, while networth continues to remain
modest at INR7.2 crore for fiscal 2022. Debt protection metrics are
modest with interest coverage ratio at 1.7 times as on March 31,
2022, which is expected to improve over the medium term

Strengths:

* Extensive experience of promoters and established customer
relationship: The firm's promoters have been in the poultry
business for the past 30 years, leading to established relationship
with key supplier, Venkateshwara Hatcheries Pvt Ltd.

Liquidity: Stretched

The liquidity risk profile of the firm is expected to remain
stretched over the medium term, with expected net cash accruals of
around Rs.2 crore- 2.5 crore as against the repayments of INR3-
INR4 crore over the medium term.  High bank limit utilisation of
the bank limits around 97% for period of 12 months ending October
2022.  Liquidity is further supported by unsecured loans extended
by promoters infused around Rs.2 crore.

Outlook: Stable

CRISIL Ratings believes BSR will continue to benefit over the
medium term from promoters' experience in the poultry industry.

Rating Sensitivity Factors

Upward factor

* Substantial increase in turnover and operating profitability
leading to cash accruals of more than INR3.5 crs
* Improvement in debt protection metrics.

Downward factor

* Decline in operating profitability to less than 3 percent,
resulting in weaker cash accrual.
* Any further large debt funded capital expenditure which may
impact the financial risk profile and liquidity risk profile
adversely.

Established in 1990 in Devangere, Karnataka, as a partnership firm
by Mr. Reddy. BSR is engaged in the poultry business. Operations
are managed by Mr D Brahamananda Reddy.


BYJU'S ALPHA: Fidelity Fund Marks $21.8M Loan at 21% Off
--------------------------------------------------------
Fidelity Advisor Value Fund, a fund of Fidelity Advisor Series I,
has marked its $21,899,000 loan extended to Byju's Alpha Inc to
market at $17,284,000 or 79% of the outstanding amount, as of
October 31, 2022, according to a disclosure contained in the
Fidelity Fund's Form N-CSR for the fiscal year ended October 31,
2022, filed with the Securities and Exchange Commission on December
21.

Fidelity Advisor Value Fund extended a Tranche B first lien term
loan that carries an 8.9797% interest (1 month U.S. LIBOR + 6.000%)
to  Byju's Alpha Inc. The loan is scheduled to mature on November
24, 2026.

Fidelity Advisor Value Fund is a fund of Fidelity Advisor Series I,
a Trust that is registered under the Investment Company Act of
1940, as amended, as an open-end management investment company
organized as a Massachusetts business trust. Fidelity Management &
Research Company LLC (FMR) serves as investment manager.

Bengaluru, India-based Byju's provides online educational services
and study materials for state boards and government exams.


E-VILLAGE RESORTS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of E-village
Resorts & Ayurvedha Private Limited (EVRAPL) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term      17       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with EVRAPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 EVRAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
EVRAPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of EVRAPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Set up in September 2016, E-village Resorts & Ayurvedha Private
Limited is currently constructing a new 5 ' star category Ayurvedic
resort on the banks of Karuvannur River in Thrissur District.


EVERSHINE WOOD: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Evershine
Wood Packaging Private Limited (EWPPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           33.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit      27.5       CRISIL A4 (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with EWPPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 EWPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EWPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EWPPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

EWPPL was incorporated in 2005, promoted by the Chennai-based Patel
family. Overall operations are managed by Mr Dharamshi Patel. The
company manufactures wood packaging products, including packing
crates, boxes, pallets, planks, and finger-jointed boards made from
soft pine wood. These are used to package various consumer and
industrial products in different industries. The manufacturing
facility is in Sriperumbudur, Tamil Nadu. The registered office is
in Chennai.


F.I. EDUCATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of F.I.
Educational and Welfare Society (FIEWS) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        1.93       CRISIL A4 (Issuer Not
                                    Cooperating)

   Term Loan             5.27       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with FIEWS for
obtaining information through letters and emails dated October 21,
2022 and December 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 FIEWS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FIEWS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FIEWS continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

FIEWS, is listed under the Societies Registration Act, 1860. The
Lucknow-based society is a non-government organisation that
provides basic education in the field of nursing, paramedical,
pharmacy, healthcare courses and vocational courses. FIEWS runs two
colleges F I Pharmacy College and F I School of Nursing in
Lucknow.


