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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

          Wednesday, June 8, 2022, Vol. 25, No. 108

                           Headlines



A U S T R A L I A

ASPECT RATIO: First Creditors' Meeting Set for June 15
BIRRIGA HOLDING: First Creditors' Meeting Set for June 16
GREENSILL CAPITAL: Liquidation to Drag on Until 2024
LIFE SCIENCE: Second Creditors' Meeting Set for June 15
S.B.H QUEENSLAND: First Creditors' Meeting Set for June 16

SEND APP: Spent AUD11MM in 8 Months, Liquidator's Report Reveals


C H I N A

ZHONGLIANG HOLDINGS: Moody's Withdraws 'Caa2' Corp. Family Rating


H O N G   K O N G

NAN HAI: Unable to Pay Notes; Creditors Freeze Assets


I N D I A

AJIT SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
BAWANA INFRA: CRISIL Withdraws B- Rating on INR18.13cr Term Loan
DUTTA AGRO: CARE Keeps D Debt Ratings in Not Cooperating
INDEPENDENT MINERAL: CARE Lowers Rating on INR16cr LT Loan to B+
JAGDAMBA RICE: CARE Lowers Rating on INR15.59cr LT Loan to B-

K. LEKSHMANAN: CRISIL Keeps D Debt Ratings in Not Cooperating
KD INFRAENGICON: CRISIL Keeps D Debt Ratings in Not Cooperating
KOHINOOR EXIMTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
KRITIKA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
LAKSHMIKANTHA SPINNERS: CRISIL Keeps D Ratings in Not Cooperating

LOHR INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHAVIR COAL: CARE Lowers Rating on INR5.38cr LT Loan to B+
MANGALMURTI PSYLLIUM: CARE Lowers Rating on INR1.80cr Loan to B+
MAYAJUKTA TEA: CARE Keeps D Debt Ratings in Not Cooperating
MOHAN GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating

NABAKALEBAR CHARITABLE: CRISIL Keeps D Ratings in Not Cooperating
NAVEEN FILTERS: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
P KIRTILAL: CARE Keeps B Debt Rating in Not Cooperating Category
PELICAN INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
R.N. DWIVEDI: CRISIL Keeps D Debt Rating in Not Cooperating

RADHAKANTA HIMGHAR: CARE Withdraws B Rating on Long Term Loan
RADHU PRODUCTS: CARE Keeps B+ Debt Rating in Not Cooperating
RANVIK AUTOCOMPONENTS: CRISIL Keeps D Ratings in Not Cooperating
ROCKTECH ENGINEERS: CARE Lowers Rating on INR37.70cr LT Loan to B+
SAGAR WINES: CARE Lowers Rating on INR27cr LT Loan to B

SHARMA SURGICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIVA LOKENATH: CRISIL Keeps D Debt Ratings in Not Cooperating
SIMANCHAL CONSTRUCTION: CARE Lowers Rating on INR3.00cr Loan to B
SONI TRACTORS: CRISIL Keeps D Debt Ratings in Not Cooperating

WAVE MEGA: NCLT Dismisses Insolvency Petition, Imposes INR1cr Fine


N E W   Z E A L A N D

DDL HOMES: Placed in Receivership
DELTA SHARED: Creditors' Proofs of Debt Due on July 8
LION BROTHERS: Court to Hear Wind-Up Petition on June 16
ONSITE MECHANICAL: Court to Hear Wind-Up Petition on June 16
PACIFIC EDGE: Loss Widens to NZD19.8MM for the Year Ended March 31

SSAB (AUCKLAND): Court to Hear Wind-Up Petition on June 16
TARANAKI ENGINEERING: Creditors' Proofs of Debt Due on July 4


S I N G A P O R E

A3 SG DELTA: Creditors' Proofs of Debt Due on July 8
HONG HAI: Court Enters Wind-Up Order
LASSETERS INTERNATIONAL: Creditors' Proofs of Debt Due on July 7

                           - - - - -


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

ASPECT RATIO: First Creditors' Meeting Set for June 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Aspect Ratio
Media Pty. Ltd., trading as Aspect Ratio Media, will be held on
June 15, 2022, at 10:00 a.m. via teleconference.

Michael Caspaney of Menzies Advisory was appointed as administrator
of Aspect Ratio on June 3, 2022.


BIRRIGA HOLDING: First Creditors' Meeting Set for June 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Birriga
Holding Pty Ltd will be held on June 16, 2022, at 10:00 a.m. via
Microsoft Teams.

Christopher Damien Darin of Worrells was appointed as administrator
of Birriga Holding on June 3, 2022.


GREENSILL CAPITAL: Liquidation to Drag on Until 2024
----------------------------------------------------
Australian Financial Review reports that more than $4.6 billion of
financial claims remain outstanding against Greensill Capital's
Australian parent group but could remain unresolved until the end
of 2024 as they get bogged down in litigation.

According to AFR, the annual report filed by Greensill Capital Pty
Ltd's liquidator, Grant Thornton, showed that the firm had just
$2.7 million of cash in the bank at the end of April but more than
$4.6 billion of liabilities.

This includes $195.8 million owed to two secured creditors - Swiss
bank Credit Suisse and the Peter Greensill Family Co Pty Ltd - and
$1.8 million owed for redundancy payments to former staff; and
$4.47 billion claimed by 72 unsecured creditors including Japan's
SoftBank Group and the Association of German Banks, AFR discloses.

AFR says Grant Thornton, which plans to soon pay some owed
redundancies, has not yet adjudicated the unsecured claims, and the
final amount could change depending on distributions from other
parts of the Greensill Capital empire, including the firm's main UK
operating business and Germany's Greensill Bank.

Grant Thornton has to date gathered $4.96 million from selling off
Greensill Capital's assets but does not expect to get any more
money for creditors unless it receives income from its own claims
with Greensill Capital UK, which is going through a separate
administration process, according to AFR.

AFR says the firm's UK administrators (also Grant Thornton) have
warned that the size of any return to its unsecured creditors (who
are claiming more than $2 billion) is "uncertain".

Grant Thornton has told the Australian Securities and Investments
Commission that the liquidation of the Australian parent is not
expected to be completed until the end of 2024, partially due to
court battles between creditors, insurers and former Greensill
Capital clients, AFR relays.

In Australia, the firm's main insurer, Sydney-based Bond & Credit
Co (BCC) has alleged fraud in the Federal Court to avoid paying out
on claims, arguing that Greensill Capital UK did not disclose
sufficient information when arranging insurance policies.

