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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

          Friday, March 24, 2023, Vol. 26, No. 61

                           Headlines



A U S T R A L I A

4 TWENTY SECOND: First Creditors' Meeting Set for March 29
51 OCHR: Toplace Apartments Placed Into Administration
CHILLY BOYS: Second Creditors' Meeting Set for March 28
M & O TRUE: Second Creditors' Meeting Set for March 28
SCHRAMM AUSTRALIA: FTI Wins More Time to Nail Sale of Assets

SECURITY SPECIALISTS: Second Creditors' Meeting Set for March 28
TELFORD LOCUMS: Second Creditors' Meeting Set for March 28


C H I N A

CHINA EVERGRANDE: EV Unit May Shut Down Without New Funding
CHINA EVERGRANDE: Offers Bond and Equity Swaps in Debt Revamp
THEVELIA HOLDINGS: Moody's Puts 'B2' CFR Under Review for Upgrade


H O N G   K O N G

VISTRA GROUP I: Moody's Puts 'B2' CFR Under Review for Upgrade


I N D I A

AISHWARYA AVANT: CARE Keeps D Debt Rating in Not Cooperating
ATITHI PAPER: CRISIL Assigns B+ Rating to INR51cr Term Loan
AZAD IMPEX: CRISIL Lowers Rating on Long/Short Term Debt to D
BLUE STAR: CRISIL Withdraws D Rating on INR224cr Bank Loan
COLOUR ROOF: Insolvency Resolution Process Case Summary

DEVANSHI POWERS: CRISIL Keeps D Debt Ratings in Not Cooperating
EAST INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ECSTASY REALTY: CARE Keeps C Debt Ratings in Not Cooperating
INFOPLUS TECHNOLOGIES: CRISIL Keeps B+ Rating in Not Cooperating
JAY DWARKADHISH: CRISIL Keeps B+ Debt Ratings in Not Cooperating

JAY ENTERPRISES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MERCHANT CHARITABLE: CRISIL Assigns D Rating to INR10.5cr Loan
PEARL FURNITURE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RELIANCE BROADCAST: Insolvency Resolution Process Case Summary
SHIV SHAKTI: CRISIL Keeps D Debt Ratings in Not Cooperating

SITI NETWORKS: Insolvency Resolution Process Case Summary
STAR AQUA: CRISIL Keeps D Ratings in Not Cooperating Category
SUMMIT METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
SURAJ INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
TAJ GRANITES: CRISIL Lowers Rating on Long/Short Term Debt to D

VAIJANATH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
VENGADALAKSHMI SPINNERS: CRISIL Keeps D Ratings in Not Coop.
[*] INDIA: Of 6,199 CIRP Started, 611 Successful, Govt. Says


M A L A Y S I A

AIRASIA X: Has No Explanation to Unusual Market Activity
SCOMI GROUP: Fails to Settle MYR8MM to Maybank, Faces Delisting


N E W   Z E A L A N D

ARNOLD'S TRADING: Creditors' Proofs of Debt Due on April 20
BLACKDOG CAT: Garry Whimp Appointed as Administrator
F G HOSKING: Dennis Clifford Parsons Appointed as Liquidator
PORSE IN-HOME: Court to Hear Wind-Up Petition on March 31
WOLF PROJECTS: Creditors' Proofs of Debt Due on May 10



S I N G A P O R E

AQUAWORLD TROPICAL: First Creditors' Meeting Set for April 6
AVEXIS CONSTRUCTION: Creditors' Meetings Set for March 31
BINTAI KINDENKO: Commences Wind-Up Proceedings
DELTA OFFSHORE: Court Enters Judicial Management Order
THREE ARROWS: Court to Hear Wind-Up Petition on March 30



V I E T N A M

VIETNAM TECHNOLOGICAL: Moody's Cuts Deposit & Issuer Ratings to Ba3

                           - - - - -


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

4 TWENTY SECOND: First Creditors' Meeting Set for March 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of 4 Twenty
Second Ave Pty Ltd will be held on March 29, 2023, at 2:30 p.m. via
telephone conference facilities.

Jason Walter Bettles and James Robba of Worrells were appointed as
administrators of the company on March 17, 2023.


51 OCHR: Toplace Apartments Placed Into Administration
------------------------------------------------------
ABC News reports that two companies run by controversial Sydney
property developer Jean Nassif have been placed into receivership.

On March 22, advisory firm KordaMentha announced it had been
appointed as the receivers and managers of 51 OCHR and JKN Finance,
the ABC discloses.

Mr. Nassif is the director of both companies, which are listed as
the owner and developers of the Skyview apartment towers, in
Sydney's north-west.

According to the report, buyers were blocked from moving into the
900-apartment Castle Hill complex across five towers in 2021, after
the NSW Building Commissioner confirmed "extensive signs of
cracking" were discovered in the building's basement.

The ABC relates that Mr. Nassif and Toplace - the builder of
Skyview - later had their building licences suspended after
significant "structural issues" were found in two of the towers by
NSW Fair Trading inspectors.

"The Castle Hill project is partially completed, with two of its
residential towers occupied and three towers still under
construction," KordaMentha said.

"The receivers advised work will cease at Castle Hill, while the
site is secured, to ensure it is safe.

"They will work with creditors and stakeholders to determine a
strategy to enable construction of the remaining three towers as
expeditiously as possible."

In July 2021, Mr. Nassif's building company, Toplace, agreed to be
liable for any structural defects in the Skyview towers complex for
20 years, the report recalls.

The ABC says the agreement was the first of its kind and was
expected to set a benchmark of accountability for developers across
New South Wales.

It does not appear that Toplace has been put into receivership at
this stage.

In January, Mr. Nassif and Toplace successfully argued for a stay
on the suspensions of their building licences before the New South
Wales Civil and Administrative Tribunal, the ABC relates.

Mr. Nassif's lawyers argued the suspensions would jeopardise
remediation works for 899 units that were either under repair or
set to have defects fixed within Toplace projects.

Recently, Mr. Nassif's 27-year-old daughter, Ashlyn Nassif, was
charged with fraud offences relating to the Skyview development.

The ABC is not suggesting that Mr. Nassif was involved in her
alleged offences.

In court documents, it is alleged that Ms. Nassif made and
submitted false or misleading sales contracts in order to access a
AUD150 million loan for the construction of three buildings in the
development.

Ms. Nassif was granted bail and is yet to enter a plea, the report
notes.

Ms. Nassif is due to appear in court again in May.


CHILLY BOYS: Second Creditors' Meeting Set for March 28
-------------------------------------------------------
A second meeting of creditors in the proceedings of Chilly Boys Pty
Ltd has been set for March 28, 2023 at 3:00 p.m. at Level 9, 120
Edward Street in Brisbane.

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 27, 2023 at 5:00 p.m.

Christopher John Baskerville and Aleksandar Stojic of Jirsch
Sutherland were appointed as administrators of the company on Feb.
22, 2023.


M & O TRUE: Second Creditors' Meeting Set for March 28
------------------------------------------------------
A second meeting of creditors in the proceedings of M & O True Cuts
Pty Ltd has been set for March 28, 2023 at 10:00 a.m. via virtual
meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 28, 2023 at 10:00 a.m.

Jonathon Colbran and Tristana Steedman of RSM Australia Partners
were appointed as administrators of the company on Feb. 20, 2023.