FAUNA INTERNATIONAL: CRISIL Lowers Rating on INR0.5cr Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Fauna
International (FI) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Packing Credit         9.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Fund-         0.5       CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with FI for
obtaining information through letters and emails dated October 21,
2022 and December 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 FI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of FI
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

FI was set up in 1990 as a partnership firm by Mr Mahesh Raj
Singhvi, Mr Vipul Jain and their business associates. This
Kolkata-based firm exports dried flower products to Europe and
USA.


KARUNAMAYE BEVERAGES: CRISIL Keeps B- Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Karunamaye Beverages Private Limited (SKBPL) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

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

   Proposed Long Term      5        CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SKBPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 SKBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKBPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

SKBPL was set up in 2013 by Mr Manas Chakraborty. The company
manufactures polyethylene terephthalate (PET) bottles and
polypropylene (PP) caps. It started commercial operations in July
2017. The company is currently setting up a facility for
manufacturing packaged drinking water, soda, and soft drinks under
own brands.


LAV LAXMI: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lav Laxmi Land
Developers Private Limited (LLLDPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              9.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with LLLDPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 LLLDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
LLLDPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of LLLDPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Established in 2005, LLLDPL operates hotels in Varanasi and Goa.
The company has two directors: Mr Jagat Kishore and Mrs Laxmi Devi.
It entered the hotel business in May 2005 with Hotel Meraden Grand,
Patel Nagar cantonment, Varanasi. Hotel Meraden La Oassis in Goa
was acquired in fiscal 2015. Another hotel, Hotel Madin, is being
constructed in Varanasi; this hotel is expected to be operational
by the third week of August 2016.


LAXMI GARMENTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laxmi
Garments (LG) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting        4        CRISIL A4 (Issuer Not
                                    Cooperating)

   Export Packing          6        CRISIL B+/Stable (Issuer Not
   Credit                           Cooperating)

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

CRISIL Ratings has been consistently following up with LG for
obtaining information through letters and emails dated October 21,
2022 and December 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 LG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LG
continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Set up in 2011 in Tiruppur, Tamil Nadu, as a partnership firm
between Mr N Subramanian and Mr Sivakumar, LG manufactures and
exports ready-made garments.


LAXMI INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laxmi
Industries - Bengalore (LI) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         1.21      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Working       1.79      CRISIL B/Stable (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with LI for
obtaining information through letters and emails dated October 21,
2022 and December 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 LI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of LI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1998 and based in Bengaluru, LI manufactures bright steel
bars. The firm's day-to-day operations are managed by its
proprietor, Mr. Basant Jalan.


M.G. BROTHERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M.G. Brothers
Industries Private Limited (MGBIPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Electronic Dealer     11.25      CRISIL B/Stable (Issuer Not
   Financing Scheme                 Cooperating)
   (e-DFS)               
                                    
   Proposed Long Term     0.75      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Proposed Long Term     5         CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with MGBIPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 MGBIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MGBIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MGBIPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

MGBIPL was incorporated in 2000, as a private limited company, and
became the sole authorised dealer for sale of machines and spares,
and services (THCMCPL) and tractor and farm equipment of the Massey
Ferguson make (TAFE) in five districts of AP ' Chittoor, Nellore,
Prakasham, Cuddapah and Anantapur. The company, promoted by Mr MR
Gangadhar, Mr M R Ramesh, and Mr MR Ganganna, also undertakes
development and sale of commercial plots of land and sale of
construction materials.


MAHALAXMI INDUSTRIES: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri Mahalaxmi
Industries - Jodhpur (SMIJ) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SMIJ for
obtaining information through letters and emails dated October 21,
2022 and December 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 SMIJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMIJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMIJ continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SMIJ is a proprietorship that manufactures and processes blanched
peanut and groundnut (plain and roasted) in shell and related
products. Additionally, it trades in maitra seed, sabudana, garlic,
castor seed, raida, and spices, such as haldi, mirchi, jeera, old
bardana, and so on. Manufacturing facility is in Jodhpur, and end
product is supplied all over India, mainly to Mumbai and Kolkata.


MANGAL TRADING: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Mangal
Trading Company (SMTC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SMTC for
obtaining information through letters and emails dated October 21,
2022 and December 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 SMTC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMTC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SMTC was established in 2014 as a proprietorship firm by Mr.
Ramniwas Yadav. The firm is engaged in trading of construction
material like stone grit, stone dust, and bricks. Apart from this,
the firm has also started manufacturing of readymade garments in
current fiscal 2019.