BCC, which is now owned by Japan's Tokio Marine, was registered as
a company in Australia in 2015. Until April 2019, it was half-owned
by Australian insurer IAG and BCC's allegations have been made as
part of legal action initially brought by Greensill Bank's
administrator against IAG, AFR notes.

Other fraud allegations include a criminal complaint filed by
financial regulator BaFin which claimed Greensill Bank could not
provide evidence of receivables on its balance sheet that it had
allegedly acquired from companies owned by Sanjeev Gupta's GFG
Alliance.

AFR adds that the UK's Serious Fraud Office is investigating
suspected fraud and money laundering at GFG entities, including
their financing arrangements with Greensill Capital UK.

In Germany, the only preferred creditor of Greensill Bank is the
German Bank Compensation Scheme, which received EUR400 million from
the bank in December, with another EUR150 million made available to
the scheme in May, AFR discloses citing bankruptcy court filings.

Meanwhile Credit Suisse - which is still trying to collect about
one-third of the US$10 billion (AUD13.9 billion) its investors are
owed on securities provided by Greensill Capital - is planning to
make financial claims against SoftBank in the UK courts, according
to AFR.

In April, Credit Suisse received approval from the US district
court to subpoena documents dating back to late 2020 and early 2021
from a former Greensill Capital client, the US's Katerra, which was
mostly owned by Softbank.

Another lawsuit filed in the US by former Greensill Capital client
Bluestone Resources, which also alleges the supply chain finance
firm had committed fraud, could be settled after lawyers said in
May that they were working on "a potential resolution" to the legal
action, adds AFR.

Subsidiaries of Greensill Capital's Australian parent are being
wound down, including Greensill Capital Securities which is being
liquidated by Queensland insolvency specialist Worrells.


LIFE SCIENCE: Second Creditors' Meeting Set for June 15
-------------------------------------------------------
A second meeting of creditors in the proceedings of Life Science
Biosensor Diagnostics Pty Ltd has been set for June 15, 2022, at
11:00 a.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 14, 2022, at 4:00 p.m.

Mark Robinson of dVT Group was appointed as administrator of Life
Science on May 10, 2022.


S.B.H QUEENSLAND: First Creditors' Meeting Set for June 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of S.B.H
Queensland Inc (Assosication), trading as Spina Bifida Association
Of Queensland; SBH Disability Services; S.B.H. Qld. Inc., will be
held on June 16, 2022, at 11:00 a.m. via teleconference and in the
office of SV Partners at 22 Market St, in Brisbane.

Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of S.B.H Queensland on June 6, 2022.


SEND APP: Spent AUD11MM in 8 Months, Liquidator's Report Reveals
----------------------------------------------------------------
The Daily Telegraph reports that an Australian company that
promised to deliver groceries in under 10 minutes, which collapsed
last month, burned through a whopping AUD11 million in just eight
months, a report from the administrators revealed.

The start-up called Send was available in 46 suburbs in Sydney and
Melbourne and had 46,000 registered users, but it went into
liquidation at the end of May putting 300 jobs at risk, the report
discloses.

A creditor's report from Send's administrators Worrells, which was
filed with the Australian Securities and Investments Commission
(ASIC), showed that as the company's sales soared so did their
costs.

Send's sales topped AUD8113 in October last year but it made a loss
of more than AUD658,000, the Daily Telegraph discloses.

Fast forward to March and Send's sales had skyrocketed by more than
50 times to almost AUD417,000 a month, but losses hit an
extraordinary AUD2.38 million a month.

The biggest cost was staff adding up to AUD5.5 million over the
eight months, the administrators said, the Daily Telegraph relays.

"The significant salary and wages expense incurred is associated
with the company's business model of groceries delivered in 10
minutes as the company was required to employ a large number of
staff in order to meet its business model," the report said.

"Accordingly, despite attempts by management to reduce the losses
incurred, it is clear that without external funding the company's
business model was not sustainable."

According to the Daily Telegraph, Send founder Rob Adams, who
reportedly is a high school dropout from Sydney's northern beaches,
blamed world factors for the failure of the company.

"There were a number of circumstances globally that had made it
fundamentally harder to raise the necessary capital to scale the
business, ranging from the war in Ukraine, harshening global
economies and wide spread scrutiny among investors regarding the
levels of capital intensity associated with the business model," he
told news.com.au at the time.

Mr. Adams was hopeful a buyer could be found to take over the
business.

The Daily Telegraph relates that Matthew Kucianski from Worrells
said at the time of the collapse that like many tech start-ups,
Send had a sizeable cash burn that was being deployed to grow its
market share.

Send had aimed to take a share of the AUD122 billion grocery market
in Australia but after its demise there are now two major players
left in the area.

Young Rich Lister, Dany Milhan, created grocery delivery start-up
Milkrun which raised AUD11 million alone before its launch in
September last year and AUD75 million this year and is backed by
Atlassian billionaires Mike Cannon-Brookes and Scott Farquhar.

He said Milkrun had reviewed Send's financial information and it
had a substantially different business to its model.

The other start-up is Voly, which was co founded by Mark Heath and
delivers to about 42 suburbs after raising AUD18 million in
December 2021.

Experts have warned that start-ups may find it hard to find
funding, a crucial factor that Mr Adam's blamed for Send going
under, as supply chain problems, soaring inflation and rising
interest rates, make investors cautious about throwing cash at high
risk ventures.

Matthew Kucianski and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Send App on May 3,
2022.



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

ZHONGLIANG HOLDINGS: Moody's Withdraws 'Caa2' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa2 corporate family
rating of Zhongliang Holdings Group Company Limited.

Prior to the withdrawal, the rating outlook on Zhongliang was
negative.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

Zhongliang Holdings Group Company Limited is a Shanghai-based
residential property developer. The company engages in real estate
development in China. The Yangtze River Delta region contributed
52.2% of the company's contracted sales in 2021.

As of December 31, 2021, Zhongliang was 80.5% owned by its
chairman, Mr. Yang Jian and his spouse, who were acting in concert.



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

NAN HAI: Unable to Pay Notes; Creditors Freeze Assets
-----------------------------------------------------
South China Morning Post reports that Nan Hai Corporation said
creditors are freezing some of its assets because of the
developer's failure to meet the financial obligations on a
dollar-denominated note due this weekend.

The company, owned by the HK01 news portal's founder Yu Pun-hoi,
said it "has not been able to meet part of the financial
obligations" for its US$350 million, 2.9% credit-enhanced notes due
on June 11, which led to "certain creditors initiating enforcement
actions," according to a statement to the Hong Kong stock exchange,
the Post relays.

