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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 18, 2023, Vol. 26, No. 14

                           Headlines



A U S T R A L I A

DIGITAL SURGE: Second Creditors' Meeting Set for Jan. 24
ELDERTON HOMES: Second Creditors' Meeting Set for Jan. 25
MECRUS PTY: First Creditors' Meeting Set for Jan. 27
SC PRIORITY: Second Creditors' Meeting Set for Jan. 25
SCHNEIDER GROUP: Second Creditors' Meeting Set for Jan. 25



C H I N A

CHINA EVERGRANDE: PwC Resigns After 2021 Audit Disagreements
FANTASIA HOLDINGS: Plans Restructuring With Debt-to-Equity Swap
HO WAN KWOK: Guo Still Harassing Bankruptcy Trustee, Judge Says


I N D I A

AAKASH NIRMAN: CRISIL Moves B Debt Rating to Not Cooperating
AEINDRI AGRO: CRISIL Reaffirms B+ Rating on INR3.5cr Cash Loan
ARBIND COLD: CARE Keeps B- Debt Rating in Not Cooperating Category
AZURE POWER: Fitch Cuts US Dollar Bond Rating to 'BB', On Watch Neg
AZURE POWER: Moody's Cuts Rating on Senior Unsecured Notes to Ba3

BISHAMBHER SARAN: CRISIL Lowers Rating on INR9.75cr Loan to C
CEEBUILD COMPANY: Liquidation Process Case Summary
F360 INTEGRATED: CRISIL Withdraws B+ Rating on INR2.47cr Loan
FOOT ON SHOES: CRISIL Keeps B Debt Ratings in Not Cooperating
INDEXPORT LEATHER: CARE Lowers Rating on INR8.90cr LT Loan to D

K SAMBHAV: CARE Keeps B- Debt Rating in Not Cooperating Category
K. S. ALLOYS: CRISIL Keeps B Debt Ratings in Not Cooperating
KALGIDHAR SOCIETY: CRISIL Withdraws B Rating on LT/ST Loan
KINGS INTERNATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating
KOBELCO PLATE: Voluntary Liquidation Process Case Summary

M S INFRAENGINEERS: CRISIL Withdraws B Rating on INR9cr Loan
MARVEL REALTORS: Insolvency Resolution Process Case Summary
MICRO METACUT: Voluntary Liquidation Process Case Summary
MOHITE INDUSTRIES: CRISIL Withdraws B+ Rating on INR22cr Loan
MONO STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating

PALM DEVELOPERS: Krit Mishra Named as Insolvency Professional
PARAG VINIMAY: Insolvency Resolution Process Case Summary
PEBBLES PROLEASE: Insolvency Resolution Process Case Summary
PRIMO FASHIONS: CARE Keeps B- Debt Rating in Not Cooperating
QUINSTREET INDIA: Voluntary Liquidation Process Case Summary

R.K. ELECTRICAL: CARE Keeps C Debt Rating in Not Cooperating
RADHAKRISHNA OIL: CRISIL Keeps B+ Debt Rating in Not Cooperating
RAMAKRISHNA HOUSING: Insolvency Resolution Process Case Summary
RAMELEX PRIVATE: CRISIL Keeps B Debt Ratings in Not Cooperating
RELIANCE CAPITAL: NCLT to Hear Torrent's Plea vs. Another Auction

RISHI SPICES: CRISIL Keeps B Debt Ratings in Not Cooperating
S.P. MALIK: CRISIL Lowers Rating on INR5cr Proposed Loan to B
SARTHAK LOGISTICS: Insolvency Resolution Process Case Summary
SATEC ENVIR: Insolvency Resolution Process Case Summary
SIMRAN INTERNATIONAL: CRISIL Assigns B+ Rating to INR2.6cr Loan

SKP PROJECTS: CRISIL Keeps B Debt Rating in Not Cooperating
SPARK CONDUCTORS: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
SPS EDUCATIONAL: CRISIL Lowers Rating on INR30cr Loans to D
SRS KNOWLEDGE: Insolvency Resolution Process Case Summary
SRS REAL: Insolvency Resolution Process Case Summary

STELLAR EDGE: Insolvency Resolution Process Case Summary
SUMEET INDUSTRIES: Insolvency Resolution Process Case Summary
SUPREME VASAI: Insolvency Resolution Process Case Summary
TAURUS FOOD: CRISIL Reaffirms B+ Rating on INR15cr Cash Loan
UNISON HOTELS: Insolvency Resolution Process Case Summary

VIDHARVA TRADING: Insolvency Resolution Process Case Summary
VINAYAK JEWELS: CRISIL Withdraws B+ Rating on INR3.68cr LT Loan
VISWATMA MERCHANDISE: Insolvency Resolution Process Case Summary
YOUZU INDIA: Liquidation Process Case Summary
ZEAL DEVELOPERS: Insolvency Resolution Process Case Summary



I N D O N E S I A

TUNAS BARU: Fitch Affirms LongTerm IDR at 'B', Outlook Stable


J A P A N

FTX JAPAN: FSA Expects Local Clients to Get Funds Back Starting Feb


N E W   Z E A L A N D

A W FABER-CASTELL: Creditors' Proofs of Debt Due on Feb. 15
BRINE PROPERTY: Creditors' Proofs of Debt Due on Feb. 21
EX QW: Creditors' Proofs of Debt Due on Feb. 13


S I N G A P O R E

FOOD TERMINAL: Creditors' Meetings Set for Feb. 6
GALENA COMMODITY: Creditors' Proofs of Debt Due on Feb. 16
INDORAMA ENTERPRISES: Members' Final Meeting Set for Feb. 16
K SENG: Court to Hear Wind-Up Petition on Jan. 27
KITCHEN CULTURE: Settles Dispute with Ex-CEO

SOUTHERNPEC SINGAPORE: Final Meeting Set for Feb. 17
VAULD: Creditor Protection Period Extended to Feb. 28


S R I   L A N K A

SRI LANKA: India Tells IMF it Backs Debt Restructuring Plan

                           - - - - -


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

DIGITAL SURGE: Second Creditors' Meeting Set for Jan. 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of Digital Surge
Pty Ltd has been set for Jan. 24, 2023 at 11:00 a.m. via online
conference facilities.

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. 23, 2023 at 11:00 a.m.

David Johnstone, Scott Langdon and John Mouawad of KordaMentha were
appointed as administrators of the company on Dec. 8, 2022.


ELDERTON HOMES: Second Creditors' Meeting Set for Jan. 25
---------------------------------------------------------
A second meeting of creditors in the proceedings of Elderton Homes
Pty Ltd has been set for Jan. 25, 2023 at 10:00 a.m. at Novotel
Parramatta, 350 Church Street in Parramatta.

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. 23, 2023 at 5:00 p.m.

Liam Bailey and Christopher Palmer of O'Brien Palmer were appointed
as administrators of the company on Dec. 12, 2022.


MECRUS PTY: First Creditors' Meeting Set for Jan. 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of Mecrus Pty.
Ltd. will be held on Jan. 27, 2023, at 10:30 a.m. at the offices
Rodgers Reidy via Microsoft Teams video teleconferencing.

Shane Justin Cremin of Rodgers Reidy was appointed as administrator
of the company on Jan. 16, 2023.


SC PRIORITY: Second Creditors' Meeting Set for Jan. 25
------------------------------------------------------
A second meeting of creditors in the proceedings of SC Priority
Labour Hire Pty Ltd has been set for Jan. 25, 2023 at 10:00 a.m.
via teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 24, 2023 at 5:00 p.m.

Steven Arthur Gladman of Hall Chadwick was appointed as
administrator of the company on Dec. 20, 2022.


SCHNEIDER GROUP: Second Creditors' Meeting Set for Jan. 25
----------------------------------------------------------
A second meeting of creditors in the proceedings of Schneider Group
Pty Ltd has been set for Jan. 25, 2023 at 11:00 a.m. online via
Microsoft Teams.

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. 24, 2023 at 5:00 p.m.

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




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

CHINA EVERGRANDE: PwC Resigns After 2021 Audit Disagreements
------------------------------------------------------------
Bloomberg News reports that China Evergrande Group said PwC
resigned as its auditor on Jan. 16, adding to the pressure on the
developer at the epicenter of China's property crisis.

Evergrande's board recommended the resignation of PwC after the two
firms couldn't "agree on the timetable and the scope of work in
respect of the assessment on the group's going concern basis," as
well as the "procedures required for the assets impairment
assessment," Bloomberg relays citing a regulatory filing.

In its Jan. 16 resignation letter to Evergrande's audit committee
and board, PwC noted it still hadn't received information relating
to "significant matters" of the 2021 audit. That included cash flow
forecasts, the net realizable value of the group's properties under
development and even the consolidated financial statements of the
group, the filing, as cited by Bloomberg, said.

The lack of information meant PwC was "unable to determine the
scope of any necessary additional audit work and is also not in a
position to provide a reasonable estimate of the time required to
complete the audit for the year 2021," according to the auditor.

The delayed audit of Evergrande's 2021 financial statements is
hindering Evergrande's attempts to restructure its debts, according
to the statement cited by Bloomberg. As such the company's board
decided to appoint another auditor in an attempt to "complete the
audit work as soon as practicable."

Evergrande defaulted more than a year ago and its efforts to reach
a solution with creditors is under close scrutiny with various
deadlines having been missed, Bloomberg says. The company's debt
overhaul would be one of China's biggest ever and carry broader
implications for the country's $58 trillion financial system.

According to Bloomberg, PwC's resignation came months after Hong
Kong's Financial Reporting Council said it is stepping up an
investigation into Evergrande's accounts and the audits of some
transactions at the company and its subsidiary Evergrande Property
Services Group Ltd. The auditing regulator is expanding the scope
of its inspections for Evergrande's financial statements for 2020
and the first half of 2021, and a probe of an audit carried out by
PwC.

Shares of Evergrande have been suspended in Hong Kong since it
failed to release audited financial statements last March, the
report notes.

Evergrande's board has resolved to appoint Prism Hong Kong &
Shanghai Ltd. as the interim auditor until the conclusion of the
next annual general meeting of the company, according to the
statement, Bloomberg relays.

Prism worked as an auditor with 10 listed clients last year, versus
440 at PwC, according to data compiled by Webb-site.com. The
company was founded in 2013, its website shows.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.


FANTASIA HOLDINGS: Plans Restructuring With Debt-to-Equity Swap
---------------------------------------------------------------
South China Morning Post reports that debt-laden Chinese property
developer Fantasia Holdings proposed a restructuring that would
give it two to six-and-a-half years of breathing room thanks to a
debt-to-equity swap and the conversion to longer-term, lower-coupon
bonds.

The Post relates that the offer includes swapping US$1.3 billion
out of the company's total of US$4.018 billion in offshore bonds
into Fantasia shares, according to a filing with the Hong Kong
stock exchange late on Jan. 15.

According to the Post, the balance of the debt would be converted
into eight new tranches of notes maturing between 2024 and 2029.
The new notes will earn payment-in-kind in initial years before
cash interest kicks in at 5 to 8 per cent annually. The annual
coupon on the company's existing defaulted bonds ranges from 6.95
to 15 per cent.

The Shenzhen-based company, among the earliest Chinese developer to
renege on its offshore debts, said it has received approval from
creditors holding 24.5 per cent of the aggregate principal amount
of the bonds.

"The debt-to-equity swap is good to help improve the company's
capital structure, which can ultimately pave the way for these
distressed developers to survive the crisis," the Post quotes
Lawrence Lu, S&P Global Ratings' senior director, as saying.

Founded in 1996 by Zeng Jie, the niece of former vice-president
Zeng Qinghong, Fantasia surprised the market in October 2021 when
it said it would not be able to repay US$205.7 million in remaining
principal it owed on a US$500 million senior note it issued, only
days after it told investors and creditors that it had made a
funding arrangement to repay the bond on maturity, the Post
recalls.

The company's debt was swiftly downgraded, and it later faced a
winding-up petition but got a reprieve on a US$108 million bond
repayment in July 2022.

