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

                     A S I A   P A C I F I C

          Monday, October 31, 2022, Vol. 25, No. 211

                           Headlines



A U S T R A L I A

AAVARA TECHNOLOGY: Second Creditors' Meeting Set for Nov. 4
ALL STAR: Second Creditors' Meeting Set for Nov. 4
BLOCKCHAIN GLOBAL: Accused of Misappropriating Customers' Funds
CANDY CLUB: First Creditors' Meeting Set for Nov. 4
DEKO PARTITIONS: First Creditors' Meeting Set for Nov. 4

JW PROPERTY: First Creditors' Meeting Set for Nov. 3
YOUPLA GROUP: ASIC, NSW Fair Trading Seek to Appoint Liquidators


C A M B O D I A

NAGACORP LTD: S&P Alters Outlook to Negative, Affirms 'B+' ICR


C H I N A

CHINA GRAND: Fitch Affirms 'B-' Foreign Currency IDR, Outlook Neg.
RADIANCE GROUP: S&P Withdraws 'B+' Long-Term Issuer Credit Rating


H O N G   K O N G

HONG THAI: Parent Company Opt to Liquidate Travel Agency
LIONBRIDGE CAPITAL: Fitch Affirms & Then Withdraws 'BB-' IDR


I N D I A

AL KARMA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
AMRITA SAI: CRISIL Keeps D Debt Rating in Not Cooperating
AXIS BANK: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
BASUDHA UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAGYODAYA TROKHOS: CRISIL Keeps D Ratings in Not Cooperating

BL KASHYAP: CRISIL Keeps D Debt Ratings in Not Cooperating
BLUE PINK: CRISIL Keeps D Debt Ratings in Not Cooperating
FINECRETE ECO-BLOCKS: CRISIL Keeps D Ratings in Not Cooperating
GITAI FARMER: CRISIL Lowers Rating on INR2cr Cash Loan to D
HINDUSTHAN NATIONAL: Lenders OK AGI Greenpac's Resolution Plan

HUBLI ELECTRICITY: CRISIL Keeps D Debt Ratings in Not Cooperating
ICICI BANK: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
IMMENSE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
INNOVATIVE TECHNOMICS: CRISIL Keeps D Ratings in Not Cooperating
MAHARAJA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating

MAHESHWARI FABTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
MOMO JUNCTION: Creditors' Proofs of Debt Due on Dec. 9
MONTAGE PROMOTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
PVS BUILDERS: CRISIL Lowers Rating on INR15cr LT Loan to D
R. J. CONSTRUCTION: CRISIL Cuts Long Term Debt Rating to D

RELIANCE CAPITAL: Loans to Group Cos Lead to INR1,755cr Fin'l Hit
S. D. GURAV: CRISIL Keeps D Debt Rating in Not Cooperating
SAFIRE INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
SAHIBZADA AJIT: CRISIL Keeps D Debt Ratings in Not Cooperating
SARVESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating

SATYAM AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIMLA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVA SHREE: CRISIL Keeps D Debt Ratings in Not Cooperating
SPARKLET ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
SURYODAY COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating

SWASTIK LLOYDS: CRISIL Keeps D Debt Ratings in Not Cooperating
TOUGH BAGS: CRISIL Keeps D Debt Ratings in Not Cooperating
VAIBHU INFRA: CRISIL Lowers LT/ST Loan Rating to D
VIJAYA DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating


J A P A N

MITSUI E&S: Egan-Jones Retains CCC- Senior Unsecured Ratings
TOYOBO CO: Egan-Jones Retains BB+ Senior Unsecured Ratings


N E W   Z E A L A N D

CK LABOUR: Court to Hear Wind-Up Petition on Nov. 25
HAURAKI RAIL: Creditors' Proofs of Debt Due on Nov. 25
NAGIDAC EARTHMOVING: Creditors' Proofs of Debt Due on Jan. 20
REISLOCH GROUP: Court to Hear Wind-Up Petition on Nov. 25
VOLCANIC AIR: Goes Into Liquidation Following Covid-19 Slump



P A K I S T A N

PAKISTAN WATER & POWER: Fitch Lowers Foreign Currency IDR to 'CCC+'
PAKISTAN: Fitch Lowers LongTerm Foreign Currency IDR to 'CCC+'


S I N G A P O R E

AGV GROUP: Court to Hear Wind-Up Petition on Nov. 25
CHUA YEW: Court Enters Wind-Up Order
ENVYSION GLOBAL: Commences Wind-Up Proceedings
GUTHRIE (PLC): Creditors' Proofs of Debt Due on Nov. 28
HODLNAUT TRADING: JMs Face Hurdles in Determining Financial Status

JIGSAW CAPITAL: Court to Hear Wind-Up Petition on Nov. 11
LIFELONG GROUP: Court Enters Wind-Up Order


S O U T H   K O R E A

KOREA GAS: Egan-Jones Retains BB+ Senior Unsecured Ratings


V I E T N A M

PHAT DAT: Fitch Affirms & Then Withdraws 'B-' LongTerm IDR

                           - - - - -


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A U S T R A L I A
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AAVARA TECHNOLOGY: Second Creditors' Meeting Set for Nov. 4
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Aavara
Technology Solutions Pty Ltd and Itel7 Pty Ltd has been set for
Nov. 4, 2022, at 2:00 p.m. and 3:00 p.m., respectively, via virtual
meeting technology.
  
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, 2022, at 5:00 p.m.

Terrence John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of the company on Sept. 29, 2022.


ALL STAR: Second Creditors' Meeting Set for Nov. 4
--------------------------------------------------
A second meeting of creditors in the proceedings of All Star Assets
Pty Ltd has been set for Nov. 4, 2022, at 11:00 a.m. via a Zoom
videoconferencing facility.
  
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, 2022, at 4:00 p.m.

Grahame Ward and Edwin Narayan of Mackay Goodwin were appointed as
administrators of the company on Sept. 30, 2022.


BLOCKCHAIN GLOBAL: Accused of Misappropriating Customers' Funds
---------------------------------------------------------------
Coingeek reports that Blockchain Global Limited, the operator of
the ACX exchange, is accused of diverting customer funds to raise a
loan to support another arm of its business.

The matter was brought before the Supreme Court of Victoria by the
exchange's liquidators on the grounds of financial discrepancies,
the report says. Jin Chen, former Chief Technology Officer of the
company, admitted under examination to moving funds on the
instruction of the firm's co-founder, Allan Guo.

"Allan instructed me to send 100 bitcoin to an employee at the time
of Blockchain Global Limited, and I understand it was for a
collateral purpose," Coingeek quotes Mr. Chen as saying. "There's
no way of identifying that this bitcoin was owned by Customer A and
this bitcoin is owned by Customer B."

Blockchain Global ran into financial difficulties that forced it to
shut down its operations, leaving hundreds of account holders with
losses in the region of AUD50 million. Court-appointed liquidators
Andrew Yeo and Innis Cull of Pitcher Partners have been unearthing
the facts leading to the firm's collapse in 2021, and in the
process, even more sinister matters have been discovered, Coingeek
notes.

According to Coingeek, the liquidators revealed that Blockchain
Global's ACX exchange severely breached the money reporting rules
for stockbrokers and other trading firms after it mingled clients'
and other funds into one pooled fund. The other funds merged
include profits from the firm's trading account and proceeds from a
loan using the client's monies.

The Federal Court of Queensland entered an order on Feb. 11, 2022,
to wind up the operations of Blockchain Global Limited.

The company's liquidators are:

          Andrew Reginald Yeo
          Innis Anthony Cull
          Pitcher Partners
          Level 13, 664 Collins Street
          Docklands, VIC 3006


CANDY CLUB: First Creditors' Meeting Set for Nov. 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of Candy Club
Holdings Limited will be held on Nov. 4, 2022, at 10:30 a.m.
virtually via Zoom.

Matthew Jess and Ivan Glavas of Worrells were appointed as
administrators of the company on Oct. 25, 2022.


DEKO PARTITIONS: First Creditors' Meeting Set for Nov. 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Deko
Partitions Australia Pty Ltd and I - Glass Pty Ltd will be held on
Nov. 4, 2022, at 2:00 p.m. and 2:30 p.m., respectively, via Zoom.

Alice Ruhe and Andrew MacNeill of SMB Advisory were appointed as
administrators of the company on Oct. 24, 2022.


JW PROPERTY: First Creditors' Meeting Set for Nov. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of JW Property
Developer Pty Ltd will be held on Nov. 3, 2022, at 11:00 a.m. via
teleconference facilities.

Blair Pleash of Hall Chadwick was appointed as administrator of the
company on Oct. 24, 2022.


YOUPLA GROUP: ASIC, NSW Fair Trading Seek to Appoint Liquidators
----------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) and NSW
Fair Trading have jointly applied to the Supreme Court for orders
appointing special purpose liquidators to investigate whether money
can be recovered for creditors of the Youpla Group companies.  

The liquidator of the Youpla Group entities is Mr David Stimpson of
SV Partners. The liquidator has disclosed an association with a
former legal advisor to the Youpla Group entities. The legal
advisor also holds an indirect ownership stake in SV Partners.  

ASIC and NSW Fair Trading are concerned that this relationship may
give rise to a perceived lack of independence on the part of Mr
Stimpson in any investigation of potential recovery actions that
might be brought on behalf of the Youpla Group companies.  

In making this application, ASIC and NSW Fair Trading seek to
ensure that any investigations and recovery action on behalf of
those companies are pursued without an apprehension of bias. The
costs of the special purpose liquidators will not be paid from
Youpla Group company funds.  

ASIC and NSW Fair Trading do not consider that a perceived lack of
independence extends to Mr. Stimpson's other roles as liquidator of
the Youpla Group entities. Therefore, the application does not seek
the removal of Mr. Stimpson as liquidator of the Youpla Group
entities, and ASIC and NSW Fair Trading expect that SV Partners
will continue to deal with the winding up of the Youpla Group
entities and the distribution of surplus assets to creditors
including Youpla Group customers.

Youpla Group customers do not need to take any action. They should
continue to contact SV Partners.  

Seven Youpla Group entities went into liquidation between November
2021 and April 2022.

Three of the Youpla Group entities in liquidation are registered
funeral contribution funds under NSW State legislation and their
winding up is regulated by NSW Fair Trading.  

ASIC and NSW Fair Trading have been working together closely to
consider the circumstances that have given rise to this
application. ASIC and NSW Fair Trading are committed to continuing
to work together, along with the liquidator of the Youpla Group
entities, to ensure the best possible outcome for affected
consumers.

In October 2020, ASIC commenced proceedings in the Federal Court
against ACBF Funeral Plans Pty Ltd and Youpla Group Pty Ltd for
alleged contraventions of the ASIC Act.




===============
C A M B O D I A
===============

NAGACORP LTD: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed its 'B+' long-term issuer credit rating on NagaCorp Ltd.
(Naga). At the same time, S&P affirmed its 'B+' issue rating on the
company's senior unsecured notes.

The negative outlook on Naga reflects the possibility that its
capital structure will deteriorate with the maturity of its senior
unsecured notes in July 2024.