"This has led to part of [Nan Hai's] assets being subject to legal
process to freeze" the assets used as collateral, said Nan Hai's
executive director Liu Rong, in the exchange filing.

The Post says the action underscores how the finances of Nan Hai
have fallen victim to the Covid-19 pandemic and China's property
crackdown. Unaudited revenue from Nan Hai's cinemas plunged more
than 70% in 2020 and 2021, while real estate sales fell 35% in
2020, widening to a 50% slump last year, said the
Beijing-headquartered company.

The company recorded a loss of between HK$3 billion (US$382
million) and HK$3.4 billion in 2021 because of the weak property
market and China's protracted Covid-19 pandemic, the Post discloses
citing Nan Hai's profit warning in March.

"These challenges have been brought on by the Covid-19 outbreak and
measures implemented to deal with such an outbreak in the
mainland," the Post quotes Liu as saying.

Trading in Nan Hai's shares had been halted on the Hong Kong
exchange since April 1. They fell 5.4% on March 31 to 3.5 Hong Kong
cents, the Post notes.

The group will continue to actively communicate with its creditors
in seeking to restructure its liabilities, Nan Hai said, adding it
is not subject to any winding-up petition, the Post relays. The
company would also find ways to sell its assets faster to improve
its liquidity.

Before establishing HK01, Yu was chairman of Ming Pao Enterprise
Corporation, the publisher of the eponymous Ming Pao, one of Hong
Kong's biggest Chinese-language newspapers. He quit Ming Pao's
board in 1994 amid censure by the Hong Kong stock exchange.  

Meanwhile, the firm has suspended its employees in the property
development section of The Peninsula project in Shenzhen, asking
staff to stand down for six months, part of a cost-control measure
to reduce its overheads, the Post reports.

All employees of The Peninsula Shenzhen Property Development, a
subsidiary of Nan Hai Development, and an associated company, The
Peninsula Real Estate (Shenzhen) Corporation, have been suspended
from work for six months from June 1, according to social media
posts containing screen grabs of a letter issued by the human
resources department of The Peninsula Shenzhen Property
Development, the Post relays.

"It is believed that the group's financial position would improve
when it is able to develop Phase five of The Peninsula project,"
said Liu.

Nan Hai Corporation Limited -- http://www.nanhaicorp.com/-- is a
Hong Kong-based investment holding company principally engaged in
information technology (IT) and media businesses. The Company
operates through four segments. Corporate IT Application Services
segment is engaged in the provision of Internet-based services,
e-commerce and information application services and overall
solutions. Property Development segment is engaged in the
development of properties. Its projects include The Peninsula in
Shenzhen and Free Man Garden in Guangzhou, among others. Culture
and Media Services segment is engaged in the operation of Dadi
Cinema, the publication of films and other film-related businesses.
New Media segment is engaged in new media businesses.



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

AJIT SINGH: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ajit Singh
Malik and Co Owners (ASMC) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         7.2       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ASMC for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ASMC is a partnership concern established in 2014 by Ajit Singh
Malik and friends in Haryana. The firm offers warehouse space on
lease to HAFED for storage of food grains.


BAWANA INFRA: CRISIL Withdraws B- Rating on INR18.13cr Term Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Bawana Infra Development Private Limited (BIDPL) and
has subsequently withdrawn the rating at the request of the entity
and on receipt of a no-objection certificate from the bankers. The
withdrawal is in line with CRISIL Ratings’ policy regarding
withdrawal of bank loan ratings.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B-/Stable (Rating
                                    Reaffirmed and Withdrawn)

   Rupee Term Loan       18.13      CRISIL B-/Stable (Rating
                                    Reaffirmed and Withdrawn)

The rating continues to reflect the large working capital
requirement and weak financial risk profile of BIDPL. These
weaknesses are partially offset by the established position of the
parent in the construction sector and strong reputation of the
counterparty.

Analytical Approach

Unsecured loan of INR35 crore as on March 31, 2022, has been
treated as debt, as the amount was infused by the parent as term
loan.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: As the company is engaged in
government contracts, where receivables remain high, its operations
are highly working capital intensive, as reflected in gross current
assets of 588 days as on March 31, 2022, driven by receivables of
583 days. The working capital cycle is partially supported by high
credit period availed from the suppliers. Improvement in working
capital management with better realisations from the Delhi
government will remain a key monitorable.

* Weak capital structure: High reliance on external debt amid
modest scale of operations has weakened the capital structure, as
reflected in high total outside liabilities to tangible networth
and gearing of 18.76 times and 8.94 times, respectively, as on
March 31, 2022; networth was modest INR7.88 crore on account of
small accretion to reserve. High debt and low revenue have resulted
in weak debt protection metrics, as indicated by interest coverage
and net cash accrual to total debt ratios of 1.3 times and 0.1
time, respectively, in fiscal 2022. Improvement in the financial
risk profile through higher realisations and decline in debt will
remain a key monitorable.

Strength:

* Established market position of the parent and strong reputation
of the counterparty: The parent, Abhyudaya Housing and
Constructions Pvt Ltd (AHCPL), has a strong position in the road
construction segment and has a robust reputation among Public Works
Departments and National Highways Authority of India (NHAI) for
execution of road projects at competitive costs. The parent has
successfully executed orders related to maintenance of roads and
highways for NHAI, which helped it secure orders from other
government authorities in the past. Moreover, BIDPL has Delhi State
Industrial and Infrastructure Development Corporation as the
counterparty, ensuring minimal risks related to receivables.

Liquidity: Poor

The weak liquidity is reflected in tightly matched cash accrual
vis-à-vis debt obligation, with cushion of 1.18 times in the
ongoing fiscal. Bank lines remain fully utilised. Liquidity is
partially supported by unsecured loan of INR35 crore from the
parent.

Outlook: Stable

BIDPL will continue to benefit from the established market position
of the parent and strong reputation of the counterparty.

Rating Sensitivity Factors

Upward factors

* Increase in revenue and sustenance of profitability at above 20%
leading to net cash accrual to debt obligation ratio of above 2
times
* Improvement in the financial risk profile leading to gearing of
below 3 times

Downward factors

* Decline in revenue or profitability leading to net cash accrual
to debt obligation ratio of below 1 time
* Further stretch in the working capital cycle weakening liquidity

BIDPL is a 90:10 special-purpose vehicle incorporated in 2011 by
AHCPL and Jyoti Buildtech Pvt Ltd, respectively, to undertake a
project for the upgrade and maintenance of Bawana Industrial Area
in Delhi. In fiscal 2020, BIDPL became a wholly owned subsidiary of
AHCPL.

