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

                     A S I A   P A C I F I C

          Monday, June 20, 2022, Vol. 25, No. 116

                           Headlines



A U S T R A L I A

A. NOBLE: First Creditors' Meeting Set for June 27
HELIOS CORPORATION: Second Creditors' Meeting Set for June 24
INLINE MECHANICAL: First Creditors' Meeting Set for June 28
MOMO BAR: First Creditors' Meeting Set for June 27
NORTH COUNTY: First Creditors' Meeting Set for June 29

NOW TRUST 2022-1: Moody's Assigns (P)B2 Rating to AUD3.6MM F Notes
PLENTI AUTO 2022-1: Moody's Gives B2 Rating to AUD10.11MM F Notes


C H I N A

BRIGHT SCHOLAR: Fitch Keeps 'B' LT IDRs on Rating Watch Negative
GUANGZHOU R&F: Seeks Extension on US$5.16BB Bonds to Avoid Default
GUO WENGUI: Judge Strips Control of Bankruptcy From Businessman
ZHONGLIANG HOLDINGS: Fitch Withdraws 'RD' Foreign Currency IDR


H O N G   K O N G

NEWOCEAN ENERGY: Winding up Petition Hearing Adjourned to July 27


I N D I A

AURA HOTELS: CRISIL Raises Rating on INR40cr Term Loan to B+
B L FOUNDRY: CRISIL Keeps B Debt Ratings in Not Cooperating
BHAVIK POLYMERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
BOMBAY RAYON: NCLAT Stays Formation of Committee of Creditors
CEFONE CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating

CONVEYOR AND ROPEWAY: CRISIL Keeps D Ratings in Not Cooperating
ES PEE: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
GAJANAND COTTEX: CRISIL Keeps B Debt Rating in Not Cooperating
GANESH AUTOMOBILES: CRISIL Keeps B+ Ratings in Not Cooperating
GLOBAL INFONET: CRISIL Keeps B Debt Ratings in Not Cooperating

GOPAL GOBINDA: CRISIL Keeps B Debt Rating in Not Cooperating
GURU KIRPA: CRISIL Keeps D Debt Ratings in Not Cooperating
GVR RMN HUBLI: CRISIL Keeps D Debt Rating in Not Cooperating
JAGANNATH POLYPACKS: CRISIL Keeps C Ratings in Not Cooperating
JAI JYOTI: CRISIL Keeps B+ Debt Ratings in Not Cooperating

JAS EQUIPMENT: CRISIL Keeps B Debt Rating in Not Cooperating
JSK INFRACOMPLEX: CRISIL Keeps B Debt Ratings in Not Cooperating
KARMIC ENERGY: Insolvency Resolution Process Case Summary
KAUSHIK GLOBAL: Insolvency Resolution Process Case Summary
KAY DEE: CRISIL Keeps B Debt Rating in Not Cooperating Category

KHANNA BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
KOSONS FOREST: Insolvency Resolution Process Case Summary
KTC AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating
KUMAR AQUATECH: Insolvency Resolution Process Case Summary
LEPAKSHI SCIENCE: Insolvency Resolution Process Case Summary

MERUSHIKHAR REALTY: Insolvency Resolution Process Case Summary
P. B. ALLOYS: CRISIL Keeps B Debt Ratings in Not Cooperating
PANCHKOTI TRADERS: Insolvency Resolution Process Case Summary
PARAMOUNT CONDUCTORS: CRISIL Keeps D Ratings in Not Cooperating
PATIALA NABHA: Insolvency Resolution Process Case Summary

PRIMUSS PIPES: Insolvency Resolution Process Case Summary
R. M. EXPORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RADHE SHAM: CRISIL Keeps B Debt Ratings in Not Cooperating
RASIKA MOTORS: CRISIL Lowers Rating on INR10cr Loan to B
RIGA CERAMICA: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SABITRI RICE: CRISIL Keeps C Debt Ratings in Not Cooperating
SATYA SURYA: CRISIL Keeps B Debt Ratings in Not Cooperating
SBW UDYOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SVK SHIPPING SERVICES: Insolvency Resolution Process Case Summary
ULTIMATE AUTOMOBILES: CRISIL Keeps B- Ratings in Not Cooperating

VED PARKASH: CRISIL Lowers Rating on INR10cr Loans to B


I N D O N E S I A

GARUDA INDONESIA: Wins Creditors' OK for US$9BB Restructuring


N E W   Z E A L A N D

ANIRAV LIMITED: Court to Hear Wind-Up Petition on June 30
HAIFA LIMITED: Commences Wind-Up Proceedings
HIGH AND DRY: Creditors' Proofs of Debt Due on July 16
KILIM WELLINGTON: Creditors' Proofs of Debt Due on July 21
TIKAAN HOLDINGS: Court to Hear Wind-Up Petition on June 30



