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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

          Thursday, February 23, 2023, Vol. 26, No. 40

                           Headlines



A U S T R A L I A

ARJOWIGGINS AUSTRALIA: Second Creditors' Meeting Set for March 3
F45 TRAINING: Multiple Gyms Collapse, Equipment Up for Sale
FP TURBO 2023-1: Moody's Assigns (P)B2 Rating to AUD5.95MM F Notes
INFRABAND HOLDINGS: First Creditors' Meeting Set for March 1
J.G. HORTON: First Creditors' Meeting Set for March 3

LIBERTY FUNDING 2023-1: Moody's Gives B2 Rating to AUD7MM F Notes
METHOD CONSTRUCTIONS: Second Creditors' Meeting Set for March 2
PANTHA HOMES: Builder Collapses, Impacting at Least a Dozen Homes
PLENTI PL 2023-1: Moody's Assigns B1 Rating to AUD9.6MM F Notes
RUBY BASE: Second Creditors' Meeting Set for March 1



C H I N A

CHINA GRAND AUTOMOTIVE: Fitch Lowers Foreign Curr. IDR to 'CCC+'
GUANGYANG ANTAI: Fitch Affirms B Foreign Curr. IDR, Outlook Stable
HOPSON DEVELOPMENT: Fitch Affirms LongTerm Foreign Curr. IDR at B+
PEKING UNIVERSITY: Unit Wins Nod to Enter Bankruptcy Process
[*] CHINA: Property Developers Signal Barrels of Red Ink for 2022



I N D I A

ADANI GROUP: Unit to Announce Debt Refinancing Plans in Few Weeks
ADGAOKAR SARAF: Insolvency Resolution Process Case Summary
AIRCEL CELLULAR: CARE Keeps D Debt Rating in Not Cooperating
AIRCEL LIMITED: CARE Keeps D Debt Rating in Not Cooperating
AIRCEL SMART: CARE Keeps D Debt Rating in Not Cooperating Category

ANAGHA STEEL: Insolvency Resolution Process Case Summary
BENARA BEARINGS: CARE Keeps D Debt Ratings in Not Cooperating
BFIP ENTERPRISES: Insolvency Resolution Process Case Summary
BHADANES HI-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
BHARAT HEART: CRISIL Keeps D Debt Rating in Not Cooperating

BIMLA MARU: CRISIL Keeps D Debt Ratings in Not Cooperating
BOSS COMPUTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
CAPTIVATE FOODS: Liquidation Process Case Summary
CRACKERS INDIA INFRA: CRISIL Withdraws C Rating on INR49cr Loan
CRACKERS INDIA: CRISIL Withdraws C Rating on INR4.0cr Cash Loan

DISHNET WIRELESS: CARE Keeps D Debt Rating in Not Cooperating
DREAMS CONSTRUCTION: Insolvency Resolution Process Case Summary
EMI INFRASTRUCTURE: Insolvency Resolution Process Case Summary
FORCEFOX TECHNOLOGIES: Insolvency Resolution Process Case Summary
KAJUWALLA: CRISIL Keeps D Debt Rating in Not Cooperating Category

KAKDA ROLLING: CRISIL Keeps D Debt Rating in Not Cooperating
KF BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
KIMAYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
ONKAR INT'L: CARE Cuts Rating on INR18cr LT/ST Loan to C
OSR INFRA: CARE Keeps C Debt Rating in Not Cooperating Category

PATIL CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
PLATINUM HOLDINGS: Insolvency Resolution Process Case Summary
QUANT PINVEST: Insolvency Resolution Process Case Summary
RAJASTHAN BAL: CARE Keeps D Debt Rating in Not Cooperating
RG ROYAL: CRISIL Keeps D Debt Rating in Not Cooperating Category

ROCKDUDE IMPEX: CARE Lowers Rating on INR10.90cr LT Loan to D
S.K.P.V.V. HINDU: CRISIL Keeps D Debt Rating in Not Cooperating
SIDDHIVINAYAK REALHOMES: CARE Keeps D Rating in Not Cooperating
SINGAN PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
SPICEJET LTD: To Consider Capital Raise Amid Quarterly Losses

TECHNOVAA PLASTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
TRICHY ENERGY: Voluntary Liquidation Process Case Summary
TRICHY POWER: Voluntary Liquidation Process Case Summary
VAG BUILDTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHNU OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating



J A P A N

FTX TRADING: Customers in Japan Unit Can Withdraw Their Money


N E W   Z E A L A N D

5FIFTY5 LIMITED: Creditors' Proofs of Debt Due on March 27
FIRST INSURANCE: Fitch Lowers IFS Rating to 'BB', Outlook Stable
GLT INSTALLATIONS: Creditors' Proofs of Debt Due on April 7
LION PIT: Creditors' Proofs of Debt Due on March 28
RIVERSIDE PRIDE: Creditors' Proofs of Debt Due on March 20

VIVACE RESTAURANT: Court to Hear Wind-Up Petition on March 2


S I N G A P O R E

PROJECT JUNIOR: Creditors' Proofs of Debt Due on March 20
SUNTECCITY THIRTY: Court Enters Wind-Up Order


S O U T H   K O R E A

SSANGYONG MOTOR: Net Losses Narrow to KRW60.1BB in 2022

                           - - - - -


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A U S T R A L I A
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ARJOWIGGINS AUSTRALIA: Second Creditors' Meeting Set for March 3
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Arjowiggins
Australia Pty Ltd has been set for March 3, 2023 at 11:30 a.m. at
the offices of WLP Restructuring at Suite 21.02, Level 21 Australia
Square, 264 George Street in Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 2, 2023 at 4:00 p.m.

Glenn Livingstone and Alan Walker of WLP Restructuring were
appointed as administrators of the company on Jan. 31, 2023.


F45 TRAINING: Multiple Gyms Collapse, Equipment Up for Sale
-----------------------------------------------------------
Alex Turner-Cohen at News.com.au reports that a popular Aussie gym
franchise has suffered an epic fall from grace with staff laid off,
mass resignations from board members and its share price staying
stubbornly low.

And now it's emerged that a number of stores have gone into
liquidation in the past several months while gym equipment is being
sold incredibly cheaply online in a sign of the business struggling
to stay afloat, according to the report.

According to news.com.au, F45 Training - which known for its
functional high intensity interval training (HIIT) classes that
takes place in 45 minutes - was at first an Australian success
story after hitting the New York Stock Exchange in 2021 and raking
in AUD500 million on the first day.

But what's happened since then has left the franchise scrambling.

News.com.au can reveal that in the past six months, four gyms have
gone into liquidation.

Now gym equipment branded with the F45 logo is being sold on
Facebook Marketplace in a massive bargain for buyers.

Listings show that piles of dumbbells are up for sale for just AUD3
a kilo, while kettlebells are being sold for even less, at AUD2 per
kilo.

On September 9 last year, the F45 franchise in Yeppoon, in coastal
Queensland, went into liquidation, with Michael Beck of Worrells
insolvency firm appointed as the liquidator, news.com.au recalls.

Just a month later, a Melbourne F45 branch in the suburb of
Sunshine also went under.

Peter Malone of CRS Insolvency, was the appointed liquidator, and a
company spokesperson advised news.com.au the company has ceased to
trade in March that year. It's understood they were no longer able
to enter the premises of the gym.

Then in November, F45 Newstead, in Queensland, also put in its
liquidation papers, as did an F45 gym in Mount Barker, South
Australia.

Liquidator of the Mount Barker establishment, Stephen James of BCR
Advisory, told news.com.au that the business was hit by declining
member numbers which "the owner tried but couldn't turn around".


FP TURBO 2023-1: Moody's Assigns (P)B2 Rating to AUD5.95MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Perpetual Corporate Trust Limited
in its capacity as trustee of FP Turbo Series 2023-1 Trust.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of FP Turbo Series 2023-1 Trust

AUD277.90 million Class A Notes, Assigned (P)Aaa (sf);

AUD17.85 million Class B Notes, Assigned (P)Aa2 (sf);

AUD12.60 million Class C Notes, Assigned (P)A2 (sf);

AUD5.60 million Class D Notes, Assigned (P)Baa2 (sf);

AUD12.60 million Class E Notes, Assigned (P)Ba2 (sf);

AUD5.95 million Class F Notes, Assigned (P)B2 (sf).

The AUD17.50 million Seller Notes are not rated by Moody's.

The transaction is a securitisation of operating, novated and
finance leases extended to Australian government and statutory
corporations, corporates, small and medium-sized businesses and
their employees. The leases securitised in this portfolio are
secured by passenger cars, commercial vehicles and auto equipment.
The collateral pool composition is static and no pre-funding or
substitution of receivables will take place during the life of the
transaction. All receivables were originated by Fleet Partners Pty
Limited (FleetPartners, unrated), FleetPlus Pty Ltd and Fleet
Choice Pty Ltd (both wholly owned subsidiaries of FleetPartners).

The securitised portfolio comprises lease instalment cash flows and
residual value cash flows. The present value of the outstanding
lease receivables balance is approximately AUD350.0 million and the
nominal value of estimated operating lease residual value (RV) cash
flows amounts to around AUD106.7 million. Due to the right of the
lessees to return the vehicle at contract maturity in order to
cover the final lease balance outstanding under an operating lease,
the notes are exposed to both default and market or residual value
risk of the related vehicles.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

An evaluation of the capital structure, underlying portfolio of
leases obligors and underlying RV exposure;

Back-up maintenance and servicer solutions;

The liquidity support available in the transaction in the form of
the liquidity facility;

The experience of Fleet Partners as servicer and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.

The transaction benefits from credit strengths such as experience
of the originator, diversification of vehicle manufacturer and
lease term dates and strong historical performance of the lease
portfolio. However, Moody's notes that the transaction features
some credit weaknesses such as high lessee concentration and
residual value risk.

KEY TRANSACTION FEATURES

The notes will be repaid on a sequential basis in the initial
stages, until the subordination percentage increases from the
initial 20.6% to 35.0% for the Class A Notes and no unreimbursed
charge offs, at which point Class A to Class F Notes will be repaid
on a pro-rata basis (but senior to the Seller Notes).

The liquidity facility sized at 1.5% of the outstanding amount of
all notes (with a hard floor of AUD250,000) is available where
trust income and principal collections are insufficient to meet
interest payment shortfalls on the required payments.

KEY POOL FEATURES

The majority of receivables (84.7%) are secured by passenger
vehicles or light commercial vehicles (

INFRABAND HOLDINGS: First Creditors' Meeting Set for March 1
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Infraband
Holdings Pty Ltd will be held on March 1, 2023, at 10:00 a.m. at
the offices of Vincents - Brisbane at Level 34, 32 Turbot Street in
Brisbane and via virtual meeting technology.

Nick Combis of Vincents Chartered Accountants was appointed as
administrator of the company on March 1, 2023.


J.G. HORTON: First Creditors' Meeting Set for March 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of J.G. Horton
Pty Ltd will be held on March 3, 2023, at 10:30 a.m. via
teleconference facilities only.

Aaron Kevin Lucan and Graeme Robert Beattie of Worrells were
appointed as administrators of the company on Feb. 21, 2023.


LIBERTY FUNDING 2023-1: Moody's Gives B2 Rating to AUD7MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2023-1.

Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2023-1

AUD250 million Class A1a Notes, Definitive Rating Assigned Aaa
(sf)

AUD500 million Class A1b Notes, Definitive Rating Assigned Aaa
(sf)

AUD159 million Class A2 Notes, Definitive Rating Assigned Aaa
(sf)

AUD35 million Class B Notes, Definitive Rating Assigned Aa2 (sf)

AUD13 million Class C Notes, Definitive Rating Assigned A1 (sf)

AUD15 million Class D Notes, Definitive Rating Assigned Baa2 (sf)

AUD8 million Class E Notes, Definitive Rating Assigned Ba1 (sf)

AUD7 million Class F Notes, Definitive Rating Assigned B2 (sf)

The AUD13 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of Australian residential
mortgages loans originated and serviced by Liberty Financial Pty
Ltd (Liberty, unrated).

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

Evaluation of the underlying receivables and their expected
performance;

Evaluation of the capital structure and credit enhancement
provided to the notes;

The liquidity facility in the amount of 2.0% of the notes balance
subject to a floor of AUD1,000,000;

The experience of Liberty as the servicer;

Presence of Perpetual Trustee Company Limited as the back-up
servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 8.3%, while the expected loss is 1.20%.

MILAN CE represents the loss Moody's expect the portfolio to suffer
in a severe recessionary scenario, and does not take into account
structural features of the transaction. The expected loss
represents a stressed, through-the-cycle loss relative to
Australian historical data.

A key strength of the transaction is the 25% subordination
available to Class A1a and Class A1b Notes. Moody's considers the
relatively high proportion (16.2%) of loans with scheduled LTV
above 80% a credit challenge.

The key transactional features are as follows:

The notes benefit from a guarantee fee reserve available to cover
losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD3,000,000, equivalent to 0.30% of the initial invested amount of
the notes.

The notes will be initially repaid sequentially. On and after the
payment date in February 2025, all notes, excluding Class G Notes,
will receive a pro-rata share of principal payments, subject to
certain step down conditions being met. These include, among
others, Class A1a Notes being repaid and no unreimbursed
charge-offs on any notes. The principal paydown will switch back to
sequential pay once the aggregate invested amount of all notes is
less than or equal to 20.0% of the aggregate initial invested
amount of all notes on the issue date, or on and after the payment
date in February 2027.

The key features of the pool as at the cut-off date are as
follows:

The portfolio has a weighted-average seasoning of 12.1 months.

The portfolio has a scheduled LTV ratio of 67.6%, with a
relatively high proportion of loans with a scheduled LTV ratio
above 80.0% (16.2%) and above 90% (6.1%).

Around 43.5% of the loans in the portfolio were extended to
self-employed borrowers.

Based on Moody's classifications, 24.3% of the loans in the
portfolio were extended on an alternative documentation basis with
further 0.3% on low documentation basis.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

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

METHOD CONSTRUCTIONS: Second Creditors' Meeting Set for March 2
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Method
Constructions Australia Pty Ltd has been set for March 2, 2023 at
2:00 p.m. via online meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 28, 2023 at 5:00 p.m.

Mathew Gollant of CJG Advistory was appointed as administrator of
the company on Dec. 19, 2022.


PANTHA HOMES: Builder Collapses, Impacting at Least a Dozen Homes
-----------------------------------------------------------------
News.com.au reports that Pantha Homes Pty Ltd has joined a long
list of casualties in the sector after it went into voluntary
liquidation on Feb. 17. Then on Feb. 21, a notice was put out about
its liquidation status.

William Roland Robson of Robson Cotter Insolvency Group has been
appointed as the liquidator.

He told news.com.au that at least a dozen homeowners have been
impacted with all their construction sites at various stages of
completion.

"Some of them (the homes) were close to handover, some were at
contract stage, (it is) quite a spectrum," the report quotes Mr.
Robson as saying.

He said he had visited the premises of the building firm and that
judging by the state of its head offices, it had been much-loved by
those that ran the company.

"The premises are absolutely beautifully maintained, you can tell
they've put their hearts and souls into this thing," he said, notes
the report. "This is devastating for the clients and directors of
this company."

Although his investigation is still in its "early days", Mr. Robson
noted that so far it appears the company owes at least AUD260,000
to suppliers.

That doesn't include the claims homeowners could also lodge
regarding the liquidation, news.com.au relays.

Pantha Homes also has "minimal assets", making it unlikely
creditors will receive much.

"There's not a lot of assets behind them," he explained, notes
News.com.au.

For building companies, the only assets they have is generally
vehicles, tools and office equipment, he said.

According to the report, the reason for the firm's failure is
similar to many other builders that have collapsed across the
country.

It's because of "Escalating costs that are uncontrollable under
fixed price contracts," Mr. Robson explained, the report says.

According to the Queensland Building and Construction Commission,
Pantha Homes went from having AUD13.6 million worth of projects in
2020 to just AUD4.1 million over the past two years, the report
relays.

Mr. Robson's insolvency firm also dealt with the Oracle Homes
collapse which devastated hundreds of homeowners last year, the
report notes.

PLENTI PL 2023-1: Moody's Assigns B1 Rating to AUD9.6MM F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes to be issued by Perpetual Corporate Trust
Limited in its capacity as trustee of the Plenti PL & Green ABS
Trust 2023-1.

Issuer: Plenti PL & Green ABS Trust 2023-1

AUD154.50 million Class A1 Notes, Assigned Aaa (sf)

AUD73.50 million Class A1-G Notes, Assigned Aaa (sf)

AUD24.75 million Class B Notes, Assigned Aa2 (sf)

AUD10.50 million Class C Notes, Assigned A2 (sf)

AUD7.50 million Class D Notes, Assigned Baa2 (sf)

AUD8.25 million Class E Notes, Assigned Ba1 (sf)

AUD9.60 million Class F Notes, Assigned B1 (sf)

AUD6.90 million Class G1 Notes is not rated by Moody's

AUD4.50 million Class G2 Notes is not rated by Moody's

Plenti PL & Green ABS Trust 2023-1 is a static cash securitisation
of personal loans, renewable energy loans and renewable energy
buy-now-pay-later (BNPL) receivables, extended to consumer obligors
located in Australia. All receivables were originated by Plenti
Finance Pty Limited (Plenti, unrated).

Plenti is an Australian non-bank lender providing consumer and
commercial loans, including unsecured personal loans, renewable
energy loans, secured auto loans and renewable BNPL contracts, to
prime borrowers in Australia. Plenti is a 100%-owned subsidiary of
Plenti Group Limited, established in 2014 and listed on the
Australian stock exchange. As of December 2022, Plenti has
originated circa $1.8 billion in personal and renewable energy
loans.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of the rated notes' balance, the legal
structure, the experience of Plenti RE Limited (Plenti RE) as
servicer; and the presence of Perpetual Corporate Trust Limited
(Perpetual) as a back-up servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. The historical default
data for Plenti is limited, with only nine personal loan quarterly
vintages with significant origination volume and one renewable
energy receivable vintage with significant origination volume, that
cover loan terms of up to 60 months. This is because Plenti is a
relatively new originator. As such, the pool's performance could be
subject to greater variability than the observed data indicates.

The transaction's key features are as follows:

Once stepdown conditions are satisfied, all notes, excluding the
Class G1 and G2 Notes, will receive their pro-rata share of
principal. Step-down conditions include, among others, 35%
subordination to the Class A Notes (Class A1 and A1-G Notes) and no
unreimbursed charge-offs.

A swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the rated notes assuming a
certain prepayment rate.

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

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 25.5%. Moody's mean default for
this transaction is 5.0%. The assumed recovery rate is 7.5%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Key pool features are as follows:

The weighted average interest rate of the portfolio is 10.3%, with
interest rates ranging from 4.5% to 23.5%.

The weighted average Equifax credit score of the portfolio is
around 773.

The weighted average remaining term of the portfolio is 66.5
months. The weighted average seasoning of the initial portfolio is
3.6 months.

Renewable energy receivables constitute 24.7% of the portfolio, of
which 6.0% are green fixed interest-bearing loans and 18.7% are
BNPL loans. Renewable energy loans are extended to obligors for the
purchase and installation of residential renewable energy equipment
such as solar panels and home batteries. Renewable energy
receivables have historically displayed lower loss rates than other
personal loans.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

Up

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

Down

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

RUBY BASE: Second Creditors' Meeting Set for March 1
----------------------------------------------------
A second meeting of creditors in the proceedings of Ruby Base Pty
Ltd and Reddog Drilling Pty Ltd has been set for March 1, 2023 at
9:00 a.m. and 10:30 a.m. respectively, at the offices of The
Executive Centre at Level 23, 108 St Georges Terrace in Perth.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 28, 2023 at 4:00 p.m.

Glen Oldham of Oldhams Advisory was appointed as administrator of
the company on Jan. 29, 2023.




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C H I N A
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CHINA GRAND AUTOMOTIVE: Fitch Lowers Foreign Curr. IDR to 'CCC+'
----------------------------------------------------------------
Fitch Ratings has downgraded China-based auto dealer China Grand
Automotive Services Group Co., Ltd.'s (CGA) Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'
and senior unsecured rating to 'CCC+' from 'B-' with a Recovery
Rating of 'RR4'.

The downgrade reflects Fitch's expectation of CGA's tightening
liquidity and an inability to significantly deleverage. Fitch
expects weak operating results in 4Q22 and further cash to at least
partially repay upcoming long-term debt over the next one to two
years will result in lower liquidity, which will decrease CGA's
ability to service future debt repayments.

Fitch assumes a recovery in revenue and profitability in 2023 after
operational disruptions from Covid-19 city lockdowns in 2022, but a
muted growth outlook and execution risks could constrain cash flow
generation and limit CGA's cash replenishment pace. Further
weakening in liquidity and uncertainty over its ability to
refinance upcoming capital-market debt maturities, particularly
ahead of the US dollar January 2024 bond, could lead to negative
rating action.

KEY RATING DRIVERS

Deterioration in Liquidity Position: CGA has warned it will report
a loss for 2022, the first time since its listing, after citywide
Covid-19 lockdowns and the company provided higher discounts to
boost new car sales in 4Q22. The actual cash erosion may not be as
large as the net loss, although weaker operating cash flow than
Fitch estimated should result in tighter liquidity. Fitch currently
expects that CGA will have sufficient cash on hand to repay the
near-term onshore bond maturity in March. Even so, limited
refinancing options will require a portion of liquidity to repay
upcoming debt maturities.

CGA has a CNY950 million onshore bond due in March and a CNY1
billion bond becoming puttable by investors in the same month. It
also has CNY1.15 billion in onshore corporate bonds maturing in
4Q23. CGA intends to repay bond maturity in March with cash on hand
and short-term refinancing, but Fitch believes the use of cash
without material replenishment will further reduce its liquidity
buffer. Tighter liquidity this year could cause greater uncertainty
for refinancing CGA's concentrated maturities in 4Q23 and 1Q24,
particularly its January 2024 USD232 million bond maturity.

Weaker Business Profile: CGA's warning of a loss for 2022 also
implies weakness in operations and therefore operating cash
generation. The impacts from citywide lockdowns in 2022 are likely
to be reversed after China's reopening in December and CGA could
expect a sharper rebound than peers because a higher proportion of
its stores were located in affected areas last year.