Naga's weighted average of debt maturity is now less than two
years, while sizable investments are still ahead. S&P said, "With
its US$541.7 million senior unsecured bond maturing in July 2024,
we believe its capital structure is weakening. At the same time, we
expect the company to spend a sizable amount on the Naga3 expansion
project over the next three years." Naga holds various options to
refinance, such as tapping into the debt or equities markets.
However, with share prices underperforming over the past 12 months
while the speculative-grade debt market remains challenging, the
company's liquidity could be pressured as the debt maturity
approaches.

Nevertheless, Naga has a record of shareholder support, funding
access, and spending reductions. Over the past decade, Naga's major
shareholder, Dr. Chen Lip Keong, had directly and indirectly
injected US$644 million into Naga in the form of convertible bonds
and new share subscriptions. Furthermore, the company curtailed
capital expenditures (capex) over the past two years. For example,
contrary to our expectation of US$250 million–US$350 million
annual capex, Naga spent US$142 million in 2021; we expect about
US$130 million for 2022. It also announced no cash dividends this
year. As a result, Naga's cash balance more than doubled to US$213
million in the first half of 2022 from end-2021's US$103 million,
despite still-recovering operations. S&P said, "Although Naga has
the ability to generate and grow its cash balance, we believe
greater discipline is needed to address the refinancing risk. At
the same time, the Naga3 investment will weigh on the company's
longer-term cash flows through 2025. Under our base case, we
assumed the Naga3 investment to have the bulk of the spending
nearer the project completion of 2025."

S&P said, "We expect operations in the monopoly gaming operator to
gradually recover and return to pre-COVID levels in 2024 and
2025.The turnaround would be driven by domestic mass-market demand
and easing international travel. We expect Naga's EBITDA to recover
to 35%-40% of pre-pandemic levels in 2022, followed by about 55% in
2023. With further normalization in inbound tourists, we expect
Naga's operations to return to pre-pandemic levels by 2024-2025."

The negative outlook on Naga reflects the possibility that the
company's capital structure will deteriorate amid the maturity of
US$541.7 million senior unsecured notes in July 2024.

S&P said, "We could lower the rating if we believe the company
lacks credible refinancing plans over the next few months to
address its capital structure. Limited progress for a new bond
issuance or lack of other funding sources would indicate this.

"We could revise the outlook back to stable if we believe the
refinancing risks have been alleviated. This could be achieved if
the company builds sufficient cash buffer by minimizing dividends
and investment spending, or refinances the maturing notes through
external funding."

  Environmental, Social And Governance

  ESG credit indicators: E-2, S-4, G-3

S&P said, "Social factors are a negative consideration in our
credit rating analysis of Naga, given that gambling operations are
exposed to ongoing regulatory risks and compliance outcomes.
Government actions to address social risks, including health and
safety, can also introduce volatility in gaming revenue and
profitability. This volatility was evident when the group had to
close its casino during the pandemic in 2020-2021. Due to closure
from March 2, 2021, to Sept. 14, 2021, and its exposure to a single
casino complex in Cambodia, Naga's revenue and EBITDA dropped 74%
and 93%, respectively, in 2021. The company's 2020 revenue fell 50%
and its EBITDA declined 61%, when it had to close its casino from
April 2020 to July 2020."

Governance factors are a moderately negative consideration, given
that the founder-owner has effective say over group strategies. The
board also lacks major representation of independent directors
(three out of seven). As such, Naga has maintained sizable dividend
payouts--at least 60% of its earnings over the past several years.




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C H I N A
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CHINA GRAND: Fitch Affirms 'B-' Foreign Currency IDR, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed China-based auto dealer China Grand
Automotive Services Group Co., Ltd.'s (CGA) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B-'. The Outlook
is Negative. Fitch has also affirmed the senior unsecured rating at
'B-' with a Recovery Rating of 'RR4'.

The rating affirmation reflects CGA's tight liquidity after
substantial debt maturities this year. A high reliance on
short-term debt continues with limited access to incremental
long-term funding. The Negative Outlook reflects that CGA's
operations could continue to be negatively affected by China's
Covid-19 control measures and if further cash is used to repay
long-term debt it could limit its ability for future debt
repayments.

Fitch may consider revising the Outlook to Stable if Fitch has seen
clearer evidence of business recovery, and an improvement in the
company's liquidity and debt maturity profile in the next few
quarters.

KEY RATING DRIVERS

Refinancing Risks Remain: CGA has repaid its CNY1.88 billion
onshore syndicated loan due June 2022 and CNY800 million onshore
corporate bond due September 2022. The company has a CNY950 million
onshore bond maturity due March 2023 and a USD10.9 million
syndicated loan due September 2023. However, two CNY1 billion bonds
due in the next two years will become puttable by investors: one in
November 2022, the other in March 2023. CGA also has a CNY550
million onshore corporate bond due in 4Q23.

The company has made progress in the past few months in refinancing
part of its debt, but liquidity is weaker than Fitch expected
because CGA used a larger amount of readily available cash than
Fitch anticipated to make debt payments. Fitch assumes there is
sufficient bank credit facilities to meet working-capital
requirements. In addition, business recovery from Covid-19 citywide
lockdowns as well as any additional refinancing resources could
help replenish liquidity.

Modest Business Recovery: CGA has indicated a modest recovery in
core business segments in 3Q22 as auto sales demand resumed after
citywide lockdowns in 1H22, despite an ongoing lockdown in part of
Xinjiang. Fitch expects CGA to benefit from China's reducing
vehicle purchase tax, which could contribute to the company's
sustained business recovery in 4Q22. However, lower liquidity may
hinder CGA's ability to take advantage of an industry recovery
against better-capitalised peers in a competitive market.

Fitch expects the Covid-19 pandemic to have a longer impact on
CGA's profitability and liquidity if China's current control
measures continue next year. However, this could be partially
offset by CGA's wide distribution network and a substantial revenue
contribution from after-sales services, which are less cyclical and
have higher margins. The company also has some temporary support
from banks and auto original equipment manufacturers (OEMs),
providing it with some flexibility in working-capital funding.

Reliant on Short-Term Financing: CGA has increasingly relied on
short-term debt since 2020. The proportion of short-term debt in
CGA's capital structure increased after excluding the current
portion of long-term debt and auto OEM loans related to inventory
financing. Its reliance on short-term financing may persist if it
cannot secure additional long-term refinancing. This is a
constraint on the rating. An improvement in the debt maturity
profile would be evidence of more diversified funding access.

DERIVATION SUMMARY

CGA's ratings are supported by its leading market position and
large operating scale, but are constrained by high leverage and
tight liquidity. Peers include Zhongsheng Group Holdings Limited
(BBB/Stable), China's largest auto dealership, and AutoNation, Inc.
(BBB-/Stable), the largest automotive retailer in the US. CGA's
scale is similar to that of both peers, but it has weaker
profitability, higher leverage as well as lower financial
flexibility and other metrics.

CGA and eHi Car Services Limited (B+/Negative), China's
second-largest car rental company, are both leading companies in
their sectors, but both are constrained by their financial
structures. CGA has a larger operating scale, but its financial
flexibility is limited compared with that of eHi.

KEY ASSUMPTIONS

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

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

- CGA's EBITDA margin to recover slowly, averaging 5% in 2023-2025
(2021: 4.4%);

- Capex (inclusive of M&A) to slow in 2022 and average CNY2.4
billion a year in 2023-2025 (2021: CNY2.7 billion);

- No dividend payout in the medium term.

Recovery Rating Assumptions:

Its recovery analysis assumes that CGA would be liquidated in a
bankruptcy. The liquidation estimate reflects Fitch's view of the
value of balance-sheet assets that can be realised in a sale or
liquidation process conducted during bankruptcy or insolvency
proceedings and distributed to creditors. Fitch has assumed a 10%
administrative claim, in line with its Recovery Rating criteria.

- Advance rate of 59% to cash as this amount is specifically
pledged against bank loans and bank payables.

- Advance rate of 80% to account receivables, including prepayments
and rebate receivables.

- Advance rate of 90% to inventory as CGA's inventory is composed
mainly of new vehicles, which Fitch believes can be converted to
higher value.

- Advance rate of 70% to net property, plant and equipment.

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR3' Recovery Rating for senior
unsecured debt. However, under Fitch's Country-Specific Treatment
of Recovery Ratings Criteria, China falls into the Group D of
countries in terms of creditor friendliness. Recovery Ratings of
issuers with assets in this group are capped at 'RR4'.

RATING SENSITIVITIES

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

- The Outlook may be revised to Stable if there is an improvement
in liquidity and debt maturity profile with sustained business
recovery in the next few quarters.

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

- Deterioration in liquidity due to a lack of refinancing for
upcoming maturing long-term debt;

- Weakened operating cash flow due to deterioration in business
operations;

- Operating EBITDAR/interest paid plus rental (adjusted for
leasing) below 1.5x for a sustained period.

LIQUIDITY AND DEBT STRUCTURE

Tight liquidity: CGA had unrestricted cash of CNY9.8 billion at
end-June 2022, against CNY40.7 billion in short-term borrowings.
The short-term borrowings include perpetual securities that are
callable every six months, in line with Fitch's criteria. However,
the exercise of the call option is at CGA's discretion, and Fitch
does not assume the securities will be called in its liquidity
analysis. The company redeemed part of the perpetual securities in
July 2021 and USD261 million remains outstanding.

CGA had unused bank credit facilities of CNY27.8 billion at
end-September 2022, and it drew down on a USD109 million new
syndicated loan in March 2022 and an CNY800 million new syndicated
loan in June 2022.

ISSUER PROFILE

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

ESG CONSIDERATIONS

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

   Entity/Debt               Rating        Recovery   Prior
   -----------               ------        --------   -----
China Grand
Automotive
Services Group
Co., Ltd.             LT IDR B-   Affirmed            B-

   senior unsecured   LT     B-   Affirmed   RR4      B-

China Grand
Automotive
Services Limited

   senior unsecured   LT     B-   Affirmed   RR4      B-

Baoxin Auto
Finance I Limited

   senior unsecured   LT     CCC+ Affirmed   RR4      CCC+


RADIANCE GROUP: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit rating
on Radiance Group Co. Ltd. at the company's request. The rating
outlook was negative at the time of the withdrawal.

S&P has also withdrawn its 'B' long-term issue rating on the senior
unsecured notes that the China-based real estate developer
guaranteed.

The 'B+' long-term issuer credit rating on Radiance Holdings
(Group) Co. Ltd., the parent of Radiance Group Co. Ltd., is not
withdrawn.




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

HONG THAI: Parent Company Opt to Liquidate Travel Agency
--------------------------------------------------------
The Standard reports that the parent company of Hong Kong's iconic
Hong Thai Travel Services has decided to wind up the travel agency
on Oct. 28, citing its negative net asset value of over CNY68
million reported by the end of June.

The Standard relates that the liquidation came just days after the
travel agency closed all of its six branches in the city "to
minimize costs and to preserve strength until the borders are fully
reopened."

According to the report, the move was revealed by its parent
company listed in Shenzhen, Caissa Tosun Development Co Ltd, in a
notice submitted to the Shenzhen Stock Exchange on Oct. 28. Caissa
Tosun added in the notice that the move was approved by the board
of directors on Oct. 27.