SCHRAMM AUSTRALIA: FTI Wins More Time to Nail Sale of Assets
------------------------------------------------------------
The West Australian reports that the administrators of
Welshpool-based Schramm Australia have been given more time to deal
with 10 potential buyers of the drilling equipment supplier's
assets.

While sale deals could be struck by the middle of next month, the
Federal Court was warned on March 22 the process could be
complicated by Schramm's American company potentially putting
assets up for sale, the West Australian relays.

Hayden Leigh White, Paul Stuart Harlond, and Ian Charles Francis of
FTI Consulting were appointed as administrators of the company on
Feb. 22, 2023.


SECURITY SPECIALISTS: Second Creditors' Meeting Set for March 28
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Security
Specialists Australia Pty Limited has been set for March 28, 2023
at 10:00 a.m. by Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 27, 2023 at 4:00 p.m.

Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of the company on Feb. 21, 2023.


TELFORD LOCUMS: Second Creditors' Meeting Set for March 28
----------------------------------------------------------
A second meeting of creditors in the proceedings of Telford Locums
Pty Ltd has been set for March 28, 2023 at 3:00 p.m. at the offices
of A2Z Insolvency Solutions at Level 5, 154 Elizabeth 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 27, 2023 at 5:00 p.m.

Ahmad Zeidan of A2Z Insolvency Solutions was appointed as
administrator of the company on Feb. 21, 2023.




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

CHINA EVERGRANDE: EV Unit May Shut Down Without New Funding
-----------------------------------------------------------
Reuters reports that China Evergrande New Energy Vehicle Group Ltd
said on March 23 it may have to halt production of electric
vehicles (EVs) if it could not obtain fresh funding, after
delivering more than 900 units of its flagship Hengchi 5 model.

According to Reuters, the EV manufacturing unit of the embattled
developer China Evergrande Group said it was aiming to cut costs
through measures such as reducing staff numbers and improving
management efficiency.

"In face of the inability to obtain additional liquidity, the Group
is at risk of discontinuing production," it said.

If, however, it could obtain financing of more than CNY29 billion
(US$4.2 billion) "in the future", it aimed to launch a number of
flagship models and hoped to achieve mass production, the company
said in a statement, Reuters relays.

Under that plan, the cumulative unleveraged cash flow from 2023 to
2026 was expected to reach negative CNY7 billion to a negative CNY5
billion, Reuters relates.

The news comes after its parent, China Evergrande Group, on March
22 announced plans for the restructuring of its $22.7 billion in
offshore debt, which could set a template for distressed rivals in
the country's property sector, according to the report.  

The unit previously said it would start mass production of its
second EV model in the first half of 2023 and a third in the latter
half of this year.

It had also said it aimed to make 1 million vehicles a year by
2025.

In December, the unit said it was laying off workers and cutting
the salaries of some employees as a part of its cost-reduction
measures.

The EV unit is key for the transformation plans of Evergrande, once
China's top-selling property developer and now at the center of a
deepening debt crisis.

Shares of the unit have been suspended since April 2022.

                       About China Evergrande

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

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

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

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


CHINA EVERGRANDE: Offers Bond and Equity Swaps in Debt Revamp
-------------------------------------------------------------
Reuters reports that China Evergrande Group on March 22 announced
plans for the restructuring of its $22.7 billion in offshore debt,
which could set a template for distressed rivals and shape investor
sentiment on the country's embattled property sector.

According to Reuters, the world's most indebted property developer
gave creditors a basket of options to swap their debt into new
bonds and equity-linked instruments backed by the group and its two
Hong Kong-listed companies, Evergrande Property Services Group and
Evergrande New Energy Vehicle Group.

With more than $300 billion in total liabilities including offshore
debt, Evergrande has been at the centre of a property debt crisis
in which multiple Chinese developers defaulted over the past year,
forcing many to enter debt restructuring talks.

While the long-awaited proposals could provide breathing space for
the developer that was teetering on the brink of collapse a year
ago, few analysts expect its balance sheet to recover fully any
time soon, Reuters relates.

"The proposed restructuring will alleviate the company's pressure
of offshore indebtedness and facilitate the company's efforts to
resume operations and resolve issues on shore," Evergrande said in
the filing.

Reuters says the developer expects the proposed restructuring to
facilitate an orderly resumption of business operations and gradual
generation of cash flow for debt repayment.

Court and arbitration cases involving CNY363.5 billion (US$52.83
billion) of debt are ongoing in mainland China, Evergrande said.
On a standalone basis, these will not materially affect the
offshore restructuring, it added, Reuters relays.

In the two main options proposed, creditors can either swap all of
their holdings into new notes with maturities of 10-12 years, or
convert them into different combinations of new notes of five to
nine years and equity-linked instruments.

Reuters adds that the developer said it expects to agree
restructuring support agreements with different groups of
bondholders by March 31, with restructuring taking effect on Oct.
1.

                       About China Evergrande

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

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

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

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


THEVELIA HOLDINGS: Moody's Puts 'B2' CFR Under Review for Upgrade
-----------------------------------------------------------------
Moody's Investors Service has placed under review for upgrade (i)
Thevelia Holdings Limited's (Tricor) B2 corporate family rating;
and (ii) the B2 rating on the existing $760 million senior secured
first-lien term loan due 2029, which was borrowed by Thevelia (US)
LLC. At the same time, Moody's has changed the outlook to ratings
under review from stable.

Moody's has also assigned a B2 rating to the proposed EUR and
USD-denominated senior secured first-lien term loans due in 2029,
which have also been placed under review for upgrade. The proposed
incremental term loans are co-borrowed by Thevelia (US) LLC and
Thevelia Finance, Sarl. and are guaranteed by the vast majority of
the group's companies. The outlook assigned on Thevelia Finance,
Sarl. is ratings under review.

This rating action follows the announcement of the USD1.66 billion
acquisition financing on March 16, 2023 by BPEA EQT to partially
fund Tricor's proposed acquisition of Vistra Group Holdings (BVI) I
Limited (B2 stable) and refinance Vistra's outstanding debt of
$1.05 billion.

"The rating actions mainly reflects an expected improvement in
Tricor's scale and business and geographical diversification from
the acquisition of Vistra. The acquisition will create a combined
entity that is a leader in the fund and corporate services sector
globally with a strong position in Asia," said Stephanie Lau, a
Moody's Vice President and Senior Credit Officer.

"The rating actions also account for Moody's expectation that
Tricor's financial metrics will improve significantly over the next
1-2 years, driven by solid revenue growth and synergy benefits,"
adds Lau.

RATINGS RATIONALE

Tricor has a modest scale but its pending acquisition of Vistra
will significantly increase its revenue size, as well as enhance
its business and geographical diversification. Its revenue will
increase to over USD1.0 billion a year from around USD0.3 billion
in 2022, a considerable scale in the global corporate services
space. Vistra's operations in the fund administration business, as
well as its exposure in EMEA and the Americas, will extend the
footprint of the combined entity.

Prior to the acquisition, Tricor and Vistra were considered
industry leaders in Asia because of their comprehensive product
offerings in the region's fragmented business process services
industry, which has benefited from thriving cross-border investment
and business activities in the region. The companies' credit
profiles are supported by sizeable recurring revenues and high
customer diversification.

This rating action also accounts for the combined entity's strong
profitability and low capital expenditure, which support positive
free cash flow (FCF) generation. The combined entity's
profitability and FCF will grow further because of cost
efficiencies, cross-selling opportunities and revenue synergies.