AHCPL was incorporated in 1995 by Mr Rajesh Agarwal and Mr Manoj
Agarwal. It began operations by undertaking road projects for the
Uttar Pradesh Public Works Department. Mr Ajant Agarwal joined the
company in 2003 after the demise of Mr Rajesh Agarwal.


DUTTA AGRO: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dutta Agro
Plantations Private Limited (DAPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.89       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.35       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 8, 2021,
placed the rating(s) of DAPPL under the 'issuer non-cooperating'
category as DAPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DAPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 22, 2022, February 01, 2022, February 11, 2022.

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

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

Dutta Agro Plantations Private Limited (DAPPL) was incorporated in
1998 by Mr. Sanjay Dutta. Earlier the company was into trading of
tea leaves till October 2015. However, the company has set up its
tea processing plant and started processing and sale of tea from
November 2015 onwards. The processing plant of the company is
located at Chaoaphali Basti, Jalpaiguri, West Bengal.

INDEPENDENT MINERAL: CARE Lowers Rating on INR16cr LT Loan to B+
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Independent Mineral Resources Private Limted (IMRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 1, 2021,
placed the rating(s) of IMRPL under the 'issuer non-cooperating'
category as IRIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IMRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2022, January 25, 2022, February 4, 2022.

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

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

The ratings assigned to the bank facilities of IRIPL have been
revised on account of non-availability of requisite information.

Independent Minerals Resources Private Limited was established in
the year 2011, promoted by Mr. M Charan and Mrs. M Sunanda. As per
Certificate of Incorporation pursuant to change of name, the
Company's name has been changed from Independent Minerals Resources
Private Limited to Independent Resources India Private Limited with
effective from May 2018.The company is engaged in trading of mill
scale, granite and red-hot chillies. The company has diversified
its product in 2016 with red hot chillies. The company derives 30%
of the revenue from sale of Mill Scale, 20% from Granite and
balance 50% from sale of red-hot chilies. The company has its
operations in Telangana region and having a customer base mainly at
Hyderabad and Guntur. The company also exports its product
internationally at Srilanka, Vietnam and China.

JAGDAMBA RICE: CARE Lowers Rating on INR15.59cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Jagdamba Rice Mills (SJRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.59       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 8, 2021,
placed the rating(s) of SJRM under the 'issuer non-cooperating'
category as SJRM had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SJRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 22, 2022, February 1, 2022, February 11, 2022.

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

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

The ratings assigned to the bank facilities of SJRM have been
revised on account of non-availability of requisite information.

Shree Jagdamba Rice Mills (SJRM) was established in June 2008 as a
partnership firm. SJRM is engaged in processing of paddy at its
unit located at Kaithal, Haryana. The firm is also engaged in
milling and trading of rice.


K. LEKSHMANAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. Lekshmanan
and Co. (KLC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.35        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          4.60        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            1.55        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KLC for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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


Detailed Rationale

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

KLC was set up as a proprietorship firm in 1991, and reconstituted
as a partnership firm in 2007. Mr. L Sathek, Mr. Sajil Sathek and
Mrs Jaya Sathek are currently, the partners. The firm, which
undertakes civil construction contracts for the Government of
Kerala, started manufacturing RMC in fiscal 2015.


KD INFRAENGICON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KD
Infraengicon Private Limited (QKEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee      2.53         CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee      4            CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         8.4          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Fund-      1.57         CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with QKEPL for
obtaining information through letters and emails dated February 28,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

QKEPL, promoted in August 2010 by Ranchi-based Mr. Manzar Imam Khan
and his family members, undertakes civil construction, primarily
construction of roads, in Jharkhand and Bihar.


KOHINOOR EXIMTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kohinoor
Eximtex Private Limited (KEPL: Part of the Kohinoor group) continue
to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Cash          9         CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with KEPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has consolidated the business and financial risk
profiles of KEPL, Enigma Ventures Pvt Ltd (EVPL), Energetic
Globetex Pvt Ltd (EGPL) and Kapadia Textiles (KT), collectively
referred to as the Kohinoor group, as these entities are engaged in
similar line of business and have operational linkages.

                          About the Group

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr. Sanjay Juneja and Mr. Hiren Kapadia are the
promoters.

Incorporated in 2010, EVPL manufactures sarees and dress materials.
The manufacturing facility in Surat is managed by Mr. Sanjay Juneja
and Mr. Jitendra Shukla.

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr. Juneja and Mr. Nikunj
Kapadia.

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.


KRITIKA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kritika
Enterprises (KRE) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KRE for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KRE, based in Jamshedpur (Jharkhand), trades in iron and steel
products such as iron rod ingots, pig iron, sponge iron, polled
iron, sulphur, hot-rolled coils, and cold-rolled coils. Mr.
Amarnath Singh, Mr. Uday Sankar Prasad, Mr. Suresh Kumar Sharma,
and Mrs. Rita Gupta are partners in the firm and manage its
operations.


LAKSHMIKANTHA SPINNERS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Lakshmikantha Spinners Limited (SLSL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          0.86        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         19.14        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         27.85        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan      38.94        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan      26.21        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SLSL for
obtaining information through letters and emails dated February 28,
2022 and April 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2004 and based in Hyderabad (Telangana), SLSL
manufactures cotton yarn. Promoted by Mr. Chinnarappagari Swamy
Reddy and his family, the day-to-day operations are managed by Mr.
Reddy's son, Mr. Chinnarappagari Rameswara Reddy.


LOHR INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lohr India
Automotive Private Limited (LIAPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.5        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with LIAPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of HLM India Pvt Ltd (HIPL),
LIAPL, and Transport Solutions India Pvt Ltd (TSIPL). This is
because the three companies, together referred to as the TSI group,
are in similar lines of business and have significant intercompany
transactions. Also, TSIPL has extended corporate guarantee for bank
loan facilities of LIAPL and HIPL.

The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of over
four decades.


MAHAVIR COAL: CARE Lowers Rating on INR5.38cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mahavir Coal Resources Private Limited (MCRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.38       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 22, 2021,
placed the rating(s) of MCRPL under the 'issuer non-cooperating'
category as MCRPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MCRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 5, 2022, February 15, 2022, February 25, 2022.

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

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

The ratings assigned to the bank facilities of MCRPL have been
revised on account of non-availability of requisite information.

The ratings also factored in significant decline in scale of
operations and profitability during FY21 over FY20.

