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

                     A S I A   P A C I F I C

          Friday, May 20, 2022, Vol. 25, No. 95

                           Headlines



A U S T R A L I A

AUSTRALIAN WORKPLACE: First Creditors' Meeting Set for May 30
BLUESTONE PRIME 2022-1: S&P Assigns B (sf) Rating to Class F Notes
JACKS CORNER: First Creditors' Meeting Set for May 27
JANG & JANG: First Creditors' Meeting Set for May 31
OPPOSITE GROUP: First Creditors' Meeting Set for May 27

OSANA 1: First Creditors' Meeting Set for May 25
RESIMAC BASTILLE 2022-1NC: S&P Assigns B(sf) Rating to Cl. F Notes
TORRENS SERIES 2022-1: S&P Assigns BB (sf) Rating to Class E Notes


C H I N A

GEMDALE CORP: Moody's Affirms 'Ba2' CFR, Outlook Stable
YU ZHOU: Depositors Left in Dark as 3 Local Banks Freeze Deposits


I N D I A

APPOLLO DISTILLERIES: ICRA Keeps D Ratings in Not Cooperating
ASHOKA POLY: ICRA Withdraws B+ Rating on INR14cr Cash Credit
AVADH COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
BANSIDHAR AGARWALLA: ICRA Keeps B- Ratings in Not Cooperating
BESTO MINING: ICRA Keeps B+ Debt Ratings in Not Cooperating

CENGRES TILES: Insolvency Resolution Process Case Summary
DEVI IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
DHURIA RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
EMMENNAR PHARMA: ICRA Keeps B+ Debt Rating in Not Cooperating
ENMAX ENGINEERING: ICRA Withdraws B+ Rating on INR2cr LT Loan

ETHICS POLYSACK: ICRA Lowers Rating on INR6.0cr Loans to D
GANAPATI MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
J PAN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
JAYASWAL NECO: ICRA Reaffirms D Rating on INR2,982.01cr Term Loan
KAMALA BOARD: ICRA Keeps B+ Debt Ratings in Not Cooperating

KSN BUILDWELL PRIVATE: Insolvency Resolution Process Case Summary
LEMOSA TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
LRM SPICES PRIVATE: Insolvency Resolution Process Case Summary
MA SARADA: ICRA Keeps D Debt Ratings in Not Cooperating Category
MAA SHEETLA: ICRA Keeps B+ Ratings in Not Cooperating Category

MATRIX CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
MKY CONSTRUCTIONS PRIVATE: Insolvency Resolution Case Summary
NATIONAL CONTRACTORS: ICRA Moves D Debt Ratings to Not Cooperating
PRIME LUMBERS: ICRA Keeps B- Debt Ratings in Not Cooperating
PROGRESS CULTIVATION: Insolvency Resolution Process Case Summary

RIDDHI SIDDHI: ICRA Reaffirms B+ Rating on INR13cr LT Loan
RLJ MULTIGRAIN: ICRA Keeps B Debt Ratings in Not Cooperating
SAI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating
SANMATI EDIBLE: ICRA Withdraws B Rating on INR8.0cr LT Loan
VENKATESHWARA POLYMERS: ICRA Keeps B Ratings in Not Cooperating



N E W   Z E A L A N D

BUILDZ LIMITED: Court to Hear Wind-Up Petition on June 3
CLADTECH PLASTERING: Creditors' Proofs of Debt Due on June 16
CLAWS HAULAGE: Creditors' Proofs of Debt Due on June 27
EURO GOURMET: Creditors' Proofs of Debt Due on June 10
GLUED & SCREWED: Court to Hear Wind-Up Petition on May 27

SMITH AND CO: Owes More Than NZD400K, Liquidators' Report Shows


P H I L I P P I N E S

MEGAWORLD CORP: Says Issue with BIR Already 'Resolved'


S I N G A P O R E

APIES VENTURES: Court Enters Wind-Up Order
SILVER SKY: Court to Hear Wind-Up Petition on June 3
THREE ALPS: Court Enters Wind-Up Order
YONG SERVICES: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: Enters Default, Warns Inflation May Surge to 40%


T H A I L A N D

SYN MUN KONG: Files for Bankruptcy Protection

                           - - - - -


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

AUSTRALIAN WORKPLACE: First Creditors' Meeting Set for May 30
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Workplace Solutions (WA) Pty Ltd, trading as "Labourplus", will be
held on May 30, 2022, at 10:00 a.m. via virtual meeting.

Gregory Bruce Dudley and Jerome Hall Mohen of RSM Australia
Partners were appointed as administrators of Australian Workplace
on May 18, 2022.


BLUESTONE PRIME 2022-1: S&P Assigns B (sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Bluestone Prime 2022-1 Trust.
Bluestone Prime 2022-1 Trust is a securitization of prime
residential mortgages originated by Bluestone Group Pty Ltd.,
Bluestone Mortgages Pty Ltd., (collectively Bluestone), and Athena
Mortgage Pty Ltd. (Athena).

The ratings S&P has assigned to the floating-rate RMBS issued by
Permanent Custodians Ltd. as trustee for Bluestone Prime 2022-1
Trust reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P said, "Our assessment of credit risk
considers Bluestone's and Athena's underwriting standards and
approval process. Our assessment also takes into account
Bluestone's strong servicing quality and the servicing tasks
delegated to Athena."

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P said, "Our analysis is on
the basis that the rated notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date."

S&P said, "Our ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider, and
National Australia Bank Ltd. as the liquidity facility provider and
interest-rate swap provider. The transaction documents for the
facilities include downgrade language consistent with S&P Global
Ratings' counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Bluestone Prime 2022-1 Trust

  Class A1S, A$200.00 million: AAA (sf)
  Class A1L, A$675.00 million: AAA (sf)
  Class A2, A$62.00 million: AAA (sf)
  Class B, A$18.00 million: AA (sf)
  Class C, A$17.00 million: A (sf)
  Class D, A$12.00 million: BBB (sf)
  Class E, A$7.00 million: BB (sf)
  Class F, A$5.00 million: B (sf)
  Class G1, A$2.40 million: Not rated
  Class G2, A$1.60 million: Not rated


JACKS CORNER: First Creditors' Meeting Set for May 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Jacks Corner
Pty Ltd ATF Jacks Corner Property Trust will be held on May 27,
2022, at 10:00 a.m. via virtual meeting technology.

John Vouris and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of Jacks Corner on May
17, 2022.


JANG & JANG: First Creditors' Meeting Set for May 31
----------------------------------------------------
A first meeting of the creditors in the proceedings of Jang & Jang
Pty Ltd will be held on May 31, 2022, at 10:30 a.m.  

Terry Grant Van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of Jang & Jang on May 16, 2022.


OPPOSITE GROUP: First Creditors' Meeting Set for May 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Opposite
Group Pty Ltd will be held on May 27, 2022, at 11:00 a.m. at the
offices of Hall Chadwick Chartered Accountants, Level 40, 2 Park
Street, in Sydney, NSW.

John Vouris and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of Opposite Group on
May 17, 2022.


OSANA 1: First Creditors' Meeting Set for May 25
------------------------------------------------
A first meeting of the creditors in the proceedings of Osana 1 Pty
Ltd, Osana 3 Pty Ltd, and Matilda Care Pty Ltd will be held on May
25, 2022, at 10:00 a.m., 10:30 a.m., and 11:00 a.m., respectively,
via virtual meeting technology.

Peter Hillig of Smith Hancock was appointed as administrator of
Osana 1, et al. on May 17, 2022.


RESIMAC BASTILLE 2022-1NC: S&P Assigns B(sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to 10 classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust - RESIMAC
Series 2022-1NC. RESIMAC Bastille Trust - RESIMAC Series 2022-1NC
is a securitization of nonconforming and prime residential mortgage
loans originated by RESIMAC Ltd.

The ratings assigned reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Lenders' mortgage insurance cover and
subordination for the rated notes provide credit support. In
addition, the transaction includes various mechanisms to utilize
excess spread to provide additional credit support. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. S&P's assessment of
credit risk takes into account RESIMAC Ltd.'s underwriting
standards and approval process, which are consistent with
industrywide practices, and its strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the liquidity facility,
the principal draw function, the amortization amount built from
excess spread if an amortization event is subsisting, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed by their legal final
maturity date and it does not assume the notes are called at or
beyond the call-option date.