MANGALMAY FOUNDATION: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mangalmay
Foundation Trust (MFT) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     6.8       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.2       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              6.0       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MFT for
obtaining information through letters and emails dated October 21,
2022 and December 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 MFT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MFT continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

MFT was set up in May 2000 by Mr. Atul Mangal. In 2001, the trust
commenced operations through its institute, Mangalmay Institute of
Management and Technology (MIMT) in Greater Noida (Uttar Pradesh).
Currently, MIMT offers graduate and postgraduate degree courses in
business management, education, and biotechnology. In 2011-12, MFT
established Mangalmay Institute of Engineering Technology, which
offers graduate degree courses in four engineering streams. Mr.
Mangal's wife, Ms. Shikha Mangal, and his brother, Mr. Anuj Mangal,
are MFT's other trustees.


MARUTHI COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maruthi
Cotton Mills Private Limited (MCMPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan          4        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MCMPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 MCMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MCMPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in January, 2014 as a partnership firm, MCMPL is
engaged in the business of cotton ginning and pressing. Based in
Srikakulan, Andhra Pradesh, the firm is promoted and managed by
Mr.P Srinivasa Rao and Mrs. P Suneetha.


MAXIMO CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maximo
Ceramic continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      0.08     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               4.92     CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Maximo for
obtaining information through letters and emails dated October 21,
2022 and December 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 Maximo, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Maximo is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Maximo continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Maximo, set up in 2011, is promoted by the Morbi, Gujarat-based
Kasundra and Agarwal families. The firm manufactures digital
ceramic wall tiles at its facilities in Morbi.

MEKA BUJJI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Meka Bujji
Parameswara Rao (MBPR) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.9       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-         1.1       CRISIL B+/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with MBPR for
obtaining information through letters and emails dated October 21,
2022 and December 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 MBPR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MBPR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MBPR continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

MBPR is a proprietorship firm set up in Krishna, Andhra Pradesh in
1983. The firm sell eggs obtained from its poultry farm of 2 lakh
hens. The key proprietor, Mr. M B Parameswara Rao has experience of
over three decade in the business.


RAJEEV TRADECOMM: CRISIL Lowers Rating on INR10cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Rajeev
Tradecomm Private Limited (RTPL; part of the Shree Gopal group) to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           10         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing      7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash         10         CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with RTPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 RTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RTPL Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RTPL and Shree Gopal Auto
Pvt Ltd (SGAPL; together called the Shree Gopal group). This is
because both the entities, together referred to as the Shree Gopal
group, are under a common management and in the same line of
business.

Incorporated in 2011 and promoted by Mr Rajeev Kumar and Mrs Sumud
Singh, SGAPL is an authorised dealer for the passenger vehicles of
Maruti Suzuki in Patna,Bihar and nearby city

Incorporated in 2017, RTPL is an authorised dealer for the
commercial vehicles of Tata Motors. It began operations from July
2018. It has its showroom in Patna, Bihar and nearby city.


RAJESH STEEL: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajesh Steel
and Wire Industries (RSWI; a part of the Bajoria group) continues
to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with RSW for
obtaining information through letters and emails dated October 21,
2022 and December 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 RSWI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSWI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSWI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of RSWI and Shree
Siddhivinayak Sales Corporation (SSSC, rated 'CRISIL BB/Stable')
collectively referred to as the Bajoria group. Both the firms are
in a similar line of business.

RSWI was set up in 1987, as a partnership firm, between Mr Rajesh
Bajoria and Mr Suresh Bajoria. The partnership was later
transferred to Mr Rajesh Bajoria and his wife, Ms Jyoti Bajoria.
The firm trades in mild steel products, mainly thermo-mechanically
treated (TMT). The firm has recently started trading of e-
rickshaws.

SSSC is a proprietorship concern set up in 1991, by Mr. Suresh
Bajoria. The firm trades in TMT bars, ingots, fillets, and sponge
iron. The firm operates from Nagpur, Maharashtra.


RAM SARUP: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Sarup
Murari Lal (RSML) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.75      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit      11         CRISIL A4 (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RSML for
obtaining information through letters and emails dated October 21,
2022 and December 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 RSML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSML continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Established in 1976, RSML trades in and saws imported timber. It is
based in Jind (Haryana) and has sawing mills in Gandhidham
(Gujarat). Mr Satya Narayan Bansal is the promoter.