Compared to its global peers, the combined entity will be less
exposed to the risks stemming from tax and regulatory changes,
given its Asia-focused operations, which will drive around 60% of
its revenue.

Moody's expects the Tricor's financial leverage, as measured by
adjusted debt/EBITDA, to rise to about 7.1x (pro forma for the
completion of the acquisition financing) in 2023 from 6.1x in 2022.
Assuming an annual revenue growth of 8%-10%, higher earnings from
synergies and modest debt reductions using excess cash at the
closing, Tricor's leverage will decline to about 5.0x-6.0x in
2024-25. Its FCF/debt will also improve to 4%-6% from around 2.8%
in 2023. Its adjusted EBITA/interest will grow to about 1.8x-2.3x
from 1.5x during the same period.

While the projected leverage and interest coverage are moderate,
Tricor's high business stability and very good liquidity mitigate
these risks. Moody's also have not assumed any significant
debt-funded acquisitions over the next couple of years, as Moody's
expects the company will prioritize deleveraging and integration
over debt-funded growth during the period, given its high financial
leverage and the generally higher interest rate environment.

Tricor's liquidity will be very good upon the completion of the
acquisition financing, underpinned by (i) aggregate cash holdings
of around USD250 million; (ii) a USD350 million undrawn revolving
credit facility; (iii) its ability to generate positive FCF; and
(iv) no debt maturity until 2029 except for debt amortization of 1%
per year on its USD and HKD first-lien term loan.

The first-lien term loans, which rank pari passu with a USD350
million revolving facility, are rated in line with the CFR. This
reflects the fact that the first-lien debt will account for the
clear majority of total debt; and the collateral is moderate in
size relative to the large first-lien loans.

Moody's will primarily review (i) the final documentation of the
acquisition financing and the completion of the acquisition; (ii)
the combined entity's strategy to achieve planned synergies and
business growth; and (iii) its financial policy towards
acquisitions, deleveraging, and usage of cash.

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

Moody's expects to upgrade the ratings to B1 (i) if the incremental
acquisition financing and the acquisition are completed, including
regulatory approvals, with financing terms and capital structure in
line with expectations; and (ii) Tricor's and Vistra'ours operating
performance remains solid.

On the other hand, Moody's could confirm the ratings if the planned
acquisition does not materialize or is completed with significantly
more unfavorable terms and conditions.

Environmental, social and governance (ESG) considerations have a
highly negative impact on Thevelia's credit rating. The
considerations account for highly negative governance risk exposure
related to its aggressive financial policy arising from potential
acquisitions and expansion, and its concentrated control due to
private equity ownership. On the other hand, Thevelia has neutral
to low environmental risk exposure and moderately negative exposure
to customer relations and human capital.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Founded in 2000 and headquartered in Hong Kong SAR, China, Tricor
is a leading business expansion specialist in Asia for the business
process services industry, providing business, corporate, investor
and other services to corporates and multinational corporations. In
2022, Baring Private Equity Asia (BPEA) completed the acquisition
of Tricor for $2.76 billion from Permira, a private equity firm.

Vistra is a provider of trust and corporate services for companies
(private companies, small and medium-sized enterprises and listed
companies), high-net-worth individuals and funds. The company was
established in 2015 by BPEA affiliates to complete its $1.4 billion
acquisition of Vistra and Orangefield Group.




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

VISTRA GROUP I: Moody's Puts 'B2' CFR Under Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed under review for upgrade (1)
Vistra Group Holdings (BVI) I Limited's B2 corporate family rating;
and (2) the B2 ratings of the senior secured first lien term loan
and revolving credit facility which are co-borrowed by Vistra,
Stiphout Finance LLC and Stiphout Finance B.V.

Moody's has also changed the outlook of Vistra Group Holdings (BVI)
I Limited to ratings under review from stable. The outlook of
Stiphout Finance LLC is ratings under review.

This rating action follows (1) the announcement of the USD1.66
billion acquisition financing on March 16, 2023 by BPEA EQT to
complete Thevelia Holdings Limited's (Tricor, B2 review for
upgrade) proposed acquisition of Vistra and refinance the latter's
outstanding debt of $1.05 billion; and (2) Moody's rating action to
place Tricor's ratings under review for upgrade on March 20.

"The rating action on Vistra mirrors Moody's rating action on
Tricor. This reflects Moody's view that the credit quality of these
two entities will be closely linked after the transaction since
Vistra will become a 100%-owned subsidiary of Tricor and the
operating cash flows generated by Vistra will be critical to
service the group's external debts that will reside at Tricor.
Also, Vistra and its material subsidiaries will be guarantors to
the borrowings at Tricor," says Hui Ting Sim, a Moody's
AVP-Analyst.

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

Post-transaction, Moody's estimates that Vistra's EBITDA will
account for at least 60% of the combined entity and will be a key
driver of the latter's credit quality. There will be no external
borrowings at Vistra after part of the proceeds from the
acquisition financing raised at Tricor are used to repay Vistra's
existing term loans. Nonetheless, Vistra's financial policy, and
hence its credit metrics, will be dictated by Tricor since Vistra
will effectively be a wholly-owned subsidiary of Tricor after the
transaction closes. Moody's expects most of the free cash flows
generated at Vistra will be distributed to service interest and
debt amortization payments at Tricor.

Vistra achieved year-on-year revenue growth of 9.0% on a
constant-currency basis in 2022 despite economic uncertainties
caused by the rising interest rate environment. Actual revenue
growth was lower at 2.7%, because of foreign currency fluctuations
against the US dollar during the period.

Moody's expects Vistra's revenue growth to remain strong at 5%-10%
over the next 12-18 months based on the agency's expectation that
the company can increase prices given the mostly non-discretionary
but rather complex nature of its services. Furthermore, the
combined entity of Vistra and Tricor will have bigger scale and a
stronger position in the trust and corporate services (TCS) sector,
which will boost Vistra's bargaining power with clients.

Lower economic growth, rising inflation and a shortage of
professionals pose risks to Vistra's profit margins. However,
Moody's expects the company's ability to increase prices, its
relatively flexible cost structure as well as the cost optimization
initiatives being undertaken with the transaction will continue to
support a high EBITDA margin of around 34%-37% for Vistra over the
next two years.

After the closing of the transaction, an upgrade of Tricor's
ratings will trigger an upgrade of Vistra's rating given the close
credit links between the two entities. On the other hand, Vistra's
ratings could be confirmed if Tricor's ratings are confirmed
because the transaction fails to complete, or is completed with
significantly more unfavorable terms and conditions than Moody's
expectation.

Vistra's ratings continue to reflect its leading market position in
the TCS industry supported by longstanding relationships with a
diversified client base, and its high revenue and cash flow
visibility. However, these strengths are counterbalanced by
Vistra's exposure to legal and reputational risks arising from its
responsibility to navigate complex regulatory, reporting and tax
requirements in different jurisdictions. Furthermore, the company
is effectively controlled by a private equity fund that indicates a
more aggressive financial policy to maximize value for
shareholders.