S&P said, "Our ratings also take into account the counterparty
exposure to National Australia Bank Ltd. as liquidity facility
provider and cross-currency swap provider and Westpac Banking Corp.
as bank account provider. Currency swaps will be provided to hedge
the Australian dollar receipts from the underlying assets and the
U.S. dollar payments on the class A2 notes. The transaction
documents for the swaps and facilities include downgrade language
consistent with S&P Global Ratings' counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  RESIMAC Bastille Trust - RESIMAC Series 2022-1NC

  Class A1, A$105.00 million: AAA (sf)
  Class A2, US$215.00 million: AAA (sf)
  Class A3, A$354.00 million: AAA (sf)
  Class A3-SB, A$35.00 million: AAA (sf)
  Class AB, A$93.00 million: AAA (sf)
  Class B, A$66.10 million: AA (sf)
  Class C, A$17.00 million: A (sf)
  Class D, A$10.70 million: BBB (sf)
  Class E, A$6.60 million: BB (sf)
  Class F, A$3.60 million: B (sf)
  Class G, A$3.00 million: Not rated


TORRENS SERIES 2022-1: S&P Assigns BB (sf) Rating to Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for TORRENS Series 2022-1 Trust.

The ratings assigned to the prime floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination, lenders' mortgage insurance (LMI), and excess
spread, if any. S&P's assessment of credit risk takes into account
Bendigo and Adelaide Bank Ltd.'s (BEN's) underwriting standards and
approval process, which are consistent with industry-wide
practices; BEN's servicing quality; and the support provided by the
LMI policies on 8.0% of the portfolio.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the LMI cover, the
trapping of excess yield in the excess revenue reserve (subject to
conditions), the interest-rate swaps, the liquidity facility, and
the principal draw function. All rating stresses are made on the
basis that the trust does not call the notes at or beyond the
call-option date, and that all rated notes must be fully redeemed
via the principal waterfall mechanism under the transaction
documents.

S&P's rating also takes into account the counterparty exposure to
BEN as interest-rate swap provider and liquidity facility provider
as well as to National Australia Bank Ltd. (NAB) as standby
fixed-rate swap provider and collections account provider. The
interest-rate swaps will be provided to hedge the fixed-rate
mortgage loans and the floating-rate obligations on the notes. The
transaction documents for the swaps and facilities include
downgrade language consistent with S&P Global Ratings' counterparty
criteria.

S&P also has factored into its rating the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

  Ratings Assigned

  TORRENS Series 2022-1 Trust

  Class A, A$460.000 million: AAA (sf)
  Class AB, A$18.000 million: AAA (sf)
  Class B, A$7.500 million: AA (sf)
  Class C, A$6.250 million: A (sf)
  Class D, A$3.400 million: BBB (sf)
  Class E, A$2.450 million: BB (sf)
  Class F, A$2.400 million: Not rated




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

GEMDALE CORP: Moody's Affirms 'Ba2' CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of Gemdale Corporation and the Ba3 CFR of the company's
wholly-owned subsidiary, Famous Commercial Limited.

Moody's has also affirmed the Ba3 senior unsecured ratings on the
bonds and the (P)Ba3 senior unsecured rating on the medium-term
note (MTN) program issued by Gemdale Ever Prosperity Investment
Limited (Gemdale Ever Prosperity) and guaranteed by Famous.
Famous's offshore bank loans and offshore bonds are supported by
Gemdale through keepwell deeds and deeds of equity interest
purchase undertaking.

The rating outlook remains stable.

"The affirmation of Gemdale's CFR reflects our expectation that the
company will maintain its disciplined financial management, good
liquidity and continued access to funding that would give the
company financial flexibility to weather the difficult operating
and funding environments of China's property sector," says Kelly
Chen, a Moody's Vice President and Senior Analyst.

"The affirmation of Famous' ratings reflects our expectation that
Famous will remain as Gemdale's primary offshore funding platform
and continue to receive strong financial support from Gemdale,"
says Chen.

RATINGS RATIONALE

Gemdale's Ba2 CFR reflects its established brand name, its long
operating track record in China's property market, and its
disciplined and stable management team. The Ba2 CFR also factors in
its good liquidity and good access to various funding channels.

However, Gemdale's Ba2 CFR is constrained by its modest financial
metrics and significant exposure to its joint venture (JV)
projects, which lowers transparency of its credit metrics.

Moody's expects Gemdale's interest servicing ability, as measured
by EBIT interest coverage, to improve to 3.0x-3.5x over the next
12-18 months after declining to 2.9x in 2021 from 4.8x in 2020.
This is because its revenue growth, supported by strong contracted
sales in the previous 2-3 years, will more than offset an expected
slight decrease in profit margins over the next 12-18 months.
Gemdale's gross profit margin fell to 20% in 2021 from 32% in 2020.
Moody's also expects the company to reduce its debt level amid
slowing land acquisitions and a tight credit environment. The
projected financial metrics remain appropriate for the company's
Ba2 CFR.

Moody's forecasts Gemdale's contracted sales will moderate to
around RMB245 billion in 2022 as operating conditions in China's
property market will remain challenging over the next 6-12 months.
Gemdale's contracted sales decreased 42% year-over-year in the
first four months of 2022 to RMB58 billion, following an 18%
year-over-year growth in 2021.

Nevertheless, Gemdale's liquidity position will remain good thanks
to its strong access to onshore funding. The rating agency expects
Gemdale's unrestricted cash holdings, together with its operating
cash flow, to cover its maturing debt, committed land premiums and
dividends over the next 12-18 months.

Meanwhile, Famous' Ba3 CFR reflects its standalone credit profile
and a two-notch rating uplift, based on Moody's expectation that
Gemdale will provide financial support to Famous in times of
stress.

Moody's support assumption considers (1) Gemdale's full ownership
of Famous; (2) Famous' status as Gemdale's primary platform to
raise funds from offshore debt capital markets; and (3) Gemdale's
track record of providing financial support to Famous.

Famous' standalone credit profile is constrained by the small scale
of its operations, its weak financial metrics and potential
volatility in its sales performance. However, the standalone credit
profile also factors in operational benefits arising from the
company's status as a core subsidiary of Gemdale, such as cost
efficiencies and a strong brand name.

Famous' liquidity is weak. Nonetheless, Moody's expects the company
will continue to receive funding support from Gemdale and have
adequate banking facilities to fund its operations, given its close
linkage with Gemdale.

The Ba3 senior unsecured ratings on the bonds and the (P)Ba3 senior
unsecured rating on the MTN program guaranteed by Famous are not
affected by subordination to claims at the operating companies.
This is because Moody's expects support from Gemdale will flow
through the holding company rather than directly to its main
operating companies, thereby mitigating any differences in expected
loss that could result from structural subordination.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Gemdale's track record of disciplined
financial management, diversified ownership and board of directors,
and its established governance standards, which mitigate the risks
brought by its weakened corporate transparency due to the company's
high use of JVs.

Moody's has also taken into account Famous' private company status
and low corporate transparency. However, Gemdale's 100% ownership
of the company, established governance structure and history of
providing support to its subsidiary mitigate these risks.

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

The stable outlook on Gemdale reflects Moody's expectation that the
company will continue to demonstrate financial discipline in
managing its business profile and maintain good liquidity to meet
its working capital and refinancing needs.

Meanwhile, the stable outlook on Famous reflects Moody's
expectation that the company's standalone credit profile will
remain largely stable and that the likelihood of support from
Gemdale will remain intact over the next 12-18 months.

Moody's could upgrade Gemdale's rating if the company improves its
profit margin, maintains a strong financial discipline, and
strengthens its financial position. Credit metrics indicative of an
upgrade include revenue/adjusted debt above 80% and EBIT/interest
coverage above 4.5x-5.0x, both on a sustained basis.

A significant reduction in contingent liabilities associated with
its JVs or a reduced likelihood of funding support to its JVs could
also be positive for the rating.

However, Gemdale's rating could be downgraded if (1) its contracted
sales and/or operating cash flows weaken beyond Moody's
expectations; or (2) the company materially accelerates its
development activities and/or undertakes aggressive land
acquisitions, thereby weakening its credit metrics and liquidity
position.

