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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, November 3, 2023, Vol. 26, No. 221

                           Headlines



A U S T R A L I A

HOME LOAN: Second Creditors' Meeting Set for Nov. 6
LA FORTUNA: Second Creditors' Meeting Set for Nov. 6
LMG BUILDING: First Creditors' Meeting Set for Nov. 6
PRESFAST PTY: First Creditors' Meeting Set for Nov. 6
RALAN GROUP: Former Managing Director Pleads Guilty to Fraud

SNACKING INVESTMENTS: Moody's Affirms 'B2' CFR, Outlook Stable
VISION PROPERTY: First Creditors' Meeting Set for Nov. 6


C H I N A

BEIJING CAPITAL: Fitch Cuts Unit's LT Foreign Currency IDR to 'BB+'


F I J I

PATTERSON BROTHERS: High Court Enters Winding up Order


I N D I A

AHALYA TRADING: Insolvency Resolution Process Case Summary
AIRLINKS CARGO: Voluntary Liquidation Process Case Summary
APEX STEEL: Insolvency Resolution Process Case Summary
APNATECH CONSULTANCY: CRISIL Lowers LT/ST Debt Ratings to D
BALIRAJA SAKHAR: Insolvency Resolution Process Case Summary

BILPOWER LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
BIRBAL DASS: CARE Keeps C Debt Rating in Not Cooperating Category
CARD PRO: CARE Keeps D Debt Ratings in Not Cooperating Category
CHETAN ALLOYS: CARE Keeps C Debt Rating in Not Cooperating
CONSUMER MARKETING: Insolvency Resolution Process Case Summary

DEOGIRI INFRASTRUCTURE: Liquidation Process Case Summary
DEV VERSHA: Insolvency Resolution Process Case Summary
DIVERSIFICATION AGRICULTURE: Insolvency Resolution Case Summary
FAIRMONEY FINANCIAL: Voluntary Liquidation Process Case Summary
FERRO RODS: Voluntary Liquidation Process Case Summary

FISHTAIL DESIGN: Voluntary Liquidation Process Case Summary
FUTURE ENTERPRISES: Jindal India Submits Debt Resolution Plan
GEMSTONE GLASS: CRISIL Moves D Debt Ratings to Not Cooperating
HN REACON: Insolvency Resolution Process Case Summary
K. G. ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category

KEYA REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNAAM MOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
MAA DURGA: Insolvency Resolution Process Case Summary
METHRA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
NEWTECH BUILDHOME: Insolvency Resolution Process Case Summary

POINCARE TECHNOLOGIES: Voluntary Liquidation Process Case Summary
PRASAD SUGAR: CRISIL Lowers Rating on INR70.34cr LT Loan to D
PRATIBHA MILK: CARE Keeps D Debt Rating in Not Cooperating
RDG INTERIOR: Liquidation Process Case Summary
SANKHESWARAA GOLD: CARE Keeps D Debt Rating in Not Cooperating

SHIV COTTON: CARE Keeps C Debt Rating in Not Cooperating Category
SHLOGAM AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
SHRADHA AGENCIES: CARE Keeps D Debt Rating in Not Cooperating
SHRINATH COTTON: CARE Keeps D Debt Rating in Not Cooperating
SMT. VISHNU: CRISIL Keeps D Debt Rating in Not Cooperating

TIRUPATI FABRICATORS: Insolvency Resolution Process Case Summary
UNITED STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
USHA INDIA: Insolvency Resolution Process Case Summary
VANI ORGANICS: CARE Keeps C Debt Rating in Not Cooperating


M A L A Y S I A

AGESON BHD: Falls Under Practice Note 17 Category
CAPITAL A: Unit's Merger with SPAC Part of Bid to Uplift PN17


N E W   Z E A L A N D

ADVANCING HOLDINGS: Court to Hear Wind-Up Petition on Nov. 9
CABINCO NZ: Court to Hear Wind-Up Petition on Feb. 12
GREAT WALL: Creditors' Proofs of Debt Due on Dec. 15
MARKETPLACE MEDIA: Creditors' Proofs of Debt Due on Feb. 24
RENALLS (2004): BDO Tauranga Appointed as Liquidators

SUPIE LIMITED: In Administration; Gets 'Interests' in Brand, Assets


S I N G A P O R E

AAMTF II: Creditors' Proofs of Debt Due on Nov. 30
ANTHEM ASIA: Commences Wind-Up Proceedings
FLASH COFFEE: Ex-Staff Will Not Get Owed Salaries Soon, Union Says
GRIFFIN KINETIC: Court to Hear Wind-Up Petition on Nov. 10
NEW ALLOYS: Court Enters Wind-Up Order

ROYER SEA: Commences Wind-Up Proceedings


V I E T N A M

ASIA COMMERCIAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
MILITARY COMMERCIAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Pos.
VIETCOMBANK: Fitch Affirms 'BB' LongTerm IDR, Outlook Positive
VIETINBANK: Fitch Affirms 'BB' LongTerm IDR, Outlook Positive

                           - - - - -


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

HOME LOAN: Second Creditors' Meeting Set for Nov. 6
---------------------------------------------------
A second meeting of creditors in the proceedings of Home Loan
Republic Pty Ltd has been set for Nov. 6, 2023 at 10:00 a.m. via
teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 3, 2023 at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Oct. 2, 2023.


LA FORTUNA: Second Creditors' Meeting Set for Nov. 6
----------------------------------------------------
A second meeting of creditors in the proceedings of La Fortuna Pty
Ltd has been set for Nov. 6, 2023 at 12:00 p.m. virtual meeting 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 Nov. 3, 2023 at 1:00 p.m.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of the company on Oct. 13, 2023.


LMG BUILDING: First Creditors' Meeting Set for Nov. 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of L M G
Building Pty Ltd will be held on Nov. 6, 2023, at 11:00 a.m. at the
offices of Westburn Advisory at Level 5, 115 Pitt Street in
Sydney.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on Oct. 25, 2023.


PRESFAST PTY: First Creditors' Meeting Set for Nov. 6
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Presfast Pty
Ltd will be held on Nov. 6, 2023, at 11:00 a.m. at Meeting Room
2.01, Parramatta PHIVE, 5 Parramatta Square in Parramatta.

Trent McMillen and Ernie Chou of MaC Insolvency were appointed as
administrators of the company on Oct. 25, 2023.


RALAN GROUP: Former Managing Director Pleads Guilty to Fraud
------------------------------------------------------------
William O'Dwyer, the former managing director of companies in the
Ralan Group, has pleaded guilty to six offences contrary to section
192E of the Crimes Act 1900 (NSW) following an ASIC investigation.

Between about April 17, 2015 and June 6, 2018, Mr. O'Dwyer, by
deception, dishonestly obtained for companies in the Ralan Group
the ability to draw down on finance facilities totalling AUD251
million.

The Ralan Group sold, developed, and managed real estate properties
from 2014 to 2019 and was based in Sydney.

The charges relate to loans advanced to Group companies involved in
residential development projects in Sydney, Arncliffe, Turramurra
and Gordon. As part of the loan agreements, the companies were
required to satisfy lenders that pre-sale deposits paid by
purchasers of residences in the developments were held in trust
before draw down on the loans could occur.

Mr. O'Dwyer deceived the lenders into believing that the pre-sale
deposits were held in a trust account, when in fact they had been
loaned by the purchasers back to the respective development company
for use as working capital.

Approximately AUD132 million was drawn down upon the facilities,
with approximately AUD47 million repaid by the time the companies
in the Ralan Group went into administration in July 2019. A further
amount is expected to be recouped by the lenders following their
purchase and development of the Arncliffe property.

Mr. O'Dwyer first appeared in the Downing Centre Local Court on
July 25, 2023.

Mr. O'Dwyer pleaded guilty to the charges on 22 August 2023 in the
Downing Centre Local Court. A sentencing hearing is listed in the
New South Wales District Court on Dec. 7, 2023.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions following a referral from ASIC.

In July 2019 the companies in the Ralan Group entered voluntary
administration and all were placed in liquidation by March 6,
2020.

In November 2019 the liquidator of the companies, Said Jahani at
Grant Thornton, estimated that the Ralan Group owed unsecured
creditors AUD323 million.

The maximum penalty for each offence is 10 years imprisonment.


SNACKING INVESTMENTS: Moody's Affirms 'B2' CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed the corporate family rating
of B2 for Snacking Investments BidCo Pty Limited (Arnott's). At the
same time, Moody's has affirmed the B2 senior secured bank
facilities ratings. Moody's has also maintained the stable outlook
on all ratings.      

RATINGS RATIONALE

The affirmation of the ratings reflects Arnott's leading market
position in biscuits in Australia and New Zealand (ANZ) and good
overall market position in snacks in the Asia Pacific region. The
rating affirmation also reflects Moody's expectation that the
company will manage upcoming capital spending in a way that
maintains credit metrics at appropriate levels for the rating.

The rating is supported by Arnott's track record of generating
stable margins and cash flows from its portfolio of well-known and
trusted packaged food brands. Arnott's continues to implement a
range of cost-saving initiatives that Moody's expects to drive
moderate margin expansion and earnings growth.  Moody's expects
that the defensive nature of the business, particularly in its ANZ
Biscuit and Campbell Soup segments, will provide some mitigation
against economic headwinds such as higher interest rates and
inflationary pressures, as it will benefit from greater in-home
consumption.

The rating is constrained by the company's high level of gross
debt, with leverage at the higher end of Moody's rating tolerance
threshold of 7.0x. However, Moody's expects that Arnott's will
gradually de-lever to around 6.3x-6.7x over the next 12-18 months
through generation of operating cashflow driven by revenue growth
and ongoing cost reduction initiatives.

The rating agency expects Arnott's to manage its elevated capital
spending over the next 2 years through cash and existing debt
capacity.  The company will spend on expanding production capacity,
new product lines and cost-saving initiatives.                

Moody's considers the potential for changing consumer preferences
towards healthier products to present a longer-term challenge to
Arnott's business. However, the company is appropriately positioned
to respond, with its product range already including some
healthier-choice options.

Liquidity

Arnott's liquidity profile is good. As of the end of July 2022,
Arnott's held around AUD202 million of available liquidity
comprised of AUD128 million cash and cash equivalents and AUD74
million of undrawn facilities.

Moody's expects Arnott's to generate moderate operating cash flow
over the next 12 months. This expected cash flow, along with
available liquidity, should be enough to cover expected capital
expenditure. Moody's has not assumed any dividends or acquisitions
over the next 12 months.

Arnott's next material debt maturity is its senior secured
revolving credit facility that matures in December 2024.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

The ratings also take into consideration environmental, social and
governance factors. Arnott's ownership structure presents some
governance risk, to the extent that private equity firms tend to
prioritize more aggressive growth plans and strategies, including a
tolerance for higher leverage.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Upward pressure on the rating is unlikely over the next 12-18
months, given the company's current high leverage. However,
positive pressure could arise if Arnott's Moody's adjusted
debt/EBITDA over the next 18-24 months decreases to around 5.0x,
and its Moody's adjusted EBITA/interest is above 2.0x on a
sustained basis.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Negative rating pressure would likely occur if (1) Moody's adjusted
debt/EBITDA is above 7.0x; and/or Moody's adjusted EBITA/Interest
Expense on an adjusted basis is below 1.3x on a consistent basis;
and/or (2) its financial sponsor engages in aggressive debt-funded
acquisitions or capital distributions; and/or (3) the company is
unable to refinance its revolving credit facility which matures in
December 2024.