Fantasia's 11.875 per cent US dollar note maturing on June 1
climbed nearly 36 per cent to 15.9 cents on the dollar on Jan. 16
in Hong Kong while its 14.5 per cent bond due in 2024 rose nearly
47 per cent to 16.88 cents, poised for its largest advance since
September 2021, the Post discloses.

Trading in Fantasia's shares has been suspended in Hong Kong since
April 1 after the developer failed to publish its annual results,
the report notes.

                       About Fantasia Holdings

Fantasia Holdings Group Co., Limited, an investment holding
company, invests in, develops, sells, and leases commercial and
residential properties primarily in the People's Republic of China.
It operates through six segments: Property Development, Property
Investment, Property Agency Services, Property Operation Services,
Hotel Operation, and Others. The company engages in the development
of urban complexes, upscale boutique residences, and mid-to-high
end residence projects; the provision of hotel accommodation,
property management, value-added, engineering, and travel agency
services; and manufacture and sale of fuel pumps. It also provides
community services through online platform; and wealth management,
finance lease, petty loans, P2P, funds and factoring, consumer
finance, insurance, payment services, etc. for enterprises and
individuals, as well as operates and manages various city
complexes, shopping centers, etc. In addition, the company operates
golfs, high-end city clubs, private clubs, theme parks, art
museums, etc.; and develops various home-based care service
stations, daytime care centers, and senior citizen apartments,
which provide home care, health care, rehabilitation therapy,
nutrition catering, and spiritual solace, as well as education
services.  Fantasia Holdings Group Co., Limited is a subsidiary of
Fantasy Pearl International Limited.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
16, 2021, S&P Global Ratings has withdrawn its 'SD' (selective
default) long-term issuer credit rating on Fantasia Holdings Group
Co. Ltd. at the issuer's request.  S&P also withdrew the 'CC'
long-term issue rating on its outstanding senior unsecured notes,
and the 'D' long-term issue rating on the notes due Oct. 4, 2021.

HO WAN KWOK: Guo Still Harassing Bankruptcy Trustee, Judge Says
---------------------------------------------------------------
Reuters reports that a judge in Connecticut has placed tighter
restrictions on Chinese businessman and media entrepreneur Guo
Wengui and his followers to end what she described as an alleged
campaign of online and in-person harassment directed at a
court-appointed trustee and others involved in his Chapter 11
case.

According to Reuters, U.S. Bankruptcy Judge Julie Manning said she
found it "extremely alarming" that the campaign against Chapter 11
trustee Luc Despins and Pacific Alliance Asia Opportunity Fund
(PAX), a Cayman Islands-based investment fund that is Mr. Guo's
largest creditor, has continued or escalated since she imposed a
temporary restraining order on Mr. Guo in November.

Her latest order prohibits Mr. Guo or his agents from protesting
outside the homes of Despins and others, and restricts what they
can post on social media.

"The irreparable harm continues to occur, which is extremely
alarming," Judge Manning said.

Mr. Guo has said Despins and PAX have no proof he is behind recent
protests against them, and that Judge Manning's prior restraining
order violated his First Amendment right to free speech. His
attorneys did not respond to a request for comment.

In her 60-page decision, Judge Manning said Mr. Guo, also known as
Miles Guo and Ho Wan Kwok, "supports, encourages, and is the leader
of a social media and protest campaign targeting the plaintiffs,
their counsel, and their relatives, at personal homes and
workplaces."

That campaign has included in-person picketing outside of personal
homes and law firm offices, accusations that Despins and his law
firm, Paul Hastings, are puppets of the Chinese Communist Party and
supporters of genocide, and threatening emails, Judge Manning
found.

She said the campaign has harmed Despins' work as the trustee and
could lead to his resignation from the post. Paul Hastings has
hired outside firms for cyber security risks and contacted the U.S.
Marshal Service in response to Mr. Guo's activities, and the firm
has discussed having Despins resign from the partnership for safety
reasons, she said.

Flyers distributed near Reuters' Manhattan headquarters in November
showed a doctored photo of Despins with blood dripping from his
teeth and called him a "running dog" for China's Communist Party.

The flyers encouraged readers to follow the social media account of
the New Federal State of China, a group founded by Mr. Guo and
Steve Bannon, a one-time adviser to former President Donald Trump,
that aims to overthrow China's communist government.

Mr. Guo filed for voluntary bankruptcy in February 2022 and listed
PAX as his largest creditor with $254 million outstanding. The
fund, which sued Mr. Guo for unpaid loans worth $88 million
allegedly borrowed between 2008 and 2011, has been battling him in
New York state court for four years.

Mr. Guo tried to drop his bankruptcy case in May, saying he does
not have the money to cover his legal costs. But Judge Manning
rejected his dismissal attempt after other creditors, who say Mr.
Guo owes them more than $373.8 million, objected.

                         About Ho Wan Kwok

Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge
Julie A. Manning oversees the case. Dylan Kletter, Esq., is the
Debtor's legal counsel.

Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman.
According to Reuters, Guo was a former real estate magnate who
fled
China for the U.S. in 2014 ahead of corruption charges. Guo filed
for bankruptcy after a New York court ordered him to pay lender
Pacific Alliance Asia Opportunity Fund $254 million stemming from
a
contract dispute. PAX had initially loaned two of Guo's companies
$100 million in 2008 for a construction project in Beijing and
sued
Guo when he failed to pay off the loan.

An Official Committee of Unsecured Creditors has been appointed in
the case and is represented by Pullman & Comley, LLC.

Luc A. Despins was appointed Chapter 11 Trustee in the case.




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

AAKASH NIRMAN: CRISIL Moves B Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Aakash
Nirman Udyog Private Limited (ANUPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Non Convertible        100       CRISIL B/Stable (ISSUER NOT
   Debentures                       COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with ANUPL for
obtaining information through letters and emails dated December 27,
2022 and December 31, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

A subsidiary of PPJPL setup in 1994, holds land worth INR80 crore
and leases it to the parent company for a nominal rental fee. PPJPL
was established in 1993 and manufactures gold and diamond jewellery
for wholesale and retail customers. It is promoted by Mr Kamal
Gupta and his two sons, Mr Mohit Gupta and Mr Rahul Gupta.


AEINDRI AGRO: CRISIL Reaffirms B+ Rating on INR3.5cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Aeindri Agro Food Products Pvt Ltd (AAFPPL). The rating continues
to reflect the modest scale of operations, small networth and
susceptibility to climatic conditions and volatile raw material
prices. These weaknesses are partially offset by the extensive
experience of the promoters in the agriculture industry.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan              2.0       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Intense competition continues to
constrain scalability, as reflected in revenue of around INR8.71
crore in fiscal 2022, against INR6.36 crore in fiscal 2021.

* Susceptibility to climatic conditions and volatile raw material
prices: The company remains vulnerable to shortage in raw
materials, as the crop yield of agricultural commodities depends on
adequate and timely monsoon. Attacks by pests or crop infections
may also impact production and pricing of commodities and their
derived products.

Strength:

* Extensive experience of the promoters: Benefits from the
three-decade-long experience of the promoters, their strong
understanding of market dynamics and healthy relationships with
suppliers and customers are likely to continue.

Liquidity: Stretched

Bank limit utilization is moderate at around 72.71 percent for the
past twelve months ended October 2022. Cash accruals are expected
to be over Rs0.68 Crore which are sufficient against term debt
obligation over the medium term. In addition, it will be act as
cushion to the liquidity of the company.

Outlook Stable

CRISIL Ratings believes AAFPPL will continue to benefit from the
extensive experience of its promoters and their healthy
relationships with customers.

Rating Sensitivity factors

Upward factors

* Sustained growth in revenue and steady operating margin, leading
to cash accrual of more than INR1.25 crore
* Better working capital management, with gross current assets
improving to below 100 days

Downward factors

* Decline in revenue or operating margin, leading to net cash
accrual below INR0.6 crore
* Any large debt-funded capital expenditure weakening the capital
structure
* Significant increase in working capital requirement straining
liquidity and financial risk profile

Incorporated in 2014, AAFPPL manufactures refined all-purpose flour
(maida), whole wheat flour and wheat bran. The manufacturing
facility at Parganas (West Bengal) has capacity of 48 tonnes per
day. Mr Jitendra Nath Mondal and Mr Debdas Mondal are the
promoter.


ARBIND COLD: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arbind Cold
Storage Private Limited (ACSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.19       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 28,
2021, placed the rating(s) of ACSPL under the 'issuer
non-cooperating' category as ACSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ACSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated September 13, 2022, September 23, 2022,
October 3, 2022.

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

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

Arbind Cold Storage Private Limited (ACSPL), incorporated in the
year 2008, is a Samashtipur (Bihar) based company, promoted by the
Mr. Amar Kumar, Mrs. Anupama Rani and Mrs. Indu Devi. It is engaged
in the business of providing cold storage services to potato
growing farmers and potato traders, having an installed storage
capacity of 90,000 quintals in Samashtipur district of Bihar. The
company is also engaged in trading of potato which contributed
around 43% of total operating income during FY19. Mr. Amar Kumar
(Director) looks after overall management of the company. Mr. Amar
Kumar has more than two decades of experience in cold storage
business and is supported by a team of experienced professionals
who have rich experience in the same line of business.


AZURE POWER: Fitch Cuts US Dollar Bond Rating to 'BB', On Watch Neg
-------------------------------------------------------------------
Fitch Ratings has downgraded Azure Power Energy Ltd's (Azure RG3,
previously referred to as RG1) US dollar bond to 'BB' from 'BB+'
and Azure Power Solar Energy Private Limited's (Azure RG2) US
dollar bond to 'BB-' from 'BB'. All ratings remain on Rating Watch
Negative.

RATING RATIONALE

The downgrade reflects corporate governance concerns evident from
prolonged failure of management to manage regulatory financial
disclosures past statutory timeline. In addition, the Rating Watch
Negative reflects the continued lack of clarity in relation to the
impact of Azure Power Global Limited's (APGL) unresolved internal
controls and compliance framework matters, and the recent changes
in management, on overall performance and financial flexibility of
the restricted groups.

APGL, the holding company of both Azure RG2 and Azure RG3, missed
its statutory deadline in filing its Form 20-F audited financial
statements for its financial year ended March 2022 (FY22) with the
US Securities and Exchange Commission (SEC) in August 2022.
However, there is still no clear indication on the group publishing
its audited financial statement, and further delays could lead to
delisting from the New York Stock Exchange.

That said, the ringfenced structure of the restricted groups,
covenants and standard cash distribution waterfall provide some
safeguard to bondholders from the implications stemming from a
series of event at the APGL level. Both restricted groups have
released their FY22 unaudited financial statements, while audited
financial statements could only be released upon filing with the US
SEC.

Azure RG2's rating headroom has also reduced significantly in light
of continuing under-performance of the portfolio. The portfolio
level generation remains about 6% lower than the P90 level.
Continuing operational under-performance and/or material difference
in audited financial statements will warrant higher stress in its
rating case and may affect the credit assessment further. On the
other hand, Azure RG3's operational and financial performance
according to the unaudited numbers remain in line with its
expectations.

KEY RATING DRIVERS

For an overview of the underlying credit profiles of Azure RG 1and
Azure RG2, see the rating action commentaries published on 30
September 2021 and 24 October 2021.

ESG - Management Strategy: Management has failed to anticipate and
manage regulatory financial disclosures on time. APGL cited
"ongoing review of its internal control and compliance framework"
as the cause of the delay in filing its annual report with the US
SEC. There has also been key management turnover at the group
level.

RATING SENSITIVITIES

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

Azure RG3

- Continued material weakness in corporate governance;

- Average annual debt-service coverage ratio (DSCR) during the
refinance period dropping below 1.40x persistently.

Azure RG2

- Continued material weakness in corporate governance;

- Average annual DSCR during the refinance period dropping below
1.35x persistently.

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

The Rating Watch Negative will be removed if there are no material
implications from management's operational and financial
disclosures at the Azure RG2 and RG3 level. The ratings could be
upgraded following its assessment of identified concerns in the
disclosures.