Moody's could downgrade the rating if Gemdale's EBIT coverage of
interest falls below 3.0x-3.5x or if revenue/adjusted debt declines
below 65%-70%, both on a sustained basis.

Downward pressure could also increase if the company's contingent
liabilities associated with its JVs or the likelihood of funding
support to its JVs increases significantly.

Meanwhile, Moody's could upgrade Famous' rating if (1) the company
improves its scale and diversity, thereby reducing its sales and
earnings volatility; and (2) Gemdale's CFR is upgraded.

On the other hand, Famous' rating could come under pressure if (1)
Gemdale's rating is downgraded; or (2) Gemdale reduces its
ownership of, or lowers its support for, Famous.

Moody's could also downgrade Famous' rating if the company's credit
profile or liquidity deteriorates materially because of a failure
to implement its business plan or if it pursues aggressive
expansion.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Incorporated in China and listed on the Shanghai Stock Exchange,
Gemdale Corporation is a leading developer in China's residential
property sector. As of the end of December 2021, the company's land
bank totaled around 64 million square meters (sqm) in saleable
gross floor area (GFA) across about 78 cities in China.

Incorporated in Hong Kong SAR, China in 1995, Famous Commercial
Limited is a wholly-owned subsidiary of Gemdale Corporation. The
company also serves as Gemdale's funding vehicle in overseas
markets.

YU ZHOU: Depositors Left in Dark as 3 Local Banks Freeze Deposits
-----------------------------------------------------------------
Reuters reports that three banks in China's central Henan province
have frozen at least $178 million of deposits, offering scant
information on why or for how long, leaving firms unable to pay
workers and individuals locked out of savings, depositors told
Reuters.

Yu Zhou Xin Min Sheng Village Bank, Shangcai Huimin Country Bank
and Zhecheng Huanghuai Community Bank froze all deposits on April
18, with all three telling customers they were upgrading internal
systems, Reuters relays. The banks have not issued any
communication on the matter since, depositors said.

While nominally small, China's numerous local banks have outsized
significance because they lend to small and mid-sized firms so
their activity can be an indicator of the health of the economy,
the world's second-biggest after the United States.

Bank earnings and asset quality are widely expected to deteriorate
due to reduced business activity brought about by strict COVID-19
containment measures, raising the prospect of economic contraction
in the second quarter of the year.

Depositors of the three banks told Reuters they had been
communicating with each other via messaging app WeChat about how to
retrieve funds. Some posted screenshots of frozen accounts and
shared conversations with bank staff.

Some posted videos of protests outside bank branches, while others
said they had travelled to the banks' headquarters in search of an
explanation only to be turned away by police.

The China Banking and Insurance Regulatory Commission, which was
cited in media reports on May 1 as saying it was looking into the
matter, and the People's Bank of China, the central bank, did not
respond to faxed requests for comment.

Depositors from the southern Zhejiang province communicating over
WeChat compiled a spreadsheet seen by Reuters in which they
self-reported CNY1.2 billion ($177.55 million) in frozen funds
across the three banks.

As the banks have customers across China, magazine Caixin on April
30 reported the frozen amount could total $1.5 billion.

Jerry Chang, owner of a factory in Hubei province, cannot access
his over CNY6 million deposited at Yu Zhou Xin Min Sheng Village
Bank, according to Reuters.

"Not being able to withdraw money has a huge impact on the
operation of our factory, including procurement and workers'
wages," said Chang, who used the bank because of its marginally
higher interest rate of 1.85%.

Tony Qian, an investment consultant from Zhejiang province, cannot
access the CNY20 million he put in Yu Zhou Xin Min Sheng Village
Bank that he had been saving to buy property, Reuters discloses.

"The thing I'm most angry about is . . . no one has explained
anything to us," said Qian.




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

APPOLLO DISTILLERIES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings of Appollo Distilleries
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–        75.00       [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 performance. 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.

ADPL owns and operates a brewery plant having an installed capacity
of 50,000 KLPA (kilo liter per annum) at Billakuppam, Gummidipundi,
Tamil Nadu (TN). The commercial operation of ADPL's manufacturing
facility commenced in May 2012. ADPL is a subsidiary of Empee
Distilleries Limited (part of Empee group of companies).


ASHOKA POLY: ICRA Withdraws B+ Rating on INR14cr Cash Credit
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Ashoka Poly Laminators Limited at the request of the company and
based on the No Objection Certificate (NOC) 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-          1.16        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                       

   Long Term-          3.53        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Withdrawn

                                    
   Short Term–
   Non fund Based      0.50        [ICRA]A4; ISSUER NOT
                                   COOPERATING; Withdrawn

Ashoka Poly Laminators Limited (APLL) is a closely held company
promoted by the members of the Goel family. It was established in
2003. APLL manufactures packaging material that is used in
industries such as fertilisers, chemicals, packaged food and
transportation. The company manufactures laminated and
non-laminated HDPE and PP fabrics and bags. Its manufacturing
facility is located in Bareilly, Uttar Pradesh.


AVADH COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Avadh
Cotton Industries - Jamnagar 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
   cum-ODBD                        to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         1.43        [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 performance. 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.

Avadh Cotton Industries was established in January 2014, as a
partnership firm, by Mr. Rohitbhai Sitapara and five other
partners. The firm is engaged in the ginning and pressing of raw
cotton. In December 2014, the firm commenced the ginning
operations. The operations are managed by Mr. Shaileshbhai Chikani,
Mr. Rashikbhai Vaishnav and Mr. Rohitbhai Sitapara. The
manufacturing plant is in Moti Banugar in the Jamnagar district of
Gujarat. It is equipped with 24 ginning machines and a pressing
machine, with an installed production capacity of 225 cotton bales
per day (24-hour operations).


BANSIDHAR AGARWALLA: ICRA Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bansidhar
Agarwalla & Co. Pvt Ltd Unit: Chinsurah Cold Storage. in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B-(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Working Capital     1.50       [ICRA]B-(Stable); ISSUER NOT  
   Term Loan                      COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Seasonal Cash       3.25       [ICRA]B-(Stable); ISSUER NOT
   Credit                         COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Working Capital     0.86       [ICRA]B-(Stable); ISSUER NOT
   Loan                           COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Bank Guarantee      0.17       [ICRA]B-(Stable); 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 performance. 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.

CCS, a cold storage unit of Bansidhar Agarwalla & Company Pvt. Ltd
was set up in 1963 in Chinsurah, in the Hooghly district of West
Bengal. CCS is primarily engaged in the business of storage and
preservation of potatoes and occasionally carries out trading of
potatoes as well. Currently, CCS has an annual storage capacity of
20,000 tonne.


BESTO MINING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Besto
Mining India 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-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         13.53        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term–          3.07        [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 performance. 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.

Besto Mining (India) Private Ltd. (BMPL) was incorporated as
private concern by Mr. Manoj Shetty, Mr. Roy Kurian, Mr. Alex PJ
and Mr. Vincent Joseph in 2014. The company produces M
(Manufactured) Sand & Aggregate from its 5 stage 300 tonnes per day
(tpd) plant located at Yalganhalli village in Chikballapur district
(Bangalore).


CENGRES TILES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Cengres Tiles Limited
        D/401, Ganesh Meridian
        Opp. Amiraj Farm
        Near Gujarat High Court
        S.G. Highway, Ahmedabad
        GJ 380060
        IN

Insolvency Commencement Date: April 27, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Navin Srichand Kanjwani

Interim Resolution
Professional:            Mr. Navin Srichand Kanjwani
                         1, New Maharaja Park
                         Maya Cinema Road
                         Kubernagar, Ahmedabad
                         Gujarat 382340
                         E-mail: navinskanjwani@yahoo.co.in

                            - and -

                         708, Scarlet Gateway
                         Opposite Riviera Antillia
                         Corporate Road, Prahladnagar
                         Ahmedabad 380015
                         E-mail: cirp.cengrestiles@gmail.com

Last date for
submission of claims:    May 11, 2022


DEVI IRON: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long term and Short-term ratings of Devi Iron
& Power Pvt. Ltd. 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         14.50       [ICRA]B+(Stable); ISSUER NOT
   Limits                         COOPERATING; Rating Continues
                                  to remain under issuer not
                                  cooperating category

   Long Term-         15.00       [ICRA]B+(Stable); ISSUER NOT
   Fund Based-                    COOPERATING; Rating Continues
   Term Loan                      to remain under issuer not
                                  cooperating category

   Non-Fund           17.50       [ICRA]A4; ISSUER NOT
   Based 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 performance. 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.