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

Snacking Investments BidCo Pty Limited incorporates three lines of
business that were acquired by KKR from Campbell Soup Company as
part of a leveraged buyout in 2019: (1) Arnott's biscuits, which
owns well-known brands such as Tim Tams, Shapes and Jatz, (2) its
Asia Pacific division, which brands include Kimball, Tim Tam and
Campbell's with significant sales in Malaysia, Indonesia,
Singapore, Hong Kong, Taiwan and Japan, (3) Campbell's ANZ, which
products include soup, stock, juice and ready meals sold in
Australia and New Zealand.  Arnotts also has a Good Food Partners
Division formed during FY2021 following the acquisition of 75% of
Diver Foods, and selected manufacturing assets of Freedom Foods.

VISION PROPERTY: First Creditors' Meeting Set for Nov. 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Vision
Property Consulting Pty Limited will be held on Nov. 6, 2023, at
10:00 a.m. at the offices of Bernardi Martin at 195 Victoria Square
in Adelaide.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrators of the company on Oct. 25, 2023.




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

BEIJING CAPITAL: Fitch Cuts Unit's LT Foreign Currency IDR to 'BB+'
-------------------------------------------------------------------
Fitch Ratings has downgraded Beijing Capital City Development Group
Co., Ltd.'s (BCCD) Long-Term Foreign-Currency Issuer Default Rating
(IDR) to 'BBB-', from 'BBB', with a Stable Outlook.

Fitch has also downgraded the Long-Term Foreign-Currency IDR of
BCCD's main overseas investment platform, International Financial
Center Property Ltd. (IFC), to 'BB+', from 'BBB-', with a Stable
Outlook, as well as the rating on Central Plaza Development Ltd's
USD3 billion medium-term note programme to 'BBB-', from 'BBB',
which is linked to BCCD's credit profile as its financing SPV.

BCCD's rating is equalised with that of its stronger parent,
Beijing Capital Group Company Limited (BCG, BBB-/Stable), based on
Fitch's Parent and Subsidiary Linkage Rating Criteria. The
downgrade on BCCD follows the downgrade on BCG, which is driven by
a weakening in the group's property segment amid the sector
downturn. BCCD's Standalone Credit Profile of 'bb-' influences
BCG's ratings, as the subsidiary accounts for about half of the
parent's employed capital.

The Stable Outlook is supported by BCCD's robust funding access and
its expectation that leverage will stay below the revised negative
rating trigger of 55% over the next two years.

KEY RATING DRIVERS

Elevated Leverage: Fitch expects BCCD's leverage - measured by net
debt/net property assets, including land in Tianjin and Beijing
Daxing - to stay elevated at 50%-55% over the next two years.
Leverage exceeded out negative rating guideline of 45% in 2022,
when it reached 49%, and rose further to 52% in 1H23 due to weak
sales and a continued deterioration in margins. BCCD says it, along
with its parent group, is in discussions with the government and
other stakeholders regarding deleveraging initiatives, but the
timing and magnitude of these remains uncertain.

Sales Underperformance: Fitch recently revised its forecast for
China's full-year new-home sales to a fall of 10%-15% from a 0%-5%
decline, following weakening sector sentiment since the middle of
year. BCCD's sales plunged by 62% yoy in 3Q23 and Fitch expects a
49% yoy drop in 4Q23, with monthly sales similar to the September
results, resulting in a 30% decline for the full year 2023. This
follows a healthy performance in 1H23, when sales rose by 14%.
Fitch forecasts 2024 sales to drop by 10%, as some of BCCD's
projects are located in cities suffering from oversupply.

Strong Funding Access: BCCD maintains robust capital market access
and Fitch believes its financial flexibility will remain supported
by good relationships with financial institutions and its state
ownership. The company issued CNY3.5 billion in medium-term notes
and CNY4 billion in corporate bonds in 2022, with the coupon rate
varying from 3.7% to 4.99%. It issued another CNY3.7 billion in
medium-term notes and CNY2.6 billion in corporate bonds so far this
year.

Linked to Parent's Rating: Fitch equalises BCCD's rating with that
of BCG in accordance with its parent and subsidiary linkage
criteria, based on its assessments of the entities' legal,
strategic and operational ties.

BCCD, which is wholly owned by BCG, was established in 2021 as part
of the reorganisation of BCG's property-related assets and
businesses. These include the market-driven property development
business operated by Beijing Capital Land Ltd., the policy-driven
land development and social-housing projects operated by Beijing
Capital Jingzhong (Tianjin) Investment Co., Ltd. and other
policy-driven businesses, such as rental housing and infrastructure
construction.

'Medium' Legal Ties: BCG and its offshore financing platform, BCG
Chinastar International Investment Ltd. (BBB-/Rating Watch
Negative), guarantee less than 20% of BCCD's total debt. This is
below the level at which Fitch would regard legal linkages as
'Medium'. However, Fitch applied a criteria variation, as BCG
provides keepwell deeds on all of BCCD's offshore capital market
securities, amounting to USD1.5 billion. Fitch expects BCG to
continue to provide legal support to BCCD, especially after it
injected its entire policy-driven business into the subsidiary.

'High' Strategic Ties: Fitch believes BCCD is strategically
important to BCG, as it undertakes the parent's political role in
primary-land development, shanty-town redevelopment, social housing
and long-stay rental projects. BCCD accounts for about half of
BCG's total assets. Fitch considers state-owned entities' asset
size as key to their importance in their governments and their
funding access.

'Medium' Operational Ties: There is high management and brand
overlap between BCCD and BCG; BCG appoints all of BCCD's board
members and key management and guides the subsidiary's strategic
and financial planning. However, there are limited operational
synergies between BCG's three major business segments, leading to
an overall assessment of 'Medium' for operational ties.

Government Support to Flow Through: Fitch believes government
support received by BCG is likely to extend to BCCD. Fitch
considers BCCD's Light-Year City project, which is held under
Jingzhong, as a core part of China's development plan for the
Beijing-Tianjin-Hebei region and a key driver of government support
to BCG. The development aims to divert Beijing's non-capital
functions to surrounding regions, leaving the city only as a
cultural, political, international-exchange and innovation centre.

IFC Rated One Notch Below BCCD: IFC, which is 100% indirectly held
by BCCD, is rated one-notch lower than BCCD due to the parent's
'Low' legal incentives to extend support, since BCCD does not
provide any guarantees to IFC.

Fitch believes BCCD has a 'Medium' strategic incentive to support
IFC, as it is BCCD's primary overseas investment platform. Fitch
views the operational incentive to provide support as 'High', as
IFC is an integral offshore department of BCCD that is fully
managed by the parent. Investors are aware that IFC guarantees the
offshore capital-market securities raised to support BCCD's
property-development business, even though the two entities do not
share the same branding.

DERIVATION SUMMARY

Its forecast for BCCD's attributable sales of around CNY15 billion
per annum over the next two years is lower than China Jinmao
Holdings Group Limited's (BBB-/Stable, SCP: bb) CNY80 billion.
BCCD's leverage, after legacy asset adjustment, of 50%-55% is
slightly higher than Jinmao's 50%. Jinmao achieved flat sales in
9M23, while BCCD saw a fall of 22%. BCCD's return efficiency,
measured by EBITDA plus profit from joint ventures/capital
employed, of less than 1% is among the lowest of Fitch-rated
homebuilding peers. Fitch believes the two companies have
comparable funding access, supported by their state-owned status.

KEY ASSUMPTIONS

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

- Total sales to drop by 30% in 2023 and another 10% in 2024 (9M23:
-22%).

- Cash collection rate of 98% (2022: 114%) over the next two
years.

- Land to be replenished at 0.1x (9M23: nil) the gross floor area
sold over the next two years, based on BCCD's sufficient land bank
and conservative land acquisition strategy.

- Construction expenditure/sales collection of 35%-40% over the
next two years (1H23 estimate: 20%-25%)

- Cost for new borrowings at 5.0% (1H23: 4.4%), as the company is
likely to refinance mostly from onshore borrowings that have
relatively stable funding costs.

RATING SENSITIVITIES

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

- An upgrade in BCG's IDR

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

- A perceived weakening in BCG's incentive or ability to support
BCCD

- A downgrade in BCG's IDR

Factors that could, individually or collectively, lead to a higher
SCP:

- Leverage, measured by net debt/net property assets, including
land in Tianjin and Beijing Daxing, sustained at below 45% without
a substantial increase in joint-venture and non-controlling
interest exposure

- Sustained improvement in attributable sales scale

Factors that could, individually or collectively, lead to a lower
SCP:

- Leverage, measured by net debt/net property assets, including
land in Tianjin and Beijing Daxing, at above 55% for a sustained
period

- Persistent negative free cash flow, possibly due to a continued
decline in contracted sales or higher-than-expected working-capital
outflow

- Evidence of weakening in funding access

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Readily available cash of CNY18.4 billion as of
end-1H23 was insufficient to fully cover CNY25.8 billion in
short-term debt, including CNY8.1 billion in domestic bonds and
notes puttable in one year and supply-chain asset-backed securities
of about CNY300 million. However, Fitch expects the company's
access to diversified domestic funding channels - including the
capital market as well as bank and non-bank financial institutions
- to remain robust, given its state-owned background, which should
continue to support the company's financial flexibility.

ISSUER PROFILE

BCCD is a wholly owned subsidiary of industrial conglomerate, BCG,
which is fully owned by the Beijing State-owned Assets Supervision
and Administration Commission.

Criteria Variation

BCG and its offshore financing platform, Chinastar, guarantee less
than 20% of BCCD's total debt, lower than the ratio (20%-50%) at
which Fitch would consider legal linkages as 'Medium'. Fitch
applied a criteria variation as BCG has provided keepwell deeds to
all of BCCD's offshore capital market securities, amounting to
USD1.45 billion. Fitch believes BCG will continue to provide legal
support to BCCD, especially after it injected its entire
policy-driven business into the subsidiary.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Beijing Capital
City Development
Group Co., Ltd.     LT IDR BBB- Downgrade   BBB

International
Financial Center
Property Ltd.       LT IDR BB+  Downgrade   BBB-

Central Plaza
Development Ltd

   senior
   unsecured        LT     BBB- Downgrade   BBB

   senior
   unsecured        LT     BB+  Downgrade   BBB-

   subordinated     LT     BB-  Downgrade   BB



=======
F I J I
=======

PATTERSON BROTHERS: High Court Enters Winding up Order
------------------------------------------------------
The Fiji Times reports that the High Court has ordered the winding
up of Patterson Brothers Pte Ltd.

According to the report, the court noted Patterson Brothers Pte Ltd
was in debt to Ramesh Crane Hire Ltd ($55,929.50), Fuel Supplies
Pacific Pte Ltd ($240,827.10), Highway Plaza Pte Ltd ($13, 692.68),
Gold Rock Investments Pte Ltd ($A660,000), Bos Equipment and
Engineering Pte Ltd ($10,464.28), Fiji Ports Corporations Ltd ($52,
905.38) and Rajnesh Investment ($131, 764.50).

"The court is satisfied that despite leave being granted, the
debtor company has not attempted to satisfy the petitioning
creditor by paying off the debt due and payable," said Acting
Puisne Judge Senileba Levaci in her October 12 ruling, The Fiji
Times relays.