Still, Fitch expects dealers with high exposure to mass-market
internal combustion engine vehicles (ICEV) are facing growing
pressure from structural shifts from ICEVs to new energy vehicles
(NEV) in 2023. Moreover, CGA's weaker sales volume than auto
original equipment manufacturers' (OEM) quarterly or annual
assessment may result in lower rebate receivables, which could
further squeeze new car sales margins in the coming one to two
quarters.

Strategy Risk: Fitch expects lower liquidity could inhibit CGA's
ability to execute strategies to keep pace with industry shifts.
Changes including higher exposure to premium and luxury brands will
require higher prepayments and cash pledged against bank acceptance
bills for the higher vehicle costs and catching up on industry
electrification compared with better-capitalised peers in a
competitive market.

Uncertainty in Industry Outlook: The removal of Covid-19
restrictions in China is positive for offline businesses like auto
dealers. However, Fitch is forecasting a high single-digit decline
in retail sales for traditional ICEVs in 2023 following the
expiration of stimulus measures, challenges presented by
electrification and weak consumer sentiment, particularly reducing
demand for mass market and joint venture-branded vehicles. A lack
of a significant recovery due to lacklustre ICEV sales and weak
profit for NEV sales would limit CGA's cash generation and the
ability to sustainably deleverage.

Reliant on Short-Term Financing: CGA has been increasingly reliant
on short-term debt since 2020. The proportion of short-term debt in
CGA's capital structure rose after excluding the current portion of
long-term debt and loans from OEMs associated with inventory
financing. The reliance may persist if it cannot secure additional
long-term refinancing and such concentration increases the
proportion of debt relative to available liquidity, which may limit
its overall borrowing capacity. An improved debt maturity profile
would be evidence of more diversified funding access and better
financial flexibility.

DERIVATION SUMMARY

CGA's ratings are driven by its tight liquidity and risks to the
refinancing of its upcoming capital-market maturities.

KEY ASSUMPTIONS

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

- Revenue to decline by mid double digits in 2022 (2021: 0.1%) and
recover from 2023;

- CGA's EBITDA margin to recover slowly, averaging 4.5% in
2023-2025 (2021: 4.4%);

- Capex (inclusive of M&A) to slow in 2022 and average CNY1.8
billion a year in 2023-2025 (2021: CNY2.7 billion);

- No dividend payout in the medium term.

RATING SENSITIVITIES

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

- Material improvement in liquidity through higher operating cash
flow and/or evidence of additional funding sources;

- Improved visibility on ability to refinance upcoming
capital-market debt maturities;

-Evidence of free cash flow generation that can more sustainably
support deleveraging.

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

- Lack of progress in addressing upcoming capital-market debt
maturities, such as refinancing the January 2024 US dollar bond;

- Further deterioration in liquidity due to a lack of refinancing
for upcoming maturing long-term debt and/or weakened operating cash
flow.

LIQUIDITY AND DEBT STRUCTURE

Tight liquidity: CGA had unrestricted cash of CNY9.8 billion at
end-June 2022, against CNY40.7 billion in short-term borrowings.
The short-term borrowings include perpetual securities that are
callable every six months, in line with Fitch's criteria. However,
CGA exercises the call option at its discretion, and Fitch does not
assume the securities will be called in its liquidity analysis. The
company redeemed part of the perpetual securities in July 2021, and
USD261million remains outstanding.

CGA had unused bank credit facilities of CNY27.8 billion at
end-September 2022, and it drew down a new long-term unsecured bank
loan of CNY253 million in the fourth quarter of 2022.

ISSUER PROFILE

CGA is one of the largest auto dealerships in China, with more than
780 outlets across China covering more than 50 brands as of
end-December 2022. CGA is listed on the Shanghai Stock Exchange.

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           Recovery   Prior
   -----------             ------           --------   -----
China Grand
Automotive
Services Group
Co., Ltd.           LT IDR CCC+  Downgrade               B-

   senior
   unsecured        LT     CCC+  Downgrade    RR4        B-

China Grand
Automotive
Services
Limited
  
   senior
   unsecured        LT     CCC+  Downgrade    RR4        B-

Baoxin Auto
Finance I
Limited

   senior
   unsecured        LT     CCC   Downgrade    RR4      CCC+

GUANGYANG ANTAI: Fitch Affirms B Foreign Curr. IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed China-based Guangyang Antai Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating at 'B'.
The Outlook is Stable.

Guangyang Antai's ratings are supported by its market leadership in
its core stainless steel products, diverse product offerings and
sound financial metrics. The ratings are constrained by geographic
concentration, limited funding channels and large external
guarantees.

The Stable Outlook reflects its expectation that the company's
popular steel product offerings will allow it to maintain net
leverage and margins at a level that is commensurate with its
rating.

KEY RATING DRIVERS

Temporary Leverage Spike: Fitch estimates Guangyang Antai's EBITDA
net leverage spiked to over 4.0x in 2022 from around 2.5x in
2019-2021, breaching its negative trigger of 3.0x. This was due to
low profitability in 2022 on subdued demand from a sharp downturn
in the property market and slowing construction activity due to
Covid-19 restrictions in China. Raw-material costs also remained
high, resulting in an industry-wide margin squeeze.

Recovery Expected: However, Fitch expects a robust recovery in 2023
due to the government's efforts to stimulate the economy and
China's reopening, which will result in a pick-up in construction
activity, boosting steel demand. As a result, Fitch expects the
company's gross profit per tonne to rebound to over CNY350 and
CNY180 for stainless- and carbon-steel products, respectively, in
2023, from under CNY300 and CNY150 in 2022, although still below
pre-pandemic levels of over CNY400 and CNY200.

Fitch believes the recovery will not only come from a demand
pick-up, but also from the company's strong market position as it
has retained its 70%-80% share of the stainless-steel market in
Shandong province and 20%-30% market share in 400-series
stainless-steel products nationally. Fitch expects EBITDA net
leverage to drop to 2.9x in 2023 and 2.2x in 2024.

Reduced Reliance on Short-Term Debt: Guangyang Antai's dependence
on bank credit facilities for liquidity constrains its rating, as
this leaves the company vulnerable to changing credit-market
conditions. Its short-term debt fell to under 60% by end-2022 from
85% of total debt at end-2021, averaging around 70% between 2017
and 2020. Bank financing is Guangyang Antai's only funding channel,
as its alternative financing options are currently limited.
However, it is looking to broaden funding sources in the medium
term.

Large External Guarantees: Guangyang Antai's external guarantees
amounted to CNY2.6 billion at end-2022, compared with its
interest-bearing debt of CNY3.9 billion. This has decreased
significantly from CNY3.5 billion in guarantees in 2017. We expect
total guarantees to decrease to around CNY2 billion by end-2024, in
line with company guidance. Fitch accounts for external guarantees
under total debt and include all external guarantees in calculating
the company's leverage ratios.

Guarantee Counterparty in Distress: Guanguang Antai provides around
CNY600 million in guarantees to Zhongrong Xinda Group Co Ltd, which
had around CNY400 million in debt undergoing restructuring as of
end-2022 after experiencing financial distress. Guangyang Antai
provides a direct guarantee on the amount maturing at end-2023,
which, according to the company, will not be called upon as a
restructuring plan is in place. Fitch has no visibility on the
remaining CNY200 million, but Fitch believes the company has
sufficient liquidity to cover such a payment should the guarantee
be called upon.

Higher Business Risk from Trading: The revenue share of Guangyang
Antai's trading segment jumped to just under 45% in 2021, from 25%
in 2017, but decreased from 55% in 2020 due to faster ASP growth in
its core business segment. Fitch expects trading's revenue
contribution to remain around 50% as the company shifts away from
top-line growth to margin optimisation. Trading has higher
counterparty risk and working-capital needs than the core steel
operation, whose market leadership and cost advantage from its
patented process for 400-series stainless steel help mitigate the
risk.

DERIVATION SUMMARY

Guangyang Antai has a weaker business profile than aluminium
producer China Hongqiao Group Limited (BB+/Stable). Hongqiao's 2021
EBITDA was significantly higher, at CNY33 billion, than Guangyang
Antai's CNY1.9 billion. Hongqiao also has a lower net debt/EBITDA
ratio of less than 1.0x, compared with Guangyang Antai's 2.6x.

Guangyang Antai has significantly higher revenue than West China
Cement Limited (WCC, BB/Stable). However, WCC has a wider EBITDA
margin, lower leverage and more diversified funding channels. JSW
Steel Limited (BB/Stable) had lower net debt/EBITDA than Guangyang
Antai in 2021 in addition to a much larger scale and higher
margins.

KEY ASSUMPTIONS

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

- Steelmaking gross margin to remain at slightly below 5% on
average between 2022 and 2025

- Capex on average of over CNY400 million per year between 2022 and
2025, mainly used for production facility upgrades

- No dividend payouts or large investments in the near term

- CNY200 million reduction in external guarantees per year in 2023
and 2024

RATING SENSITIVITIES

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

- More diversified funding sources to reduce reliance on
cross-guarantee debt and exposure to external guarantees

- Decreasing exposure to trading business with FFO net leverage
sustained below 2x

- Total net debt with equity credit/operating EBITDA below 1.5x for
a sustained period

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

- Continued deterioration in liquidity, in particular, weakening
access to bank financing due to external guarantees

- FFO net leverage sustained above 3.5x

- Total net debt with equity credit/operating EBITDA above 3x for a
sustained period

LIQUIDITY AND DEBT STRUCTURE

Significant Guarantees, Concentrated Funding Sources: Guangyang
Antai had total interest-bearing debt of around CNY3.9 billion at
end-2022, of which CNY2.2 billion was short term. Total external
guarantees amounted to CNY2.6 billion. The company had CNY1.4
billion in readily available cash and CNY2.1 billion in unused
facilities. These are uncommitted facilities, but Fitch believes
they are adequate as committed facilities are uncommon in China.

The company's debt structure is mostly short term and its only
funding channel is bank loans as it has no immediate access to bond
and equity markets. Credit facilities are assessed and rolled over
annually. Total facility limits have been consistent in the past
few years. Therefore, Fitch expects its current facilities to roll
over to cover upcoming maturities.

ISSUER PROFILE

Guangyang Antai and its subsidiaries produce stainless steel and
carbon steel, trade iron ore fines and steel products and provide
financial leases, which are used to service upstream and downstream
customers. Guangyang Antai has 1.8 million tonnes of
stainless-steel and 4.2 million tonnes of carbon- steel production
capacity. It is one of China's top-10 stainless-steel producers and
the largest 400-series producer.

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
   -----------             ------        -----
Guangyang Antai
Holdings Limited     LT IDR B  Affirmed    B

HOPSON DEVELOPMENT: Fitch Affirms LongTerm Foreign Curr. IDR at B+
------------------------------------------------------------------
Fitch Ratings has affirmed China-based Hopson Development Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'B+'. The Outlook is Stable. Fitch has also affirmed the company's
senior unsecured rating and the rating on its outstanding senior
unsecured notes at 'B+' with a Recovery Rating of 'RR4'.

Hopson's ratings reflect the company's ability to generate cash
flow for debt repayment, given its relatively resilient contracted
sales and manageable land and construction outflows. Hopson faces
limited unsecured debt maturities and has solid access to bank
funding, supported by a quality asset base.