The Standard says Caissa Tosun explained the reasons behind the
winding up that Hong Thai's profits have been decreasing as the
majority of its tourism businesses in Guangdong, Hong Kong and
Macau is greatly affected by Covid-19.

The travel agency "obviously lacks the ability to settle its
debts," the notice read.

The Standard, citing figures released by Caissa Tosun, discloses
that the total assets of Hong Thai stood at CNY14.32 million by the
end of last year, with a negative net worth of CNY63.62 million.
The travel agency also recorded a negative net profit of CNY79.54
million in 2021.

By the end of June this year, the total assets of Hong Thai
plummeted by 93 percent to CNY972,700, with a negative net worth of
CNY68.13 million, The Standard adds.

Therefore, Caissa Tosun decided to initiate procedures to wind up
Hong Thai "to handle the debts and legal obligations fairly, and to
protect the legal rights of the company, shareholders and
creditors."

According to The Standard, Gianna Hsu Wong Mei-lun, chairwoman of
the Travel Industry Council of Hong Kong, said customers who have
bought packages from Hong Thai can apply for a 90 percent refund.

She continued the "0+3" measure only boosted about 10 percent of
businesses and more agencies may be shut down if the situation
remains unchanged.

The Standard adds that Lam Chi-ting, executive director of Hong
Kong Tourism Industry Employees' General Union, said if Hong Thai
is liquidated because it fails to settle its debts, workers can
apply for the Protection of Wages on Insolvency Fund.


LIONBRIDGE CAPITAL: Fitch Affirms & Then Withdraws 'BB-' IDR
------------------------------------------------------------
Fitch Ratings has affirmed Lionbridge Capital Co., Limited's
Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook.

Concurrently, Fitch has chosen to withdraw the rating on Lionbridge
Capital for commercial reasons.

KEY RATING DRIVERS

Lionbridge Capital's 'BB-' IDR reflects its standalone credit
profile that takes into account the company's adequate position in
China's niche truck-leasing market. It also reflects the company's
enhanced competitive position and funding profile, which benefits
from a strategic alliance with CCB Trust Co., Ltd. (CCBT). CCBT is
67%-owned by China Construction Bank Corporation (CCB, A/Stable),
the country's second-largest state bank.

The Stable Outlook reflects its belief the company has an adequate,
albeit reduced, cushion against ongoing asset quality and
profitability pressure, balanced by modest leverage for its rating
despite weakening performance.

The company's financial profile has weakened with deterioration in
asset quality and profitability, as well as a significant drop in
its loan facilitation business as the company prioritises its
balance-sheet growth due to muted heavy-duty truck sales and
China's Covid-19 restrictions in 2H21 and 1H22, and considers
funding costs. The company's impaired ratios and credit losses for
lease receivables increased with lower allowance coverage in 2021
and 1H22. Impairment loss on repossessed assets also grew
significantly in 2021 with high write-off rates.

Its pretax return on average assets declined on the higher
impairment and credit losses, coupled with a significant drop in
loan facilitation revenue. The volume-driven nature of its loan
facilitation business model heightens earnings volatility when
growth fluctuates, and its profitability may face further downward
pressure if heavy-duty truck sales remain weak for an extended
period.

The company has taken measures to manage the challenging operating
environment, including shifting its focus to lessees with better
quality and higher-yield second-hand truck financing, as well as
reducing staff size and improving its cost structure. Heavy-duty
truck sales may remain weak in the near term, but the company's
asset quality pressure should start to ease as problem assets
gradually wind down and are replaced with new leases with stronger
quality.

Fitch also expects the company to maintain moderate balance-sheet
growth and its leverage, measured by debt/tangible equity, should
remain at around 6.0x over the next 12-18 months. Lionbridge
Capital's financial flexibility is considered modest as its
unsecured debt accounted for 32% of total debt with high short-term
debt of around 70% at end-2021. However, its funding and liquidity
profile benefits from the contingent access from its largest
shareholder, CCBT, mitigating the short-term liquidity risk.

RATING SENSITIVITIES

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

Rating sensitivities are not applicable as the rating has been
withdrawn.

ESG CONSIDERATIONS

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

   Entity/Debt           Rating          Prior
   -----------           ------          -----
Lionbridge Capital
Co., Limited      LT IDR BB- Affirmed     BB-

                  LT IDR WD  Withdrawn    BB-




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

AL KARMA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Al Karma
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        3.75        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           3.50        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      0.75        CRISIL D (Issuer Not
                                     Cooperating)

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

   Working Capital       0.25        CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with Al Karma for
obtaining information through letters and emails dated July 27,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Al Karma, set up as a partnership firm in 1989 by Ms. Anjali
Chaudhary and Mr. Sandeep Chaudhary, manufactures aluminum doors,
windows, and glass panels. Its manufacturing facility is at
Najafargarh in Delhi.


AMRITA SAI: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amrita Sai
Educational Improvement Trust (ASEIT) continues to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/            5         CRISIL D (Issuer Not
   Overdraft                         Cooperating)
   facility                
                                     
CRISIL Ratings has been consistently following up with ASEIT for
obtaining information through letters and emails dated July 27,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ASEIT was formed in 2007. Amrita started with Amrita Sai Institute
of Science and technology (ASIT), in Vijaywada, Andhra Pradesh.
Over the years has started offering several disciplines including
B.Tech, M.B.A, M.C.A, M. Tech and Diploma. Trust is managed by 5
trustees: Sri K. Ramesh Babu, Sri K. Rama Mohana Rao, Sri Y.
Venkata Ramaiah, Sri. K. Srinivasa Rao and Sri K. Eswara Chanda.


AXIS BANK: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Axis Bank Limited's
Long-Term Issuer Default Rating (IDR) at 'BB+'. The Outlook is
Stable. The agency has also affirmed the bank's Viability Rating
(VR) at 'bb' and its Government Support Rating (GSR) of 'bb+'.

KEY RATING DRIVERS

Support-Driven IDR: The IDR is driven by the GSR, as it is higher
than the VR; this is despite the VR being the highest among
Fitch-rated Indian banks. The GSR is one notch below the sovereign
rating (BBB-/Stable) and reflects its expectation of a moderate
probability of extraordinary state support for Axis relative to
large state banks. The Stable Outlook mirrors the Outlook on the
sovereign IDR.

Moderate Systemic Importance: The GSR reflects its view of a
moderate probability of extraordinary state support for Axis, if
required. This is based on its private ownership, which is balanced
by its size and systemic importance. The bank's systemic importance
stems from its large share of system loans (6%) and deposits (5%)
at end-March 2021, as well as its substantial retail deposit
franchise. However, the probability of support is lower for Axis
than for large state banks, which enjoy majority state ownership
and strong linkages with the state.

Stable Operating Environment: Fitch expects India's strong
medium-term growth potential of 7% and a relatively stable
operating environment (OE) - despite some near-term inflationary
pressure - to present moderate opportunities for banks to maintain
a profitable business. Banks are further supported by India's large
and diversified economy, high domestic consumption growth, and
reasonable insulation from external risks.

Large Domestic Franchise: Fitch has reassessed Axis's business
profile score to 'bb+', from 'bbb-'. This is one notch above the OE
score of 'bb', similar to several large state banks. Fitch believes
that Axis can leverage its retail-focused domestic franchise and
above-average capitalisation to generate through-the-cycle
profitable business opportunities and sustain its market share.
However, the OE influences the bank's business profile, including
its risk appetite, which could manifest in weaker key financial
metrics in a less-benign environment.

Axis is among India's top-three private banks, and Fitch expects
its franchise to benefit from its acquisition of Citi India's
consumer business, once it is completed. Its traditional business
model is less reliant on larger and less-profitable corporate loans
than state banks, visible in a more balanced distribution of
interest and non-interest income. Axis has a clearer medium-term
strategy, partly due to the absence of direct government
influence.

Retail Driven Loan Growth: The bank's risk profile score of 'bb' is
linked to its asset quality, and conditioned by the OE. Credit risk
accounts for 85% of risk-weighted assets. Fitch expects loans to
organically increase by around 15% in the medium term, driven by
the retail segment. However, the bank's foray in riskier segments
in search of higher margins, including unsecured retail, rural and
small business loans, will test its underwriting, pricing and risk
controls, particularly amid less-benign conditions.

That said, the bank's risk appetite is partly balanced by the
dominance of secured loans in total loans and focus on lending to
better-quality corporate borrowers.

Impaired Loans to Improve: Fitch has reassessed the asset-quality
score to 'bb', from 'bb-', since Fitch expects the four-year
average impaired-loan ratio to approach 3.0% by the end of the
financial year ending March 2023 (FY23), from 4.1% in FY22. This is
consistent with the higher score. The outlook is stable, as Fitch
expects the four-year average to remain stable, despite some
moderate pressure in FY24 as regulatory forbearance unwinds for
Covid-19 pandemic-affected loans. The score also factors in the
bank's above-average specific loan-loss cover and reasonable
contingent provisions.

Core Profitability Intact: Fitch expects the four-year average
operating profit/risk-weighted asset (RWA) ratio to be consistent
with the 'bb' score, despite potential for a one-time dip in
profitability in FY23 due to the impact of acquisition of Citi
India's consumer business. The stable outlook on the score reflects
its opinion that loan growth and a better net interest margin will
more than offset moderate pressure on loan-impairment charges.

Capital Buffers to Drop Temporarily: The common equity Tier 1
(CET1) ratio has remained steady, at 15.2% in 1QFY23 (FY21: 15.4%),
as internal capital generation has supported RWA growth. The ratio
could drop by around 180bp as per the bank's latest estimates when
Axis completes its acquisition of Citi India's retail business. It
will remain well above its 'bb' threshold of 12%, supported by
internal capital generation as per Fitch's estimate. Fitch has a
stable outlook on the capitalisation score, but there could be
upside if the bank raises sufficient fresh equity and sustains it
at a level commensurate with a higher score.

Stable Funding and Liquidity: The funding and liquidity score is
the same as the sovereign rating, as the bank, like others in
India, is exposed to the sovereign. Funding is underpinned by a
secure deposit base and large government securities investments,
resulting in a liquidity coverage ratio of 117% and net stable
funding ratio of 134% at 1QFY23. The funding profile benefits from
Axis's retail-oriented deposit franchise, with a 74% share of low
cost and retail term deposits of total deposits. Its loan/deposit
ratio of 89% was below pre-pandemic levels (FY19: 98%), but is
likely to normalise amid rising competition.

RATING SENSITIVITIES

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

IDR AND GSR

Fitch would downgrade the GSR and, in turn, the IDR, if Fitch
believes the sovereign's ability and propensity to support Axis
will have weakened. This could be the case if the sovereign rating
is downgraded. Similarly, a change in the Outlook on the sovereign
to Negative would lead to a corresponding revision in the Outlook
on Axis's IDR.

VR

The VR represents a moderate degree of financial strength. There is
considerable rating headroom - given the OE - but the VR could be
downgraded is a significant deterioration in the OE or a heightened
risk profile were to become a more binding constraint on the bank's
loss-absorption buffers. This could manifest through weaker key
financial metrics on all the three following factors:

- a drop in the CET1 ratio to well below 12%, without a credible
plan to restore it to closer to 12%; alongside

- a reversal in the asset-quality trend, with the four-year average
impaired-loan ratio approaching 10%; and

- four-year average operating profit/RWA ratio sustained below
1.25%.