ROCKWELL MINERALS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rockwell
Minerals and Metals Private Limited (RMAMPL) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with RMAMPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 RMAMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
RMAMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RMAMPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Established in 2010, Rockwell Minerals and metals Private Limited
(RMAMPL) is into trading of Mill scale and iron ore etc. The
company is procuring these from domestic manufacturers and is
selling the same to other traders in Maharashtra.


ROYAL CONSTRUCTION: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Royal
Construction - Jamnagar (RC) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with RC for
obtaining information through letters and emails dated October 21,
2022 and December 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 RC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RC
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Formed in 1995 by Mr Mr Manikandan Kunhunni Nair, RC is into
construction and infrastructure related activities (mainly road
works, earthen embankment and other allied construction
activities).


S.K. FARMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.K. Farms -
Namakkal (SKF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Key Cash Credit        2.3       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan              1.08      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SKF for
obtaining information through letters and emails dated October 21,
2022 and December 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 SKF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKF continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Based in Tiruchengode, SKF is a proprietorship, set up by Mr
Subramaniam in 1981. The firm is engaged in the poultry and
hatchery business, and has a capacity of 160,000 egg-laying hens.


S.M. EDIBLES: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.M. Edibles
Private Limited (SMEPL) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             20       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SMEPL for
obtaining information through letters and emails dated October 21,
2022 and December 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 SMEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMEPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SMEPL, incorporated in 2005, trades in sugar. It is the flagship
company of the SM group, which has interests in sugar trading,
rolling mills, cylinder manufacturing, electronics distribution,
and medical supplies. The company is promoted by Mr Rakesh Kumar
Agarwal and Mr Arvind Kumar Agarwal. It has offices in Noida,
Ghaziabad, and Muzaffarnagar in Uttar Pradesh, and in Delhi.


SAKTHI EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sakthi
Educational Trust (SSET) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          7        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

   Proposed Long Term      1.5      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SSET for
obtaining information through letters and emails dated October 21,
2022 and December 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 SSET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSET continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SSET was established as a registered trust in Salem (Tamil Nadu) in
1996 by Mrs. Leelavathi. The trust runs three colleges offering
under-graduate and post-graduate courses in engineering, arts and
sciences, and education and one higher secondary school in Salem.


SHARDA ROAD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sharda Road
Lines (SRL) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         6         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            1         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Bank          1         CRISIL B+/Stable (Issuer Not
   Guarantee                        Cooperating)

CRISIL Ratings has been consistently following up with SRL for
obtaining information through letters and emails dated October 21,
2022 and December 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 SRL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Bhopal-based SRL was established in 1982 as a proprietorship firm
by Mr Kamlesh Mittal. The firm provides services of handling and
transporting (logistics) of food grains. It applies for government
tenders through online and offline modes and mainly executes orders
of government departments.

SIDDHARTHA SUPER: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siddhartha
Super Spinning Mills Limited (SSML) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Long Term Loan          6        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         14        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSML for
obtaining information through letters and emails dated October 21,
2022 and December 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 SSML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSML continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 1981 by Mr Hemchand Jain, SSML manufactures synthetic
yarn from manmade fibre. The company was taken over by the current
management in 2005 and is listed on the Delhi Stock Exchange. Its
manufacturing facility is in Nalagarh, Himachal Pradesh; it is
currently being managed by Mr. R P Agarwal and Associates.


VANI TOBACCOS: CRISIL Reaffirms B+ Rating on INR6cr Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Vani Tobaccos (VT).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         CRISIL B+/Stable (Reaffirmed)

   Export Packing
   Credit                 6         CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           5         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect exposure to intense competition,
modest scale of operations and weak financial risk profile. These
weaknesses are partially offset by the extensive experience of the
proprietor in the tobacco trading industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition: There are several organised and
unorganised players in the tobacco trading business because of
small capital requirement. Scale of operations determines
negotiating power with suppliers and customers and ability to
withstand business downturns.

* Modest scale of operations: Business risk profile is constrained
by small scale and limited operating flexibility. Also, working
capital requirement is large for the tobacco business, as seen in
gross current assets of 422 days as on March 31, 2022, because of
high inventory days of 237 days.

* Weak financial risk profile: Debt protection metrics were weak,
with interest coverage and net cash accrual to total debt ratios of
1.39times and 0.01 time, respectively, in fiscal 2022. Total
outside liabilities to tangible networth ratio was weak at over
6.83 times as on March 31, 2022 and is expected to be around 4
times for March 31, 2023.