KEY RATING DRIVERS

Resilient Sales: Hopson recorded relatively resilient sales
performance in 2022, with contracted sales down 23% yoy compared to
the 40%-60% declines at most private developers. Its performance in
challenging industry conditions and Covid-related disruptions in
some key markets supports its view that demand for Hopson's
properties should remain robust. Fitch forecasts its sales to grow
by 5% in 2023, compared to its forecast of a 0%-5% decline for the
sector, on account of Hopson's substantial pipeline of saleable
resources in Beijing, Shanghai and Guangzhou.

Sufficient FCF for Debt Repayment: Fitch expects Hopson to generate
adequate free cash flow (FCF) to address its unsecured debt
maturities in December 2023 and 1H24. In its rating case, Fitch
forecasts Hopson to have sufficient FCF to cover around HKD6
billion of unsecured debt (including US dollar bonds and syndicated
loan) due in December 2023 to 1H24. Fitch also notes that the
company has the flexibility to reduce land acquisitions if
contracted sales are weaker than expected.

Limited Refinancing Pressure: Hopson's available cash balance
decreased to HKD16 billion in 1H22, from HKD23 billion at end-2021,
after significant debt reduction. This translates to an available
cash to short-term debt ratio of 0.5x, based on HKD30 billion of
short-term borrowings. However, around HKD28 billion was bank and
other borrowings secured onshore, which Fitch believes can mostly
be rolled over in light of the group's solid access to onshore bank
funding and high-quality asset base, including development projects
in Tier 1 cities and investment properties.

Hopson has signed strategic agreements with some large state-owned
Chinese banks and plans to replace maturing borrowings with more
loans from these banks. It faces limited maturities for bonds and
other unsecured financing. Its only outstanding unsecured
borrowings are a USD237.5 million bond due on 28 December 2023, a
USD300 million bond due on 18 May 2024, and a HKD1.5 billion
syndicated loan due on 28 June 2024 after its USD250 million
covered bonds due in January 2023 were repaid. Fitch believes its
cash on hand and FCF generation will provide sufficient liquidity
to address debt maturities.

Continued Deleveraging: Hopson's net leverage, measured by net
debt/net property assets, was 40% as of 1H22, and Fitch believes it
will continue to deleverage. Fitch estimates that Hopson's gross
debt - excluding margin loan on equity investments - decreased from
around HKD115 billion as of end-2021 to HKD99 billion as of
end-2022. In addition, Fitch believes there are no further
outstanding off-balance-sheet liabilities, following the repayment
of trust loans used for land acquisitions in Beijing during 2020 to
2021.

Abundant Saleable Resources: Hopson's recent launch of two flagship
projects in Guangzhou and Shanghai should provide around CNY60
billion of saleable resources in total. It expects to have around
CNY100 billion of saleable resources in 2023, including the
remaining inventory from its large projects in Beijing and
redevelopment project launches in Guangzhou. It had a large
development land bank of 21.7 million square metres (sqm) at
end-June 2022, with 75% in Tier 1 cities, which is enough to
support sales in the medium to long term, based on its 1.4 million
sqm of contracted sales in 2022.

Flexible Land Acquisition Strategy: Hopson plans to continue
focusing on land acquisition opportunities in redevelopment
projects. It is making progress on several redevelopment projects
in Guangzhou, some of which could launch in the next 1-2 years. It
may incur land premiums but has flexibility in the speed of its
progress. Fitch expects Hopson to prioritise debt reduction over
growth in the current challenging market environment.

DERIVATION SUMMARY

Hopson's land bank quality and sales performance are stronger than
those of Radiance Group Co., Ltd. (B+/Negative), whose contracted
sales fell by 55% in 2022. Hopson is focused on Tier 1 and strong
Tier 2 cities, while Radiance focuses on Tier 2 and stronger Tier 3
cities, and hence Fitch believes Radiance would have a slower
recovery in demand and sales. In addition, assets in higher-tier
cities may have better institutional appetite. The divergence in
sales performance justifies our differing outlooks on the two
companies' ratings.

Both Hopson and Radiance face limited refinancing risk, as
available cash can sufficiently cover short-term capital market
debt.

KEY ASSUMPTIONS

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

- Contracted sales of 5% in 2023 and to remain stable thereafter

- Cash collection rate of 80% in 2023-2024

- Land acquisitions at 15% of sales proceeds in 2023 and 20% in
2024

- Construction costs at 30% of sales proceeds in 2023-2024

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Hopson would be liquidated in
bankruptcy. The liquidation value approach usually results in a
much higher value than the going concern approach, given the nature
of homebuilding. Fitch has assumed a 10% administrative claim.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

- 70% advance rate applied to net inventory. Hopson's inventory
mainly consists of completed properties held for sales, properties
under development (PUD) and deposits/prepayments for land
acquisitions. Different advance rates were applied to these
different inventory categories to derive the blended advance rates
for net inventory.

- 50% advance rate applied to PUD. PUDs, which are in various
stages of completion, are more difficult to sell than completed
projects. The PUD balance - prior to applying the advance rate - is
the net of margin-adjusted customer deposits.

- 80% advance rate applied to completed properties held for sale.
Completed commodity-housing units are closer to readily marketable
inventory, and Hopson has historically recorded a strong gross
margin of over 40%. Therefore, Fitch has applied a higher advance
rate than the typical 50% in the criteria.

- 90% advance rate applied to deposits/prepayments for land
acquisitions. Land held for development is closer to readily
marketable inventory, similar to completed commodity-housing units,
given that Hopson's land is well located. Therefore, Fitch has
applied a higher advance rate than the typical 50% in the
criteria.

- 80% advance rate applied to investment properties. Hopson's
investment properties portfolio mainly consists of commercial
buildings located in higher-tier cities such as Beijing and
Shanghai. The portfolio has an average rental yield of 5%. Fitch
has applied an 80% advance rate as it implies a 6% rental yield on
the liquidation value, which Fitch considers as reasonable.

- 80% advance rate applied to trade receivables. Account
receivables constitute a very small percentage of total assets for
Hopson, as is typical for China's homebuilding industry. Fitch has
adopted an 80% advance rate in line with the criteria.

- 50% advance rate applied to property, plant and equipment, which
mainly consists of land and buildings, the value of which is
insignificant.

- 0% advance rate applied to excess cash. China's homebuilding
regulatory environment means that available cash, including
pre-sales that are regulated as cash, is typically prioritised for
project completion, including payment for trade payables. Net
payables (trade payables - available cash) are included in the debt
waterfall ahead of secured debt. However, Fitch does not assume
that available cash in excess of outstanding trade payables is
available for other debt-servicing purposes and therefore apply an
advance rate of 0%.

- 0% advance rate applied to net equity investments. Hopson had
about HKD5 billion in listed equity investments (including its
stake in Ping An Good Doctor, which is booked as an associate),
with HKD1.5 billion of margin loans borrowed against it. Fitch
typically assigns a 0%-40% cash credit to such investments due to
their liquidity and volatility. Fitch has applied a 0% advance
rate, taking into consideration the margin loan.

The allocation of value in the liability waterfall results in a
Recovery Rating of 'RR1' for the offshore senior unsecured debt.
The Recovery Rating for senior unsecured debts is capped at 'RR4'
because, under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D for creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

- Fitch does not expect positive rating action in the next 12-18
months as the scale of Hopson's contracted sales is unlikely to
improve significantly.

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

- No stabilisation in contracted sales or cash collection, or
aggressive investments (including land banking) relative to sales
performance

- Deterioration in liquidity and/or funding access

- Leverage, measured by net debt/net property assets, sustained
above 55%

ISSUER PROFILE

Hopson is a property group that specialises in the development of
medium to high-end large-scale residential properties in high-tier
Chinese cities. It recorded CNY33 billion of contracted sales in
2022, down 23% yoy. Hopson had 21.7 million sqm of development land
bank as of end-June 2022. It also has a portfolio of investment
properties, mainly in Beijing and Shanghai, generating around HKD3
billion of annual rental income.

ESG CONSIDERATIONS

Hopson has an ESG Relevance Score of '4' for Group Structure due to
uncertainty regarding the financial health of related parties and
the associated risks. This has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Hopson Development
Holdings Limited      LT IDR B+ Affirmed              B+

   senior unsecured   LT    B+  Affirmed   RR4        B+

PEKING UNIVERSITY: Unit Wins Nod to Enter Bankruptcy Process
------------------------------------------------------------
South China Morning Post reports that the financial unit of Peking
University Founder Group (PUFG), the business arm of one China's
most prestigious colleges, has received the go-ahead from the
country's banking and insurance regulator to enter bankruptcy
proceedings.

The China Banking and Insurance Regulatory Commission (CBIRC) has
given preliminary approval for Peking University Founder Group
Finance to enter the bankruptcy process, according to a statement
posted on the regulator's website on Feb. 21, the Post relays.
Founder Group Finance, which was launched in 2010, provides
financial services to PUFG and its subsidiaries.

"The company should move forward with follow-up work in accordance
with related laws," the statement said. "If it encounters any
serious issue, the company should report to the CBIRC on time."

"Generally speaking when it involves the insolvency of a financial
institution, the CBIRC will intervene in the procedure before it
officially goes bankrupt to ward off any instability in the
financial system," the Post quotes Weng Guanxing, head of law firm
Wintell & Co's Lingang office in Shanghai, as saying.

According to the Post, the CBIRC's initial approval comes as
conglomerate Ping An Insurance Group undertakes PUFG's
restructuring following its debt defaults starting in 2019. PUFG
had interests in industries ranging from software development to
securities trading and real estate.

A consortium led by Ping An Insurance (Group) and Huafa Group,
controlled by the Zhuhai municipal government, agreed to bail out
PUFG in a CNY73.3 billion (US$11.3 billion) rescue in April 2021.

The Post relates that Ping An Life, which holds a 66.5 per cent
stake in the rescue vehicle New Founder Group, said it would
execute the restructuring plan with relevant parties, including
orderly business development and asset disposal.

"It could be a part of PUFG's restructuring work," said Ho
Look-chan, a barrister with Des Voeux Chambers, adding that it is
hard to accurately predict the next move after the bankruptcy.
"Generally speaking, in restructuring, the shareholder will try to
keep the important businesses while disposing of the noncore
ones."

PUFG failed to repay a 270-day, CNY2 billion onshore bond in
December 2019, the Post recalls.

On Feb. 14, 2020, Bank of Beijing, one of its creditors, applied to
a court to force PUFG into a restructuring under the bankruptcy
law, with the approval coming five days later.

The Post says the default on the yuan-denominated bonds also led to
cross defaults on US$3 billion worth of bonds. Most of the bonds
were supported by PUFG via keepwell deeds, undertakings by Chinese
companies to guarantee the solvency of their subsidiaries when they
sell debt in offshore markets. However, these deeds are no
guarantee that financial support will come in a pinch.

However, the state-appointed restructuring administrator decided in
2020 to not recognise about US$1.7 billion worth of keepwell deed
claims for bonds issued by the troubled group.

China's best-known borrowers have used keepwell deeds as a sign of
their willingness to provide support for affiliates, including oil
and gas giant Sinopec, property developer Vanke and conglomerate
Dalian Wanda, the Post says.