Incorporated in 2008, Mahavir Coal Resources Private Limited
(MCRPL) is engaged in trading and transportation of coal. MCRPL was
originally established in 1990 as a proprietorship concern by Mr.
Uttam Chand Jain and the firm was reconstituted as a private
limited company in 2008. MCRPL procures coal mainly through
e-auction route from Coal India Ltd. (CIL) and its subsidiaries and
sells to entities engaged in generation of power and manufacturing
of steel and cement in Central and Northern India. MCRPL's
warehouses are located in Katni (Madhya Pradesh), Bilaspur
(Chhattisgarh) and Nagpur (Maharashtra).


MANGALMURTI PSYLLIUM: CARE Lowers Rating on INR1.80cr Loan to B+
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mangalmurti Psyllium Industries (MPI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.80       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Long Term/Short      6.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 23, 2021,
placed the rating(s) of MPI under the 'issuer non-cooperating'
category as MPI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MPI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 6, 2022, February 16, 2022, February 26, 2022.

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

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

The ratings assigned to the bank facilities of MPI have been
revised on account of non-availability of requisite information.

Sidhpur (Patan)-based MPI, established in 2012, is a partnership
firm promoted by eight partners engaged into manufacturing of
Psyllium (Isabgol) seeds, husk and powder which is used in
pharmaceutical industry as a laxative and as a dietary fibre in
biscuits and ice-creams by FMCG (fast moving consumer goods)
companies. The installed capacity of the plant is 450 tonnes per
annum for psyllium seeds and 8100 tonnes per annum for psyllium
husk as of March 31, 2019.


MAYAJUKTA TEA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mayajukta
Tea Estate Private Limited (MTEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.88      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 4, 2021,
placed the rating(s) of MTEPL under the 'issuer non-cooperating'
category as MTEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MTEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 18, 2022, January 28, 2022, February 7, 2022.

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

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

Mayajukta Tea Estate Private Limited (MTEPL) was incorporated in
2005 and later on it was taken over by Mr. Sambit Dutta and Mrs.
Kakoli Dutta with effort from November 2015. The company has been
engaged in tea leaves processing. The processing facility of the
company is located in Jalpaiguri.

MOHAN GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mohan Gems
and Jewels Private Limited (MGJPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          42.77       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          27.69       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          14.15       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          15.39       CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest      25.00       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital      96.23       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital      62.30       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital      34.63       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Working Capital      31.84       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with MGJPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MGJPL, promoted by Mr. Murari Lal Soni, is a private limited
company incorporated in 2006. It manufactures gold jewellery
ranging from 18 to 24 carats. The company also has a retail
showroom in the Karol Bagh area of Delhi.


NABAKALEBAR CHARITABLE: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nabakalebar
Charitable Trust (NCT) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Funded Interest       0.85       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Proposed Long Term    1.15       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan            11          CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital       2          CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with NCT for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

NCT was formed in 2000 by Mr. Pramod Ranjan Mallick. The trust
manages one college, Bhubaneswar Engineering College, which began
operations in 2008-09. The college offers under-graduate courses in
electrical and electronics; electronics and telecommunication;
computer science; civil, aeronautical, and mechanical engineering;
and information technology. The college also offers diploma
courses, and post graduate courses in business administration and
in technology. The college is approved by the All India Council for
Technical Education and is affiliated to the Biju Patnaik
University of Technology, Odisha.


NAVEEN FILTERS: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Naveen Filters Private Limited
(NFPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6          CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        0.31       CRISIL B+/Stable (Reaffirmed)
   Non-Fund Based
   Limit                 2.50       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company’s modest scale of
operations amid intense competition and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the promoters in the automotive (auto) filter
industry, healthy relationships with reputed customers and moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: The scale of operations of the
company has remained modest, as reflected in revenue of around
INR51 crore in fiscal 2022 and is expected to grow by around 7-8%
in fiscal 2023 with validation of the products from new customers.
Operating margin was low at 3.1% in fiscal 2022, which is expected
to marginally decline and expected to remain in the range of 2.5-3%
in the medium term. Intense competition will continue to constrain
the scalability and bargaining power of NFPL over the medium term.

* Large working capital requirement: Gross current assets were
around 150 days as on March 31, 2022, on account of inventory and
receivables of 25-30 days and 120-130 days, respectively. The
company provides credit of three months. It is expected that
working capital cycle of operations will remain stretched over the
medium term, on account of an elongated payments cycle in the
automotive industry.

Strengths:

* Extensive experience of the promoters, and established
relationships with reputed clientele: The promoters have experience
of over four decades in manufacturing filters. Over the years, they
have forged healthy relationships with customers and suppliers. The
company has longstanding association with its clients including
Mahindra & Mahindra Ltd (CRISIL AAA/Stable/CRISIL A1+), Tata Motors
Ltd (CRISIL AA-/Stable/CRISIL A1+), TVS Motor Company Ltd and Ashok
Leyland Ltd. This is expected to continue to support the business,
in the medium term.

* Moderate financial risk profile: Gearing was moderate at 0.95
times as on March 31, 2022 and is expected at less than 0.80 times
over a medium term. Gearing should decline with gradual repayment
of debt obligation and moderate accretion to reserve. Debt
protection metrics were comfortable on account of low finance cost.
Interest coverage is estimated to remain at around 8.4 times in
fiscal 2022 and is estimated to remain in the range of 6.0-8.0
times over the medium term. Net cash accrual to adjusted debt ratio
is expected at 0.14 time in fiscal 2022.

Liquidity: Stretched

Bank limit utilisation was low at 38% on average over the 12 months
through December 2021. Cash accrual, expected above INR1 crore per
fiscal, will just about cover yearly term debt obligation over the
medium term. Current ratio is expected to be low at 0.86 time as on
March 31, 2022.

Outlook: Stable

CRISIL Ratings believes NFPL will continue to benefit from the
extensive experience of the promoters and established relationships
with customers.

Rating Sensitivity Factors

Upward factors

* Increase in revenue to INR60 crore or above and stable
profitability, leading to cash accrual of more than INR2 crore

* Maintenance of adequate debt protection metrics, and improvement
in the working capital cycle

Downward factors

* Decline in net cash accrual to INR70 lakh or below due to
decrease in revenue or profitability

* Large, debt-funded capex, weakening the capital structure, or
stretched working capital cycle

NFPL was set up by Mr B D Kataria as a proprietary concern, Naveen
Filter Industries, in 1979; it was reconstituted as a private
limited company with the current name in 2005. The company
manufactures oil, gas and air filters, which are used in the auto
industry. It has manufacturing units at Swaroop Nagar in New Delhi
and Rai in Haryana. It is certified by Association of State Road
Transport Undertakings.