Devi Iron & Power Pvt. Ltd. (DIPPL) was incorporated in 2004. The
plant is located at Tanda Village in Raipur (Chhattisgarh). DIPPL
has a production facility for sponge iron with an annual production
capacity of 90,000 MT. The company also has a Waste Heat Recovery
Boiler (WHRB) based power plant with a power generation capacity of
8 MW. Since April 2016, the company has started the production of
Mild Steel (MS) ingot.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         7.50        [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 performance. 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.

DRM was established in the year 1978 as a partnership firm with
Ashok Kumar, Krishna Devi and Surinder Kumar as partners. In the
year 2007 partnership was re constituted with Mr. Arun Kumar, Mr.
Ashok Kumar and Krishna Devi as partners. In 2012 the partnership
firm was reconstituted again with Mr. Ashok Kumar and Mr. Arun
Kumar as partners in equal ratios. All the partners are actively
engaged in the management of the company. DRM is engaged in
processing and trading of non-basmati rice in the domestic markets
and to exporters in India. Head office as well as the manufacturing
plant of the company is located at Fazilka, Punjab. The plant has a
milling capacity of 2 tonnes per hour of paddy.


EMMENNAR PHARMA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and Short-Term ratings of Emmennar
Pharma 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-         40.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         5.30        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/         23.95        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance. 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.

Emmennar Pharma Private Limited, formerly known as Emmennar
Bio-tech Private Limited, manufactures active pharmaceutical
ingredients (APIs) and intermediates at its two production
facilities in Hyderabad and Vishakhapatnam. EPPL belongs to
Hyderabad-based Virchow Group, promoted by Dr. N Venkata Reddy, Mr.
M Narayana Reddy, Mr. L V Subba Reddy, Mr. Ravindra Reddy and their
families.

ENMAX ENGINEERING: ICRA Withdraws B+ Rating on INR2cr LT Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Enmax Engineering (India) 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
   Non-fund based      2.00       [ICRA]B+ (Stable); ISSUER NOT
                                  COOPERATING; Withdrawn

Enmax Engineering (India) Private Limited (EEIPL) was incorporated
in 2007 by Mr. DVVS Narayana Reddy, Mr. K Jayavardhana Reddy and
Mr. G.S. Chandra Obul Reddy who have more than four decades of
cumulative professional experience in the waste heat recovery
engineering industry. The core activities of EEIPL are designing,
engineering, manufacturing and supply of waste heat recovery
systems for various applications. The manufacturing unit is
situated at Balanagar-Narasapur highway near Jeedimetla industrial
area in Hyderabad. The manufacturing facilities of the company are
approved by Indian Boiler Regulatingauthorities (IBR), and Lloyds
and Bureau VERITAS Quality Inspection (BVQI). EEIPL holds ISO
accreditation (9001:2008) through BVQI.


ETHICS POLYSACK: ICRA Lowers Rating on INR6.0cr Loans to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ethics
Polysack LLP, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        1.40       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from
                                 [ICRA]B(Stable) and Continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Fund Based-        4.60       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating downgraded from
                                 [ICRA]B(Stable) and Continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade reflects delays in debt servicing as mentioned
in publicly available sources.

The rating is based on limited information on the entity's
performance since the time it was last rated in March 2021. 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.

ICRA has been trying to seek information from the entity so as to
monitor its performance. 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.

Ethics Polysack LLP was established in March 2016 as a limited
liability partnership for setting up a greenfield project at
Tankara, Gujarat to manufacture PP/HDPE based woven sacks, fabrics
and tarpaulin. The proposed installed capacity of the unit was 1500
tonnes of PP/HDPE laminated fabric per annum.

GANAPATI MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ganapati
Motors in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        7.50       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund based        21.00       [ICRA]D; ISSUER NOT COOPERATING;
   Dealer Financing              Rating continues to remain in
   Scheme                        the 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. 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 2004, Ganapati Motors (GM) is involved in the
automobile dealership business as an authorized dealer of Maruti
Suzuki India Limited in Bhilai, Chhattisgarh.


J PAN: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the Long term and short-term ratings of J Pan
Tubular Components 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-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Cash Credit                     the 'Issuer Not Cooperating'
                                   Category

   Long Term-          6.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        16.00        [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 performance. 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 2007, J Pan Tubular Components Private Limited
('JPan') manufactures a wide variety of copper tubular components
and assemblies like copper bends (U and C shape), copper couplings,
copper tube header, copper tube components, copper connecting pipes
and evaporating assembly which find application in air
conditioners, refrigerators, heat exchangers etc. The company has
five production facilities: two in Greater Noida, one each in Pune,
Neemrana, and Bengaluru. The company's operations are managed by
its director, Mr. Jignesh Panchal, who has more than 15 years of
experience in the field.


JAYASWAL NECO: ICRA Reaffirms D Rating on INR2,982.01cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Jayaswal
Neco Industries Limited (JNIL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–       2,982.01     [ICRA]D; reaffirmed
   Fund based                    
   Term Loan                     

   Long-term–         650.14     [ICRA]D; reaffirmed
   Fund based                    and withdrawn
   Term Loan                     

Rationale

The rating reaffirmation considers the pending implementation of
debt restructuring scheme between JNIL and Assets Care &
Reconstruction Enterprise Limited (ACRE). ICRA notes that JNIL's
entire debt was taken over by ACRE after loan sell-off by eleven
lenders and post one-time settlement by a lender in June 2021. In
August 2021, JNIL entered into a restructuring support agreement
with ACRE, however, the same will be effective only upon compliance
of certain conditions. The terms of the restructuring agreement
would drive JNIL's financial and liquidity profile, going forward.

In FY2018, State Bank of India filed an insolvency application
against JNIL in the National Company Law Tribunal (NCLT) following
the rejection of debt restructuring plan by the Reserve Bank of
India (RBI). JNIL, in return, filed a writ petition in the Supreme
Court, which directed NCLT to maintain status quo in the insolvency
process initiated against the company vide its order dated April
16, 2018. While the Supreme Court recently permitted to withdraw
the special leave petition (SLP), the matter continues to be at the
pre-admission stage in NCLT. The provisional attachment of JNIL's
INR307.6-crore sponge iron facility by the Enforcement Directorate
(ED) has been put on stay by the Appellate Authority. JNIL's
investment in the greenfield sponge iron and captive power projects
in Bilaspur, Chhattisgarh also remains stuck. This investment was
declared as non-core asset by the lenders a few years back and
since then, no fresh investment has been made by the company
towards the same. The company had already provided for impairment
of this project in FY2020. While there has been a notable
improvement in JNIL's operating performance in 9M FY2022, led by
improved demand in the end-user segments as well as increased steel
prices, its liquidity position continues to remain poor on account
of elevated debt levels. ICRA notes that the company's operating
profit has declined from Q3 FY2022 due to a sharp increase in raw
material prices which has also contributed to stressed liquidity
position.

Meanwhile, ICRA notes JNIL's integrated nature of operations and
the location-specific advantage of the company's plants. ICRA has
also reaffirmed and withdrawn ratings assigned to the
INR934.45-crore facilities of JNIL upon the request of the company
as the same has been repaid.

Key rating drivers and their description

Credit strengths

* Integrated nature of operations ensures cost and quality control:
JNIL is a mid-sized integrated steel manufacturer, specializing in
alloy steel products and steel castings catering to various
engineering, industrial, construction and automotive industries.
The company generates power from its 54.5 MW-captive power plant
units, which fulfil about 65-75% of its annual power requirement.
Presence of 1.0-million-tonnes-per-annum (mtpa) captive iron ore
mine, 0.8-mtpa sinter facility, 1.2-mtpa pelletization unit,
0.25-mtpa sponge iron facility and 0.2-mtpa coke oven facility
ensure adequate backward integration. JNIL's downstream facility
includes a 1.0-mtpa rolling mill, which can produce long products,
including that of alloy steel category. The company also has a
0.75-mtpa blast furnace for liquid hot metal production. The steel
division contributed ~90% to the net sales in 9M FY2022, with the
balance contributed by the casting division.