"The court also notes that despite the statutory demand being
served on the debtor company, the debtor company has never sought
for setting aside of the statutory demand to date.

"Application for winding up of Patterson Brothers Pte Ltd be
granted on the basis of the petitioning creditors application and
the supporting creditors submissions.

"The court appoints the official receiver as the provisional
liquidator."




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I N D I A
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AHALYA TRADING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ahalya Trading Private Limited
5, Bhagwati Appartment,
        S.V. Road, Malad (W), Mumbai - 400064

Insolvency Commencement Date:  October 10, 2023

Estimated date of closure of
insolvency resolution process: April 7,  2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Milind Kasodekar
       KMDS & Associates, Company Secretaries
              3rd Floor,  Satyagari Apartments 77,
              Vijayanagar Colony, 2147,
              Sadashiv Peth, Pune-411030
              Email: milind.kasodekar@kmdscs.com

Last date for
submission of claims: October 24, 2023

AIRLINKS CARGO: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Airlinks Cargo Private Limited
Exim Chamber, Unit No. 6,
        Building No. 18 Samhita Complex,
Andheri Kurla Road
        Sakinaka Mumbai MH
        MH 400072 India

Liquidation Commencement Date:  September 30, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Ms. Dipti Mehta
     201-206, Shiv Smriti, 2nd Floor,
            49A, Dr. Annie Besant Road,
            Above Corporation Bank,
            Worli, Mumbai - 400018
            Tel: +91 (22) 6611 9696
            Email: dipti@mehta-mehta.com

Last date for
submission of claims: October 30,  2023


APEX STEEL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Apex Steel Private Limited
106, Ashiana Towers,
        Exhibition Road, Patna,
Bihar, India, 800001

Insolvency Commencement Date:  October 10, 2023

Estimated date of closure of
insolvency resolution process: April 6, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Ajay Kumar Agarwal
       Plot No. IID/31/1, Street No. 1111,
              PS QUBE, Unit Number 1015A,
              10th Floor Beside City Centre 2,
              Kolkata-700161 WB
              Email: cs.aaa.2014@gmail.com
                     cirp.apexsteel@gmail.com

Last date for
submission of claims: October 25, 2023


APNATECH CONSULTANCY: CRISIL Lowers LT/ST Debt Ratings to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Apnatech Consultancy Services Pvt Ltd (ACSPL) to 'CRISIL D/CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'.

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

   Short Term Rating       -          CRISIL D (Downgraded from
                                      'CRISIL A4')

The downgrade reflects delay in servicing of debt obligation in
October 2023 and overutilisation of fund-based facilities over the
past few months, on account of poor liquidity position of the
company.

The ratings also factor in the company's modest scale of operations
and large working capital requirement in the highly fragmented
engineering, procurement and construction (EPC) segment. These
weaknesses are partially offset by the extensive experience of the
company's promoter in the EPC segment and its above-average capital
structure.

Analytical Approach

Unsecured loans of INR3.16 crore, as on 31st March 2023, are from
the promoter and related parties and are treated as debt as these
are likely to be withdrawn over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of term debt obligation: Poor liquidity has
led to a delay in repayment of the equated monthly installment
(EMI) towards the working capital term loan in October 2023.

* Modest scale of operations: The business risk profile is
constrained by subdued scale, as reflected in revenue of INR10.41
crore in fiscal 2023. As on date, the company has orders worth INR5
crore in hand, which is to be executed within fiscal 2024,
providing moderate revenue visibility. Since the entire income in
this segment is tender-driven, revenue depends on the ability to
bid successfully. Also, operating margin remains constrained by
competition.

* Large working capital requirement: Operations are working capital
intensive, as reflected in gross current assets (GCAs) of 731 days
as on March 31, 2023, driven by high receivables of 267 days and
inventory of 13 days as on March 31, 2023. Current assets are high
because of significant retention money and security deposits, which
is expected to constrain the working capital cycle over the medium
term.

Strengths:

* Extensive experience of the promoter: The promoter has experience
of more than two decades in the EPC segment, which has helped the
company establish healthy relationships with customers and get
steady orders over the years.

* Moderate capital structure: The financial risk profile is driven
by above-average capital structure as reflected in total outside
liabilities to adjusted networth (TOLANW) ratio and gearing of 1.21
times and 0.78 time, respectively, as on March 31, 2023. These
metrics are expected to be 1.15 times and 0.7 time, respectively,
as on March 31, 2024. In the absence of any debt-funded capital
expenditure (capex), the financial risk profile is expected to
remain above average over the medium term.

Liquidity: Poor

Bank limit utilisation was extremely high at 99.4% on average over
the 12 months through July 2023. Cash accrual is expected to be
INR0.6-0.8 crore, which is tightly matched against term debt
obligation of INR0.28 crore over the medium term. Receivables are
large, leading to constant delays in servicing of term debt
obligation.

Rating Sensitivity Factors

Upward factors:

* Track record of timely debt servicing and absence of any
irregularity for at least 90 days
* Improvement in liquidity with drop in average bank limit
utilisation

Incorporated in 2003, ACSPL is engaged in the erection and
commissioning of electricity distribution systems, installation of
lines and setting up of transformers, among other projects. The
company also provides manpower services to companies. The company
is based in Lucknow, Uttar Pradesh, and is managed by Mr Vikas
Srivastava.


BALIRAJA SAKHAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Baliraja Sakhar Karkhana Limited
Shraddha House, CTS No. 1206/A-1, Plot No. 887-A,
        Shirole Road, Off J.M. Road, Shivjinagar,
        Pune, Pune, Maharashtra, India, 411004

Insolvency Commencement Date: October 6, 2023

Estimated date of closure of
insolvency resolution process: April 6, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ajay Marathe
       201 Aadhar Height,
              Opposite Bhagshala Maidan,
              Dombivli (West)
       Email: ajaym7@rediffmail.com
              irpbaliraja@gmail.com

Last date for
submission of claims: October 23, 2023


BILPOWER LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bilpower
Limited (Bilpower) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             90         CRISIL D (Issuer Not
                                      Cooperating)
   Letter of credit
   & Bank Guarantee        80         CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Long Term
   Bank Loan Facility       4         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Bilpower for
obtaining information through letter and email dated August 29,
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 Bilpower, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Bilpower is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Bilpower continues to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

Bilpower, incorporated in 1989, manufactures transformer
laminations. It has manufacturing units at Vadodara (Gujarat),
Silvassa (Dadra and Nagar Haveli), Kanchad (Maharashtra), and
Roorkee (Uttarakhand).


BIRBAL DASS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Birbal Dass
Ritesh Kumar (BDRK) continueS to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 9,
2022, placed the rating(s) of BDRK under the 'issuer
non-cooperating' category as BDRK 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. BDRK
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 26, 2023, August 5, 2023, August 15, 2023.

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

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

Hanumangarh (Rajasthan) based Birbal Das Ritesh Kumar (BDRK) was
established in 2006 as a proprietorship concern by Mr Ritesh Kumar
Gupta. BDRK is engaged in the business of trading of agriculture
commodities and also provides commission agents services to its
customers. The firm mainly deals in barley, castor seeds,
coriander, cotton bales, mustard seeds and wheat etc. It procures
the agriculture commodities from the local mandis as well as from
farmers and sells those to different customers directly as well as
through distributors. BDRK is also engaged in the business of land
development business.


CARD PRO: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Card Pro
Solutions Private Limited (CPSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.84       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 19,
2022, placed the rating(s) of CPSPL under the 'issuer
non-cooperating' category as CPSPL 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. CPSPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 4, 2023, September
14, 2023, September 24, 2023.

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

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

Card Pro Solutions Private Limited (CSPL) incorporated in 1989 as
Kamal Offset Private Limited by Mr. Vikas Choudhary and Mr. Kishin
Gidwani and got its current name in 2010. CSPL is engaged in
business of the manufacturing of pre-paid cards and chip
& non-chip based smart cards. CSPL has its manufacturing facility
located at Navi Mumbai. Further it has head office in Mumbai
(Maharashtra) and also has two more branches in Delhi and Kolkata
for conducting its marketing activities.


CHETAN ALLOYS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chetan
Alloys Private Limited (CAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE C; 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 September 23,
2022, placed the rating(s) of CAPL under the 'issuer
non-cooperating' category as CAPL 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. CAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 9, 2023, August 29, 2023, October 13,
2023.

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

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

Chetan Alloys Private Limited (CAPL) was incorporated in May 2011
by Mr.Chetan Maheshwari and Satish Maheshwari and commercial
operations commenced from October 2012. Business of group entity,
ShekharImpex, where Mr.Sureshbhai Maheshwari was proprietor, was
transferred to CAPL in 2011. CAPL has its Head office in Delhi and
Branch office at Jamnagar. It deals in the scrap products of
ferrous metals and non-ferrous metals like aluminum, bronze, zinc,
titanium etc. CAPL obtains sales orders from its customers and
procures the products from prime suppliers of India.



CONSUMER MARKETING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Consumer Marketing (India) Private Limited
501, Brahans Bussiness Park, Nr. Paper Box,
        Mahakali Caves Road, Andheri East, Mumbai City,
Mumbai Maharashtra, India, 400093

Insolvency Commencement Date: October 11, 2023

Estimated date of closure of
insolvency resolution process: April 8, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Jovita Reema Mathias
       A-1/302, Shubham Centre,
              Cardinal Gracious Road, Chakala,
              Andheri East, Mumbai-400099
              Email: ip.reemajm@gmail.com
                     cirp.cmipl@gmail.com

Last date for
submission of claims: October 25, 2023

DEOGIRI INFRASTRUCTURE: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Deogiri Infrastructure Private Limited
Office No: 105, 1st Floor, Siddharth Arcade,
        Opp. MTDC Railway Station Road, Aurangabad-431005

Liquidation Commencement Date: October 5, 2023

Court: National Company Law Tribunal, Mumbai Bench

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

Last date for
submission of claims: November 4, 2023


DEV VERSHA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s Dev Versha Publication Private Limited
Property No.3, Block-D, Municipal No. XIV/11163,
New Rohtak Road, Karol Bagh,
        Central Delhi, Delhi-110005

Insolvency Commencement Date: September 26, 2023

Estimated date of closure of
insolvency resolution process: March 24,  2024

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Sanjay Kumar Jha
       123/8, Gali No. 15, T-Point,
              Main Market Sant Nagar,
              Burari, New Delhi-110084
              Email: ipdevversha@gmail.com

              308-309, Vardhman Fortune Mall,
              G.T. Kamal Road, Opp. Hans Cinema
              Azadpur, New Delhi-110033
              Email: ipdevwersha@gmail.com

Last date for
submission of claims: October 27, 2023


DIVERSIFICATION AGRICULTURE: Insolvency Resolution Case Summary
---------------------------------------------------------------
Debtor: Diversification Agriculture Producer Company Limited
3/26216, Janak Nagar Khanalampura,
Saharanpur, Uttar Pradesh, India, 247001

Insolvency Commencement Date:  October 6, 2023

Estimated date of closure of
insolvency resolution process: April 3, 2024

Court: National Company Law Tribunal, Allahabad Bench

Insolvency
Professional: Ankit Agrawal
       62A, KK Hospital Road
              Near Swamvar Wedding Hall (Rajendra Nagar),
              Bareilly, Uttar Pradesh, 243122
              Email: ankitagarwalcs@gmail.com
              cirp.dap@gmail.com