P KIRTILAL: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P Kirtilal
And Co (PKC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Long Term/          12.00       CARE B; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 05, 2021,
placed the rating(s) of PKC under the 'issuer non-cooperating'
category as PKC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PKC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 19, 2022, January 29, 2022, February 8, 2022.

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

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

Established in 1989 as a partnership firm, P. Kirtilal & Co. (PKC)
is managed by Mr. Ramesh Sheth, Mr. Saurin Sheth, Mr. Sushan Sheth,
Mr. Ojas Sheth and Mr. Hasmukhlal Sheth who have more than two
decades of experience the gems and jewelry business. PKC is engaged
in importing of rough diamonds from Belgium, Dubai, Israel which is
further cut and polished and exported to Hongkong and USA.


PELICAN INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pelican
International Private Limited (PIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          0.25        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit    13.75        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     5.00        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PIPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PIPL was incorporated in 2005 by Mr. Girish Aggarwal. The company
trades in tyres and mild steel products. The company is based in
Hyderabad, Andhra Pradesh.


R.N. DWIVEDI: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.N. Dwivedi
Foundation (RNDF) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             7.3        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RNDF for
obtaining information through letters and emails dated February 28,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2015, RNDF runs a school at Patna (Bihar). The school is
affiliated to CBSE, and also offers bachelor's programmes in
computer applications and business administration. Operations are
currently managed by Dr Sanjay Ranjan.


RADHAKANTA HIMGHAR: CARE Withdraws B Rating on Long Term Loan
-------------------------------------------------------------
CARE Ratings Ltd. has reaffirmed and withdrawn the outstanding
ratings of 'CARE B; Stable' assigned to the bank facilities of
Radhakanta Himghar Private Limited (RHPL) with immediate effect.
The above action has been taken at the request of RHPL and 'No
Objection Certificate' received from the bank that have extended
the facilities rated by CARE Ratings Ltd.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        -         Reaffirmed at CARE B; Stable
   Facilities                      and Withdrawn

The ratings assigned to the bank facilities of RHPL are constrained
by short track record and small scale of operations, leveraged
capital structure, regulated nature of business, susceptibility to
vagaries of nature and competition from local players. The ratings,
however, continues to draw strength from experienced promoters,
satisfactory profitability and strategic location of cold storage
unit.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Short track record and small size of operations: RHPL has started
its commercial operations since March 2017 and thus has short
operational track record. The scale of operations of the company
remained small marked by total operating income of Rs 3.04 crore in
FY21 (INR2.98 crore in FY20). The small size restricts the
financial flexibility of the company and hinders its economies of
scale.

* Leveraged capital structure with moderate debt coverage
indicators: The debt equity and overall gearing ratios have
improved from 0.77x and 2.02x as on March 31, 2020 to 0.45x and
1.57x as on March 31, 2021 but continued to remain leveraged. The
improvement is on account of accretion of profits to reserve
coupled with decline in total debt levels on the back of gradual
repayment of term loan. Consequently, TD/GCA has also improved from
7.94x in FY20 to 6.41x in FY21. PBILDT interest coverage ratio has
improved marginally from 3.11x in FY20 to 3.99x in FY21.

* Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. Due to
government intervention, the cold storage facility providers cannot
enhance rental charge commensurate with increased power tariff and
labour charge.

* Seasonality of business with susceptibility to vagaries of
nature: RHPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in March.
Additionally, with potatoes having a perceivable life of around
eight months in the cold storage, farmers liquidate their stock
from the cold storage by end of season i.e., generally in the month
of November. The unit remains non-operational during the period
from December to January. Furthermore, lower agricultural output
may have an adverse impact on the rental collections as the cold
storage units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

* Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed by
capital subsidy schemes of the government. As a result, the potato
storage business in the region has become competitive, forcing cold
storage owners to lure farmers by providing them interest-bearing
advances against stored potatoes which augments the business risk
profile of the companies involved in the trade.

Key Rating Strengths

* Experienced promoters: RHPL is managed by Goutam Kumar Pal who
has around decade of experience in the same industry through his
family business, looks after the day to day operations of the
company. He is being supported by the other director Mrs. Sutapa
Pal.

* Satisfactory profitability margins: The PBILDT margin remained
stable and satisfactory at 56.91% in FY21 as against 56.45% in
FY20). Further, the PAT margin has also improved from 12.04% in
FY20 to 17.17% in FY21 on the back of decline in capital charge and
finance cost.

* Strategic location of the unit: RHPL's storage facility is
situated at Hooghly, West Bengal which is one of the major
potato-growing regions of the state. The favorable location of the
storage unit, in close proximity to the leading potato growing
areas provides it with a wide catchment and making it suitable for
the farmers in terms of transportation and connectivity.

Incorporated in December 2015, Radhakanta Himghar Private Limited
(RHPL) was promoted by Mr. Dilip Kumar Pal and his family member to
set up a cold storage facility in the state of West Bengal with an
aggregate storing capacity of 2,01,000 quintal. The company
provides cold storage services to the farmers and traders of
potatoes. The company is being currently managed by Mr. Goutam
Kumar Pal who has around a decade of experience in the same
industry through his family business. He looks after the day to day
operations of the company and is being duly supported by the other
director Mrs. Sutapa Pal.

RADHU PRODUCTS: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radhu
Products Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.90       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.20       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 8, 2021,
placed the rating(s) of RPPL under the 'issuer non-cooperating'
category as RPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 22, 2022, February 1, 2022, February 11, 2022.

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

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

Radhu Products Private Limited was incorporated in the year 1991 as
a private limited company which is being managed Mr. Rahul Radhu
and Mr. R.K Radhu. RPPL is engaged in manufacturing of heat latex
rubber thread (Vulcanized Rubber Thread) which finds its
application in Textile (Hosiery) industry and Pharmaceuticals
(Medicine) industry. RPPL has its manufacturing facilities located
at Uttaranchal (Uttarakhand) and registered office located at
Delhi.


RANVIK AUTOCOMPONENTS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ranvik
Autocomponents Private Limited (RAPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit           5.85       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      6          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             3.15        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RAPL for
obtaining information through letters and emails dated February 8,
2022 and April 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2008, RAPL is promoted by Mr. Vishwas Manikrao
Jagtap and family. The company manufactures auto components such as
chassis and brake parts. The manufacturing unit is in Pune.

