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

                     A S I A   P A C I F I C

          Thursday, May 5, 2022, Vol. 25, No. 84

                           Headlines



A U S T R A L I A

BIZPAY: Sydney Buy Now-Pay Later Provider Cuts 30% of Workforce
BOHDI SATORI: First Creditors' Meeting Set for May 11
GREENSPACE GLOBAL: First Creditors' Meeting Set for May 12
GROSE PTY: First Creditors' Meeting Set for May 12
MAILEC ELECTRICAL: First Creditors' Meeting Set for May 13

NEO HEALTH: First Creditors' Meeting Set for May 16
SEND APP: Placed in Voluntary Administration


C H I N A

BEIJING HONGKUN: Fitch Withdraws 'CCC+' Foreign Currency IDR
GUORUI PROPERTIES: Fitch Lowers & Withdraws Foreign Currency IDR
KWG GROUP: Fitch Lowers Foreign Currency IDR to 'B', On Watch Neg.
REDCO PROPERTIES: Fitch Lowers Foreign Currency IDR to 'RD'


H O N G   K O N G

AGM GROUP: Posts $3.8 Million Net Income in Fourth Quarter


I N D I A

AKS ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating Category
AMAR PARKASH: Insolvency Resolution Process Case Summary
ANDHRA CEMENT: Insolvency Resolution Process Case Summary
ANJALI INFRACRETE: ICRA Keeps B Debt Ratings in Not Cooperating
ASBESCO (INDIA): ICRA Lowers Rating on INR40CR Loan to B+

ASHRITHA HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
BARANI FERROCAST: ICRA Keeps B- Debt Ratings in Not Cooperating
BROWNSTONE FOUNDATION: Insolvency Resolution Process Case Summary
CANTRONICS OFFICE: Insolvency Resolution Process Case Summary
CAPE ENGINEERS: Liquidation Process Case Summary

CHEEMA SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating
DECO EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
DEEPAK BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating
DHANDU MARIAMMAN: ICRA Keeps B Debt Ratings in Not Cooperating
DHANUKA EXTRACTIONS: ICRA Withdraws B+ Rating on INR14cr LT Loan

F&K AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
FRONTLINE PRINTERS: Liquidation Process Case Summary
GANDHI CREDIT: Voluntary Liquidation Process Case Summary
GLOABTEL CONVERGENCE: Liquidation Process Case Summary
GLOBAL COLD: Insolvency Resolution Process Case Summary

GOLDEN FIBRES: ICRA Keeps B+ Debt Ratings in Not Cooperating
GOVARDHAN ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
INEXO CAST: ICRA Keeps B+ Debt Rating in Not Cooperating Category
JINDAL TRADING: ICRA Keeps B+ Debt Ratings in Not Cooperating
LAKSHMIDURGA TEXTILES: ICRA Keeps B+ Ratings in Not Cooperating

LIFESTILE REALTY: ICRA Withdraws B+ Rating on INR13cr LT Loan
NUEVO POLYMERS: ICRA Keeps B+/A4 Debt Rating in Not Cooperating
PALLAVI MARKETING: Voluntary Liquidation Process Case Summary
PIONEER GLOBEX: ICRA Keeps D Debt Ratings in Not Cooperating
PRAHLAD FLOUR: ICRA Keeps B+ Debt Ratings in Not Cooperating

RAM CHARAN: Files Appeal Against NCLT Order
RAM COTTEX: ICRA Keeps B Debt Rating in Not Cooperating Category
RANGA OVERSEAS: ICRA Keeps B+ Debt Rating in Not Cooperating
SHENDRA ADVISORY: Voluntary Liquidation Process Case Summary
SINGLA RICE: ICRA Keeps B Debt Rating in Not Cooperating Category

SIPAI INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SODE VADIRAJA: ICRA Keeps D Debt Rating in Not Cooperating
SUMMER INDIA: Liquidation Process Case Summary
SURBHI FERRO: ICRA Keeps B Debt Ratings in Not Cooperating
TELAWNE POWER: ICRA Keeps B+ Debt Ratings in Not Cooperating

TUBE TURN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
UNIPLATFORM TECH: Voluntary Liquidation Process Case Summary
VAISHNAVI SPINTEX: ICRA Keeps B Debt Ratings in Not Cooperating
YAMUNA GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating


M A C A U

WYNN RESORTS: Egan-Jones Keeps CCC+ Senior Unsecured Ratings


N E W   Z E A L A N D

CRYPTOTECH DEVELOPMENT: Court to Hear Wind-Up Petition on May 13
ERP GROUP: Creditors' Proofs of Debt Due June 1
HONEYBUNCH PURE: Court to Hear Wind-Up Petition on May 13
INDUSTRIAL TEXTILES: Creditors' Proofs of Debt Due on June 6
KB PROJECT: Court to Hear Wind-Up Petition on June 3



S I N G A P O R E

HENG MORE: Commences Wind-Up Proceedings
NO SIGNBOARD: Terminates Loan Deals with Q&M CEO, Private Investor
RDV REALTY: Commences Wind-Up Proceedings
RHODIUM INTERNATIONAL: Creditors' Meetings Set for May 13

                           - - - - -


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

BIZPAY: Sydney Buy Now-Pay Later Provider Cuts 30% of Workforce
---------------------------------------------------------------
news.com.au reports that a buy now, pay later provider with offices
in Sydney has made 30% of its workforce redundant blaming market
conditions for the huge cut to staffing.

Yet, the company called BizPay is currently in the process of
trying to raise AUD25 million in funding and has partially
completed it.

It has already attracted AUD45 million in funding since its launch
in late 2019, according to reports.

Impacted staff are required to finish up at the company by May 6,
although the company did not reveal how many people were laid off,
news.com.au says.

BizPay is a form of BNPL used by other businesses to pay invoices
for providers such as lawyers, accountants or advisers over four
monthly instalments and it charges companies a fee.

Its co-founder and chief executive David Price said the job cuts
were a "strategic decision".

"Due to the uncertainty in the global markets, particularly the
tech sector, and current market conditions, we've made the
strategic decision to streamline operations and our workforce to
support BizPay's next growth phase," he told news.com.au.

He added that new automated processes had improved efficiency
requiring a "leaner and more agile workforce" to improve its
competitiveness in the space, news.com.au relates.

"Unfortunately, as part of this process, we've had to make some
reductions to our staff level to adapt to these changes," the
report quotes Mr. Price as saying.

Earlier this year, experts predicted potential "carnage" for the
buy now, pay later sector as providers burn through cash, bad debts
balloon and customers retreat from using the service - a model
which they say isn't sustainable, according to the report.

In April, Australian buy now pay later tech giant Afterpay posted a
staggering mid-year loss haemorrhaging AUD345.5 million over the
six months to December 31, 2021, news.com.au discloses. It was a
considerable decline from its previous half-yearly results, where
it shed AUD79.2 million in the first half of 2021, meaning the
company's losses ballooned by 336 per cent.

Meanwhile, shares in Zip Co have dropped by a whopping 72 per cent
this year, news.com.au adds.

BizPay had previously raised the possibility of floating on the
Australian stock market in an initial public offering (IPO) and in
April last year it was estimated to achieve a market capitalisation
of AUD400 million, the Australian Financial Review reported.

news.com.au relates that Mr. Price said it was working on the
timing and size of its current raise.

"In terms of our capital raise, we are working closely with our
investment bankers on the timings and size of the raise," he said.

"We've successfully raised a portion of funds; however, it is a
challenging market, especially for fintechs. We believe the
measures that we have put in place and the automation capabilities
will be well received by the market and support us in scaling the
business."

Back in March, BizPay said it had achieved significant growth with
more than 10 times increase in revenue over the last year, reported
Retail Biz.

"The payments ecosystem is accelerating at lightning speed, and
we're excited to tap into this growth in 2022. . .", Mr. Price told
Retail Biz, news.com.au relays.

"By offering a unique and disruptive product to an untapped market,
we've set up the business for success both locally and globally.
With an innovative AI-led approach, supported by a talented team
we're keen to keep delivering outstanding results on our way to
IPO."


BOHDI SATORI: First Creditors' Meeting Set for May 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Bohdi Satori
Pty Ltd will be held on May 11, 2022, at 10:30 a.m. at Suite 5,
82-86 Pacific Highway, in St Leonards, NSW.

Tim Heesh and Amanda Lott of TPH Insolvency were appointed as
administrators of Bohdi Satori on April 29, 2022.


GREENSPACE GLOBAL: First Creditors' Meeting Set for May 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Greenspace
Global Pty Limited will be held on May 12, 2022, at 11:00 a.m. via
Greenspace Global Pty Limited.

Matthew John Levesque-Hocking and Todd Andrew Gammel of HLB Mann
Judd were appointed as administrators of Greenspace Global on May
2, 2022.


GROSE PTY: First Creditors' Meeting Set for May 12
--------------------------------------------------
A first meeting of the creditors in the proceedings of Grose Pty
Ltd, trading as Quality Structural Solutions and qss.melbourne,
will be held on May 12, 2022, at 11:00 a.m. at the offices of
Mackay Goodwin, Level 2, 10 Bridge Street, in Sydney, NSW.

