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

                     A S I A   P A C I F I C

          Monday, February 13, 2023, Vol. 26, No. 32

                           Headlines



A U S T R A L I A

CLOUGH GROUP: Was Likely Insolvent Before Entering Administration
E CONNECT: First Creditors' Meeting Set for Feb. 20
GENESIS CARE: S&P Downgrades ICR to 'CCC-', Outlook Negative
MY BABY: First Creditors' Meeting Set for Feb. 14
PARK RIDGE: First Creditors' Meeting Set for Feb. 21

PROFOUNDER ALLIANCE: First Creditors' Meeting Set for Feb. 21
QUEENSLAND NICKEL: Ordered to Repay AUD44.6MM Private Jet Loan
RECYCLE AND RESOURCE: Moody's Cuts CFR & 1st Lien Term Loan to B3
TECHSMART 247: First Creditors' Meetings Set for Feb. 20


C H I N A

DALIAN WANDA: Fitch Gives 'BB' Rating to New USD Sr. Unsec. Notes
VNET GROUP (CHINA): Fitch Cuts LongTerm IDRs to B-, Outlook Stable


H O N G   K O N G

THEVELIA HOLDINGS: S&P Affirms 'B' Long-Term ICR, Outlook Stable


I N D I A

ARAVIND CERAMICS: Ind-Ra Affirms BB- Long Term Issuer Rating
ARMSTRONG TEXTILES: Ind-Ra Affirms BB+ Long Term Issuer Rating
CERA TECHNOLOGIES: Voluntary Liquidation Process Case Summary
CIRCLE INFOTECH: CARE Lowers Rating on INR12cr LT Loan to D
DHARWAD METALLICS: CARE Keeps D Debt Rating in Not Cooperating

GOLCONDA TEXTILES: Insolvency Resolution Process Case Summary
HYQUIP SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating
INTERNATIONAL METAL: CARE Keeps B- Debt Rating in Not Cooperating
K.P WOVEN: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
KHANNA JEWELLERS: CARE Lowers Rating on INR76.09cr LT Loan to D

MEGHAAARIKA INT'L: Insolvency Process Case Summary
MOON DIAMONDS: CARE Keeps B- Debt Rating in Not Cooperating
NIGAM COLD: CARE Keeps B Debt Rating in Not Cooperating Category
PIBCO ENTERPRISES: CARE Lowers Rating on INR9.49cr LT Loan to C
PROCURELI INDIA: Voluntary Liquidation Process Case Summary

PRUDHVI INFRA: CARE Keeps B- Debt Rating in Not Cooperating
PSG ENERGY: Voluntary Liquidation Process Case Summary
RAI BAHADUR: CARE Lowers Rating on INR280cr LT Loan to D
RCL PAPER: CARE Keeps D Debt Ratings in Not Cooperating Category
S.K. BROTHERS: CARE Keeps B- Debt Ratings in Not Cooperating

SAMRAT LAMINATES: CARE Lowers Rating on INR10.10cr LT Loan to B
SHRAMAN ESTATES: Insolvency Resolution Process Case Summary
SION STEELS: CARE Lowers Rating on INR9cr LT Loan to B-
SPECTRUM FILTRATION: CARE Keeps B+ Debt Rating in Not Cooperating
TIL LIMITED: CARE Moves D Debt Rating to Not Cooperating Category

TOPTRADE MERCANTILES: Insolvency Resolution Process Case Summary
TRIBESMEN GRAPHICS: Insolvency Resolution Process Case Summary
UNIQUE FOODS: Ind-Ra Keeps BB Issuer Rating in NonCooperating
UNITED ARTLOGISTICS: Insolvency Resolution Process Case Summary
VATSA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating

VISHAVKARMA AGRO: CARE Keeps B- Debt Rating in Not Cooperating
Y.R. TRADERS: Liquidation Process Case Summary
ZEE LEARN: Bankruptcy Court Admits Firm for Insolvency Process


J A P A N

[*] JAPAN: Company Bankruptcies Up for 9th month in January


M A L A Y S I A

IVORY PROPERTIES: Taps UHY as Auditor Following KPMG's Resignation


N E W   Z E A L A N D

A H CONSTRUCTION: Bryan Edward Williams Appointed as Liquidator
BROADHURST BUILDERS: Creditors' Proofs of Debt Due on March 3
CECILE'S MUESLI: Closes Down Business Due to Rising Costs
JXL DESIGN: Grant and Botterill Appointed as Administrators
MANGAITI FOREST: Creditors' Proofs of Debt Due on March 6

SMS BUILDING: Court to Hear Wind-Up Petition on Feb. 17


P A K I S T A N

PAKISTAN: 'Not Going Bankrupt', Chief Justice Says


P H I L I P P I N E S

RB OF SAN MARCELINO: Central Bank Orders Closure of Rural Bank


S I N G A P O R E

AMBROSIA CAPITAL: Court to Hear Wind-Up Petition on Feb. 24
C & P LAND: Commences Wind-Up Proceedings
KS ENERGY: High Court to Hear Wind Up Petition on Feb. 24
SINHAN HOLDING: Court to Hear Wind-Up Petition on Feb. 24
TERAS CONQUEST: Commences Wind-Up Proceedings

V.SPEC ENGINEERING: Court Enters Wind-Up Order


V I E T N A M

HSBC BANK (VIETNAM): Fitch Gives BB FirstTime Foreign Currency IDR

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CLOUGH GROUP: Was Likely Insolvent Before Entering Administration
-----------------------------------------------------------------
News.com.au reports that Clough Group, a building company that
collapsed suddenly with AUD10 billion worth of government projects,
could have been in trouble months before it went under, a report to
creditors has revealed.

Perth-based Clough Group went into voluntary administration in
December.

It completed industrial projects in the energy, resources and
infrastructure sector, with projects such as the Federal
Government's Snowy Hydro 2.0 expansion alongside others in NSW,
Western Australia and Papua New Guinea, the report says.

However, the creditor's report from administrators Deloitte
revealed that while Clough's revenue grew from AUD686.3 million in
the 2019 financial year to AUD1.47 billion in 2022, its costs also
tripled from AUD684.2 million to AUD1.84 billion in the same
period, news.com.au discloses.

Deloitte administrators Jason Tracy and Sal Algeri found the group
had "indicators of insolvency" from early as July but was likely
insolvent from October, The Australian reported, news.com.au
relays.

A deal to sell the company to Italian construction giant Webuild
was identified as the best option to save Clough, but it fell
through in December triggering its collapse, the report notes.

According to news.com.au, Deloitte report's said Clough's demise
came about as a result of the skyrocketing costs of raw material
costs, outstanding claims against some clients, and the failure of
its parent company - South Africa's Murray & Roberts - to repay
AUD347 million it owed.

Ultimately, Webuild was still able to snap up parts of the company
in a deal struck with the administrators, reportedly for millions
of dollars less than the proposed merger.

news.com.au notes that the company received the welcome lifeline
with administrators securing a AUD35.9 million deal to save most of
its workforce through a part sale of its projects and assets to
Webuild that is a partner on the AUD5.9 billion Snowy Hydro 2.0
project.

news.com.au adds that the creditor's report also revealed that
Clough's directors sought safe harbour protection from claims
against insolvency in May 2022, while the company had AUD46.4
million worth of invoices owed to creditors for longer than 90 days
from June last year.

Creditors must approve the Webuild deal at a meeting on February
15, which will see it take charge of the bulk of contract work,
liabilities and staff entitlements for five companies, while seven
others will remain in administration, news.com.au says.

If the deal goes through, creditors would see a return of 13.2
cents in the dollar, Deloitte estimated.


E CONNECT: First Creditors' Meeting Set for Feb. 20
---------------------------------------------------
A first meeting of the creditors in the proceedings of E Connect
Solar & Electrical Pty Ltd will be held on Feb. 20, 2023, at 12:00
p.m. at the offices of Worrells at Suite 804, Level 8, 33 Argyle
Street in Parramatta and via virtual meeting technology.

Aaron Kevin Lucan of Worrells was appointed as administrator of the
company on Feb. 8, 2023.


GENESIS CARE: S&P Downgrades ICR to 'CCC-', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Genesis Care Pty Ltd (GenesisCare) to 'CCC-' from 'CCC'. At the
same time, S&P lowered its long-term issue ratings on the senior
secured term loans the company guarantees to 'CCC-' from 'CCC'. S&P
also lowered the recovery estimate for the issue ratings to '4'
from '3'. This has no impact on the ratings of the rated debt.

The negative outlook reflects the possibility that S&P could lower
the ratings if GenesisCare announces a distressed exchange or other
form of debt restructuring that it considers a default over the
next six months.

GenesisCare may complete a distressed exchange or debt
restructuring over the next six months to improve its capital
structure and alleviate liquidity pressures. The company's highly
leveraged balance sheet continues to weigh on the ratings.
GenesisCare is unlikely to generate positive free operating cash
flow (FOCF). This is given elevated debt, challenging operating
conditions particularly in the U.S., and rising interest expenses
(despite hedging) that are weakening earnings.

GenesisCare has secured waivers on loan repayment requirements to
shareholders, KKR & Co. Inc. (A$50 million) and China Resources
(Holdings) Co. Ltd. (A$29 million). The requirements were triggered
by the company's sale of its cardiology business.

Both shareholder loans will mature on Nov. 30, 2023. There is
potential for a six-month extension, subject to the joint
discretion of both shareholders. These loans had provided
significant support for GenesisCare's liquidity, with the group
holding a cash balance of US$154 million as of Sept. 30, 2022.

Despite the waivers, GenesisCare's liquidity has deteriorated and
is now weak. Our base case assumes negative FOCF for fiscal years
2023-2024 (year-end June 30). This, together with rising interest
expenses for floating-rate debt, and the pending maturity of the
shareholder loans have worsened the liquidity position.

Without a significant rebound in earnings or new equity, S&P views
a distressed exchange or debt restructuring as being increasingly
likely within the next six months.

GenesisCare is likely to consider a below-par debt exchange. The
company's term loan B (TLB) is trading at about 35 cents on the
dollar, trading within a range of 30-40 cents in the past few
months. S&P said, "Given high debt and onerous leverage, we believe
a below-par debt repurchase is a real possibility. We would view
such a transaction as a default if the lenders do not receive the
full amount as originally promised."

Patient volumes and revenue collections for the U.S. business may
improve further. GenesisCare believes fiscal 2022 represented the
low point of its earnings cycle. In a lenders' update in November
2022, the company reported traction in radiotherapy volumes. New
sites and services in Australia and Europe continued to increase
market share. Additionally, fee-collection processes in the U.S.
continued to improve. In August 2022, monthly cash collections were
the second highest since GenesisCare acquired 21st Century Oncology
Inc. (21C) in 2020.

These improvements should translate to moderate earnings growth for
the underlying business in fiscal 2023. However, an onerous capital
structure and operational difficulties may constrain the earnings
rebound for GenesisCare.

Inflation, such as higher labor costs, is likely to affect
profitability and cash flow over the next 12 months. Although S&P
considers demand for cancer care services to be largely
recession-resistant, a sustained weakening of the macroeconomic
environment could pose downside to our forecasts.

S&P said, "The negative outlook on GenesisCare reflects our view of
the company's highly leveraged capital structure, which we consider
as unsustainable. This, together with continued challenging
conditions, may lead the company to undertake a distressed exchange
or other form of debt restructuring that we would consider as a
default over the next six months.

"We could lower our ratings on GenesisCare if it announced a
distressed exchange or other form of debt restructuring that we
would classify as a default.

"We could revise the outlook to stable or consider an upgrade if we
consider that the risk of a distressed exchange or other form of
default has materially diminished. This could result if additional
equity significantly delevers the group's balance sheet and
improves liquidity."

ESG credit indicators: E-2; S-3; G-2


MY BABY: First Creditors' Meeting Set for Feb. 14
-------------------------------------------------
A first meeting of the creditors in the proceedings of My Baby HQ
Pty. Ltd. will be held on Feb. 14, 2023, at 10:00 a.m. via
Microsoft Teams.

Rajiv Goyal and Andrew McCabe of Wexted Advisors were appointed as
administrators of the company on Feb. 2, 2023.


PARK RIDGE: First Creditors' Meeting Set for Feb. 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of Park Ridge
Development Management Pty Ltd will be held on Feb. 21, 2023, at
10:00 a.m. at the offices of Robson Cotter Insolvency Group at Unit
1 78 Logan Road in Woolloongabba.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrators of the company on Feb. 9, 2023.


PROFOUNDER ALLIANCE: First Creditors' Meeting Set for Feb. 21
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Profounder
Alliance Robes Pty Ltd will be held on Feb. 21, 2023, at 10:00 a.m.
at the offices of GTS Advisory at Level 2, 68 St Georges Terrace in
Perth and via a telephone call.

Mathieu Tribut of GTS Advisory was appointed as administrator of
the company on Feb. 9, 2023.


QUEENSLAND NICKEL: Ordered to Repay AUD44.6MM Private Jet Loan
--------------------------------------------------------------
Sydney Morning Herald reports that Clive Palmer's Queensland Nickel
company has been ordered to repay a AUD35.4 million loan for the
businessman and former MP's private jet plus hefty interest and
currency exchange costs.

SMH relates that the Court of Appeal on Feb. 10 dismissed an
application by Queensland Nickel (QNI) to set aside the order that
it pay more than US$30.8 million (AUD44.6 million) to Vannin
Capital.

According to the report, the Brisbane Supreme Court ruled on Feb. 1
that General Electric's industrial credit division had loaned
US$24.5 million to QNI subsidiary Palmer Aviation to finance the
purchase of a 2001 Bombardier Global Express aircraft.

The twin-engined aircraft, with room for up to 14 passengers and a
maximum range of 12,000 kilometres, was painted with Palmer United
Party logos and used to support Mr. Palmer's successful 2013
federal election run for the Sunshine Coast seat of Fairfax.