Strength:

* Extensive experience of the proprietor in the tobacco trading
industry: Proprietor experience of more than 20 years, their
understanding of market dynamics and established relationships with
suppliers and customers will continue to support the business.

Liquidity: Stretched

Bank limit utilisation was moderate at around 43% for the 12 months
through Novemeber 2022. Cash accrual of over INR50 lakhs will be
insufficient to meet yearly term debt obligation of around INR55
lakhs in fiscal 2023 and 2024.  However, cushion available in
working capital limit along with the expected enhancement of INR5
Crores supports liquidity. Current ratio was moderate at 1.17 times
as on March 31, 2022.

Outlook: Stable

CRISIL Ratings believes VT will continue to benefit from its
longstanding relationships with principal suppliers and management
ability to mitigate risks inherent in the trading business.

Rating Sensitivity factors

Upward factors

* Increase of 20% in revenue and stable operating margin leading to
higher net cash accrual
* Significant improvement in working capital cycle

Downward factors

* Decline in operating margin by more than 250 basis points,
leading to lower net cash accrual vLarge, debt-funded capital
expenditure further weakening capital structure

Established in 1999 as a proprietorship firm by Mr. NV Siva
Koteswara Rao, Andhra Pradesh-based VT trades in tobacco.




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

TOSHIBA CORP: Japan Banks Target End-January for Bid Loan Decision
------------------------------------------------------------------
Bloomberg News reports that top Japanese banks are targeting the
end of this month to issue commitment letters for a loan that backs
Japan Industrial Partners (JIP)-led consortium's takeover offer for
Toshiba, according to people familiar with the matter.

Bloomberg relates that the banks, including Mizuho Financial Group,
Sumitomo Mitsui Financial Group and Sumitomo Mitsui Trust Holdings,
have resumed discussions with the JIP group on the terms of the
JPY1.4 trillion loan, said the people, who asked not to be
identified because the information is private.

According to Bloomberg, the lenders initially were looking to sign
off by end-December on JPY1.2 trillion in syndicated loan to help
finance JIP's bid and another JPY200 billion to cover operational
costs after Toshiba's privatisation. Those negotiations were
previously stalled over covenants and collateral, Bloomberg News
reported at the end of last year.

Discussions are ongoing, and the JIP-led consortium remains opposed
to some of the banks' demands including reserving senior positions
in Toshiba's management for their representatives, and adding
covenants to the loans, the people, as cited by Bloomberg, said.
However, the preferred bidder and the lenders are hopeful that they
could reach a consensus in the coming weeks, they added.

According to Bloomberg, securing financing from banks has been a
major hurdle in Toshiba's drawn out push to go private, in an
effort to reboot one of Japan's iconic brands sullied by years of
scandals. Banks have become more wary of funding mega deals amid
rising financing costs globally.

JIP has secured another JPY1 trillion of financing from about 20
potential co-investors to back its offer, Bloomberg News has
reported. Those include Japanese companies such as chip maker Rohm
and financial services firm Orix.

                            About Toshiba

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

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




===============
P A K I S T A N
===============

PAKISTAN: Saudi Arabia Weighs Boosting Investment to US$10BB
------------------------------------------------------------
Reuters reports that Saudi Arabia said it could increase its
investments in the cash-strapped Pakistan economy to $10 billion,
the Saudi state news agency reported on Jan. 10, as well as
increase the ceiling on deposits into the Pakistan central bank to
$5 billion.

Reuters relates that Crown Prince Mohammed bin Salman has directed
a study to increase Saudi Arabian investments to $10 billion, from
the previous $1 billion announced in August, the news agency
reported citing a statement from the Crown Prince.

He has also asked the Saudi Development Fund (SDF) to consider
raising the ceiling for Saudi deposits into the Pakistan central
bank as part of measures to support the struggling economy, the
report says.

Last month, the Saudis extended the terms of an existing $3 billion
deposit in the central bank it made in 2021.

On Jan. 9, international donors - including Saudi Arabia -
committed over $9 billion to help Pakistan recover from ruinous
floods last year, exceeding its external financing goals, at a
Geneva meeting co-hosted by the United Nations and Pakistan's
government, according to Reuters.

Pakistan's Prime Minister Shehbaz Sharif has sought to forge closer
economic ties with Gulf states to secure bigger investments, the
report says.