Domenico Alessandro Calabretta and Edwin Sanjesh Narayan of Mackay
Goodwin were appointed as administrators of Grose Pty on May 2,
2022.


MAILEC ELECTRICAL: First Creditors' Meeting Set for May 13
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Mailec
Electrical Pty. Limited will be held on May 13, 2022, at 11:00 a.m.
via Zoom.

Chad Rapsey of Rapsey Griffiths Turnaround + Advisory was appointed
as administrator of Mailec Electrical on May 3, 2022.


NEO HEALTH: First Creditors' Meeting Set for May 16
---------------------------------------------------
A first meeting of the creditors in the proceedings of Neo Health
(Australia) Pty Ltd will be held on May 16, 2022, at 10:30 a.m. via
virtual meeting technology.

Con Kokkinos of Worrells Solvency & Forensic Accountants was
appointed as administrator of Neo Health on May 4, 2022.


SEND APP: Placed in Voluntary Administration
--------------------------------------------
Matthew Kucianski and Matthew Jess of Worrells were appointed as
Voluntary Administrators of Send App Pty Ltd, which trades as SEND
(www.sendapp.com.au/), on May 3, 2022.

SEND is a delivery app business that emerged out of the COVID-19
pandemic in 2021. SEND is a business with over 46,000 registered
users accessing its "groceries delivered to your door in under 10
minutes" app. Its network includes 13 sites including several dark
grocery stores in and around central Sydney and Melbourne. SEND has
an estimated 300 employees.

Matthew Kucianski said: "Like many tech start-ups, SEND had a
sizable cash burn that was being deployed to grow its market share.
SEND has been successful in building a leading position in the
grocery delivery space, however, as a start-up it requires ongoing
financial support. SEND has faced some unique financing challenges
given the composition of its international investors."

The Worrells' teams are now investigating SEND's financial position
and considering the options for the business going forward. The
management team of SEND had been exploring options of a sale,
merger or takeover in the lead up to the Voluntary Administration
and these discussions will be continued by the Administrators.

Mr. Kucianski is assuring impacted SEND staff that the Worrells
teams will be in contact as a priority about their employment
status and about the outstanding employee entitlements owed to
them.

Under the Voluntary Administration process, a first meeting of
creditors is held within eight business days of the appointment,
and a second meeting of creditors is usually held within 20 to 30
business days, when the future of Send App Pty Ltd will be
determined.

Worrells appreciates the impact the Voluntary Administration
appointment will have on the SEND business, its users, suppliers,
and staff. Creditors are invited to lodge a proof of debt via the
Worrells website www.worrells.net.au




=========
C H I N A
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BEIJING HONGKUN: Fitch Withdraws 'CCC+' Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings has withdrawn China-based homebuilder Beijing Hongkun
Weiye Real Estate Development Co., Ltd.'s (Hongkun) Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'CCC+'. Fitch has
also withdrawn the senior unsecured rating and the rating on the
outstanding US-dollar senior notes of 'CCC+', with a Recovery
Rating of 'RR4'.

Fitch is withdrawing the ratings as Hongkun has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Hongkun.

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

ISSUER PROFILE

Hongkun was founded in 2002 and its projects are mainly in Tianjin,
Hebei, Hainan, Anhui, Hubei, Shanghai and Guangdong. Apart from
developing residential properties, the company also owns commercial
properties for rental income.

ESG CONSIDERATIONS

Hongkun has an ESG Relevance Score of '4' for Financial
Transparency and Governance Structure as its ownership is
concentrated on one individual, and it has only one independent
director on its board. These factors have a negative impact on the
credit profile and are relevant to the ratings in conjunction with
other factors.

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

Following the withdrawal of ratings for Hongkun, Fitch will no
longer be providing the associated ESG Relevance Scores.

   DEBT                        RATING             PRIOR
   ----                        ------             -----
Beijing Hongkun Weiye
Real Estate Development
Co., Ltd.               LT IDR    WD  Withdrawn    CCC+

senior unsecured       LT        WD  Withdrawn    CCC+

Hongkong Ideal Investment Limited

senior unsecured       LT        WD  Withdrawn    CCC+


GUORUI PROPERTIES: Fitch Lowers & Withdraws Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Guorui
Properties Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'RD' (Restricted Default) from 'CCC+'. Fitch has
also downgraded Guorui's senior unsecured rating to 'C' from
'CCC+', with the Recovery Rating maintained at 'RR4'.

The rating downgrade follows Guorui's non-payment of the principal
of USD4.9 million on its senior notes due February 27, 2022. There
is no grace period for the principal repayment.

As the same time, Fitch is withdrawing Guorui's ratings as company
has chosen to stop participating in the rating process. Therefore,
Fitch will no longer have sufficient information to maintain the
ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Guorui.

KEY RATING DRIVERS

Non-Payment of Notes: The rating downgrade is driven by the
company's non-payment of the principal and accrued interest on its
February 2022 notes, which constituted an event of default. Failure
to make the principal payment is consistent with Fitch's definition
of an 'RD' rating, as the company has experienced an uncured
payment default on a bond but has not yet entered into bankruptcy
filing, administration, receivership, liquidation, or other formal
winding-up procedures, and has not otherwise ceased operating.

Cross-Default Terms Not Triggered: The non-payment of Guorui's
February 2022 notes will not trigger events of default for the
company's other US dollar notes, as the unpaid amount is less than
the thresholds of the cross-default provisions of its other
offshore outstanding bonds.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

ISSUER PROFILE

Guorui, founded in 1994 and listed on the Hong Kong Stock Exchange
in 2014, is a small developer that focuses on residential
properties and mixed-use complex developments in China. Its key
projects, branded Glory City, are spread in 14 cities. Guorui had
attributable sales of CNY9.9 billion in 2021.

ESG CONSIDERATIONS

Guorui has an ESG Relevance Score of '4' for Management Strategy -
a level indicating that the company's rating is affected by this
environmental, social and governance (ESG) sub-factor - in light of
its weak liquidity management.

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.

Following the withdrawal of ratings for Guorui, Fitch will no
longer be providing the associated ESG Relevance Scores.

   DEBT             RATING                        PRIOR
   ----             ------                        -----
Guorui Properties Limited

                    LT IDR   RD  Downgrade         CCC+

                    LT IDR   WD  Withdrawn         RD

  senior unsecured  LT       C   Downgrade    RR4  CCC+

  senior unsecured  LT       WD  Withdrawn    RR4  C


KWG GROUP: Fitch Lowers Foreign Currency IDR to 'B', On Watch Neg.
------------------------------------------------------------------
Fitch Ratings has downgraded Chinese homebuilder KWG Group Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'B' from 'B+', and senior unsecured rating to 'B' from 'B+', with
the Recovery Ratings remaining at 'RR4'. The ratings remain on
Rating Watch Negative.

The downgrade follows declining liquidity and financial flexibility
amid high capital-market volatility, and the increase in KWG's
leverage to above 50%, the level at which Fitch would consider
negative rating action.

The Rating Watch Negative reflects uncertainty over the company's
near-term offshore refinancing plan.

KEY RATING DRIVERS

Deteriorating Liquidity: Fitch places high importance on liquidity
and financial flexibility in the current market environment. KWG's
downgrade reflects the deterioration in its liquidity, after the
company reported that its total cash and bank balance declined by
33.9% to CNY29.4 billion in 2021, while available cash dropped to
CNY7.7 billion from CNY40 billion in 2020. KWG said its
holding-company cash of CNY12.0 billion was available for debt
repayment at end-March 2022.

Leverage Exceeds Fitch's Expectations: Fitch estimates that
leverage, as measured by net debt/net development property assets,
rose to above 50% - the negative rating sensitivity - by end-2021,
from above 40%. This was due to a lower cash balance.

Maturities Being Addressed: KWG is addressing its debt obligations,
having repaid CNY8.2 billion since December 2021. It repaid USD250
million that was due in January 2022 using a USD258 million tap
issuance in September 2021 and CNY1.6 billion due and put in March
from its cash resources. Furthermore, 78% of the holders of KWG's
CNY2.5 billion onshore puttable bonds did not exercise their
options on 14 April 2022, while the remainder was redeemed by the
company.

Fitch believes KWG has demonstrated its willingness to meet its
debt obligations, even under the challenging market conditions,
while retaining some degree of financing access.

Large Maturities Remain: KWG still has around CNY10.5 billion in
capital-market debt maturities remaining in 2022, including CNY257
million in asset-based securities due April as well as CNY1.8
billion in onshore puttable bonds and USD900 million in senior
notes due in 3Q22, plus CNY1.7 billion in puttable bonds and CNY800
million in onshore bonds due in 4Q22. KWG had also provided
guarantees on USD220 million of private bonds due in April, which
it says have been repaid.