* Location-specific advantage: JNIL's steel plant and casting
divisions are situated in Raipur (Chhattisgarh) and Nagpur
(Maharashtra), respectively, which are steel clusters. The presence
of JNIL's plants at these locations provides ready access to
suppliers and customers, resulting in significant savings in
freight cost. Moreover, the company's operational captive iron ore
mine is situated in Metabodeli (Chhattisgarh), with approved mining
capacity of 1 mtpa, which fulfils 30-40% of its iron ore
requirements. In FY2022, the company commenced mining operations in
its Chottedongar iron ore mine in Chhattisgarh. However, the
operations are at a nascent stage.

Credit challenges

* Pending implementation of restructuring support agreement: JNIL's
entire debt was taken over by ACRE after loan sell-off by eleven
lenders and one-time settlement by a lender. In August 2021, JNIL
entered into a restructuring support agreement with ACRE, however,
the same will be effective only upon compliance of certain
conditions. The terms of the restructuring agreement would drive
JNIL's financial and liquidity profile, going forward. As a part of
the restructuring agreement, the company entered into a
shareholder's agreement with its promoters and ACRE wherein a
portion of the debt assigned to ACRE was converted into equity.
ACRE now holds 31.44% stake in the company.

* Leveraged capital structure and depressed coverage indicators:
While the total debt of JNIL decreased to INR5,919.0 crore as on
March 31, 2022, from INR6,778.7 crore as on March 31, 2021, due to
debt repayment and debt-to-equity conversion, the capital structure
remains leveraged owing to continued net losses which have resulted
in erosion of net worth. While there has been a notable improvement
in JNIL's operating performance in 9M FY2022, led by improved
demand in the end-user segments as well as increased steel prices,
its liquidity position continues to remain poor owing to elevated
debt levels. Although the coverage indicators improved in 9M FY2022
from FY2021 levels, they remain subdued due to high interest
charges on account of elevated debt levels. ICRA notes that the
company's operating profit has declined from Q3 FY2022 due to a
sharp increase in raw material prices which has also contributed to
stressed liquidity position.

* Vulnerability of profits and cash flows to cyclicality inherent
in steel industry: Owing to the cyclicality inherent in the steel
industry, the company's profits and cash flows are likely to remain
volatile. Additionally, cyclicality in the automotive sector
accentuates price risks for JNIL.

* Susceptibility of foundry division to intense competition: In
case of castings business, the company caters to various
established players in the engineering and automotive industries.
However, a highly fragmented nature of the domestic casting
industry limits the scope of margin expansion of players including
JNIL. The revenues and profit margins of the casting business have
remained very low since FY2014.

* Stalled investments in the form of sponge iron and captive power
project in Bilaspur: JNIL's greenfield project of 0.3-mtpa sponge
iron facility and 50.0-MW captive power plant remain stuck for
various reasons including delays in land acquisition, environmental
clearance, and funding constraints. In FY2018, the company
suspended the project, which involved a total investment of ~Rs.
450.0 crore. This investment had been declared as non-core asset by
the lenders a few years back. The company had provided for
impairment of this project in FY2020.

Liquidity position: Poor

While JNIL's cash flows improved in 9M FY2022 due to an improvement
in the operating performance, its liquidity remains poor due to
losses incurred by the company owing to elevated debt levels and
high raw material prices (from Q3 FY2022).

Going forward, its liquidity would primarily depend on the terms of
restructuring scheme to be implemented by ACRE.

JNIL, incorporated in 1972, began operations with the foundry units
in Nagpur and subsequently integrated backward by setting up a pig
iron (with captive power) manufacturing unit in Raipur
(Chhatisgarh) in 1995. Following the mergers, expansions, and group
restructuring, JNIL operates a 0.75-mtpa pig iron unit/hot metal
facility, 0.2-mtpa coke oven plant, 0.8- mtpa sinter plant,
0.25-mtpa sponge iron unit, 1.2-mtpa pelletisation unit, 1.0-mtpa
billet making unit and rolling mills, 54.5- MW captive
thermal/waste heat recovery-based power plants and iron ore mines
in Metabodeli and Chhotedongar, Chhattisgarh. It also has an iron
and steel castings capacity of 0.08 mtpa, with its facilities
located in Nagpur, Bhilai and Anjora.


KAMALA BOARD: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating of Kamala Board Box 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-         1.15        [ICRA]B+ (Stable) ISSUER NOT
   Limit-Term                      COOPERATING; Rating continues
   Loans                           to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         6.85        [ICRA]B+ (Stable) ISSUER NOT
   Limit Cash                      COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. 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.

Kamala Board Box Private Limited (KBBPL) manufactures corrugated
boxes and offset-printed duplex board cartons at its facility in
Barasat, West Bengal, with an annual installed capacity of 12,000
metric tonnes (MT). Promoted by the Kolkata based Das family, the
entity was set up in 1984 as a proprietorship concern, Kamala Board
Box, and was converted into a private limited company in 2006. The
promoters have an experience of more than three decades in the
packaging industry.


KSN BUILDWELL PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: K.S.N. Buildwell Private Limited
        H.No. 227-b, North School Block Mandawali
        Fazalpur, Delhi East
        DL 110092
        IN

           - and -

        A-60C, First Floor Sector 63
        Noida 201301
        UP

Insolvency Commencement Date: May 13, 2022

Court: National Company Law Tribunal, New Delhi Bench-IV

Estimated date of closure of
insolvency resolution process: November 9, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Anil Matta

Interim Resolution
Professional:            Mr. Anil Matta
                         Matta & Associates
                         308, RG Trade Tower
                         Plot No. B-7
                         Netaji Subhash Place
                         Pitampura, New Delhi 110034
                         E-mail: mataassociates@gmail.com
                                 cirpksn2021@gmail.com

Classes of creditors:    Allottees under the Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Arvinder Singh Kindra
                         B-1, Takshshila Apartments
                         Plot No. 57, IP Extension
                         Patparganj, Delhi 110092

                         Radhey Shyam Yadav
                         Flat No. 2, Akriti Appts.
                         62 IP Extn., Patparganj
                         Delhi 110092

                         Rajeev Lochan
                         243, First Floor
                         AGCR Enclave
                         Delhi 110092

Last date for
submission of claims:    May 28, 2022


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         6.00        [ICRA]B+ (Stable) ISSUER NOT
   Term Loans                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         3.00        [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 performance. 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.

LTL was established in April 2016 and is involved in manufacturing
glazed ceramic wall tiles in two sizes viz. 10 X 30 inches and 12 X
24 inches. The manufacturing facility of the firm is located at
Morbi with an installed capacity to manufacture 30,000 metric tonne
(7,000 boxes per day) of glazed ceramic wall tiles per annum. The
unit became fully operational from January 2017.


LRM SPICES PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: LRM Spices Private Limited

        Registered office:
        D-16/75, Ground Floor
        Sector-3, Rohini
        North West Delhi
        Delhi 110085

        Also at:
        Plot No. 489, HSIIDC Rai
        Food Park, Sonipat 131001
        Haryana, India

Insolvency Commencement Date: May 13, 2022

Court: National Company Law Tribunal, Bench III, New Delhi

Estimated date of closure of
insolvency resolution process: November 9, 2022

Insolvency professional: Satish Kumar Chugh

Interim Resolution
Professional:            Satish Kumar Chugh
                         111-B, Pocket-F
                         Mayur Vihar Phase-II, East
                         National Capital Territory of Delhi
                         110091
                         E-mail: skchugh111@gmail.com
                                 cirp.lrmspices@gmail.com

Last date for
submission of claims:    May 27, 2022


MA SARADA: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long-term rating of Ma Sarada Cold Storage
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based         4.01       [ICRA]D; ISSUER NOT COOPERATING;

   Limits Term                   Rating Continues to remain under
   Loan                          issuer not cooperating category

   Fund Based         0.80       [ICRA]D; ISSUER NOT COOPERATING;
   Limit Working                 Rating Continues to remain under

   Capital                       issuer not cooperating category

   Fund Based         0.75       [ICRA]D; ISSUER NOT COOPERATING;
   Limit seasonal                Rating Continues to remain under
   cash credit                   issuer not cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance. 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 1987, Ma Sarada Cold Storage Private Limited is
engaged in providing cold storage facility to potato farmers and
traders on a rental basis. The facility of the company is located
in Bankura district of West Bengal having an annual storage
capacity of 21,052 metric tons.