Soon after QNI and Palmer Aviation went into voluntary
administration in January 2016, GE sent letters demanding that the
loan's full outstanding principal and interest be repaid within a
month but Mr. Palmer's companies did not send any money, SMH
relates.

The jet was sold for US$5.6 million in 2018 after QNI went into
liquidation.

SMH says Vannin Capital, a multinational corporate litigation
financing company, took over GE's rights to the loan in 2018 and
QNI took legal action to contest the debt in 2019.

QNI claimed GE had breached a duty owed to them to achieve the
"best price obtainable" on the jet's resale.

Supreme Court Justice Martin Burns ruled earlier this month that
"Vannin must wholly succeed on its claim" to the debt and dismissed
QNI's counterclaim, SMH recalls.

According to the report, QNI brought a motion to stay the
proceedings, arguing that it was being exposed to the risk of
Vannin becoming insolvent and being unable to repay the US$30
million-plus if it lost a future appeal.

QNI sought to have the court hold onto the equivalent in Australian
dollars while a wider appeal proceeded, the report states.

Vannin argued that its Australian division had access to credit
worth $100 million and forcing it to accept a payout in Australian
dollars would result in it incurring costs and potential currency
rate losses to recover its court judgment that was explicitly to be
paid in US dollars.

SMH adds that Justice John Bond ruled on Feb. 10 that there was "no
demonstrated reason" to grant QNI's appeal against the payment
terms.

Mr. Palmer announced late last year that he was selling Queensland
Nickel to Swiss group Zero Carbon Investek for an undisclosed
amount that has been estimated at AUD1 billion or more.

                      About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd and
QNI Metals Pty Ltd, with the directorship going to Palmer's nephew
Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield and
Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that the
Company "incurred debts of AUD771 million after going insolvent in
November [2015]."

On April 22, 2016, the Companies' creditors voted for liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.


RECYCLE AND RESOURCE: Moody's Cuts CFR & 1st Lien Term Loan to B3
-----------------------------------------------------------------
Moody's Investors Service has downgraded Recycle and Resource
Operations Pty Limited's ("Bingo") corporate family rating to B3
from B2. The senior secured ratings on the company's first lien
term loan and revolving credit facility were also downgraded to B3
from B2. The outlook has been changed to stable from ratings under
review. This rating action concludes the review for downgrade
initiated on August 22, 2022.

RATINGS RATIONALE

The rating downgrade reflects Moody's expectation that Bingo's
liquidity buffer will likely erode over the remainder of fiscal
2023 to a level that is no longer consistent with the prior B2
rating.

As of September 30, 2022, Bingo held a cash balance of AUD88
million along with an undrawn revolver of AUD75 million. Moody's
considers Bingo's liquidity to be sufficient over the next 12
months. Notwithstanding, the rating agency expects the company,
without drawing on its revolver, will have its cash balance fall
below AUD30 million by June 30, 2023 due to a combination of the
company's upcoming regulatory penalty fines, remaining payments to
settle the United Waste acquisition, and negative free cashflow
driven by high capex and interest costs. In regards to the
regulatory penalties, Moody's currently assumes the fines will be
in line with the amounts that the company has provisioned. Given
the potential cyclicality in Bingo's business and the company's
exposure to uncontrollable factors such as construction activity,
Moody's considers the company's liquidity buffer to be limited and
no longer consistent with the prior B2 rating.

Although Moody's expects Bingo's earnings and cash generation to
improve over the next 12-18 months mainly on ramp-up of MPC2, as
well as operational commencement of Patons Lane landfill, the
rating agency expects the company's growth spending to remain
elevated which will constrain build-up of its cash buffer.
Additionally, Bingo faces a sizable committed cash payment of
around AUD103 million relating to Eastern Creek land over the next
couple of years. Further negative rating pressure could emerge if
the company is unable to secure funding well ahead of the due date
for this payment.

The rating downgrade also reflects Bingo's high financial leverage.
Gross debt/EBITDA for fiscal 2023 is expected to remain well over
7x, above the tolerance level for the prior B2 rating and Moody's
earlier estimates. That said, Moody's expects de-leveraging over
fiscal 2024 as earnings improve.

Bingo's rating continues to benefit from its strong market position
as the leading vertically integrated player in B&D waste, in the
Australian state of New South Wales. The company owns a network of
well-located post-collection waste facilities that is difficult to
replicate, supporting its earnings generation and providing
considerable barriers to entry. Bingo has historically generated
solid margins due to its vertical integration and advanced
recycling capabilities, which help raise margins through diversion
of waste from landfill, thereby avoiding substantial landfill
levies imposed by the government.

The rating is constrained by Bingo's high financial leverage,
limited liquidity buffer, and concentration towards NSW B&D waste,
where market waste volumes can vary depending on overall
construction activity.

The stable outlook reflects Moody's expectation that Bingo will
maintain liquidity that is in line with expectations at the B3
rating level, and that its earnings and cash generation will
improve over the next 12-18 months, primarily supported by ramp-up
of MPC2 and operational commencement of Patons Lane landfill.

Environmental, Social and Governance (ESG) Considerations

Bingo's ESG Credit Impact Score is Highly Negative (CIS-4). ESG
attributes have some negative impact on the current rating due to
the company's concentrated private equity ownership, which can
result in prioritization of shareholder interests over creditor
interests, such as more aggressive growth plans and strategies,
including a tolerance for higher debt and leverage. The charges
relating to Bingo's price fixing in mid-2019 also presents
governance concerns, although Moody's understands that the company
has worked to enhance its compliance and governance processes under
new ownership and senior management. Bingo is also exposed to
physical climate risks with abnormally wet weather negatively
impacting earnings in recent periods.

Bingo's exposure to environmental risk is highly negative (E-4).
This is driven by physical climate risk, given Bingo's exposure to
abnormally wet weather which can negatively impact earnings as
highlighted in recent periods. Waste management activities are
subject to stringent regulations and strict monitoring. Bingo
complies with environmental laws and regulations and obtains
necessary government permits for its operations, with no material
issues disclosed recently, however, there have been breaches in the
past which may result in future penalties. On the positive side,
the company benefits from increasing societal environmental
awareness and the push towards recycling from both the private and
public sectors. In this regard, Bingo has a strong record of
delivering environmental benefits by diverting waste from
landfills, achieving above industry recovery rates. The company
sees potential to raise its recovery rate with MPC2 ramping up.
Bingo's energy intensive operations and fleet of collection trucks
result in moderate carbon transition risks, but Moody's note the
company has committed to using 100% renewable electricity across
its network of facilities by 2025.

Bingo's exposure to social risks is moderately negative (S-3),
mainly from risks related to human capital management, health and
safety, and responsible production around waste management,
including community engagement. Workforce management is
increasingly important due to labour shortages. There are health
and safety risks associated with handling of waste and hazadarous
materials, although Moody's note the company places a strong focus
on safety management to minimize injury, with its safety statistics
comparing favourably against the industry. Favorable community
relations are critical particularly for landfill owners or
operators due to constant scrutiny (odours, noise and air
pollution, collection truck traffic) from the communities they
serve and in which they operate.

Bingo's exposure to governance risks is highly negative (G-4). This
reflects Bingo's concentrated private equity ownership, which can
result in prioritization of shareholder interests over creditor
interests, such as more aggressive growth plans and strategies,
including a tolerance for higher debt and leverage. The charges
relating to Bingo's price fixing in mid-2019 also presents
governance concerns, although Moody's understands that the company
has worked to enhance its compliance and governance processes under
new ownership and senior management.

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

Moody's could upgrade the ratings if Bingo's total available
liquidity (cash plus available undrawn revolver) stays above AUD100
million, and debt/EBITDA declines below 7x, with these metrics
expected to remain at such level or continue improving. An upgrade
could also occur if Bingo demonstrates the ability to sustainably
generate positive free cash flow.

The rating could be downgraded if Bingo's liquidity deteriorates or
is likely to become inadequate, and/or debt/EBITDA remains above
7.5x on a sustained basis.

Methodology

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in April 2018.

Profile

Recycle and Resource Operations Pty Limited ("Bingo") is an
Australian recycling and waste management company that provides
end-to-end solutions across the resource management supply chain
including collection, processing and recovery, disposal and waste
equipment manufacturing. Bingo primarily operates in the New South
Wales (NSW) building & demolition (B&D) waste market, which
accounts for the majority of its earnings. The company also
operates in the states of Victoria and Queensland and in commercial
& industrial (C&I) waste. In 2021, Bingo was acquired by Macquarie
Infrastructure and Real Assets and its managed funds for an
enterprise value of AUD2.6 billion.

TECHSMART 247: First Creditors' Meetings Set for Feb. 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Techsmart
247 Pty Ltd and Techsmart 365 Pty Ltd will be held on Feb. 20,
2023, at 10:00 a.m. and 10:30 a.m. respectively, at Level 6, 239
George Street in Brisbane.

Daniel Moore of BCR Advisory was appointed as administrator of the
company on Feb. 8, 2023.





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DALIAN WANDA: Fitch Gives 'BB' Rating to New USD Sr. Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB' to Dalian Wanda
Commercial Management Group Co., Ltd.'s (Wanda Commercial,
BB+/Stable) proposed US dollar senior unsecured notes, which will
be issued by its wholly owned subsidiary, Wanda Properties Global
Co. Limited.

The proposed notes are rated at the same level as Wanda Commercial
Properties (Hong Kong) Co. Limited's (Wanda HK, BB/Stable) senior
unsecured rating, as they will be unconditionally and irrevocably
guaranteed by Wanda HK, Wanda Real Estate Investments Limited and
Wanda Commercial Properties Overseas Limited. In addition, Wanda
Commercial has granted a keepwell deed and a deed of equity
interest purchase undertaking to ensure the issuer has sufficient
assets and liquidity to meet its note obligations.

Wanda Commercial follows the "stronger subsidiary" path under
Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria, and is
rated one notch above the consolidated profile of its 44% owner,
Dalian Wanda Group Co., Limited (Wanda Group). Fitch assesses Wanda
Commercial's Standalone Credit Profile (SCP) at 'bbb+', which is
supported by its large asset scale and healthy recurring EBITDA
interest coverage of above 2x.

Wanda HK is Wanda Commercial's sole offshore financing platform and
overseas investment-holding company. Under the PSL criteria, Wanda
HK follows the "stronger parent" path and is rated one notch below
Wanda Commercial's rating, based on its assessment of 'Weak' legal
incentive, 'Medium' strategic incentive and 'High' operational
incentive for the parent to provide support. Wanda HK is 100% owned
by Wanda Commercial.

KEY RATING DRIVERS

Parent Constrains Ratings: Wanda Commercial's ratings are
constrained by its parent's consolidated profile, which Fitch
assessed at 'bb'. The consolidated profile is supported by the
group's large asset base and net debt/investment property value of
51% in 2021 and 55% in 1H22. The group's holding-company (holdco)
interest coverage of 1.0x in 2021 is low relative to that of 'BB'
rated peers.

Fitch thinks the parent holdco's liquidity is adequate as most of
its short-term debt is onshore bank loans and the group continues
to demonstrate strong funding access. Wanda Group plans to borrow
new bank loans or use cash from disposal of offshore subsidiaries
(around USD1.5 billion mainly from the sales of 100% of AMC and 20%
of Legendary Entertainment in 2021-2022) to repay a USD380 million
bond due March 2023, after fully redeeming a USD550 million bond
due July 2022.

Linkage Factor Assessments: Under Fitch's PSL criteria, Wanda
Commercial is rated under the "strong subsidiary" approach, with
its ring-fencing linkage to the parent assessed as 'Open', as there
is no covenanted mechanism to limit the parent's access to its cash
flow. Fitch assesses the access and control factor as 'Porous' as
related-party transactions require the approval of a significant
minority shareholder, who has board representation. The two
companies share three directors and have independent cash and
funding policies.

Diversified Portfolio Supports SCP: Wanda Commercial's SCP of
'bbb+' reflects a property portfolio in line with that of 'A' rated
companies due to its large size, asset diversification and
resilient performance. Fitch expects its rental and management fee
recurring income to continue to rise by 6% in 2022 from CNY43
billion in 2021. Management said China's Covid-19 resurgence in
2022 did not have a material impact as most of the rental income is
fixed.

Asset-Light Model: Fitch believes Wanda Commercial's asset-light
mall ramp-up cuts its capex needs and supports its near-term
financial profile. Management said the company operated 183
asset-light malls owned by third parties out of a total of 472 at
end-2022. Fitch believes Wanda Commercial will continue to open
around 50 malls in 2023, after opening 55 in 2022, with over 80%
under the asset-light model, in which it operates the malls and
receives around 30% of the rental profit. Fitch capitalises CNY500
million-600 million of fixed leases at 8.0x adjusted debt, in line
with its Corporate Rating Criteria.

Margin Decline: Wanda Commercial's recurring EBITDA margin will
narrow from 42% in 1H22 and 50% in 2020 towards its asset-light
malls' gross margin of 30%-40% in the long run, as the company
continues to expand its asset-light business. It books 100% of the
revenue under the asset-light model, but subtracts the owners'
profit share as variable leases and expenses. Fitch thinks the
margin drop reflects the change in business model rather than a
deterioration in the underlying business.

Adequate Interest Coverage: Wanda Commercial's recurring EBITDAR
interest coverage improved to 2.2x in 2021 and 1H22 from 1.9x in
2020 due mainly to recovery from the pandemic. Wanda Commercial's
recurring EBITDA interest coverage is slightly lower than that of
'BBB' rated peers, but this is mitigated by its large cash balance
and investments in entrusted loans and wealth-management products,
which provide additional financial flexibility. Fitch expects the
interest coverage to rise towards 2.5x by 2024.