A lower risk profile score - though not its base case - could weigh
the most on the VR, particularly if it was to manifest in one or
more of the above-mentioned financial metrics being hit.

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

IDRS AND GSR

The IDR is driven by the GSRs. A sovereign rating upgrade, which
appears unlikely in the near term, could lead to an upgrade in the
bank's IDR if it coincided with a strengthening of the sovereign's
ability and, more importantly, propensity to support the banks, in
Fitch's view.

Similarly, a positive change in the Outlook on the sovereign rating
could lead to a corresponding revision in the Outlook on the banks'
IDRs, provided Fitch expects the sovereign's ability and propensity
to extend support to improve commensurately.

VR

The VR is somewhat conditioned by the OE through its influence on
the bank's business and risk profiles and financial rating drivers.
As such, the VR could be upgraded upon a higher OE score if Fitch
assesses that there will also have been a sustainable improvement
in its risk and financial profiles. The financial improvements
could manifest through a combination of one or more key financial
metrics, such as:

- four-year average impaired-loan ratio approaching to 2%;

- four-year operating profit/RWA ratio sustained above 3.5%; and

- the CET1 ratio sustained at or above 16%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's medium-term note programme is rated at the same level as
the Long-Term IDR, in line with Fitch's criteria.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The programme rating would be downgraded if the Long-Term IDR is
downgraded, and upgraded in the event the IDR is upgraded.

VR ADJUSTMENTS

The OE score of 'bb' is above the implied category score of 'b' for
the following adjustment reasons: economic performance, and size
and structure of the economy (positive).

The business profile score has been assigned below the implied
score due to the following adjustment reason(s): business model
(negative).

The funding and liquidity score of 'bbb-' is above the implied
category score of 'bb' for the following reason: deposit structure
(positive).

ESG CONSIDERATIONS

Axis has an ESG Relevance Score of '4' for financial transparency.
This reflects its assessment of the quality and frequency of
financial reporting and the auditing process, which has a moderate
but negative influence on the credit profile, and is relevant to
the rating in conjunction with other factors.

There has been no material divergence in the bank's reported
asset-quality measures and the regulator's assessment in recent
years, but pandemic-related relief measures pose a risk to the
transparent recognition of impaired loans, even though Fitch
expects Axis to be reasonably better placed among peers due to its
lower exposure to loans under relief. Still, Fitch regards
financial transparency as pivotal for general business and
depositor confidence, as it can lead to significant reputational
risk if not managed well.

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

   Entity/Debt                       Rating            Prior
   -----------                       ------            -----
Axis Bank Limited    LT IDR             BB+ Affirmed    BB+
                     ST IDR             B   Affirmed    B
                     Viability          bb  Affirmed    bb
                     Government Support bb+ Affirmed    bb+

   senior unsecured  LT                 BB+ Affirmed    BB+


BASUDHA UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Basudha Udyog
Private Limited (BUPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       60         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              34         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BUPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BUPL, incorporated in 1992, manufactures low ash metallurgical
(LAM) coke and operates a power plant near Chennai. Its operations
are managed by promoter-director Mr Sanjay Kumar Poddar.


BHAGYODAYA TROKHOS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagyodaya
Trokhos Private Limited (BTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            13         CRISIL D (Issuer Not
                                     Cooperating)

   Channel Financing       3         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.25      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Standby Line            1.75      CRISIL D (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with BTPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

BTPL was incorporated in 2006. The company is the exclusive
authorized dealer for TML's light commercial vehicles (LCVs) in
Bellary, Koppal, and Raichur.


BL KASHYAP: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of BL Kashyap
and Sons Limited (BLK; part of the BLK group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee&       300         CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee^       75          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit%          60          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           40          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit$          35          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit#          30          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           48          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit%          25          CRISIL D (Issuer Not
                                     Cooperating)

   Cheque Discounting     2          CRISIL D (Issuer Not
                                     Cooperating)

& - Interchangeable with letter of credit (LC) to the extent of
INR100 crore
^ - Fully interchangeable with LC
% - Interchangeable with working capital demand loan (WCDL) of
INR25 crore
$ - Interchangeable with WCDL of INR30 crore
# - Interchangeable with WCDL of INR20 crore

CRISIL Ratings has been consistently following up with BLK for
obtaining information through letters and emails dated July 30,
2022 and August 30, 2022, apart from telephone calls. However, the
issuer has remained non-cooperative.

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

Detailed Rationale

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

BLK was established as BL Kashyap and Sons Pvt. Ltd (BLKSPL) in
1989, by Mr Vinod Kashyap, Mr Vineet Kashyap, and Mr Vikram
Kashyap. The company was reconstituted as a public limited company
with the current name in 1995. The promoters have been active in
the real estate sector since 1978; they transferred their business
to BLKSPL after it was formed.

BLK provides construction services to customers in the commercial,
residential, and industrial segments. The company has also ventured
into real estate development and related services, such as
furnishing. It has partly restructured its debt under a corporate
debt structuring package, which was approved on December 31, 2014.

Profit after tax (PAT) was INR44 crore, on a provisional basis, on
operating income of INR1158 crore for fiscal 2022, against loss of
INR80 crore and INR762 crore, respectively, for the previous
fiscal.


BLUE PINK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Blue Pink
Apparels Private Limited (BPAPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.67       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BPAPL for
obtaining information through letters and emails dated July 27,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based out of Chennai and established in 2012 by Mr.Fakhrudeen Ali
Ahmed, BPAPL is engaged into manufacturing and export of RMG
primarily men shirts, trousers and kids wear.


FINECRETE ECO-BLOCKS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Finecrete
Eco-Blocks Private Limited (Finecrete) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              18         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              18         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Finecrete
for obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Finecrete, incorporated in July 2013, has set up a manufacturing
unit of autoclaved aerated concrete (AAC) blocks, or fly ash
bricks. The company's facility is at Panipat, Haryana.


GITAI FARMER: CRISIL Lowers Rating on INR2cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long term bank
facilities of Gitai Farmer Producer Company Limited (GFPCL) to
'CRISIL D' from 'CRISIL B-/Stable'. The rating downgraded reflects
delays in repayment of term debt obligations on account of weak
liquidity.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Cash           1.5       CRISIL D (Downgraded from
   Credit Limit                      'CRISIL B-/Stable')

   Proposed Term Loan      2.15      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Term Loan               4.35      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating continues to reflects, nascent stages of operation and
weak financial profile. These weaknesses are partially offset by
its extensive industry experience of the promoters and moderate
working capital cycle.

Analytical Approach

Unsecured loans of INR 61 lakhs as on 31st March 2022 have been
treated as nor debt nor equity as they are expected to remain in
the business

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in the repayment obligations: There has been regular
instances of delay in the repayment of principal and interest
component. This is on account of low cash accruals of INR20 lakhs
against the debt payment of INR60 lakhs.

* Nascent stages of operation: The company was incorporated in 2017
and has been operational since January 2020 thus has limited track
record of operations. Consequently, the scalability is constrained
which is evident by revenue of INR9.65 crore during fiscal 2022.
Nascent stages of operation will continue to impinge the
scalability over the medium term.

* Weak financial profile:  GFPCL has a weak financial profile
marked by low net worth of INR2.82 crore and moderate total outside
liabilities to adj tangible networth (TOL/ANW) of 2.09 times due to
debt funded capital expenditure for year ending on 31st March 2022.
The capital structure is further expected to weaken due to high
dependance on external debt for working capital requirement.
GFPCL's debt protection measures are marked by interest coverage
and net cash accrual to total debt (NCATD) ratio are at 1.55 times
and 0.04 times for fiscal 2022 but are expected to be weak due to
low accruals from the operations.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of over 20 years in the agriculture industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers.

* Moderate working capital cycle: Its moderate working capital
management is reflected in its gross current assets (GCA) of 128
days driven by high inventory and low debtors of 78 and 27 days
respectively as on March 31, 2022. Working capital cycle is
expected to remain stable over the medium term.

Liquidity: Poor

Liquidity is poor as reflected in delays in repayment obligations
on the term loan. Bank limit utilization is high with 100%
utilization for the past 12 months through Sep 2022.

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

GFPCL was incorporated in 2017. It is engaged in trading of fruits
and vegetables and has a cold storage unit, which provides Grading,
Sorting and Packaging facility to the farmers vegetables and
fruits. Storage facility located at Ahmednagar district of
Maharashtra and started its operation from 2019. The company is
promoted by Balasaheb Sakharam Kale & Chandrashekhar Shikare.


HINDUSTHAN NATIONAL: Lenders OK AGI Greenpac's Resolution Plan
--------------------------------------------------------------
The Economic Times reports that lenders of Hindusthan National
Glass (HNG), India's largest glass bottle maker undergoing
corporate insolvency, voted overwhelmingly for AGI Greenpac's
INR2,213 crore offer to acquire the company, said two persons aware
of the development.

Nearly 98% of lenders by value voted in favour of the plan
presented by AGI Greenpac, earlier known as HSIL Ltd, while 88% of
lenders voted for South Africa-based Madhvani Group's plan, which
was also in the fray offering cash and equity to lenders, one of
the persons said, ET relays.

Nirma Chemicals, a third bidder in the fray, failed to receive over
66% votes, the minimum required to get a resolution plan approved
by lenders under the Insolvency and Bankruptcy Code, the person
cited above said.

According to ET, Rajendra Somany owned AGI Greenpac offered
INR1,851 crore upfront and INR356 crore as deferred payment to
lenders; and INR6 crore payment to employees and trade creditors to
acquire a Kolkata-based company.

Madhvani Group offered INR1,800 crore as upfront payment, 5% equity
to lenders and INR50 crore to trade creditors, ET discloses.

Girish Juneja, the resolution professional backed by EY, had
admitted INR3,338 crore claims from financial creditors. AGI
Greenpac's INR2,207 crore approved offer to financial creditors
equates to a recovery of 66%.

In July, all three applicants submitted resolution plans to the RP
followed by an auction held on September 15 among them to identify
the highest bidder.

Stock exchange listed AGI Greenpac emerged as a higher bidder at an
auction, as reported by ET on September 16. Nirma Chemicals quit
the bidding process after participating in the second round.

AGI Greenpac has tied up INR1,200 crore with a fund managed by
Edelweiss to part-finance the acquisition of HNG, said one of the
persons cited above, ET relates.

Lenders would recover over INR2,150 crore, which is much higher
than the reserve price of INR1,692 crore set for the auction and
INR1,380 crore staggered payment offer from the HNG promoter Mukul
Somany under Section 12A of IBC, the report notes.

This provision gives tribunals the power to withdraw an application
from insolvency proceedings if 90% of lenders by value agree to the
resolution plan, the report states.

                      About Hindusthan National

Hindusthan National Glass & Industries Limited is an India-based
holding company. The Company is engaged in manufacturing and
selling of container glass. The Company offers products in various
categories, which include pharmaceuticals, liquor, beer, beverages,
cosmetics and processed food.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
27, 2021, the Kolkata bench of the NCLT has admitted application
for initiating Corporate Insolvency Resolution Process (CIRP)
against Hindusthan National Glass & Industries Ltd (HNG). The
insolvency proceedings were initiated against the debt-ridden
company by DBS Bank Ltd, one its financial creditors.