MAA SHEETLA: ICRA Keeps B+ Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the long-term of Maa Sheetla Industries 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-          6.50        [ICRA]B+(Stable); ISSUER NOT
   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 performance. 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.

MSIPL was incorporated in March 2014 and is engaged in the
distribution of IMFL and beer in Uttarakhand. The company has two
warehouses in Uttarakhand, in Haldwani and Rudrapur. MSIPL has two
other group companies, Maa Sheetla Autowheels Private Limited
(having dealership of Volkswagen) and BTC Industries Limited
(engaged in manufacturing of Thermo Mechanically Treated bars).

MATRIX CERAMIC: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Matrix
Ceramic 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-          1.12        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.50        [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 performance. 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.

Matrix Ceramic is a partnership firm promoted by Mr. Jayesh Aghara
along with his family members and relatives. Incorporated in 2006,
Matrix Ceramic commenced commercial production of ceramic floor
tiles of 12"x12" dimension in September 2007 with a production
capacity of 6,500 boxes per day. Currently the product profile of
the firm comprises of ceramic wall tiles of size 8"x12" and ceramic
floor tiles of 12"x12" with a production capacity to manufacture
9,000 boxes of wall tiles or 8000 boxes of floor tiles per day. Its
plant is located at Morbi in Rajkot district of Gujarat.


MKY CONSTRUCTIONS PRIVATE: Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: MKY Constructions Private Limited
        GN-12, 2nd Floor
        Shivaji Enclave
        New Delhi 110027

Insolvency Commencement Date: May 13, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 9, 2022
                               (180 days from commencement)

Insolvency professional: Reetesh Kumar Agarwal

Interim Resolution
Professional:            Reetesh Kumar Agarwal
                         Unit no. 531, S.G. Shopping Mall
                         D.C. Chowk, Rohini Sector-09
                         Delhi 110085
                         E-mail: carkagarwal@gmail.com
                                 resolvemcpl@gmail.com

Last date for
submission of claims:    May 27, 2022


NATIONAL CONTRACTORS: ICRA Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of National
(India) Contractors & Engineers (NICE or the firm) to the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term-         7.00        [ICRA]D ISSUER NOT COOPERATING;
   Fund Based-                    Rating Moved to the 'Issuer Not
   Cash Credit                    Cooperating' Category

   Long-term/        14.35        [ICRA]D/[ICRA]D; ISSUER NOT  
   Short term                     COOPERATING; Rating moved to
   Non fund based                 the 'Issuer Not Cooperating'
                                  category

   Long term/         3.15        [ICRA]D/[ICRA]D; ISSUER NOT
   Short term-                    COOPERATING; Rating moved to
   Unallocated                    the 'Issuer Not Cooperating'
                                  category

As part of its process and in accordance with its rating agreement
with National (India) Contractors & Engineers, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, the company's rating has been moved to the
"Issuer Not Cooperating" category.

NICE was set up in 1962 by Mr. Usmangani Khatri and is at present
managed by three partners, Mr. Faruk Khatri, Mr. Zuber Khatri and
Mr. Rizwan Khatri. The firm is involved in the construction of
buildings, factories, townships and universities, as well as in
trading metals and primarily steel. The firm is based out of Mumbai
and executes construction projects primarily in Maharashtra and
Rajasthan.

In FY2020, NICE reported a net profit of INR0.52 crore on an OI of
INR27.37 crore compared to a net profit of INR0.75 crore on an OI
of INR40.82 crore in the previous year.


PRIME LUMBERS: ICRA Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Prime
Lumbers Pvt. 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
   ----------      -----------     -------
   Fund based-         3.25        [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based      4.00        [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 performance. 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.

Prime Lumbers Private Limited (PLPL) was incorporated in 2001 and
is engaged in the business of trading of timber logs with its
factory located at Gandhidham (Gujarat). The company is managed by
its promoters, Mr. Rohit Shah and Ms. Bhavna Shah who have long
standing experience in the timber industry through their
association with two of the group concerns, Woodman Veneers Private
Limited (WVPL) and Woodman Trading Private Limited (WTPL). While
WTPL is engaged in the similar business as that of PLPL, WVPL is
engaged in the manufacturing of veneers as well. The company's
product portfolio comprises of various qualities of timber which
primarily finds application in furniture making, construction and
packaging industry. The company imports timber mainly from
Singapore, New Zealand, Africa, Germany and Malaysia.


PROGRESS CULTIVATION: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Progress Cultivation Limited
        Plot No. 55, Fakir Bagan Lane
        Golabari Howrah
        WB 711101
        IN

Insolvency Commencement Date: May 12, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: November 8, 2022

Insolvency professional: Mr. Pankaj Kumar Kedia

Interim Resolution
Professional:            Mr. Pankaj Kumar Kedia
                         1, R N Mukherjee Road
                         5th Floor, Room No. 4
                         Kolkata 700001
                         E-mail: pkkedia2.ip@gmail.com
                                 cirp.progress9@gmail.com

Last date for
submission of claims:    May 26, 2022


RIDDHI SIDDHI: ICRA Reaffirms B+ Rating on INR13cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Riddhi
Siddhi Cotfiber Private Limited (RSCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term
   Fund-based–
   Cash Credit
   cum ODBD            13.00       [ICRA]B+(Stable); reaffirmed

   Unallocated
   Limits               2.85       [ICRA]B+(Stable); reaffirmed

Rationale

The rating reaffirmation of RSCPL continues to be constrained by
the modest financial risk profile of the company, characterised by
low-profit margins, stretched capital structure and weak coverage
indicators. The rating also factors in the vulnerability of the
company's profitability to fluctuations in raw material prices (raw
cotton), considering the inherently low value-added ginning and
crushing business and the stiff competition in the cotton ginning
industry. Further, it is exposed to various regulatory risks such
as the minimum support price (MSP), which is set by the Government,
as well as availability of cotton and related agro-climatic risks.

The rating, however, continues to favourably factor in the
extensive experience of the promoters in the cotton ginning
industry and the proximity of the company's manufacturing unit to
raw material sources.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that RSCPL will continue to maintain its business positioning in
the cotton ginning industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in cotton ginning industry: The
promoters of RSCPL have over a decade of experience in the cotton
ginning industry, resulting in established relationships with
customers.

* Location-specific advantages: The company is based in Rajkot
(Gujarat), an area of high cotton acreage and quality cotton crop.
Hence, the company benefits in terms of lower transportation cost
and easy access to quality raw material because of its proximity to
raw material suppliers.

Credit challenges

* Modest financial risk profile: Although the company's operating
income increased to INR120.0 crore in FY2021 from INR82.1 crore in
FY2020 owing to higher sales volume of cotton bales and higher
trading of agro-products. The operating profitability remained low
at 1.6% in FY2021 against 2.2% in FY2020 because of higher input
cost, low value-added and commoditised nature of the business.
Further, the revenues declined to INR95.8 crore (provisional) in
FY2022 owing to lower sales from trading of agro-products and low
sales volume with subdued crop production in FY2022 along with low
operating margins of 1.8%. Consequently, the net profit margin also
remained low at 0.1% in FY2021 and 0.2% (provisional) in FY2022 due
to high interest expense. The capital structure remained leveraged,
with gearing at 3.3 times as on March 31, 2022. Low profitability
and high debt level resulted in weak debt protection metrics, as
evident from TD/OPBITDA of 11.9 times, TOL/TNW of 3.4 times and an
NCA/TD of 3.2% as on March 31, 2022 on a provisional basis.

* Profitability remains vulnerable to fluctuations in raw material
prices and regulatory changes: The profit margins for the company
remain vulnerable to fluctuations in raw cotton prices, which
depend on various factors such as seasonality, climatic conditions,
global demand and supply situation, and export policy. The company
also remains exposed to regulatory risks for the MSP set by the
Government.

* Intense competition and fragmented industry structure: The cotton
ginning and crushing industry is highly fragmented with numerous
small to mid-sized players in the field. Thus, the company faces
stiff competition, which limits its bargaining power and exerts
pressure on its margins.