Offshore Assets Provide Financing Option: KWG has large offshore
assets, namely the Kai Tak and Ap Lei Chau residential property
projects in Hong Kong. The Kai Tak project has been completed and
construction of Ap Lei Chau is close to completion. Fitch estimates
the aggregate sellable resources of the Hong Kong projects at HKD45
billion. The company says it is working on an offshore secure
financing plan that it expects to finalise in the near term.

Slowing Contracted Sales: KWG targets total contracted sales of
CNY95.0 billion in 2022, which is 9% lower than the CNY103.8
billion sold in 2021. Its total contracted sales plunged by 40% yoy
in 1Q22 to CNY13 billion. However, its projects are concentrated in
China's Greater Bay Area and Yangtze River Delta, where recent
Covid-19 pandemic-related social restrictions have been imposed,
and the fall was broadly in line with the market.

Doubt Over Going Concern Capability: KWG reported audited annual
results on April 18, 2022 that resolved issues over its information
disclosure. According to the audited financial statements,
short-term debt amounted to CNY20.3 billion at end-2021, while
readily available cash and cash equivalents totalled CNY7.7
billion. This may cast doubt on the company's ability to continue
as a going concern but the auditor's opinion is not modified in
respect of this matter.

ESG - Financial Transparency: KWG has an ESG Relevance Score of '4'
for Financial Transparency. The company had previously undisclosed
contingent liabilities and delayed the issuance of its 2021 audited
financial results. This has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

DERIVATION SUMMARY

KWG's attributable sales scale of CNY65 billion and geographical
diversification are in line with that of 'BB-' rated peers. Its
leverage ratio of around 50% is also commensurate with a 'BB-'
rating level. However, the ratio between its implied cash
collection and reported contracted sales remained below that of
most 'BB' and many 'B+' category peers.

KWG's ratings are constrained by the rising refinancing risk on its
upcoming capital-market maturities. Fitch believes KWG's capital
market access could remain limited in the near term, leading the
company to use internal cash to repay maturities.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of CNY58 billion-65 billion a
    year in 2022-2024 (2020: CNY65 billion; 1H21: CNY39 billion)

-- Unsold land bank life maintained at 2.5-3.0 years. KWG to slow

    land acquisitions to prioritise debt repayment, if needed

KEY RECOVERY RATING ASSUMPTIONS

Fitch's recovery analysis assumes that KWG would be liquidated in a
bankruptcy because it is essentially an asset-trading company. The
nature of homebuilding means the liquidation-value approach will
almost always result in a much higher value than the going-concern
approach.

Fitch assumes a 10% administrative claim, in line with criteria

Liquidation Approach

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

-- Fitch applies an advance rate of 80% to account receivables,
    raised from 70%. This treatment is in line with Fitch's
    recovery rating criteria. Account receivables constitute a
    small portion of KWG's total assets, as is typical in China's
    homebuilding industry.

-- Fitch applies an advance rate of 60% to net property
    inventory. KWG's inventory consists mainly of completed
    properties held for sale, properties under development (PUD),
    and deposits/prepayments for land acquisitions. Different
    advance rates are applied to various inventory categories to
    derive the blended advance rate for net inventory.

-- Fitch applies an advance rate of 70% to completed properties
    held for sale. Completed commodity housing units are closer to

    readily marketable inventory, and typically have high recovery

    values. KWG has historically recorded a gross margin of above
    20%.

-- Fitch applies an advance rate of 55% to PUD. PUDs are more
    difficult to sell than completed projects and are at various
    stages of completion. The PUD balance - prior to applying the
    advance rate - is net of margin-adjusted customer deposits.

-- Fitch applies an advance rate of 90% to deposits/prepayments
    for land acquisitions. Similarly to completed commodity
    housing units, land held for development is closer to readily
    marketable inventory. KWG's land is mostly located in the
    Greater Bay Area. As such, a higher advance rate than the
    typical 50% mentioned in the criteria is used.

-- Fitch applies an advance rate of 50% to property, plant and
    equipment, lowered from 60%. This consists mainly of buildings

    of insignificant value.

-- Fitch applies an advance rate of 55% to investment properties.

    KWG's investment property portfolio consists mainly of
    commercial buildings located in the Greater Bay area in good
    locations. The portfolio has an average rental yield of 3.3%,
    which is in line with the industry average. Fitch regards a
    55% advance rate as appropriate, as the implied rental yield
    on the liquidation value of the investment-property portfolio
    would improve to 5%.

-- Fitch applies an advance rate of 50% to joint-venture net
    assets. Joint venture assets typically include a combination
    of completed units, PUDs and landbank. The 50% advance rate is

    in line with the baseline advance rate for inventory.

-- Fitch applies an advance rate of 0% to excess cash after
    netting the amount of note and trade payables; construction
    fee and retention payables. Fitch does not assume available
    cash in excess of outstanding trade payables would be
    available for other debt servicing purposes and therefore the
    advance rate is 0%.

The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR4' for the senior unsecured
offshore bonds.

RATING SENSITIVITIES

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

-- The RWN would be removed if the negative sensitivities are not

    met;

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

-- Deterioration in liquidity or funding access to address bond
    maturities for the rest of 2022;

-- Significant decline in contracted sales or sales collections.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Strained Liquidity: KWG has around CNY10.5 billion in
capital-market debt maturities for the remainder of 2022, against a
reported total cash and bank balance of CNY29.5 billion as of
end-2021. KWG may be able to secure additional funding or liquidity
via its sellable resources in Hong Kong, estimated at HKD45
billion, but this is subject to execution risk.

ISSUER PROFILE

KWG is a medium-sized developer with 25 years of experience in
building residential and commercial properties. It specialises in
developing mid- to high-end residential properties, office
buildings, shopping malls and hotels in China's Greater Bay Area
and Yangtze River Delta region.

ESG CONSIDERATIONS

KWG has an ESG Relevance Score of '4' for Financial Transparency
due to previously undisclosed contingent liabilities and the
delayed issuance of its 2021 audited reports, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

   DEBT             RATING               RECOVERY   PRIOR
   ----             ------               --------   -----
KWG Group Holdings Limited

                    LT IDR   B  Downgrade             B+
senior unsecured    LT       B  Downgrade    RR4      B+


REDCO PROPERTIES: Fitch Lowers Foreign Currency IDR to 'RD'
-----------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign-Currency Issuer
Default Rating (IDR) on China-based homebuilder Redco Properties
Group Ltd to 'RD' (Restricted Default) from 'C' on completion of
its exchange offer, which Fitch considers a distressed debt
exchange (DDE).

Fitch then upgraded the Long-Term Foreign-Currency IDR to 'CCC-'
from 'RD' due to a reassessment of the company's profile after the
completion of the exchange offer. The senior unsecured ratings have
also been upgraded to 'CCC-' from 'C' and the Recovery Ratings
remain at 'RR4'.

The upgrade to 'CCC-' reflects Redco's improved capital structure
after the completion of the DDE on April 8, 2022, which extended
the bond maturities by nine to 12 months. However, Fitch believes
the company continues to face liquidity challenges as around CNY4.5
billion of offshore bonds are maturing in 2023, while its access to
offshore bond funding could remain limited. A persistent drop in
contracted sales could continue to weaken the company's ability to
repay debt, as cash collected from contracted sales is a key source
of Redco's liquidity.

KEY RATING DRIVERS

Completion of DDE: Redco's IDR was downgraded to 'RD' on completion
of its exchange offer, in which it purchased bonds due in 2022 and
2023 in exchange for bonds maturing in 2023. Fitch considers the
transaction a DDE as Fitch believes there is a material reduction
in terms compared with the original contractual terms due to the
extension of the bond maturities. In addition, the exchange is
conducted to avoid bankruptcy, similar insolvency or intervention
proceedings, or a traditional payment default.

Capital-Market Obligations Due 2023: Redco had holding-company cash
balance of around CNY1.5 billion at end-March 2022, while its
capital-market bond maturities in 2023, after the exchange and
including puttable bonds, amount to about CNY4.5 billion. Its
ability to access its project companies' cash balance for bond
repayment is uncertain and Redco will be relying on cash generated
from sales to repay the offshore bonds due 2023. Redco has obtained
a new three-year syndicated loan of CNY 0.8 billion.

Fitch estimates that Redco also has around CNY3 billion of
constructions and trust loans due in 2022.

Declining Contracted Sales: Redco's contracted sales declined by
41% year-on-year in 1Q22, following declines of 19% in 4Q21 and 10%
in 3Q21. Redco had attributable sales of CNY24 billion in 2021,
which is comparable with that of 'B' rated peers, but sales began
to deteriorate in 2H21 and Fitch expects continued weakness in
2022, in line with the industry trend.

Limited Capital-Market Access: Redco's access to the offshore bond
market appears limited. The limited access to the bond market is
offset by Redco obtaining a new three-year syndicated loan and
Redco appears to have continued access to onshore bank funding.
Fitch believes the company could continue to find it challenging to
access the offshore bond market and may face difficulty issuing or
extending offshore bonds under current market conditions.

Financials Agreed by Auditor: Redco announced audited preliminary
results before the 31 March 2022 deadline. The audited preliminary
results have been agreed to by the company's auditor.