ESG CONSIDERATIONS

Azure Power Energy Ltd has an ESG Relevance Score of '5' for
Management Strategy due to management's failure to anticipate and
manage regulatory financial disclosures on time, which has a
negative impact on the credit profile. This is highly relevant to
the rating, resulting in the downgrade. All ratings remain on
Rating Watch Negative.

Azure Power Solar Energy Private Limited has an ESG Relevance Score
of '5' for Management Strategy due to management's failure to
anticipate and manage regulatory financial disclosures on time,
which has a negative impact on the credit profile. This is highly
relevant to the rating, resulting in the downgrade. All ratings
remain on Rating Watch Negative.

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
   -----------             ------          -----
Azure Power
Energy Ltd

   Azure Power
   Energy Ltd/
   Senior Secured
   Debt/1 LT            LT BB  Downgrade     BB+

Azure Power
Solar Energy
Private Limited
  
   Azure Power
   Solar Energy
   Private Limited/
   Debt/1 LT            LT BB- Downgrade     BB

AZURE POWER: Moody's Cuts Rating on Senior Unsecured Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has downgraded Azure Power Energy Ltd's
(APE) senior unsecured rating to Ba3 from Ba2 and Azure Power Solar
Energy Private Limited's (APSEP) backed senior unsecured rating to
Ba2 from Ba1.

At the same time, Moody's has also changed the outlooks on the
ratings to negative from ratings under review.

This concludes the rating review that was initiated on August 23,
2022.

APE is a special-purpose vehicle that used USD note proceeds to
subscribe to senior secured denominated bonds and loans denominated
in Indian rupee, as external commercial borrowings issued by 16
restricted subsidiaries in the restricted group (RG-1). APE is also
part of RG-1.

APSEP is a special-purpose vehicle that used USD note proceeds to
subscribe to senior secured INR-denominated bonds and loans, as
external commercial borrowings issued by 10 restricted subsidiaries
in the restricted group (RG-2). APSEP is also a part of RG-2.

RG-1 and RG-2 represent around 43% of Azure Power Global Limited's
(APGL) operational capacity, and their operational and financial
metrics are significant to APGL's performance. APGL is also a
guarantor for the notes issued by APSEP.

RATINGS RATIONALE

The one-notch downgrade of APE's and APSEP's ratings is driven by
governance issues related to the APGL's internal controls and
compliance which have delayed filing of the audited financials for
the two RGs and for APGL, unaddressed whistleblower complaints and
high senior management turnover.

The performance of APSEP has been below Moody's expectations for
last 2-3 years mainly driven by lower generation of the solar
projects in RG-2.  APSEP reported FFO/debt (unaudited) of 7.2% for
fiscal 2022, boosted by income from the sale of carbon credits.
Continued operating underperformance together with governance
headwinds would likely put further pressure on the Ba2 ratings of
APSEP.

APE's operational and unaudited financial performance for fiscal
year ending March 2022 (fiscal 2022) has been broadly in line with
Moody's estimates. The company reported funds from operation
(FFO)/debt (unaudited) of 9.7% for fiscal 2022.

The ratings for both APE and APSEP continue to derive support from
the companies' 53.4% shareholder, Caisse de depot et placement du
Quebec (CDPQ, Aaa stable), which Moody's expects will support APGL,
RG-1 and RG-2 when needed.

The negative outlook on APE's and APSEP's ratings reflects the
uncertainty regarding the timelines for filing of audited
financials for both entities, APGL's internal control and
compliance issues, high management turnover at the companies, and
some unaddressed whistleblower complaints.

Governance risks are material to the rating action.

APE's and APSEP's ESG credit impact scores have been revised to
highly negative (CIS-4) from moderately negative (CIS-3), primarily
reflecting the companies' highly negative governance risk,
moderately negative social risk, and neutral-to-low environmental
risks. Recent events including delays in financial reporting,
whistleblower complaints, internal investigations, and very high
management turnover negatively reflect on the company's risk
management, management credibility and compliance and reporting.

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

Moody's could downgrade APE's rating if RG-1's operating
performance weakens because of sustained liquidity stress or if its
FFO/debt declines below 5% on a sustained basis; and/or support
from APGL's shareholders weakens, as reflected by a significant
decrease in CDPQ's ownership share. The ratings could be further
downgraded by multiple notches if lenders to the parent company and
its subsidiaries do not provide waivers for a delay in the filing
of APGL's audited financials and choose to accelerate debt
payments. Insolvency at APGL would trigger a default for APE's
bonds.

Moody's could downgrade APSEP's rating if RG-2's operating
performance remains weak or if its FFO/debt declines below 6%-7% on
a sustained basis; there is a sustained liquidity stress; its
off-takers' credit quality declines to an extent that strains
RG-2's standalone credit quality; and/or support from APGL's
shareholders weakens, as reflected by a significant decrease in
CDPQ's ownership share. The ratings could be further downgraded by
multiple notches if lenders to the parent company and its
subsidiaries do not provide waivers for a delay in the filing of
APGL's audited financials and choose to accelerate debt payments.
Insolvency at APGL would trigger a default for APSEP's bonds.

Given the negative outlooks, an upgrade of APE's and APSEP's
ratings is unlikely in the near term.

Moody's could change the outlooks to stable if the companies
adequately address auditor findings related to their internal
controls, and if corrective actions to address whistleblower
complaints do not adversely impact the companies' operational and
financial profiles.

The principal methodology used in these ratings was Power
Generation Projects Methodology published in January 2022.

Azure Power Energy Ltd (APE) is a special-purpose vehicle
incorporated in Mauritius in 2017 as a wholly-owned subsidiary of
Azure Power Global Limited (APGL). The restricted subsidiaries
under the US dollar senior notes issuance are wholly or ultimately
majority owned  by APGL. APE is also a part of Azure RG-1. The
restricted subsidiaries operated solar power plants with a total
capacity of 611 megawatts (MW) as of December 2022.

Azure Power Solar Energy Private Limited (APSEP) is a
special-purpose vehicle incorporated in Mauritius in 2018 as a
wholly owned subsidiary of APGL. The restricted subsidiaries under
the USD notes issuance are ultimately majority owned by APGL. They
operate solar power plants with a total capacity of 647.5 MW as of
December 2022.

Listed on the New York Stock Exchange, APGL is a leading solar
power company in India with a total capacity of 7,425 MW (including
43 MW under construction and 4,470 MW committed solar plants)
across 23 states as of December 2022.

BISHAMBHER SARAN: CRISIL Lowers Rating on INR9.75cr Loan to C
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Bishambher Saran Vinod Kumar (BSVK) to 'CRISIL C'
from 'CRISIL B-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            9.75      CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Fund-         2.15      CRISIL C (Downgraded from
   Based Bank Limits                'CRISIL B-/Stable')

   Term Loan              0.10      CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

The rating action reflects the modest scale of operations of BSVK
amid intense competition, large working capital requirement and
weak financial risk profile. Operating income of the firm was
modest at INR11.76 crore in fiscal 2022 amid low order procurement
by it. Revenue was around INR8 crore up to November 30, 2022, and
is expected to be INR11.8 crore in fiscal 2023. Operations are
working capital intensive, as reflected in gross current assets
(GCAs) of 576 days, given high inventory levels of 438 days in
fiscal 2022. The working capital cycle will remain stretched with
GCAs expected to be above 500 days in fiscal 2023. The financial
profile is below average, as indicated by adjusted networth of
INR1.47 crore and high gearing of 10.25 times as on March 31, 2022,
which are expected to be INR1.5 crore and 9.7 times, respectively,
as on March 31, 2023. Moreover, the company has stretched liquidity
profile, given regular capital withdrawal and low profitability.

These weaknesses are partially offset by the extensive experience
of the proprietor in the steel products business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: Intense
competition in the allied steel products business will continue to
restrict scalability and operating flexibility. Limited capital
requirement and lack of value addition have led to the entry of
many unorganised players who cater to regional demand. Operating
income of the firm remains modest at INR11.76 crore in fiscal 2022
and is expected to be INR11.8 crore in fiscal 2023 amid low order
procurement by the firm.

* Working capital-intensive operations: GCAs were 576 days as on
March 31, 2022, because of stretched receivables and sizeable
inventory (due to many products) of 126 days and 438 days,
respectively. Operations are expected to remain working capital
intensive with GCAs expected to be above 500 days over the medium
term.

* Below-average financial risk profile: Networth of the firm
remains modest at INR1.47 crore with high gearing of 10.25 times as
on March 31, 2022, and are expected to be INR1.5 crore and 9.7
times, respectively, as on March 31, 2023. The debt protection
metrics were muted, with interest coverage and net cash accrual to
total debt ratios of 1.16 times and 0 time, respectively, in fiscal
2022. The financial risk profile is expected to remain subdued,
over the medium term, with interest coverage ratio expected at 1.25
times in fiscal 2023.

Strength:

* Extensive experience of the proprietor: The proprietor has
experience of three decades in the steel products business, strong
understanding of local market dynamics and healthy relationships
with suppliers and customers, which will continue to support the
business risk profile.

Liquidity: Poor

The bank limit utilisation was high at 97.03% on average for the 14
months through September 2022. Cash accrual is expected to be over
INR0.1 crore, which is insufficient against term debt obligation of
INR0.6 crore over the medium term. The proprietor is likely to
extend support in the form of equity and unsecured loans to meet
the working capital requirement and debt obligation.

Rating Sensitivity Factors

Upward factors

* Significant improvement in revenue leading to cash accrual of
more than INR0.75 crore per annum
* Better working capital management with lower bank limit
utilisation below 95%

Downward factors

* Delay in servicing of term debt obligation
* Further decline in revenue or profitability, deteriorating the
liquidity with net cash accrual less than INR0.1 crore

BSVK was by Mr Vinod Kumar Agarwal. The firm is based in Kashipur,
Uttarakhand, and trades in building materials such as
thermo-mechanically treated (TMT) bars, stainless steel, AC sheets,
cement and all kinds of hardware material used in the construction
process.


CEEBUILD COMPANY: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Ceebuild Company Private Limited
        2nd Floor, Room No. 19& 20
        Fortuna Tower, 23A
        Netija Subhas Road, Kolkata WB-700001

Liquidation Commencement Date: December 27, 2022

Court: National Company Law Tribunal, Kolkata Bench

Liquidator:   Rachnna Jhunjhunwala
              Siddha Weston, 9 Weston Street,
              1st Floor, Suite No 134,
              Kolkata-700013
              Email: egress.rac@gmail.com
                     cirp.cbuild@gmail.com

Last date for
submission of claims: January 26, 2023


F360 INTEGRATED: CRISIL Withdraws B+ Rating on INR2.47cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
F360 Integrated Office Services (OPC) Private Limited (FIOS) and
subsequently withdrawn the ratings at the company's request and on
receipt of 'no-objection certificate' from the bankers. The
withdrawal is in line with the CRISIL Ratings policy on withdrawal
of bank loan ratings.

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Cash Credit           0.07      CRISIL B+/Stable (Rating
                                   Reaffirmed and Withdrawn)

   Long Term Loan        0.04      CRISIL B+/Stable (Rating
                                   Reaffirmed and Withdrawn)

   Proposed Fund-        2.47      CRISIL B+/Stable (Rating
   Based Bank Limits               Reaffirmed and Withdrawn)

   Proposed Non          2.42      CRISIL A4 (Rating Reaffirmed
   Fund based limits               and Withdrawn)

The ratings continue to reflect the company's modest scale amid
initial phase of operations, exposure to intense competition and
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoter in the human
resource management sector and reputed clientele.

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations and exposure to intense competition:
Incorporated in fiscal 2021, FIOS commenced commercial operations
in the second half of the year. Revenue is increasing but remains
modest. The company posted revenue of INR90 lakh till September 30,
2022, against INR98.00 lakh in fiscal 2022. The housekeeping,
security and property management services industry is intensely
competitive and has a large number of unorganised players in the
domestic market. This results in pricing pressure on organised
players, who have to incur high overhead costs to maintain quality
and brand. Successful scale-up in operations, while maintaining
adequate profitability, remains a key monitorable.