LIQUIDITY

Vistra has very good liquidity. The company held cash and cash
equivalents of $115.5 million as of December 31, 2022. Absent the
transaction, Moody's estimates that Vistra's cash flow from
operations of about $180 million will be more than sufficient to
cover its capital spending of $60 million and debt amortization
payments of $8.6 million over the next 18 months. Pro forma for the
transaction, Moody's expects Vistra will continue to have very good
liquidity as part of the proceeds from the new borrowings raised at
Tricor will be channeled to Vistra to fully repay its existing term
loans.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Moody's assessment of Vistra's exposure to governance risk remains
unchanged at highly negative (G-4). The transaction will result in
Vistra being a subsidiary of Tricor, but Tricor remains effectively
controlled by Baring Private Equity Asia. The private equity
business model typically involves a more aggressive financial
policy and highly leveraged capital structure to extract value
through debt-financed acquisitions or shareholder distributions.

METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

PROFILE

Vistra Group Holdings (BVI) I Limited (Vistra) is a provider of TCS
for companies (private companies, small and medium-sized
enterprises, and listed companies), high-net-worth individuals and
funds. Around 36% of its gross fees for the nine months that ended
September 2022 were generated in Asia; 30% in Europe; 21% in the
UK, the Channel Islands and the Middle East; and the remaining in
the Americas. The company was established in 2015 by the affiliates
of Baring Private Equity Asia (BPEA) to complete its $1.4 billion
acquisition of Vistra and Orangefield Group (Orangefield).




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

AISHWARYA AVANT: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aishwarya
Avant Builders LLP (AABL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 5,
2022, placed the rating(s) of AABL under the 'issuer
non-cooperating'  category as AABL 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. AABL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 21, 2022, December 1,
2022, December 11, 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).

Avant group is a Mumbai based real estate developer which was
established in the year 2010 by founder/promoter Mr. Sudeep Saha.
The other promoter is Mr. Harsh R Shah. The Firm Aishwarya Avant
Builders LLP is currently developing a residential redevelopment
project in jogeshwari (East), Mumbai. The project is known as
"Avant Heritage" which comprises of Phase-I & Phase-II located
adjacent to each other and having total saleable area of 1.04 lakh
sq. ft.


ATITHI PAPER: CRISIL Assigns B+ Rating to INR51cr Term Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Atithi Paper LLP (APL).

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

   Term Loan              51         CRISIL B+/Stable (Assigned)

The rating reflects the exposure to risks related to ongoing
project and expected leveraged capital structure. These weaknesses
are partially offset by the extensive experience of the partners
and adoption of latest machinery.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to ongoing project: The firm plans to
commence its project in July-August 2023. Demand risk is expected
to be moderate as the industry is highly fragmented because of low
entry barrier (small capital and technological requirements).
Timely completion and successful stabilisation of operations at the
new unit will remain key rating sensitivity factors.

* Expected leveraged capital structure: Gearing and debt protection
metrics are likely to be weak as the project is majorly funded
through debt (77.2%).

Strengths:

* Extensive experience of the partners: Presence of over a decade
in diverse industries has enabled the partners to develop a strong
understanding of market dynamics and establish healthy
relationships with suppliers and customers.

* Adoption of latest machinery: The new unit is being equipped with
state-of-the-art machinery and technology, which would support
business risk profile.

Liquidity: Stretched

Expected annual cash accrual of over Rs 5-8 crore will tightly
match yearly term debt repayment of Rs 5-6 crore, over the medium
term. The partners are likely to extend equity and unsecured loans
to help meet working capital requirement and debt obligation.

Outlook: Stable

The firm will benefit over the medium term from the extensive
experience of its partners.

Rating Sensitivity Factors

Upward factors

* Timely stabilisation of operations at the proposed plant and
significant revenue and profitability
* TOLTNW (Total Outside Liabilities / Tangible Net-worth) of less
than 4 times

Downward factors

* Considerable delay in commencement of operations
* Decline in revenue due to delay in execution of projects leading
to dip in operating margins and net cash accruals less than Rs.
3.00 crores
* Substantial increase in working capital requirement further
weakening financial risk profile, including liquidity

Established on July 14, 2021, as a limited liability partnership,
ALP is setting up a unit on National Highway 27 near Morbi
(Gujarat) to manufacture kraft paper. The firm is promoted by Mr.
Dhaval Prabhu Rajpara, Mr. Manish Manji Rajpara, Mr. Raj Nalin
Amlani and 33 others. Operations are likely to start from
July-August 2023.


AZAD IMPEX: CRISIL Lowers Rating on Long/Short Term Debt to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Azad Impex Private Limited (AIPL) to 'CRISIL D/CRISIL D; issuer not
cooperating' from 'CRISIL B+/Stable/CRISIL A4; issuer not
cooperating' as the entity has delayed servicing its debt
obligation, as per publicly available information.

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

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

CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letters and emails dated December 21,
2021, January 20, 2022, and January 30, 2023 among others, apart
from telephonic communication. However, the issuer has remained
non-cooperative.

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 has been
arrived at without any interaction with the management and is based
on best available, limited or dated information regarding the
company. Such non-cooperation by a rated entity may be a result of
weakening of its credit risk profile. Ratings with the 'issuer not
cooperating' suffix lack a forward-looking component.

Detailed rationale

Despite repeated attempts to engage with the management of AIPL,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of the entity. This restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the company. The rating action on AIPL is
consistent with the criteria detailed in 'Assessing information
adequacy risk'.

Established in Delhi in 2007, AIPL saws and trades in timber. The
company has warehouses in Gujarat and Haryana. Established in Delhi
in 2007, AIPL saws and trades in timber. The company is managed by
the Goyal family that has been engaged in the timber business for
the past 50 years. The company has warehouses in Gujarat and
Haryana.


BLUE STAR: CRISIL Withdraws D Rating on INR224cr Bank Loan
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Blue Star Diamonds Private
Limited (BSDPL) to 'CRISIL D/CRISIL D/Issuer Not cooperating'.
CRISIL Ratings has withdrawn its rating on bank facility of BSDPL
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of BSDPL from 'CRISIL
D/CRISIL D/Issuer Not Cooperating' to 'CRISIL D/CRISIL D'. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of bank loan ratings.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing          75        CRISIL D (Migrated from
   Credit & Export                   'CRISIL D ISSUER NOT
   Bills Negotiation/                COOPERATING'; Rating   
   Foreign Bill                      Withdrawn)
   discounting             
                            
   Export Packing         144        CRISIL D (Migrated from
   Credit & Export                   'CRISIL D ISSUER NOT
   Bills Negotiation/                COOPERATING'; Rating   
   Foreign Bill                      Withdrawn)
   discounting             
         
   Export Packing          60        CRISIL D (Migrated from
   Credit & Export                   'CRISIL D ISSUER NOT
   Bills Negotiation/                COOPERATING'; Rating   
   Foreign Bill                      Withdrawn)
   discounting             
                                     
   Proposed Short Term    224        CRISIL D (Migrated from
   Bank Loan Facility                'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

Set up as a partnership firm in 1966 by Mr. Vasantlal Mehta, BSDPL
was reconstituted as a private limited company on December 4, 2008.
The company is managed by Mr. Akshay Mehta, Mr. Anuj Mehta, Mr.
Arnav Mehta and Mr. Achal Mehta, and is a part of the Blue Star
group. It cuts and polishes diamonds of 0.3 carat to 3 carats, has
a diamond processing facility in Surat, and has a customer base in
all major markets, including Belgium, USA, U.A.E, Hong Kong, Japan
amongst others.