DERIVATION SUMMARY

Redco's ratings are driven by its very low margin for safety for
the repayment of its upcoming capital-market maturities amid the
negative capital-market sentiment.

KEY ASSUMPTIONS

-- Deteriorating contracted sales in line with negative market
    sentiment.

-- No land acquisitions.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Redco would be liquidated in a
bankruptcy because it is essentially an asset-trading company.

Fitch has assumed a 10% administrative claim in line with
criteria.

Fitch uses a multiple assumption tool to derive a 4x EBITDA
multiple to estimate the going-concern value. The nature of
homebuilding means the liquidation value approach always results in
a much higher value than the going-concern approach.

Liquidation Approach

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

-- Fitch has adopted an 80% advance rate for accounts receivable,

    in line with Fitch's criteria. Accounts receivable constitute  

    a very small percentage of total assets for Redco, and this is

    typical in the Chinese homebuilding industry.

-- Fitch has adopted a 50% advance rate to investment properties
    as Redco's investment-property portfolio mainly consists of
    commercial buildings in Tier 2 and Tier 3 cities with an
    implied yield of 5%-6%. Fitch applies advance rates based on
    the quality and rental yield of the assets. For high quality
    assets, an advance rate above the typical 50% mentioned in the

    criteria for inventory can be considered. Conversely, a lower
    advance rate for weaker assets can be justified. Investment
    properties are typically reported at market value, unlike
    development-property assets, which are at historical cost.

-- A 50% advance rate on property, plant and equipment was
    applied because they are mainly assets under construction.
    They are not heavily depreciated on the balance sheet and not
    in exceptional locations.

-- A 54% advance rate to net inventory because Redco's inventory
    mainly consists of completed properties held for sale,
    properties under development (PUD) and deposits or prepayments

    for land acquisitions. Different advance rates were applied to

    these different inventory categories to derive the blended
    advance rates for net inventory.

-- A 70% advance rate to completed properties held for sale.
    Completed commodity housing units are closer to readily
    marketable inventory. Redco's gross margins of 20%-25% have
    been at similar levels to peers in recent years.

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

-- A 50% advance rate to deposits or prepayments for land
    acquisitions, in line with the typical 50% in criteria. Land
    held for development is similar to completed commodity housing

    units because it is more readily transferrable, provided it is

    in good locations. Around 70% of Redco's land is in Tier 2 and

    Tier 3 cities in China.

-- A 50% advance rate to joint venture net assets, in line with
    the baseline advance rate for inventories. These assets
    typically include a combination of completed units, PUDs and
    land bank.

-- A 0% advance rate to excess cash, as Fitch does not assume
    available cash in excess of outstanding trade payables would
    be available for other debt-servicing purposes. Chinese
    homebuilding regulations require available cash, including
    pre-sales regulated cash, to be prioritised for project
    completion, which includes payment for trade payables. Net
    payables (trade payables - available cash) are included in the

    debt waterfall ahead of secured debt.

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

RATING SENSITIVITIES

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

-- Greater clarity on the repayment plans for capital-market
    maturities due in 2023

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

-- Failure to address upcoming capital-market debt maturities

-- Deterioration in liquidity and funding access

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Tight liquidity: According to the management, Redco's total cash
balance at end-March 2022 was CNY 8.5 billion of which CNY 2.5
billion is unrestricted cash. Also, the cash at holding company
level is around CNY1.5 billion. The liquidity seems tight against
the maturities. The company will be relying on cash generated from
the property development business to repay the bonds due.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

ISSUER PROFILE

Redco, founded in 1992 as a construction and decoration business,
has ventured into property sales, and construction and
project-management services. Property sales accounted for over 90%
of the company's revenue in 2020 and 2021.

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.

   DEBT                       RATING              RECOVERY  PRIOR
   ----                       ------              --------  -----
Redco Properties Group Ltd  LT IDR  RD    Downgrade          C

                            LT IDR  CCC-  Upgrade            RD

senior unsecured           LT      CCC-  Upgrade      RR4   C




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

AGM GROUP: Posts $3.8 Million Net Income in Fourth Quarter
----------------------------------------------------------
AGM Group Holdings, Inc. reported net income of $3.84 million on
$31.37 million of total revenues for the three months ended Dec.
31, 2021, compared to a net loss of $92,664 on $13,595 of total
revenues for the three months ended Dec. 31, 2020.

For the year ended Dec. 31, 2021, the Company reported net income
of $3.53 million on $36.71 million of total revenues compared to a
net loss of $1.07 million on $53,305 of total revenues for the year
ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $89.30 million in total
assets, $64.27 million in total liabilities, and $25.03 million in
total shareholders' equity.

Cash and cash equivalent were $18.41 million as of Dec. 31, 2021,
among which $16.6 million (RMB 105.6 million) was held inside China
(Mainland), and $1.8 million held outside of China (Mainland).
Cash and cash equivalent were $1.40 million as of September 30,
2021, among which $0.79 million (RMB5.14 million) was held inside
China (Mainland), and $0.61 million held outside of China
(Mainland).  AGMH has not, and do not plan to, transfer cash in RMB
outside of China (Mainland) in order to avoid unnecessary currency
exchange costs.  AGMH subsidiaries in China (Mainland) incur
expenses from time to time, and the Company has spent with plans to
spend RMB cash to cover those expenses.

Mr. Chenjun Li, chairman and co-chief executive officer of the
Company, commented, "We have capped off a great year with a strong
quarter.  Despite the near-term volatility in the prices of Bitcoin
and other digital assets, we witnessed solid growth in demand for
cryptocurrency mining and increased deliveries of mining equipment.
Notably, total computing power delivered was 440,000 TH/s in the
fourth quarter.  Our stellar performance is a result of our efforts
in strengthening our supply chain, upgrading products, and is a
testament to our successful shift into new growth strategies.  We
are very pleased with the swift progress as our full-year revenues
resulted in $36.71 million, out of which $31.37 million were from
the fourth quarter.  Meanwhile, we turned into profitability in
2021, with net income of $3.53 million compared to net loss of
$1.07 million in the prior year.  As we enter 2022, we will
continue focusing on delivering mining machines, acquiring new
customers and improving supply chain capability while seeking
additional growth avenues.  We are confident that our endeavors in
broadening businesses and responsive adaption to advanced
technologies will sustain our growth trajectory in the evolving
cryptocurrency mining market."

Mr. Wenjie Tang, co-chief executive officer of the Company, said,
"It's an important year as we transformed our business into a
technology company that develops and produces blockchain-oriented
ASIC chips and the advanced cryptocurrency mining equipment.  Going
forward, we will utilize our leading technologies and experienced
team to further boost our supplies and in conjunction, our presence
in the global blockchain ecosystem."

Mr. Steven Sim, chief financial officer of the Company, commented,
"We delivered excellent financial results in the fourth quarter,
ending the year on a strong note.  In the fourth quarter, our net
revenues increased by $31.36 million year-over-year.  Net income
was $3.84 million, compared to net loss of $92,664 in the same
period of 2020.  The achievements reflect our effective execution
capabilities in mitigating global logistics congestions and a
semiconductor shortage.  Fueled by solid computing power delivered
and new funding, we enhanced our cash balance and liquidity.  We
will streamline our management over the procurement and deliveries
for further growth while bringing in new investments.  With these
concerted efforts, we believe we can further unleash the vast
potential of the blockchain market."

A full-text copy of the press release is available for free at:

                      https://bit.ly/3kEB0y4

                      About AGM Group Holdings

Headquartered in Wanchai, Hong Kong, AGM Group Holdings Inc. is a
software company, currently providing fintech software and trading
education software and website service.

AGM Group reported a net loss of $1.07 million for the year ended
Dec. 31, 2020, a net loss of $1.56 million for the year ended Dec.
31, 2019, and a net loss of $8.41 million for the year ended Dec.
31, 2018.  As of Sept. 30, 2021, the Company had $27.14 million in
total assets, $23.84 million in total liabilities, and $3.30
million in total shareholders' equity.

Flushing, New York-based JLKZ CPA LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
April 22, 2021, citing that the Company has incurred substantial
losses during the year, which raises substantial doubt about its
ability to continue as a going concern.




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

AKS ALLOYS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of AKS Alloys
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based        14.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non Fund Based    10.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based       (5.00)       [ICRA]D; ISSUER NOT COOPERATING;
   (sublimit)                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2000, AKS Alloys Private Limited is engaged in
manufacturing steel ingots and trading steel scrap / ingots. The
Company operates a steel ingot manufacturing facility with a
capacity of 18,000 tonnes per annum (TPA), at Pondicherry.