                  About Peking University Founder

Chinese state-owned Peking University Founder Group Corp. provides
information technology services. The Company offers software
development, electronic publishing system development, smart city
solution development, data operation, and other services. Peking
University Founder Group also operates financing, medical
technology development, and other businesses.

On Feb. 19, 2020, Founder Holdings Limited received a notification
letter from Peking Founder, regarding a civil order and decision
letter received by Peking Founder from The First Intermediate
People's Court of Beijing. Pursuant to the civil order and decision
letter, the Court decided to accept the application made by Bank of
Beijing Co., Ltd. for the initiation of restructuring procedure
against Peking Founder, and appointed Peking Founder liquidation
team as the administrator of Peking Founder. The Peking Founder
liquidation team consists of, among others, the People's Bank of
China, the Ministry of Education of the People's Republic of China,
relevant financial regulators and relevant departments of Beijing
Municipal Government.

Bank of Beijing Co. Ltd., one of the creditors of Peking University
Founder Group Corp., asked a court to restructure the indebted
state-owned conglomerate in February 2020, according to Caixin
Global.



[*] CHINA: Property Developers Signal Barrels of Red Ink for 2022
-----------------------------------------------------------------
Caixin Global reports that Chinese property developers expect to
report barrels of red ink for 2022 as sales declined and the value
of their unsold homes fell.

As of Feb. 21, 66 of 119 publicly traded Chinese real estate
companies issued 2022 earnings estimates, and 38 said they expect
to report a net loss, Caixin relates citing data from Wind
Information Co.

The estimated combined loss for the 66 developers topped CNY100
billion ($14.55 billion) for 2022, and 36 of the enterprises said
they will probably record impairment of assets, Caixin discloses.




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

ADANI GROUP: Unit to Announce Debt Refinancing Plans in Few Weeks
-----------------------------------------------------------------
Reuters reports that Adani Transmission will announce debt
refinancing plans in a few weeks, executives said on Feb. 21 in an
investor call, according to a source with direct knowledge of the
matter.

Reuters relates that the company, a unit of embattled Indian
conglomerate Adani Group, has no plans to raise additional debt for
capital expenditure, which it plans to cover with operating cash
inflows, the executives said, according to the source.

The group, which did not immediately respond to a request for
comment on Feb. 21, had hired banks to arrange calls with bond
investors to reassure them about the payment capacity of its
operating companies after it was caught up in a short-selling storm
in recent weeks, according to Reuters.

Reuters says the calls come after a Jan. 24 report by Hindenburg
Research that alleged the conglomerate improperly used offshore tax
havens and manipulated stocks. The report also flagged concerns
over its high debt levels.

Seven listed companies of Adani have together lost some $125
billion in market value since then. Adani has rejected the concerns
and denied any wrongdoing, Reuters states.

Dollar bonds that Adani firms issued have dropped sharply in value
over the past few weeks, although they have pared back some losses
in recent days.

Adani Transmission dollar bonds due in 2026 hit a record low of
about 75 cents on the dollar earlier this month, Reuters notes.
They were seen at around 84 cents on Feb. 21, according to Tradeweb
data.


ADGAOKAR SARAF: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Adgaokar Saraf Private Limited
Viraj Corner, Canada Corner Sharanpur Road,
        Nashik, MH-422002

Insolvency Commencement Date: January 31, 2023

Estimated date of closure of
insolvency resolution process: August 31, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Viral Vora
       3, Shanti Kunj, Lajpatri Road,
              Vile Parle (West),
              Mumbai – 400056
       Email: ipviral.vora@gmail.com
       Email: cirp.adgaonkarsarafnashik@gmail.com

Last date for
submission of claims:  February 17, 2023


AIRCEL CELLULAR: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Cellular Limited (ACL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     17,479       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated November 16, 2021, continued
to place the ratings of ACL under the ‘Issuer Not Cooperating’
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. ACL continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and letters/emails dated November 23, 2022, December 6, 2022,
January 16, 2023 etc.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available Information which
however, in CARE’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 ratings.

Detailed description of the key rating drivers

At the time of last rating on November 16, 2021, following were the
rating weaknesses:

Key Weaknesses

* Delays in resolution process under NCLT: The company has been
admitted in NCLT and its resolution process for the debt is pending
with the judiciary.

Aircel Limited (AL), together with two of its wholly owned
subsidiaries ACL and DWL, provides 2G wireless telecom services in
all the 22 circles of India and 3G services in 13 circles. ASML,
another wholly owned subsidiary of AL, provides mobile banking
services. Maxis Communications Berhad (MCB), through Global
Communication Service Holdings Limited and Deccan Digital Networks
Private Limited, effectively holds approximately 73.99% equity
interest in AL. Further, Aircel had filled before the National
Company Law Tribunal, Mumbai Bench ("NCLT") in terms of Section 10
of the Insolvency and Bankruptcy Code, 2016.


AIRCEL LIMITED: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Limited (AL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17,479      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated November 16, 2021, continued
to place the ratings of AL under the ‘Issuer Not Cooperating’
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. AL continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and letters/emails dated November 23, 2022, December 6, 2022,
January 16, 2023 etc.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available Information which
however, in CARE’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 ratings.

Rating sensitivities: Not Applicable

Detailed description of the key rating drivers

At the time of last rating on November 16, 2021, following were the
rating weaknesses:

Key Weaknesses

* Delays in resolution process under NCLT: The company has been
admitted in NCLT and its resolution process for the debt is pending
with the judiciary.

Analytical approach: Consolidated

The ratings consider a consolidated view on credit risk profiles of
Aircel Limited and its wholly-owned subsidiaries namely Aircel
Smart Money Limited, Aircel Cellular Limited and Dishnet Wireless
Limited (AL- Aircel Limited, ASML – Aircel Smart Money Limited,
ACL – Aircel Cellular Limited, DWL – Dishnet Wireless Limited)

Aircel Limited (AL), together with two of its wholly owned
subsidiaries ACL and DWL, provides 2G wireless telecom services in
all the 22 circles of India and 3G services in 13 circles. ASML,
another wholly owned subsidiary of AL, provides mobile banking
services. Maxis Communications Berhad (MCB), through Global
Communication Service Holdings Limited and Deccan Digital Networks
Private Limited, effectively holds approximately 73.99% equity
interest in AL. Further, Aircel had filled before the National
Company Law Tribunal, Mumbai Bench ("NCLT") in terms of Section 10
of the Insolvency and Bankruptcy Code, 2016.


AIRCEL SMART: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aircel
Smart Money Limited (ASML) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     17,479       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated November 16, 2021, continued
to place the ratings of ASML under the ‘Issuer Not Cooperating’
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. ASML continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and letters/emails dated November 23, 2022, December 6, 2022,
January 16, 2023 etc.

In line with the extant SEBI guidelines, CARE has reviewed the
rating  on the basis of the best available Information which
however, in CARE’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 ratings.

Rating sensitivities: Not Applicable

Analytical approach: Consolidated

The ratings consider a consolidated view on credit risk profiles of
Aircel Limited and its wholly-owned subsidiaries namely Aircel
Smart Money Limited, Aircel Cellular Limited and Dishnet Wireless
Limited (AL- Aircel Limited, ASML – Aircel Smart Money Limited,
ACL – Aircel Cellular Limited, DWL – Dishnet Wireless
Limited).

Detailed description of the key rating drivers

At the time of last rating on November 16, 2021, following were the
rating weaknesses:

Key Weaknesses

* Delays in resolution process under NCLT: The company has been
admitted in NCLT and its resolution process for the debt is pending
with the judiciary.

Aircel Limited (AL), together with two of its wholly owned
subsidiaries ACL and DWL, provides 2G wireless telecom services in
all the 22 circles of India and 3G services in 13 circles. ASML,
another wholly owned subsidiary of AL, provides mobile banking
services. Maxis Communications Berhad (MCB), through Global
Communication Service Holdings Limited and Deccan Digital Networks
Private Limited, effectively holds approximately 73.99% equity
interest in AL. Further, Aircel had filled before the National
Company Law Tribunal, Mumbai Bench ("NCLT") in terms of Section 10
of the Insolvency and Bankruptcy Code, 2016.


ANAGHA STEEL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Anagha Steel Markeing Limited
141/1, Malwada, Burujpada, Taluka Vikramgad,
        Dist. Palghar, Vikramgad - 401605.

Insolvency Commencement Date: December 23, 2022

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Atul Mehta
       20 1-206, 2nd Floor, Shiv Smriti Chambers,
              Above Corporation Bank,
              Worli- 400018, Mumbai
       Email id: atul@mehta-mehta.com
       Email id: cirpanagha@gmail.com

Last date for
submission of claims:  January 24, 2023


BENARA BEARINGS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Benara
Bearings and Pistons Ltd (BBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      47.01       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.99       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated November 18, 2021,
maintained the rating of BBPL under the ‘issuer
non-cooperating’ category as BBPL had failed to provide
information for monitoring of the rating. BBPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 18, 2022, October 19,
2022, October 24, 2022 etc and numerous phone calls.

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

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

Analytical approach: Standalone

Key weaknesses

* Delays in debt servicing: There are delays in servicing of its
debt obligations due to stressed liquidity position of the company
and the account has been classified as NPA by banks/financial
institutions.

Benara Bearings & Pistons Ltd (BBPL), incorporated in 1970 by Mr.
Panna Lal Jain, manufactures aftermarket automotive parts and has 2
units in Agra, Uttar Pradesh which manufactures engine bearings &
bushes for stationary marine engines, pistons, pins, piston rings,
engine bearing and bushes for all applications. Furthermore, the
company is involved in the marketing of products like ball bearing,
spark plugs, rocker arms, timing chains etc. On March 22, 2018, the
company raised Rs 33.49 cr. through IPO proceeds and got listed on
NSE SME and BSE Exchange.


BFIP ENTERPRISES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/S BFIP Enterprises Private Limited
H No 7-194, Raghavendra Nagar,
        Satyanarayana Puram,
        Tirapati, Chittor,
        Andhra Pradesh - 517507

Insolvency Commencement Date: January 25, 2023

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

Court: National Company Law Tribunal, Amaravati Bench

Insolvency
Professional: Kantipudi Ventakata Raju
       D No: 4-198, Manikya Nagar,
              Valasapakala, Kakinada - 533 005,
       East Godavari District, Andhra Pradesh
       Email: bflplbc@gmail.com

Last date for
submission of claims:  February 10, 2023


BHADANES HI-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhadanes
Hi-Tech Technology Computers Private Limited (BHTCPL) continue to
be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility     10        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BHTCPL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BHTCPL was incorporated by Mr Nivrutti Bhadane and his wife Ms
Rajani Bhadane in 2009. The Nashik, Maharashtra-based Company
distributes computers and computer-related hardware, mainly to
government departments and public sector undertakings.


BHARAT HEART: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bharat Heart
and Super Speciality Hospitals (BHSSH) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        27.67      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BHSSH for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in fiscal 2017 as a partnership firm, BHSSH is managed and
promoted by Dr Chetan Swaroop Sharma. The firm runs a hospital,
Velmed Hospital, in Dehradun. Operations commenced in October
2018.