Last date for
submission of claims: October 24, 2023

FAIRMONEY FINANCIAL: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Fairmoney Financial Services Private Limited
45/3, Gopala Krishna Complex,
        Residency Road, Mahatma Gandhi Rd
        Bangalore KA 560025 India

Liquidation Commencement Date:  October 5, 2023

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: CA Ravindranath Narayana Rao
     522/C 2nd Floor,1st D Cross,
            15th Main, 3 Stage, 4 Block, WCR,
            Basaveshwaranagar, Bangalore 560 079
            Email: vl.fmfspl@gmail.com
            Contact Details: +91 9845258480

Last date for
submission of claims: November 9,  2023


FERRO RODS: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Ferro Rods Private Limited
042 Park Towers, 14 Ballygunge Park Road,
Kolkata-700019, West Bengal, India

Liquidation Commencement Date:  October 3, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: CS Saurabh Basu
     S Basu & Associates,
            Alapan Apartment, 3rd Floor,
            10/6/2 Raja Rammohan Roy Road,
            Kolkata, West Bengal, 700008
            Tel No: +91 9830063501
            Email: pcs.saurabhhasu@gmail.com

Last date for
submission of claims: November 1,  2023


FISHTAIL DESIGN: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Fishtail Design Automation (India) Private Limited
        No. 18/36 II Floor Karpagambal Nagar Mylapore
        Chennai 600004 Tamil Nadu India

Liquidation Commencement Date:  September 30, 2023

Court: National Company Law Tribunal Bengaluru Bench

Liquidator: Mr. Joby Chacko
     Pn de Sunrise Second Floor Flat No. 104A,
            Next to Pride Vatika Layout, Jigari Hobli
            Bengaluru 561083
            Email: jobykc@gmail.com
            Ph No: +91 9663308656

Last date for
submission of claims: October 30, 2023


FUTURE ENTERPRISES: Jindal India Submits Debt Resolution Plan
-------------------------------------------------------------
The Economic Times reports that Jindal (India), promoted by the
family that controls Jindal Poly Films, has submitted a debt
resolution plan for debt-laden Future Enterprises under the
Insolvency and Bankruptcy Code (IBC) process, said people briefed
on the matter.

This could pit the company against Mukesh Ambani-controlled
Reliance Retail, which has sought time till October 30 to decide if
it wants to bid for Future Enterprises, the people cited above
said.

Details of the bid placed by Jindal couldn't be ascertained as it
was submitted in a sealed envelope as is common practice for
confidential financial bids submitted under the IBC, ET says.

ET relates that the offer will be opened only after Reliance Retail
conveys its decision to Future Enterprises' creditors about its
intent to either continue or walk out of the bidding process.

Future Enterprises has INR11,000 crore of debt, ET discloses. It
was admitted for insolvency proceedings on February 27 by the
National Company Law Tribunal in response to a petition filed by a
creditor claiming the company had defaulted on payments.

Unlike its sister concern Future Retail, which received bids from
only scrap dealers, creditors are hoping for a better outcome from
the insolvency process of Future Enterprises, which owns stakes in
life and general insurance joint ventures that Future Group
promoter Kishore Biyani had struck with Italy's Generali group in
2006.

Jindal (India), Reliance Retail and Future Enterprises' resolution
professional Avil Menezes did not respond to ET's emailed queries
till press time.

According to ET, Future Retail's creditors are faced with huge
write-offs on their loans. Data sourced from the website of the
Insolvency and Bankruptcy Board of India showed the company's
financial creditors, such as banks, are owed INR20,000 crore. The
best debt resolution offer received for the company was INR550
crore from a Gurugram-based online scrap dealer.

Assuming Future Enterprises' insolvency process results in a better
debt resolution acceptable to all creditors, the winning bidder
could become the rightful owner of a 25.5% stake in Future
Generali's general insurance company and receive a nearly 9% stake
in Future Generali's life insurance company, ET notes.

ET adds that the general insurance company was valued at INR5,000
crore in May last year when Generali raised its stake in the
company from 49% to 74%. It paid INR1,267 crore to purchase the
additional stake to take advantage of liberalised foreign direct
investment guidelines (FDI) in the insurance sector.

                      About Future Enterprises

Future Enterprises Limited owns and operates retail stores. The
Company offers a variety of household, consumer and fashion
products and also engaged in manufacturing of garments.

Future Retail was dragged into insolvency proceedings by banks in
July 2022 after it defaulted on loans and its lenders rejected a
US$3.4 billion buyout by Reliance Retail amid a legal challenge by
Amazon.com Inc. Future Enterprises was admitted to insolvency in
March 2023.

GEMSTONE GLASS: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Gemstone Glass Private Limited (GGPL; part of Trend group) to
'CRISIL D/CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            2.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit         7.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     2.17      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Working Capital        2.83      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with GGPL for
obtaining information through letter and email dated August 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 GGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GGPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the ratings on
bank facilities of GGPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

GGPL, incorporated in 2003, is a wholly-owned subsidiary of Trend
SpA, Italy (Trend). The company manufactures glass and operates as
a production hub for the group. With effect from April 1, 2013,
another subsidiary of Trend, Pino Pvt Ltd, was merged with GGPL.


HN REACON: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: HN Reacon Private Limited
H.N-106, I-Floor (Near GiriRaj Hotel)
Sarai Kale Khan, New Delhi-110013

Insolvency Commencement Date: September 20, 2023

Estimated date of closure of
insolvency resolution process: March 17, 2024

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Prassan Navin Kumar Sinha
       F-242B, Third Floor, Mangal Bazar,
              Laxmi Nagar, East Delhi-110092
              Email: csprassan@gmail.com
                     hnreaconcirp@gmail.com

Last date for
submission of claims: October 18, 2023


K. G. ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K. G.
Ispat Private Limited (KGIPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.25       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 September 16,
2022, placed the rating(s) of KGIPL under the 'issuer
non-cooperating' category as KGIPL 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. KGIPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 2, 2023, August 12,
2023, August 22, 2023.

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

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

Indore (Madhya Pradesh) based, KGIPL was incorporated in 2004, is
promoted by Mr. Rajkumar Gupta & Ms. Deepti Gupta. They both
jointly manage the operations of the company. KGIPL is engaged in
trading of iron & steel scrap and products. KGIPL primarily
purchase MS scrap and MS bars, angles, pattis, ingots and other MS
products and primarily sells to manufacturers of MS products and
dealers. KGIPL primarily sells in the state of Madhya Pradesh.


KEYA REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Keya Realty
continues to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          9.26       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      0.74       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with Keya for
obtaining information through letter and email dated September 11,
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 Keya, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Keya
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Keya continues to be 'CRISIL D Issuer Not Cooperating'.

Set up as a proprietorship concern in 2002, by Mr. Manish
Mahendhrabhai Patel, Keya is engaged in construction of residential
and commercial real estate projects in Vadodara.


KRISHNAAM MOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Krishnaam
Mobile and accessories Private Limited (KMAPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             6.7        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      0.9        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with KMAPL for
obtaining information through letter and email dated September 11,
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 KMAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMAPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2006, KMAPL trades in mobile accessories. It is
promoted by Mr. Amit Singhania and is based in Delhi.


MAA DURGA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s Maa Durga Commotrade Pvt. Ltd
Flat No-302, Neelakanth Apartment,
        College Square, Malgodown,
        Cuttack, Malgodown,
        Cuttack, Cuttack OR 753003 India

Insolvency Commencement Date:  September 25, 2023

Estimated date of closure of
insolvency resolution process: March 23,  2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Mr. Bishwanath Choudhary
       Flat No. 8F, Block 7, Prasad Exotica,
              71/3, Canal Circular Road,
              Kolkata, West Bengal - 700054
              Email: choudhary_bishwanath@rediffmail.com

              LSI Resolution(P) Ltd.
              104, S. P. Mukherjee Road, Sagar Trade Cube,
              2nd Floor, Kolkata - 700026,
              West Bengal, India
              Email: cirp.maadurga2023@gmail.com

Last date for
submission of claims: October 9, 2023


METHRA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Methra
Industries India Private Limited (MIIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.64       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 September 15,
2022, placed the rating(s) of MIIPL under the 'issuer
non-cooperating' category as MIIPL 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. MIIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 1, 2023, August 11,
2023, August 21, 2023.

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

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

Methra Industries India Private Limited (MIIPL) was established on
April 12, 2010 by Mr. P.Venkatesan and Mrs. Saraswathy Venkatesan
with the objective of manufacture of concrete blocks (Autoclaved
Aerated Blocks) which are eco-friendly under the brand name "CELL O
CON" using the German technology. In addition to the manufacture of
AAC blocks, MIIPL also trades the gypsum material which is used in
plastering of building.


NEWTECH BUILDHOME: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor:  Newtech Buildhome Private Limited

  Registered Office:
         First Floor, Ramdas Agarwal Marg,
  Near Jawahar Circle, Jaipur,
         Rajasthan, India, 302015

  Principal Office:
         Plot No: 25, 132, Gachibowli - Miyapur Rd,
  Jayabheri Enclave, Gachibowli,
         Hyderabad, Telangana 500032

Insolvency Commencement Date: October 12, 2023

Estimated date of closure of
insolvency resolution process: April 9, 2024

Court: National Company Law Tribunal, Jaipur Bench

Insolvency
Professional: Shreyansh Jain
       505 Silver Coin Apartment,
              Behind Aakashwani,
       Paota C Road, Jodhpur, Rajasthan - 342001
       Email: Shreyansh.jain@mail.ca.in
                     cirp.newtechbuildhome@gmail.com

Last date for
submission of claims: October 26, 2023


POINCARE TECHNOLOGIES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Poincare Technologies Private Limited
HD-012 We Work Salarpuria Magnificia,
        TIN Factory, 78 Old Madras Raod,
        Mahadevapura, next tO KR Puram, Bangalore,
        Bengaluru, Karnataka, India, 560016

Liquidation Commencement Date:  September 29, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: ADV Vinit Gangwal
     503, Varun Capital Off J.M Road Opp.
            Jangli Maharaj Mandir, Next to Hotel Sudama,
            Shivajo Nagar, Pune-411005
            Email: ip.vinitgangwal@sudharman.in
            Email:ip.poincare@sankalpipe.com
            Tel No: (020) 25510101

Last date for
submission of claims: October 29, 2023


PRASAD SUGAR: CRISIL Lowers Rating on INR70.34cr LT Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long term bank
facilities of Prasad Sugar and Allied Agro Products Limited (PSAPL)
to 'CRISIL D' from 'CRISIL B/Stable'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            3.75        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Long Term Loan        70.34        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Long Term Loan         5.52        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Long Term Loan        18.93        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Pledge Loan          174.48        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Proposed Long Term    26.98        CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B/Stable')

The rating downgraded reflects delays in repayment of term debt
obligations on account of weak liquidity.

The rating continues to reflect delay in the repayment obligations,
weak financial profile and exposure to regulatory changes along
with cyclicality in the sugar industry. These weaknesses are
partially offset by its extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in the repayment obligations: There has been instance of
delay in the repayment of principal and interest component of term
loan. Company has repayments of over INR28 crore for fiscal 2024.

* Weak financial profile: PSAPL has weak financial profile marked
by estimated gearing and total outside liabilities to adj tangible
networth (TOL/ANW) above 10 times as on 31st March 2023. PSAPL's
debt protection measures have also been at weak level in past due
to high gearing and low accruals from the operations. The interest
coverage and net cash accrual to total debt (NCATD) ratio are at
2.1 times and 0.1 times for fiscal 2023, debt protection measures
are expected to remain at similar level with high debt levels. With
the scale of operations improving leading to higher accruals, which
result in reduction of debt which will be key monitorable over
medium term.