HUBLI ELECTRICITY: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hubli
Electricity Supply Company Limited (HESCOM) continue to be 'CRISIL
B-/Stable/CRISIL D/CRISIL A4/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           125         CRISIL B-/Stable (Issuer Not
                                     Cooperating)
    
   Cash Credit            50         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Letter of Credit       50         CRISIL A4 (Issuer Not
                                     Cooperating)

   Letter of Credit       50         CRISIL A4 (Issuer Not
                                     Cooperating)

   Long Term Loan        568.49      CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         63.49      CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         16.6       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        253.95      CRISIL D (Issuer Not
                                     Cooperating)

   Short Term Loan       106.25      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HESCOM for
obtaining information through letters and emails dated July 30,
2022 and September 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2002, HESCOM is an electricity distribution
company, wholly owned by GoK. It is responsible for supplying power
to consumers in the seven districts of Dharwad, Gadag, Haveri,
Uttar Kannada, Belgaum, Bijapur, and Bagalkot in Karnataka. The
company's service area covers 54,513 square kilometres, with a
population of over 1.4 crore and a customer base of around 0.36
crore.


ICICI BANK: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed ICICI Bank Limited's (ICICI) Long-Term
Issuer Default Rating (IDR) at 'BB+'. The Outlook is Stable. Fitch
has also affirmed the bank's Viability Rating (VR) at 'bb' and
Government Support Rating (GSR) at 'bb+'.

KEY RATING DRIVERS

Support-Driven IDR: ICICI's IDR is driven by its GSR, which is a
notch below India's Long-Term IDR (BBB-/Stable). It reflects
Fitch's expectation of a moderate probability of extraordinary
state support from the government for ICICI relative to other large
state banks. The bank's IDR is one notch above its VR, which is one
of the highest among that of Fitch-rated Indian banks. The Stable
Outlook on the IDR mirrors the Outlook on the sovereign IDR.

Moderate Systemic Importance: ICICI's GSR reflects Fitch's view
that there is a moderate probability of extraordinary state support
for ICICI, if required, due to its private ownership, despite the
bank's large size and systemic importance. ICICI's systemic
importance is underpinned by a large market share of about 7% of
system loans and 6% of deposits at end-March 2021, and a large
retail deposit franchise.

Stable Operating Environment: Fitch expects India's strong
medium-term growth potential of 7% and a relatively stable
operating environment (OE) - despite some near-term inflationary
pressures - to result in moderate opportunities for banks to do
consistently profitable business. It is further supported by
India's large and diversified economy, high domestic consumption
growth and reasonable insulation from external risks.

Large Domestic Franchise: Fitch has reassessed ICICI's business
profile score at 'bb+' from 'bbb-'. The score is one notch above
the OE score of 'bb', similar to several large state banks. Fitch
believes that ICICI can leverage on its retail-focused domestic
franchise and capitalisation that is above the peer average to
generate more profitable business opportunities through the cycle
and sustain market share. Nevertheless, the OE influences ICICI's
business profile, as its risk appetite can weigh on its business
model, and manifest in weaker key financial metrics in a
less-benign OE.

ICICI is India's second-largest private bank, with more diversified
revenue streams than state-owned banks, due to its focus on
granular loans in urban and semi-urban markets. This supports a
better balance between interest and non-interest income. Management
strategy could be opportunistic but the absence of direct
government influence on ICICI also implies greater focus on
profitable segments and markets compared with state banks.

Loan Growth Picking Up: ICICI's risk profile score of 'bb' is
closely linked with its asset quality, as credit risk accounts for
82% of risk-weighted assets (RWAs). Fitch expects ICICI's loan
growth to hover around 18% in the medium term, driven by retail
loans.

The bank's underwriting, risk controls and ability to appropriately
price risks will be tested as competition builds up amid its
expectation of higher loan growth across the banking sector. Such
growth can drive further improvement in ICICI's earnings in a
benign environment, but could also expose it to greater pressure in
less-benign conditions. Still, Fitch believes ICICI has greater
tolerance for some of these risks than peers due to its
above-average earnings and capital buffers.

Asset Quality Improving Gradually: Fitch has revised the outlook on
the asset-quality score to stable from negative since Fitch expects
the four-year average impaired-loan ratio (FY22: 5.7%) to
sustainably drop below its 'bb' threshold of 5%, despite moderate
pressures as regulatory forbearance unwinds on Covid-19
pandemic-affected loans in the financial year ending March 2024
(FY24). Fitch has also factored in ICICI's above-average specific
loan loss cover for impaired loans and its adequate contingent
provisions into its assessment.

Improving Profitability: Fitch has revised the outlook on ICICI's
'bb' earnings and profitability score to positive from stable on
improving profitability, and its expectation that the four-year
average operating profit (OP)/RWA ratio would move close to 3% by
FYE23. The bank's OP/RWA of 3.9% as of 1QFY23 was up nearly 45bp
over FY22 on lower loan impairment charges. Fitch believes there is
headroom for further improvement in the four-year average OP/RWA on
improving loan growth and a better net interest margin, provided
there are no negative asset-quality surprises.

Stable Capitalisation: ICICI's common equity Tier 1 (CET1) ratio
(including profit) was stable at 17.2% in 1QFY23 (FY22: 17.6%), as
internal accruals offset the effect of higher RWAs. ICICI's 'bb+'
score and stable outlook are underpinned by a sufficient buffer of
900bp over regulatory minimum and its view that the ratio will
remain stable in the next two years. The bank's low net impaired
loan/CET1 ratio of 4.3% implies reasonable headroom to absorb
risks, while Fitch's assessment also factors in ICICI's good access
to capital markets and its ability to draw capital from
well-capitalised and profitable subsidiaries.

Steady Funding: The funding and liquidity score is the same as the
sovereign rating, as ICICI, like other banks in India, remains
exposed directly and indirectly to the sovereign. Its deposits have
risen above the system average in recent years despite economic
uncertainty, reflecting high depositor confidence. This is also
evident from its low-cost deposit ratio of 47% in 1QFY23, helped by
a strong deposit franchise. The loan/customer deposit ratio of 88%
and liquidity-coverage ratio of 125% remain above pre-pandemic
levels, albeit gradually normalising with tightening liquidity, in
line with our expectations.

RATING SENSITIVITIES

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

IDR AND GSR

Fitch would downgrade the GSR, and in turn, the bank's IDR, if
Fitch believes that the sovereign's ability and propensity to
support ICICI have weakened, which could be the case if the
sovereign rating were downgraded.

Similarly, a change in the sovereign rating Outlook to Negative
would lead to a corresponding revision in the Outlook of ICICI's
IDR.

VR

ICICI's VR represents a moderate degree of financial strength. The
VR has considerable headroom, given the OE, but it could be
downgraded in case of a significant deterioration in the OE, or if
its heightened risk profile were to become a more binding
constraint on the bank's loss-absorption buffers.

This could manifest through a combination of significantly weaker
key financial metrics on all three following factors:

- a drop in ICICI's CET1 ratio to well below 12%, irrespective of
its better capital flexibility, without a credible plan to restore
it to closer to 12%; alongside

- a reversal in the asset-quality trend with the four-year average
impaired-loan ratio approaching 10%; and

- four-year average OP/RWA ratio sustained below 1.25%.

A lower risk profile score for ICICI - though not its base case -
could weigh most on the VR, particularly if it is also accompanied
by a hit on one or more of the above-mentioned financial metrics.

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

IDRS AND GSR

ICICI's IDR is driven by its GSR. A sovereign rating upgrade, which
appears unlikely in the near term, could lead to an upgrade in the
bank's IDR if it coincides with a strengthening of the sovereign's
ability and, more importantly, propensity to support the banks, in
Fitch's view.

Similarly, a positive change in the sovereign rating Outlook could
lead to a corresponding revision in the Outlook of ICICI's IDR,
provided the sovereign's ability and propensity to extend support
is expected to improve commensurately.

VR

ICICI's VR is somewhat conditioned by the OE through the influence
it can have on the bank's 'bb' category business and risk profiles,
and financial key rating drivers. The VR could be upgraded in the
case of a higher OE score, if it is coupled with an improved risk
profile score and financial profile. It is possible in case of
sustained improvements in one or more of ICICI's key financial
metrics, such as:

- four-year average impaired-loan ratio sustained well below 5%;

- four-year OP/RWA ratio sustained above 3.5%;

- CET1 ratio sustained at or above current levels.

VR ADJUSTMENTS

The OE score of 'bb' is above the implied category of 'b' for the
following adjustment reasons: economic performance, and size and
structure of the economy (positive).

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

The asset quality score of 'bb-' is above the implied category of
'b' for the following adjustment reason: historical and future
metrics (positive).

The funding and liquidity score of 'bbb' is above the implied
category of 'bb' for the following reason: deposit structure
(positive).

ESG CONSIDERATIONS

ICICI has an ESG Relevance Score of '4' for Financial Transparency.
This reflects its assessment of the quality and frequency of
financial reporting and the auditing process, which has a moderate
but negative influence on the credit profile, and is relevant to
the rating in conjunction with other factors.

Occurrences of material asset-quality divergence have not happened
in recent years. Nonetheless, government and regulatory
pandemic-related relief measures pose a risk to transparent
recognition of impaired loans, even though Fitch believes ICICI is
reasonably placed among peers. Still, financial transparency is
pivotal for general business and depositor confidence and can lead
to significant reputational risk if not managed well.

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

   Entity/Debt                       Rating            Prior
   -----------                       ------            -----
ICICI Bank Limited   LT IDR             BB+ Affirmed    BB+
                     ST IDR             B   Affirmed    B
                     Viability          bb  Affirmed    bb
                     Government Support bb+ Affirmed    bb+


IMMENSE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Immense
Industries Private Limited (IIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       7          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       7          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      21          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with IIPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1988, IIPL trades in yarn and metal products (scrap
ingots). Daily operations of the Delhi-based company are managed by
Mr Somnath Harjai.


INNOVATIVE TECHNOMICS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Innovative
Technomics Private Limited (ITPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         6          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       2          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ITPL for
obtaining information through letters and emails dated July 27,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1993, manufactures high-voltage soft starters,
high-speed testing equipment, and linear motor systems.


MAHARAJA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharaja Agro
Foods Private Limited (MAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              5          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              6.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             11.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MAPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MAPL, incorporated in 2011, processes milk (pasteurizes and chills)
and allied products. It is promoted by Mr. Bijender Nagar and Mr.
Sunder Singh. Its manufacturing facility is in Alwar, Rajasthan,
and has installed capacity of 0.5 million litres per day. The
company commenced operations in December 2013.


MAHESHWARI FABTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maheshwari
Fabtex Private Limited (MFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan         1.5        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 MFPL for
obtaining information through letters and emails dated July 27,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2002, MFPL primarily trades in grey and shirting
fabric. In 2009, it started undertaking job work (for weaving grey
fabric from yarn) for local dealers and traders. The manufacturing
unit is in Bhiwandi, while the head office is in Mumbai. The
promoters also operate two other entities: Khator Fibre and Fabrics
Ltd and Goyal Creations Pvt Ltd. Operations are managed by Ms Bina
Devi Khator and her nephew, Mr Praful Khator.