S I N G A P O R E

CHOICEHOMES INVESTMENTS: Creditors' Proofs of Debt Due on July 18
MTL TAILOR: Court to Hear Wind-Up Petition on July 1
SOMERSET SHINAGAWA: Creditors' Proofs of Debt Due on July 18
SUN LINE: Court to Hear Wind-Up Petition on July 1
THREE ARROWS: Considers Asset Sales, Bailout After Heavy Losses

UNIVERSAL UNION: Creditors' Proofs of Debt Due on July 18
ZILINGO PTE: Board to Meet Today, Liquidation Likely to Follow

                           - - - - -


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

A. NOBLE: First Creditors' Meeting Set for June 27
--------------------------------------------------
A first meeting of the creditors in the proceedings of A. Noble &
Son Limited will be held on June 27, 2022, at 11:00 a.m. via
teleconference.

Austin R M Taylor and James McPherson of Meertens were appointed as
administrators of A. Noble on June 15, 2022.


HELIOS CORPORATION: Second Creditors' Meeting Set for June 24
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Helios
Corporation Pty Ltd IIOR and ATF the Michael Fotios Family Trust
has been set for June 24, 2022, at 10:00 a.m. via virtual
technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 23, 2022, at 5:00 p.m.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Helios Corporation on Aug. 19,
2021.


INLINE MECHANICAL: First Creditors' Meeting Set for June 28
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Inline
Mechanical Installations Pty Ltd will be held on June 28, 2022, at
11:00 a.m. via telephone.

Rajiv Ghedia and Shumit Banerjee of Westburn Advisory were
appointed as administrators of Inline Mechanical on June 16, 2022.


MOMO BAR: First Creditors' Meeting Set for June 27
--------------------------------------------------
A first meeting of the creditors in the proceedings of Momo Bar Dee
Why Pty Ltd and Momo Bar Manly Pty Ltd will be held on June 27,
2022, at 10:00 a.m. and 11:00 a.m., respectively, via virtual
meeting technology.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Momo Bar on June 16, 2022.


NORTH COUNTY: First Creditors' Meeting Set for June 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of North County
Designs Pty Ltd will be held on June 29, 2022, at 10:00 a.m. via
telephone.

Michael Dullaway and Mark William Pearce of Pearce & Heers were
appointed as administrators of North County on June 17, 2022.


NOW TRUST 2022-1: Moody's Assigns (P)B2 Rating to AUD3.6MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Perpetual Corporate Trust Limited, as trustee
of NOW Trust 2022-1.

Issuer: NOW Trust 2022-1

AUD150.8 million Class A Notes, Assigned (P)Aaa (sf)

AUD14.2 million Class B Notes, Assigned (P)Aa2 (sf)

AUD10.2 million Class C Notes, Assigned (P)A2 (sf)

AUD5.0 million Class D Notes, Assigned (P)Baa2 (sf)

AUD10.0 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.6 million Class F Notes, Assigned (P)B2 (sf)

The AUD6.2 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured (primarily by motor vehicles)
personal loans originated by Now Finance Group Pty Ltd (NFG,
unrated). This is NOW Finance's third personal loans transaction
from its NOW Trust ABS program.

NFG is a private company, operating as a non-bank lender in the
Australian personal loan market under its registered trademark NOW
FINANCE. NFG began originating personal loans in 2013 and has
settled approximately AUD1 billion of new loans to about 43,000
customers as of June 1, 2022.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the notes; (3) availability of excess
spread over the transactions life; (4) the liquidity facility in
the amount of 1.5% of the note balance subject to a floor of
AUD500,000; (5) the legal structure; and (6) NFG's experience as
servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the limited
historical data available for the portfolio. NFG is a relatively
new originator, with significant origination volumes only beginning
in 2017. As such, the pool's performance could be subject to
greater variability than the currently available default data
indicates. Moody's has incorporated an additional stress into its
default assumptions to account for the limited data.

KEY PORTOLIO AND STRUCTURAL FEATURES

Key transactional features are as follows:

The notes will be repaid on a sequential basis until the credit
enhancement of the Class A Notes is at least 30%, and as long as
cumulative gross principal losses remain below 7.5%.- The notes
will be repaid on a sequential basis if there are any unreimbursed
charge-offs on the notes, unreimbursed principal draws, if 60+ day
arrears exceed 4.0%, or if the first call option date has passed.
At all other times, the structure will follow a pro-rata repayment
profile (assuming pro-rata conditions are satisfied).

A swap provided by National Australia Bank Limited (NAB,
Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest and the
floating rate liabilities. The notional balance of the swap will
follow a schedule based on the amortisation of the assets assuming
a certain prepayment rate.