* Exposure to regulatory changes and cyclicality in the sugar
industry and risk associated with dependence on sugar sales:
Regulatory mechanisms and dependence on monsoon lead to cyclicality
in the sugar industry, which may impact SBSSKL's performance. The
government regulates the domestic demand-supply scenario by
restricting imports and exports, as well as the prices of sugar
cane. Moreover, due to business model, the company is majorly
dependent on sugar sales, which is susceptible to both sugar prices
and sugarcane cane prices to be paid to farmers. Also company has
started Ethanol production which will be monitorable. Further, any
impact on sales or operating margin can impact the cushion between
net cash accruals and repayment obligations.

Strengths:

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

Liquidity: Poor

Average bank limit utilization for last 12 months ending January
31, 2023, is 64.7%. Net cash accruals are expected to be over INR35
crore against repayment obligations of INR28 crore over medium
term. Company has cash and bank balance of INR1.72 crore
(Encumbered & Unencumbered) as on December 31, 2022. Company has
already done capex for Ethanol and Co-gen, no major capex plans
over medium term.

Rating Sensitivity factors

Upward Factors

* Timely repayment of debt obligations continuously for atleast 90
days.
* Substantial increase in revenues and profitability leading to
higher cash accruals.

PSAPL, incorporated in 2007, is owned and managed by Mr Shusilkumar
Deshmukh and Mr Prasad Tanpure, and their family members. The
company manufactures sugar at its plant in Rahuri Taluka in the
Ahmednagar district of Maharashtra, with an installed capacity of
4,000 tonne crushed per day and an ethanol plant with 60 KLPD
capacity.


PRATIBHA MILK: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pratibha
Milk Industries (PMI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       54.93      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 October 14,
2022, placed the rating(s) of PMI under the 'issuer
non-cooperating' category as PMI 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. PMI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 30, 2023, September 09, 2023, September
19, 2023.

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

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

PMI is a partnership firm of Mr. Satish Chavan and his wife Mrs.
Ashwini Chavan and is part of the Chavan Group. The group has its
presence in milk business since 2002, and has been majorly engaged
in trading of milk and milk products and government contract
business till 2009.


RDG INTERIOR: Liquidation Process Case Summary
----------------------------------------------
Debtor: RDG Interior Decoration Exterior Architecture Private
Limited
344/4, Ground Floor N S C Bose Road
        Kolkata Kolkata WB 700047 India

Liquidation Commencement Date:  April 11, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Pramod Kumar Singh
     309, Vikas Bhawan (AIADA), Main Road Adityapur,
     Jamshedpur Jharkhand-831013
            Email: pramodip09@gmail.com
                   liqrdg@gmail.com

Last date for
submission of claims: October 24,  2023


SANKHESWARAA GOLD: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Sankheswaraa Gold Exports Private Limited (SGEPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 18,
2022, placed the rating(s) of SGEPL under the 'issuer
non-cooperating' category as SGEPL 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. SGEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 3, 2023, September
13, 2023, September 23, 2023.

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

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

Sankheswaraa Gold Exports Private Limited (SGEPL) was incorporated
on June, 25, 2012 by Mr Ketan Nirmal Jain & family. In March, 2016,
the company was taken over by Mr Rakesh Champalal Parekh and Mr
Nikunj Pravin Parekh. SGEPL commenced its operations from May 19,
2016 by setting up a plant & machinery for manufacturing of gold
chains and bracelets with high quality art and finishing.


SHIV COTTON: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Cotton
Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.40       CARE C; 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 September 9,
2022, placed the rating(s) of SCI under the 'issuer
non-cooperating' category as SCI 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. SCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 26, 2023, August 5, 2023, August 15, 2023.

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

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

SCI was established in November 2011 as a partnership firm by 12
partners for setting up of new ginning and pressing unit with the
installed capacity of 7,668 MT per annum. The manufacturing plant
is situated at Babara (District: Amreli), Gujarat. SCI commenced
its operations from July 2012 onwards.


SHLOGAM AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shlogam
Agro Private Limited (SAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank     30.00       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 October 19,
2022, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL 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. SAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 4, 2023, September 14, 2023, September
24, 2023.

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

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

Shlogam Agro Private Limited (SAPL), incorporated in May 2008 is a
closely held family business engaged in trading of rice, millet,
maize, groundnut meal, soya bean meal, millet, barley and chickpeas
among other agro commodities since inception. SAPL is managed by
Mr. Rahul Bakliwal and Mr. Nikhil Bakliwal.


SHRADHA AGENCIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shradha
Agencies Pvt. Ltd. (SAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.00       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 September 6,
2022, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL 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. SAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 23, 2023, August 2, 2023, August 12, 2023.

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

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

Shradha Agencies Pvt. Ltd. (SAPL) which was originally incorporated
as a sole proprietorship firm in 1992 by the name of Shradha
Agencies was later reconstituted as a private limited company in
1996. It is a part of the Shradha group of Kolkata
which has been promoted by Late Dr. C. L. Arora during early 1970
with primary interest into trading and logistics. Currently, the
company is being managed by Shri Rajeev Arora (son of Late Dr. C.
L. Arora). The company currently functions as a distributor of FMCG
products, Mobile handsets and accessories, Pens and Safety Matches
across the state of West Bengal (WB).


SHRINATH COTTON: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shrinath
Cotton Industries (SCI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.03       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 September 15,
2022, placed the rating(s) of SCI under the 'issuer
non-cooperating' category as SCI 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. SCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 1, 2023, August 11, 2023, August 21,
2023.

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

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

Shrinath Cotton Industries (SCI) is a partnership firm established
in 2006 by three partners Mr. Keshavlal Popat, Mr. Bharat Popat and
Mrs. Raksha Popat which was later reconstituted with the retirement
of Mr. Keshavlal Popat as on January 18, 2011. It is now managed by
Mr. Bharat Popat and Mrs. Raksha Popat and has its manufacturing
facility at Amreli district, Gujarat. SCI is engaged in the cotton
ginning and pressing business. The firm is ISO 9001:2008 certified
and Technology Mission on Cotton (TMC) approved firm by the
Ministry of Textile, GOI.


SMT. VISHNU: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Smt. Vishnu
Devi Educational Trust (SVDET) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               8          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SVDET for
obtaining information through letter and email dated September 11,
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 SVDET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVDET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVDET continues to be 'CRISIL D Issuer Not Cooperating'.

SVDET was formed in 2011, by Mr. Anil Kumar Agrawal and family. The
trust has been set up to run educational institutions. Presently,
the trust is running a school under the name of K N International
School near Mathura (Uttar Pradesh), which was established in
2011.


TIRUPATI FABRICATORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Tirupati Fabricators Private Limited
J-22, MIDC Area, Jalgaon-425003,
        Maharashtra, India

Insolvency Commencement Date:  October 7, 2023

Estimated date of closure of
insolvency resolution process: April 4, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Indrajit Mukherjee
       B405, Siddhivinayak Twins,
              Plot No. 9, Sector 17,
       Roadpali, Kalamboli,
              Navi Mumbai 410218
              Email: indrajitmukherjee15@yahoo.com
                     cirptirufab@gmail.com

Last date for
submission of claims: October 21, 2023


UNITED STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United Steel
Building Systems Private Limited (USBS) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              6         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term       0.5       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with USBS for
obtaining information through letter and email dated September 11,
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 USBS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on USBS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
USBS continues to be 'CRISIL D Issuer Not Cooperating'.

USBS was set up in 2010 by Mr. Chandramohan R and his family. The
company is engaged in the design and supply of pre-engineered metal
building (PEB). The company is based in Chennai, Tamilnadu.


USHA INDIA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Usha lndia Limited
Village Gujartola, Amethi Road, Gauriganj,
        Raibareilly, Sultanpur-228001, Uttar Pradesh

Insolvency Commencement Date: October 5, 2023

Estimated date of closure of
insolvency resolution process: April 2, 2024

Court: National Company Law Tribunal, Allahabad Bench

Insolvency
Professional: Mr. Chirag Rajendrakumar Shah
       208, Ratnaraj Spring, Beside Navnirman Co.
              Opp. Bank/Opp HDFC Bank House.
              Navrangpura, Ahmedabad-380009
              Email: chirag.irp@gmail.com
                     cirp.ushaindia@gmail.com

Last date for
submission of claims: October 19, 2023


VANI ORGANICS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vani
Organics Private Limited (VOPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 22,
2022, placed the rating(s) of VOPL under the 'issuer
non-cooperating' category as VOPL 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. VOPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 8, 2023, August 18, 2023, October 13,
2023.

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

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

Vani Organics Private Limited (VOPL) belongs to Vani Group based
out of Hyderabad promoted by Late Mr. Subba Rao. The Group
commenced its business by incorporating Vani Pharma Labs Limited
(VPL) in the year 1976 which is the flagship company of the group
and engaged in manufacturing of Active Pharmaceutical Ingredients
(APIs) and bulk drugs. In 1984, the group expanded its production
facilities by incorporating VOPL in Bidar, Karnataka, to
manufacture bulk drugs.



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

AGESON BHD: Falls Under Practice Note 17 Category
-------------------------------------------------
The Star reports that Ageson Bhd is now a Practice Note 17 (PN17)
company, making it the 24th admission in the list.

According to The Star, Bursa Malaysia Securities Bhd (Bursa
Securities) said Ageson has triggered the criteria pursuant to
Paragraph 2.1(e) of PN17 of the Main Market Listing Requirements of
Bursa Securities.

"Bursa Securities would like to emphasise that it will continue to
monitor the progress of Ageson in respect of its compliance with
the Main Market Listing Requirements," Bursa Securities said in a
statement.

In a filing on Oct. 31, Ageson's external auditor, Messrs. Jamal,
Amin & Partners, have expressed a disclaimer of opinion in the
company's audited financial statements for the 18-month financial
period ended Dec. 31, 2022, The Star relays.

Ageson Berhad -- https://www.agesonberhad.com/ -- is an investment
holding company. The Company, through its wholly owned
subsidiaries, is principally involved in mineral resources trading,
property development and engineering, procurement, construction,
and commissioning (EPCC).


CAPITAL A: Unit's Merger with SPAC Part of Bid to Uplift PN17
-------------------------------------------------------------
New Straits Times reports that the proposed business merger of
Capital A International with a US-based special purpose acquisition
company (SPAC) is one component of Capital A Bhd's larger strategy
to address and uplift its PN17 status.

NST relates that MIDF Research said this presents an avenue for the
group to unlock the value of the AirAsia brand.

"It will also provide the group with exposure to the US capital
markets via Nasdaq, which are generally known to be more receptive
to financial endeavours of this nature," it said in a note.

According to the report, Capital A on Nov. 1 announced that it had
entered into a letter of intent (LOI) with Aetherium Acquisition
Corp, a SPAC listed on the Nasdaq stock exchange, for the proposed
business merger.

This would result in Capital A International becoming a standalone
publicly traded company in the United States, NST relates.

NST says the expected impact of the proposed business combination
will be disclosed in a detailed announcement when the definitive
agreement is signed tentatively in the first quarter of calendar
year 2024 (1QCY24).

After the proposed business combination is finalised, MIDF Research
said the firm is anticipating a pro forma gain from the merger.