COLOUR ROOF: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Colour Roof (India) Limited
        Registered Office:
B-1/1 Mayour Ma Krupa CHS Ltd,
        Off Gokhale School
        Shimpoli Road, Borivli
West Mumbai MH 400092 India

        Corporate Office:
B-601, Elegant Business Park,
        MIDC Road Number 2, J.B.Nagar,
        Andheri (East), Mumbai MH – 400059 India

Insolvency Commencement Date: February 24, 2023

Estimated date of closure of
insolvency resolution process: August 23, 2023

Court: National Company Law Tribunal, Mumbai Bench-IV

Insolvency
Professional: Mr. Hemant Kumar Shah
       15, Shreeji Plaza, Plot No.24, Sector-25,
       Near Seawoods Railway Station. Nerul (East),
       P.O Nerul, Navi Mumbai, MH - 400706 India
       Email: ip.hemantshah@gmail.com

       144, Mittal Court , B WING, Nariman Point,
       Mumbai,Maharashtra – 400002
       Email: colourroof.ibc@gmail.com

Last date for
submission of claims: March 10, 2023


DEVANSHI POWERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devanshi
Powers Limited (DPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            14        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with DPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 DPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DPL continues to be 'CRISIL D Issuer Not Cooperating'.

DPL was set up as a partnership firm, Devanshi Electricals, by Mr.
Pankaj Shah, Mr. Pradip Shah, and Ms Varsha Shah, in July 2006, and
reconstituted as a closely held public limited company on October
4, 2012. The company manufactures bare copper wires and copper and
aluminum-based household, industrial, and instrumentation cables at
its two units. The Shah family has been in the copper products
segment since 1982 through their group concern in Jaipur.
Operations were shifted to Anand, Gujarat, in 2006.


EAST INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of East India
Packaging Private Limited (EIPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.78        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        7.16        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.06        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with EIPPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 EIPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EIPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EIPPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

EIPPL was incorporated in 2010 by the Kolkata-based Jhawar family.
The company commenced operations in June' 2014 and manufactures
corrugated boxes which are used for industrial packaging. Its
manufacturing facility is located at Haldia (West Bengal) with
total installed capacity of 1200 ton/month. EIPPL's daily
operations are managed by its promoter director, Mr. Shashi Kant
Jhawar, and Mr. Suresh Kumar Jhawar.


ECSTASY REALTY: CARE Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ecstasy
Realty Private Limited (ERPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      500.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Non Convertible     250.00      CARE C; ISSUER NOT COOPERATING
   Debentures                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category


   Non Convertible     600.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 23, 2020,
placed the rating(s) of ERPL under the 'issuer non-cooperating'
category as ERPL had failed to provide information for monitoring
of the rating. ERPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and emails dated March 6, 2022, February 14, 2023 and
February 4, 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. The rating for the bank facilities and
instruments of ERPL are denoted as CARE D/CARE C; ISSUER NOT
COOPERATING.

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

Analytical approach: Standalone

Outlook: Not applicable

In view of the lack of information for monitoring the rating CARE
Ratings Ltd can not assign an outlook to the rating for the
company.

Detailed description of the key rating drivers

At the time of last rating on March 21, 2022, the following were
the rating strengths and weaknesses (updated for the information
available from BSE announcements for listed debts):

Key Weaknesses

* Delays in Debt servicing for the NCD issue: There are ongoing
delays in servicing of the NCD issued by ERPL. Sluggishness in
sales of Phase-I; albeit expected to improve post receipt of OC
ERPL had earlier envisaged the OC to be received in March 2018
which was however received only in December 2018. Hence the number
of flats expected to be sold during FY19 was lower than that
envisaged. However after receipt of OC, the sales have gathered
momentum and ERPL has been able to sell 8 new flats as comfort for
a buyer is much higher for a flat with ready OC available.
Currently out of 122 available flats, 79 flats have been sold and
the residents have also moved into the apartments.

* Partial dependency on promoter funds for NCD coupon payment: Due
to above postponement of envisaged cashflows, ERPL was totally
dependent on promoter support for repayment of the quarterly NCD
coupon. There are still delays in the servicing of the NCD issue.

* Nascent stage of Phase-II of the project thereby exposed to
execution risks: For the Phase-II of the project, the land has been
acquired and plan has been submitted to authorities for final
approval which is expected to be received shortly. Given the
nascent stage of construction, with approvals pending, therefore
risk exists pertaining to timely execution of the project. Further,
financial closure towards the same is pending and with significant
proportion of total cost to be funded through customer advances,
funding risk persists.

* Cyclicality in real estate industry: The capital-intensive real
estate industry is highly cyclical in nature. Though reforms
announced recently in real estate sector have been taken in the
right direction, the investor's confidence is yet to pick up. The
major challenges pertaining to clearances, land acquisition,
project delay, liquidity issues, slow sales and pile up of
inventory, are yet to be addressed for complete recovery of the
sector. The recent liquidity crisis in NBFCs (non-banking finance
companies) and HFCs (housing finance companies) affected
the real estate sector, as accessing capital from lenders has
become a lot tougher. However, with the improvement in
macroeconomic conditions in the country, the real estate sector is
expected to attain a gradual recovery.

Key Strengths

* Experience and track record of the promoters: Mr. Shobhit J.
Rajan, the promoter of ERPL, has over 20 years'  experience in the
construction industry. Mr. Rajan was earlier a Director of Gammon
India Limited and was responsible for procurement, resource raising
and execution of projects. He has also been the recipient of
several industrial accolades. Mr. Rajan is assisted by a team of
experienced management team. Over the years, under the leadership
of Mr. Rajan, the Raiaskaran Group (RG) has been involved in
development of residential and commercial spaces in Mumbai
aggregating to 2 million ft2.

* Prime location of the property in Mumbai real estate market: ERPL
is currently developing a premium residential tower named
"Parthenon" located at J P Road, Versova in Mumbai. Versova is one
of the most prime locations in the Western region of Mumbai. This
residential tower forms Phase-I of the project. ERPL is also
proposing to develop Phase-II which shall be located adjacent to
the "Parthenon" building to be comprising of residential flats,
commercial complex and a club house. The project is located very
close to D.N. Nagar station of Mumbai Metro which provides seamless
East-West suburban connectivity.The neighbourhood is also well
developed with all the urban amenities in proximity including
malls, multiplex, schools, college, restaurants etc. The location
is approximately 5 km from Andheri suburban Railway station and
about 10-15 km from the Mumbai Domestic & International Airport.
Further, the site is well connected by roads through S.V. Road,
Western Express Highway and Jogeshwari-Vikhroli Link Road.

Ecstasy Realty Private Limited (ERPL) is a group company of the
Mumbai based Raiaskaran Group (RG), which was incorporated in the
year 1992. RG, established by Mr. Shobhit Rajan, is into real
estate development of commercial and residential spaces. ERPL is
developing a residential tower named "Parthenon" (MAHARERA
Registration No. P51800008444) located at J P Road, Versova in
Mumbai and having total saleable area of 6.35 lakh sqft. This forms
Phase-I of the proposed development plan of RG in Versova.


INFOPLUS TECHNOLOGIES: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Infoplus
Technologies Private Limited (ITPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ITPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 ITPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ITPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ITPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2005 in Chennai and promoted by Mr. Srikanth
Settipalli and Ms Sakunthaladevi Settipalli, ITPL provides IT
solutions through three main verticals - system integration
(e-learning); software development and application support; and
enterprise resource planning and infrastructure support.