AMAL Asset Management Limited (AMAL, unrated) is the back-up
servicer. If NFG is terminated as servicer, AMAL will take over the
servicing role in accordance with the standby servicing deed and
back-up servicing plan.

Key pool features are as follows:

As of the June 2022 portfolio cut-off date, the securitised pool
consisted of 8,336 personal loans. The total outstanding balance of
the receivables was AUD199,996,210 comprising 74.8% unsecured and
25.2% secured loans.

The weighted average interest rate of the portfolio is 11.8%.

The weighted average portfolio seasoning is 8.2 months.

The weighted average Equifax  CCR credit score (at application)
of the portfolio is 703.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 31.0%. Moody's mean default rate
for this transaction is 7.0% and the assumed recovery rate is
10.0%. Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 5.53%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for NFG's portfolio.
It also reflects the current macroeconomic trends, and other
similar transactions used as a benchmark.

The PCE of 31.00% is broadly in line with other Australian personal
loan ABS deals and is based on Moody's assessment of the pool
taking into account (i) historical data variability; (ii) quantity,
quality and relevance of historical performance data; and (iii)
originator quality and servicer quality.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2021.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

Factor that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.

PLENTI AUTO 2022-1: Moody's Gives B2 Rating to AUD10.11MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited in its capacity as the
trustee of the Plenti Auto ABS Trust 2022-1.

Issuer: Plenti Auto ABS Trust 2022-1

AUD360.13 million Class A Notes, Definitive Rating Assigned Aaa
(sf)

AUD7.00 million Class A-X Notes, Definitive Rating Assigned Aaa
(sf)

AUD33.33 million Class B Notes, Definitive Rating Assigned Aa2
(sf)

AUD8.17 million Class C Notes, Definitive Rating Assigned A2 (sf)

AUD5.59 million Class D Notes, Definitive Rating Assigned Baa2
(sf)

AUD5.16 million Class E Notes, Definitive Rating Assigned Ba1
(sf)

AUD10.11 million Class F Notes, Definitive Rating Assigned B2
(sf)

The AUD7.53 million Class G Notes are not rated by Moody's.

Plenti Auto ABS Trust 2022-1 (Plenti 2022-1) transaction is a
static cash securitisation of consumer auto loan receivables
extended to prime borrowers in Australia by Plenti Finance Pty
Limited (Plenti, unrated).

Plenti is a 100% owned Australian subsidiary of Plenti Group
Limited. The Plenti business was established in 2014 focusing on
unsecured consumer lending before commencing automotive lending in
2017. Following strong growth in its automotive finance book,
Plenti is issuing its inaugural auto ABS transaction. Plenti is a
technology-led lending business, offering creditworthy borrowers
automotive, renewable energy and personal loans, delivered via its
proprietary technology platform.

RATINGS RATIONALE

The limited amount of historical data. Plenti was established in
2014, with significant origination growth beginning in 2017
onwards. The collateral performance data used in Moody's analysis
reflects Plenti's short origination history and does not cover a
full economic cycle.

The evaluation of the capital structure. The transaction features
a sequential/pro rata paydown structure. The notes will be repaid
on a sequential basis until the pro rata paydown conditions are
satisfied, principal will be distributed pro rata among Class A
through Class F Notes. Following the call date, or if the pro rata
conditions are otherwise not satisfied, the principal collections
will be distributed sequentially starting with Class A Notes.
Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 16.25%, 8.50%, 6.60%, 5.30%, 4.10% and
1.75% of note subordination, respectively.

The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
April 2025. If the deal is called by the sponsor before repayment
of the Class A-X Notes under the amortisation schedule in April
2025, the Class A-X Notes will be made whole and repaid in full.
The notes also benefit from access to principal draw providing the
Class A Notes stated amount is above zero.

The availability of excess spread over the life of the
transaction. The portfolio yield of 6.33% providing significant
excess spread to cure portfolio losses. The transaction also
contains a loss reserve which traps excess spread up to a maximum
of AUD1.00 million if 90+ arrears are greater than 2% and Class A-X
Notes are outstanding.

The liquidity facility in the amount of 1.50% of the note
balances.

The interest rate swap provided by National Australia Bank Limited
("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).

The experience of Plenti RE Limited as servicer, and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 2.80%, a
recovery rate of 35.0%, and a Aaa portfolio credit enhancement
("PCE") of 13.50%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 0.85%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 13.50% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.



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

BRIGHT SCHOLAR: Fitch Keeps 'B' LT IDRs on Rating Watch Negative
----------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
Bright Scholar Education Holdings Limited's 'B' Long-Term Issuer
Default Rating (IDR), senior unsecured rating and rating on the
company's USD300 million 7.45% senior notes due July 2022 with a
Recovery Rating of 'RR4'.