MOMO JUNCTION: Creditors' Proofs of Debt Due on Dec. 9
------------------------------------------------------
Creditors of Momo Junction Limited, Moore Better Limited and Asford
Limited are required to file their proofs of debt by Dec. 9, 2022,
to be included in the company's dividend distribution.

The Momo Junction Limited commenced wind-up proceedings on Oct. 20,
2022.  The Moore Better Limited and Asford Limited both commenced
wind-up proceedings on Oct. 21, 2022.

The company's liquidator is:

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


MONTAGE PROMOTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Montage
Promoters Private Limited (MPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    8.55        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             0.95        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letters and emails dated July 27,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in September 2009 and promoted by Mr. Rajesh Shukla,
Ms. Anupama Shukla, and Ms. Shweta Shukla, MPPL trades in agro
commodities (cotton bales), fast-moving consumer goods (Mad-Croc
energy drink), and apparel (Bentbrass Golf); it is also engaged in
distribution of pharmaceuticals products.


PVS BUILDERS: CRISIL Lowers Rating on INR15cr LT Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
PVS Builders and Developers (PVSBD) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating' due to
delays in servicing debt obligation.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan           15       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with PVSBD for
obtaining information through letters and emails dated September
16, 2022, October 14, 2022 and October 18, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PVSBD, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that the rating action on
PVSBD is consistent with 'Assessing Information Adequacy Risk'

Based on best-available information, CRISIL Ratings has downgraded
its rating on the bank facilities of PVSBD to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating' due to
delays in servicing debt obligation.

PVSBD is a partnership firm established in 1991 by Mr PV
Gangadharan, PV Nidhesh and Ms PV Hemlatha. It develops real estate
and currently has three ongoing projects in Kozhikode, Kerala.


R. J. CONSTRUCTION: CRISIL Cuts Long Term Debt Rating to D
----------------------------------------------------------
Due to inadequate information and in-line with the Securities
Exchange Board of India guidelines, CRISIL Ratings had migrated the
ratings on the bank facilities of R. J. Construction (RJC) to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing information, necessary
for carrying out a comprehensive review of the ratings.
Consequently, CRISIL Ratings has downgraded the ratings on the bank
facilities of RJC to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

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

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

The ratings reflect the delays in servicing of term debt
obligations on account of weak liquidity.

The ratings continue to reflect RJC's modest scale of operations
and susceptibility to tender-based operations. These weaknesses are
partially offset by the extensive experience of the proprietor in
the civil construction segment.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and susceptibility to tender-based
operations: The scale of operations have been modest as reflected
in revenues of INR15 crore in fiscal 2022. Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a modest level.  The modest scale of operations will
continue to constrain RJC's business risk profile and limit its
operating flexibility.

* Working capital intensive operations: Working capital requirement
is large as reflected in estimated gross current assets (GCAs) of
181 days as on March 31, 2022, driven by high inventory and
receivables. CRISIL Ratings believes the operations shall remain
working capital intensive over the medium term.

Strengths:

* Extensive experience of the proprietor: The proprietor has over
three decades of experience of the proprietor in the civil
construction industry, which has benefitted the firm in
understanding of the dynamics of the market, and healthy
relationships with suppliers and customers should continue to
support the business. The confirmed order book is at around INR21
crore to be executed by December 2022, providing the firm revenue
visibility.

Liquidity: Poor

The liquidity profile of the company is poor which is reflected in
insufficient fund for the timely repayment of debt obligation and
fully utilized bank limits.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days
* Improvement in working capital management

Established in 1996, Tamil Nadu-based RJC is owned and managed by R
Jayabalan. The firm is engaged in civil construction works, such as
construction of bridges and canal, irrigation and electrification
works.


RELIANCE CAPITAL: Loans to Group Cos Lead to INR1,755cr Fin'l Hit
-----------------------------------------------------------------
The Economic Times reports that Reliance Capital's loans to its
various group entities led to financial impact of more than
INR1,755 crore to the company, a report showed.

These numbers are for FY20.

The report in question is the one submitted by transaction auditor
BDO India LLP to the administrator of the insolvency-bound Reliance
Capital, ET says.

BDO India LLP is assisting the IBC-appointed administrator of
Reliance Capital in carrying out an investigation of the
transaction-related affairs of the company, ET notes.

Nageswara Rao Y is the administrator of Reliance Capital. He was
appointed in accordance with the provisions of the Code as per the
order of the NCLT bench at Mumbai dated Dec. 6, 2021.

Based on the observations of the transaction auditor, the
administrator on Oct. 22, 2022, filed applications in respect of
disbursements to a total of seven companies before Mumbai NCLT,
Reliance Capital said in various regulatory filings on Oct. 28.

All of these transactions were loans given by the company to group
entities, the report relays.

In separate filings to stock exchanges, the administrator on the
basis of the report from BDO revealed there was an estimated impact
of INR1,142.08 crore by way of a loan to Reliance Entertainment
Network Pvt Ltd (RENPL); INR203.01 crore to Reliance Unicorn
Enterprises (RUEPL); INR162.91 crore to Reliance Big Entertainment
(RBEPL); INR131.52 crore to Reliance Broadcast Network (RBNL);
INR59.12 crore to Reliance Business Broadcast News Holding
(RBBNHL), ET discloses.

Also, there was an impact of INR39.30 crore on account of loans to
Reliance Alpha Services (RASPL) and INR17.24 crore to Zapak Digital
Entertainment (Zapak).

The administrator filed applications against these companies on
Oct. 22, 2022, and they are subject to adjudication by the NCLT,
the company said.

                       About Reliance Capital

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

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

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

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

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


S. D. GURAV: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S. D. Gurav
(SDG) continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SDG for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1995 as a sole proprietor firm, SDG is a Belgaum
(Karnataka) based civil contractor & interior designer. The company
primarily undertakes construction of residential projects.


SAFIRE INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Safire
Industries (SI; part of the Safire group) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.65       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working       3          CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with SI for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of SI and The Safire Offset
Printers (SOP). This is because the two entities, together referred
to as the Safire group, are in the same line of business, and have
a common management and fungible cash flows.

Set up in 1989 by Mr. Ayyanathan, SI is part of the Safire group,
which prints film posters, brochures, calendars, text books, and
school magazines. Both SI and SOP are based in Sivakasi (Tamil
Nadu).


SAHIBZADA AJIT: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sahibzada
Ajit Singh Educational Trust (SAS) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Overdraft Facility      22        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAS for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SAS was formed in 1994 by Mr S Gurbachan Singh. The trust operates
more than 30 schools and colleges, including engineering,
management and polytechnic institutes. Most of the schools operate
under the name, Dhilwan International Public School (DIPS),
affiliated with Central Board of Secondary Education (CBSE). The
society started its first school in Dhilwan, Punjab, in 1994. The
institutions are in Jalandhar, Amritsar, Kapurthala, Hoshiarpur and
Fazilka districts of Punjab.


SARVESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarvesh Rice
Mill Private Limited (SRMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.50        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5.25        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Term Loan    3.55        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            10.70        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRMPL for
obtaining information through letters and emails dated July 27,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SRMPL, incorporated in 2009, processes par-boiled rice at its
facility in Bardhaman, West Bengal. Its operations are managed by
Mr. Ritesh Agarwal and Ms. Vasudha Agarwal.


SATYAM AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satyam Agro
Trade Private Limited (SATPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       7          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SATPL for
obtaining information through letters and emails dated July 27,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in the year 2015, SATPL is a private limited company
engaged in trading of imported spices and pulses. It was also
engaged in franchisee sales of the juice brand - 'Onjus' (Tunip
Lanka Pvt. Ltd. - 100% subsidiary of Tunip Agro Limited). The
company majorly caters to the domestic market. The day-to-day
operations of the company are managed by Mr. Arvind Varma and Mrs.
Sarla Varma.


SHIMLA AUTOS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shimla Autos
Private Limited (SAPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.1        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
  
SAPL was incorporated in April 2012 and commenced operations in
January 2014. The company has exclusive dealership of FML in
Shimla, Ponta Sahib, and Rampur Bushahr in Himachal Pradesh. It has
three showroom with 3s (sales, service and spares) facilities for
tractors, utility vehicles, and light commercial vehicles. The
company is managed by Mr Sandeepni Bhardwaj and Ms Bhumika
Bhardwaj.


SHIVA SHREE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva Shree
Builders (SSB) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Project Loan          1.9         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    1           CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term    1.93        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             1.25        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             1.92        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSB for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SSB was set up in 1990, promoted by Mr V Shivarajan and his family
members. The firm is currently developing residential real estate
projects in Coimbatore, Tamil Nadu.


SPARKLET ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sparklet
Engineers Private Limited (SEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         6          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing        10          CRISIL D (Issuer Not
   Credit                            Cooperating)

   Letter of Credit       3.65       CRISIL D (Issuer Not
                                     Cooperating)

   Post Shipment          6.65       CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment          3.35       CRISIL D (Issuer Not
   Credit                            Cooperating)

CRISIL Ratings has been consistently following up with SEPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined business
and financial risk profiles of SEPL and its wholly-owned subsidiary
Sparklet Engineers Middle East FZE (SEME). This is because both the
entities, together referred to as the Sparklet group, are in the
same business and have fungible funds.

SEPL, set up by Mr R B Ghosh in 2000, is a Mumbai-based oil and gas
upstream and downstream equipment design, fabrication, and supply
company. It has market presence across the Middle East and North
Africa. It provides end-to-end solutions to oil & gas players
located in Iraq, UAE, Kuwait, Oman, and Nigeria, among other
regions. SEPL has manufacturing units at Thane in Maharashtra. Mr R
B Ghosh and his son Mr Shukanto Ghosh oversee the operations.
  
SEME, is a wholly owned subsidiary of SEPL with manufacturing unit
located in Dubai. It is also engaged in same line of activity.


SURYODAY COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suryoday
Cotex Private Limited (SCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.12       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.88       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SCPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SCPL, which was set up in 2013, trades in raw cotton in Rajkot
(Gujarat). The key promoter, Mr Jaideep Gida has been engaged in
the cotton business for close to a decade, through the group
company, Suryoday Enterprise.


SWASTIK LLOYDS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Swastik Lloyds
Engineering Private Limited (SLEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         4          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     4          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SLEPL for
obtaining information through letters and emails dated July 12,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SLEPL was incorporated in 1997, promoted by Mr Mafatlal Sanghvi and
his family. The company manufactures and supplies pipe fittings
such as elbows, bends, tees, stub ends, reducers, and caps; it also
executes turnkey projects for mechanical piping. Its manufacturing
facility is in Taloja, Maharashtra, with an installed capacity of
100 tonne per month.


TOUGH BAGS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tough Bags
(TB) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           1         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with TB for
obtaining information through letters and emails dated July 12,
2022 and September 28, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set-up in 1992 as a proprietorship firm, TB manufactures
complementary gifts items such as bags, pouches, shaving kits in
rexene. The firm is based in Pykara, Tamil Nadu and promoted by Mrs
Lalitha Ramalingam. Her son Mr Palanniappan manages operations.


VAIBHU INFRA: CRISIL Lowers LT/ST Loan Rating to D
--------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Vaibhu Infra Tech India Private Limited (VITIPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' based on publicly available information.