JAY DWARKADHISH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jay
Dwarkadhish Ginning & Oil Industries (JDGOI) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.50       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Term Loan         1.45       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.05       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with JDGOI for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 JDGOI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JDGOI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JDGOI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2011, JDGOI is a partnership firm promoted by Mr.
Bharatbhai Vasjaliya and Mr. Kantibhai Varsani. The firm undertakes
cotton ginning and pressing operations at its facility in Falla,
Jamnagar (Gujarat).


JAY ENTERPRISES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jay
Enterprises - Mumbai (JE) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

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

   Proposed Cash          10         CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

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

CRISIL Ratings has been consistently following up with JE for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 JE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JE
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

JE, established in 1995 as a partnership firm, trades in iron and
steel products such as hot-rolled and cold-rolled coils, sheets,
and plates. The firm procures from importers in India, and sells to
traders in Maharashtra.


MERCHANT CHARITABLE: CRISIL Assigns D Rating to INR10.5cr Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D/CRISIL D' ratings to the
bank facilities of Merchant Charitable Trust (MCT).  The rating
reflects delay of 16-18 days by the trust in servicing its term
debt obligation.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Assigned)

   Overdraft Facility    10.5        CRISIL D (Assigned)

   Term Loan              7          CRISIL D (Assigned)

The rating also factors in the weak financial profile of MCT and
its vulnerability to stringent regulations on educational
institutions. These weaknesses are partially offset by the
extensive experience of the promoters in the educational segment.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial profile: Financial risk profile is marked by a
high gearing of 7.11 times and total outside liabilities to
adjusted networth ratio of 7.18 times as on March 31, 2022. Debt
protection metrics were also weak in the past due to a high gearing
and low accrual from operations. Interest coverage and net cash
accrual to total debt ratios stood at 1.09 times and 0.01 time,
respectively, for fiscal 2022. High debt levels may keep the debt
protection metrics constrained over the medium term.

* Vulnerability to stringent regulations: Establishment and
operations of educational institutions are regulated by the state
governments and various governmental and quasi-governmental
agencies such as the University Grants Commission (UGC), Medical
Council of India (MCI), All India Council for Technical Education
(AICTE), and the Central Board for Secondary Education (CBSE). Each
body has detailed procedures for granting permission to set up
institutions, and approvals need to be renewed every three or five
years. Any non-compliance will result in cancellation of
affiliation or license, leading to loss of reputation for the
college and revenue for the trust.

Strengths:

* Extensive experience of the management and the trustees: The
management and trustees have been engaged in the education services
industry for over two decades. Over the years, they have gained
strong understanding of market dynamics and maintained healthy
relationships with related parties in the Gujarat region.

Liquidity: Poor

Liquidity remains constrained as reflected in irregularities in
debt servicing by the trust. Bank limit utilization has been
substantially high, averaging around 101% for the 12 months ended
January 31, 2023.

Rating Sensitivity factors

Upward factors:

* Timely repayment of debt consistently for at least 90 days.
* Significant improvement in liquidity.

Set up in 1996, MCT operates 10 colleges in two of its campuses,
one at Mehsana and the other at Visnagar, both in Gujarat. The
colleges offer various courses in the medical, engineering and
technology streams.


PEARL FURNITURE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pearl
Furniture Private Limited (PFPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.8         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan             2.53        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PFPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 PFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PFPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2013, PFPL is promoted by the Rajkot
(Gujarat)-based Nandani family. The company manufactures all types
of furniture such as chairs and bedroom sets.


RELIANCE BROADCAST: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Reliance Broadcast Network Limited
Unit No. 503, 5th Floor,
        ARC Plaza Industrial Estate,
        48 Oshiwara Village,
Jogeshwari (West) Mumbai 400102

Insolvency Commencement Date: February 24, 2023

Estimated date of closure of
insolvency resolution process: August 23, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Rohit Mehra
       Tower A-3403, Oberoi Woods,
              Oberoi Garden City,
       Goregaon East, Mumbai-400063
       Email: rohitmehra@hotmail.com

       Unit No. 503, 5th Floor,
              ARC Plaza Industrial Estate,
       48 Oshiwara Village,
              Jogeshwari (West), Mumbai 400102

Last date for
submission of claims: March 10, 2023


SHIV SHAKTI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Shakti
Rice Mills (Partnership) (SSRM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           32.75       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.75       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital       20          CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with SSRM for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 SSRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSRM continues to be 'CRISIL D Issuer Not Cooperating'.

SSRM was set up as a sole proprietorship firm by Mr. Ashwani Kumar
in 1999. In 2009, with Mr. Hari Ram Bansal and Mr. Sweety Singla
also joining in, this firm was reconstituted as a partnership
concern. The firm processes basmati and non-basmati rice, and its
by-products. It is based in Lehragaga, Punjab.


SITI NETWORKS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Siti Networks Limited
        Registered Office:
Unit No. 38, 1st Floor A,
        Wing Machu Industrial Estate, PB, Marg,
Worli Mumbai- 400013

        Principal Office:
Upper Ground Floor, FC-19 & 20,
        Sector -16A, Film City
        Noida- 201301

Insolvency Commencement Date: February 22, 2023

Estimated date of closure of
insolvency resolution process: August 21, 2023 (180 Day)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Rohit Metra
              Tower A-3403, Oberoi  Woods,
              Oberoi Garden City,
              Goregaon East,Mumbai – 400063
       Email: rohitmehra@hotmail.com

       Upper Ground Floor, FC-19 & 20,
       Sector -16 A, Film City
              Noida- 201301
       Email: ip.siti@in.ey.com
       Email: ip.sitiwoods@gmail.com

Last date for
submission of claims: March 6, 2023


STAR AQUA: CRISIL Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Star Aqua
International Private Limited (SAIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         8.27       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAIPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 SAIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2006 by Mr.Shaik Abdul Aziz, involved in end-to-end
activities for shrimp exports from Nellore (Andhra Pradesh).


SUMMIT METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Summit Metals
(SM) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan         3          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SM for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 SM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SM
continues to be 'CRISIL D Issuer Not Cooperating'.

SM, established in 2015 and promoted by Mr. Moosa Kunnath,
manufactures and trades in roof sheets. The firm also trades in
steel tubes and other metals.


SURAJ INDUSTRIES: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Suraj
Industries - Mantha (SI) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SI for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2008, SI, a partnership firm based in Mantha, Jalna
(Maharashtra), gins and presses cotton. It has a manufacturing
capacity of 1000 quintals per day. The firm is promoted by the Garg
family from Sendhwa (Madhya Pradesh).


TAJ GRANITES: CRISIL Lowers Rating on Long/Short Term Debt to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Taj Granites Private Limited (TGPL) to 'CRISIL D/CRISIL D; Issuer
not cooperating' from 'CRISIL B+/Stable/CRISIL A4; Issuer not
cooperating' as the entity has delayed servicing its debt
obligation, as per publicly available information.

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

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

CRISIL Ratings has been consistently following up with TGPL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 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
cooperation 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 of TGPL,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of the entity. This restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the company. The rating action on TGPL is
consistent with the criteria detailed in 'Assessing information
adequacy risk'.

Incorporated in 1996 and based in Jaipur, Rajasthan, TGPL is
engaged in the manufacture and export of marbles.

Status of non cooperation with previous CRA:

TGPL has not cooperated with Brickwork Ratings India Pvt Ltd
(Brickwork), which has classified the company as non-cooperative
through release dated November 02, 2021. The reason provided by
Brickwork is non-furnishing of information for monitoring the
ratings.