Fitch downgraded and placed Bright Scholar on RWN on 28 December
2021 following the company's proposal to dispose of its
international and bilingual schools and not-for-profit
kindergartens to a charitable organisation to comply fully with
China's Implementation Rules of the Law for Promoting Private
Education, effective 1 September 2021.

Fitch will resolve the Rating Watch upon completion of the
disposal, which was delayed by slow progress in getting regulatory
approvals. Delay in the disposal will continue to impair Bright
Scholar's cash position, but Fitch expects the company to have
sufficient liquidity to repay the US dollar notes due in July 2022.
Bright Scholar currently has close to CNY1 billion in cash offshore
and is making progress in transferring cash from onshore to
offshore. However, the remittance is subject to execution risks as
it requires approval from the authorities due to China's capital
controls.

KEY RATING DRIVERS

Adequate Liquidity: Fitch expects Bright Scholar to have sufficient
cash on hand to repay its outstanding US dollar bond due in July
2022 despite a slightly weaker cash position due to cash outflow at
the listed company level without collection of services fees from
affected schools since September 1, 2021. Bright Scholar's reported
cash and restricted cash balance of CNY1.5 billion and short-term
investments of CNY1.2 billion as of end-February 2022 were
sufficient to cover its short-term loans of CNY0.6 billion and bond
payable of CNY1.6 billion.

Fitch estimates the company's cash outflow from March to July 2022
to be below CNY200 million. Bright Scholar is only entitled to
collect service fees from affected schools upon completion of the
disposal as collecting income from a related party for management
services is not permitted under the latest rules

Diminished Scale, Lower Visibility: Fitch expects Bright Scholar to
provide management services to affected schools after completion of
disposal, which will offset some of the profit lost from
discontinued operations. However, a prolonged delay or failure to
complete the disposal would materially weaken the business profile
as the remaining businesses are tiny and not cash generative.

Fitch estimates the scale of Bright Scholar's normalised
post-disposal EBITDA at CNY300 million-400 million annually,
compared with consolidated EBITDA of CNY576 million in the
financial year ended 31 August 2020 (FY20). Fitch also expects
higher cash flow volatility from providing management services than
collection of tuition fees due to low switching costs and a lack of
differentiation.

Continuing Operations Recovering: Fitch expects a gradual recovery
in Bright Scholar's continuing operations, driven by the easing of
travel restrictions in western countries, which support an increase
in revenue from overseas schools and the overseas counselling
business. The operating loss for Bright Scholar's continuing
businesses, which are mainly overseas schools, complementary
education services and domestic kindergartens and K-12 operation
services, narrowed to CNY23 million in 1HFY22 from CNY115 million a
year earlier.

Limited Impact from Privatisation Proposal: Bright Scholar received
proposal from its largest shareholders, Ms. Huiyan Yang and Ms.
Meirong Yang, in April 2022 to take the company private. The
company has formed a special committee to evaluate and consider the
proposal. Although the proposal has no direct impact on Bright
Scholar's financial profile, Fitch expects disclosures to be less
transparent once it becomes a private company.

DERIVATION SUMMARY

Bright Scholar has a much weaker business profile than Meinian
Onehealth Healthcare Holdings Co., Ltd. (B+/Stable), which is the
leader in China's private health check-up industry. Bright Scholar
has less growth potential and revenue visibility than Meinian,
resulting from an unfavorable regulatory environment. Fitch expects
Bright Scholar's post-disposal EBITDA to be much smaller than
Meinian's EBITDA. Bright Scholar's ratings are constrained by its
small scale and weaker market position in a highly fragmented
industry following restructuring.

Bright Scholar has a better liquidity profile than China Grand
Automotive Services Group Co., Ltd. (B-/Negative) with a net cash
position, justifying the one-notch difference. However, Bright
Scholar's business profile is much weaker than China Grand Auto's
and its scale is much smaller.

KEY ASSUMPTIONS

-- Single-digit revenue growth in FY22 and faster revenue growth
    in FY23 due to collection of service fees;

-- EBITDA to improve in FY23, supported by recovery in overseas
    operations and collection of service fee income;

-- No dividend for FY22-FY25.

RATING SENSITIVITIES

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

-- The Rating Watch Negative will be resolved upon completion of
    the disposal.

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

-- Material deterioration in cash position due to, for instance,
    higher-than-expected cash outflow;

-- A prolonged delay or failure to complete the disposal
    resulting in an inability to earn service fee income from
    affected schools by end of 2022;

-- If the disposal is completed and results in a materially lower

    service fee income than Fitch's expectation;

-- Deterioration in operating performance of its continuing
    businesses.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Bright Scholar's reported cash and restricted
cash balance of CNY1.5 billion and short-term investment of
CNY1.2billion as of end-February 2022, were sufficient to cover its
short-term loan of CNY0.6 billion and bond payable of CNY1.6
billion.