Subsidiary's Potential IPO: Wanda Commercial aims to list its
asset-light subsidiary, Zhuhai Wanda Commercial Management Ltd., by
end-2023. Fitch treats CNY38 billion in pre-IPO funds received in
2021 as debt due to repurchase obligations if Zhuhai Wanda is not
listed by end-2023.

Fitch thinks the IPO will be beneficial in the medium term as it
will raise financial transparency and cut leverage, while no
immediate rating impact is expected. Fitch will deduct Zhuhai
Wanda's non-controlling interest (NCI) dividend from Wanda
Commercial's recurring EBITDA as the subsidiary distributed almost
100% of net profit to investors, reducing Wanda Commercial's cash
flow available for interest servicing.

DERIVATION SUMMARY

For Wanda Commercial

Wanda Commercial's investment-property portfolio is comparable with
those of major global investment-property companies, such as Swire
Properties Limited (A/Stable) and Unibail-Rodamco-Westfield SE
(BBB+/Negative). Wanda Commercial's strong retail mall portfolio is
in line with that of 'A' rated property-investment companies due to
its large size, asset diversification and strong operational
performance throughout business cycles.

Wanda Commercial's credit metrics are weaker than that of peers as
its recurring EBITDA interest coverage of around 2.0x is lower than
the peer average of more than 5.5x.

For Wanda HK

Wanda HK's ratings are supported by the linkage with its parent,
Wanda Commercial. The linkage can be compared with pairs such as
Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK, BBB+/Stable)
and its parent, China Vanke Co., Ltd. (BBB+/Stable); Hengli (Hong
Kong) Real Estate Limited (BBB+/Stable) and its parent, Poly
Developments and Holdings Group Co., Ltd. (BBB+/Stable). The
subsidiaries are all positioned as their parents' main offshore
financing platforms.

However, Fitch considers Wanda Commercial's legal incentive to
support Wanda HK as 'Low', in contrast to the two peers' 'Medium'
assessment. This is the reason for rating Wanda HK one notch below
its parent while the ratings of Vanke HK and Hengli are equalised
with those of their parents.

KEY ASSUMPTIONS

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

- Wanda Commercial will open 50 new Wanda Plazas in 2023 with
around 80,000 sq m of leasable floor area each, out of which 40
malls will be under the asset-light business model.

- Rental and property management fee gross profit margin of around
66% in 2022-2023.

- Rental and property management fee income of CNY46 billion and
CNY48 billion in 2022 and 2023, respectively.

- Capex of CNY4 billion in 2023.

- Available cash balance (including 40% of wealth-management
products) to be maintained at CNY40 billion-50 billion in 2023.

- No equity financing cash inflow due to timing uncertainty.

RATING SENSITIVITIES

For Wanda Commercial

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

- Improvement in Wanda Group's information transparency and
consolidated credit profile

- Weakened linkage with Wanda Group

- Full restoration of capital-market access

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

- Deterioration in Wanda Group's consolidated credit profile

- Strengthened linkage with Wanda Group

- Wanda Commercial's recurring EBITDAR - NCI dividend/interest +
fixed lease coverage below 2x for a sustained period

For Wanda HK

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

- Improvement in Wanda Commercial's IDR

- Strengthened linkage with Wanda Commercial

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

- Deterioration in Wanda Commercial's IDR

- Weakened linkage with Wanda Commercial

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Wanda Commercial had CNY33 billion in available
cash at end-September 2022, sufficient to cover CNY28 billion in
short-term debt. At the same time, Fitch estimates the company had
around CNY23 billion in wealth-management products - similar to
end-1H22 - mostly issued by commercial banks with less than one
year to maturity, and CNY30 billion in short-term tradable
financial investments.

Wanda Commercial has CNY18 billion in bond maturities in 2023,
including CNY15 billion in onshore bonds and USD400 million in
offshore bonds, while the remaining short-term debt is almost all
onshore bank loans secured against investment properties. Wanda
Commercial does not have syndicated loans offshore and trust loans
account for 1% of the total debt.

Wanda HK also had sufficient liquidity with a cash balance of
CNY4.2 billion at end-1H22 and CNY3 billion in short-term debt.
Fitch also expects liquidity support from Wanda Commercial, if
necessary.

ISSUER PROFILE

Wanda Commercial is the largest shopping mall owner in China, and
one of the largest commercial property owners rated by Fitch.

ESG CONSIDERATIONS

Dalian Wanda Commercial Management Group Co., Ltd. has an ESG
Relevance Score of '4' for Financial Transparency as Fitch has some
access to its management but Fitch is not assured of consistent
access to the financial information of Wanda Group and its
principal subsidiaries. The uncertainty over Wanda Group's
financial transparency has a negative impact on the credit profile,
and is relevant to the rating 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        
   -----------             ------        
Wanda Properties
Global Co. Limited

   senior unsecured     LT BB  New Rating

VNET GROUP (CHINA): Fitch Cuts LongTerm IDRs to B-, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has downgraded China-based carrier-neutral data
centre operator VNET Group, Inc.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) to 'B-', from 'B'. The
Outlook is Stable.

The downgrade reflects its view that VNET's liquidity is relatively
weak and that it does not have the funds to meet its likely
obligations over the next 12 months. In addition, Fitch believe the
company's access to capital is relatively weak. VNET is exploring
multiple capital-raising options, but Fitch has limited visibility
on when sufficient funds will be in place. Liquidity could be
insufficient to meet a USD600 million put payment that may be
required in February 2024 on a convertible bond. However, Fitch
believes VNET has sufficient liquidity to meet its obligations
prior to that date. Therefore, the Stable Outlook reflects that the
company has some time to find the capital required by February
2024.

At end-3Q22, the company had CNY3.5 billion in readily available
cash, compared with total short-term debt of CNY410 million, USD68
million in convertible notes that are puttable in 1H23, USD600
million of convertible notes puttable in February 2024 and
Fitch-forecast negative free cash flow of more than CNY1.0
billion.

KEY RATING DRIVERS

Liquidity Shortfall: Fitch believes VNET's access to capital
markets has weakened due to adverse conditions in the cross-border
Chinese high-yield bond market. In addition, its equity and hybrid
funding capability has been limited by the drop in its share price
in the past two years, although some investors may see benefits
from China's economy opening up post Covid-19 pandemic-related
lockdowns and rising economic activity and consumer spending. Fitch
believes bank access should be intact, given VNET's ability to get
secured funding on new wholesale projects and established
relationships with local banks.

High Leverage: Fitch expects 2022-2023 EBITDA leverage to
deteriorate to around 6.7x-7.3x (2021: 5.0x), as Fitch forecasts
capex of around CNY3 billion-4 billion in each of 2022-2023 (2021:
CNY4 billion including capex and acquisitions) will be mainly debt
funded. The capex will be used to expand VNET's data-centre
footprint and cabinet capacity. VNET also has aggressive financial
policies; its tolerance of medium-term leverage translates into
Fitch-defined EBITDA leverage of 6.0x-6.5x.

VNET announced that it has established joint ventures with a
Chinese state-owned enterprise and a sovereign wealth fund to
develop and acquire data centres and cabinets. It expects equity
injections from the joint venture partners to partially fund growth
capex. Fitch has not factored in new equity in its forecasts, given
the uncertainty over the timing and amount.

EBITDA Underperformance in 2022: Fitch forecasts mid-single-digit
EBITDA growth in 2022 on low cabinet deliveries and a poor
utilisation rate, as Fitch estimates 62% of cabinets were delivered
in 4Q22 and it takes time for the utilisation rate to ramp up for
new cabinets. EBITDA in 2022 was around 20% below its expectations,
as Fitch forecasted delivery of 25,000 cabinets in early 2022 with
an average utilisation rate of 58%. However, VNET slashed its
full-year delivery guidance to 8,000-9,000 in 3Q22 (9M22 actual:
3,427) as demand dropped amid China's stringent dynamic "zero
Covid" policy.

Wholesale Expansion: Fitch expects VNET's business risk profile to
improve gradually, as the proportion of wholesale contracts - which
have longer tenors of eight to 10 years compared with retail
contracts - increases. Fitch expects the revenue contribution from
the wholesale segment to reach 15%-25% in 2023-2024 (2022 estimate:
mid-teens), led by higher cabinet orders from Alibaba Group Holding
Limited (A+/Stable) and a higher share of new cabinets delivered to
wholesale customers, at around 60%. This should improve revenue and
cash flow visibility.

Margin Expansion: Fitch expects the Fitch-defined EBITDA margin to
expand to 21%-24% in 2023-2024 (2022 estimate: 20%), driven by
rising utilisation rates, strict cost control and operating
leverage, given the high fixed-cost nature of the data-centre
business. Fitch calculates Fitch-defined EBITDA after deducting
allowance for doubtful debt, other operating income, depreciation
on right-of-use assets and lease interest expense from reported
EBITDA, in line with its Corporate Rating Criteria.

Premier Data Centres: Fitch expects revenue and cash flow
visibility to be supported by VNET's high-quality data-centre
portfolio. Around 88% of cabinets it built are in top-tier cities,
where demand outpaces supply because of strict local-government
limits on land use for data-centre construction and quotas on power
use for daily data-centre operations. The utilisation rate of
established data centres in these cities could reach 80%, compared
with 30%-40% in western China.

Variable Interest Equity Structure: The ratings reflect its
expectation that VNET's relationships with the Chinese government
and regulatory authorities will stay healthy. Any change could
affect the company's credit strength, as it does not have equity
control over its onshore operating companies. These include Beijing
Yiyun Network Technology Co., Ltd. and other consolidated
affiliated entities with which VNET has only contractual
relationships due to government restrictions on foreign ownership
in China's value-added telecom businesses.

DERIVATION SUMMARY

VNET has a significantly weaker business risk profile than leading
global wholesale data-centre operator, Digital Realty Trust, Inc.
(DLR, BBB/Stable), and retail collocation data-centre operator,
Equinix, Inc. (EQIX, BBB+/Stable). DLR and EQIX have strong
competitive positions through their global networks of data
centres, while VNET is China-centric. The credit profiles of the
two peers are also supported by their granular tenant bases across
multiple industries. VNET's Fitch-forecast 2023-2024 EBITDA
leverage of 6.3x-6.7x is higher than DLR's 6.0x-6.2x and EQIX's
4.0x-4.1x.

VNET has a weaker business risk profile than China-based leading
hyperscale data-centre operator, Chindata Group Holdings Limited
(BBB-/Stable). Chindata has better cash flow visibility than VNET,
given its long average contract tenor of over nine years; whereas
VNET generates a majority of its core data-centre revenue from
retail contracts with tenors of one to three years. Chindata's
customers also pay the majority of revenue over the contract life
should they choose to terminate contracts early.

Furthermore, Chindata owns around 94% of its high-specification
data centres - measured by capacity - while VNET mainly relies on
leases to develop its data centres. Fitch believes asset ownership
provides good access to secured capital.

VNET has a weaker financial risk profile than Chindata, given the
latter's Fitch-forecast 2023-2024 EBITDA leverage of 5.4x-5.6x.
Fitch assesses Chindata using its APAC property/REIT navigator, as
the company's business model is similar to that of a real-estate
investment trust (REIT) or property management company. This is
thanks to its strong ownership of the properties that generate
recurring revenue. Fitch assesses VNET on the generic navigator, as
it leases rather than owns the majority of its data centres.

VNET has a better business risk profile than TierPoint, LLC
(B/Stable). TierPoint provides both retail collocation and managed
services, but derives a higher portion of revenue from managed
services. Relative to managed services, VNET's collocation and
interconnection services have longer contract tenors and more
recurring revenue and cash flow. This is counterbalanced by VNET's
refinancing risk and weaker financial risk profile. TierPoint has
access to senior secured revolving credit facilities and its
earliest debt maturity is in April 2025; while VNET's
Fitch-forecast 2023-2024 EBITDA leverage of 6.3x-6.7x is higher
than TierPoint's 4.7x-5.0x.

KEY ASSUMPTIONS

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

- Small price increase of 1% in monthly recurring revenue per
cabinet in 2022, but a flattish-to-small decline from 2023, due to
the lower price charged to wholesale customers compared with retail
customers, as the company does not provide value-added services to
wholesale customers;

- Annual net addition of self-built cabinets of 9,000 in 2022 and
2023 (2021: 24,267);

- Average monthly cabinet utilisation ratio of 60%-63% in
2022-2023, driven by lower customer demand in 2022 amid the weak
economy, improving in 2023 following the re-opening of China's
economy (2021 estimate: 61%);

- Fitch-defined EBITDA margin of 20%-21% in 2022-2023 (2021: 22%),
equivalent to company-defined adjusted EBITDA margin of around 25%
in 2022-2023 (2021: 28%);

- Capex of CNY3.3 billion each in 2022 and 2023 (2021: CNY4.0
billion including capex and acquisitions);

- No cash dividends during 2022-2023 (2021: nil);

- USD68 million in private convertible notes due 2025, USD600
million in convertible notes due 2026 and USD250 million in
convertible notes due 2027 treated as 100% debt.

RATING SENSITIVITIES

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

- Meaningful progress in long-term refinancing and Fitch-forecast
EBITDA leverage sustained below 6.5x.

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

- Deterioration in liquidity, such that the liquidity ratio stays
below 1.0x in the next six months (2023 forecast: 0.2x assuming no
external financing). This could be evident from weakening access to
the capital market and bank funds;

- Deterioration in liquidity should a shareholder other than
Tus-Holdings Co., Ltd. (THCL) and VNET's chairman hold more than
50% of total voting rights or more than 50% of outstanding Class A
shares; or if THCL or the chairman hold more than 25% of
outstanding Class A shares; or VNET ceases to be listed in the US
without being listed on another stock exchange, which could trigger
payment acceleration of the 2026 USD600 million convertible notes;

- EBITDA leverage above 7.5x for a sustained period;

- M&A that adversely affects VNET's business profile.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Fitch believes current committed liquidity is
insufficient to fund its estimated cash requirements over the next
12 months, which comprise short-term debt of around CNY350
million-400 million, Fitch-forecast negative free cash flow of more
than CNY1 billion, the potential repayment of USD68 million (around
CNY461 million) of convertible notes in 1H23 and USD600 million
(around CNY4.1 billion) in February 2024. Readily available cash at
3Q22 was CNY3,531 million with some uncommitted, undrawn
facilities.