BIMLA MARU: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bimla Maru
Fashions Private Limited (BMFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           9.9        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          15.1        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      9          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      5          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.25       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with BMFPL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BMFPL, incorporated in 1999, trades in garments and upholstery
fabric; it imports fabric, primarily from China, and markets the
garments in India. The company also manufactures trousers, and has
an in-house design team, which provides specifications to weavers.
The manufacturing facility is located at Noida. The company has set
up an office in Bangladesh to coordinate imports of fabric from
China, for re-export (in the form of garments) to India.


BOSS COMPUTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Boss
Computers Private Limited (Boss) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.5        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             3.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Boss for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Boss incorporated in 2008 is a Chandigarh based company promoted by
Mr. Narinder Pal Singh. It is engaged in trading of computer
hardware. The company has dealerships of Dell, Asus, HP, Lenovo and
Acer.


CAPTIVATE FOODS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Captivate Foods Private Limited
Survey No. 156/P, Plot No. 2,
        Village: Naranka, Rajkot - Jamnagar Highway,
        B/H Murlidhar Hotel,
     Paddhari, Rajkot Gujarat - 360110

Liquidation Commencement Date: January 13, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Atul J Sheth
     B-27, Saiyam Apartment,
            Near Nehru Nagar,
     Ambawadi, Ahmedabad - 380015
     Email: atulshethip@gmail.com
     Email: captivatecirp@gmail.com

Last date for
submission of claims: March 4, 2023


CRACKERS INDIA INFRA: CRISIL Withdraws C Rating on INR49cr Loan
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Crackers
India Infrastructure Limited (CIIL) continue to be 'CRISIL C Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         16        CRISIL C/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan         49        CRISIL C/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with CIIL for
obtaining information through letters and emails dated April 29,
2022 and June 27, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its rating on the bank facilities of
CIIL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

CIIL, incorporated in 2007, started operations in the retail and
the hotel segments. However, over time, it transferred its retail
operations to group entity The World Retail Pvt Ltd, and now has
two hotels: The World Business Hotel at Barbil in Odisha, and The
World Backwaters at Allepey in Kerala. CIIL is constructing an
11-storied hotel in Bhubaneswar, which is expected to commence
operations in June 2016.


CRACKERS INDIA: CRISIL Withdraws C Rating on INR4.0cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Crackers India (Alloys) Limited (CIAL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4         CRISIL C/Issuer Not
                                    Cooperating (Withdrawn)
   Proposed Long Term
   Bank Loan Facility     3.98      CRISIL C/Issuer Not
                                    Cooperating (Withdrawn)
   Working Capital
   Term Loan              2.02      CRISIL C/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with CIAL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its rating on the bank facilities of
CIAL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

Established in 2005 by Mr. Srinibash Sahoo, CIAL manufactures
sponge iron, stone chips, iron fines, fly ash bricks, and coal
fines. Since January 2016, the company has also started trading in
high speed diesel, motor spirit, and lubricants of Reliance
Industries Ltd.


DISHNET WIRELESS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dishnet
Wireless Limited (DWL) continues to remain in the 'Issuer Not
Cooperating' category.


                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     17,479       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated November 16, 2021, continued
to place the ratings of DWL under the ‘Issuer Not Cooperating’
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. DWL continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and letters/emails dated November 23, 2022, December 6, 2022,
January 16, 2023 etc.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available Information which
however, in CARE’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 ratings.

Rating sensitivities: Not Applicable

Analytical approach: Consolidated

The ratings consider a consolidated view on credit risk profiles of
Aircel Limited and its wholly-owned subsidiaries namely Aircel
Smart Money Limited, Aircel Cellular Limited and Dishnet Wireless
Limited (AL- Aircel Limited, ASML – Aircel Smart Money Limited,
ACL – Aircel Cellular Limited, DWL – Dishnet Wireless Limited)

Detailed description of the key rating drivers

At the time of last rating on November 16, 2021, following were the
rating weaknesses:

Key Weaknesses

* Delays in resolution process under NCLT: The company has been
admitted in NCLT and its resolution process for the debt is pending
with the judiciary.

Aircel Limited (AL), together with two of its wholly owned
subsidiaries ACL and DWL, provides 2G wireless telecom services in
all the 22 circles of India and 3G services in 13 circles. DWL,
another wholly owned subsidiary of AL, provides mobile banking
services. Maxis Communications Berhad (MCB), through Global
Communication Service Holdings Limited and Deccan Digital Networks
Private Limited, effectively holds approximately 73.99% equity
interest in AL. Further, Aircel had filled before the National
Company Law Tribunal, Mumbai Bench ("NCLT") in terms of Section 10
of the Insolvency and Bankruptcy Code, 2016.


DREAMS CONSTRUCTION: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Dreams Construction (Pune) Private Limited
City Mall, Office No. 301, 3rd Floor,
        University Road, Ganesh Khind,
        Pune MH 411007 India

Insolvency Commencement Date: February 3, 2023

Estimated date of closure of
insolvency resolution process: July 2, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Vaishali Arun Patrikar
       A-2, Shantidoot Society,
              Parvati Darshan, Pune 411009
       Email: vapatrikar@gmail.com
       Email: ip.dreamspune@gmail.com

Last date for
submission of claims:  February 17, 2023


EMI INFRASTRUCTURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Emi Infrastructure Private Limited
P No.19B Thirunavukkarasu Street, Kamarajapuram,
        Selaiyr Tambaram
        Chennai Tn 600073

Flat No. S2; 2nd Floor; "LA CLIF",
Plot No. 11, V.O.C Street;
Rajakilpak Kam, Chennai
Kancheepuram, Tamil Nadu - 600073
        India

Insolvency Commencement Date: February 1, 2023

Estimated date of closure of
insolvency resolution process: July 30, 2023 (180 Days)

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Mr. Mathur Sabhapathy Viswanathan
       15/35, Musafer Jung Bahadur Street,
              Triplicane, Chennai – 600 005
              Email: msv8200@gmail.com
              Email: cirp.emi@gmail.com

Last date for
submission of claims:  February 15, 2023


FORCEFOX TECHNOLOGIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Forcefox Technologies P. Ltd.
Plot No. 321, Phase-V, Sector-56,
        EHTP, HSIIDC Industrial Area
        Kundali Sonepat HR 131028

Insolvency Commencement Date: February 1, 2023

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

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Sandeep Chandna
       23, GF, A-Block, South City-2,
       Sector 49, Sohna Raod,
              Gurgaon-122018.
       Email: cssandeep@live.in

Last date for
submission of claims:  February 15, 2023


KAJUWALLA: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kajuwalla
(Kajuwalla) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit &           10       CRISIL D (Issuer Not
   Working Capital                  Cooperating)  
   Demand Loan             

CRISIL Ratings has been consistently following up with Kajuwalla
for obtaining information through letters and emails dated November
24, 2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2012, Kajuwalla, a proprietorship concern by Mr
Jatin Sharma, trades in dry fruits. It is based in Delhi.


KAKDA ROLLING: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kakda Rolling
Mills (KRM) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            13.5      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KRM for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a proprietorship firm by Mr. Deep Chandra Goel in 1968,
KRM ws converted into a partnership by Mr.Narendra K Goel and his
three sons. The firm manufactures TMT bars, and has a capacity of
150 tonnes per day (tpd) at Govindpura, Bhopal (MP).


KF BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KF Biotech
Private Limited (KFBPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8         CRISIL C (Issuer Not
                                    Cooperating)

   Long Term Loan         1         CRISIL C (Issuer Not
                                    Cooperating)

   Proposed Working       1         CRISIL C (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with KFBPL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KFBPL was established in 2005 by the Kapur group of companies and
is engaged in the high quality seed potato business. The company
has a dedicated plant tissue culture-based facility in Bengaluru.


KIMAYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kimaya
Industries Private Limited (KIPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           11         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              3.8       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KIPL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1999, Gujarat-based KIPL manufactures embroidered
sarees, fabric, and dress materials and undertakes job work for
embroidery at its plant. Mr Rahul Bhatia and his family members are
the promoters.


ONKAR INT'L: CARE Cuts Rating on INR18cr LT/ST Loan to C
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Onkar International Private Limited (OIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           18.00      CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable/
                                   CARE A4

   Short Term           1.00       CARE A4; ISSUER NOT
   Bank 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 23,
2021, placed the rating(s) of OIPL under the ‘issuer
non-cooperating’ category as OIPL 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. OIPL 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).

The ratings assigned to bank facilities of OIPL have been revised
on basis of non-availability of requisite information. The rating
revision also considers decline in scale of operation, net loss as
well as a leveraged capital structure marked by high overall debt
vis-à-vis a low net worth base in FY21 compared to FY20.

Incorporated in 1980, Onkar International Private Limited (OIPL)
provides corporate travel management solutions. The company is
engaged in the business of airline ticketing services, and other
travel related services including visa/passport services and
documentation, insurance services. OIPL is promoted by Mr. Karanvir
Singh Bahia. The company is an International Air Transport
Association (IATA) registered ticketing agency, and is also the
member of Travel Agent Federation of India. ATIPL derives
commission from the booking of domestic and international tickets.
OIPL offers services in business to business (B2B) segment.


OSR INFRA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of OSR Infra
Private Limited (OIPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.20       CARE C; 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 December 01,
2021, placed the rating(s) of OIPL under the ‘issuer
non-cooperating’ category as OIPL 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. OIPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 17, 2022, October 27,
2022, November 6, 2022.

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

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

Hyderabad based, OSR Infra Private Limited (OIPL) was incorporated
as a Private Limited Company in September 2010 and promoted by Mr.
Vamsidhar Maddipatla, Mr. M V R Prasad and family. The company is
engaged in providing ware house on lease rental to Food Corporation
of India (FCI) and other local traders. Mr. M V R Prasad and family
runs seven other partnership firms namely OSR UP Warehousing
Enterprises, OSR MP Warehousing Enterprises, Annapurna Saraswathi
Warehousing Enterprises, Annapurna Kalpana Warehousing Enterprises,
KPM Warehousing Enterprises and VK Warehousing Enterprises which is
in the same line of business and have operational linkages.


PATIL CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patil
Construction & Infrastructure Limited (PCIL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       24.58      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 30,
2021, placed the rating(s) of PCIL under the ‘issuer
non-cooperating’ category as PCIL 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.
PCIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 16, 2022, October 26, 2022, November 5,
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).

Patil Construction and Infrastructure Limited (PCIL) is the
flagship company of the Patil Group. PCIL is engaged in execution
of construction contracts for infrastructure and commercial
segments, with specialization in asphalt and concrete roads along
with maintenance of bridges, buildings and storm water drainage
etc. PCIL operates in various states such as Andhra Pradesh,
Chhattisgarh, Jharkhand, Karnataka, Maharashtra, Orissa, Tamilnadu
& Telangana.