This should improve Capital A's shareholders' equity which stood at
-MYR10.20 billion as of Q2 FY23.

"Moreover, post the completion of the merger, the group will have
the opportunity for indirect participation in the profits of the
disposed business through its ownership of consideration shares and
consideration securities.

"We made no changes to our earnings estimates. We maintain Neutral
on the stock with unchanged target price of 90 sen," it added.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.

Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, Capital A is in the midst of formulating a plan to
regularize its financial condition to address its Practice Note 17
(PN17) status.  

Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.

In October 2023, Capital A has requested for an extension to submit
its regularisation plan to Bursa Malaysia, making it the third
request made by the financially-distressed company. In a filing to
the bourse, Capital A said it had sought for an extension until
Dec. 31, 2023.




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

ADVANCING HOLDINGS: Court to Hear Wind-Up Petition on Nov. 9
------------------------------------------------------------
A petition to wind up the operations of The Advancing Holdings
Limited will be heard before the High Court at Christchurch on Nov.
9, 2023, at 10:00 a.m.

Lin Lin filed the petition against the company on Oct. 3, 2023.

The Petitioner's solicitor is:

          Jonathan Forsey
          Duncan Cotterill
          Level 2, Duncan Cotterill Plaza
          148 Victoria Street
          Christchurch 8013


CABINCO NZ: Court to Hear Wind-Up Petition on Feb. 12
-----------------------------------------------------
A petition to wind up the operations of Cabinco NZ Limited will be
heard before the High Court at Hamilton on Feb. 12, 2024, at 10:45
a.m.

Tempest Litigation Funders Limited filed the petition against the
company on Oct. 24, 2023.

The Petitioner's solicitor is:

          Kelly Cocks
          16 Piermark Drive
          Albany
          Auckland


GREAT WALL: Creditors' Proofs of Debt Due on Dec. 15
----------------------------------------------------
Creditors of Great Wall Property Management Limited are required to
file their proofs of debt by Dec. 15, 2023, to be included in the
company's dividend distribution.

The High Court at Christchurch appointed Benjamin Francis and Garry
Whimp of Blacklock Rose as liquidators on Oct. 26, 2023.


MARKETPLACE MEDIA: Creditors' Proofs of Debt Due on Feb. 24
-----------------------------------------------------------
Creditors of Marketplace Media Limited are required to file their
proofs of debt by Feb. 24, 2024, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Rhys Cain and Larissa Logan of
Ernst & Young as liquidators on Oct. 26, 2023.


RENALLS (2004): BDO Tauranga Appointed as Liquidators
-----------------------------------------------------
Paul Thomas Manning and Iain Bruce Shephard of BDO Tauranga on Oct.
25, 2023, were appointed as liquidators of Renalls (2004) Limited.

The liquidators may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


SUPIE LIMITED: In Administration; Gets 'Interests' in Brand, Assets
-------------------------------------------------------------------
Stuff.co.nz reports that after a key investor pulled the pin on
additional funding, Supie director Sarah Balle had to put the
business into voluntary administration or risk it becoming
insolvent, a Supie administrator said.

Richard Nacey and Stephen White of PwC were appointed voluntary
administrators of Supie on Oct. 30.

The online supermarket has debt of NZD3 million and owes its 122
staff wages and other entitlements, Stuff discloses.

Supie was established in 2021 with big aspirations to take on the
supermarket duopoly, and create more competition in the NZD25
billion grocery market.

The business operated in Auckland, Waikato and the Bay of Plenty,
and regularly offered cheaper groceries than available at other
supermarkets. It had plans to become a nationwide operation and
eventually open high-tech physical stores.

But it failed to reach the scale needed to become a competitive
player.

According to Stuff, Mr. Nacey said unless Supie received funding
urgently, it was likely the business would be liquidated.

A number of parties had come forward interested in acquiring the
Supie brand and some of its assets, he told Stuff.

"We're in a difficult position because, with the lack of funds
available, we've had to essentially close the doors and send the
staff home.

"We don't have the funds to pay them and therefore, in good
conscience, we can't ask them to come into work. That makes it
difficult from the perspective of trying to sell the business.

"We have had some parties who have enquired about particular
aspects of the business."

Work to assess if any of the "handful" of expressions of interest
in buying the brand and IP were serious would be done over the next
few days, he said.

Stuff says administrators were currently going through the process
of returning stock to suppliers that had a valid retention of title
clause in their terms of trade.

It was likely that not all creditors, including staff, would get
what they were owed as there was "not a lot in the way of assets"
administrators were able to realise, Mr. Nacey, as cited by Stuff,
said.

"We've closed the doors already and unless someone comes in with
some funding it will be liquidated."




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

AAMTF II: Creditors' Proofs of Debt Due on Nov. 30
--------------------------------------------------
Creditors of Aamtf II (Ex-Japan) Private Limited are required to
file their proofs of debt by Nov. 30, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 23, 2023.

The company's liquidator is:

          Mr. Liew Khee Soon
          60 Paya Lebar Road
          #04-51, Paya Lebar Square
          Singapore 409051



ANTHEM ASIA: Commences Wind-Up Proceedings
------------------------------------------
Members of Anthem Asia Myanmar SMEV Pte Ltd, on Oct. 25, 2023,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ellyn Tan Huixian
          Mazars Consulting
          135 Cecil Street, #10-01
          Singapore 069536


FLASH COFFEE: Ex-Staff Will Not Get Owed Salaries Soon, Union Says
------------------------------------------------------------------
The Straits Times reports that former employees of the Singapore
arm of coffee start-up Flash Coffee will not receive any owed
salaries in the near term, as the process of liquidating the
company "will take some time".

ST relates that Ms. Julie Cheong, president of the Food, Drinks and
Allied Workers Union (FDAWU), gave this notice of what lies ahead
for those affected in an update on Oct. 21, more than a week after
the company abruptly closed all 11 of its outlets islandwide.

In her update, she said the FDAWU is assisting the former employees
with filing their cases of owed salaries with the Tripartite
Alliance for Dispute Management, as well as with queries regarding
the filing of proof of debt, the report says.

A proof of debt is a declaration made by creditors to substantiate
the debt the company owes them.

Under the law, employees of an insolvent company are entitled to be
paid their wages and salaries, followed by retrenchment benefits
and ex-gratia payments, in priority of other unsecured creditors.

This payment is subject to a limit of five months' salary, or
SGD13,000, whichever is lower.

Those the union spoke to on Oct. 13 reported being owed salaries,
Central Provident Fund contributions and encashment for unused
leave, Ms. Cheong said in a statement that day.

According to the report, the former employees were told at a
meeting on Oct. 12 that the company had been placed on provisional
liquidation and their services were terminated effective that day.

A video showing Flash Coffee's shuttered Jurong Point outlet began
circulating on TikTok on Oct. 12.

The video shows a poster apparently put up by the outlet's staff,
stating that they were "on strike" due to "several late salary
payouts".

However, Ms. Cheong said in her previous statement that those the
union spoke to on Oct. 13 reported "no explicit plans to put up any
coordinated action" after they were informed of the company's
situation.

Flash Coffee is not unionised in Singapore, the report notes.

According to ST, a company spokesman said on Oct. 13 that Flash
Coffee has about 200 outlets globally, and decided to cease
operations in Singapore to "further consolidate our future efforts
and to double down on our most promising markets".

The Singapore unit, which listed Flash Coffee co-founders David
Brunier and Sebastian Hannecker as its directors, filed notice on
Oct. 12 that it is unable to continue its business due to
liabilities.

It filed for a voluntary winding-up, and was placed under
provisional liquidation. BDO Advisory has been appointed as the
company's liquidator, ST relates.

The Straits Times understands a creditors' meeting is set to be
held on or before Nov. 10.


GRIFFIN KINETIC: Court to Hear Wind-Up Petition on Nov. 10
----------------------------------------------------------
A petition to wind up the operations of Griffin Kinetic Pte Ltd
will be heard before the High Court of Singapore on Nov. 10, 2023,
at 10:00 a.m.

Nautical Marine & Engineering Pte Ltd filed the petition against
the company on Oct. 18, 2023.

The Petitioner's solicitors are:

          M/s Kalco Law LLC
          101A Upper Cross Street
          #12-17 People’s Park Centre
          Singapore 058358


NEW ALLOYS: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Oct. 20, 2023, to
wind up the operations of New Alloys Trading Pte. Ltd.

Kataman Metals LLC filed the petition against the company.

The company's liquidators are:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia  
          50 Havelock Road
          #02-767 The Beo Crescent
          Singapore 160050


ROYER SEA: Commences Wind-Up Proceedings
----------------------------------------
Members of Royer Sea Pte Ltd, on Oct. 24, 2023, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Tan Eng Soon
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591




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

ASIA COMMERCIAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Asia Commercial Joint Stock Bank's (ACB)
Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook is
Stable. At the same time, the agency has affirmed the bank's
Government Support Rating (GSR) at 'b+' and Viability Rating (VR)
at 'bb-'.

KEY RATING DRIVERS

Steady Profile Despite Economic Weakness: ACB's Long-Term IDR is
underpinned by its VR, which considers its steady underwriting
standards that have kept impairment levels manageable and below the
industry average, despite near-term weakness in the economy. The VR
also reflects the bank's high risk-adjusted returns as well as its
gradually improving capital buffers, which are balanced against
risks associated with its high loan growth, a trait shared by many
Vietnamese banks.

Economy Slows, Poised to Recover: Vietnam's GDP growth slowed to
4.3% in 9M23 amid weak external demand and lingering headwinds in
the domestic property sector. However, domestic fiscal and monetary
policies have pivoted to provide more support to the economy and
Fitch expects economic growth to accelerate to 6.3% in 2024 and
7.0% in 2025. The economy's medium-term fundamentals remain
favourable and sustained economic expansion creates positive
business prospects in the banking sector. Fitch has maintained a
positive outlook on the operating environment score of 'bb-'.

Focus on Higher-Income Retail Clients: ACB is a retail-focused
commercial bank in Vietnam, with the segment comprising more than
60% of loans and 80% of deposits. Its core customers tend to have
higher than average incomes, allowing the bank to sustain its
business volumes while keeping credit risks in check. Fitch has
revised the bank's business profile score to 'bb-'/stable from
'b+'/stable due to this lengthening record of strong execution and
consistent performance.

Asset Quality Deterioration Manageable: ACB's non-performing loan
(NPL) ratio rose to 1.2% by September 2023 from 0.7% at end-2022
due to a softer operating environment, but the ratio remained below
the industry average. Fitch believes this reflects ACB's
better-than-peers' credit standards and smaller exposure to
property developers. Fitch expects the bank's asset-quality metrics
to remain steady over the next 12-18 months amid a stronger
economic recovery.

Profitability Better than Peer Average: The tighter funding
environment in early 2023 resulted in a decline of the bank's net
interest margin, although it is likely to steady over the next few
quarters on recovering liquidity conditions. Fitch expects ACB's
risk-adjusted returns to continue to outperform its peers, helped
by its larger proportion of higher-yielding retail loans and low
credit costs.

Rising Capital Buffers: ACB has the highest capital buffers among
locally rated peers. Fitch expects its capital position to continue
to improve on sustained internal capital generation that will
likely continue to exceed growth in risk-weighted assets.