Fitch believes the company should still have bank access, despite
weakened capital market access, given its long and established
relationship with local banks. VNET has been exploring several
options to fund the liquidity shortfall since last year.

VNET is exposed to a liquidity event risk if THCL or the chairman
and his parties, acting in concert, increase the holding of their
Class A shares to over 25%, another shareholder increases its
voting rights to over 50% or holding of the Class A shares to over
50%, or the company's equity is delisted from US stock exchanges
without a listing on another stock exchange, in which case the
USD600 million of convertible notes will need to be immediately
repaid.

The company is evaluating two competing privatisation bids,
including one from the chairman and founder. Privatisation will
trigger immediate repayment of the USD600 million notes. However,
Fitch has limited information on the proposals from the two bidders
and their financial resources to repay the notes. VNET said that
there is no committed timeline for completion of the potential
privatisation.

ISSUER PROFILE

VNET is one of China's largest carrier- and cloud-neutral
data-centre service operators, with 26 years of experience. It is
also engaged in partnered cloud services with Microsoft Corporation
and the virtual private network business.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating          Prior
   -----------             ------          -----
VNET Group, Inc.   LT IDR    B-  Downgrade   B
                   LC LT IDR B-  Downgrade   B



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

THEVELIA HOLDINGS: S&P Affirms 'B' Long-Term ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Thevelia Holding Ltd. S&P also affirmed the 'B' long-term issue
rating on the first-lien term loan B of the company's finance
subsidiary, Thevelia (US) LLC. The recovery rating is '3'.

The stable rating outlook reflects S&P's expectation that Thevelia
will have faster growth than in Asia's GDP over the next 12 months
owing to growing demand for business and corporate services in the
region, and the company's cost initiatives. This should enable
Thevelia to cover the higher interest expenses and maintain
positive FOCF over the next 12 months.

S&P affirmed the ratings on Thevelia to reflect the company's
stable business fundamentals. It believes Thevelia will steadily
grow its EBITDA on the back of growing demand for business and
corporate services in Asia, and an improvement in margins.

Meanwhile, higher interest expenses amid rate hikes will slash the
company's cash flow and constrain its financial flexibility. Yet,
S&P believes the incremental financial risks are manageable at the
current rating level. The company's growing EBITDA should be
sufficient to cover the higher interest expenses and support FOCF.

Thevelia will see tighter EBITDA interest coverage and weaker cash
flows. The company's capital structure primarily includes a US$1
billion (HK$7.9 billion) Secured Overnight Financing Rate
(SOFR)-based U.S. dollar term loan and is exposed to floating
interest rates. S&P forecasts Thevelia's adjusted EBITDA coverage
will fall to about 1.6x in 2023 amid rising interest rates for U.S.
dollar debt, before recovering to 1.9x-2.1x in 2024-2025, down from
its previous forecast of 2.5x-3.0x. S&P's base case includes an
interest rate hedge on US$400 million (HK$3.1 billion) of its
first-lien term loan at SOFR of about 3.3% for four years.

S&P said, "Higher interest expenses have led us to reduce our FOCF
forecast for the company to about HK$160 million (US$21 million) in
2023 and HK$300 million (US$39 million) in 2024, down from HK$500
million-HK$550 million previously. We believe Thevelia can maintain
positive FOCF, unless the interest margin goes above 7%, which is a
very unlikely scenario.

"We expect Thevelia's solid performance and EBITDA growth momentum
to continue.The company grew its EBITDA by 5.6% (or 12.9% excluding
IPO-related services in Hong Kong) in the first nine months of
2022, aided by both solid growth in business services and
incremental contribution from the newly acquired trust business in
New Zealand. The growth was largely in line with our expectation.

The solid operating trend should continue despite inflation and
macroeconomic uncertainties. Thevelia has good revenue visibility,
thanks to the high customer retention, which is typical of the
industry. More than 90% of its services are related to ongoing
maintenance work and are usually stable during economic cycles. S&P
forecasts the company will expand its adjusted EBITDA by 14% in
2023 and 9% in 2024, benefitting from growing demand for business
and corporate services in Asia, and some margin improvements from
cost initiatives.

Thevelia has sufficient liquidity to navigate through unfavorable
interest rates. The company had unrestricted cash of about HK$590
million (US$76 million) and an undrawn revolver credit facility of
about HK$1.0 billion (US$130 million) as of Sept. 30, 2022. It does
not have any material debt maturities until 2029.

These liquidity resources should provide temporary support to
Thevelia's debt-servicing needs (interest expenses of HK$650
million-HK$750 million and 1% amortization of the term loan per
year) in case of unexpected business volatility during a period of
prolonged interest rate hikes. S&P would be more cautious if the
company delivers weaker cash flows and therefore needs to rely on
the revolver credit facility for debt-servicing. This will increase
Thevelia's leverage and interest expenses, and strain its liquidity
profile.

S&P said, "The stable outlook reflects our expectation that
Thevelia's EBITDA growth will exceed that of Asia's GDP over the
next 12 months. This should enable the company to cover the higher
interest expenses and maintain positive FOCF over the period. We
expect Thevelia to recover its EBITDA interest coverage to about
2.0x in 2024-2025, when interest rates are likely to moderate.

"We could lower our rating if interest rate hikes for U.S. dollar
debt are more severe than what we expect, resulting in weaker FOCF,
potentially straining liquidity. EBITDA interest coverage staying
below 2.0x without potential for recovery or FOCF approaching
negative levels would indicate such deterioration in credit
quality.

"The rating upside is limited in the next 12 months. We could raise
the rating if Thevelia's debt-to-EBITDA ratio falls below 5.0x,
EBITDA interest coverage is more than 3.0x, and we assess that the
company's financial sponsor Baring Private Equity Asia Pte Ltd.
will commit to maintain leverage at that level."

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




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

ARAVIND CERAMICS: Ind-Ra Affirms BB- Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aravind Ceramics
Private Limited's (ACPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR520 mil. (increased from INR450 mil.) Fund-based working
     capital limits affirmed with IND BB-/Stable/IND A4+ rating;
     and

-- INR132.8 mil. (increased from INR115 mil.) Term loans due on
     October 2026 affirmed with IND BB-/Stable rating.

Key Rating Drivers

Liquidity Indicator – Poor: ACPL's average maximum utilization of
its fund-based limits was 100.78% with six instances of over
utilization for up to 15 days of the fund-based limits during the
six months ended December 2022. The cash flow from operations
turned negative at INR14.68 million in FY22 (FY21: INR26.37
million) due to unfavorable changes in the working capital.
Furthermore, the free cash flow turned negative at INR16.70 million
(FY21: INR25.13 million). The elongated net working capital cycle
improved to 121 days in FY22 (FY21: 148 days) due to a reduction in
the debtor days and creditor days. The cash and cash equivalents
stood at INR16.24 million at FYE22 (FYE21: INR32.94 million).
However, ACPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.

The affirmation reflects ACPL's continued medium scale of
operations with an improvement in the revenue to INR2,440.31
million in FY22 (FY21: INR1,862.25 million) due to the introduction
of a new variety of tiles and aggressive advertisement. In 9MFY23,
ACPL achieved a revenue of INR2,046.9 million. In FY23, Ind-Ra and
the management both expect the revenue to improve due to an
increase in orders from new and existing customers.

The ratings also reflect ACPL's continued modest EBITDA margin,
which deteriorated to 3.78% in FY22 (FY21: 4.5%), due to an
increase in the advertisement expenses. The return on capital
employed deteriorated to 9.1% in FY22 (FY21: 9.4%). In FY23, Ind-Ra
expects the EBITDA margin to remain at similar levels due to the
similar nature of operations carried out.

The ratings further reflect ACPL's continued modest credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) improving slightly to 1.55x in FY22 (FY21: 1.45x), due to
an increase in the operating EBITDA and the net financial leverage
(adjusted net debt/operating EBITDA) deteriorating to 6.99x
(6.52x), due to an increase in the external borrowings and
associated interest obligations. In FY23, Ind-Ra expects the credit
metrics to deteriorate due to the debt-led renovation of the
company's showroom in Kumbakonam and the opening of a new showroom
in Arcot, Tamil Nadu.

The ratings are supported by ACPL's promoters' two and half decades
of experience in the tile and sanitary fittings trading business
that has helped the company in establishing healthy relationships
with customers and suppliers.

Rating Sensitivities

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

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage falling below 1.3x and/or a further pressure on the
liquidity position, on a sustained basis, could lead to negative
rating action.

Company Profile

ACPL was incorporated in 1996. The company is based in Tamil Nadu
and trades in tiles, sanitary ware and bathroom fittings.


ARMSTRONG TEXTILES: Ind-Ra Affirms BB+ Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Armstrong Textiles
Processing Private Limited's (ATPPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR12.5 mil. (reduce from INR27.5 mil.) Fund-based facility
     affirmed with IND BB+/Stable/ IND A4+ rating; and

-- INR166.85 mil.(increased from INR93.9 mil. ) Term loan due on
     February 2027 affirmed with IND BB+/Stable rating.

Key Rating Drivers

The ratings reflect ATPPL's continued small scale of operations
even as its revenue grew 45% yoy to INR304.49 million in FY22,
mainly due to the effective execution of orders from its existing
and new customers. The revenue rise was also helped by an increase
in the sales realization in FY22. During 9MFY23, ATPPL booked a
revenue of INR194.3 million. ATPPL had an order book of INR40
million at end-January 2023, to be executed before March 2023.
Ind-Ra expects the revenue to decline year-on-year in FY23, based
on the fewer orders in hand, and a slowdown in the overall textile
market.

Liquidity Indicator - Stretched: ATPPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. ATPPL's average maximum utilization
of the fund-based limits was 91% during the 12 months ended
December 2022. The cash flow from operations remained positive at
INR58.49 million in FY22 (FY21: INR73.23 million). The company's
net working capital cycle shortened to 84 days in FY22 (FY21: 137
days) due to a decrease in the inventory days to 24 (46); the
company also got an excess credit period of 66 days from suppliers
(17 days). The cash and cash equivalents stood at INR0.67 million
at FYE22 (FYE21: INR3.2 million). The company has scheduled
repayments of INR41 million and INR44.7 million in FY23 and FY24,
respectively, which will be met through internal cash flows.

ATPPL's EBITDA margins were healthy but declined marginally to
35.99% in FY22 (FY21: 37.78%), due to an increase in raw material
cost as a percentage of revenue to 30.7% (20.4%). The return on
capital employed was 23% in FY22 (FY21: 17%). The margins are
volatile and ranged between 23% and 38% over FY19-FY22, due to
fluctuations in input prices, particularly dyes and chemicals. The
volatility in margins is also attributed to the type of orders
received by the company.

The ratings also reflect ATPPL's comfortable credit metrics with an
interest coverage (operating EBITDA/gross interest expenses) of
8.64x in FY22 (FY21: 6.93x) and a net leverage (adjusted net
debt/operating EBITDAR) of 2.48x (2.67x). The credit metrics
improved yoy in FY22 due to an increase in the absolute EBITDA to
INR109.58 million (FY21: INR79.14 million). Ind-Ra expects the
credit metrics to deteriorate year-on-year in FY23, due to an
additional sanction of term loans for the planned capex to purchase
machinery and a likely dip in the operational EBITDA on the
fluctuations in input prices.

However, the ratings are supported by ATPPL's locational advantage
as it operates in Tirupur, Tamil Nadu, which is a hub for textile
and garment manufacturers. The ratings also factor in the financial
support extended by the Armstrong group to ATPPL through
interest-free unsecured loans and inter-company sales and purchase.
The promoters have more than five decades of experience in the
textile industry.

The ratings also factor in the financial support extended by the
Armstrong group to ATPPL through interest-free, unsecured loans and
inter-company sales and purchases.

Rating Sensitivities

Positive: A substantial improvement in the scale of operations,
while maintaining the credit metrics and an improvement in the
liquidity position, all on a sustained basis, will be positive for
the ratings.

Negative: A substantial decline in the scale of operations or a
weakening of linkages with the Armstrong group and /or
deterioration in the liquidity position, leading to the interest
coverage reducing below 2.0x, all on a sustained basis, could be
negative for the ratings.

Company Profile

ATPPL is engaged in the fabric dyeing business. It has a total
dyeing installed capacity of 12,000kg of fabric dyeing per day.
Besides, ATPPL has an effluent treatment plant capacity totaling to
700 kiloliters per day, along with an imported machine with 24 tons
capacity per day for drying and heat-treating fabric after wet
processing.


CERA TECHNOLOGIES: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Cera Technologies Private Limited
        91 Springboard Bussiness Hub Private Limited,
        175, Kagalwala House, 2nd Floor,
        Vidyanagari Marg, Kalina,
        Satacruz (E), Mumbai - 40098,
        Maharashtra, India  

Liquidation Commencement Date: November 14, 2022

Court: NationaL Company Law Tribunal, Mumbai Bench

Liquidator: Shashikant Shravan Dhamne,
     10, Shreeban, Opp. Police Ground,
            F.C Road, Shivajinagar,
            Pune-411016,
            Maharashtra,
     Email: ssdhamne@yahoo.co.in
     Tel: 020-25665551
  
Last date for
submission of claims: December 14, 2022


CIRCLE INFOTECH: CARE Lowers Rating on INR12cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Circle Infotech Private Limited (CIPL), as:

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

   Short Term Bank       4.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 19,
2021, placed the rating(s) of CIPL under the 'issuer
non-cooperating' category as CIPL 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. CIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 5, 2022, October 15, 2022, October 25,
2022, January 31, 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 have been revised on account of non-availability of
requisite information. The rating revision also considers ongoing
delays in debt servicing as recognized from publicly available
information i. e. CIBIL Check.