VAIJANATH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Vaijanath Industries Private Limited (SVPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.10       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     4.53       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan        1.37       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVPL for
obtaining information through letters and emails dated December 30,
2022 and February 28, 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 SVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVPL continues to be 'CRISIL D Issuer Not Cooperating'.

SVPL was incorporated in 2008 as a private limited company by Mr.
Girish Huddar, Mr. Namdeo patil and Mr. Dayanand Shastri. The firm
is engaged in the manufacturing of tractor & farm equipment
primarily comprising gears. SVPL's manufacturing facility is
located in Kolhapur, Maharashtra.


VENGADALAKSHMI SPINNERS: CRISIL Keeps D Ratings in Not Coop.
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sre
Vengadalakshmi Spinners (SVS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Term Loan         2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Open Cash Credit       2.2        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital
   Demand Loan            8.8        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVS for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 SVS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVS continues to be 'CRISIL D Issuer Not Cooperating'.

SVS was established in 1999 by Ms R Pushpa as a proprietorship
concern. It manufactures cotton yarn of 30-40 counts at its unit
near Coimbatore, Tamil Nadu, with an installed capacity of 25,000
spindles. The firm sells its cotton yarn in domestic market alone.



[*] INDIA: Of 6,199 CIRP Started, 611 Successful, Govt. Says
------------------------------------------------------------
The Pioneer reports that since the provisions relating to Corporate
Insolvency Resolution Process (CIRP) came into force on December 1,
2016, a total of 6,199 CIRPs have started, as on the end of
December 2022, the Parliament was informed on Tuesday.

As of December 2022, 611 CIRPs have resulted in resolution, where
the creditors have recovered 30.40% of their admitted claims,
Minister of State for Corporate Affairs, Rao Inderjit Singh told
the Rajya Sabha in a written reply to a question seeking to know
the number of companies which have utilized the provisions of
Insolvency and Bankruptcy Code (IBC), 2016 since it came into
force, The Pioneer relates.

On a question whether there is a delay in the completion of the
process within stipulated time, he said that the average time taken
(after excluding the time excluded by the Adjudicating Authority)
for resolution of the 611 resolved cases is 482 days, the report
relays. Insolvency resolution process under the IBC is a market
driven process and the outcome depends on market forces. Further,
the time taken for resolution depends on several factors, including
the nature of business, business cycles, market sentiments,
litigations and marketing effort, he added.

The Pioneer adds that to the question on the list of defaulters who
have availed 'haircuts' above INR10 crore, the Minister said: "As
of December, 2022, out of the 611 resolved CIRPs, in 477 cases
there is a difference of more than INR10 crore in realisation
amount of creditors against their admitted claim."




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

AIRASIA X: Has No Explanation to Unusual Market Activity
--------------------------------------------------------
The Malaysia Reserve reports that AirAsia X Bhd, which was issued
an unusual market activity (UMA) query by Bursa Malaysia earlier on
March 17, said it is unaware of any reason for the recent sharp
rise in its share price and volume.

It told the bourse that except for its proposed regularisation plan
to holistically restructure its business and financial condition,
it is not aware of any other corporate development, rumour or
report which may account for the UMA, The Malaysia Reserve
relates.

"The company and the appointed advisers are in the midst of
formulating and/or evaluating the proposals to develop the proposed
regularisation plan to holistically restructure its business and
financial condition pursuant to the Practice Note 17 (PN17) of the
Main Market Listing Requirements.

"Save for this, the board is not aware of any corporate development
relating to the company and its subsidiary companies' business and
affairs that has not been previously announced that may account for
the trading activity including those in the stage of
negotiation/discussion," it said.

Air Asia X added that its board is also not aware of any rumour or
report concerning the business and affairs of the group that may
account for the trading activity, according to The Malaysia
Reserve.

AAX shares gained 27 sen, or 19.15%, at MYR1.68 on March 17, 2023.
Its market capitalisation stood at MYR697 million.

                          About AirAsia X

AirAsia X Berhad (AAX) -- http://www.airasiax.com/-- is a
long-haul, low-cost airline operating primarily in the Asia-Pacific
region.

AAX had triggered the criteria for PN17 classification in October
2021, after its external auditors, Messrs Ernst & Young PLT, had
expressed a disclaimer of opinion in the airline's audited
financial statements for the 18-month financial period ended  June
30, 2021. It has up to 12 months to regularise its condition from
Oct. 29, 2021.


SCOMI GROUP: Fails to Settle MYR8MM to Maybank, Faces Delisting
---------------------------------------------------------------
The Malaysian Reserve reports that Scomi Group Bhd faces the risk
of being delisted from the Main Market of Bursa Malaysia after it
failed to make a MYR8 million settlement to Malayan Banking Bhd
(Maybank) by March 15, 2023.

According to the report, Scomi said Bursa Securities had granted
the company the extension of time until May 31 to submit its
regularisation plan to the relevant regulatory authorities on
condition that it makes good on the settlement with Maybank by the
March 15 deadline.

"M&A Securities Sdn Bhd, on behalf of the board of directors of
Scomi, wishes to announce that the company has not met the
condition of Bursa Securities to repay the settlement sum by March
15, 2023," it told Bursa Malaysia, the report relays.

Scomi added that on March 15, 2023, had appealed for a further
extension of time from Maybank to repay the settlement sum but was
rejected by the bank on the same date. Maybank had, vide its letter
dated March 13, 2023, granted Scomi an extension of time until
March 29, 2023, to make the settlement.

"As at the date of this announcement, the board is currently
deliberating on its next course of action," Scomi said.

Additionally, Scomi said it has sought for an extension of time
from Bursa Securities and is pending the decision from the market
operator, The Malaysian Reserve relates.

Scomi fell into PN17 status in December 2019 after its
shareholders' equity spread slipped below 25% of its issued share
capital and its equity dropped below RM40 million based on its
financial results for the quarter ended June 30, 2019.

                         About Scomi Group

Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --
http://www.scomigroup.com.my/publish/home.shtml-- provides
drilling fluids and mud engineering services and the supply of
industrial and production chemicals to the upstream and downstream
oil and gas industry.

In December 2019, Scomi Group Bhd slipped into Practice Note 17 (PN
17) status after shareholders' equity slipped below 25% of its
issued share capital and its equity dropped below MYR40 million
based on its financial results for the quarter ended June 30,
2019.

The company's shares were suspended on April 20, 2022, after Bursa
Securities rejected its request for a further extension of time to
submit its regularisation plan. The counter last traded at half a
sen on April 18, 2022.




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

ARNOLD'S TRADING: Creditors' Proofs of Debt Due on April 20
-----------------------------------------------------------
Creditors of Arnold's Trading (2018) Limited are required to file
their proofs of debt by April 20, 2023, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


BLACKDOG CAT: Garry Whimp Appointed as Administrator
----------------------------------------------------
Garry Whimp of Blacklock Rose Limited on March 16, 2023, was
appointed as administrator of Blackdog Cat 2016 Limited.

The administrator may be reached at:

          c/- Blacklock Rose Limited
          PO Box 6709
          Auckland 1142


F G HOSKING: Dennis Clifford Parsons Appointed as Liquidator
------------------------------------------------------------
Dennis Clifford Parsons of Indepth Forensic on March 30, 2022, were
appointed as liquidators of F G Hosking & Son Limited.