AMAR PARKASH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Amar Parkash Rice Exports Private Limited
        Sant Attar Singh Marg Village
        Badrukhan Sangrur PB 148001
        India

Insolvency Commencement Date: April 26, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: October 23, 2022

Insolvency professional: Mr. Prem Kumar Garg

Interim Resolution
Professional:            Mr. Prem Kumar Garg
                         SCO 2461, Sec 22-C
                         Chandigarh 160022
                         E-mail: capremgarg@gmail.com
                         Tel: +919872420001

Last date for
submission of claims:    May 10, 2022


ANDHRA CEMENT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Andhra Cement Limited
        Sri Durga Cement Works
        Sri Durgapuram, Guntur
        AP 522414
        IN

Insolvency Commencement Date: April 26, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 23, 2022
                               (180 days from commencement)

Insolvency professional: Nirav K Pujara

Interim Resolution
Professional:            Nirav K Pujara
                         Deloitte India Insolvency Professionals
                         LLP
                         27th Floor, Tower 3
                         One International Center
                         Senapati Bapat Marg
                         Elphinstone (W), Mumbai 400013
                         E-mail: npujara.ip@gmail.com
                                 inrpacl@deloitte.com

Last date for
submission of claims:    May 10, 2022


ANJALI INFRACRETE: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Anjali
Infracrete Private Limited. in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         3.50        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         2.05        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         4.45        [ICRA]B (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in October 2009, by the Radadiya family of Surat,
Anjali Infracrete Private Limited (AIPL) manufactures Autoclaved
Aerated Concrete (AAC) blocks. The manufacturing unit of the
company is located at Dhamrol near Surat (Gujarat) and has an
installed capacity to produce 1,00,000 cubic meters of AAC blocks
annually. The plant was commissioned in February 2014.


ASBESCO (INDIA): ICRA Lowers Rating on INR40CR Loan to B+
---------------------------------------------------------
ICRA has downgraded and moved the ratings for the bank facilities
of Asbesco (India) Private Limited (AIPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based–         40.00       [ICRA]B+ (Stable) ISSUER NOT
   Working capital                 COOPERATING; Rating downgraded
   Facilities                      from [ICRA]BB+ (Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' category

   Fund Based–       (25.50)       [ICRA]B+ (Stable) ISSUER NOT
   Interchangeable                 COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' category

   Non-fund-based     66.75        [ICRA]A4 ISSUER NOT
   Limits                          COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and moved to
                                   'Issuer Not Cooperating'
                                   Category

   Non-fund-based    (1.00)        [ICRA]A4 ISSUER NOT
   limits–                         COOPERATING; Rating
downgraded
   Interchangeable                 from [ICRA]A4+ and moved to
                                   'Issuer Not Cooperating'
                                   Category

   Untied Limits     20.25         [ICRA]B+ (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Rating downgraded from
                                   [ICRA]BB+ (Stable)/[ICRA]A4+
                                   and moved to 'Issuer Not
                                   Cooperating' category

ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with AIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Despite multiple requests by
ICRA, the entity's management has remained noncooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

Incorporated in 1980, AIPL manufactures and assembles fittings and
accessories used in power transmission lines. The company's product
profile consists of an entire range of insulator hardware fittings,
conductors and earth-wire accessories, clamps and connectors for
sub-stations, pole line hardware, etc. AIPL has two manufacturing
facilities at Howrah in West Bengal.


ASHRITHA HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ashritha
Health Care Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         9.65       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2012, AHPL is promoted by its Dr. Bhargavi Reddy
(MBBS, MD) and Dr. Shekhar Reddy (BDS). The promoters also run a
25-bedded hospital on a rented premise in hippasandra, Bangaluru
names "Dr Bhargavi Reddy Women and Childcare Hospital". The
hospital provides treatment in various department viz. gynecology,
pediatrics, general physician among others.

BARANI FERROCAST: ICRA Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Barani
Ferrocast Private Limited. in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B-(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         3.65        [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         5.72        [ICRA]B- (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         4.63        [ICRA]B-(Stable);ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

BFPL is involved in the business of manufacturing ferrous castings
using green sand molding and no bake molding process, based on the
customer requirements. The company was incorporated in FY2011 and
started commercial operations from FY2014. The company is led by
Mr. T K Karuppannasamy and Mr. K Devaraj whose experience in the
metal industry spans over two decades. The company has a production
shop floor area of 2020 sq. mt. and services floor area of 210 sq.
mt. to carry out the molding process. The company focuses on
manufacturing intricate engineering parts that caters to various
sectors like automobiles, power, general machinery etc.


BROWNSTONE FOUNDATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Brownstone Foundation Private Limited
        Chella Mall, No. 108
        1st Floor Door No. 11/11a
        Sir Theyagaraya Road
        T Nagar Chennai
        Tamil Nadu 600017
        India

Insolvency Commencement Date: April 26, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 22, 2022

Insolvency professional: Mr. Sandeep Kumar Jain

Interim Resolution
Professional:            Mr. Sandeep Kumar Jain
                         24 Ka 1, Jyoti Nagar
                         Jaipur 302005
                         Rajasthan
                         E-mail: sandeepjaincs@gmail.com
                                 sandeepjainip@gmail.com

Last date for
submission of claims:    May 9, 2022


CANTRONICS OFFICE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Cantronics Office Equipment Private Limited
        Gala No. C/11, J.K. Industrial Estate-I
        S.No. 40, Khairpada
        Dist. Palghar Vasai
        Thane, MH 401305

Insolvency Commencement Date: April 28, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 25, 2022

Insolvency professional: Mr. Alok Kumar Mishra

Interim Resolution
Professional:            Mr. Alok Kumar Mishra
                         76, Whispering Palm Shopping Centre
                         Lokhandwala Township
                         Kandivali (East)
                         Mumbai 400101
                         E-mail: alok.akm@gmail.com

                            - and -

                         301-302, Poonam Pearl
                         Next to Himachal Society
                         Opposite New India Colony
                         Andheri West, Mumbai
                         Maharashtra 400058
                         E-mail: irp.caalokmishra@gmail.com

Last date for
submission of claims:    May 12, 2022


CAPE ENGINEERS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Cape Engineers Private Limited
        7/1B2 Muppandal Main Road
        Aralvaimozhi, Kanyakumari 629301

Liquidation Commencement Date: April 25, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: April 25, 2022

Insolvency professional: S. Rajendran

Interim Resolution
Professional:            S. Rajendra
                         C/o S. Rajendran & Associates
                         2nd Floor, Hari Krupa
                         No. 71/1, Mc Nicholas Road
                         Chetpet, Chennai 600031
                         E-mail: cs.srajendran.associates@
                                 gmail.com
                                 claims.cepl@gmail.com
                         Tel: +914428361636

Last date for
submission of claims:    May 25, 2022


CHEEMA SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Cheema
Spintex Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        33.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–        15.70       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term        15.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 1994, CSL was set up as a 100% export-oriented unit
by Mr. Harbhajan Singh Cheema and Mr. Hardyal Singh Cheema, in
association with Punjab State Industrial Development Corporation
(PSIDC). The company manufactures combed and carded cotton yarn in
counts ranging from 20s to 30s; and has an installed capacity of
30,240 spindles. CSL exports its products mainly to Hong Kong,
Taiwan, Bangladesh, China, South Korea, Singapore, Thailand,
Malaysia, and Canada. In 2009- 10, due to erosion of 100% of its
net worth, the company had filed an application with the Board for
Industrial and Financial Reconstruction (BIFR) for declaration of
the company as sick under the Sick Industrial Companies Act
(SICA).


DECO EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Deco
Equipments Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         8.19       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 1989, Deco Equipments Private Limited manufactures
custom-made axel parts, break assembly related parts, engine &
transmission components, earth moving components etc., which finds
its application in commercial vehicles and construction equipment.
DEPL is a closely held company and managed by Mr. Deric Fernandis,
Managing Director who served as an Engineer at Machinery
Manufactures Corporation – textile division for 8 years before
starting DEPL in 1989. DEPL's manufacturing facility is located in
Hebbal industrial area at Mysore in Karnataka and presently employs
around 160 workers (85 permanent employees and the rest on
contractual basis).

DEEPAK BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Deepak
Builders in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         25.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        35.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Deepak Builders is a partnership firm and is one of the leading
Government Contractor and builders of Punjab. The firm is in this
line for last 25 years and has undertaken and completed many
construction projects in Punjab. The firm is being run by key
person Mr. Deepak Kumar Singal who has experience in construction
line for the last 23 years. The profit sharing in the firm is
majorly with Mr. Deepak Singal at 81% and the balance is with his
wife Mrs. Sunita Singal at 19%.


DHANDU MARIAMMAN: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dhandu
Mariamman Steels in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         5.50        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.50        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Dhandu mariamman Steels is a trader in ferrous and nonferrous scrap
which is widely used in foundries; the firm supplies metal scrap to
some of the leading foundries located in and around Coimbatore,
Tamilnadu. The firm mainly deals in trading of cast iron scrap that
is suited for foundries catering to manufacturing of pumps,
automotive parts and general machineries. The firm commenced
operations in the year 2007 and is managed by M. P. Mohanraj who is
the sole proprietor.


DHANUKA EXTRACTIONS: ICRA Withdraws B+ Rating on INR14cr LT Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Dhanuka Extractions Private Limited at the request of the company
and based on the No Due Certificate (NDC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.  