* Business operations remains vulnerable to availability of cotton
and related agro-climatic risks: RSCPL's business is exposed to
agro-climatic risks as availability of cotton is seasonal and the
pricing is subject to the demand-supply scenario, with the cotton
season typically running from mid-September to March.

Liquidity position: Stretched

The overall liquidity position remains stretched with high working
capital requirements, leading to almost full utilisation of
fund-based limits and impending debt repayments. Hence, timely
support from promoters through equity infusion/unsecured loans
remains crucial in case of any cash flow mismatch.

Rating sensitivities

Positive factors - ICRA could upgrade RSCPL's rating if the company
significantly scales up its operations and profitability,
leading to improvement in the overall financial profile and
liquidity position.

Negative factors - Negative pressure on RSCPL's rating could arise
if there is a substantial decline in revenues and profitability,
along with any major debt-funded capital expenditure or stretch in
working capital cycle further deteriorating the capital structure
and liquidity position.

Incorporated in 2013, Riddhi Siddhi Cotfiber Private Limited is in
the business of ginning and pressing raw cotton for cotton bales
and cotton seeds. It also crushes cotton seeds to produce cotton
seed oil and cotton seed oil cakes. The company's manufacturing
facility is in Rajkot district, Gujarat, and is equipped with 48
ginning machines and 18 crushing machines. In FY2021, the company
reported a net profit of INR0.12 crore on an operating income (OI)
of INR120.0 crore over a PAT of INR0.12 crore on an OI of INR82.1
crore in FY2020. The company reported an OI of INR95.8 crore in
FY2022 (provisional financial statement).


RLJ MULTIGRAIN: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of RLJ
Multigrain 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-         6.50        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         5.50        [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 performance. 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.

RLJ Multigrain Private Limited was originally incorporated as a
partnership firm M/s Swastik Udyog. Subsequently the promoters
reconstituted the company as a private limited entity in 2012.


SAI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term ratings of Sri Sai Balaji Tobaccos
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         11.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.00        [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 performance. 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 Sai Balaji Tobaccos Private Limited (SSBTPL), incorporated in
2011 by Mr. Showraiah and family, is involved in trading and
processing of tobacco. The company is registered with the Tobacco
Board as a tobacco dealer and can participate in the auction
conducted by the same. The company is involved in trading and
processing of tobacco leaves, primarily Virginia Flue Cured (VFC)
and non-VFC. SBTPL is located in Guntur district of Andhra Pradesh
which is among high tobacco-growing regions in the state.

SANMATI EDIBLE: ICRA Withdraws B Rating on INR8.0cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sanmati Edible Oils Private Limited at the request of the company
and based on the No Due Certificate/Closure Certificate received
from the 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          8.00       [ICRA]B (Stable); ISSUER NOT
   Fund Based                    COOPERATING; Withdrawn
   Cash Credit        
                                 
Sanmati Edible Oil was established in 1992 as a partnership
concern. Later, the constitution of the concern has been changed to
company in 1999. The company is engaged in the extraction of crude
mustard oil (kacchi dhani) and de-oiled mustard cake (by-product).
The facility of the company is situated at Jaipur, Rajasthan. The
company has the crushing capacity of 50 metric tonne per day
(MTPD), which can be enhanced through extension of working hours
and normal capex. The company sells its edible oil under its
registered brand name 'Sanmati' to the local players. The major
customers of the company include Emami Biotech Limited, Adani
Wilmar Limited and its group companies. These players procure oil
from SEOPL and sells under their own brand name.


VENKATESHWARA POLYMERS: ICRA Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term of Sri Venkateshwara Polymers in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.25        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          6.00        [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 performance. 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 Venkateshwara Polymers (SVP) is a partnership firm involved in
the manufacture of Poly Propylene (PP) sacks of various grades used
in different industries. The firm was established in December 2013
by Mr. Kasi Reddy, Mr. Masthan Reddy and Mr. Raghurami Reddy. The
plant is situated in Nandyal in Kurnool district in Andhra Pradesh
and has an installed capacity of 3600 metric tonnes per annum. The
PP sacks are used for packaging commodities like cement,
fertilizers, mineral, chemicals, food grains, Fast Moving Consumer
Goods (FMCG), etc.




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

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

NZHousing Limited filed the petition against the company on April
7, 2022.


CLADTECH PLASTERING: Creditors' Proofs of Debt Due on June 16
-------------------------------------------------------------
Creditors of Cladtech Plastering Limited are required to file their
proofs of debt by June 16, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 16, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


CLAWS HAULAGE: Creditors' Proofs of Debt Due on June 27
-------------------------------------------------------
Creditors of Claws Haulage Limited are required to file their
proofs of debt by June 27, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 16, 2022.

The company's liquidator is:

          Jared Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899, Auckland 1140


EURO GOURMET: Creditors' Proofs of Debt Due on June 10
------------------------------------------------------
Creditors of Euro Gourmet Meats Limited are required to file their
proofs of debt by June 10, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 9, 2022.

The company's liquidator is:

          Andrew Marchel Oorschot
          Ashton Wheelans Chartered Accountants
          PO Box 13042, Christchurch


GLUED & SCREWED: Court to Hear Wind-Up Petition on May 27
---------------------------------------------------------
A petition to wind up the operations of Glued & Screwed Limited
will be heard before the High Court at New Plymouth on May 27,
2022, at 2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 29, 2022.

The Petitioner's solicitor is:

          C. D. Walmsley
          Inland Revenue Department
          Legal and Technical Services
          21 Home Straight (PO Box 432)
          Hamilton


SMITH AND CO: Owes More Than NZD400K, Liquidators' Report Shows
---------------------------------------------------------------
Otago Daily Times reports that a dispute over a contract has left a
Dunedin building company in liquidation owing nearly NZD450,000.

ODT relates that the first liquidators' report said it was not
expected the 30 unsecured creditors would receive their money.

In March, Smith and Co Building Ltd was put into liquidation in the
High Court at Dunedin following an application from Top Notch
Roofing Otago Ltd, ODT discloses.

Insolvency specialists Trevor and Emma Laing, of Trevor Laing and
Associates, were appointed joint liquidators.

According to ODT, the pair's first report said Smith and Co
Building was involved in a dispute relating to a building contract
which had affected cashflow and its ability to pay subcontractors.

The company provided residential renovation and new build services
for about four and a-half years.

The Companies Office website lists Alex Hirini Smith, of Dunedin,
as the company's sole director and shareholder.

The company's statement of financial position stated just over
NZD124,000 was owed to the Inland Revenue Department, the report
said.

Its debt to the IRD related to GST and employee deductions.

Unsecured creditors, including ACC and several construction
businesses, were owed about NZD317,000.

The company's secured and preferential debts were yet to be
established.

The liquidators had also been contacted by former employees of the
company, some claiming to be owed wages and holiday pay.

Those amounts were yet to be confirmed, the report said.

The value of the company's assets, which included vehicles, a
trailer and tools, was yet to be established.

The report said there were accounts receivable showing in the
accounting system. However, the liquidators were aware several had
been disputed.

The next report is due within six months, ODT notes.  

The High Court at Dunedin on March 31, 2022, appointed Trevor Edwin
Laing and Emma Margaret Laing of Trevor Laing & Associates Limited
as joint and several liquidators of Smith & Co Building Limited.
The petitioning creditor was Top Notch Roofing Otago Limited.




=====================
P H I L I P P I N E S
=====================

MEGAWORLD CORP: Says Issue with BIR Already 'Resolved'
------------------------------------------------------
CNN Philippines reports that tycoon Andrew Tan-led Megaworld Corp.
said the issue with the Bureau of Internal Revenue was ironed out.

"We have already reached out to the concerned BIR Regional Office,
and the matter has been clarified and resolved," it said in a
statement on May 17.

"Megaworld continues to fully support government's revenue
programs," the company added.

According to CNN, the BIR earlier sent an advisory to members of
the media about a news briefing on May 18 to discuss the issuance
of a closure order against the property giant.

The briefing was supposed to be attended by BIR Deputy Commissioner
Arnel Guballa, Regional Director Eduardo Pagulayan Jr., and other
officials, the report says.

In a separate statement signed by regional director Eduardo
Pagulayan, the BIR said the briefing is "being held in abeyance
until further notice."

"Representatives from Megaworld Corporation manifested their full
cooperation with all the requirements of the Bureau of Internal
Revenue," the statement read.