PLATINUM HOLDINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Platinum Holdings Private Limited
2/1, Abu Garden, OMR, (Rajiv Gandhi Salai)
Navalur, Chennai TN – 603 103 India

Insolvency Commencement Date: February 1, 2023

Estimated date of closure of
insolvency resolution process: July 30, 2023 (180 Days)

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: R. Raghavendran
       Flat No. 3, Dhruvatra Apartments,
              241, Dr. Rajendra
       Prasad Road, Tatabad,
              Caimbatore – 641 012
       Office Tel: 0422-249454
       Email Id: ragavca@gmail.com
       Email Id: platinumcirp@gmail.com

Last date for
submission of claims:  February 14, 2023


QUANT PINVEST: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Quant Finvest Private Limited
        (Formerly known as Quant Capital Advisors Private Limited)
        6th Floor, Sea Breeze Building, Appasaheb Marathe Marg,
        Prabhadevi Mumbai Mumbai City, 400025

Insolvency Commencement Date: January 25, 2023

Estimated date of closure of
insolvency resolution process: July 24, 2023

Court: National Company Law Tribunal, Mumbai Bench-V

Insolvency
Professional: Mr. Vijay Kumar Kulshrestha
       Flat no. 701, Riverview B Wing, Casa Rio,
              Lodha Palava City, Kalyan Shil Road,
              Dombivili East, Thane,
              Mharashtra - 421204
       Email Id: kulshresthav55@gmail.com

       Ancoraa Resolution Private Limited,
              1412, Real Tech Park, Sector 30 A,
              Vashi, Navi Mumbai - 400 703
              Email Id: cirp.quantfinvest@ancoraa.com

Last date for
submission of claims:  February 8, 2023


RAJASTHAN BAL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajasthan
Bal Kalyan Samiti (RBKS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.24       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 February 11,
2022, placed the rating(s) of RBKS under the ‘issuer
non-cooperating’ category as RBKS 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. RBKS continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 28, 2022, January 7,
2023, January 17, 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).

Udaipur (Rajasthan) based Rajasthan Bal Kalyan Samiti (RBKS) was
registered as a trust in March 1983 under Rajasthan Societies
Registration Act 1958 by Mr. Pandit Jeevat Ram Sharma with an aim
to provide the benefit to poor and tribal community in India
focusing for betterment of women and children. RBKS is mainly
engaged into education to poor and tribal community and currently
operating 9 graduation colleges, 1 nursing college, 1 training
college and 6 schools in the backward of area of Rajasthan. RBKS is
also engaged into rural development activities like Natural
Resource Management (NRM) activities, plantation activities,
watershed program, women and child development etc. and undertakes
various projects for National Bank for Agricultural and Rural
Development (NABARD).


RG ROYAL: CRISIL Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of RG Royal Hotel
& Convention (RGHC) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               10       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RGHC for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2013 in Bengaluru as a proprietorship firm by Mr Ravish
Gowda, RGHC operates a hotel with 65 rooms, 3 banquet halls, and 3
restaurants-cum-bar. The hotel, which became operational from April
2016, operates under the RG Royal brand.


ROCKDUDE IMPEX: CARE Lowers Rating on INR10.90cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rockdude Impex Private Limited (RIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-

   Short Term Bank     11.00       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 25,
2021, placed the rating(s) of RIPL under the ‘issuer
non-cooperating’ category as RIPL 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. RIPL 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, February 09, 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 i. e. FY22 audit report available from ROC filings.

Incorporated in 2009, Rockdude Impex Private Limited (RIPL) is
engaged into manufacturing and trading of aluminium foil,
reprocessed plastic granules and steel. RIPL generates more than
90% of its total operating income from aluminium foil business and
rest through trading of reprocessed plastic granules. RIPL sells
aluminium foils by resizing it as per customer’s requirements and
has also exported aluminium foils and containers. Further, company
also imports aluminium foils from China.


S.K.P.V.V. HINDU: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.K.P.V.V.
Hindu High Schools Committee (SSC) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft       10       CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with SSC for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SSC established in the year 1906 in Vijayawada, Andhra Pradesh by
Mr.G Mallaiah and his family. The society presently runs 4 schools
and 3 colleges in Vijayawada.


SIDDHIVINAYAK REALHOMES: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Siddhivinayak Realhomes Private Limited (SSRPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible     395.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had, vide its press release
dated February 24, 2020, placed the rating of SSRPL under the
‘issuer non-cooperating’ category as SSRPL had failed to
provide information for monitoring the rating as agreed to in its
Rating Agreement. SSRPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter dated February 9, 2023.

In line with the extant SEBI guidelines, CARE Ratings has reviewed
the rating on the basis of best available information which,
however, in CARE Ratings’ 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.

Rating sensitivities: Not Applicable

Analytical approach: Combined

SSRPL has invested the money into real estate projects in other
group company namely ‘Shree Siddhivinayak Infrastructure &
Realty’ (SSIR) and ‘Ruparel Infra & Realty Private Limited’
(RIRPL). SSRPL holds 98.98% stake in RIRPL & 99% in SSIR.

Detailed description of the key rating drivers

At the time of last rating on February 14, 2022, following were the
rating weaknesses:

Key Weaknesses

* Ongoing delays in servicing of debt: The rating has been
reaffirmed on account of the ongoing delays in debt servicing of
the company.

Incorporated in November 2016, SSRPL is part of the Ruparel group,
which has invested the money into real estate projects in SSIR and
RIRPL. Thus, there is no project in the company. As in December
2019, there were six residential cum commercial projects namely
Elara, Skygreens, Palacio (executed in SSIR), Optima-Phase I & II,
and West Park (executed in RIRPL) under the SRA scheme at
Kandivali, Mumbai. As in December 2019, the RERA registered
projects had a total saleable area of 10.68 lakh square feet and
non-registered RERA projects had a saleable area of 52.70 Lsf with
total cost of Rs.3,999.93 crore and revenue potential of Rs.9,573
crore. Ruparel group is a Mumbai based real estate developer. The
group has completed five projects with a total built-up area of
3.63 Lsf and as in December 2019, had multiple ongoing projects
located across various prime locations in Mumbai.


SINGAN PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singan
Projects Limited (SPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      33.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     21.50       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 December 1,
2021, placed the rating(s) of SPL under the ‘issuer
non-cooperating’ category as SPL 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. SPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 17, 2022, October 27,
2022, November 6, 2022.

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

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

Singan Projects Limited (SPL), incorporated in 2002, is promoted by
Mr. S. Narayana of Hyderabad, Andhra Pradesh (A.P). SPL is engaged
in the business of water drainage, water supply scheme,
development/improvement of reservoir, sanitation, drinking water
projects etc. majorly through direct contracts, awarded by the
State and Central Government departments. The promoter; Mr. S.
Narayana Reddy (CMD) has been present in the construction industry
for more than four decades and has significant experience in
working for various projects under the Government department of
AP.


SPICEJET LTD: To Consider Capital Raise Amid Quarterly Losses
-------------------------------------------------------------
Reuters reports that Spicejet Ltd said, on Feb. 21, it will
consider options to raise fresh capital by issuing securities to
qualified institutional buyers amid a string of quarterly losses as
competition heats up in the aviation industry.

According to Reuters, the plan to raise capital comes as Spicejet's
cash reserves dwindle and new entrant Akasa Air jostles for a share
of the market while rival Air India ramps up its revamp plans with
mammoth orders for new aircraft.

Spicejet's market share slipped to 7.3% in January from 7.7% in
December, while IndiGo retained the lion's share of 56.3%, Reuters
discloses. Akasa grabbed 2.8%, while Air India's share was steady
at 9.2%, data from the country's aviation regulator showed.

Spicejet's passenger load factor, which measures the percentage of
available seating capacity that has been filled with passengers,
outdid rivals at 91% in January.

Last week, Spicejet postponed its board meeting to approve
financial results for the December quarter to Feb. 24, Reuters
reports.

At the board meeting, Spicejet will also consider issuing shares on
a preferential basis after converting outstanding liabilities into
equity shares, Reuters relates. The airline's total equity and
liabilities stood at INR88.11 billion (US$1.06 billion) as at Sept.
30, while cash and cash equivalents were INR66.08 million.

Its losses widened in the September quarter, hit by soaring fuel
costs and a depreciating rupee. The company had last turned a
profit in the three months that ended in December 2021, when the
industry was roiled by pandemic-led curbs, Reuters says.

Spicejet shares have recovered sharply from multi-year lows hit
earlier this month and are down around 3% thus far in the year,
compared with a 7% drop in IndiGo owner InterGlobe Aviation, adds
Reuters.

                           About SpiceJet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
4, 2022, auditors have cast a doubt on the ability of debt-laden
SpiceJet, to remain a going concern as its net worth has eroded.

In the annual report for FY21, the independent auditors pointed out
that SpiceJet has defaulted on tax payments, GST payments and
employee provident fund dues in FY21 totalling INR90 crore,
according to The Hindu BusinessLine.


TECHNOVAA PLASTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Technovaa
Plastic Industries Private Limited (TPIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            18        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              47.5      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with TPIPL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010, TPIPL is part of the Darvesh group. The
group, based in the United Arab Emirates, has interests in diverse
businesses such as plastic packaging, paper core manufacturing,
construction equipment, trading of building materials, and real
estate. TPIPL manufactures plastic packaging products such as cast
polypropylene films and stretch wrap films at its facility at
Gujarat.


TRICHY ENERGY: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: M/S Trichy Energy Limited
c/o Mr. Shiv Shankar Shahu Chartered Accountant,
        No. 4 (Old No.16), Pattabiraman Street, 2nd Floor,
        Chennai - 600079, Tamil Nadu

Liquidation Commencement Date: February 2, 2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Viswanathan Rajagopalan
     Plot No. 4, 1/787A, Deivanai Nagar, II Street,
     Madipakkam, Chennai - 600091, Tamil Nadu
     Email: viswanathan.irp@gmail.com
     Mobile: 63792 52059

Last date for
submission of claims: March 4, 2023


TRICHY POWER: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: M/S. Trichy Power Limited
c/o Mr. Shiv Shankar Shahu Chartered Accountant,
No. 4 (Old No. 16), Pattabiraman Street, 2nd Floor,
        Chennai-600079, Tamil Nadu

Liquidation Commencement Date: February 2, 2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Viswanathan Rajagopalan
     Plot No. 4, 1/787A, Deivanai Nagar, II Street,
     Madipakkam, Chennai – 600091, Tamil Nadu
     Email: viswanathan.irp@gmail.com
     Mobile: 63792 52059

Last date for
submission of claims: March 4, 2023


VAG BUILDTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vag Buildtech
Limited (VBL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         10        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            25        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     15        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with VBL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VBL, formerly known as Ecological Road Construction Pvt Ltd, was
incorporated in 2012, with the parent, SHEL holding a 72% stake.
The Mumbai-based company undertakes civil construction projects
related to buildings, roads, waste management, and solar power.


VISHNU OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Vishnu
Overseas Private Limited (SVOL; a part of the Shri Vishnu group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            50        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             5        CRISIL D (Issuer Not
                                    Cooperating)

   Export Packing
   Credit                 20        CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Bill
   Purchase               20        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit         30        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVOL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Shri Vishnu Eatables
(India) Ltd (SVEL) and Shri Vishnu Overseas Pvt Ltd (SVOL), herein
referred to as the Shri Vishnu group. This is primarily because
both entities are controlled by the same management and are engaged
in the same business - processing of rice. The entities also derive
considerable operational and business synergies from each other.

                          About the Group

SVOL was set up in 1995 by the same promoters. The group is in the
business of milling rice as well as wheat. The processing unit of
the group is located in Kaithal, Haryana.