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         14.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                       

   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Withdrawn

The company, which is promoted by Mr. Kailash Dhanuka and Mr. Sunil
Dhanuka, is engaged in the extraction of edible oils from soybean
seeds by a solvent extraction process. Its manufacturing facility
in Neemuch, Madhya Pradesh has an installed capacity of 73,430
metric tonnes per annum (MTPA) of solvent extraction and oil
refining capacity of 16,200 MTPA. The company has its own captive
power generation unit that uses agro waste as fuel.

F&K AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of F&K Agro
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          36.00       [ICRA]B+(Stable); ISSUER NOT
   Working Capital                 COOPERATING; Rating continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

   Bank Guarantee       7.00       [ICRA]A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 1980, FKAPL is involved in the production and sale
of wheat products, namely refined flour, whole -wheat flour and
semolina. Headquartered at Satara (Maharashtra), the company has a
manufacturing unit each in Satara and Kopergaon (Maharashtra) with
a total combined installed capacity of 120,000 Metric Tonnes Per
Annum (MTPA), enhanced from 90,000 MTPA in FY2016. In FY2019, on a
provisional basis, it reported a net profit of INR1.41 crore on an
operating income of INR258.06 crore compared to a net profit of
INR1.61 crore on an operating income of INR245.79 crore in the
previous year.


FRONTLINE PRINTERS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Frontline Printers Private Limited
        C-1, Rahaat Garden
        Tennanthopu Street
        Shakti Nagar
        Zameen Pallavaram
        Chennai 600043

Liquidation Commencement Date: April 25, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: July 30, 2018

Insolvency professional: T.V. Balasubramanian

Interim Resolution
Professional:            T.V. Balasubramanian
                         c/o PKF Sridhar & Santhanam LLP
                         91-92, VII Floor
                         Dr. Radhakrishnan Road
                         Mylapore, Chennai
                         Tamil Nadu 600004
                         Tel: +914428112985/86/87/88
                         E-mail: tvbalu@pkfindia.in

Last date for
submission of claims:    May 24, 2022


GANDHI CREDIT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Gandhi Credit Private Limited
        C-5/23, Vasant Kunj
        New Delhi 110070

Liquidation Commencement Date: June 11, 2021

Court: National Company Law Tribunal, Delhi Bench

Insolvency professional: Mr. Naveen Narang

Interim Resolution
Professional:            Mr. Naveen Narang
                         H-3/63, 1st Floor, Vikaspuri
                         New Delhi 110018
                         Tel: +911145113039
                         E-mail: nnarang.associates@gmail.com

Last date for
submission of claims:    July 10, 2021


GLOABTEL CONVERGENCE: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Gloabtel Convergence Limited
        Office No. 8, First Floor
        Apollo House
        Haji Kasam Building, 84
        Mumbai Samachar Marg
        Fort, Mumbai 400001

Liquidation Commencement Date: March 2, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: August 3, 2019

Insolvency professional: Vijay Pitamber Lulla

Interim Resolution
Professional:            Vijay Pitamber Lulla
                         201, Satchitanand Bldg.
                         12th Road, Khar (W)
                         Mumbai 400052
                         E-mail: vijayplulla@rediffmail.com
                         Tel: 9920279899

                            - and –

                         203-B, Arcadia Bldg
                         195, N.C.P.A. Marg
                         Nariman Point
                         Mumbai 400021
                         Tel: 022-20821220

Last date for
submission of claims:    April 1, 2022


GLOBAL COLD: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Global Cold Chain Solutions India
        Private Limited
        549/3, Near Rakanpur Char Rasta
        Rakanpur, Kalol
        Gandhinagar 382721

Insolvency Commencement Date: April 28, 2022

Court: National Company Law Tribunal, Surat Bench

Estimated date of closure of
insolvency resolution process: October 24, 2022

Insolvency professional: Shivkumar Madanlal Baser

Interim Resolution
Professional:            Shivkumar Madanlal Baser
                         A-1001, Opera House
                         Near Agrasen Bhavan
                         Citylight Surat 395007
                         E-mail: shivmbaser@gmail.com

                            - and -

                         D-222, International Trade Centre
                         Majura Gate, Ring Road
                         Surat 395002
                         E-mail: ipshiv.global@gmail.com

Last date for
submission of claims:    May 11, 2022


GOLDEN FIBRES: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Golden
Fibres Llp in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         67.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        10.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   limit                           to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Golden Fibres LLP was established as a Limited Liability
Partnership (LLP) firm in December 2014 with Mr. Anurag Poddar and
Mr. Arvind Biyani as the partners. The firm has set up a unit at
Amravati (Maharashtra) for manufacturing linen yarn with an
installed capacity of 110 tonnes per month. The company started
operations since August 2016. GFL's registered office is in
Mumbai.


GOVARDHAN ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term ratings of Govardhan Ispat (India)
Pvt Ltd in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        11.79        [ICRA]B+ (Stable) ISSUER NOT
   Limit-                          COOPERATING; Rating continues
   Term Loans                      to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         8.46        [ICRA]B+ (Stable) ISSUER NOT
   Limit                           COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2013, Govardhan Ispat (India) Pvt Ltd (GIPL)
manufactures mild steel (MS) structural items, namely channels,
angles, rounds, flats and squares. The manufacturing facility of
the company is located at Didarganj, Patna. The current annu al
production capacity of the company stands at 60,000 metric tonne
(MT).


INEXO CAST: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Inexo Cast
Metal Solutions Pvt Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         5.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Inexo Cast Metal Solutions Private Limited is engaged in the
manufacture of foundry chemicals such as Exothermic Sleeves,
Insulating Sleeves, Coating Agents and other foundry products. The
entity was started as partnership firm with Mr Ramasamy Jagan as a
founding Partner in the year 1989 under the name of Inexo Feed
Industries. The partnership firm was converted into a private
limited company in the year 1997 under the name Inexo Chemicals
Private Limited and in 2005 the company was renamed as Inexo Cast
Metal Solutions Private Limited.


JINDAL TRADING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Jindal
Trading Company in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         1.05        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         6.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         2.95        [ICRA]B+(Stable)/[ICRA]A4;
   Limits                          ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
  
JTC is a proprietorship firm established in 2014, which trades in
PVC products – PVC resin, calcium carbonate and PVC pipes. The
firm was involved in wholesale trading of these PVC products till
FY2018, but has started its PVC pipe manufacturing facility from
the products which it already trades – PVC resin and calcium
carbonate.


LAKSHMIDURGA TEXTILES: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Lakshmidurga Textiles Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         1.05        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Lakshmidurga Textiles Private Limited, incorporated in 2010, is
involved in ginning and pressing of cotton lint, trading of cotton
lint and seed, and has 48 gins to process 350 bales of cotton per
day. The company is located in Chilakamarri village of Nalgonda
district in Telangana.


LIFESTILE REALTY: ICRA Withdraws B+ Rating on INR13cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
The Lifestile Realty at the request of the company and based on the
No Due Certificate (NDC) received from its banker. However, ICRA
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.  

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         13.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                       

Established in 2014, The Lifestile Realty ('TLR') is developing a
residential real estate project 'Amaltas' at Undri, Pune. TLR is a
partnership firm promoted by Mr. Arif Chowhan and his son Mr.
Ashraf Chowhan. The firm is a part of Hindustan Group which is
established in 1999 and promoted by Mr. Arif Chowhan. Mr. Arif
Chowhan is engaged in real estate development in Pune for around 2
decades and has already developed around 3.5 lacs sq ft area of
which ~2.4 lacs sq. ft. has been developed by himself and ~1.1 lacs
sq. ft. jointly with other real estate players in Pune underlining
the vast experience of promoters in real estate business.


NUEVO POLYMERS: ICRA Keeps B+/A4 Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long term and Short-term ratings of Nuevo
Polymers Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based/         35.00       [ICRA]B+(Stable)/[ICRA]A4;
   Cash Credit                     ISSUER NOT COOPERATING;
   Limits                          Rating Continues to remain
                                   under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

NPPL was formed in March 2012, to provide consultancy work for the
guar gum manufacturers and traders. Later in 2012-13, NPPL entered
into a joint venture contract with Engenium Chemical Corporations,
ECC (Canada-based trader of guar gum) and established its
manufacturing facility in Jhajjar, Haryana for producing industrial
grade guar gum powder 2 from guar splits. The company has further
added a new product Catonic Guar, the manufacturing of which began
in April 2015. The total combined capacity of the company is 7500
metric tonnes per annum (MTPA). The Dadoo family, with two other
family-owned companies - namely Kamakya Vincom Private Limited and
Efficient Technology Private Limited, owns 70% shares of NPL with
the remaining 30% being held by ECC.