ROCKTECH ENGINEERS: CARE Lowers Rating on INR37.70cr LT Loan to B+
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rocktech Engineers (RE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      37.70       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 9, 2021,
placed the rating(s) of RE under the 'issuer non-cooperating'
category as RE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 23, 2022, February 2, 2022, February 12, 2022.

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

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

The ratings assigned to the bank facilities of RE have been revised
on account of Non-availability of requisite information.

RE is a partnership firm established in the year 2001 and engaged
into turnkey job for huge quantity of rock drilling, rock blasting,
excavation, crushing and supplying finished minerals as well as
mine raising contracts. Moreover, the firm is also engaged in
trading of spares for mobile crushing and screening plants.


SAGAR WINES: CARE Lowers Rating on INR27cr LT Loan to B
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sagar Wines Marketeers Private Limited (SWMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       27.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 1, 2021,
placed the rating(s) of SWMPL under the 'issuer non-cooperating'
category as SWMPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SWMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2022, January 25, 2022, February 4, 2022.

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

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

The ratings have been revised on account of non-availability of
requisite information. The rating also considers significant
decline in scale of operations and profitability with increase in
overall debt in FY21 over FY20.

SWMPL initially started by Mr. Rakesh Arora as a partnership firm
in 1996, was subsequently converted into a private limited company
in December 1998. The company is in the business of distribution of
IMFL, beer, and imported & domestic wines in the designated
territories of Mumbai.


SHARMA SURGICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sharma
Surgical and Engineering Private Limited (SSEPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Inland/Import         1.35       CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

   Term Loan             4.6        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SSEPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1994, Vadodara (Gujarat)-based SSEPL is promoted by
Mr. Anand Sharma and his family and manufactures medical products,
primarily orthopaedic implants and its allied equipment.


SHIV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Jyoti
Furnace Private Limited (SJFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        1.75       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.75       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SJFPL for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010 by Mr. Harikishan Goel and Mr. Gurvinder Garg,
SJFPL manufactures mild steel ingots. Its manufacturing facility is
in Abu Road (Rajasthan).


SHIVA LOKENATH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva
Lokenath Rice Mills Private Limited (SLRMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.3         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         14           CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Bank        1           CRISIL D (Issuer Not
   Guarantee                        Cooperating)

   Proposed Cash        5           CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

   Proposed Fund-       0.16        CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

   Proposed Term        9.54        CRISIL D (Issuer Not
   Loan                             Cooperating)

CRISIL Ratings has been consistently following up with SLRMPL for
obtaining information through letters and emails dated February 8,
2022 and April 29, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SLRMPL, which was set up in 1998, processes non-basmati rice, and
trades in wheat and rice. Daily operations are managed by the
director, Mr. Ranjan Paul.


SIMANCHAL CONSTRUCTION: CARE Lowers Rating on INR3.00cr Loan to B
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Simanchal Construction (SC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank     16.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 8, 2021,
placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 22, 2022, February 1, 2022, February 11, 2022.

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

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

The ratings assigned to the bank facilities of SC have been revised
on account of non-availability of requisite information.

M/s Simanchal Construction (SC) was established as a partnership
firm in 1999, by Mr. Ajay Kr. Jha, Mr. Samar Nath Singh, Mrs. Sanju
Jha and Mrs. Neelam Singh of Bihar as an equal partner. SC is a
small sized Bihar based firm engaged in providing different types
of construction services, which include construction of roads,
bridges and building for government entities.

SONI TRACTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Soni Tractors
(ST) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit           2          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           0.9        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        3.9        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working      2.2        CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with ST for
obtaining information through letters and emails dated February 8,
2022 and April 18, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ST, a partnership firm set up in 1981, is an authorised dealer of
Mahindra and Mahindra Ltd in Lakhimpur Kheri, Uttar Pradesh. The
firm has also ventured into hospitality business in 2019, however,
majority of the revenue is derived from the dealership segment.


WAVE MEGA: NCLT Dismisses Insolvency Petition, Imposes INR1cr Fine
------------------------------------------------------------------
The Economic Times of India reports that the National Company Law
Tribunal (NCLT) has dismissed the petition of Wave Mega City Center
(WMCC) Private Limited that had approached the tribunal under
section 10 of the Insolvency and Bankruptcy Code to initiate the
Corporate Insolvency Resolution Process (CIRP).

The tribunal had completed the argument and reserved the order on
October 26, 2021, ET says. "The tribunal has just pronounced the
order. We evaluate the order and will approach the appropriate
court for the next course of action. Our utmost priorities remain
to protect the homebuyers interest, which we will continue to
endeavour," ET quotes a Wave group spokesperson as saying.

Dismissing the application, the tribunal imposed a penalty of
INRone crore on the company and suggested the government initiate
an investigation to protect the homebuyers' money, according to ET.


"This order will protect the interests of homebuyers allotees who
were facing delays and will definitely curb the malicious intent of
companies in general trying to misuse the insolvency resolution
process under Insolvency and Bankruptcy Code, 2016. The
investigation in the company's affair will be crucial which will
ensure and safeguard the amount invested in the project by the
homebuyers allottees," ET quotes SP Singh Chawla, Founder Advocate
- CorpLit Consultants, Advocates & Advisors, as saying.

WMCC had invested more than INR3,800 crore in the project,
including INR2,213 crore by its promoters and their associates, it
said. Another INR200 crore had been raised as a bank loan, while
buyers of units in the project had paid around INR1,400 crore, ET
discloses.

Of this, more than INR2,000 crore had been paid to various
government agencies, including around INR1,600 crore to the Noida
authority.

WMCC is a special purpose vehicle for this project and it does not
have any investment in any other group company.

It had acquired 6.18 lakh square meters (6.1 million sq ft) of land
on a leasehold basis in 2011, spread between Sector 25 and 32 in
Noida, for around INR6,622 crore.

The authority had taken possession of close to 4.5 million sq ft of
that in 2017, citing default on payment by the developer. In
February 2021, it cancelled the allotment of another 1 million sq
ft for the same reason.

As per the original scheme, the repayment schedule was spread over
16 half-yearly instalments after a moratorium of two years. Each
instalment included principal and scheduled interest.

The Supreme Court had earlier dismissed a petition by a homebuyer,
who challenged the proceedings initiated by the developer for
corporate insolvency before the NCLT, ET notes.