According to Reuters, Qatar's sovereign wealth fund the Qatar
Investment Authority (QIA) aims to invest $3 billion in Pakistan,
and in October, Sharif was invited to address delegates at Saudi's
flagship investment conference, the Future Investment Initiative.

                          About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
27, 2022, S&P Global Ratings lowered its long-term sovereign credit
rating on Pakistan to 'CCC+' from 'B-', and the short-term rating
to 'C' from 'B'. The outlook on the long-term rating is stable. S&P
also lowered its long-term issue rating on Pakistan's senior
unsecured notes to 'CCC+' from 'B-'.

The TCR-AP reported in October 2022, Fitch Ratings has downgraded
Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to 'CCC+' from 'B-'. Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below.




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

BLACKSTONE CAPITAL: Creditors' Proofs of Debt Due on Feb. 10
------------------------------------------------------------
Creditors of Blackstone Capital Partners (Singapore) VI FDI Three
Pte. Ltd, Blackstone Family Investment Partnership (Singapore) VI
QFI Pte. Ltd., and Blackstone Family Investment Partnership
(Singapore) VI-ESC FII Pte. Ltd. are required to file their proofs
of debt by Feb. 10, 2023, to be included in the company's dividend
distribution.

The companies commenced wind-up proceedings on Dec. 30, 2022.

The companies' liquidators are:

          Don M Ho
          David Ho Chjuen Meng
          c/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


BUKIT BATOK: Creditors' Proofs of Debt Due on Feb. 6
----------------------------------------------------
Creditors of Bukit Batok Development Pte. Ltd. are required to file
their proofs of debt by Feb. 6, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 30, 2022.

The company's liquidators are:

          Victor Goh
          Khor Boon Hong
          C/o Baker Tilly
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


CALYX INVESTMENTS: Creditors' Proofs of Debt Due on Feb. 6
----------------------------------------------------------
Creditors of Calyx Investments Pte. Ltd. are required to file their
proofs of debt by Feb. 6, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 30, 2022.

The company's liquidators are:

          Deepak Kumar Khandelwal
          Lum Keng Chee
          c/o 49 Strathmore Ave, #02-217
          Singapore 140049


HAN CAPE: Creditors' Proofs of Debt Due on Feb. 6
-------------------------------------------------
Creditors of Han Cape Development Pte. Ltd. are required to file
their proofs of debt by Feb. 6, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 30, 2022.

The company's liquidators are:

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


NEW ENGLAND: Creditors' Proofs of Debt Due on Feb. 6
----------------------------------------------------
Creditors of New England Investments Pte. Ltd. are required to file
their proofs of debt by Feb. 6, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 30, 2022.

The company's liquidators are:

          Tow Juan Dean
          Yiong Kok Kong
          c/o 180 Cecil Street, #12-04
          Singapore 069546


SINGAPORE: Number of Compulsory Wind-Ups Rises After Two-Year Fall
------------------------------------------------------------------
The Business Times reports that as many as 205 companies in
Singapore were forced to wind up last year, according to figures
released by the Ministry of Law.

This was higher than the number of compulsory wind-ups in 2021 and
2020, when 191 and 201 companies, respectively, were forced to shut
for good, BT relates.

According to BT, the High Court also received 238 applications to
wind up companies from January to November 2022, which is slightly
below the full-year figure of 260 applications filed in 2021, but
more than the 224 applications filed in 2020.

The number of bankruptcy applications filed in the first 11 months
of 2022 also reached a high of 3,380, close to 2019 levels after
two years of decline, BT discloses.

Over 800 bankruptcy orders were issued last year, and this resulted
in about 908 bankruptcy discharges. The number of actual
bankruptcies differs from the number of orders because each
bankruptcy order sometimes results in more than one bankruptcy
discharge.

BT says Singapore began reopening its borders in April last year,
after almost two years in isolation as it fought to keep Covid-19
infections down.

Since reopening, however, rising inflation rates coupled with
geopolitical headwinds have created pressures for business owners.


YANGZIJIANG SHIPPING: Court to Hear Wind-Up Petition on Jan. 20
---------------------------------------------------------------
A petition to wind up the operations of Yangzijiang Shipping Pte
Ltd will be heard before the High Court of Singapore on Jan. 20,
2023, at 10:00 a.m.

Trinity Seatrading S.A. filed the petition against the company on
Dec. 23, 2022.

The Petitioner's solicitors are:

          Helmsman LLC
          21A Duxton Hill
          Singapore 089604



                           *********


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 2023.  All rights reserved.  ISSN: 1520-9482.

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

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