SVEL was set up as a partnership firm in 1993 and was incorporated
in 1996 by Mr. Banarasi Lal Mittal and his five sons. The group
mills paddy and trades rice and related items. SVEL's processing
unit is in Kaithal (Haryana).




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

FTX TRADING: Customers in Japan Unit Can Withdraw Their Money
-------------------------------------------------------------
Megumi Fujikawa at The Wall Street Journal reports that the
Japanese subsidiary of bankrupt cryptocurrency exchange FTX said it
started allowing customers to withdraw their assets on Feb. 21, a
relatively quick reboot that Tokyo regulators see as the fruit of
their strict crypto laws.

The situation in Japan contrasts with the U.S. and other countries,
where most FTX customers are a long way from getting access to
their assets more than three months after the exchange's U.S.
bankruptcy filing, the Journal says.

According to the Journal, Japan, which was burned by the collapse
of the early cryptocurrency exchange Mt. Gox in 2014 and a later
hacking case, introduced laws requiring exchanges to register with
authorities and mandating that they keep their customers' money
separate from their own accounts. That paved the way for FTX Japan
on Feb. 21 to restore customers' access to their accounts.

"Japan's investor protection proved to be working appropriately
compared with other countries," said a report in December by the
Ministry of Economy, Trade and Industry.

While some FTX customers reported they got their assets back,
others said they ran into snags the first day getting their money
or cryptocurrency back, and it wasn't immediately known how many
customers would be made whole, the Journal adds.

                          About FTX Group

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

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

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

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

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

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

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

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home Index

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




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

5FIFTY5 LIMITED: Creditors' Proofs of Debt Due on March 27
----------------------------------------------------------
Creditors of 5fifty5 Limited are required to file their proofs of
debt by March 27, 2023, to be included in the company's dividend
distribution.

The High Court at Timaru appointed Wendy Somerville and Malcolm
Hollis of PwC as liquidators on Feb. 20, 2023.


FIRST INSURANCE: Fitch Lowers IFS Rating to 'BB', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has downgraded New Zealand-based First Insurance
Limited's (FIL) Insurer Financial Strength (IFS) Rating to 'BB'
(Moderately Weak) from 'BB+' (Moderately Weak). The Outlook is
Stable.

The one-notch downgrade reflects FIL's continued weak financial
performance and earnings, which have fallen short of its
expectations in recent years. The Stable Outlook reflects its
expectation that higher investment income alongside rising interest
rates should allow profitability to recover in the next 12 to 24
months, to a level that is supportive of FIL's new rating. The
rating also reflects FIL's 'Good' capitalisation and leverage and
'Least Favourable' business profile.

KEY RATING DRIVERS

Weak and Volatile Earnings: FIL's earnings have been volatile, with
the insurer recording a modest profit of NZD3,383 in the financial
year ended June 2022 (FY22), following a loss of NZD15,455 in FY21.
Return on equity averaged 0.1% over FY20-FY22. The earnings
weakness continued in 1HFY23 with a net loss of NZD69,177, based on
unaudited financials. Fitch expects FIL to make a net loss in
FY23.

Falling Top-Line: Gross premiums contracted by 8% in FY22 and 12%
in FY21, on falling loan protection insurance (LPI) volume amid
government Covid-19 restrictions. Fitch expects LPI volume (64% of
FY22 premiums) to come under pressure despite Covid restrictions
easing, due to tighter regulation of consumer lending and the
competition traditional consumer-lending products face from buy
now, pay later offerings. This was evident in the 10% yoy premium
drop in 1HFY23. LPI volumes are correlated to the personal lending
at parent First Credit Union (FCU, Long-Term Issuer Default Rating:
BB/Stable).

FIL will have access to the members of Steelsands Credit Union
(SCU) following SCU's merger with FCU. However, Fitch does not
expect this channel to be a material contributor to FIL's earnings
due to SCU's small member base.

Profitability to Decrease: Falling business volume is a key threat
to FIL's profitability and is exacerbated by its small scale and
fixed cost base. FIL revisited its funeral insurance product to
improve customer value to tackle regulatory recommendations
following an industry-wide review of conduct and culture. The
insurer also recently introduced a new life product to replace the
funeral insurance product and support premiums.

Higher investment income should reduce the earnings pressure, to
some extent, as FIL renews its short-term deposits alongside rising
interest rates. Investment income rose to NZD88,731 in 1HFY23 from
NZD36,494 in 1HFY22.

Modest Scale: Fitch ranks FIL's company profile as 'Least
Favourable' against other insurers in New Zealand, reflecting a
'Least Favourable' business profile and 'Moderate/Favourable'
corporate governance. The ranking takes into consideration the
insurer's modest market presence, falling premiums, limited product
offering and dependence on the parent's member base to sell
products. FIL had gross premiums of NZD1.7 million at FYE22 and
total assets of NZD6.6 million. Therefore, Fitch scores the
business profile at 'bb-' under its credit-factor scoring
guidelines.

Operational Synergies with Parent: The rating incorporates
operational benefits from being fully owned by FCU, one of New
Zealand's largest credit unions. FIL began operations in June 2018
and underwrites LPI and funeral insurance for FCU's members. FIL's
products are distributed by FCU, and FIL has no direct employees -
FCU performs all services for a fee.

Small Capital Base: Fitch expects FIL to be capitalised adequately,
considering management's intention to maintain a buffer of NZD1
million above the minimum regulatory requirement of NZD5 million.
FIL's Fitch Prism Model score was 'Extremely Strong' in FY22 while
its regulatory solvency ratio was 123% at FYE22, a similar level to
FYE21.

However, Fitch thinks FIL's low absolute capital level leaves it
susceptible to external shocks and remote operational risks. These
factors weigh heavily on Fitch's rating assessment of small
insurers, such as FIL.

Low Investment Risk: FIL's investment risk is low. The insurer's
investments mirror those of FCU's liquidity portfolio - term
deposits with New Zealand-registered banks. All investments are in
the form of high-quality short-term deposits and cash.

RATING SENSITIVITIES

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

- Financial performance significantly below expectations with
inability to generate positive return on equity for a sustained
period;

- A reduction in FIL's operational synergies with FCU; for example,
the franchise may be damaged in the event that FIL becomes less
important to FCU and access to its distribution channels is
restricted;

- Regulatory solvency ratio falling below 115% without management
plans to rectify the decline.

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

- Financial performance improving with return on equity sustained
above 0.5%;

- Improvements in the business profile, which will be evident from
greater operational scale, a stronger business franchise and more
diverse distribution channels, while maintaining strong financial
performance and capitalisation metrics.

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
   -----------             ------           -----
First Insurance
Limited              LT IFS BB  Downgrade     BB+

GLT INSTALLATIONS: Creditors' Proofs of Debt Due on April 7
-----------------------------------------------------------
Creditors of GLT Installations Limited, CJA NZ Limited and PKD
Group Limited are required to file their proofs of debt by April 7,
2023, to be included in the company's dividend distribution.

GLT Installations Limited and CJA NZ Limited commenced wind-up
proceedings on Feb. 16, 2023.

PKD Group Limited commenced wind-up proceedings on Feb. 20, 2023.

The company's liquidators are:

          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          Licensed Insolvency Practitioners
          PO Box 45220
          Te Atatu
          Auckland 0651


LION PIT: Creditors' Proofs of Debt Due on March 28
---------------------------------------------------
Creditors of The Lion Pit Limited are required to file their proofs
of debt by March 28, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 16, 2023.

The company's liquidators are:

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


RIVERSIDE PRIDE: Creditors' Proofs of Debt Due on March 20
----------------------------------------------------------
Creditors of Riverside Pride Limited are required to file their
proofs of debt by March 20, 2023, to be included in the company's
dividend distribution.

The High Court at Rotorua appointed Steven Khov and Kieran Jones of
Khov Jones Limited as liquidators on Feb. 7, 2023.


VIVACE RESTAURANT: Court to Hear Wind-Up Petition on March 2
------------------------------------------------------------
A petition to wind up the operations of Vivace Restaurant Limited
will be heard before the High Court at Auckland on March 2, 2023,
at 10:45 a.m.

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

The Petitioner's solicitor is:

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




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

PROJECT JUNIOR: Creditors' Proofs of Debt Due on March 20
---------------------------------------------------------
Creditors of Project Junior Pte. Ltd. are required to file their
proofs of debt by March 20, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 20, 2023.

The company's liquidators are:

          Lim Loo Khoon
          Tan Wei Cheong
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


SUNTECCITY THIRTY: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Jan. 19, 2023, to
wind up the operations of Sunteccity Thirty Pte. Ltd.

Rashmi Bothra filed the petition against the company.

The company's liquidators are:

          Luke Anthony Furler
          Ellyn Tan Huixian
          c/o Quantuma (Singapore)
          137 Amoy Street
          #02-03 Far East Square
          Singapore 049965




=====================
S O U T H   K O R E A
=====================

SSANGYONG MOTOR: Net Losses Narrow to KRW60.1BB in 2022
-------------------------------------------------------
Yonhap News Agency reports that SsangYong Motor Co. said on Feb. 21
its net losses narrowed in 2022 compared with a year earlier helped
by new models and increased exports.

Net losses fell to KRW60.1 billion (US$46 million) last year from
KRW266 billion the previous year, the company said in a statement.

Operating losses also dropped to KRW112 billion from KRW261 billion
during the same period. Sales jumped 41 percent to KRW3.42 trillion
from KRW2.43 trillion, Yonhap discloses.

For the whole of 2022, its vehicle sales increased 35 percent to
113,660 units from 84,106 a year earlier. Of the overall sales,
exports accounted for 40 percent, or 45,294 units.

Of the exports, shipments to Saudi Arabia, Iraq, Israel and other
Middle Eastern countries came to 3,819 units.

SsangYong's lineup consists of the Tivoli, Korando, Rexton, Rexton
Sports and Torres SUVs.

According to Yonhap, the company said it will focus on increasing
exports to emerging markets this year to put its business back on
track.

Last month, SsangYong signed a deal to export 7,000 vehicles to
Neweast General Trading Zafza (NGT) in the United Arab Emirates
this year and agreed to expand the volume to 10,000 units later.

In January, it signed a contract to ship about 170,000 vehicles to
Saudi National Automobiles Manufacturing Co. (SNAM) in the form of
semi knockdown (KD) units for seven years from 2023.

SsangYong plans to launch the U100 all-electric model based on the
Torres SUV later this year and other upgraded models throughout the
year, the statement said.

Yonhap adds the company said it will expand the shipments of the
Torres compact SUV to emerging markets this year following launches
in Chile and other Latin American countries.

                      About SsangYong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of Rexton Sports, Korando,
Korando Sports, Korando Turismo, Tivoli, Tivoli Air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

Mahindra & Mahindra Ltd. acquired a 70% stake in SsangYong for
KRW523 billion in 2011 and now holds a 74.65% stake in the
carmaker.

The Seoul Bankruptcy Court approved SsangYong's debt payment plans
in August after the court picked a local consortium led by
chemical-to-steel firm KG Group as the final bidder to acquire the
debt-laden company in June.

In October, SsangYong graduated from the court-led debt
rescheduling program 1-1/2 years after it was placed under court
receivership amid the COVID-19 pandemic.



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***