Largely Deposit Funded: ACB's loan/deposit ratio of 98% as of
September 2023 was steady relative to end-2022's 98%, indicating
its satisfactory liquidity profile. Loan growth may accelerate in
2024 as the economy recovers, leading to further rises in the
ratio. Nevertheless, Fitch expects ACB's funding profile to remain
steady, with customer deposits remaining its main source of funding
at around 82% at September 2023.

Probability of State Support: ACB's GSR of 'b+' is two notches
below the sovereign rating, reflecting Vietnam's large banking
system size and the bank's lower systemic importance relative to
larger state-owned peers. Fitch believes the authorities have a
strong propensity to support the banking system in general, given
the sector's importance to the overall economy.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Fitch may downgrades the VR and Long-Term IDR should a combination
of the following occur:

- The non-performing loan (NPL) and "problem loan" ratios, which
include "special-mention" loans and Vietnam Asset Management
Company bonds, rising significantly above 1% and 2%, respectively,
for a sustained period;

- Excessive credit growth into higher-risk sectors, such as
unsecured personal loans, without a commensurate improvement in
loan-absorption buffers;

- Operating profit/risk-weighted assets declining below 2% for a
prolonged period (1H23: 4.2%).

The GSR could be downgraded upon a downgrade of the sovereign
rating, which Fitch believes is unlikely to happen in the near term
given the Positive Outlook.

The Short-Term IDR is unlikely to be downgraded unless the
Long-Term IDR is downgraded by four or more notches.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The VR is at the same level as the operating environment score,
which typically constrains its assessment of the business profile
and other financial profile scores. An upgrade of the operating
environment score, in conjunction with a more positive assessment
of ACB's qualitative and financial key rating drivers, could lead
to a VR upgrade.

A sovereign rating upgrade is also likely to lead to similar upward
revision of ACB's GSR, assuming the state's propensity to support
the bank remains broadly unchanged.

The Short-Term IDR is unlikely to be upgraded unless the Long-Term
IDR is upgraded by three or more notches.

VR ADJUSTMENTS

The operating environment score has been assigned above the implied
score for the following adjustment: economic performance
(positive)

The asset quality score has been assigned below the implied score
for the following reason: underwriting standards and growth
(negative).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

ACB's GSR is linked to Vietnam's sovereign rating.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                       Rating          Prior
   -----------                       ------          -----
Asia Commercial
Joint Stock Bank   LT IDR             BB- Affirmed   BB-
                   ST IDR             B   Affirmed   B
                   Viability          bb- Affirmed   bb-
                   Government Support b+  Affirmed   b+

MILITARY COMMERCIAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Pos.
-------------------------------------------------------------------
Fitch Ratings has affirmed Military Commercial Joint Stock Bank's
(MB) Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook is
Positive, in line with the Outlook on Vietnam's sovereign 'BB' IDR.
Fitch has also affirmed the bank's Government Support Rating (GSR)
at 'bb-' and Viability Rating (VR) at 'b+'.

KEY RATING DRIVERS

State Support Underpins Ratings: MB's Long-Term IDR takes into
account its view of the government's strong propensity to support
the banking system, given the sector's high linkages with the
economy, balanced against the bank's moderate systemic importance.
It also takes into consideration MB's shareholding structure and
connections with state-linked companies that make extraordinary
support more likely than for other mid-sized banks in Vietnam.

Sustained Large Risk Appetite: The VR reflects MB's standalone
credit profile. Supporting the rating is MB's adequate funding
profile and profitability that has consistently outperformed the
average of rated local peers, which has resulted in gradual
accretion in its capital levels in recent years. This is balanced
against the risks associated with MB's high risk appetite and rapid
loan growth that has been outpacing industry averages - a trend
which Fitch expects to continue over the next few years.

Economy Poised to Recover: Fitch expects Vietnam's GDP growth to
accelerate to 6.3% in 2024 and 7.0% in 2025, after growth slowed to
4.3% in 9M23 (2022: 8.0%) amid weak external demand and lingering
headwinds in the domestic property sector. Domestic fiscal and
monetary policies have pivoted to provide growing support to the
economy. The economy's medium-term fundamentals remain favourable
and sustained economic expansion bolsters business prospects in the
banking sector. Fitch has maintained a positive outlook on the
operating environment score of 'bb-'.

Improving Market Franchise: MB's market presence continues to
expand on rapid balance-sheet growth and improving digital
capabilities, cementing its position as one of the largest private
sector banks in Vietnam. The bank has a market share of about 4%-5%
in system assets and deposits.

Weakened Asset Quality: MB's asset quality weakened in 1H23,
reflecting slower economic growth and weakness in the property
sector. Still, economic conditions appear to be improving
gradually, suggesting receding asset-quality risks, and Fitch
expects any further weakness in reported loan-quality metrics to be
manageable. So Fitch has affirmed the bank's asset quality score at
'b+'/stable.

Profitability Outperforms Peer Average: Fitch expects the pressure
on MB's margins to subside in 2H23 and spreads to recover in 2024,
on an improved liquidity environment and as credit demand in the
higher-yielding retail segment returns. This, coupled with higher
loan growth, should result in moderate improvement in its
risk-adjusted returns next year. Its operating profit/RWA ratio of
3.2% in 1H23 was higher than rated local peer average of 2.7%. MB's
profitability in 1H23 was affected by a decline in bancassurance
sales and compression in the net interest margin amid tightness in
funding conditions

Thin but Improving Capital Buffers: MB's Fitch Core Capital ratio
of 10.3% at end-1H23 reflected the bank's thin capital buffers
relative to risks in the operating environment and its heightened
risk profile. Fitch forecasts the ratio to increase gradually
towards 11% by end-2024 on sustained internal capital generation,
underpinning the positive outlook on the capitalisation and
leverage score. Nevertheless, the assessed score is below the
implied score in the 'bb' category to account for the bank's
aggressive growth posture that poses downside risks to its
projection.

Largely Deposit Funded: MB's loan/deposit ratio rose to 92% by
end-1H23, from 90% at end-2022, on sustained rapid loan growth. The
ratio may rise further on persistently high credit growth, but
Fitch expects its liquidity position to remain healthy, supported
by the improved funding environment. Customer deposits make up
about 83% of funding, with low-cost current and savings account
comprising 31% of total deposits - the highest among locally rated
peers. Fitch believes this reflects the strength in MB's deposit
franchise, which has been partly helped by its indirect state
linkages.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Any negative action on the sovereign rating would be reflected
directly in the bank's Long-Term IDR. The IDR and GSR could be
downgraded if Fitch sees material deterioration in the sovereign's
propensity to support the bank.

The bank's VR may be downgraded if Fitch sees significant
deterioration in its financial metrics, such as its operating
profit/risk-weighted assets ratio falling below 2% for a prolonged
period, and if its asset quality were to worsen significantly as
may be indicated by its non-performing loan ratio rising materially
above 2.5% for a sustained period.

Excessive growth in higher-risk sectors, such as in unsecured
personal loans, without commensurate improvements in its
loss-absorption buffers or risk controls, may also be negative for
its VR.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The bank's Long-Term IDR and GSR would be upgraded if the sovereign
rating is upgraded, assuming the sovereign's propensity to support
the bank remains intact.

MB's VR may be upgraded if Fitch sees sustained improvement in its
market franchise and/or its capitalisation, such that its Fitch
Core Capital ratio were to rise and stay above 11% over a sustained
period. Continued improvement in the operating environment may also
lead to positive action on the bank's VR.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Fitch has affirmed the Long-Term IDR (xgs) at 'B+(xgs)' and the
Short-Term IDR (xgs) at 'B(xgs)'. The bank's Long-Term IDR (xgs)
excludes assumption of government support from its underlying
rating and, therefore, is driven by its VR. The Short-Term IDR
(xgs) is assigned in line with its Long-Term IDR (xgs) and the
short-term rating mapping outlined in Fitch's criteria.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

The bank's Long-Term IDR (xgs) could be downgraded if the VR is
downgraded. The bank's Short-Term IDR (xgs) could be downgraded if
the VR is downgraded by two notches or more, below 'b-'.

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

The bank's Long-Term IDR (xgs) could be upgraded if the VR is
upgraded. The bank's Short-Term IDR (xgs) could be upgraded if the
VR is upgraded above 'bb+'.

VR ADJUSTMENTS

The operating environment score has been assigned above the implied
score for the following adjustment: economic performance
(positive)

The business profile score has been assigned below the implied
score for the following adjustment: business model (negative).

The asset quality score has been assigned below the implied score
for the following reason: underwriting standards and growth
(negative).

The capitalisation and leverage score has been assigned below the
implied score for the following reason: internal capital generation
and growth (negative).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

MB's ratings are linked to Vietnam's sovereign ratings.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                      Rating             Prior
   -----------                      ------             -----
Military
Commercial Joint
Stock Bank        LT IDR             BB-    Affirmed   BB-
                  ST IDR             B      Affirmed   B
                  Viability          b+     Affirmed   b+
                  Government Support bb-    Affirmed   bb-
                  LT IDR (xgs)       B+(xgs)Affirmed   B+(xgs)
                  ST IDR (xgs)       B(xgs) Affirmed   B(xgs)

VIETCOMBANK: Fitch Affirms 'BB' LongTerm IDR, Outlook Positive
--------------------------------------------------------------
Fitch Ratings has affirmed Joint Stock Commercial Bank for Foreign
Trade of Vietnam's (Vietcombank) Long-Term Issuer Default Rating
(IDR) at 'BB'. The Outlook on the IDR is Positive, in line with the
Outlook on Vietnam's sovereign rating (BB/Positive). At the same
time, Fitch has affirmed Vietcombank's Viability Rating (VR) at
'bb-' and the Government Support Rating (GSR) at 'bb'.

KEY RATING DRIVERS

Government-Supported Rating: The Long-Term IDR and the GSR of
Vietcombank are equalised with the sovereign rating, reflecting its
view that state support is likely to be forthcoming in times of
need. This takes into consideration its status as one of the
largest state-owned banks in the country and its assessment of the
state's strong propensity to support the banking system in
general.

Leading Domestic Franchise: The VR is underpinned by the bank's
entrenched market position and steady risk profile, which have
helped it to deliver consistent financial performance in recent
years. In particular, earnings and profitability have improved and
that is leading to better internal capital generation, making
Vietcombank one of the better performing banks in Vietnam on a
standalone basis.

Economy Slows, Poised to Recover: Vietnam's GDP growth slowed to
4.3% in 9M23 amid weak external demand and lingering headwinds in
the domestic property sector. However, fiscal and monetary policies
have pivoted to provide more support to the economy and Fitch
expects economic growth to accelerate to 6.3% in 2024 and 7.0% in
2025. The economy's medium-term fundamentals remain favourable and
sustained economic expansion creates positive business prospects in
the banking sector. Fitch has maintained a positive outlook on the
operating environment score of 'bb-'.

Relatively Resilient Asset Quality: Vietcombank's non-performing
loan (NPL) ratio inched up to 0.8% in 2Q23 (end-2022: 0.7%) amid
the weaker economy, but remained significantly below the industry
average, reflecting its consistent risk profile and lower exposure
to property developers. Fitch expects further deterioration in the
metrics to be tempered by regulatory forbearance that allows banks
to not downgrade restructured loans until June 2024, and the
limited proportion of such loans restructured by Vietcombank to
date.