Incorporated in 2008, Circle Infotech Private Limited (CIPL) is
promoted by Mr. Sanjeev Kumar and Mrs. Sneha Sanjeev Kumar, is
primarily engaged in trading of computer peripherals under its own
brand 'Circle'. The product ranges from desktop cabinet, SMPS
(power systems), keyboards, mouse, card reader, speakers, head
phones, earplugs and other high-end products relating to gaming.
CIPL's head office is located in Mumbai.


DHARWAD METALLICS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dharwad
Metallics Private Limited (DMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 23,
2021, placed the rating(s) of DMPL under the 'issuer
non-cooperating' category as DMPL 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. DMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 9, 2022, October 19, 2022, October 29,
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).

Dharwad Metallics Private Limited (DMPL) was incorporated in the
year 2011 by Ms. Ruchita Rajendra Patole, Mr. Belaval Subhash and
Mrs. Roopadevi Basavaraddi Devaraddi. The company is engaged in
manufacturing of SG Iron/ Cast Iron and does Casting of Metals
including finished or semi-finished products.


GOLCONDA TEXTILES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Golconda Textiles Private Limited
1-7-140,Musheerabad, Hyderabad,
        Telangana State PIN-500020
      
Insolvency Commencement Date: January 24, 2023

Estimated date of closure of
insolvency resolution process: July 23, 2023 (180 Days)

Court: National Company Law Tribunal, Mangaluru Bench

Insolvency
Professional: Prasanna Shenoy
       102, Sai Ameya Arc-1,
              Bejai Kapikad Road,
       Mangaluru, Karnataka
              PIN – 575006
       Email: prasannashenoy1963@gmail.com

       16, Mangala Multipurpose Complex,
              Car Street,
              Mangaluru, Karnataka
              Pin 575001
              Email: cirp.golcodatextiles@gmail.com

Last date for
submission of claims:  February 18, 2023


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.38       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     27.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 18,
2021, placed the rating(s) of HSL under the 'issuer
non-cooperating' category as HSL 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. HSL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 4, 2022, October 15, 2022, October 24,
2022.

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

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

HSL was incorporated in 1984, and it is the flagship company of the
Hyderabad-based Hyquip group. HSL is primarily engaged in the
designing and manufacturing of material handling system and also
has interests in flow control equipment and industrial automation.
Mr K B K Reddy, the founder promoter of the Hyquip group has well
over three decades of experience in the material handling equipment
industry. In FY19, HSL had a Profit after Tax (PAT) of INR0.07
crore on a total operating income of INR25.71 crore as against PAT
of INR0.06 crore and total operating income of INR13.89 crore in
FY18 respectively.


INTERNATIONAL METAL: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
International Metal Industries (IMI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 21,
2022, placed the rating(s) of IMI under the 'issuer
non-cooperating' category as IMI 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. IMI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 7, 2022, December 17, 2022, December
27, 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).

Himachal Pradesh based, International Metal Industries (IMI) was
established in February, 2012 as a proprietorship concern by Mr.
Jinender Kumar Jain and commenced its commercial operations in
August, 2014. The firm is engaged in manufacturing of Stainless
Steel cold and hot rolled sheets. The manufacturing facility of the
firm is located at Bilaspur District, Himachal Pradesh.

K.P WOVEN: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K.P Woven Private
Limited's (KPW) Long-Term Issuer Rating of 'IND BB+' to the
non-cooperating category and has simultaneously withdrawn the same.


The instrument-wise rating actions are:

-- INR200 mil. Fund-based limits* migrated to non-cooperating
     category and withdrawn; and

-- INR158 mil. Term Loan^ due on March 2027 migrated to non-
     cooperating category and withdrawn.

*Migrated to IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) before being withdrawn

^ Migrated to IND BB+ (ISSUER NOT COOPERATING) before being
withdrawn

Key Rating Drivers

Ind-Ra has migrated the ratings to the non-cooperating category
because KPW did not participate in the rating exercise despite
requests by the agency and has not provided information pertaining
to the full-year financial performance in FY22, sanctioned bank
facilities and utilization, business plan and projections for the
next three years, information on corporate governance.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from all lenders. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Incorporated in 2010, KPW commenced commercial operations in April
2019 with manufacturing facilities located in Sanand, Ahmedabad and
Gandhidham. It manufactures flexible intermediate bulk container
bags for the food and pharma industries. KPW's overall management
is headed by Pritesh Parekh, who has an experience of more than two
decades in the plastic industry.


KHANNA JEWELLERS: CARE Lowers Rating on INR76.09cr LT Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Khanna Jewellers Private Limited (KJPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       76.09      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 25,
2021, placed the rating(s) of KJPL under the 'issuer
non-cooperating' category as KJPL 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. KJPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 11, 2022, October 21, 2022, October 31,
2022 and February 1, 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 bank facilities of KJPL have been revised
on account of non-availability of requisite information. The rating
revision also considers instances of delays in debt servicing as
recognized from the FY21 audit report available from ROC filings.

Khanna Jewellers Pvt Ltd (KJPL) is part of the Khanna group, which
was founded in 1953 by Mr. Wazir Chand Khanna with his three sons
Mr. Kewal Krishna Khanna, Mr Raj Kishan Khanna and Mr. Vijay
Khanna. The group started operating as a partnership firm from its
present-day main showroom at Karol Bagh, New Delhi, which was later
converted into a private limited company in October 1973. The
company presently has three showrooms – at Karol Bagh, South
Extension, and Vishal enclave (all in Delhi). KJPL deals in the
wholesaling, retailing and export of gold and diamond studded
jewellery.

MEGHAAARIKA INT'L: Insolvency Process Case Summary
--------------------------------------------------
Debtor: Meghaaarika International Private Limited
703, 7th Floor, Tower-B District Centre,
Jasola, New Delhi-110044 India

Insolvency Commencement Date: January 25, 2023

Estimated date of closure of
insolvency resolution process: July 24, 2023 (180 days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Shaikh Nafis Anjum
       A-34 Lower Ground, Vikas Puri,
       New Delhi – 110018
       Email: sn.anjum123@gmail.com

       Flat No. A206, Prateek Stylome Apartment,
       Sector-45 Noida, Uttar Pradesh
       Email: meghaaarika.cirp@gmail.com

Last date for
submission of claims:  February 14, 2023


MOON DIAMONDS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Moon
Diamonds (MD) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2022, placed the rating(s) of MD under the 'issuer non-cooperating'
category as MD 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. MD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 17, 2022, December 27, 2022, January 24, 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).

Established in 1999 as a partnership firm, Moon Diamonds (MD) is
managed by Mr. Ummedmal Dugar, and Mrs. Saroj Dugar. Mr. Ummedmal
Dugar along with Mrs. Saroj Dugar primarily looks into the sales,
strategy and overall operations of the firm along with Mr. Anand
Dugar who is responsible for the processing functions. The firm is
engaged in the import of rough diamonds and export of cut and
polished diamonds of various sizes. The firm has two fully owned
factories situated at Dahisar & Goregaon, Mumbai. The firm is
primarily involved in processing of the diamonds on a job work
basis.


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

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 11,
2021, placed the rating(s) of NCSPL under the 'issuer
non-cooperating' category as NCSPL 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. NCSPL 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).

Nigam Cold Storage Private Ltd (NCSPL), incorporated on December
18, 1995 was promoted by Rana family of West Bengal to set up a
cold storage facility with a storage capacity of 2,29,880 quintals
in Midnapur district of West Bengal.NCSPL is engaged in the
business of trading of potato along with providing cold storage
facility primarily for potatoes to farmers & traders. Besides
providing cold storage facility, the company also works as a
mediator between the farmers and marketers of potato by taking
advances from marketers on behalf of the farmers in order to
facilitate sale of potato stored and it also provides advances to
farmers for farming activities against the potato stored. This
apart it also provides additional services to farmers such as
insurance of potatoes stored & drying of potatoes.


PIBCO ENTERPRISES: CARE Lowers Rating on INR9.49cr LT Loan to C
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pibco Enterprises Private Limited (PEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.49       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 10,
2021, placed the rating(s) of PEPL under the 'issuer
non-cooperating' category as PEPL 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. PEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 26, 2022, October 6, 2022, October 16,
2022.

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

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

The ratings assigned to the bank facilities of PEPL have been
revised on account of non-availability of requisite information.
The ratings also considered decline in scale of operations,
continued losses, highly leveraged capital structure and weak debt
coverage indicators during FY22.

Guwahati, Assam based Pibco Enterprises Private Limited was
established in year 2003 with its registered office located at GS
Road, Christian Bosti, Guwahati. The company is promoted by Mr.
Khokon Ghosh, Mrs. Shahnaz Majid and Mr. Iltaf Hussain Hazarika.
Initially, the company was established as a partnership firm in the
year 1997 under the name "Pibco Enterprises" the company converted
into Private Limited Company from the year 2003. The entity started
its operation from 1988 and managed by two partners namely Mr.
Jitendra Kumar Gupta and Mr. Nanda Kishore Gupta. Currently, the
entity is authorized dealer of Hero MotoCorp Limited and Force
Motors Limited. The company is operating through two showrooms each
for Hero Motocorp Limited and Force Motors Limited providing sales,
services and spare parts (3S Model) along with one workshop for
Hero Motocorp Limited and two workshops of Force Motors Limited.
Currently, the company has 14 sub-dealers spread across Guwahati,
Assam for two-wheelers sales.

PROCURELI INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Procureli India Private Limited
HD203, Purva Whitehall,
        Sarjapur Main Road,
        Opposite Motherhood Hospital,
        Bangalore, Karnataka 560035

Liquidation Commencement Date: January 31, 2023

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Mr Vighneshwar Bhat
     No 202, A Block Sree Laxmi Nivas APARTMENTS,
            Wilson Garden 13th Cross,
            Near Wilson Manor Apartments,
            Bangalore, Karnataka - 560027
            Email: BHATVIGNESH@GMAIL.COM
            Ph: +91 9590252851
   
Last date for
submission of claims: March 2, 2023


PRUDHVI INFRA: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prudhvi
Infra Projects Private Limited (PIPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 19,
2021, placed the rating(s) of PIPPL under the 'issuer
non-cooperating' category as PIPPL 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. PIPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 5, 2022, October 15,
2022, October 25, 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).

Prudhvi Infra Projects Private Limited (PIPPL) was incorporated in
the year 2012 by Mr. P. Somasekhar (Managing Director) and Mrs. P.
Leelarani (Director). The company has its registered office located
at S. R Nagar, Hyderabad. PIPPL is engaged in executing civil
construction projects like construction of roads, bridges,
irrigation channel, reservoir and others. The company get orders
through sub-contracting from Ratna Infra Projects Private Limited,
Mohan Projects Limited and Gayatri Projects Limited.


PSG ENERGY: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: PSG Energy Private Limited
Flat No. 801, 8th Floor,
        VSS Nandadeep Near Medchal
RTO Office, Kompally Road, Medchal District
Hyderabad, Telengana 500067 India

Liquidation Commencement Date: January 23, 2023

Court: NationaL Company Law Tribunal, Hyderabad Bench

Liquidator: Mr. Suman Kumar Verna
     RZ-26P/205E, Lane No-10,
            India Park, Palam Colony,
            New Delhi - 110045
     Email: ipsikverma@gmail.com
     Mobile: 9968008789

Last date for
submission of claims: February 22, 2023


RAI BAHADUR: CARE Lowers Rating on INR280cr LT Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rai Bahadur Narain Singh Sugar Mills Limited (RBNSSML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      280.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB+; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 25, 2022,
placed the rating(s) of RBNSSML under the 'issuer non-cooperating'
category as RBNSSML 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. RBNSSML
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 1, 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 have been revised on account of non-availability of
requisite information. The rating revision also considers instances
of delays in debt servicing as recognized from publicly available
information.

Rai Bahadur Narain Singh Sugar Mills Limited (RBNS) was
incorporated as a private limited company in November, 1932 by Shri
Rai Bahadur Narain Singh. The company was converted to public
limited in May, 1956. Presently, Mr. Hardev Singh Akoi, great
grandson of Shri Rai Bahadur Narain Singh, is the chairman of the
company and Mr. Adil Singh Akoi, son of Mr. Hardev Singh Akoi is
the managing director of the company. RBNS was incorporated to
setup a sugar manufacturing unit. RBNS also has a distillery and a
cogeneration power plant which uses bagasse as input.


RCL PAPER: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RCL Paper
and Packagings Limited (RPPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.28       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 16,
2021, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL 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. RPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 2, 2022, October 12, 2022, October 22,
2022.

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

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

RCL Paper and Packaging Limited (RPPL) formerly known as RCL
Technologies Limited was incorporated in 1993 as Reddy Computers
Limited and subsequently its name was to RCL Technologies Limited
in the year 2000. Further, On November 05, 2014, the name was
changed to RCL Paper and Packaging Limited. The company is engaged
in the business of digital printing of letter heads, bus tickets,
account books, pin mailers and other printed documents. Initially,
RPPL used to outsource the printing works, after receiving order
from its clients, to various third parties, on a job-work basis
till 2011. However, they have started own printing unit in 2011.
The company has its servicing facility located at Sanathnagar,
Hyderabad with an installed capacity of 2,000 metric tonnes of
paper per annum. RPPL has around 170 customers across Andhra
Pradesh and Telangana states including reputed clients like banks,
A.P.S.R.T.C, Karvy Consultants, etc. The major raw materials of the
company include paper, printing ink and other printing materials
which are procured from domestic suppliers.