* Average financial risk profile: Suppressed networth amid initial
phase of operations and expected modest profitability in the
near-to-medium term is likely to keep the financial risk profile
average. The promoter has been supporting the business by infusing
funds in the form of unsecured loans.

Strengths:

* Experience of the promoter: The extensive experience of the
promoter in the human resource management segment will help the
company ramp-up its operations and establish strong clientele over
the medium term.

Liquidity: Stretched

Bank limit utilisation was 57.14% on average in the 12 months
through August 2022. Cash accrual is modest and expected to be over
INR12 lakh against term debt obligation of INR2.0-2.5 lakh over the
medium term. In addition, it will cushion the liquidity of the
company. Furthermore, the promoter provides need-based funding
support.

Current ratio was healthy at 2.61 times as on March 31, 2022.

Outlook: Stable

CRISIL Ratings believes FIOS will continue to benefit from the
extensive experience of its promoter in the diversified services
business.

Rating sensitivity factors

Upward factors

* Significant increase in scale of operations along with stable
operating margin, leading to net cash accrual of over INR0.5 crore
on sustained basis
* Improvement in the working capital cycle and strengthening
networth and financial risk profile

Downward factors

* Lower-than-expected revenue growth or decline in profitability,
leading to cash accrual of less than INR8-9 lakh
* Increase in working capital requirement, any large debt-funded
capital expenditure/acquisition weakening the financial risk
profile, especially liquidity

FIOS was incorporated in July 2020 by Mr Jagan Mohan Anasingaraju.
The company provides diversified support services such as
housekeeping, facility management, security services and
retrofitting services. The company is based out of Pune.


FOOT ON SHOES: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Foot On Shoes
(FOS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting        2        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Buyer Credit Limit      1        CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

   Proposed Long Term      3        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               0.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Set up as a partnership firm in 1981, FOS manufactures leather
shoes, mostly for women. The shoes are exported to
Europe'especially France and Spain. The manufacturing facility in
Agra has capacity to manufacture around 3000 pairs per day, but
runs at 30-35% of the capacity. Mr Sumit Joshan, Mr Sunil Kumar
Joshan, and Ms Anu Joshan are the partners.


INDEXPORT LEATHER: CARE Lowers Rating on INR8.90cr LT Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Indexport Leather Export Private Limited (ILEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C

   Short Term Bank      5.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 29,
2021, placed the rating(s) of ILEPL under the ‘issuer
non-cooperating’ category as ILEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ILEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 14, 2022, September
24, 2022, October 4, 2022 and January 10, 2023.

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

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

The ratings assigned to the bank facilities of ILEPL have been
revised on account of delays in debt servicing in past recognised
from lender’s feedback.

West Bengal based Indexport Leather Export Private Limited (ILEPL)
incorporated in January 2011, was promoted by Mr. Ranbir Dev
Thakar, Mrs. Saroj Thakar and Mrs. Gayatri Dutt. Since its
inception, ILEPL has been engaged in processing of leather and
manufacturing of leather products like wallets, card case holder,
leather key ring, leather passport holder, note cases, handbags
etc. The major raw materials used are raw hide of animals which are
mainly procured from domestic market and also imported from Hong
Kong. The manufacturing facility of the company is located at
Kolkata, West Bengal with an installed capacity of 240000 pieces
per annum. The company sells its entire products in the
international market. The major export destination of the company
is Germany and UK. Mr. Ranbir Dev Thakar (aged about 88 years),
having more than five decade of experience in this line of
business, looks after the day to day operations of the company. He
is supported by other promoter Mrs. Saroj Thakar and Mrs. Gayatri
Dutt along with a team of experienced professional.

K SAMBHAV: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K Sambhav
Powertronics Private Limited (KSPPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 29,
2021, placed the rating(s) of KSPPL under the ‘issuer
non-cooperating’ category as KSPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. KSPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 14, 2022, September
24, 2022, October 4, 2022.

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

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

K Sambhav Powertronics Private Limited (KSPPL) was incorporated in
1996. The company is currently being managed by Mr. Ashwani Kumar
Raina and Mr. Akshay Raina. The company is engaged in manufacturing
of Power and distribution transformers which finds its application
in power generation and distribution industry.


K. S. ALLOYS: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. S. Alloys
(KSA) 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      5.3      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

K. S. Alloys, a partnership concern, incorporated in 2013, is
engaged in manufacturing of M. S. Ingots, having its manufacturing
facility in Gobindgarh, Punjab. The company is having total
production capacity of 72 tonnes per day with average utilisation
of around 70-80%.


KALGIDHAR SOCIETY: CRISIL Withdraws B Rating on LT/ST Loan
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of The Kalgidhar Society (TKS)
to 'CRISIL B/Stable/CRISIL A4/Issuer not cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of TKS following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of TKS from 'CRISIL
B/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B/Stable/CRISIL A4'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

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

   Short Term Rating       -        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of TKS and The Kalgidhar Trust
(TKT). This is because the two entities, together referred to as
the Kalgidhar group, have significant operational and financial
linkages between them.

The Kalgidhar Trust and The Kalgidhar Society, together referred to
as the Kalgidhar group, were set up in 1982 and 1983, respectively,
by Mr Iqbal Singh and other trustees to provide education to
children in rural areas. The group started with one school in Baru
Sahib (Himachal Pradesh) and now manages close to 130 schools, 1
university, and 1 hospital. The schools are in different areas of
Punjab, Haryana, Rajasthan, and Himachal Pradesh.


KINGS INTERNATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kings
International Limited (KIL) continue to be 'CRISIL B+/Stable/CRISIL
A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting       1.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit       1         CRISIL A4 (Issuer Not
                                    Cooperating)

   Packing Credit        10.5       CRISIL A4 (Issuer Not
                                    Cooperating)

   Standby Line           1.5       CRISIL B+/Stable (Issuer Not
   of Credit                        Cooperating)

   Term Loan              5.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 1994, Kanpur-based KIL is promoted by Mr Taj Alam.
It mainly manufactures and exports harness and saddler items, and
pet and hunting accessories.


KOBELCO PLATE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor:  Kobelco Plate Processing India Private Limited
         New No. 105 Sreela Terrace
         Unit No. 7 2nd Floor
         1st Main Road Gandhi Nagar Adyar
         Chennai TN 600020

Liquidation Commencement Date: December 26, 2022

Court: National Company Law Tribunal, Chennai Bench

Liquidator:    Cs Nithya Pasupathy
               Old No. 28 (New No. 10),
               3rd Cross Street,
               R.K Nagar, Raja AnnamalaiPuram,
               Chennai, Tamil Nadu 600028,
               Email: nithya@prowiscorporate.com
               Tel: 9566033007

Last date for
submission of claims:  January 27, 2023


M S INFRAENGINEERS: CRISIL Withdraws B Rating on INR9cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of M
S Infraengineers Private Limited (MIPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

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

   Cash Credit            9         CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with MIPL for
obtaining information through letters and emails dated January 22,
2022, March 12, 2022 and August 1, 2022, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

MIPL, based in Cuttack (Odisha), took over the business of its
promoter's proprietorship concern Mahendra Swain with effect from
September 2011. The company is involved in civil construction and
mainly undertakes works for irrigation dams, canals, and road
construction. It derives more than 95 per cent of its revenue from
irrigation and from work for the Public Works Department, Odisha.


MARVEL REALTORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Marvel Realtors and Developers Limited
        Office No 301-302,
        Jewel Tower, Survey No 25/H, Lane No. 5
        Koregaon Park Pune
        Maharasthra 411001 India

Insolvency Commencement Date: December 23, 2022

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional:   Mr. Manoj Kumar Mishra
                Room 1406, Building 4B,
                New Hind Mill Mhada Sankul,
                Ram Bhau BhogleMarg, Ghodapdev,
                Mumbai City, Maharashtra, 400033
                Email: manojkmishra95@gmail.com

                Samruddhi Resolutions Private Limited
                Office No. 18, 3rd Floor Dholakwala Bldg
                Janmabhoomi Marg Fort Mumbai 110004
                Email: cirp.marvelrealtors@gmail.com

Last date for
Submission of claims: January 9, 2023


MICRO METACUT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Micro Metacut Private Limited
        RR Infra Business Centre,
        No.2, 2nd Floor, RR Chambers,
        11th Main, Vasant Nagar,
        Bangalore 560052

Liquidation Commencement Date: June 25, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator:   S. Shivaswamy
              #Rf 4, SanataraMagan Place, Royal Block
              Halimavu. Off Bannerughatta Road 560076
              Email: shivaswamys2@gmail.com

Last date for
submission of claims: July 26, 2022


MOHITE INDUSTRIES: CRISIL Withdraws B+ Rating on INR22cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Mohite Industries Limited (MIL), as:

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

   Bank Guarantee         1.31      CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit           22         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)   

   Cash Credit            9         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with MIL for
obtaining information through letters and emails dated June 20,
2022 and August 29, 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 MIL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MIL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL Ratings has withdrawn its ratings on the bank facilities of
MIL on the request of the company and receipt of a 'no objection
certificate' from its bank. The rating action is in line with
CRISIL Ratings' policy on withdrawal of its ratings on bank loans.

MIL is a Kolhapur-based cotton spinning company with capacity of
36,000 spindles. The company, incorporated in 1991, has a captive
10 megawatt hydropower plant. Mr. Shivaji Mohite is the promoter,
Chairman and Managing Director.

Status of non cooperation with previous CRA:

MIL has not cooperated with Brickwork Ratings India Private Limited
which has marked it non-cooperative via RR dated 29-Mar-2019. The
reason provided by Brickwork Ratings is non-furnishing of
information by MIL.


MONO STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mono Steel
India Limited (MSIL, part of Mono group) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            13        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            13        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit       57        CRISIL A4 (Issuer Not
                                    Cooperating)

   Letter of Credit       54        CRISIL A4 (Issuer Not
                                    Cooperating)

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

MSIL, incorporated in 1990 by Mr. Chimanbhai Shah and his brothers,
Mr. Jaysukhlal Shah and Mr. Bhupatrai Shah, manufactures sponge
iron, billets, and thermo-mechanically treated (TMT) bars at Anjar
(Gujarat). It also operates a solar plant of 10 MW at Una,
Gujarat.


PALM DEVELOPERS: Krit Mishra Named as Insolvency Professional
-------------------------------------------------------------
Krit Narayan Mishra has replaced Mr. Manoj Kumar Singh as interim
resolution professional of the insolvency case of Palm Developers
Private Limited.

Mishra can be reached at:

  Krit Narayan Mishra
  29-A DDA SFS Flats,
  Pocket 1, Sector 7 Dwarka,
  New Delhi-110075           
  Email: ip.cirp.palmdevelopers@gmail.com


PARAG VINIMAY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Parag Vinimay Private Limited
        224-A A J C Bose Road,
        Room No 505-5th Floor, Krishma Building
        Kolkata-700017, West Bengal, India

Insolvency Commencement Date:  December 29, 2022

Estimated date of closure of
insolvency resolution process: June 26, 2023
                               (180 days)

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional:   Sunil Choraria
                P-41, Princep Street,
                Room No-222, Kolkata -700072
                Email: cirp.parag@gmail.com

Last date for
submission of claims: January 12, 2023


PEBBLES PROLEASE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor:   Pebbles Prolease Private Limited
          B-231 Okhla Industrial Area,
          Phase I New Delhi
          South Delhi DL 110020 India

Insolvency Commencement Date:   December 15, 2022

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

Court:  National Company Law Tribunal, New Delhi Bench

Insolvency
Professional:   Neeraj Kumar Jain
                RP 114, Maurya Enclaves,
                Near TV Tower,
                Pitam Pura, New Delhi - 110034
                Email: neerajjainus@gmail.com

                158/1 Gwalior Road, Opp Baikunthi
                Devi Girls College
                Baluganj, AGRA - 282003

Last date for
submission of claims:  January 9, 2023


PRIMO FASHIONS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Primo
Fashions (PF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.95       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      7.55       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 11,
2021, placed the rating(s) of PF under the 'issuer non-cooperating'
category as PF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 27, 2022, October 7, 2022, October 17, 2022.