PALLAVI MARKETING: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Pallavi Marketing Private Limited
        6 & 7, Ground Floor, Ashoka Place
        Exhibition Road, Bihar
        Patna 800001

Liquidation Commencement Date: April 21, 2022

Court: National Company Law Tribunal, Bihar Bench

Insolvency professional: Shri Mohan Rem Goenka

Interim Resolution
Professional:            Shri Mohan Rem Goenka
                         Practicing Company Secretary
                         46, B.B. Ganguly Street
                         4th Floor, 406
                         Kolkata 700012
                         E-mail: goenkamohan@gmail.com
                         Tel: 22379517

Last date for
submission of claims:    May 21, 2022


PIONEER GLOBEX: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term ratings of Pioneer Globex Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based CC     15.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cum EPC                       Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based-       10.00       [ICRA]D; ISSUER NOT COOPERATING;
   WCTL                          Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Pioneer Globex Pvt. Ltd. (PGPL) was initially established as a
partnership firm in the year 2008 with the name Pioneer Export s.
Later on, the firm's name was changed to Pioneer Globex in June
2013. In November 2013, the firm was converted into private limited
company with the company name as Pioneer Globex Pvt. Ltd. It is a
group firm of Sheth Ship Breaking Corporation (SSBC); a partnership
firm involved in ship breaking activities. Both the fi rms are
being managed by same promoters Mr. Narendra N. Shah, Mr. Hardik N.
Shah, Mr. Pravin G. Shah and Mr. Vijaybhai S. Sanghavi.


PRAHLAD FLOUR: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term ratings of Prahlad Flour Mills (P)
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                      to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

PFMPL is a private limited company engaged in the milling of wheat
to manufacture 'Maida', 'Atta', 'Suji' and 'Bran'. The company also
ventured into textile trading. Promoted by Late Mr. P.C. Gupta in
1988, the company is managed by his sons - Mr. Pradeep Gupta and
Mr. Sanjeev Gupta. The entire shareholding of the company is held
by the members of the Gupta family. The company's flour mill is
located in Barabanki, Uttar Pradesh. Apart from the wheat milling
business, the promoter business group is also involved in rice
milling, biscuit manufacturing, confectionery, woollen blanket
manufacturing and warehousing by virtue of their association with
other concerns.


RAM CHARAN: Files Appeal Against NCLT Order
-------------------------------------------
The New Indian Express reports that Ram Charan Company Private
Limited (RCCPL), which is facing Corporate Insolvency Resolution
Proceedings (CRIPs) after it failed to pay a loan of INR3.5 crore
to Classic Exports, has appealed against the order passed by the
Chennai Bench of National Company Law Tribunal (NCLT). The
company's shareholder Kaushik Palicha moved the appellate body
National Company Law Appellate Tribunal (NCLAT) on April 29.

RCCPL was represented by senior advocate PH Arvindh Pandian and
advocate Ananth Merathia while K Gaurav Kumar appeared for Classic
Exports, the report discloses.

This comes after a Division Bench of R Sucharitha, member
(judicial), and Sameer Kakar, member (Technical), of NCLT admitted
an insolvency application filed by Classic Exports under Section 7
of the Insolvency and Bankruptcy Code (IBC) 2016 last week, the
report relates.

According to the New Indian Express, the tribunal nominated S
Vasudevan as Interim Resolution Professional (IRP) to take forward
the Corporate Insolvency Resolution (CIR) of RCCPL and file within
20 days a report to the bench. The powers of the board of directors
of RCCPL stand superseded as a consequence of the initiation of
CIR.

The New Indian Express relates that RCCPL submitted in its argument
that the actual default committed was only from March 2020, for
which no application for initiation of CIR can be filed as provided
under Section 10A of the IBC code. NCLAT, however, did not grant
any stay on CIR proceedings but listed the matter to July 15,
2022.

RCCPL, which announced a $4.14-billion investment from the US-based
fund TFCC International last year, has also entered into a
strategic partnership with Bolt Mobility, co-founded by athlete
Usain Bolt, New Indian Express relays.


RAM COTTEX: ICRA Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long-term ratings of Shree Ram Cottex
Industries Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        30.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Shree Ram Cotton Industries was established in 2006 by Mr. Chandu
Vasoya along with three other partners; however, the partnership
firm was reconstituted in November 2011 and subsequently in April
2012, Mr. Ramnik along with two other partners took over the
management. Later in July 2013 there was a reconstitution of the
partnership firm and its name was changed to "Shree Ram Cottex
Industries". In September 2013, the partnership firm was converted
into private limited company – 'Shree Ram Cottex Industries
Private Limited' (SRCIPL). SRCIPL is engaged in cotton ginning and
pressing to produce cotton bales and cotton seeds. The
manufacturing plant of the company is located at Gondal in Rajkot,
Gujarat.

RANGA OVERSEAS: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long term and Short-term ratings of Ranga
Overseas Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        15.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.
  
Ranga Overseas Private Limited was incorporated in 2005 in
Hyderabad. The company is engaged in importing Door Skins, Medium
Density Fibre (MDFs) boards and Plywood from Thailand, Indonesia
and Vietnam. Presently, the company is a distributor of several
variants of Door Skins, MDF boards, Plywood, Particle boards etc
for Vanachai Group Public Co Ltd (Thailand), Greenply Industries
Limited, Virgo Industries, B.S. Progressive Limited (Austin
Plywood), Woodland Timbers and Uniply Industries Limited.

SHENDRA ADVISORY: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Shendra Advisory Services Private Limited
        Knowledge House, Shyam Nagar
        Jogeshwari-Vikhroli Link Road
        Jogeshwari (East)
        Mumbai 400060
        Maharashtra, India

Liquidation Commencement Date: April 27, 2022

Court: National Company Law Tribunal, Bangalore Bench

Insolvency professional: Kondinsetty Kumar Dushyantha

Interim Resolution
Professional:            Kondinsetty Kumar Dushyantha
                         # 404/2, 7th Main, 9th Cross
                         Jayanagar II Block
                         Bangalore 560011
                         E-mail: dushyanthak@gmail.com
                         Tel: 08026560400

Last date for
submission of claims:    May 26, 2022


SINGLA RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-term rating of Singla Rice Oil & General
Mills in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

SRGM was established in 1985 as a partnership firm with Mr. Manoj
Kumar, Mr. Dharmpal, Ms. Vimla Devi and Ms. Anita Rani as partners
in equal ratio. The firm undertakes processing and trading of rice
(Basmati and Non- Basmati) in the domestic market. It also performs
custom milling operations for the state government of Haryana. The
manufacturing unit of the firm is located in Nissing, Haryana with
a milling capacity of 3 tonnes per hour of paddy.


SIPAI INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term ratings of Sipai Industries in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         0.30        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-        14.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

    Unallocated        0.50        [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 1995 as a partnership firm, Sipai Industries (SI) is
involved in the business of ginning and pressing of raw cotton as
well as crushing of cottonseeds. Its manufacturing facility,
located in Rajkot in Gujarat, is equipped with 36 ginning mac
hines,1 pressing machine and 5 expellers with an installed capacity
of 150 MT per day. The partners of the firm have extensive
experience in the cotton industry.

SODE VADIRAJA: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term ratings of Shri Sode Vadiraja Mutt
Education Trust in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        21.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Shri Sode Vadiraja Mutt Education Trust was incorporated in the
year 2009 and manages an engineering college named by Shri Madhwa
Vadiraja Institute of Technology and Management (SMVITM), in Udupi
district, Karnataka. The college started functioning from July 2011
and is affiliated to Visvesvaraya Technological University (VTU)
and is also AICTE approved (All India Council for Technical
Education) and recognized by Government of Karnataka. The trust was
formed by Shree Vishwa Vallabha Theertha Swamiji for undertaking
educational and research activities. The members of the trust are
Shree Vishwa Vallabha Theertha Swamiji, Shri P. Srinivas Tantry and
Shri Rathna Kumar. The main objective of the trust is to set up and
operate government aided and private courses/programs in the field
of technical education, training and research in engineering and
technology.

SUMMER INDIA: Liquidation Process Case Summary
----------------------------------------------
Debtor: Summer India Weaving and Processing Mills
        Private Limited
        176//2-A, Kozhikkalnatham Road
        Thiruchengodu, Namakkal District
        Tamil Nadu 637211

Liquidation Commencement Date: April 25, 2022

Court: National Company Law Tribunal, Chennai Bench-II

Date of closure of
insolvency resolution process: April 24, 2022

Insolvency professional: Renuka Devi Rangaswamy

Interim Resolution
Professional:            Renuka Devi Rangaswamy
                         Arthi Illam, #9, Jothi Nagar
                         3rd Street, Uppili Palayam (Post)
                         Coimbatore 641015
                         E-mail: jrassociatescbe@gmail.com

Last date for
submission of claims:    May 25, 2022


SURBHI FERRO: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term rating of Surbhi Ferro Impex
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         11.30        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.70        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

SFIPL was incorporated in 2010 by Mr. Rajesh Kumar Gadiya. The
company is engaged in trading in ferrous and nonferrous metal scrap
such as steel, brass, copper, zinc, aluminium etc.

In FY2017, SFPL reported an operating income (OI) of INR38.14 crore
and a profit after tax (PAT) of INR0.03 crore, as compared to OI of
INR54.00 core and a PAT of INR0.17 crore in the previous year.