ISSUER PROFILE

Bright Scholar was previously a K-12 school operator in China and
is going through a restructuring due to the latest regulations.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch is using the multiple approach to capitalise leases for
Bright Scholar and assess leverage on an adjusted basis. Fitch
thinks the multiple approach is more appropriate for
education-service companies such as Bright Scholar under the
generic navigator, as leasing school and facility premises form a
core element of its operations. A multiple of 8x was used as the
company is based in China.

Bright Scholar typically collects tuition and fees at the beginning
of the semester and there are usually large "contract liabilities"
on its balance sheet. Fitch has classified these as "not readily
available", and this amount is excluded from net debt
calculations.

ESG CONSIDERATIONS

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

   DEBT              RATING                       RECOVERY   PRIOR
   ----              ------                       --------   -----
Bright          LT IDR  B    Rating Watch Maintained         B
Scholar
Education Holdings
Limited

senior          LT      B    Rating Watch Maintained   RR4   B
unsecured


GUANGZHOU R&F: Seeks Extension on US$5.16BB Bonds to Avoid Default
------------------------------------------------------------------
South China Morning Post reports that debt-laden Guangzhou R&F
Properties is seeking investors' consent to extend the maturity
dates of 10 of its offshore bonds worth US$5.16 billion due between
now and 2024, to avoid defaults.

If the Guangzhou-based developer fails to get the bondholders'
approval, it said it will resort to restructuring its debt
according to proposed terms already circulated to them, the Post
relates.

"Despite the group's efforts to enhance its liquidity position, due
to a weak liquidity profile with high uncertainties over debt
refinancing and challenging operating and funding conditions, the
group experienced negative developments in its credit ratings and
the occurrence of certain defaults, and certain legal proceedings
in connection with certain of its offshore indebtedness," it said
in a filing to Hong Kong stock exchange on June 17. "In light of
the above, the group is conducting consent solicitations to seek
waivers of existing and potential consequential defaults or events
of default under the notes and to extend its debt maturity
profile."

The Post says the bondholders have until July 7 to cast their votes
on the proposals. Bondholders will receive US$5 for every US$1,000
of bond principle held, as an incentive to consent.

Three of the bonds, totalling US$1.38 billion, are due between July
and November this year, while three others worth US$2.2 billion
mature next year. The four remaining ones, amounting to U$1.55
billion, mature in 2024.

If the requests are approved, the bonds' principle repayment dates
will be extended by between three and four years, the Post states.

The requests were "within expectation" given the state of R&F's
finances, said Raymond Cheng, head of China and Hong Kong research
at CGS-CIMB Securities International.

"The extensions are to buy time for repayment," the report quotes
Mr. Cheng as saying. "Other highly indebted mainland developers
such as Shimao Group, Sunac and some smaller ones, especially those
with offshore debts due late this month or next month, may do the
same."

Since December, G&F has been seeking to extend the due dates of its
debts issued in mainland China and in offshore markets besides
selling assets in a bid to stay afloat.

It is in the process of selling the R&F Princess Cove project in
Johor Bahru, Malaysia, and the London ONE project in the UK. R&F
said it will use the proceeds of those to partially refinance the
10 bonds, according to the Post.

Reduced bank lending for real estate development and a string of
defaults in the sector have intensified market concerns over the
sustainability of operations of Chinese property developers, R&F
said.

The company's property sales tumbled 58.4 per cent year-on-year in
the first five months of 2022, the Post discloses.

R&F got approval from creditors in January to extend the maturity
of its US$725 million bond that matured on January 13 by six months
to July 13 this year, with most bondholders agreeing to the plan.
This is one of the 10 bonds on which it is seeking repayment
extensions.

Founded by Li Sze-lim and Zhang Li in 1994, R&F has been trying to
offload assets to avert collapse, the report notes.

It sold 30 per cent of the Guangzhou International Airport R&F
Integrated Logistics Park for CNY7.3 billion last December to shore
up its cash flow and cut debt. It offloaded the Vauxhall Square
parcel of land in London for GBP95.7 million (US$117.15), a
discount of about 42 per cent to market valuation, R&F said in
March.

R&F has CNY331.8 billion (US$49.48 billion) of total liabilities,
compared with CNY270 billion of saleable resources and a nationwide
pipeline of properties to be launched, the Post discloses citing
the company's 2021 interim report.

                         About Guangzhou R&F

Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.

As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2022, Fitch Ratings has affirmed the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) on China-based Guangzhou R&F
Properties Co. Ltd. and its subsidiary, R&F Properties (HK) Company
Limited (RFHK) at 'CC'. Guangzhou R&F's and RFHK's senior unsecured
ratings have been downgraded to 'C' with a Recovery Rating of
'RR6', from 'CC' with a Recovery Rating of 'RR4'.