The liquidator may be reached at:

          Indepth Forensic Limited
          38 East Street
          Claudelands
          Hamilton 3214


PORSE IN-HOME: Court to Hear Wind-Up Petition on March 31
---------------------------------------------------------
A petition to wind up the operations of Porse In-Home Childcare
(NZ) Limited will be heard before the High Court at Auckland on
March 31, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 17, 2022.

The Petitioner's solicitor is:

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


WOLF PROJECTS: Creditors' Proofs of Debt Due on May 10
------------------------------------------------------
Creditors of Wolf Projects Building Solutions Limited are required
to file their proofs of debt by May 10, 2023, to be included in the
company's dividend distribution.

The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on March 10, 2023.




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

AQUAWORLD TROPICAL: First Creditors' Meeting Set for April 6
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Aquaworld
Tropical Fish Pte Ltd will be held on April 6, 2023, at 10:30 a.m.
via video-conference and/or tele-conference.

The company's liquidator is:

          Christina Khoo
          c/o 6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809


AVEXIS CONSTRUCTION: Creditors' Meetings Set for March 31
---------------------------------------------------------
Avexis Construction Pte Ltd will hold a meeting for its creditors
on March 31, 2023, at 2:00 p.m., at the office of TKNP Corporate
Insolvencies Management Pte Ltd, 141 Cecil Street #10-01, in
Singapore.

Agenda of the meeting includes:

   a. to receivd a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appointing Mr Oscar Kong Ming Fai and Mr Jeremy Kong Ming

      Tat of TKNP Corporate Insolvencies Management Pte Ltd as the

      joint and several Liquidators of the Company pursuant to
      Section 167(1) of the Act for the purpose of winding up the
      Affairs of the Company at such remuneration based on time
      costs (the “Liquidators”);

   c. to resolve that the Liquidators be at liberty to open,
      maintain and operate any bank account(s) or account(s) for
      monies received by them as Liquidators with such bank(s) as
      they deem fit;

   d. to consider and if thought fit appoint a Committee of
      Inspection of not more than 5 members; and

   e. Any other business.


BINTAI KINDENKO: Commences Wind-Up Proceedings
----------------------------------------------
Members of Bintai Kindenko Private Limited on March 14, 2023,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Ng Kian Kiat
          Lin Yueh Hung
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


DELTA OFFSHORE: Court Enters Judicial Management Order
------------------------------------------------------
The High Court of Singapore entered an order on March 16, 2023, to
place the operations of Delta Offshore Energy Pte. Ltd. under
judicial management order.

Gulf International Holding Pte. Ltd. filed the petition against the
company.

The company's Judicial Managers are Patrick Bance and Jason
Aleksander Kardachi of Kroll Pte. Limited.


THREE ARROWS: Court to Hear Wind-Up Petition on March 30
--------------------------------------------------------
A petition to wind up the operations of Three Arrows Capital Pte
Ltd will be heard before the High Court of Singapore on March 30,
2023, at 2:30 p.m.

Algorand Foundation Ltd filed the petition against the company on
Dec. 13, 2022.

The Petitioner's solicitors are:

          WongPartnership LLP
          12 Marina Boulevard
          #28-01, Marina Bay Financial Centre Tower 3
          Singapore 018982




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

VIETNAM TECHNOLOGICAL: Moody's Cuts Deposit & Issuer Ratings to Ba3
-------------------------------------------------------------------
Moody's Investors Service has downgraded the long-term (LT) deposit
and issuer ratings of Vietnam Technological and Commercial Joint
Stock Bank (Techcombank) because of its high exposure to the
struggling real estate sector in Vietnam.

Moody's has downgraded Techcombank's LT foreign (FC) and local (LC)
currency deposit and issuer ratings to Ba3 from Ba2, its Baseline
Credit Assessment (BCA) and adjusted BCA to ba3 from ba2, the
bank's LT FC and LC Counterparty Risk Ratings (CRR) to Ba2 from
Ba1, and its LT Counterparty Risk (CR) Assessment to Ba2(cr) from
Ba1(cr).

At the same time, Moody's has affirmed the bank's Not-Prime (NP)
short-term (ST) FC and LC deposit ratings, NP ST FC and LC issuer
ratings, NP ST FC and LC CRR, and NP(cr) ST CR Assessment.

Moody's has also changed the outlook to negative from stable on
Techcombank's LT FC and LC bank deposit and issuer ratings.

RATINGS RATIONALE

The downgrade of Techcombank's ratings and assessments reflects
Moody's expectations that the stress faced by Vietnam's real estate
sector will negatively impact the bank's standalone credit
strength, given its high exposure to the sector. The downgrade is
not related to recent US bank failures and events at Credit Suisse
Group AG (Baa2 ratings under review).

As of the end of December 2022, loans to the real estate and
construction sectors represented 29% of Techcombank's gross loans.
The bank also had exposures to the sectors in the form of corporate
bonds. Gross corporate bonds were 6% of its total assets as of the
same date. A few of the bank's large exposures to the real estate
sector were of significant size relative to its tangible common
equity and could bring volatility to its profitability and capital
should they become problem assets.

Defaults among real estate companies in Vietnam have increased
since 2022 because of tighter regulations surrounding bond
issuances, alongside arrests of high-profile real estate business
owners and executives driven by the government's anti-graft
crackdown. Property sales have also weakened because rising
interest rates have depressed credit affordability for borrowers.
These factors have weakened the debt repayment capacity of real
estate developers, particularly the highly leveraged ones with a
sizable amount of bonds maturing in 2023 and 2024. Hence, the asset
quality of Techcombank could deteriorate given its concentrated
exposure to the sector.

Techcombank's funding and liquidity are adequate given the current
environment but they are vulnerable to confidence shocks like other
Vietnamese banks. Market funds as a percentage of tangible banking
assets was 29% as of the end of 2022, up from 26% a year earlier.
While Moody's expects the bank's reliance on market funds to
decline over the next 12 – 18 months as it focuses on attracting
sticky customer deposits, deposit competition will however lead to
an increase in funding cost. High quality liquid assets such as
cash, balances with the central bank and government securities rose
to 8% of Techcombank's tangible banking assets as of the end of
2022 from 5% a year earlier, but still a modest level.

The negative outlook reflects uncertainties around how the real
estate sector in Vietnam will perform and, in turn, the risk of a
further strain in the bank's standalone credit strength if stress
in the real estate sector persists.

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

WHAT COULD MOVE THE RATINGS UP

An upgrade is unlikely, given the negative outlook. However,
Moody's could change the outlook to stable if: (1) the stress in
the real estate sector abates, or (2) the bank maintains its
problem asset ratio, including its restructured assets, at less
than 2% over the next 12–18 months while gradually reducing
concentration to the real estate sector, and (3) it reduces its
reliance on market funds while strengthening the share of high
quality liquid assets to more than 15% of its tangible banking
assets on a sustainable basis.

WHAT COULD MOVE THE RATINGS DOWN

Moody's could downgrade the ratings if Techcombank's solvency
weakens materially because of a sharp spike in nonperforming and
restructured assets. Specifically, an increase in its problem asset
ratio, including its restructured assets, to above 5% will put
negative pressure on the ratings. Any indication of a constrained
access to funding will also be negative for the ratings.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

Vietnam Technological and Commercial Joint Stock Bank
(Techcombank), headquartered in Hanoi, reported total assets of
VND699 trillion as of December 31, 2022.



                           *********


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.

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