S.K. BROTHERS: CARE Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.K.
Brothers (SB) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.10       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

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

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 1,
2022, placed the rating(s) of SB under the 'issuer non-cooperating'
category as SB 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. SB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 18, 2022, December 28, 2022, January 7, 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).

S.K Brothers (SKB) was established as a proprietorship firm in 2005
by Mr. Sumit Singla. Later on, the constitution of the firm was
changed to a partnership firm in December 2012 with Mr. Sumit
Singla and Mrs. Nirmala Rani as its partners. The firm is engaged
in the processing of paddy at its manufacturing facility located at
Moga, Punjab. The firm sells rice under the brand name of
'Sanjeevni' and 'Modern Family' in the states of Haryana and Punjab
through a network of commission agents and also exports the same.


SAMRAT LAMINATES: CARE Lowers Rating on INR10.10cr LT Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Samrat Laminates Private Limited (SLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.10       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from SLPL to monitor
the rating(s) vide email communications/letters dated January 17,
2023, January 13, 2023, January 12, 2023, etc. among others and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE Ratings
Ltd. has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating. The ratings on Samrat
Laminates Private Limited bank facilities will now be denoted as
CARE B; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The rating has been revised on account of non-availability of
requisite information due to non-cooperation by Samrat Laminates
Private Limited with CARE Ratings Ltd.'s efforts to undertake a
review of the rating outstanding. CARE Ratings Ltd. views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings takes into account the
constraints relating to group's small scale of operations and
moderate profitability margins, elongated operating cycle and
moderate capital structure and weak debt coverage indicator.
Further, the rating continues to remain constrained by
susceptibility to fluctuation in wood prices and fragmented nature
of industry, fortunes linked to demand from the cyclical real
estate industry and foreign exchange fluctuation risk. The ratings,
however, continue to draw comfort from experienced promoter and
long track record and established presence of the group along with
a wide distribution network.

Analytical approach: Combined. The financial and business risk
profiles of Samrat Plywood Limited and Samrat Laminated Private
Limited have been combined since both the entities are engaged in a
similar line of business, have operational linkages, common
promoter family and common management personnel.

Key Rating Weaknesses

* Small scale of operations and moderate profitability margins The
scale of operations of the group remained small as marked by total
operating income of INR114.07 crore and gross cash accruals of
INR2.00 crore respectively during FY22 as against INR84.26 crore
and gross cash accruals of INR1.71 crore respectively in FY21. The
same is on account of higher intake from existing client.
Nevertheless, the small scale limits the group financial
flexibility in times of stress and deprives it from scale benefits.
Though, the risk is partially mitigated by the fact that the scale
of operation is growing continuously. For the period FY20 (A)-FY22,
the group total operating income grew from INR89.89 crore to
INR114.07 crore reflecting a compounded annual growth rate (CAGR)
of 8.27% on the back of higher order executed. The PBILDT margins
of the group has moderated to 7.92% in FY22 from 10.07% in FY21
primarily on account of increase in raw material prices which the
group is unable to pass on completely to its clients. Further, the
PAT margins stood low at 0.35% in FY22 on account of increase in
finance cost.

* Elongated operating cycle: The operations of the group stood
elongated marked by operating cycle of 241 days for FY22 as against
284 days for FY21. The elongation in operating cycle is on account
of high inventory holding period and high collection period. The
group is required to maintain adequate inventory at each processing
stage for smooth running of its production processes, to ensure
prompt delivery to its customers resulting in an average inventory
holding period of around 115 days for FY22 as against 134 days in
FY21. Further, the group has to offer liberal credit period to its
customers as majority of them are large sized real estate players
which possess high bargaining power resulting in an average
collection period of 195 days for FY22 as against 223 days in FY21.
The Group receives an average credit period of around 2-3 months
from its suppliers resulting in average creditor's period of 69
days for FY22.

* Susceptibility to fluctuation in wood prices and fragmented
nature of industry: The primary raw materials for the group are
wood, paper, and chemicals like Formaldehyde, Phenol, Melamine,
etc. The group is exposed to price volatility risk as wood prices
have remained fluctuating in the past. Also, the industry is highly
fragmented and unorganized in nature thereby putting pressure on
the profitability margins of the companies engaged in the industry.
Furthermore, due to low entry barriers, the competition gets
intensified, which might put pressure on profitability of the
existing as well as new players. Accordingly, the margins of the
group may fluctuate depending upon price movement and level of
competition.

* Fortunes linked to demand from the cyclical real estate industry:
The group supplies various kinds of plywood, boards, decorative
woods and laminates, the demand of which largely comes from the
real estate sector which is cyclical in nature and its fortunes
depend upon the overall economic conditions in the country. The
industry is also sensitive to the interest rate in the economy and
any adverse impact on real estate sector is likely to affect the
growth rate of wood industry.

* Moderate Capital Structure and weak debt coverage indicators: The
capital structure of the group stood moderate as on the past three
balance sheet dates ending March 31, '19-'21 on account of moderate
debt levels against the net worth base. Overall gearing ratio
moderated and stood at 4.41x as on March 31, 2022 as against 1.63x
as on March 31, 2021 primarily on account of high reliance on
external borrowings to meet the incremental working capital
requirement. The debt coverage indicators of the group stood weak
as marked by interest coverage ratio and total debt to GCA of 1.29x
and 37.73x respectively for FY22 as against 1.24x and 31.91x
respectively for FY21 on account of high debt levels.

* Foreign Exchange Fluctuation Risk: The business operations of
group involve imports and exports and imports both resulting in
sales realization and cash outflow in foreign currency. The group
exports its product in overseas market such as South Korea, Cyprus,
United Arab Emirates, Malaysia, and Bahrain, etc. and export
contribution to total sales stood around 5.06% for FY22 (PY:
11.88%). However, being exporter, the foreign currency risk is
partially mitigated through a natural hedge. Further, in the
absence of any tangible hedging policies adopted by the group. The
group is exposed to fluctuations in the value of rupee against
foreign currency which may impact its cash accruals.

Key Rating Strengths

* Experienced Promoters: The group comprising of Samrat Laminates
Private Limited (SLPL) and Samrat Plywood Limited (SPL) has been
engaged in the manufacturing of wood products like plywood, block
boards, flush doors, etc. and laminates for more than three decades
which has helped it in establishing business relationships with
both its suppliers and customers. The current directors of the
group include Mr. Rajiv Singhal, Mr. Raghav Singhal (Son of Mr.
Rajiv Singhal) and Puneet Singhal (brother of Mr. Rajiv Singhal).
Mr. Rajiv Singhal has an overall experience of around two and a
half decades in the industry. The other directors - Mr. Raghav
Singhal and Mr. Puneet Singhal have an experience of around a
decade respectively, in the industry. The day-to-day operations of
the group are managed by Mr. Rajiv Singhal. The directors are
assisted by a team of professionals who are highly experienced in
their respective domains.

* Long track record and established presence of the group along
with a wide distribution network: The group has been operating in
the industry for more than three decades now leading to established
business relationships with the customers and the suppliers. The
group sells its products in the domestic as well as the export
market under the brand name; 'Samrat'. Most of the major customers
of the group have been dealing with the group since more than a
decade. The longstanding relationships with customers have led to
repeat orders for the group. However, the group's revenue stream
remains diversified with top 5 customers forming ~20% of total
operating income in FY22. The group has an established distributor
network of around 200 distributors across the country. The strong
marketing and distributor network help in developing a superior
presence of Samrat group which helps in generating higher sales.
The group is also involved in export of its products across 18
countries around the world including South Korea, Cyprus, United
Arab Emirates, Malaysia and Bahrain, etc. Currently, the group has
orders in hand of INR2.50 crore to be executed in next 1-2 month.

Liquidity: Stretched

The group has stretched liquidity marked by low current ratio and
the quick ratio which stood at 1.58x and 1.03, respectively as on
March 31, 2022.

SLPL was incorporated in 2002 by Mr. Rajiv Singhal (managing
director). At present, the company has three directors; Mr. Rajiv
Singhal, Mr. Raghav Singhal (Son of Mr. Rajiv Singhal) and Mr.
Sahil Singhal (Cousin of Mr Rajiv Singhal). The overall day-today
operations of the company are being looked after by Mr. Rajiv
Singhal (Managing Director) and his son, Mr. Raghav Singhal. SLPL
is engaged in the manufacturing of plywood and other wood products
like block boards, flush doors, etc at its manufacturing facilities
located in Derabassi and Punjab. The company sells its products
under the brand name "Samrat" across the country. The product
profile of the company constitutes different plywoods viz.
waterproof plywoods, commercial plywood, high pressure plywoods,
and block boards, flush doors, commercial boards, decorative
veneers, etc. The products of the company mainly find application
in the furniture and real estate industry. The company sells its
products through around 200 distributors spread across the country
and some of these distributors (~50) are exclusive to the products
of Samrat Group.


SHRAMAN ESTATES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shraman Estates Private Limited
C-44, South Extensions Part 2,
        South Delhi - 110049

Insolvency Commencement Date: January 23, 2023

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

Court: National Company Law Tribunal, New Delhi Bench II

Insolvency
Professional: Shailesh Desai
       708, Raheja Centre, Nariman Point,
              Mumbai - 400021 Maharashtra
              Email: ip10362.desai@gmail.com
              Email: cirpshraman@gmail.com

Last date for
submission of claims:  February 15, 2023


SION STEELS: CARE Lowers Rating on INR9cr LT Loan to B-
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sion Steels (SS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 2,
2022, placed the rating(s) of SS under the 'issuer non-cooperating'
category as SS 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. SS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 19, 2022, December 29, 2022, January 24, 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 SS have been revised
on account of non-availability of requisite information.

Sion Steels was established as a partnership firm in 1992 by Mr.
Ainul Haque Abdul Haque Shaikh, Ms. Afsana Khatoon Shaikh and Ms.
Khushnainnisa Abdul Haque Shaikh. Sion Steels is engaged in trading
of scrap and all kinds of structural material viz. MS channels, MS
beam, MS angle, MS plate and TMT bars, which are sold to
infrastructure project companies, real estate players, machine
manufacturers, construction entities. It operates through its
registered office located at Mumbai, Maharashtra while its
warehouse is located at Dahisar, Mumbai, Maharashtra.


SPECTRUM FILTRATION: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Spectrum
Filtration Private Limited (SFPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.76       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.60       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 16,
2021, placed the rating(s) of SFPL under the 'issuer
non-cooperating' category as SFPL 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. SFPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 2, 2022, October 12, 2022, October 22,
2022.

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

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

Spectrum Filtration Private Ltd (SFPL) was incorporated in March
1997 by the Bothra family of Kolkata, West Bengal. The company was
set up with collaboration with Filtration Group – Filtrair USA
which is the largest filter manufacturer in North America with a
presence across 65 countries. SFPL imports its raw materials mainly
from Filtration Group and receives technical supports when it
requires. Since its inception, the company has been engaged in
manufacturing of industrial air filters which are mainly used in
automotive and pharmaceutical industry. The manufacturing
facilities are located at Howrah (West Bengal), Bommanahalli
(Bengaluru), Noida (Uttar Pradesh) and Kadaiya (Daman).


TIL LIMITED: CARE Moves D Debt Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has moved the ratings on certain bank facilities of
TIL Limited (TIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      190.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category


   Long Term/          148.25      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from TIL to monitor
the rating(s) vide e-mail communications dated November 16, 2022,
and January 20, 2023, among others and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the
rating on the basis of the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating. Furthermore, TIL has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
The rating on TIL Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of TIL Limited takes
into account ongoing delays in debt servicing due to stretched
liquidity position.

Detailed description of the key rating drivers

At the time of last rating on November 19, 2021, the following were
the rating weaknesses and strengths (updated for the information
available from Registrar of Companies and Stock Exchange):

Analytical approach: Standalone

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in debt
servicing of bank facilities.

* Sharp deterioration in performance in FY22 and H1FY23: Despite
healthy order book position, the turnover declined to INR65 crore
in FY22 from INR312 crore in FY21 mainly due to inability of the
company to execute the order due to paucity of adequate working
capital. The Company has incurred loss of INR416 crore in FY22 as
compared to loss of INR67 crore in FY21 mainly due to provisioning
and writing - off of inventory, trade receivables and certain
advances pursuant to re-assessment of assets post Covid-19 and
based on a Management Audit carried out voluntarily by the Company.
In H1FY23, the company has reported total income of INR23.84 crore
and loss of INR44.76 crore.

* Deterioration in debt coverage indicators: Debt coverage
indicators continued to remain not meaningful in FY22 as the
company continued to incur losses.

* Increased working capital intensity of operations: TIL requires
high level of working capital to support and maintain its large
inventory of raw materials, finished goods as well as stores &
spare parts. The inventory and debtors' levels have continued to
remain high as on Mar 31, 2022.

* Exposure to foreign exchange risk: The major raw materials/inputs
required by TIL are high quality steel, engines, chassis for auto
mobiles, valves, axle, hoist units, hydraulic ram and cylinder etc.
A large part of the material requirement is met through imports
(about 50% of the total raw material is imported). This exposes the
company to risk of foreign exchange fluctuation.

Key Rating Strengths

* Long track record of operations: TIL is an established player in
providing technology intensive equipment for the infrastructure
sector. The company, over the last seven decades, has consistently
introduced new products in the material handling and construction
equipment.

* Manufacturing and technical collaborations with leading
international players: TIL, over the years, has entered into long
term manufacturing and technical alliances with leading equipment
manufacturers across the globe to offer superior products to its
customers.

* Moderate order book position with reputed clientele and wide
service network: The order book of the company remained moderate
and stood at about INR333 crore as on March 31, 2022 as against
INR300 crore as on August 18, 2021. The orderbook also includes
around 65% of total order book from defence equipment.