As reported in the Troubled Company Reporter-Asia Pacific on March
30, 2021, Wave Megacity Centre has moved the National Company Law
Tribunal (NCLT) voluntary requesting it to initiate insolvency
proceedings against itself as it is unable to clear the dues of the
Noida Authority.  

Wave Megacity Centre Ltd is developing commercial and residential
projects in sectors 25A and 32 of Noida, Uttar Pradesh.




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

DDL HOMES: Placed in Receivership
---------------------------------
Neale Jackson and Brendon James Gibson of Calibre Partners on June
3, 2022, were appointed as Receivers and Managers of DDL Homes
Ormiston Limited and DDL Homes Ormiston 2020 Limited.

The Receivers and Managers may be reached at:

          Calibre Partners
          Level 21
          88 Shortland Street
          Auckland


DELTA SHARED: Creditors' Proofs of Debt Due on July 8
-----------------------------------------------------
Creditors of Delta Shared Services Limited are required to file
their proofs of debt by July 8, 2022, to be included in the
company's dividend distribution.

Simon Dalton and Benjamin Francis of Gerry Rea Partners were
appointed liquidators of the company by the High Court of Auckland
on the application of Premium Mobility Services Limited on May 27,
2022.

LION BROTHERS: Court to Hear Wind-Up Petition on June 16
--------------------------------------------------------
A petition to wind up the operations of Lion Brothers Group Limited
will be heard before the High Court at Auckland on June 16, 2022,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 11, 2021.

The Petitioner's solicitor is:

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


ONSITE MECHANICAL: Court to Hear Wind-Up Petition on June 16
------------------------------------------------------------
A petition to wind up the operations of Onsite Mechanical Services
Limited will be heard before the High Court at Auckland on June 16,
2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 22, 2022.

The Petitioner's solicitor is:

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


PACIFIC EDGE: Loss Widens to NZD19.8MM for the Year Ended March 31
------------------------------------------------------------------
Otago Daily Times reports that Pacific Edge released its results
for the year to March 31, which showed its net loss after tax
increased 39% to NZD19.8 million, while its total revenue grew 33%
to NZD13.9 million.

Pacific Edge also increased total laboratory throughput of its
Cxbladder tests 46% to 23,086 tests. It also increased its
commercial tests 48% to 19,196 tests, ODT relates.

Speaking from Auckland on May 26 after returning from a two-week
trip to the United States, Dr. Meintjes, the company's chief
executive, said Covid-19 had had a significant impact of the
company's sales figures in the past year, ODT relays.

Despite that, he was very pleased with Pacific Edge's growth,
particularly its revenue and total laboratory throughput
increases.

He was comfortable with its loss increase, of around NZD5.9
million, because the company had taken a long-term approach with
research and innovation, Dr. Meintjes said.

As the pandemic's restrictions eased around the world, especially
in its key market in the United States, he expected that growth
rate to continue on the "right track".

According to the report, Dr. Meintjes said restrictions were being
significantly eased in the US, particularly with the recent
dropping of mask mandates on flights, and that highlighted
conditions were starting to improve.

The Covid-19 response throughout the US varied state to state and
meant some people were not as keen to leave their house to see a
physician if they deemed themselves to be low risk.  Whereas in
other parts of the country, other people were the opposite, Dr.
Meintjes said.

"When you extrapolate that out across a whole country of that size,
it does really have a significant effect."

At the moment, the United States market accounted for about 95% of
Pacific Edge's total revenue and he did not expect that to change
any time soon, Dr. Meintjes said, ODT relays.

The country had "tremendous" opportunities for growth and an equal
reimbursement rate of about US$760 (NZD1,177) a test.

While the impact of Covid on Pacific Edge's sales had been "very
real", the company had been able to grow while others had not, he
said.

Now the world was heading into a post-Covid environment, he
believed doing business would become much easier.

ODT says Pacific Edge's sales team would be able to resume meeting
customers in person, attend conferences and key speaking
engagements.

He expected he would also continue to travel throughout the year to
its key markets.

When he was in Dunedin, he would be focused on the research and
innovation, as well as the IT infrastructure of Pacific Edge, ODT
relays.

Trips to Auckland and Australia would be investor focused, while
the United States would involve working with customers and
exploring partnership opportunities.

Pacific Edge did not issue market guidance on the year ahead, but
he expected the company's investment in innovation would drive test
volumes, Dr. Meintjes said, according to ODT.

The company's focus was to deliver on long-term shareholder value
through its growth, the report relays.

"With focus and discipline, we are well-positioned to do that."

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited --
http://www.pacificedgebiotech.com/-- is a biomedical company
specializing in the discovery and commercialization of diagnostic
and prognostic products for human cancer.  The company is focused
on developing genomic and proteomic tools for the earlier
detection, improved characterization and better management of
gastric, bladder, colorectal, endometrial cancers and melanoma.
PEBL's early detection program for gastric cancer uses different
detection technology to the bladder and endometrial programs.  This
program is developing protein/antibody assays that can be used to
detect the targeted biomarkers in blood samples.  The company has a
25% investment in Prognostic Systems Limited, which has been formed
to investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.

SSAB (AUCKLAND): Court to Hear Wind-Up Petition on June 16
----------------------------------------------------------
A petition to wind up the operations of SSAB (Auckland) Limited
will be heard before the High Court at Auckland on June 16, 2022,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 26, 2021.

The Petitioner's solicitor is:

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


TARANAKI ENGINEERING: Creditors' Proofs of Debt Due on July 4
-------------------------------------------------------------
Creditors of Taranaki Engineering Proud Limited are required to
file their proofs of debt by July 4, 2022, to be included in the
company's dividend distribution.

Richard Nacey and Wendy Somerville of PwC Waikato were appointed
joint and several liquidators of the company by the High Court at
New Plymouth on May 27, 2022.




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

A3 SG DELTA: Creditors' Proofs of Debt Due on July 8
----------------------------------------------------
Creditors of A3 SG Delta are required to file their proofs of debt
by July 8, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 31, 2022.

The company's liquidator is:

          Ong Kok Yeong David
          c/o 80 Robinson Road #02-00
          Singapore 068898


HONG HAI: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on May 27, 2022, to
wind up the operations of Hong Hai Holdings Pte Ltd.

Cargill International Trading Pte Ltd filed the petition against
the company.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805



LASSETERS INTERNATIONAL: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------------------
Creditors of Lasseters International Holdings Limited are required
to file their proofs of debt by July 7, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 30, 2022.

The company's liquidators are:

          Oon Su Sun
          Lin Yueh Hung
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095



                           *********


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
to be reliable, but is not guaranteed.

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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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