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

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

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VITIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Marino is consistent with 'Assessing Information Adequacy Risk'.

VITIPL was established in 1998 as a proprietorship firm and was
reconstituted as a private limited company in 2010. It is promoted
and managed by Mr. Babji Kollipara. The company provides IT
services and software solutions. It develops and implements
customized software applications/software (primarily for
e-governance), and provides consulting and advisory services.

Status of non cooperation with previous CRA:

VITIPL has not cooperated with Care Ratings Limited (CARE) which
has classified it as non-cooperative vide release dated 26
February, 2018. The reason provided by CARE is non-furnishing of
information for monitoring of ratings.


VIJAYA DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Vijaya
Durga Motors Private Limited (SVDMPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

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

   Term Loan               1         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVDMPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SVDMPL, incorporated in 2003, remained non-operational until April
2011. During fiscal 2012, the company commenced operations by
taking up the dealership for Mahindra Navistar's commercial
vehicles. It has three showrooms, one each at Kadapa, Kurnool, and
Anantpur, all in Andhra Pradesh.




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

MITSUI E&S: Egan-Jones Retains CCC- Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on September 23, 2022, retained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Mitsui E&S Holdings Co., Ltd. EJR also retained
its 'D' rating on commercial paper issued by the Company.

Headquartered in Chuo City, Tokyo, Japan, Mitsui E&S Holdings Co.,
Ltd. offers shipbuilding services.


TOYOBO CO: Egan-Jones Retains BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on September 19, 2022, retained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Toyobo Co., Ltd.

Headquartered in Osaka, Osaka, Japan, Toyobo Co., Ltd. manufactures
and sells natural and synthetic fibers.





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

CK LABOUR: Court to Hear Wind-Up Petition on Nov. 25
----------------------------------------------------
A petition to wind up the operations of CK Labour Hire Limited will
be heard before the High Court at Auckland on Nov. 25, 2022, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 5, 2022.

The Petitioner's solicitor is:

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


HAURAKI RAIL: Creditors' Proofs of Debt Due on Nov. 25
------------------------------------------------------
Creditors of Hauraki Rail Trail Limited and We Fence Limited are
required to file their proofs of debt by Nov. 25, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Nov. 22, 2022.

The company's liquidators are:

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


NAGIDAC EARTHMOVING: Creditors' Proofs of Debt Due on Jan. 20
-------------------------------------------------------------
Creditors of Nagidac Earthmoving Limited are required to file their
proofs of debt by Jan. 20, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 20, 2022.

The company's liquidator is:

          Rhys Cain
          EY
          PO Box 2091
          Level 4, 93 Cambridge Terrace
          Christchurch


REISLOCH GROUP: Court to Hear Wind-Up Petition on Nov. 25
---------------------------------------------------------
A petition to wind up the operations of Reisloch Group Limited will
be heard before the High Court at Auckland on Nov. 25, 2022, at
10:45 a.m.

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

The Petitioner's solicitor is:

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


VOLCANIC AIR: Goes Into Liquidation Following Covid-19 Slump
------------------------------------------------------------
The New Zealand Herald reports that an iconic Rotorua tourism
business has gone into liquidation after failing to claw itself
back following the Covid-19 pandemic - but the company's boss said
there's hope on the horizon.

Volcanic Air Safaris Limited was put in liquidation on October 12,
just days before four of its own received bravery awards for their
heroic rescue efforts after the Whakaari/White Island eruption.

According to the Herald, the company's demise has been attributed
to three key factors - the almost complete loss of clients after
the borders shut, a WorkSafe New Zealand prosecution relating to
Whakaari, and the millions it would have cost to rebuild its
central hub following Rotorua's lakefront redevelopment.

The business, in operation since 1992, had been a staple of the
Rotorua tourism market providing scenic flights over Mt Tarawera
and Whakaari, with its visitor office based at the Rotorua
lakefront.

Last week, company director and shareholder Tim Barrow, chief
helicopter pilot Graeme Hopcroft, and colleagues Sam Jones and
Callum Mill were among seven people given bravery awards for their
efforts to save lives after Whakaari erupted on Dec. 9, 2019,
according to the report.

The Volcanic Air Safaris four were awarded New Zealand Bravery
Decorations, given for exceptional bravery in a situation of
danger.

The Herald relates that the pilots, among others, landed on the
island soon after it erupted and made their way through thick ash
to help retrieve badly injured survivors.

They helped load casualties into helicopters, with Barrow and
Hopcroft flying two people to Whakatāne Hospital while Jones and
Mill stayed behind with Kāhu NZ pilot Tom Storey to search for
other survivors.

They carefully grouped the dead closer together with the intention
of retrieving the bodies when the helicopters returned.

In November 2020, WorkSafe NZ filed charges under the Health and
Safety and Work Act relating to Whakaari against 13 parties,
including Volcanic Air Safaris Limited and Kāhu NZ, the Herald
recalls. The maximum fine if found guilty for some of those charged
is NZD1.5 million.

The charges do not relate to events on the day of the eruption, or
the rescue efforts. Charges have been dropped against the National
Emergency Management Agency and GNS. The other defendants have
pleaded not guilty, with a trial scheduled for July.

Mr. Barrow said it was not yet determined what the liquidation
meant for the prosecution, The Herald relates.

However, liquidator Andrew McKay said a company remained in
existence while in liquidation but the Companies Act states a
person must not start or continue legal action against a liquidated
company - unless a liquidator agrees or a court orders otherwise.

According to the Herald, Mr. McKay said that to date he had not
received any communication from WorkSafe New Zealand regarding the
proceedings.

A WorkSafe spokesman said it could not comment on the specific
case, but noted there was precedent for WorkSafe to be granted
leave to continue with prosecutions of liquidated companies.

Mr. Barrow said there was irony in receiving the bravery award and
liquidating his company in the same month, but said the liquidation
was not a way to avoid prosecution.

"It's more - you couldn't have aligned the stars any worse for
us."

Before Covid struck, the company made 94 per cent of its money from
international visitors, the Herald notes.

Mr. McKay released his first liquidator's report on October 19
which said the company had total assets worth NZD147,082 and total
liabilities of NZD163,534, meaning it owed about NZD16,000, the
Herald discloses.

A creditors' meeting would not be held at this stage as the cost of
the meeting would outweigh the benefit given the limited number of
creditors, the report said.




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

PAKISTAN WATER & POWER: Fitch Lowers Foreign Currency IDR to 'CCC+'
-------------------------------------------------------------------
Fitch Ratings has downgraded Pakistan Water and Power Development
Authority's (WAPDA) Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'B-'. Fitch typically does not assign
Outlooks to issuers with a rating of 'CCC+' or below due to the
high volatility of these ratings.

KEY RATING DRIVERS

The downgrade follows the downgrade of the Pakistan sovereign on 21
October 2022 (see Fitch Downgrades Pakistan to 'CCC+'), as WAPDA's
ratings are equalised with that of the Pakistan sovereign, and
sensitive to any rating action on the sovereign.

For details on the assessment of WAPDA's government linkage and the
government's incentive to support the company, please see the
latest rating action commentary at "Fitch Affirms Pakistan Water
and Power Development Authority at 'B-'; Outlook Stable", published
on 14 March 2022.

DERIVATION SUMMARY

Fitch categorises WAPDA as credit-linked to the sponsor and
equalises the ratings with that of the Pakistan sovereign.

RATING SENSITIVITIES

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

Any positive rating action on the sovereign.

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

Any negative rating action on the sovereign, weaker links between
WAPDA and the government, or lower socio-political and financial
implications of a default by WAPDA.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

WAPDA's ratings are linked to that of the sovereign.

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for WAPDA, as its
ratings and ESG profile are derived from its parent.

   Entity/Debt                Rating            Prior
   -----------                ------            -----
Pakistan Water and
Power Development
Authority            LT IDR    CCC+  Downgrade   B-

                     LC LT IDR CCC+  Downgrade   B-

   senior unsecured  LT        CCC+  Downgrade   B-


PAKISTAN: Fitch Lowers LongTerm Foreign Currency IDR to 'CCC+'
--------------------------------------------------------------
Fitch Ratings has downgraded Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC+' from 'B-'. Fitch typically
does not assign Outlooks to sovereigns with a rating of 'CCC+' or
below.

KEY RATING DRIVERS

Worsening Liquidity, Policy Risks: The downgrade reflects further
deterioration in Pakistan's external liquidity and funding
conditions, and the decline of foreign-exchange (FX) reserves. This
is partly a result of widespread floods, which will undermine
Pakistan's efforts to rein in twin fiscal and current account
deficits. The downgrade also reflects its view of increased risks
of policies potentially undermining Pakistan's IMF programme and
official financial support.

Reserves Under Pressure: Liquid net FX reserves of the State Bank
of Pakistan (SBP) were about USD7.6 billion by 14 October 2022, or
about a month of current external payments, down from more than
USD20 billion at end-August 2021. Falling reserves reflect large,
albeit, declining current account deficits (CADs), external debt
servicing and earlier FX interventions by the SBP.

Before stabilising in the week to 14 October, reserves had been
falling every week since the disbursement of USD1.2 billion from
the IMF in the week to 2 September, upon the completion of the 7th
and 8th reviews of Pakistan's Extended Fund Facility (EFF).

External Deficits: The CAD reached USD17 billion (4.6% of GDP) in
the fiscal year to June 2022 (FY22), driven by soaring oil prices
and higher non-oil imports on strong private consumption. Fiscal
tightening, higher interest rates and measures to limit energy
consumption and imports underpin its forecast for the CAD to narrow
to USD10 billion (2.7% of GDP) in FY23, despite the hit to export
revenue and import needs after the recent floods. Lower imports and
commodity prices helped to narrow the CAD in recent months, to
about USD300 million in September.

Large Funding Needs: Pakistan's external public debt maturities in
FY23 are over USD21 billion, mostly to bilateral and multilateral
creditors, which mitigates rollover risks, and there are already
agreements to roll over some of these. The authorities estimate the
flood damage at USD10 billion-30 billion, but reconstruction costs
are likely to be lower, as is the impact on Pakistan's twin
deficits.

Some New Funding: Pakistan recently received funding commitments of
USD2.5 billion from the World Bank and Asian Development Bank,
according to the authorities, although Fitch understands that much
of this is repurposed from ongoing programmes. It remains unclear
to what degree the IMF will be able to relax Pakistan's programme
targets, or augment Pakistan's access under the EFF.

Policy, IMF Programme Risks: Fitch assumes Pakistan will continue
to receive disbursements under its IMF programme, but risks to this
have risen. Fuel-price cuts from 1 October may not be compatible
with commitments to the IMF. A quarterly electricity tariff
adjustment due in October has yet to happen. The new finance
minister has re-affirmed commitment to the programme, but prefers a
strong exchange rate, and may revisit the SBP law that was amended
in early 2022 to grant the SBP greater autonomy, as previously
agreed with the IMF.

The 'CCC+' Long-Term Foreign-Currency IDR also reflects the
following factors:

Debt Relief Raised, Rejected: The previous finance minister said
before resigning that Pakistan would seek debt relief from
non-commercial creditors, although they reiterated the intention to
repay the USD1 billion bond due in December 2022. Prime Minister
Shehbaz Sharif also appealed for debt relief within the Paris Club
framework. More recently, however, the Minister of Finance publicly
ruled this out.