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

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

Tamil Nadu based, Primo Fashions (PF), was established in the year
2004 as a proprietorship concern by Mr. M. Paramasivan. The firm is
engaged in manufacturing in sewing garments for infants, kids and
women. The firm gets the yarn processed, knitted, dyed and printed
from local suppliers like Sri Palaniandavar, Micro textiles on job
work basis. PF imports accessories like buttons, zips etc. from
suppliers located in UK. On procuring the fully processed fabric
and accessories, the firm sews these processed fabrics with
accessories. The registered office of the firm is located in
Tirupur. PF has 300 stitching machines with a capacity to produce
10,000 pieces per day. The firm generates 100% of the revenue
through exports. PF has a customer base located in United Kingdom,
Hungary and Poland. About 80% of the sales are generated from TDP
textiles located in UK.

QUINSTREET INDIA: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Quinstreet India Marketing and Media Private Limited
        The Executive Centre, Level 6, Tower A,
        Business Bay, Panchshil Realty, Airport Road,
        Yerwada Pune 411006

Liquidation Commencement Date: December 22, 2022

Court:  National Company Law Tribunal, Pune Bench

Liquidator:   Sandeep Jayant Kulkarni
              27/2, Gujarat Colony,
              Near Hotel Samarth,
              Paud Hotel, Vanaz Corner,
              Kothrud Pune, Maharashtra, 411038
              Email: kulkarni.sandeep@rediffmail.com
              Tel: 9673000045

Last date for
submission of claims: January 21, 2022


R.K. ELECTRICAL: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.K.
Electrical Industries India Private Limited (RIIPL) continues to
remain in the 'Issuer Not Cooperating' category.

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

   Short Term           5.50       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 1,
2021, placed the rating(s) of RIIPL under the ‘issuer
non-cooperating’ category as RIIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RIIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 17, 2022, September
27, 2022, October 7, 2022.

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

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

R. K. Electrical Industries India Private Limited (RKIPL) was
incorporated in April 1980 as a private limited company by Mr.
Sanjeev Sethi and Mrs. Manju Sethi. The company is engaged in the
manufacturing of wide varieties of electrical cables and wires such
as power cables (high tension & low tension), control cables,
instrumentation cables, networking cables, aerial bunched cables,
SLP cables, etc. The manufacturing facility of the company is
located at Sonipat, Haryana.


RADHAKRISHNA OIL: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Radhakrishna
Oil Industries (ROI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.2        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

ROI was established as a partnership firm in 1999. The operation of
the firm is managed by Jaiswal family. The partners are having more
than two decades experience in cotton ginning and also having
farming business in city of Bhikangaon, Madhya Pradesh. ROI carries
out cotton ginning and oil extraction work in Bhikangaon only. It
gins and presses cotton, and extracts oil from seeds. It has
installed capacity of 300 bales per day.


RAMAKRISHNA HOUSING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Ramakrishna Housing Private Limited
        54-15-20, Srinagar Colony Ring Road
        Vijayawada Andhra Pradesh 520008

Insolvency Commencement Date: October 28, 2022

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

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional:   Sriram Parthasarathy
                Shankaralaya, Second Floor,
                New No; 10 (Old No:28),
                Third Cross Street RK Nagar,
                Raja Annamalaipuram,
                Chennai 600028 Tamil Nadu
                Email: srirampcs@gmail.com
                       ramakrishnahousingcirp@gmail.com

Last date for
Submission of claims: November 14, 2022


RAMELEX PRIVATE: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramelex
Private Limited (RPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

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

   Cash Credit            5         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of credit       5         CRISIL A4 (Issuer Not
   & Bank Guarantee                 Cooperating)

   Letter of credit       4         CRISIL A4 (Issuer Not
   & Bank Guarantee                 Cooperating)

   Proposed Term Loan    10         CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

RPL was incorporated in 2002 by Pune (Maharashtra)-based Jogdand
family. The company undertakes service contracts, chiefly for
Maharashtra State Electricity Distribution Co Ltd and Maharashtra
State Electricity Transmission Co Ltd. It also manufactures and
supplies hydraulically compressed power clamps and connectors, and
has ventured into erection of transmission lines.


RELIANCE CAPITAL: NCLT to Hear Torrent's Plea vs. Another Auction
-----------------------------------------------------------------
The Economic Times reports that the bankruptcy court in Mumbai
posted to Jan. 17 the hearing of an application filed by Torrent
Investments challenging another round of auction for Reliance
Capital, after the administrator of the Anil Ambani group company
sought time to file his response.

On Jan. 16, senior advocate Ravi Kadam, appearing for Reliance
Capital administrator Nageswara Rao Y, sought a day's time to file
his response saying that they had received Torrent's communication
quite late, ET relates.

Senior advocate Kapil Sibal and counsel Prateek Seksaria are
appearing for Reliance Capital's committee of creditors at the
National Company Law Tribunal. Gujarat-based Torrent is seeking
NCLT's intervention to restrain lenders from another round of
auction after it emerged as the highest bidder for the financial
services company, ET says.

In the first week of January, lenders proposed to hold a second
round of auction with a minimum threshold price of INR9,500 crore
on a net present value basis, which would include INR8,000 crore as
upfront cash payment, as reported by ET on January 9. The
administrator had planned to invite lenders to vote on this
proposal.

                       About Reliance Capital

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

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

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

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

In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.


RISHI SPICES: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rishi Spices
(RS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term      7.8        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Warehouse Financing     4.2        CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

Established in 2016, Warangal based INRtrades in spices such as
chilli powder, millets and turmeric. INRis owned and managed by Mr
Kambampati Sridhar.


S.P. MALIK: CRISIL Lowers Rating on INR5cr Proposed Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of S.P.
Malik And Co Private Limited (SPM) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         12.5      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit             2        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Bank           5        CRISIL B/Stable (ISSUER NOT
   Guarantee                        COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      0.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

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

SPM, incorporated in May 1984, undertakes construction of bridges
and other civil engineering contracts. The company took over the
operations of partnership firms, Kapoor and Brothers, and SP Malik.
Mr Jagmohan Kapoor, Mr Naresh Kapoor, Ms Veena Kapoor, Ms Sunita
Kapoor, and Mr Varoon Kapoor are directors.


SARTHAK LOGISTICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sarthak Logistics Private Limited
        SCO – 34-37, First Floor, Sector 9-D,
        Chandigarh - 160017

Insolvency Commencement Date:   December 22, 2022

Estimated date of closure of
insolvency resolution process:  June 20, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Bhupinder Sethi,
              B-34-6650/24 B, Street No-2,
              New Atam Nagar, Jassian Road,
              Haibowal, Ludhiana, Punjab-141001
              Email: ip.brsethi@gmail.com
                     ip.sarthaklogistics@gmail.com

Last date for
submission of claims:  January 5, 2023


SATEC ENVIR: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor:  Satec Envir Engineering (India) Private Limited

         Principal Office:
         Plot No. A/107-108, TTC Industrial Area,
         MIDC, Khairane, Thane-Belapur Road,
         Navi Mumbai-400705

         Corporate Office:
         102, 1st Floor, C Wing, Waterford Building,
         C.D. Barfiwala Marg, Juhu Lane, Andheri (W),
         Mumbai - 400058

Insolvency Commencement Date:   December 23, 2022

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional:  Mrs. Rashmi Puspak Gangwal,
               Plot No. 47/A CTS No. 15061,
               Above Raj Traders, Sindhi Colony, Jalna Road,
               Mondha Naka Signal,
               Shop No. 47, Sindhi Gamaz Complex,
               Aurangabad, Maharasthra, 431001
               Email: iprashmingangwal@gmail.com
                      cirpsatec@gmail.com

Last date for
Submission of claims: January 6, 2023


SIMRAN INTERNATIONAL: CRISIL Assigns B+ Rating to INR2.6cr Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Simran International Export
(India) Private Limited (SIEIPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.1       CRISIL A4 (Assigned)

   Bill Discounting      14         CRISIL A4 (Assigned)

   Foreign Letter
   of Credit              6         CRISIL A4 (Assigned)

   Packing Credit         3.5       CRISIL A4 (Assigned)

   Proposed Rupee
   Term Loan              0.8       CRISIL B+/Stable (Assigned)

   Working Capital
   Demand Loan            2.6       CRISIL B+/Stable (Assigned)

The ratings reflect SIEIPL's presence in a highly fragmented &
competitive industry with limited size, customer concentration risk
in revenue profile, working capital intensive operations and
vulnerability of operating margin to fluctuations in forex rates.
These weaknesses are partially offset by its extensive industry
experience of the promoters and healthy market presence along with
reputed clientele.

Analytical Approach

Unsecured loans of INR1.75 crore as on 31st March 2022 are from
directors and are need based funds. These are treated as Debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Presence in a highly fragmented & competitive industry with
limited size: The industry is highly fragmented and competitive,
with a large number of unorganized players in the market. Such high
fragmentation limits the pricing flexibility and bargaining power
of the players. Also, the threat from large integrated players in
the form of capacity additions limits the growth. The industry is
exposed to the risk low entry barriers. The small initial
investment and the low complexity of operations have resulted in
existence of innumerable entities, much smaller in size, leading to
significant fragmentation The operating margins and revenues of the
entities in this segment are susceptible to intense competition in
the industry.

* Working capital intensive operations: Gross current assets were
at 208 days as on March 31, 2022. Its intensive working capital
management is reflected in its debtor and large inventory level.
Its large working capital requirements are due to high lead time as
the company imports its raw material and is involved in 100% export
of finished products. Further, it is required to extend long credit
period. Working capital cycle is expected to remain around 200 days
over medium term.

* Vulnerability of operating margin to fluctuation in forex rates:
Since 100% of revenue comes from the international market and 95%
of its revenues is from sales to its top 5 customers viz, Lucky
Opco, Tommy Hilfiger, Denmark, Hickey Fisch Veda, USA, thus
exposing it to risks related to customer concentration in revenue
profile. Any sharp fluctuation in forex rates affects realizations
and accrual and any sharp reduction in offtake from these customers
or delays in realization of receivable will also impact its overall
credit profile.  Operating margin to fluctuations in forex rates.
However, SIEIPL mostly hedges its open exposure & enters into
forward contracts.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of over 25 years in leather & leather goods
industry. This has given them an understanding of the dynamics of
the market and enabled them to establish relationships with
suppliers and customers.

* Healthy market presence along with reputed clientele: SIEIPL has
well established long-term relationship with multinational apparel
brands and worked with global entities such as Lucky Opco, Tommy
Hilfiger, Denmark, Hickey Fisch Veda, etc. to strengthen its
technical know-how and establish a marketing network in the
overseas market.

Liquidity: Stretched

Bank limit utilization is high at around 92.43 percent for the past
twelve months ended Oct-22 Cash accruals are expected to be over
INR2-3 crore which are just sufficient against term debt obligation
of INR1-1.5 crore over the medium term. In addition, it will be act
as cushion to the liquidity of the company. Current ratio is
moderate at 1.35 times on March 31, 2022. The promoters are likely
to extend support in the form of equity and unsecured loans to meet
its working capital requirements and repayment obligations.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals. Improvement
in liquidity profile marked by bank limit utilization to remain
below 90%.

Downward factors

* Decline in operating profitability by over 100 basis points on a
sustainable basis or decline in scale of operations leading to
lower cash accruals.
* Large debt-funded capital expenditure weakens capital structure
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

Set up in 1992 as a partnership firm, SIEIPL was converted into a
private limited company with the current name in fiscal 2013. The
company manufactures and exports leather garments and accessories.
It has four manufacturing facilities located at Gurgaon (Haryana),
Bhiwadi & Jaipur (Rajasthan) with a total installed capacity of
20,000 pieces per month. SIEIPL is owned & managed by Mr. Rajan
Arora and Mrs. Manjeet Kaur.