GUO WENGUI: Judge Strips Control of Bankruptcy From Businessman
---------------------------------------------------------------
WSJ Pro Bankruptcy reports that a judge declined to end exiled
Chinese businessman Guo Wengui's personal bankruptcy, siding with
the Justice Department and some of his creditors who asked that a
neutral party be brought in to take charge of his finances.

According to the report, Judge Julie Manning of the U.S. Bankruptcy
Court in Bridgeport, Conn., on June 14 ordered that an independent
trustee be appointed to take over Mr. Guo's chapter 11 case and
work with his creditors on a plan to pay his debts and potentially
resolve civil lawsuits against him.

WSJ Pro Bankruptcy relates that the ruling is a blow to Mr. Guo and
his largest creditor, Pacific Alliance Asia Opportunity Fund LP,
which asked Judge Manning to dismiss the case so the investment
fund could resume litigation against him.

Pacific Alliance seeks to collect on a $116 million judgment
against Mr. Guo over an unpaid loan. Mr. Guo filed for personal
bankruptcy in February after a New York judge ordered him to pay an
additional $134 million fine for moving a 152-foot yacht called the
Lady May out of the New York area, and out of Pacific Alliance's
reach, in violation of a court order, the report notes.

Pacific Alliance has called Mr. Guo's bankruptcy a "sham" and
argued in a May court filing that the appointment of a chapter 11
trustee wouldn't result in a better outcome for creditors, the
report says. But Pacific Alliance said it would support the
appointment of a trustee if Judge Manning declined to dismiss the
bankruptcy.

Mr. Guo, also known as Kwok Ho Wan, agreed in May to have his
bankruptcy case dismissed, saying he couldn't afford the mounting
legal costs. A prominent critic of China's Communist Party, Mr. Guo
fled the country in 2014, took up residence in New York and forged
ties with fellow China critic Steve Bannon, an ex-political adviser
to former President Trump, the report recalls. Mr. Guo has been
dogged by litigation with Pacific Alliance over a business debt he
allegedly guaranteed.

Other creditors including two individuals who have accused Mr. Guo
of sexual abuse and defamation argued a trustee would be a better
result because that person could run a fair and transparent process
for locating and distributing Mr. Guo's assets, the report relays.
Mr. Guo has denied the allegations of abuse and defamation.

The report relates that Judge Manning said she ruled in favor of a
trustee because Mr. Guo has valuable assets that could be used to
pay creditors, including the Lady May.

Independent oversight of Mr. Guo's bankruptcy is also warranted
because of the complexity of his finances, Judge Manning said. A
trustee will be empowered to investigate and locate Mr. Guo's
assets for the benefit of his creditors, she said.

Mr. Guo said in April that the yacht would be turned over to his
creditors. Judge Manning said delivery of the Lady May to
Connecticut waters raises the prospect that the yacht could be
subject to the bankruptcy proceeding and eventually could be used
to repay Mr. Guo's debts.

Carollynn Callari, a lawyer representing individuals who have sued
Mr. Guo, said the ruling will enable a trustee to uncover his
"hidden assets, and break this shield he has hidden behind for
years," adds WSJ Pro Bankruptcy.


ZHONGLIANG HOLDINGS: Fitch Withdraws 'RD' Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has withdrawn China-based homebuilder Zhongliang
Holdings Group Company Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'RD' (Restricted Default) and senior
unsecured rating of 'C' with a Recovery Rating of 'RR4'.

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

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Zhongliang is a large property developer in China that is focused
on the Yangtze River Delta region. It has diversified into other
economic zones, including mid-west China, Pan-Bohai, Western Taiwan
Straits and Pearl River Delta.

ESG CONSIDERATIONS

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

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

   DEBT                RATING                    PRIOR
   ----                ------                    -----
Zhongliang Holdings   LT IDR   WD    Withdrawn   RD
Group Company Limited

senior unsecured      LT       WD    Withdrawn   C




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

NEWOCEAN ENERGY: Winding up Petition Hearing Adjourned to July 27
-----------------------------------------------------------------
Manifold Times reports that Hong Kong-listed NewOcean Energy
Holdings Limited on June 16 released an update regarding the
winding up petition filed against the company by the Hongkong
Shanghai Banking Corporation (HSBC).

"The Directors wished to update that on June 15, 2022, the petition
was adjourned by the court for six weeks to July 27, 2022 at 10:30
a.m."

"The Company will make further announcement(s) as and when
appropriate and will also keep its shareholders and potential
investors informed of any material development in relation to the
Petition," said NewOcean.

Manifold Times earlier reported NewOcean Energy, a firm with
bunkering operations, receiving a letter from the Hong Kong Stock
Exchange setting out the resumption guidance for the resumption of
trading in the Company's shares.