* Consistent source of revenue from maintenance & repair contracts
and sale of component & spare parts: TIL, while selling its
products, also enters into long term maintenance and repair
contracts with various customers thereby providing stable and
consistent source of future income.

TIL, incorporated in 1944, has been in operation for more than
seven decade and is engaged in manufacturing and marketing of
equipment for material handling, lifting, port & road building
solutions. It provides integrated customer support and after-sale
services through a well-connected network of offices and product
support centres in India along with a subsidiary in Singapore. The
manufacturing facilities are located at Kamarhatty (near Kolkata)
and Kharagpur in West Bengal. The company operates under two
strategic business units (SBUs): Material Handling Solutions (MHS)
for manufacturing of material handling equipment (MHE) and
Equipment & Project Solutions (EPS) for manufacturing crushing &
screening equipment and handling equipment for ports & road
building solutions.


TOPTRADE MERCANTILES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Toptrade Mercantiles Private Limited
205, Sujata Chambers, 2nd Floor,
        1/3 Abhichand Gandhi Marg Ott Katha
        Bazar Masjd (W) Mumbai
        MH-400009 India

Insolvency Commencement Date: January 25, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Navin Khandelwal
       206, Navneet Plaza 5/2
              Old Palasia, Indore - 452018
       Email: navink25@yahoo.com
       Email: ibc.toptrade@gmail.com

Last date for
submission of claims:  February 14, 2023


TRIBESMEN GRAPHICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Tribesmen Graphics Private Limited
B-602, 6th Floor, ATMA House, Opp. Old RBI,
Ashram Road, Ahmedabad 380009

Insolvency Commencement Date: January 23, 2023

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

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Darshan BharatbhaiPatel
       31, Vrindavan, Inquilab Society,
              Gulbai Tekra,
       Polytechnic, Ahmedabad 380 015
       Email: ca.darshanbpatel@gmail.com
    
       505, 5th Floor, Sear tower,
              Gulbai Tekra, Panchwati,
              Ahmedabad 380006, Gujarat
       Email: cirp.tgpl@gmail.com

Last date for
submission of claims:  February 8, 2023


UNIQUE FOODS: Ind-Ra Keeps BB Issuer Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Unique Foods's
Long-Term Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)' in the
non-cooperating category and has simultaneously withdrawn the same.


The instrument-wise rating actions are:

-- INR117.5 mil. Fund-based limits* maintained in Non-Cooperating

     category and withdrawn; and

-- INR25.3 mil. Term loan* due on March 2024 maintained in Non-
     Cooperating category and withdrawn.

*Maintained in IND BB (ISSUER NOT COOPERATING) before being
withdrawn

Key Rating Drivers

Ind-Ra has maintained the ratings to the non-cooperating category
because Unique Foods did not participate in the rating exercise
despite requests by the agency and has not provided information
pertaining to the full-year financial performance in FY22,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, information on corporate
governance.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Incorporated in 2009, Unique Foods has a 500 million tons per day
fruit processing unit in Muzaffarpur, Bihar.


UNITED ARTLOGISTICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: United Artlogistics Private Limited
        B-601, Navin Appartments,
        Plot No. 13, Sector-5,
        Dwarka, New Delhi - 110075

Insolvency Commencement Date: January 30, 2023

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

Court: National Company Law Tribunal, New Delhi, Bench IV

Insolvency
Professional: Mohit Goyal
       17 LGF, Defence Enclave,
              Near Preet Vihar, Delhi - 110092
              Email: camohitgoyal@gmail.com
              Email: unitedirp@gmail.com

Last date for
submission of claims:  February 14, 2023


VATSA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vatsa
Automobiles Private Limited (VAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.04       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 16,
2021, placed the rating(s) of VAPL under the 'issuer
non-cooperating' category as VAPL 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. VAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 2, 2022, October 12, 2022, October 22,
2022.

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

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

Incorporated on April 10, 2012, Bhagalpur (Bihar) based Vatsa
Automobiles Pvt Ltd (VAPL) was promoted by Mr. Shailesh Singh with
his wife Mrs. Kiran Singh and son Mr. Chandra Prakash Singh. VAPL
is an authorized dealer of Mahindra & Mahindra Ltd for its
commercial and passenger vehicle segment. It also offers spare
parts, accessories, lubricants& aftersales services (repair and
refurbishment) for its vehicle sold. The commercial operation of
VAPL was started since September 13, 2013. VAPL has one showroom at
Bhagalpur (Bihar) equipped with 3-S facilities (Sales, Service and
Spare-parts) which covers Munger, Naogachia and Bhagalpur area of
Bihar.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.73       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2022, placed the rating(s) of VAI under the 'issuer
non-cooperating' category as VAI 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. VAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 17, 2022, December 27, 2022, January 6,
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).

Vishavkarma Agro Industries (VAI) was established as a partnership
firm in 1991 with Mr Surjit Singh Dhiman and Mr Amarjit Singh as
its partners. The firm is engaged in manufacturing of tractor
equipment's such as wheat thresher, straw reaper, seed drill,
combine harvesters, etc. at its manufacturing unit situated in
Sangrur, Punjab.


Y.R. TRADERS: Liquidation Process Case Summary
----------------------------------------------
Debtor: Y.R Traders Private Limited
Room No. 202, 1, British India Street,
        Kolkata-700069, West Bengal

Liquidation Commencement Date: January 31, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Sushanta Kumar Choudhury
     64, Hem Chandra Naskar Road,
     Beleghata, Kolkata-700010, WB
     Email: sk.choudhury123@gmail.com

Last date for
submission of claims: February 3, 2023


ZEE LEARN: Bankruptcy Court Admits Firm for Insolvency Process
--------------------------------------------------------------
The Economic Times reports that the bankruptcy court on Feb. 10
allowed Yes Bank's petition to admit Essel Group company Zee Learn
for the Corporate Insolvency Resolution Process (CIRP). The
detailed order of the Mumbai bench of the National Company Law
Tribunal (NCLT) was not available at press time Friday [Feb. 10].

Last year in April, private sector lender Yes Bank had approached
the tribunal after the BSE-listed company defaulted on dues of
about INR468 crore, ET notes. Senior counsel Venkatesh Dhond
appeared for the lender. Zee Learn was represented by senior
advocate Krishnendu Datta and counsel Rohit Gupta.

The company is expected to challenge the tribunal's order in the
National Company Law Appellate Tribunal, the report says.

"Yes Bank has allegedly claimed that the total amount in default
with respect to the financial facility is INR468 crore. However,
the company is compiling information to verify the facts claimed in
the said petition," Zee Learn said in a stock exchange filing on
April 25 last year, when the lender had initiated its insolvency
resolution application. On Feb. 10, the company's stock closed
1.01% up at INR5.98 on the BSE.

In December 2022, Yes Bank had moved the NCLT to also initiate
insolvency proceedings against Zee Learn subsidiary Digital
Ventures, ET recalls. This case is still pending. Zee Learn had
reported a consolidated annual revenue of Rs 282 crore and a loss
of INR2.82 crore for FY22, compared with Rs 313.4 crore revenue and
a INR8.79 crore loss the previous fiscal year, ET discloses.

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





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

[*] JAPAN: Company Bankruptcies Up for 9th month in January
-----------------------------------------------------------
Xinhua News Agency reports that a total of 546 companies in Japan
went bankrupt in January, rising for the ninth straight month,
according to a recent survey by a credit research company.

The reading marked a year-on-year increase of 13.3 percent, and
increased for January for the first time in three years compared
with the same month of the previous year, Japan's Teikoku Databank
Ltd. said in its online report on Feb. 8.

By industry, the number of bankruptcies grew year-on-year in four
of seven industries, especially those in the service sector and
food-related businesses, according to the report cited by Xinhua.

Business failures in the service industry went up 19.2 percent to
143 compared to the same month last year, increasing for 11
consecutive months, it said.

In terms of business size, the number of bankruptcies of small- and
medium-sized enterprises increased, while companies with
liabilities of JPY10 billion (US$76.09 million) or more reported
zero bankruptcies for the first time in eight months, the news
agency discloses.

According to the survey, the total amount of liabilities came to
JPY50,769 million, down 25.3 percent year-on-year.

Starting from February, bankruptcies resulting from wage hikes may
appear, Teikoku Databank predicted, Xinhua adds.





===============
M A L A Y S I A
===============

IVORY PROPERTIES: Taps UHY as Auditor Following KPMG's Resignation
------------------------------------------------------------------
Syafiqah Salim at theedgemarkets.com reports that Ivory Properties
Group Bhd has appointed Messrs UHY as the company's new auditor
following the resignation of Messrs KPMG PLT.

In a Bursa Malaysia filing on Feb. 9, the Practice Note 17 (PN17)
company said it had received UHY's letter of consent dated Jan. 25
to act as the company's auditor, the report says.

According to theedgemarkets.com, KPMG, had in August 2022, pointed
out material uncertainties regarding the company's ability to
continue as a going concern.

theedgemarkets.com relates that the former auditor highlighted that
the company recorded a net loss of MYR79.51 million for the
financial year ended March 31, 2022 (FY2022), while liabilities
exceeded current assets by MYR60.22 million. Cash and bank balances
amounted to MYR1.67 million, with negative operating cash flow of
MYR8.9 million in FY2022.

In addition, KPMG said Ivory Properties had experienced
difficulties in raising funds for its project developments and
property acquisitions, termination of certain agreements and
forfeiture of deposits. It also failed to repay interest and
principal payments totalling MYR1.98 million for certain loans and
borrowings, of which the outstanding amount totalled MYR49.73
million.

Ivory Properties, the first property company to slip into PN17
status since the Covid-19 outbreak, is required to submit a
restructuring plan to the authorities by end-July 2023, the report
notes.

The company has been incurring losses since FY2020, the report
says. For the six-month period ended Sept 30, 2022, the company
widened its net loss to MYR49.58 million from MYR27.5 million in
the same period the prior year, due to the write-off of certain
inventories, although revenue increased to MYR9.04 million from
MYR4.86 million, driven by the construction division.

Last October, Datuk H'ng Choon Seng, who is also the managing
director of Heng Huat Resources Group Bhd, ceased to be a
substantial shareholder of Ivory Properties, according to
theedgemarkets.com. This came after H'ng sold 80 million shares
through an off-market transaction, representing a 16.32% stake in
the company.

NLY Development Sdn Bhd emerged as the second-largest shareholder
of Ivory Properties with a 19.08% stake after it purchased 80
million shares or a 16.32% stake, via an off-market transaction.

Ivory Properties' single largest shareholder is founder and CEO Low
Eng Hock, who owns a direct stake of 27.25% and an indirect stake
of 5.76%.

                       About Ivory Properties

Ivory Properties Group Bhd. is a property development company. The
Company's project portfolio includes medium to high-end apartments,
luxury condominiums, semi-detached and bungalow homes, boutique
gated communities, and retail and commercial lots.

In August 2022, Ivory Properties slipped into Practice Note 17
(PN17) status after its external auditor Messrs KPMG PLT flagged
material uncertainties about the company's ability to continue as a
going concern.

KPMG said Ivory Properties reported a net loss of MYR79.51 million
during FY22, while the group's liabilities exceeded their current
assets by MYR60.22 million.




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

A H CONSTRUCTION: Bryan Edward Williams Appointed as Liquidator
---------------------------------------------------------------
Bryan Edward Williams of BWA Insolvency Limited on Feb. 5, 2022,
was appointed as liquidator of A H Construction Services Limited.

The liquidator may be reached at:

          BWA Insolvency Limited
          PO Box 609
          Kumeu 0841




BROADHURST BUILDERS: Creditors' Proofs of Debt Due on March 3
-------------------------------------------------------------
Creditors of Broadhurst Builders Limited are required to file their
proofs of debt by March 3, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 3, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


CECILE'S MUESLI: Closes Down Business Due to Rising Costs
---------------------------------------------------------
Stuff.co.nz reports that Hawke's Bay family business Cecile's
Muesli had been losing money for a year after escalating costs for
ingredients, labour and freight before managing director Alister
Buchanan finally pulled the plug last month.

Stuff relates that the 53-year-old had taken on full-time outside
work, let staff go and called on his teenage daughter to help with
the business as he sought to keep it afloat. But it wasn't enough.

"Incremental increases every year just makes it harder and harder,
especially when you're a small manufacturer," Stuff quotes Mr.
Buchanan as saying. "Everything just creeps up. It's inflation and
I didn't want to be part of it - where does it end?"

Costs have accelerated since the Covid-19 pandemic, exacerbated by
the war in Ukraine. An overheated economy has seen the Reserve Bank
lift interest rates rapidly from record low levels as it tries to
pull back inflation, and that's hitting consumers in the pocket and
having a dampening impact on spending.

"It is a particularly challenging time for businesses," the report
quotes Kiwibank chief economist Jarrod Kerr as saying. "There are a
number of businesses that are struggling."

According to Stuff, Cecile's Muesli retailed for $15 to $17 and Mr.
Buchanan said prices would have had to increase by $1 to $1.50 to
keep up with costs, something Mr. Buchanan didn't want to do.

Mr. Kerr said that when faced with a cost of living crisis and
rising interest rates, consumers tend to trade down to cheaper
goods, moving from a $17 pack of muesli to a $5 pack as they face
stresses elsewhere.

Mr. Kerr expected the year ahead will continue to be challenging
for businesses, but is confident many will adapt, Stuff says.

Larger businesses may be better set up to weather a storm, although
small businesses may find it easier to adapt and pivot away from
deteriorating conditions, he said.

"You've got a central bank which is really trying to slow the
economy right down, in fact they're forecasting a mild recession on
the back of their actions, so that's the environment in which
businesses are playing in at the moment," he added, notes the
report.

Cecile's Muesli began in 2005 when Buchanan's step-mother Cecile
started making muesli from the original family recipe handed down
from her mother, to provide a wholesome breakfast for her family.