TELAWNE POWER: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term and Short Term ratings of Telawne
Power Equipments Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.20        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short-term          6.00        [ICRA]A4 ISSUER NOT
   Non Fund                        COOPERATING; Rating continues
   Based Limits                    to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          2.30        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
   Limit                           under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in January 2004, TREPL is engaged in manufacture and
repair of industrial transformers. The company is equipped for
manufacturing and repairing of different type of transformers up to
50MVA 132KV class transformers. The products are sold under the
brand name of 'Telawne' in domestic as well as overseas market. The
factory is located in Rabale, Navi Mumbai across an area of 38,000
sq.ft. The factory is ISO 9001- 2008 and ISO 14001:2004 certified
and the company has received approvals for its products from
agencies such as Electrical Research and Development Association
and Central Power Research Institute.


TUBE TURN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short Term ratings of Tube Turn
India Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         2.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based–     5.00        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based–     5.00        [ICRA]A4; ISSUER NOT
   Letter of Credit                COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Set up in 1995 by Mr. Ashit Kadakia, Tube Turn (India) Private
Limited ('TTIPL') is engaged in the manufacturing of steel pipe
fittings. These fittings are primarily used in the construction of
new plants in the oil & gas, chemicals, power, steel and textiles
industry. The company currently manufactures pipe fittings in
seamless and welded construction (butt welded and socket welded)
and flanges. The pipe fittings are fabricated from carbon steel,
alloy steel and stainless steel, of which carbon steel is the most
commonly used material.

UNIPLATFORM TECH: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Uniplatform Tech Private Limited

        Registered office:
        G-41, Ground Floor
        West Patel Nagar
        New Delhi 110008

        Corporate office:
        12, Sant Nagar
        East of Kailash
        New Delhi 110065

Liquidation Commencement Date: April 25, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         G-41, Ground FLoor
                         West Patel Nagar
                         New Delhi 110008
                         E-mail: nazim@mnkassociates.com
                         Tel: +911145095230

Last date for
submission of claims:    May 25, 2022


VAISHNAVI SPINTEX: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sri
Vaishnavi Spintex (India) Private Ltd. in the 'Issuer Not
Cooperating' category. The ratings are denoted as
[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         13.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.83        [ICRA]B (Stable) ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.17        [ICRA]A4 ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Sri Vaishnavi Spintex (I) Private Limited was established in
village of Kolanapalli, kalla mandalam during year 2010-11. The
company started in the month of March 2012 with an initial capacity
of 14400 spindles and subsequently added 2880 spindles which were
operational since August, 2013 and thus currently functioning with
a capacity of 17280 spindles. The founder of this organization Sri
Vanapalli Baburao has an experience of 30 years in various
industrial fields like Rice Mills & Iron Industry and Aqua Farming
(Fishponds).

YAMUNA GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term ratings of Shree Yamuna Ginning and
Pressing Factory in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         5.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         1.40        [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2012 as a partnership firm, Shree Yamuna Ginning and
Pressing Factory is involved in ginning and pressing of raw cotton
to produce cotton bales and cotton seeds. The firm is venturing
into crushing activities to manufacture cotton oil and cotton cake.
Its manufacturing facility, located in Jamnagar (Gujarat), is
equipped with 18 ginning machines and a pressing machine with a
capacity of 200 bales per day. The firm is managed by six partners,
who have extensive experience in the cotton industry.

In FY2019, the firm reported a net profit of INR0.36 crore on an OI
of INR37.64 crore compared to a net profit of INR0.30 crore on an
OI of INR44.65 crore in the previous year.




=========
M A C A U
=========

WYNN RESORTS: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on March 22, 2022, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Wynn Resorts, Limited. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and
operates luxury hotels and destination casino resorts in Las Vegas,
Nevada, Macau, and China.




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

CRYPTOTECH DEVELOPMENT: Court to Hear Wind-Up Petition on May 13
----------------------------------------------------------------
A petition to wind up the operations of Cryptotech Development
Limited will be heard before the High Court at Auckland on May 13,
2022, at 10:45 a.m.

Duncan Cotterill filed the petition against the company on March
14, 2022.

The Petitioner's solicitor is:

          Duncan McGill
          Level 1, Australis Nathan Building
          Takutai Square, 37 Galway Street
          Auckland 1010


ERP GROUP: Creditors' Proofs of Debt Due June 1
-----------------------------------------------
Creditors of ERP Group Limited are required to file their proofs of
debt by June 1, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 1, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


HONEYBUNCH PURE: Court to Hear Wind-Up Petition on May 13
---------------------------------------------------------
A petition to wind up the operations of Honeybunch Pure Naturals NZ
Limited will be heard before the High Court at Auckland on May 13,
2022, at 10:00 a.m.

U.S. Jaclean, Incorporated filed the petition against the company
on March 1, 2022.

The Petitioner's solicitor is:

          Aaron Louis Harlowe
          Couch Harlowe Kovacevich
          Level 3, 29 Shortland Street
          Auckland 1010


INDUSTRIAL TEXTILES: Creditors' Proofs of Debt Due on June 6
------------------------------------------------------------
Creditors of Industrial Textiles Limited, which is in voluntary
liquidation, are required to file their proofs of debt by June 6,
2022, to be included in the company's dividend distribution.

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

The company's liquidator can be reached at:

          Simon Dalton
          Gerry Rea Partners
          PO Box 3015, Auckland


KB PROJECT: Court to Hear Wind-Up Petition on June 3
----------------------------------------------------
A petition to wind up the operations of KB Project Management
Limited will be heard before the High Court at Auckland on June 3,
2022, at 10:00 a.m.

Carters Building Supplies Limited filed the petition against the
company on April 4, 2022.

The Petitioner's solicitor is:

          Philip John Morris
          Stace Hammond Lawyers
          Level 15, 34 Shortland Street
          Auckland
          Email: philipm@shlaw.co.nz




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

HENG MORE: Commences Wind-Up Proceedings
----------------------------------------
Members of Heng More Marine Pte Ltd, on April 25, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Lai Seng Kwoon
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


NO SIGNBOARD: Terminates Loan Deals with Q&M CEO, Private Investor
------------------------------------------------------------------
The Business Times reports that No Signboard Holdings has
terminated its conditional loan agreements with Q&M Dental chief
executive Ng Chin Siau and private investor Bryan Lim Soon Fang.  

No Signboard's controlling shareholder, GuGong, and Ng also
mutually terminated their conditional sale and purchase agreement
over a 29% stake in the company's shares, the Catalist-listed
company said on May 3, BT relates.

According to the report, the termination comes days after No
Signboard said it has entered into a non-binding memorandum of
understanding (MOU) to receive up to S$5 million in investments
from renewable biomass project developer and operator Gazelle
Ventures.

BT relates that No Signboard said the proposed investment structure
in its agreement with Ng could not be completed within the
timeline, while the conditions precedents set out in its agreement
with Lim could not be completed within a reasonable time period.

Ng had in March agreed to take a 29% stake in the restaurant
operator for a total consideration of SGD1 from controlling
shareholder GuGong, recalls BT. He also agreed to extend an
interest-free unsecured loan of SGD2.6 million to the company.

In the same month, Lim also made an agreement with GuGong to take a
22% stake in No Signboard for SGD1, and extend an interest-free
unsecured loan of SGD1.9 million.

Then, No Signboard said the 2 loans will allow the company to
obtain SGD4.5 million in interest-free and unsecured financing,
which is expected to assist in meeting the group's working capital
requirements, BT relays.

As for No Signboard's MOU with Gazelle Ventures, No Signboard said
on Sunday that Gazelle will take a 75% stake in the enlarged share
capital of the company through a SGD500,000 subscription of new
shares, with the remaining SGD4.5 million to be invested by way of
a debt or equity instrument.

Gazelle will also provide SGD450,000 of "rescue financing" under
the MOU.

No Signboard's chief executive Lim Yong Sim, and chief operating
officer Lim Lay Hoon are the shareholders and directors of GuGong,
the report says.

No Signboard in January requested to suspend the trading of its
shares as it was unable to demonstrate that it was able to continue
as a going concern, BT notes. Shares of the company last closed
flat at SGD0.03 on Jan 18.


RDV REALTY: Commences Wind-Up Proceedings
-----------------------------------------
Members of RDV Realty Pte Ltd, on April 20, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Sam Kok Weng
          PricewaterhouseCoopers Advisory Services
          7 Straits View, Marina One
          East Tower, Level 12
          Singapore 018936


RHODIUM INTERNATIONAL: Creditors' Meetings Set for May 13
---------------------------------------------------------
Rhodium International Trading Pte Ltd will hold a meeting for its
creditors on May 13, at 4:00 p.m., via Zoom application.

Agenda of the meeting includes:

   a. to receive a full statement of the company’s affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint Liquidator(s) or confirm member’s appointment of

      Liquidator;

   c. to fix the remuneration of the Liquidator(s) based on
      his/their nominal scale of fees in carrying out the
      assignment plus disbursements; and

   d. to consider and if thought fit, appoint a Committee of   
      Inspection for the purpose of winding up the Company.

Wong Joo Wan of Alternative Advisors were appointed as Provisional
Liquidator of the Company on April 27, 2022.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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