Based in Hong Kong, NewOcean Energy Holdings Limited --
http://www.newoceanhk.com/-- is an investment holding company
principally engaged in the sales and distribution of liquefied
petroleum gas (LPG) and natural gas (NG), oil products business and
sales of electronic products. The Company operates through three
main segments. The Sales and Distribution of LPG segment is mainly
engaged in the sales of LPG to various customers. The Oil Products
Business segment is mainly engaged in the sales of oil products to
both wholesaler and retailer customers, as well as leasing of oil
vessels. The Sales of Electronic Products segment is mainly
involved in the trade of electronic products, such as integrated
circuit and mobile phones.




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

AURA HOTELS: CRISIL Raises Rating on INR40cr Term Loan to B+
------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long-term bank facilities of Aura Hotels And Resorts
Private Limited to 'CRISIL B/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing the
information required for carrying out a comprehensive review of the
rating. Consequently, the rating is migrated to 'CRISIL B+/Stable'

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan            40        CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

Key Rating Drivers & Detailed Description

Weaknesses:

* Aura's exposure to risks related to implementation and
stabilization of its ongoing four-star hotel project: Business risk
profile is constrained by Scale of operations and will continue to
limit the operating flexibility over the medium term as the company
has not started off with its operations yet.  The key factors to be
monitored will be the timely start of operations, ramping up the
occupancy levels. Shillong being a major tourist spot has led to
opening a lot of properties like Ryi Kinjai, Hotel center point and
Hotel Polo tower being the top competitors to Aura Hotels and
resorts.  

* Susceptibility to cyclicality in the hospitality industry, and to
economic slowdowns: The hospitality industry remains susceptible to
changes in domestic and international economies. Typically, the
industry follows a six-year cycle. During non-peak periods, revenue
per available room of premium hotels is likely to be constrained
more significantly, than that of mid-scale or economy hotels. On
the other hand, cost of operating premium properties is high, even
during downward shifts in demand; cash flow from these properties
are, therefore, more vulnerable to economic downturns.

Strength:

* Experience of the promoters: Presence of promoters over the years
in the industry has enabled the promoters to develop a strong
understanding of market dynamics and establish healthy
relationships with suppliers and customers.

Liquidity: Stretched

Currently the liquidity seems stable as there are no interest
payments or principal repayment obligation. The company is yet to
start off with its operations and ramp up the occupancy levels in
the medium term. Current ratio is healthy at 3.98 times on March
31, 2022. The promoters are likely to extend support in the form of
unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believe Aura will benefit from the extensive
experience of its promoters, and established relationships with
customers.

Rating Sensitivity factors

Upward factors

* Timely implementation of the project by September 2022 and
commencement of commercial operations along with ramp-up of
capacity leading to NCA of over INR8 Cr.

* Better than expected occupancy levels leading to improved
business risk profile.

Downward factors

* Delay in project completion beyond September 2022 leading to cost
and time over run.

* Any further debt funded capital expenditure leading to
detoriation of capital structure

Incorporated in June 2007, Aura is promoted by Mr. Vikash Agrawal.
The company is setting up a four-star hotel in Shillong, Meghalaya.
The hotel construction began in 2018 and was solely funded by the
promoters.


B L FOUNDRY: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B L Foundry
Private Limited (BFPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Drop Line               12        CRISIL B/Stable (Issuer Not
   Overdraft Facility                Cooperating)

   Proposed Long Term       4.84     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with BFPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 BFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

BFPL, promoted by Mr. Mahavir Prasad Jain, commenced operations in
2008-09. The company manufactures copper products including strips,
besides brass strips, brass rods, and brass pipes. Its
manufacturing facility is at Kundli, Sonepat (Haryana).


BHAVIK POLYMERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhavik
Polymers Private Limited (BPPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             7.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BPPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 BPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up as a partnership firm (Bharat Traders) in 1983 and
reconstituted as a private limited company in 2009, BPPL is
promoted by Mr Charat Sharma (chief promoter) and family. The
company is an authorized distributor of ATPL's PVC pipes.


BOMBAY RAYON: NCLAT Stays Formation of Committee of Creditors
-------------------------------------------------------------
The Economic Times reports that in a temporary relief to erstwhile
promoters of the Bombay Rayon Fashion Ltd (BRFL), the National
Company Law Appellate Tribunal (NCLAT) has stayed the formation of
the Committee of Creditors (CoC) until further order.

However, the appellate tribunal has clarified that the Corporate
Insolvency Resolution Process (CIRP) proceedings shall be continued
and the resolution professional will have to keep the company as
going concern under the Insolvency & Bankruptcy Code (IBC), the
report says.