Mr. Buchanan took over the business in December 2010 and had a
dedicated following, with customers who had been regular buyers for
10 years.

He told them via email in mid-January that "with a heavy heart" the
business would be closing.

"A tough decision, but the ever-increasing ingredient and freight
costs have made it very difficult to make it viable for us," the
email read, Stuff relays.


JXL DESIGN: Grant and Botterill Appointed as Administrators
-----------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Jan.
30, 2022, were appointed as administrators of JXL Design Limited
and Jackson Ing Wei Law.

The administrators may be reached at:

          Waterstone Insolvency
          16 Piermark Drive
          Rosedale
          Auckland 0632


MANGAITI FOREST: Creditors' Proofs of Debt Due on March 6
---------------------------------------------------------
Creditors of Mangaiti Forest Pacifica Limited are required to file
their proofs of debt by March 6, 2023, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring
          PO Box 10100
          Dominion Road
          Auckland 1446


SMS BUILDING: Court to Hear Wind-Up Petition on Feb. 17
-------------------------------------------------------
A petition to wind up the operations of SMS Building Services
Limited will be heard before the High Court at Auckland on Feb. 17,
2023, at 10:45 a.m.

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

The Petitioner's solicitor is:

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




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

PAKISTAN: 'Not Going Bankrupt', Chief Justice Says
--------------------------------------------------
The Express Tribune reports that Chief Justice of Pakistan Umar Ata
Bandial on Feb. 10 rejected the notion that the country was
teetering on the verge of "bankruptcy" and called upon the
government to make concerted efforts aimed at stopping the outflow
of foreign currency through smuggling.

The Express Tribune says the chief justice's remarks came as he
headed a three-member bench comprising Justice Ayesha A Malik and
Justice Athar Minallah hearing the Federal Board of Revenue's (FBR)
petition challenging the Lahore High Court's order regarding the
collection of 'super tax' from large-scale industries.

The FBR has projected INR250 billion from the imposition of the
super tax in FY23. However, taxpayers challenged the tax with
retrospective effect for tax year 2022 and onward in the LHC, the
report says.

The Express Tribune relates that the court stayed the recovery
proceeding and directed the FBR to allow different industries to
file their returns excluding the super tax subject to the deposit
of post-dated cheques of the differential amount.

However, the FBR challenged the LHC order of Sept. 29, 2022 in the
Supreme Court.

During the Feb. 10 proceedings, the Supreme Court consolidated all
identical petitions challenging the super tax and fixed them for
hearing this week, the report notes.

According to the report, counsel for the FBR Faisal Siddiqui said
that the LHC had suspended the implementation of its final decision
in the case for 60 days. "There are traditions in tax cases where
the court orders companies to pay 50 per cent of the tax," he
added.

Barrister Farogh Naseem, counsel for the industries, said that all
petitions of the FBR against the LHC's interim order had become
ineffective after the final decision of the Lahore High Court.

The court could not order the payment of 50 per cent super tax
after the petitions become ineffective, he added.

The Express Tribune adds that the chief justice remarked that the
FBR imposed the super tax in good faith and added that it was also
known that Shell Pakistan, one of the petitioners, paid taxes in
millions of rupees.

Advocate Siddiqui said that he was representing the FBR, adding
that he would also represent the federal government if the country
went into default, the report relays.

At this, the chief justice said that the country was not going
bankrupt. "Everyone needs to improve themselves for the sake of the
country," he added.

He noted that $4 million were being smuggled out of Pakistan
illegally every day.

"All we need is to get organised and take action," he added.

He added that the situation could improve if the government took
steps to stop the smuggling of foreign currency abroad.

Later, the hearing of the case was adjourned till February 16, says
The Express Tribune.

                           About Pakistan

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

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

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




=====================
P H I L I P P I N E S
=====================

RB OF SAN MARCELINO: Central Bank Orders Closure of Rural Bank
--------------------------------------------------------------
The Philippine Star reports that the Bangko Sentral ng Pilipinas
(BSP) has ordered the closure of Rural Bank of San Marcelino Inc.
in Zambales, bringing to two the number of problematic banks shut
down this year.

State-run Philippine Deposit Insurance Corp. (PDIC) has been
designated as receiver with a directive to proceed with the
takeover and liquidation of the closed rural bank in accordance
with Republic Act 3591 or the PDIC Charter, the Star relates.

The Star notes that the PDIC Charter provides that a bank placed
under liquidation shall in no case be re-opened and permitted to
resume banking business. It also states that banks closed by the
Monetary Board shall no longer be rehabilitated.

Upon placement of a bank under liquidation, the powers, functions
and duties of the directors, officers and stockholders of the bank
are terminated. Accordingly, the directors, officers, and
stockholders shall be barred from interfering in any way with the
assets, records and affairs of the bank.

Late last month, the regulator ordered the closure of the Rural
Bank of San Agustin (Isabela), the Star recalls.

Last year, the BSP closed down nine problematic banks including the
Rural Bank of Galimuyod (Ilocos Sur), Rural Bank of Polomolok
(South Cotabato), Banco Rural De General Tinio in Nueva Ecija,
Farmers Savings and Loan Bank based in Bulacan, Metro-Cebu Public
Savings Bank, Rural Bank of Mahaplag (Leyte), Rural Bank of Salcedo
(Ilocos Sur), Rural Bank of San Lorenzo Ruiz (Siniloan), and Rural
Bank of San Nicolas (Pangasinan), the report discloses.

In 2021, the number of problematic banks ordered closed by the
central bank almost tripled to 13 from five in 2020 as the country
has yet to fully recover from the impact of the COVID-19 pandemic.

To strengthen the sector, the central bank rolled out the Rural
Bank Strengthening Program (RBSP) to enhance the operations,
capacity, and competitiveness of the industry, adds the Star.




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

AMBROSIA CAPITAL: Court to Hear Wind-Up Petition on Feb. 24
-----------------------------------------------------------
A petition to wind up the operations of Ambrosia Capital Holding
Pte Ltd will be heard before the High Court of Singapore on Feb.
24, 2023, at 10:00 a.m.

SRSG Pte Ltd filed the petition against the company on Jan. 20,
2023.

The Petitioner's solicitors are:

          Nine Yards Chambers LLC
          1 Coleman Street
          The Adelphi, #05-03
          Singapore 179803


C & P LAND: Commences Wind-Up Proceedings
-----------------------------------------
Members of C & P Land Pte Ltd, on Jan. 30, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Koh Geok Hoon
          Koh Ee Koon
          380 Jalan Besar
          #06-06 ARC 380
          Singapore 209000


KS ENERGY: High Court to Hear Wind Up Petition on Feb. 24
---------------------------------------------------------
The Business Times reports that KS Energy - which is under judicial
management - has filed for its winding up, with the High Court
scheduled to hear the application on Feb 24.

According to BT, the Singapore Exchange mainboard-listed company
made the application on Jan. 27, days after it announced that the
deal to transfer its listing status for SGD3 million to logistics
company Jacobson Global Logistics (Singapore) was off.

Creditors or shareholders of KS Energy who want to support or
oppose the winding up application may appear at the hearing, said
the winding up notice published in the government gazette on Feb.
10, BT relays.

Judicial managers for KS Energy have applied to be discharged, and
instead be appointed as the joint and several liquidators of the
company.

BT says the managers had stated in their announcement in January
2022 that the agreement to transfer the listing status could offer
potentially better returns for shareholders. But in the event of
liquidation, shareholders are unlikely to have any distribution
after payment to the creditors.

Due to the unfulfilment of all the conditions required for the
agreement to be valid, the listing transfer deal was aborted. Other
companies in distress have in the past also attempted to transfer
their listing status, but without much success.

KS Energy and a key operating subsidiary KS Drilling were placed
under judicial management in October 2020 despite objection from
its Indonesian founder tycoon Kris Wiluan. The court application
was made by OCBC, which sought to recover some US$235 million in
debt.

Mr. Wiluan had led KS Energy for decades. He was fined SGD480,000
by the State Courts in 2021 on three counts of market rigging
involving the shares of KS Energy.

At its peak, KS Energy had a market capitalisation of just under
SGD1 billion and some 1,000 employees. The counter has been
suspended since August 2020, when its market value stood at SGD17
million.

                           About KS Energy

Headquartered in Singapore, KS Energy Limited operates as an energy
services provider primarily to the oil and gas, marine, and
petrochemical industries in Kurdistan, Egypt, Pakistan, Vietnam,
Indonesia, Malaysia, and internationally. KS Energy Limited is a
subsidiary of Pacific One Energy Limited.

On Oct. 13, 2020, the Singapore High Court appointed Deloitte &
Touche's Andrew Grimmett and Lim Loo Khoon as judicial managers of
KS Energy and a key operating subsidiary KS Drilling (KS
Companies). Both were earlier, on Aug. 31, appointed the group's
interim judicial managers (IJMs).

In August 2020, OCBC applied to place the mainboard listed firm and
its unit under JM after it sent letters of demand to the firms as
well as six other subsidiaries for a US$230.7 million term loan and
a SGD5 million bridging loan to KS Drilling. KS Drilling is an
80.09%-owned subsidiary of KS Energy, which has provided US$150
million in guarantee for the term loan.


SINHAN HOLDING: Court to Hear Wind-Up Petition on Feb. 24
---------------------------------------------------------
A petition to wind up the operations of Sinhan Holding Pte Ltd will
be heard before the High Court of Singapore on Feb. 24, 2023, at
10:00 a.m.

DBS Bank Ltd filed the petition against the company on Jan. 30,
2023.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


TERAS CONQUEST: Commences Wind-Up Proceedings
---------------------------------------------
Members of Teras Conquest 8 Pte Ltd, on Feb. 7, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Ng Kian Kiat
          Goh Wee Teck
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


V.SPEC ENGINEERING: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Jan. 30, 2023, to
wind up the operations of V.Spec Engineering & Supplies Pte. Ltd.

The Hongkong And Shanghai Banking Corporation Limited filed the
petition against the company.

The company's liquidators are:

          Lim Loo Khoon
          Andrew Grimmett
          c/o Deloitte & Touche LLP
          6 Shenton Way #33-00, OUE Downtown 2
          Singapore 068809




=============
V I E T N A M
=============

HSBC BANK (VIETNAM): Fitch Gives BB FirstTime Foreign Currency IDR
------------------------------------------------------------------
Fitch Ratings has assigned HSBC Bank (Vietnam) Ltd. (HSBCV) a
first-time Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'BB' and Long-Term Local-Currency IDR of 'BBB-'. The Outlook is
Positive.

KEY RATING DRIVERS

Strong Parent, Capped by Country Ceiling: HSBCV's Long-Term
Foreign-Currency IDR is driven by its Shareholder Support Rating
(SSR) of 'bb'. The SSR reflects its expectation of support from its
parent, The Hongkong and Shanghai Banking Corporation Limited
(HKSB, AA-/Stable/a+), in times of need. HKSB owns 100% of its
Vietnam subsidiary, whose management and operations are highly
integrated with the HSBC group. It also operates in a high growth
market for the group's APAC network.

The parent's strong propensity and ability to support the entity is
however constrained by its view of transfer and convertibility
risks in Vietnam, which is reflected in Vietnam's Country Ceiling
of 'BB'. Fitch uses the parent's standalone Viability Rating (VR)
instead of its IDR as the anchor rating for shareholder support as
Fitch believes HSBCV is unlikely to benefit from the parent's
buffer of qualifying junior debt since it is not a material entity
under the group's resolution framework.

Restrictions Less Likely on Local-Currency Debt: Fitch believes the
risk of sovereign restrictions on local-currency repayments is
lower than that on foreign-currency repayments. As a result,
HSBCV's Long-Term Local-Currency IDR is two notches above Vietnam's
sovereign rating, reflecting its belief that the parent's ability
to support HSBCV will likely remain robust even if the sovereign is
in distress. The Outlook is Positive, mirroring that of the
sovereign, as the bank ratings are likely to be upgraded if the
sovereign rating and Country Ceiling are upgraded.

Growing Strategic Importance: HSBCV's asset market share in Vietnam
is only around 1% and its size relative to its parent's balance
sheet is also modest, at roughly 1%, but both figures have
increased slightly over the past decade. HSBCV is one of the
largest wholly foreign-owned banks in Vietnam and its key
competitive advantage lies in its strong branding and extensive
global network that have allowed it to attract many higher income
retail clients and serve many of the multinationals active in
Vietnam.

Fitch has not assigned a VR to HSBCV given the high degree of
operational linkages with its parent that would render standalone
assessment not meaningful.

RATING SENSITIVITIES

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

Any revision in the Country Ceiling, sovereign rating or Outlook is
likely to lead to similar revisions in the bank's Long-Term IDRs
and Outlook.

HKSB's VR is seven notches above Vietnam's Country Ceiling. There
will need to be a very substantial reduction in its assessment of
HKSB's ability or propensity to support HSBCV before the
subsidiary's support-driven rating is affected. Fitch sees this as
unlikely in the near-to-medium term.

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

The bank's ratings are currently constrained by the country's
sovereign rating and Country Ceiling. An upward revision in the
sovereign rating and Country Ceiling is likely to lead to a
corresponding revision in the bank's IDRs, assuming the parent's
ability and propensity to support the bank remain intact.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

HSBCV's ratings are derived from HKSB's ratings and constrained by
Vietnam's sovereign rating and/or Country Ceiling.

ESG CONSIDERATIONS

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

   Entity/Debt                         Rating        
   -----------                         ------        
HSBC Bank
(Vietnam) Ltd.      LT IDR              BB   New Rating
                    ST IDR              B    New Rating
                    LC LT IDR           BBB- New Rating
                    LC ST IDR           F3   New Rating
                    Shareholder Support bb   New Rating


                           *********


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.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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