Pakistan's debt to private creditors (or official Paris Club
creditors) is only a small fraction of the total and the
authorities maintain that they have no intention to restructure
debt to private creditors.

Political Volatility: Former Prime Minister Imran Khan, who was
ousted in a no-confidence vote on 10 April, continues to put
political pressure on the government, organising protests across
the country calling for early elections. Mr Khan's PTI party won
by-elections in the key Punjab province in July, defeating the
incumbent PML-N, and PTI won more national and provincial seats in
by-elections on 17 October. Regular elections are due in October
2023, creating the risk of policy slippage after the conclusion of
the IMF programme due in June.

Fiscal Worsening, Consolidation: The fiscal deficit widened to 7.9%
of GDP (over PKR5 trillion) in FY22, from 6.1% in FY21. Tax
reductions and subsidies on fuel and electricity account for most
of the fiscal deterioration; these were introduced by the previous
government in February and lasted until June. Fitch expects a
narrowing of the deficit to 6.2% of GDP (about PKR5 trillion or
USD23 billion) in FY23, driven by some spending restraint and
higher taxes.

Debt to Decline: Pakistan's debt/GDP ratio was 73% at FYE22,
broadly in line with the current 'B' median. Fitch expects debt/GDP
to fall to 70% in FY23 and continue decreasing, helped by high
inflation and a modest primary deficit. A low FX exposure at just
over 30% of total debt limits the negative impact of currency
depreciation on debt dynamics. Nevertheless, debt/revenue (at over
600% in FY22) and interest/revenue (at about 40%) are significantly
worse than the 'B' median. This largely reflects low general
government revenue of 12% of GDP in FY22.

High Inflation, Monetary Tightening: Consumer price inflation
averaged 12.2% in FY22 but accelerated to 21.3% yoy (6.3% mom) in
June and averaged 25% yoy (1.8% mom) in July-September, driven by
hikes to petrol and electricity prices. The SBP maintained its
policy rate at 15% at its last meeting on 10 October, after
cumulative rate hikes of 800bp in the latest tightening cycle.

Slowing Growth: Fitch forecasts GDP growth to decelerate to about
2% in FY23, from 6% in FY22, amid fiscal and monetary tightening,
high imported inflation, a weak external demand outlook, and
flood-related disruptions. This is broadly in line with the
government's forecast, down from its initial target of 5% and a
3.5% forecast in the IMF programme. The 2010-2011 floods
contributed to Pakistan's weak recovery after the global financial
crisis.

ESG - Governance: Pakistan has an ESG Relevance Score (RS) of '5'
for both political stability and rights and for the rule of law,
institutional and regulatory quality and control of corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model
(SRM). Pakistan has a low WBGI ranking at the lower 22nd
percentile.

RATING SENSITIVITIES

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

- External Finances: Further deterioration in external liquidity
and funding conditions, for example reflected in renewed widening
of current account deficits and further decline in international
reserves.

- Public Finances: Increased possibility of default, for example
due to policies undermining availability of IMF and other funding,
or moves by the authorities to formally seek debt restructuring.

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

- External Finances: Rebuilding of Pakistan's foreign-currency
reserves and easing of external financing risks.

- Public Finances: Strong performance against IMF programme
conditions ensuring continued availability of funding.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Pakistan a score equivalent to a
rating of 'CCC+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

However, in accordance with its rating criteria, Fitch's sovereign
rating committee has not utilized the SRM and QO to explain the
ratings in this instance. Ratings of 'CCC+' and below are instead
guided by the rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

ESG CONSIDERATIONS

Pakistan has an ESG Relevance Score of '5' for political stability
and rights, as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Pakistan has a percentile rank below 50 for
the respective governance indicator, this has a negative impact on
the credit profile.

Pakistan has an ESG Relevance Score of '5' for rule of law,
institutional & regulatory quality and control of corruption, as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Pakistan has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

Pakistan has an ESG Relevance Score of '4' for human rights and
political freedoms, as the voice and accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Pakistan
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Pakistan has an ESG Relevance Score of '4' for creditor rights, as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Pakistan, as for all sovereigns. Pakistan
participated in the Debt Service Suspension Initiative in 2020, and
had earlier restructurings of public debt in 2001 and 1998.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.

   Entity/Debt               Rating             Prior
   -----------               ------             -----
Pakistan      LT IDR          CCC+ Downgrade     B-
              ST IDR          C    Downgrade     B
              LC LT IDR       CCC+ Downgrade     B-
              LC ST IDR       C    Downgrade     B
              Country Ceiling B-   Affirmed      B-

   senior
   unsecured  LT              CCC+ Downgrade     B-

The Pakistan Global
Sukuk Programme
Company Limited

   senior
   unsecured  LT              CCC+ Downgrade     B-




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

AGV GROUP: Court to Hear Wind-Up Petition on Nov. 25
----------------------------------------------------
A petition to wind up the operations of AGV Group Limited will be
heard before the High Court of Singapore on Nov. 25, 2022, at 10:00
a.m.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542


CHUA YEW: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Oct. 21, 2022, to
wind up the operations of Chua Yew Seng Construction & Electrical
Engrg Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


ENVYSION GLOBAL: Commences Wind-Up Proceedings
----------------------------------------------
Members of Envysion Global Investments VCC and Envysion Commodity
Strategy Fund, on Oct. 17, 2022, passed a resolution to voluntarily
wind up the group's operations.

The group's liquidators are:

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


GUTHRIE (PLC): Creditors' Proofs of Debt Due on Nov. 28
-------------------------------------------------------
Creditors of Guthrie (PLC) Pte. Ltd. are required to file their
proofs of debt by Nov. 28, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 28, 2022.

The company's liquidators are:

          Chia Lay Beng
          1 Scotts Road
          #21-07 Shaw Centre
          Singapore 228208


HODLNAUT TRADING: JMs Face Hurdles in Determining Financial Status
------------------------------------------------------------------
CoinDesk reports that the Singapore-court-appointed managers of
Hodlnaut, a crypto lender that froze withdrawals in August, said
they are facing significant difficulties in determining an accurate
financial position of the company.

"Among other reasons, the company's accounting and financial
records have not been properly maintained," the interim judicial
managers (IJM) said in their first report to the court and the
company's creditors, CoinDesk relays. In addition, some company
directors and other employees are preventing access to "various key
books and records."

According to CoinDesk, Hodlnaut directors came under fire for
downplaying the extent of the firm's exposure to TerraUSD (UST)
during the $60 billion collapse of the Terra ecosystem. The firm
converted a "significant amount" of crypto into UST, much of which
was staked on the now defunct Anchor Protocol to generate a yield.
Directors of Hodlnaut HK, a subsidiary of Hodlnaut, said that the
loss sustained equates to $189.7 million.

CoinDesk says Terra's implosion led to widespread contagion and a
subsequent downturn across the crypto market, with several firms,
including prominent hedge fund Three Arrows Capital, filing for
bankruptcy alongside crypto lenders Celsius Network and Voyager
Digital.

A review of transaction data by the judicial managers shows that
Hodlnaut employees withdrew a total of $550,000 between the
beginning of July and the time the firm froze withdrawals for
customers.

CoinDesk, citing figures in the report, discloses that Hodlaut
total estimated asset's equate to $74 million with liabilities of
$267.6 million, a shortfall of $193.6 million. Almost
three-quarters of Hodlnaut's assets are in decentralized finance
(DeFi) positions across Compound, Convex and Aave.

CoinDesk adds that the IJMs plan to consolidate all assets from
centralized exchanges to a custodial wallet. They will also conduct
further reviews of Hodlnaut directors to see if any additional
claims can be pursued by creditors.

The next report will be published on Dec. 15, CoinDesk notes.

                     About Hodlnaut Trading

Hodlnaut Trading Limited -- https://www.hodlnaut.com/ -- is a
Singapore-based platform that provides innovative financial
services for individual investors who can earn interest on their
cryptocurrencies.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
6, 2022, the Singapore High Court granted judicial management to
Hodlnaut, giving the struggling crypto lender additional breathing
space to come up with a recovery plan. According to Bloomberg,
Justice Aedit Abdullah approved Angela Ee and Aaron Loh of EY
Corporate Advisors Pte as the interim judicial managers, Hodlnaut
said in a statement on its website on Aug. 30. In an earlier
application, Hodlnaut had proposed Tam Chee Chong of Kairos
Corporate Advisory Ltd. as the interim judicial manager. The court
announced the decision on Aug. 29, Hodlnaut added.


JIGSAW CAPITAL: Court to Hear Wind-Up Petition on Nov. 11
---------------------------------------------------------
A petition to wind up the operations of Jigsaw Capital Pte Ltd.
will be heard before the High Court of Singapore on Nov. 11, 2022,
at 10:00 a.m.

Soong Chee Hong filed the petition against the company on Oct. 12,
2022.

The Petitioner's solicitors are:

          Nine Yards Chambers LLC
          11 Beach Road
          #05-02, Singapore 189675


LIFELONG GROUP: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Oct. 21, 2022, to
wind up the operations of Lifelong Group Pte. Ltd.

Yau Jun Kay Jackie filed the petition against the company.

The company's liquidators are:

          Abuthahir S/O Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory Pte Ltd
          144 Robinson Road #14-02
          Robinson Square
          Singapore 068908




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

KOREA GAS: Egan-Jones Retains BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on September 20, 2022, retained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Korea Gas Corporation.

Headquartered in Daegu, South Korea, Korea Gas Corporation
manufactures, wholesales, and distributes liquefied natural gas
(LNG) and liquefied petroleum gas (LPG) throughout South Korea.





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

PHAT DAT: Fitch Affirms & Then Withdraws 'B-' LongTerm IDR
----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based Phat Dat Real Estate
Development Corp's (PDR) Long-Term Issuer Default Rating (IDR) at
'B-' with a Negative Outlook. Fitch has simultaneously withdrawn
the rating.

The rating reflects the significant weakening in PDR's contracted
sales and cash collections amid a worsening economic environment
and credit tightening towards the property sector, which has
disproportionately affected the company given its high reliance on
a single wholesale buyer over the last few years. The company is
working to diversify its business across several wholesale buyers
in the next 12-18 months. However, Fitch believes there are
material execution risks to its strategy amid the poorer operating
environment, which could result in PDR's operating scale
contracting further.

The Negative Outlook reflects the uncertainty around PDR's ability
to execute its strategy in a timely manner without a further
weakening in its operating scale, and the potential deterioration
in the company's liquidity and refinancing risk.

Fitch has withdrawn the rating of PDR for commercial reasons.

KEY RATING DRIVERS

For details on the key rating drivers, see Fitch Downgrades
Vietnam's Phat Dat Real Estate Development to 'B-'; Outlook
Negative, published 19 October 2022.

RATING SENSITIVITIES

Rating sensitivities are not applicable, as the ratings have been
withdrawn.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating          Prior
   -----------               ------          -----
Phat Dat Real Estate
Development Corp     
                     LT IDR B-  Affirmed      B-

                      LT IDR WD  Withdrawn     B-



                           *********


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 2022.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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