Steady Profitability: The bank's annualised return on assets was
steady at 2% in 1H23 (2022: 1.9%), as higher credit costs were
offset by slower growth in operating expenses. Vietcombank kept its
net interest margin steady at a high level in 1H23, in contrast
with the narrower margins at many of its smaller peers, due to
higher asset yields and a superior deposit franchise that kept the
rise in funding costs manageable. Fitch expects profitability to be
sustained at current levels and have revised the earnings and
profitability score to 'bb' from 'bb-'.

Improved Capitalisation: Reduced dividends over the past few years
and slower balance-sheet growth in 1H23 have helped the bank to
buttress its capital ratio, as profitability has been robust. Fitch
has revised the capitalisation and leverage score to 'bb-' from
'b+' as Fitch expects the build-up in internal capital to be
sustained, albeit at a gradual pace. A planned sale of shares,
amounting to as much as 6.5% of chartered capital, will also
augment loss-absorption buffers and is scheduled to be executed
around mid-2024.

State Linkages Support Funding, Liquidity: Vietcombank's
loan/deposit ratio was steady at 88% in 2Q23 (end-2022: 91%),
reflecting its adequate liquidity profile. Fitch views the bank as
having an edge in its funding structure due to its larger base of
US dollar deposits, which bear no interest costs in Vietnam. Fitch
also believes the bank, together with other large state-owned
banks, is likely to be perceived by depositors as a safe haven
during times of market stress.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

IDR and GSR

The IDR and GSR are sensitive to changes in Vietnam's sovereign
rating, and the Outlook on the IDR is likely to mirror that on the
sovereign rating. Fitch may takes negative rating action on the GSR
and IDR if Fitch perceives that the state's propensity to support
Vietcombank has diminished significantly, such as if the bank had a
much lower systemic importance or ceased to be majority
state-owned, neither of which Fitch considers to be likely in the
near term.

Vietcombank's VR may come under pressure if the Fitch Core Capital
ratio declines below 7% for a sustained period. This could occur if
balance-sheet growth is substantially faster than Fitch expects
without a commensurate increase in capitalisation.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An upgrade of Vietnam's sovereign rating is likely to lead to a
corresponding upgrade of the GSR and IDR, provided that the state's
propensity to support Vietcombank is unchanged.

The VR is at the same level as the operating environment score and
is unlikely to be upgraded unless its assessment of the operating
environment becomes more favourable in conjunction with
corresponding improvements in Vietcombank's qualitative rating
drivers. In addition, the Fitch Core Capital ratio will need to be
sustained above 12% for an upgrade of the VR to be likely.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Fitch has affirmed the Long-Term IDR (xgs) at 'BB-(xgs)' and the
Short-Term IDR (xgs) at 'B(xgs)'. The bank's Long-Term IDR (xgs)
excludes assumption of government support from its underlying
rating and is, therefore, driven by its VR. The Short-Term IDR
(xgs) is assigned in accordance with its Long-Term IDR (xgs) and
the short-term rating mapping outlined in Fitch's criteria.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

The bank's Long-Term IDR (xgs) could be downgraded if the VR is
downgraded. The bank's Short-Term IDR (xgs) could be downgraded if
the VR is downgraded by four notches or more to below 'b-'.

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

The bank's Long-Term IDR (xgs) could be upgraded if the VR is
upgraded. The bank's Short-Term IDR (xgs) could be upgraded if the
VR is upgraded above 'bb+'.

VR ADJUSTMENTS

The operating environment score has been assigned above the implied
score for the following adjustment reason: economic performance
(positive).

The asset quality score has been assigned below the implied score
for the following reason: underwriting standards and growth
(negative).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Vietcombank's ratings are linked to Vietnam's sovereign rating.
ESG CONSIDERATIONS

Vietcombank has an ESG Relevance Score of '4' for Governance
Structure, due to the significant influence of the state in the
bank's strategic objectives and a potential lack of effective
independent board oversight that could weaken the protection of
creditor and stakeholder rights. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors. The bank's strong state linkages are also factored
into its assessment of the likelihood of state support, which
drives its GSR and Long-Term IDR.

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

Fitch's ESG Relevance Scores are not inputs in the rating process;
they are an observation on the relevance and materiality of ESG
factors in the rating decision.

   Entity/Debt                       Rating              Prior
   -----------                       ------              -----
Joint Stock
Commercial Bank
For Foreign
Trade of Vietnam   LT IDR             BB      Affirmed   BB
                   ST IDR             B       Affirmed   B
                   Viability          bb-     Affirmed   bb-
                   Government Support bb      Affirmed   bb
                   LT IDR (xgs)       BB-(xgs)Affirmed   BB-(xgs)
                   ST IDR (xgs)       B(xgs)  Affirmed   B(xgs)

VIETINBANK: Fitch Affirms 'BB' LongTerm IDR, Outlook Positive
-------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Joint Stock Commercial Bank for
Industry and Trade's (Vietinbank) Long-Term Issuer Default Rating
(IDR) at 'BB'. The Outlook on the rating is Positive, in line with
the Outlook on Vietnam's sovereign rating (BB/Positive). At the
same time, Fitch has affirmed Vietinbank's Viability Rating (VR) at
'b' and the Government Support Rating (GSR) at 'bb'.

KEY RATING DRIVERS

Government-Supported Rating: Vietinbank's Long-Term IDR is driven
by its expectations of extraordinary state support, if needed, as
reflected in the GSR. Fitch views the State Bank of Vietnam's (SBV)
propensity to support the banking system in general, and majority
state-owned and systemically important banks like Vietinbank in
particular, as being high. Therefore, the GSR and Long-Term IDR are
equalised with Vietnam's sovereign rating.

Capital Constrains VR: Vietinbank's capitalisation has improved at
a slower pace than Fitch had anticipated, with the Fitch Core
Capital Ratio rising to 6.5% by end-2Q23, from 6.2% at end-2022.
Fitch expects capitalisation to remain a key credit constraint for
the bank as balance-sheet growth accelerates and consumes most of
the internally generated capital, notwithstanding recent
improvements in the bank's risk profile and asset-quality
performance. Fitch therefore continues to apply a one-notch
negative adjustment to the VR, to 'b' from the implied score of
'b+'.

Economy Slows, Poised to Recover: Vietnam's GDP growth slowed to
4.3% in 9M23 amid weak external demand and lingering headwinds in
the domestic property sector. However, Fitch expects economic
growth to accelerate to 6.3% in 2024 and 7.0% in 2025 as domestic
fiscal and monetary policies have pivoted to provide more economic
support. The economy's medium-term fundamentals remain favourable
and sustained expansion will create positive business prospects for
the banking sector. Fitch has maintained a positive outlook on the
operating environment score of 'bb-'.

Improved Risk Profile: The non-performing loan (NPL) ratio held
steady at 1.3% by end-June 2023 (end-2022: 1.2%) even while the
system's NPL ratio rose to 3.4% from 2.0%. Vietinbank's risk
appetite, underwriting standards and credit provisioning policies
have improved over the past few years in its view. This is
reflected in asset-quality metrics that outperformed the industry
average, which Fitch expects to continue in the next 12-18 months,
leading us to revise both the bank's risk profile score and
asset-quality score to 'b+', from 'b'.

Gradual Improvement in Earnings: Vietinbank's profitability ratios
were stable in 1H23 as continued loan growth and a stable net
interest margin boosted net interest incomes, while fees and
trading revenues also grew robustly. Stronger pre-provisioning
earnings as well as a drawdown on general provisions enabled the
bank to book higher loan-impairment charges without dragging down
profits. Fitch expects risk-adjusted profitability to continue to
improve over the next 12-18 months and have revised the earnings
and profitability score to 'bb-'/stable, from 'b+'/positive.

Steady Funding and Liquidity: Vietinbank's loan/deposit ratio
remained steady at 104% by end-2Q23 (end-2022: 102%), as deposit
growth nearly kept pace with loan growth. The normalisation of
interbank interest rates has eased liquidity pressure for
Vietinbank, which utilises interbank funding more than its peers.
Fitch expects liquidity conditions in the system to remain
supportive for the bank, with the SBV pivoting to an expansionary
monetary policy stance since March 2023.

Systemically Important State-Owned Bank: Vietinbank's 65% state
ownership and high systemic importance, with an approximately 11%
share of system deposits and loans at end-2Q23, underpin its
assessment that the state is likely to extend extraordinary support
to the bank, if needed, as contagion risks across the banking
system would otherwise be high.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The IDR and GSR are sensitive to Vietnam's sovereign rating, and
the Outlook on the IDR is likely to mirror that on the sovereign
rating. Fitch may takes negative rating action on the GSR and the
IDR if Fitch perceives the state's propensity to support Vietinbank
to have diminished materially, such as the bank having much lower
systemic importance or ceasing to be majority state-owned, neither
of which Fitch considers likely in the near term.

Vietinbank's VR is constrained by low capitalisation. A decline in
the Fitch Core Capital ratio to 5% (end-2Q23: 6.5%), or its
regulatory capital ratio to close to the minimum requirement, could
lead to a downgrade of the VR to 'b-', especially if there were no
meaningful improvements in other financial profile scores.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An upgrade of Vietnam's sovereign rating is likely to lead to a
corresponding upgrade of the GSR and IDR, provided the state's
propensity to support Vietinbank is unchanged.

The VR is likely to be upgraded if the Fitch Core Capital ratio
rises to around 8% on a sustained basis, as capitalisation is
constraining the VR. An upgrade of the operating environment score,
coupled with further improvements in the bank's asset-quality
performance, may also lead to an upgrade of the VR.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Fitch has affirmed the Long-Term IDR (xgs) at 'B(xgs)' and the
Short-Term IDR (xgs) at 'B(xgs)'. The bank's Long-Term IDR (xgs)
excludes the assumption of government support from its underlying
rating and is, therefore, driven by its VR. The Short-Term IDR
(xgs) is assigned in accordance with its Long-Term IDR (xgs) and
the short-term rating mapping outlined in Fitch's criteria.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

The bank's Long-Term IDR (xgs) could be downgraded if the VR is
downgraded. The Short-Term IDR (xgs) could be downgraded if the VR
is downgraded by two notches or more, below 'b-'.

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

The bank's Long-Term IDR (xgs) could be upgraded if the VR is
upgraded. The Short-Term IDR (xgs) could be upgraded if the VR is
upgraded above 'bb+'.

VR ADJUSTMENTS

The VR has been assigned below the implied VR for the following
adjustment reason: weakest link - capitalisation and leverage
(negative).

The operating environment score has been assigned above the implied
score for the following adjustment reason: economic performance
(positive).

The asset-quality score has been assigned below the implied score
for the following adjustment reason: underwriting standards and
growth (negative).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Vietinbank's ratings are linked to Vietnam's sovereign rating.

ESG CONSIDERATIONS

Vietinbank has an ESG Relevance Score of '4' for Governance
Structure due to the significant influence of the state in the
bank's strategic objectives and a potential lack of effective
independent board oversight that could weaken the protection of
creditor and stakeholder rights. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors. The bank's strong state linkages are also factored
into its assessment of the likelihood of state support, which
drives its GSR and Long-Term IDR.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                       Rating             Prior
   -----------                       ------             -----
Vietnam Joint
Stock Commercial
Bank for Industry
and Trade           LT IDR             BB    Affirmed   BB
                    ST IDR             B     Affirmed   B
                    Viability          b     Affirmed   b
                    Government Support bb    Affirmed   bb
                    LT IDR (xgs)       B(xgs)Affirmed   B(xgs)
                    ST IDR (xgs)       B(xgs)Affirmed   B(xgs)


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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