SKP PROJECTS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SKP Projects
Private Limited (SKPPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        7.75       CRISIL A4 (Issuer Not
                                    Cooperating)

   Bank Guarantee        7.25       CRISIL A4 (Issuer Not
                                    Cooperating)

  Cash Credit            5          CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Incorporated in 2000, Vadodara, Gujarat-based SKPPL, promoted by Mr
S C Pandey and his family, undertakes pipeline surveys and seismic
studies for government departments and private companies.


SPARK CONDUCTORS: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Spark Conductors Private Limited
(SCPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)
      
   Letter of credit
   & Bank Guarantee       3.25      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     0.92      CRISIL B+/Stable (Reaffirmed)

   Term Loan              0.83      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect susceptibility of the company's
operating margin to volatility in commodity prices and SCPL's
modest scale of operations and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the electrical components and
equipment industry.

Key rating drivers and detailed description

Weaknesses:

* Susceptibility of the operating margin to volatility in commodity
prices: The operating margin is exposed to volatility in raw
material prices, whose cost accounts for around 85% of the
operating revenue/total manufacturing cost.

* Modest scale of operations: SCPL's business profile is
constrained by subdued scale in the intensely competitive
electrical components and equipment industry. Modest scale will
continue to limit its operating flexibility.

* Below-average financial risk profile: Networth was less than INR3
crore and total outstanding liabilities to tangible networth
(TOLTNW) ratio was 2.86 times as on March 31, 2022. The debt
protection metrics remain weak, with interest coverage and net cash
accrual to adjusted debt ratios of 1.32 times and 0.02 time,
respectively, in fiscal 2022.

Strength:

* Extensive industry experience of the promoters: The promoters
have experience of over a decade in the electrical components and
equipment industry. This has given them a strong understanding of
the market dynamics and enabled them to establish healthy
relationships with suppliers and customers.

Liquidity: Stretched

Bank limit utilisation was high at 95% on average for the 12 months
through October 2022. Cash accrual is expected to be INR0.5 crore
which is sufficient against term debt obligation of INR0.25 crore
over the medium term. In addition, it will cushion the liquidity of
the company. Current ratio was moderate at 1.12 times as on March
31, 2022.

Outlook: Stable

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

Rating sensitivity factors

Upward factors:

* Sustained improvement in revenue to over INR15 crore and stable
operating margin at 10%
* Improvement in the working capital cycle


Downward factors:

* Decline in operating profitability by 400 basis points, leading
to lower accrual
* Substantial increase in the working capital requirement,
weakening its liquidity and financial profile

SCPL was incorporated in 2009. The company is owned and managed by
Mr Pasupuleti Bheemudu and Mrs Pasupuleti V Ramani. It manufactures
aluminum conductors and cables and the manufacturing facility is in
Hyderabad.


SPS EDUCATIONAL: CRISIL Lowers Rating on INR30cr Loans to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
SPS Educational Trust (Regd.) (SPS) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              0.3       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Term Loan             24.7       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects instances of delays in long-term debt
repayment obligations in December 2022 owing to cash flow
mismatches.

The rating reflects vulnerability to regulatory risks in the
education sector, modest scale of operations and leveraged capital
structure. These weaknesses are partially offset by the extensive
experience of the trustees in the education sector.

Key Rating Drivers & Detailed Description

Weaknesses:

* Instances of delays in reservicing debt obligations for term
loan: The trust has had delays in reservicing its term debt
obligations as a result of cash flow mismatches.

* Vulnerability to regulatory risks: Establishment and operations
of educational institutions are regulated by various government and
quasi-government agencies, such as All India Council for Technical
Education, Central Board of Secondary Education (CBSE),
universities and state governments. Each agency has detailed
procedures for granting permission to set up institutions, and
approvals need to be renewed every 3-5 years. Non-compliance may
result in cancellation of affiliation and license, leading to loss
of reputation and revenue.

* Modest scale of operations: Intense competition constrains
scalability, as indicated by estimated revenue of INR12.49 crore in
fiscal 2022, and operating flexibility.

* Leveraged capital structure: The financial risk profile is
constrained by high gearing and weak debt protection metrics.
Networth and total outside liabilities to tangible networth ratio
are estimated at INR12.55 crore and 3.26 times, respectively, as on
March 31, 2022. Debt protection metrics will remain subdued, with
interest coverage and net cash accrual to adjusted debt ratio
expected at 1.37 times and 0.03 time, respectively, over the medium
term.

Strength:

* Extensive industry experience of the trustees: The trustees have
experience of over 30 years in the education sector. This has given
them an understanding of market dynamics and helped to establish
strong market position in Palwal, Haryana. This has enabled the
trust to improve operating income.

Liquidity: Poor

The firm has instances of delays in long-term debt repayment
obligations in December 2022 owing to cashflow mismatches.

Rating Sensitivity Factors

Upward Factor

* Timely honouring of debt obligations for continuous 3 months
* Increase in cash accrual over INR2 crore backed by ramp-up of
operations
* Improved debt protection metrics and capital structure

Set up in 2010 by Mr Suresh Chand Bhardwaj and his family members,
SPS manages a senior secondary school, SPS International, in
Palwal. The school is affiliated to CBSE and offers education from
nursery to standard 12.


SRS KNOWLEDGE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: SRS Knowledge and Technologies Private Limited
        SRS Multiplex, Top Floor City Centre,
        Sector-12, Faridabad, HR – 121007 IN

Insolvency Commencement Date:   December 23, 2022

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

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Ashok Malik
              House No. 59, Sector 69,
              Sahibzada Ajit Singh Nagar,
              Mohali-160062, Punjab
              Email: malikandmalikadvocates@gmail.com

              Plot No. D-190, 3rd Floor, Sector-74, Phase-8B,
              SAS Nagar, Mohali - 160071, Punjab
              Email: cirpsrsknowledge@gmail.com
              Mobile: 9815199011

Last date for
submission of claims:  January 6, 2023


SRS REAL: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: SRS Real Estate Ltd.
        SRS Multiplex, Mezannine Floor, City Centre,
        Sector-12, Faridabad, HR-121 007
        * Project Name: SRS Royal Hills Phase - II

Insolvency Commencement Date:   December 22, 2022

Estimated date of closure of
insolvency resolution process:  June 20, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional:  Shyam Arora
               96, Aravali Apartment, Alaknanda,
               New Delhi-110019
               Email: arora.shyaam@yahoo.com
                      srs.cirp22@gmail.com

Last date for
Submission of claims: January 6, 2023


STELLAR EDGE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor:  Stellar Edge Solutions Private Limited
         SCO 371-72-73, 2nd Floor, Sector 34-A
         Chandigarh - 160034

Insolvency Commencement Date:   December 23, 2022

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

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional:   CA Navneet Gupta
                #1598, Level 1, Sector 22-B,
                Chandigarh -160022
                Email: navguptaca@gmail.com
                       stellar.cirp@gmail.com

Last date for
Submission of claims:  January 10, 2023


SUMEET INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sumeet Industries Limited
        504, Trividh Chambers,
        Opp. Fire Station, Ring Road,
        Surat Gujarat 395002, India

Insolvency Commencement Date: December 20, 2022

Estimated date of closure of
insolvency resolution process:  June 18, 2023

Court:  National Company Law Tribunal, Mumbai Bench

Insolvency
Professional:    Kuresh Hatim Khambati
                 GT Restructuring Services LLP,
                 Kaledonia, 1st Floor,
                 C Wing (Opposite J & J Office),
                 Sahar Road, Andheri East,
                 Mumbai - 400069
                 Email: Kuresh.Khambati.IP@outlook.com

Address to
submit claims:   Kuresh H. Khambati
                 c/o Banti Agarwal/Nalanda Sonawane (Sumeet),
                 Grant Thornton, 11th Floor, Tower II
                 One International Center,
                 SB Marg, Elphinstone (W),
                 Mumbai 400013
                 Email: IRP@SumeetInds@IN.GT.COM

Last date for
submission of claims: January 9, 2023


SUPREME VASAI: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Supreme Vasai Bhiwandi Tollways Private Limited
        510, 5th Floor, ABW Tower,
        IFFCO Chock, MG Road,
        Gurgaon Haryana 122002 IN

Insolvency Commencement Date:   December 22, 2022

Estimated date of closure of
insolvency resolution process:  June 19, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional:   Rajesh Lihala
                11, Crooked Lane, Kolkata-700069,
                West Bengal, India
                Email: lihalaco@gmail.com

Last date for
Submission of claims: January 5, 2023


TAURUS FOOD: CRISIL Reaffirms B+ Rating on INR15cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Taurus Food Exports (TFE).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Open Cash Credit       15        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit            7.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility      2.5      CRISIL A4 (Reaffirmed)

   Secured Overdraft
   Facility                2.5      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's exposure to risks
related to volatility in cashew nut prices and its weak financial
risk profile. These weaknesses are partly offset by the extensive
experience of the proprietor in the cashew nut trading business.

Key rating drivers and detailed description

Weaknesses:

* Exposure to risks related to volatility in cashew nut prices: The
prices of cashew nuts are highly volatile, and the firm is not able
to fully pass them on to customers. Although cashew nuts are
procured based on the proprietor's expectation of movements in
prices, the firm will remain exposed volatility in cashew nut
prices.

* Weak financial risk profile: Networth was modest at INR7.42 crore
as on March 31, 2022. Debt protection metrics remained weak,
indicated by interest coverage ratio of 1.42 times in fiscal 2022.

Strength:

* Extensive experience of the proprietor: The four-decade-long
experience of the proprietor through a sister concern and his
healthy relationships with customers and suppliers will continue to
support the business.

Liquidity: Stretched

Cash accrual is expected at a modest INR2 - 5 lakh per annum,
though it will partially support liquidity in the absence of any
debt obligation over the medium term. Fund-based limit of INR17.5
crore was utilized at 40% on average over the 12 months through
October 2022.  

Outlook: Stable

TFE will continue to benefit from the extensive experience of its
proprietor.


Rating sensitivity factors

Upward factors

* Increase in revenue and stable profitability leading to cash
accrual of over INR15 lakh

* Efficient working capital management

Downward factors

* Decline in operating profitability to less than 1% or fall in
revenue resulting in lower cash accrual

* Stretch in the working capital cycle weakening the financial risk
profile

* Any capital withdrawals weakening the financial risk profile and
liquidity

Established in 1999 in Kollam, Kerala, TFE imports and trades in
raw cashew nuts. The proprietor, Mr Suresh Chandran, manages the
operations.


UNISON HOTELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor:  Unison Hotels Private Limited
         Plot No 2, Nelson Mandela Road,
         Vasant Kunj Phase II,
         New Delhi DL 110070 India

Insolvency Commencement Date:  December 12, 2022

Estimated date of closure of
insolvency resolution process: June 20, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional:   Krit Narayan Mishra
                C-3, Ashoka Apartments, Plot No. 8,
                Sector – 12, Dwarka,
                New Delhi -  110078
                Email: kritmassociates@gmail.com

                29A, DDA SFS Flats, Pocket 1, Sector 7 Dwarka,
                New Delhi 11075
                Email: ip.unisonhotels@gmail.com

Last date for
submission of claims:  January 11, 2023


VIDHARVA TRADING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Vidharva Trading Private Limited
        (formerly known as Montage Marino Sales Private Limited)
        Office No.3, D-21,
        Archarya Niketan,
        Mayur Vihar Phase-1, Patparganj,
        Delhi 110091, India

Insolvency Commencement Date: December 23, 2022

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

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional:   Mr. Mohan Lal Jain
                F-2/28, Sector- 15, Rohini, New Delhi 110089
                Email: ml_jain@sumedhamanagement.com

                Address for submitting claims:
                c/o Sumedha Management Solutions Pvt Ltd
                B-1/12, 2nd Floor, Safdarjung Enclave,
                New Delhi 110029
                Email: cirp.vidharvatpl@gmail.com

Last date for
submission of claims: January 9, 2023


VINAYAK JEWELS: CRISIL Withdraws B+ Rating on INR3.68cr LT Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Vinayak Jewels India Private Limited (VJIPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Foreign Bill           11        CRISIL A4 Issuer Not
   Discounting                      Cooperating (Withdrawn)

   Proposed Long Term      3.68     CRISIL B+/Stable Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

   Term Loan               0.32     CRISIL B+/Stable Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with VJIPL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its ratings on the bank facilities of
VJIPL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

VJIPL, incorporated in 2008, manufactures and exports coloured
gemstones and diamond-studded gold and silver jewellery. Its
manufacturing unit is in a special economic zone in Jaipur. Mr Anil
Bindrani and Mr Nikhil Jain are the promoters.