In a statement on May 18, Megaworld said it has "no outstanding or
unpaid past tax liabilities needing any enforcement action."

The company added that it did not receive any closure order from
the Commissioner of Internal Revenue, CNN relates.

"There was an initial disagreement with the BIR Regional Office 8-B
after we raised some issues with regard to their jurisdiction on
conducting tax audit of some of our properties," Megaworld said.

It reiterated that the issue was immediately resolved on May 17.

Megaworld said it is committed to its "full cooperation" with tax
authorities, CNN adds.

Megaworld Corporation, together with its subsidiaries, develops,
sells, and leases real estate properties in the Philippines. The
company operates through Real Estate, Rental, Hotel Operations, and
Corporate and Others segments. It develops mixed-use planned
communities or townships, including residential, commercial,
office, leisure, and entertainment components. The company's real
estate portfolio comprises residential condominium units,
subdivision lots and townhouses, and condominium-hotel projects, as
well as office projects and retail spaces. It is also involved in
the leasing of office and retail spaces; and property-related
activities, such as project design, construction oversight, and
property management, as well as provision of business process
outsourcing, educational facilities, marketing, and e-commerce
activities. In addition, it owns and manages hotels.




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

APIES VENTURES: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 13, 2022, to
wind up the operations of Apies Ventures Pte Ltd.

Marketlend Pty Ltd filed the petition against the company.

The company's liquidators are:

          Hubert Jen Wei Chang
          Luke Anthony Furler
          Quantuma (Singapore) Pte Limited
          8 Eu Tong Sen Street
          #18-81 The Central
          Singapore 059818


SILVER SKY: Court to Hear Wind-Up Petition on June 3
----------------------------------------------------
A petition to wind up the operations of Silver Sky Resources Pte
Ltd will be heard before the High Court of Singapore on June 3,
2022, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
May 13, 2022.

The Petitioner's solicitors are:

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


THREE ALPS: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on May 13, 2022, to
wind up the operations of Three ALPS Pte Ltd.

Marketlend Pty Ltd filed the petition against the company.

The company's liquidators are:

          Hubert Jen Wei Chang
          Luke Anthony Furler
          Quantuma (Singapore) Pte Limited
          8 Eu Tong Sen Street
          #18-81 The Central
          Singapore 059818


YONG SERVICES: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on May 13, 2022, to
wind up the operations of Yong Services & Trading Pte. Ltd.

Vision Laser Pte. Ltd. filed the petition against the company.

The company's liquidators are:

          Yeo Boon Keong
          Lau Chin Huat
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road, #02-767
          Singapore 160050




=================
S R I   L A N K A
=================

SRI LANKA: Enters Default, Warns Inflation May Surge to 40%
-----------------------------------------------------------
Bloomberg News reports that Sri Lanka fell into default for the
first time in its history as the government struggles to halt an
economic meltdown that prompted mass protests and a political
crisis.

Policy makers had flagged to creditors that the nation wouldn't be
able to make payments until the debt is restructured, and is
therefore in pre-emptive default, central bank Governor Nandalal
Weerasinghe said at a briefing on May 19, Bloomberg relays.  The
coupon payments, originally due April 18, were worth $78 million
combined on notes maturing 2023 and 2028, with a 30-day grace
period that expired on May 18.

Sri Lanka has been mired in turmoil amid surging inflation -- which
Weerasinghe sees accelerating to 40% in coming months -- a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg. Public anger has boiled over into
violent protests and led the government to announce last month it
would halt payments on its $12.6 billion pile of foreign debt to
preserve cash for essential goods.

That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg relates. Its
bonds are among the worst performers in the world this year and
trade deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.

Many of Sri Lanka's bonds have so-called cross-default clauses,
which drag all the outstanding dollar debt into default if there's
a missed payment in a single bond. On the debt due in 2023 and
2028, the clause is triggered if any payment that exceeds $25
million is not met. The country was already declared in selective
default by S&P Global Ratings in late April.

Sri Lanka is in talks with the International Monetary Fund for a
bailout and needs to negotiate a debt restructuring with creditors.
The country has previously said it needs between $3 billion and $4
billion this year to pull itself out of crisis.

"It's not a surprise," Bloomberg quotes Guido Chamorro, the co-head
of emerging-market hard-currency debt at Pictet Asset Management,
which holds Sri Lankan bonds, as saying. "It was well flagged and
mostly priced with most bonds priced in the high 30s."

Tighter global credit brought about by a litany of factors --
Federal Reserve interest rate hikes, soaring commodity costs, the
war in Ukraine -- have had a devastating effect on the low-income
country, which is the biggest sovereign issuer of junk dollar bonds
in Asia. And all that's after the pandemic reduced tourism earnings
by more than three quarters.

According to Bloomberg, Weerasinghe said on May 19 that he'd like
to see a Finance Minister appointed to sign off on any aid
agreements. However, the political situation has improved with the
appointment of a Prime Minister and Weerasinghe said that gives him
comfort to continue in his job. Last week he had threatened to quit
if political stability doesn't return soon.

"With prime minister and cabinet in place, and parliament in
session, Sri Lanka is in a better place and seems to be going in
the right direction," Bloomberg quotes Weerasinghe as saying. This
is perhaps the best time to invest in Sri Lanka as we offer an
attractive rate of return, he added.

JPMorgan Chase & Co. on May 18 turned overweight on Sri Lanka's
dollar bonds, saying recent events point toward political
stability, which could pave the way for discussions with the IMF
and debt restructuring talks, Bloomberg relays.

The restructuring could take about six months, though the situation
makes it difficult to predict timelines accurately, Weerasinghe
said. He added that recommendations for legal advisers for the
restructuring will be placed before cabinet soon. The IMF could
also put out a statement Friday as the mission nears an end,
Weerasinghe said.

Sri Lanka's bonds were mixed on May 19 but higher than their record
lows reached last week, suggesting traders expect better recovery
values. Dollar bonds due in 2030 were indicated 0.28 cents lower at
38.39 cents on the dollar and notes due in July were 0.22 cents
higher at 42.78 cents, according to data compiled by Bloomberg. The
Colombo All-Share Index slumped more than 3% amid a global equity
selloff.

"Defaults are not the end, they can signal a new beginning," said
Chamorro, notes the report. "Now the hard work begins."




===============
T H A I L A N D
===============

SYN MUN KONG: Files for Bankruptcy Protection
---------------------------------------------
The Nation reports that Syn Mun Kong Insurance (SMK) has filed for
protection with the Central Bankruptcy Court after it failed to pay
a whopping THB164 billion to 1.95 million people who purchased its
Covid insurance.

According to the report, SMK managing director Reungdej
Dusdeesurapoj informed the Stock Exchange of Thailand that the
company filed for bankruptcy protection on May 17 in accordance
with the decision of its board of directors.

The Nation relates that Reungdej said the SMK board had earlier
agreed to have the company submit the bankruptcy filing and the
board's decision was sent to the Insurance Commission for approval
on May 10.

Reungdej said the commission approved the decision and SMK was
required to file for bankruptcy within five days of being notified,
so the company submitted the filing to the Central Bankruptcy Court
on May 17, The Nation relays.

In the filing, the company promised to restructure its massive debt
by seeking more investment funds.

SMK would also seek permission to restructure its debt by extending
the payout datelines and would negotiate with some creditors to
turn the debts into shares, The Nation says.

According to The Nation, the lawsuit states that its restructuring
plan is aimed at allowing it to repay debts to Covid insurance
purchasers and to pay buyers of its vehicle, fire, and marine
insurance as well as petty insurance.

SMK reportedly sold 1.95 million Covid-19 insurance policies and
ended up with a massive liability of some THB164 billion.

On July 16 last year, at the height of the pandemic, the company
announced it would cancel all its Covid-19 insurance policies and
would return the money to buyers.

However, the Insurance Commission put a brake on the cancellation,
saying SMK had to honour the policies it had sold, The Nation
notes.

At the beginning of this year, a large number of Covid insurance
buyers swarmed SMK's head office to register claims, prompting the
authorities to step in to help organise registrations.

SMK promised to pay the money in installments, The Nation says.

Some 61,000 buyers of SMK's Covid insurance policies have joined a
Facebook group to help one another monitor and seek their insured
sum from the company.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***