VISWATMA MERCHANDISE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor:  Viswatma Merchandise Private Limited
         5'53 Jagarpota, Krishan Market Road P.O
         Dhalua, Kolkata, WB -700152

Insolvency Commencement Date:   December 29, 2022

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

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Mr. Arun Kumar Gupta
              P-15 Bentinck Street, 3rd Floor
              Kolkata - 700001
              Email: guptaarunkumar2001@yahoo.com

Last date for
Submission of claims:   January 12, 2023


YOUZU INDIA: Liquidation Process Case Summary
---------------------------------------------
Debtor:  Youzu India Private Limited
         F. NO. A/6, S.NO.30A 6/2/1,
         Krutika Apt Gn.09
         Pune 411038 India

Liquidation Commencement Date: December 21, 2022

Court: National Company Law Tribunal, Pune Bench

Liquidator:   Sandeep Jayant Kulkarni
              27/2, Gujarat Colony,
              Near Hotel Samarth, Paud Road,
              Vanaz Corner, Kothrud Pune,
              Maharashtra, 411038
              Email: kulkarni.sandeep@rediffmail.com
              Tel No: 9673000045

Last date for
submission of claims:  January 20, 2023


ZEAL DEVELOPERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Zeal Developers Private Limited
        Shop No. 2E, Site-2, 4 & 20 DDA Market,
        New Rajinder Nagar, New Delhi - 110060

Insolvency Commencement Date:   December 16, 2022

Estimated date of closure of
insolvency resolution process:  June 19, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional:   Atul Mittal
                Address: 174, BALCO Aprtments,
                Plot No. 58, IP Extn.
                Patparganj, New Delhi 110092
                Email: a.mittalmc@gmail.com
                       cirp.zealdeveloperspvtltd@gmail.com

Last date for
Submission of claims:  January 5, 2023




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

TUNAS BARU: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed PT Tunas Baru Lampung Tbk's (TBLA)
Long-Term Issuer Default Rating at 'B' with a Stable Outlook.
Simultaneously, Fitch Ratings Indonesia has affirmed TBLA's
National Long-Term Rating at 'A-(idn)' with a Stable Outlook, and
the rating on its outstanding IDR200 billion notes due 2025 at
'BBB+(idn)'. Concurrently, Fitch has withdrawn the ratings.

TBLA is one of the smallest palm oil producers by planted area, and
its yields weakened significantly over 2019-2021. However, a high
degree of vertical integration, due to significant crude palm oil
(CPO) refining capacity, and diversification through its sugar
business supports its business profile.

TBLA's Stable Outlook incorporates its view that EBITDA net
leverage, which was steady at 3.2x in 9M22 (2021: 3.3x), will be
largely flat over the next two to three years. The ratings also
factor in TBLA's modest financial flexibility given large debt
maturities in the next two years and an uncertain access to public
debt markets.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher- rated
category.

'BBB' National Long-Term Ratings denote a moderate level of default
risk relative to other issuers or obligations in the same country
or monetary union.

Fitch has chosen to withdraw TBLA's ratings for commercial
reasons.

KEY RATING DRIVERS

Weak Yields, Likely to Recover: TBLA's yield of fresh fruit bunches
(FFB) was 12.4 tonnes per mature hectare (t/Ha) in 2021, more than
40% lower from the 2018 level following a steady fall since then,
and its CPO yield dropped to 2.9t/Ha. Fitch estimates CPO yield
will be largely unchanged at 3.0t/Ha in 2022. TBLA's yields have
been lower than its expectations in the last three years.
Nonetheless, Fitch expects them to improve significantly from 2023,
helped by favourable weather conditions and a young acreage
profile.

Volatile Sugar Quotas, Trading Activity: TBLA's raw sugar imports
for its refinery depend on government quotas, which have been
volatile. Accordingly, its total sugar production has varied
widely, with volumes falling almost 40% in 2021 before rising by
17% in 1H22. TBLA also purchases white mill sugar from the local
market to supplement output. TBLA said its experience allows it to
buy large volumes at a favourable price, which it can store and
sell later for a profit. However, Fitch thinks such trading exposes
the company to the risk of large losses on its inventory and
increases margin volatility.

Large Variations in Working Capital: TBLA's working-capital flow
has been volatile, driven by factors such as raw-sugar imports,
which depend on quotas and international prices, and sugar trading
activity. Fitch estimates that TBLA's net working capital cycle
lengthened to around 120 days in 9M22, after shrinking to around
100 days in 2021 (2020: around 180 days). Fitch assumes that the
company's working capital cycle will remain unchanged for 2022 and
beyond. However, weak management control is a key risk that Fitch
think could exacerbate the impact of other factors.

Substantial Capex Likely to Continue: TBLA's capex averaged around
IDR1.3 trillion a year over 2018-2021, which Fitch estimates is
roughly twice the level required for regular replanting and
maintenance. The company has spent on expanding its downstream
processing capacity, for products such as biodiesel, in addition to
increasing planted acreage. Fitch thinks TBLA will continue to tap
growth opportunities, and its capex is unlikely to decline in the
next three to four years.

Steady Leverage, Improved FCF Seen: Fitch forecasts TBLA's EBITDA
net leverage to be steady at around 3.2x from 2022, while
EBITDA/interest coverage will remain above 2.5x. EBITDA should
improve in 2023, driven by higher output, but Fitch expects weaker
CPO and sugar prices to result in lower EBITDA in 2024. Lower
product prices should ease working capital requirements and allow
TBLA's free cash flow to turn neutral to positive by 2024, after a
large outflow in 2022. Fitch forecasts the company's effective
interest rate to decline in 2024, after rising in 2023, in line
with Fitch's forecast for global interest rates.

Rupiah Bonds Notched Down: Fitch has notched down TBLA's IDR200
billion rupiah bonds from its National Long-Term Rating due to
subordination. The proportion of unsecured debt in TBLA's capital
structure has fallen below 10% of total debt after it repaid its US
dollar notes and IDR1.3 trillion of the rupiah bonds in 1H22, with
the help of proceeds from secured loan facilities. This is likely
to result in below-average recovery prospects for the remaining
rupiah bonds.

DERIVATION SUMMARY

TBLA is rated significantly lower than Sime Darby Plantation Berhad
(SDP, BBB/Stable), whose credit profile is underpinned by its
position as the world's largest palm-oil producer by planted area,
and largest sustainable-oil producer. SDP's planted acreage is more
than 10x that of TBLA's and is spread across Malaysia, Indonesia
and Papua New Guinea. This lowers risks related to weather and
regulatory changes. SDP's operations are fully RSPO-certified,
giving it wider access to product and financial markets. SDP's
rating also benefits from significantly better leverage and
coverage metrics.

TBLA's National Long-Term Rating can also be compared with that of
the subsidiaries of Golden Agri-Resources (GAR) - PT Ivo Mas
Tunggal and PT Sawit Mas Sejahtera (both rated A(idn)/Stable) -
which are rated based on GAR's consolidated profile. GAR owns over
400,000 ha of planted area in Indonesia, along with significant
refining and further processing capacity. Apart from a much larger
scale, GAR's FFB yield is better than TBLA's. These strengths are
partly offset by GAR's older acreage profile, higher FFB production
cost and higher leverage.

Fitch can also compare TBLA with PT Japfa Comfeed Indonesia Tbk
(BB-/A+(idn)/Stable), a key competitor in Indonesia's poultry feed
and poultry breeding industry. Japfa's rating is supported by the
relative earnings stability provided by its animal-feed segment,
which contributes over 30% of total revenue. This is broadly
comparable with TBLA's sugar segment, which contributed around 25%
to 2021 revenue and mitigates the volatility of the palm-oil
segment. However, TBLA's 2021 leverage was more than 1x higher and
its financial flexibility is weaker, which results in a lower
rating.

KEY ASSUMPTIONS

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

- Annual CPO output of around 300,000 tonnes during 2023-2025

- Sugar sales volume CAGR of 3% over 2023-2025

- Average Malaysian benchmark CPO prices of USD850/t in 2023 and
USD600/t thereafter

- Average sugar price realisation of around IDR11,900/kg over
2023-2025

- Average annual capex of around IDR1.3 trillion over 2023-2025

- Average annual dividend outflow of around IDR400 billion over
2023-2025

RATING SENSITIVITIES

Not applicable, as the ratings have been withdrawn.

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: TBLA had total debt of around IDR10.2
trillion as of end-September 2022, of which IDR2.1 trillion was in
the form of short-term loans. TBLA had IDR2.4 trillion of debt due
in 2023-2024, mostly from banks, as of end-June 2022 and Fitch
thinks the maturities were similar at end-September. The cash
balance, including restricted cash related to bank facilities, was
IDR0.7 trillion at end-3Q22.

Fitch thinks TBLA's short-term loans, which are mainly for working
capital, will be rolled over unless operations deteriorate
significantly. However, the company is likely to rely on
refinancing from domestic and regional banks to meet its long-term
debt maturities, based on its estimates of its cash flow. If
refinancing efforts are unsuccessful, Fitch thinks TBLA has the
ability to address its debt maturities by cutting capex to around
IDR600 billion and forgoing dividend payments.

ISSUER PROFILE

TBLA is an Indonesia-based producer of palm oil products and sugar.
The group owns around 50,000 hectares of planted oil palm acreage
and significant refining capacity, which allows it to produce
refined products, such as cooking oil, biodiesel and stearine. TBLA
also owns sugarcane plantations, a sugar mill and a refinery.

SUMMARY OF FINANCIAL ADJUSTMENTS

Material financial adjustments include:

- Unamortised transaction and issuance costs (2021: IDR48 billion)
have been added back to debt, while the guarantee for a loan to
plasma projects (2021: IDR52 billion) has been treated as
off-balance sheet debt.

- Cash amounts reported as restricted cash, mainly related to
interest reserve account for the US dollar bond, have been treated
as readily available (2021: IDR125 billion),

- Prepaid expenses, advances for purchases, biological assets
(plant produce not yet harvested), accrued expenses and short-term
advances received from customers have been included in working
capital.

ESG CONSIDERATIONS

TBLA has an ESG Relevance Score of '4' for Management Strategy. The
company's working-capital flow has been volatile, while capex has
often been higher than our expectations. This indicates some
weakness in management control over operations and remains a risk
to TBLA's financial and overall credit profile. This has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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
   -----------               ------                    -----
PT Tunas Baru
Lampung Tbk           LT IDR  B        Affirmed           B
                      Natl LT A-(idn)  Affirmed      A-(idn)
                      LT IDR  WD       Withdrawn          B
                      Natl LT WD(idn)  Withdrawn     A-(idn)

   senior unsecured   Natl LT BBB+(idn)Affirmed    BBB+(idn)

   senior unsecured   Natl LT WD(idn)  Withdrawn   BBB+(idn)



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

FTX JAPAN: FSA Expects Local Clients to Get Funds Back Starting Feb
-------------------------------------------------------------------
Bloomberg News reports that Japan's financial watchdog expects the
local unit of Sam Bankman-Fried's failed crypto empire FTX will
repay funds to customers starting next month, according to a senior
official.

"We have been in close communication with FTX Japan," the report
quotes Mamoru Yanase, deputy director-general of the Financial
Services Agency's Strategy Development and Management Bureau, as
saying. A mid-February timeline for withdrawals announced last
month by the firm is likely a product of such communication so "we
are expecting that they will properly take steps based on that," he
said.

The plan, if successful, would be a rare example of investors
getting money back following FTX's epic unraveling about two months
ago, Bloomberg says. The development stands in contrast to other
countries where the path to recovery of customer funds remains
murky.

"Clients assets have been properly segregated" by the Japan unit,
Mr. Yanase said, adding that users have been unable to withdraw
their funds so far mainly due to technical issues.  The regulator
also understands that there has been "no objection at all" to the
withdrawal plan with regard to the parent firm's Chapter 11 filing
in the United States, he said.

FTX Japan is being auctioned as part of the U.S. bankruptcy process
for the sprawling FTX group of companies. About 41 parties have
"expressed interest" in it, according to a court filing.

The Japanese unit won't lose its licenses even if its owner
changes, Yanase added.

                           About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal the next day amid reports on FTX regarding mishandled
customer funds and alleged US agency investigations.

At approximately 4:30 a.m. on Nov. 11, Bankman-Fried ultimately
agreed to step aside, and restructuring vet John J. Ray III was
quickly named new CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
A total of 102 entities related to FTX have filed for Chapter 11
protection.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

Andrew G. Dietderich, James L. Bromley, Brian D. Glueckstein and
Alexa J. Kranzley at Sullivan & Cromwell LLP in New York, serve as
the Debtors' counsel.

Adam G. Landis, Kimberly A. Brown and Matthew R. Pierce at Landis
Rath & Cobb LLP in Wilmington serve as local bankruptcy counsel to
FTX Group.

Alvarez & Marsal North America, LLC, is the Debtors' financial
advisor.

Kroll is the claims agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

Lawyers at Paul Weiss represented SBF but later renounced
representing the entrepreneur due to a conflict of interest.



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

A W FABER-CASTELL: Creditors' Proofs of Debt Due on Feb. 15
-----------------------------------------------------------
Creditors of A W Faber-Castell (NZ) Limited are required to file
their proofs of debt by Feb. 15, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 12, 2023.

The company's liquidators are:

          Simon Dalton
          Benjamin Francis
          Gerry Rea Partners
          PO Box 3015
          Auckland


BRINE PROPERTY: Creditors' Proofs of Debt Due on Feb. 21
--------------------------------------------------------
Creditors of Brine Property Investments Limited are required to
file their proofs of debt by Feb. 21, 2023, to be included in the
company's dividend distribution.

The High Court at New Zealand appointed Janet Sprosen and Leon
Francis Bowker of KPMG as liquidators on Dec. 21, 2022.


EX QW: Creditors' Proofs of Debt Due on Feb. 13
-----------------------------------------------
Creditors of The Ex QW Limited are required to file their proofs of
debt by Feb. 13, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 11, 2023.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011




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

FOOD TERMINAL: Creditors' Meetings Set for Feb. 6
-------------------------------------------------
A meeting of creditors of Food Terminal Trading Pte Ltd, Draff Beer
Pte Ltd, Tao Brewery Pte Ltd, NSB-Mom's Touch Pte Ltd, NSB-Crab
Factory(China) Pte Ltd, and NSB-Crab Factory Pte Ltd, will be held
on Feb. 6, 2023, at 10:00 a.m., 11:00 a.m., 12:00 p.m., 2:00 p.m.,
3:00 p.m., and 4:00 p.m., respectively, via video conferencing.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Companies, showing the assets and liabilities of the
      Companies, together with a list of creditors and the
      estimated amount of their claims;

   b. to confirm the appointment of Mr. Chan Yee Hong of CLA
      Global TS Risk Advisory Pte. Ltd. (fka Nexia TS Risk
      Advisory Pte. Ltd.) as Liquidator of the Companies;

   c. to appoint a Committee of Inspection if deemed necessary;

   d. Any other business.


GALENA COMMODITY: Creditors' Proofs of Debt Due on Feb. 16
----------------------------------------------------------
Creditors of Galena Commodity Credit Master Fund Pte. Ltd. are
required to file their proofs of debt by Feb. 16, 2023, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 13, 2022.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Toh Ai Ling
          Chan Kwong Shing, Adrian
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961


INDORAMA ENTERPRISES: Members' Final Meeting Set for Feb. 16
------------------------------------------------------------
Members of Indorama Enterprises Pte Ltd will hold their final
general meeting on Feb. 16, 2023, at 10:00 a.m., at

At the meeting, Seenivasan Elayalwar, the company's liquidators,
will give a report on the company's wind-up proceedings and
property disposal.


K SENG: Court to Hear Wind-Up Petition on Jan. 27
-------------------------------------------------
A petition to wind up the operations of K Seng Development Pte Ltd
will be heard before the High Court of Singapore on Jan. 27, 2023,
at 10:00 a.m.

A-Goodmate Global Pte Ltd filed the petition against the company on
Jan. 5, 2023.

The Petitioner's solicitors are:

          Characterist LLC
          51 Goldhill Plaza #10-01
          Singapore 308900



KITCHEN CULTURE: Settles Dispute with Ex-CEO
--------------------------------------------
The Business Times reports that Kitchen Culture and its former
chief executive Lim Wee Li have discontinued their respective legal
proceedings against each other after agreeing to a settlement.

In 2021, Lim and Kitchen Culture respectively filed a claim and
counterclaim on the basis that the group had allegedly wrongfully
terminated Lim as chief executive, BT recalls.

According to BT, both parties have filed notices of discontinuation
on Jan. 11, Kitchen Culture said in a bourse filing on Jan. 17.
With these notices, the group said it is no longer involved in any
proceedings involving Lim's suit.

This comes after the group said on Jan. 10 that it entered into a
legal settlement with Lim on Dec. 28, following "without prejudice
negotiations" between April 2022 and December 2022, BT relays.

The board had taken into consideration the merits of Lim's claims,
the company's present financial situation, the present status of
litigation between both parties, and the costs incurred to date in
connection with the case when arriving at its decision to settle.

In the same Jan. 10 announcement, Kitchen Culture's board said it
was no longer involved in any legal proceedings in connection with
subsidiary KHL Marketing Asia-Pacific's action against Lim and two
foreign nationals to recover SGD520,000, BT reports. The two
foreign nationals withdrew their counterclaim against Kitchen
Culture on Nov. 9, 2022.

                       About Kitchen Culture

Based in Singapore, Kitchen Culture Holdings Ltd. --
https://www.khlmktg.com/ -- sells and distributes imported kitchen
systems, kitchen appliances, wardrobe systems, and household
furniture and accessories under the Kitchen Culture brand name. It
operates through Residential Projects, and Distribution and Retail
segments.

Kitchen Culture reported three consecutive net losses of SGD3.87
million, SGD4.77 million and SGD11.51 million for years ended  June
30, 2019, 2020, and 2021, respectively.


SOUTHERNPEC SINGAPORE: Final Meeting Set for Feb. 17
----------------------------------------------------
Members and creditors of Southernpec (Singapore) Shipping Pte Ltd
will hold their final meeting on Feb. 17, 2023, at 4:00 p.m., via
via video conferencing (Zoom platform).

At the meeting, Wong Joo Wan, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


VAULD: Creditor Protection Period Extended to Feb. 28
-----------------------------------------------------
Bloomberg News reports that a Singapore court has extended the
creditor protection period for crypto lender Vauld to Feb. 28, as
the company has yet to come up with a revival plan, said a source
familiar with the matter.

Vauld is among a string of crypto lenders that suffered major
damage in last year's digital-asset rout. The source said the
company has received bids from two digital-asset fund managers to
take over management of the tokens stuck on its platform, Bloomberg
relates. It had frozen customer withdrawals in July 2022, and hired
advisers to explore a restructuring.

The source, who asked not to be identified discussing private
information, added that Vauld said discussions with the fund
managers were at an advanced stage, Bloomberg relays.

Bloomberg says the company is also in a simmering dispute with Nexo
Capital, another lender that is attempting to acquire it. The
source said Vauld told the court that it would not proceed with any
deal with Nexo.

Last week, Nexo's office in Sofia, Bulgaria, was raided by local
police, as part of an investigation into suspected money-laundering
and tax crimes, Bloomberg reports.

                            About Vauld

Vauld is a Singapore-based crypto lending and trading platform.
Vauld was founded in 2018 by Darshan Bathija and Sanju Kurian to
enable crypto investors earn and borrow cryptocurrencies using
their own assets.  The start-up is backed by popular investors
including Coinbase Ventures, PayPal co-founder and billionaire
investor Peter Thiel's Valar Ventures, CMT Digital, Gumi Cryptos,
Robert Leshner and Cadenza Capital.

As of July 2022, Vauld had assets worth around $330 million and
liabilities worth $400 million, Moneycontrol disclosed.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
2, 2022, the Singapore High Court granted the parent of troubled
crypto lender Vauld a three-month protection from creditors, giving
the company breathing room as it seeks to sell itself to rival
Nexo.

Justice Aedit Abdullah gave Defi Payments Ltd. a moratorium that
would last until Nov. 7, 2022, half of what the company had asked
for, according to a court hearing in the city-state on Aug. 1.
During this period, the company's 147,000 creditors will be barred
from taking legal action against it.




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

SRI LANKA: India Tells IMF it Backs Debt Restructuring Plan
-----------------------------------------------------------
Reuters reports that India has told the International Monetary Fund
(IMF) it will support Sri Lanka's debt restructuring plan, a source
with direct knowledge of the matter said, as the island nation
races to secure a $2.9 billion bailout from the global lender.

The country of 22 million people is facing its worst economic
crisis since independence from Britain in 1948, and policymakers
have been grappling with multiple challenges over the past year
including a shortage of dollars, runaway inflation and a steep
recession.

"India has written to the IMF," the source told Reuters, asking not
to be named because they are not authorised to speak to the media.

According to Reuters, Sri Lanka requires the backing of China and
India - its biggest bilateral lenders - to reach a final agreement
with the IMF on the $2.9 billion loan that is essential to put its
battered economy back on track.

Reuters relates that the two Asian giants, which have jostled for
influence over Sri Lanka for decades, are also the island nation's
biggest trading partners, accounting for about $5 billion each in
bilateral trade in 2021.

Sri Lanka owes India around $1 billion that will come under the
debt restructuring plan, the source said.

New Delhi separately provided Sri Lanka with about $4 billion in
rapid assistance between January and July last year, including
credit lines, a currency swap arrangement and deferred import
payments, Reuters notes.

Sri Lanka owed Chinese lenders $7.4 billion - nearly a fifth of its
public external debt - by the end of last year, Reuters relays
citing calculations by the China Africa Research Initiative
(CARI).

Japan is Sri Lanka's third significant bilateral lender, and
Colombo needs prior financing agreements with all three countries
to seek IMF board approval for a four-year programme with the
lender, Reuters states.

"Talks with bilateral lenders including India and China to
restructure Sri Lanka's debt are progressing well and we are
hopeful of finalising support from the IMF in the first quarter of
2023," Sri Lanka's cabinet spokesperson, Bandula Gunawardana, told
reporters on Jan. 17.

Sri Lanka has to secure prior financing assurances from creditors,
put its heavy debt burden on a sustainable path and increase public
revenue before the global lender will disburse the funds, the IMF
has said.

According to Reuters, the IMF has stressed the importance of joint
talks involving three of Sri Lanka's main bilateral creditors -
China, Japan and India.

Sri Lanka's cabinet said on Jan. 17 that it would cut its recurrent
budget expenditure by 6% in 2023 and had approved a proposal to
delay salaries of some public employees to manage public finances.

                          About Sri Lanka

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

Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its US$12.6 billion pile of foreign
debt to preserve cash for essential goods.

That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world in 2022 and trade deep
in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.

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

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

Sri Lanka is in talks with the International Monetary Fund for a
bailout and needs to negotiate a debt restructuring with
creditors.

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



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

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

Copyright 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
Peter Chapman at 215-945-7000.



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