Earlier, the NCLT had allowed a petition filed by an operational
creditor of Bombay Rayon Fashions and had appointed Santanu T Ray
of AAA Insolvency Professionals as its resolution professional, ET
discloses. However, Prashant Agrawal, a member of the company's
suspended board, had decided to appeal the ruling at the appellate
tribunal.

During the course of the hearing at the appellate tribunal, the
counsel for Vikash Parasprampuria of Chiranjilal Yarn Traders,
whose petition was originally admitted by the NCLT informed that
they are willing to settle the matter if the company pays its dues
along with the legal cost.

While, advocates Abhijeet Sinha and Nausher Kohli, appearing for
Agrawal informed the tribunal that they will seek the instruction
from the petitioner in this regard.

On June 15, the division bench of Justice M. Venugopal and Kanthi
Narahari of NCLAT, after hearing the arguments adjourned the case
further to July 7 and directed a stay on the formation of the CoC,
according to the report.

As per a stock exchange filing, the company had reported a net sale
of INR108.77 crore and a loss of about INR300 crore in fiscal 2021,
ET discloses.

In its June 7 order, NCLT had restrained Bombay Rayon executives
from transferring, encumbering, alienating or disposing of the
company's assets.

"Corporate debtor (BRFL) had time and again by its letter, invoices
and by making part payment acknowledged its liability. Therefore,
the petition made by the creditor is complete in all respects as
required by law," said an NCLT division bench of members Kishore
Vemulapalli and Rajesh Sharma in its order of
June 7. "Therefore, we find that it is a fit case for initiation of
CIRP."

Since the inception of the Insolvency & Bankruptcy Code, several
textile and clothing brands - including Digjam, Alok Industries,
Reid & Taylor India, S Kumars Nationwide, Mandhana Industries and
Provogue - have been referred for debt resolution, the report
discloses.

Bombay Rayon Fashions Ltd. is engaged in the manufacturing of
fabrics and apparels.


CEFONE CERAMIC: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cefone
Ceramic LLP (CCLLP) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          1.7       CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             4         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan               7.4       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CCLLP for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 CCLLP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCLLP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CCLLP continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 2017, CCLLP is a Gujarat based entity which is
setting up a plant to manufacture ceramic wall tiles. Partners are
Mr. Kalidas Makasana and family. Its manufacturing plant is located
in Morbi.

Operations of CCLLP are expected to commence in October 2018.

CONVEYOR AND ROPEWAY: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Conveyor and
Ropeway Services Private Limited (CRSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          3          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             1          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        0.4        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          4          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      0.94       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Standby Line            0.15       CRISIL D (Issuer Not
   of Credit                          Cooperating)

CRISIL Ratings has been consistently following up with CRSPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 CRSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CRSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CRSPL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

CRSPL, established in 1975, is engaged in the designing,
manufacturing, erection and commissioning of aerial ropeway
systems, material handling plants and coal washing plants apart
from providing techno feasibility studies for ropeway systems.


ES PEE: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Es Pee
Enterprizers (EPE) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          3         CRISIL A4 (Issuer Not
                                     Cooperating)

   Long Term Loan          0.39      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Overdraft Facility      4         CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.61      CRISIL A4 (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with EPE for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 EPE, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EPE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EPE continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

EPE was formed in 1985 and is managed by Mr. Santosh Kumar Gupta
and his son. The firm undertakes contracts for Indian Railways. It
is based in Allahabad.


GAJANAND COTTEX: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gajanand
Cottex Private Limited (GCPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            11.25       CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with GCPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 GCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GCPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2009 by Mr Ashok Monsara and family, GCPL gins and
presses cotton into bales and segregates cotton seed at its
facility in Rajkot, Gujarat.


GANESH AUTOMOBILES: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ganesh
Automobiles (SGA) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              4        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit              5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Inventory Funding        3        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding        1        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding        1        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding        2        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)
   
CRISIL Ratings has been consistently following up with SGA for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 SGA, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGA continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SGA was incorporated in 2001 as a proprietorship firm by Mr Sudha
Sindhu Panda as an authorized dealer of ALL's CVs.  The firm also
sells spares and trades in MRF tyres and Gulf Oil lubricants. It
has 5 showrooms.


GLOBAL INFONET: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Global
Infonet Distribution Private Limited (GIDPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             10         CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Cash Credit             40         CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Cash Credit             25         CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Letter of credit        25         CRISIL A4 (Issuer Not
   & Bank Guarantee                   Cooperating)

   Letter of credit        35         CRISIL A4 (Issuer Not
   & Bank Guarantee                   Cooperating)

   Letter of credit        15         CRISIL A4 (Issuer Not
   & Bank Guarantee                   Cooperating)

   Proposed Fund-          60         CRISIL B/Stable (Issuer Not
   Based Bank Limits                  Cooperating)

CRISIL Ratings has been consistently following up with GIDPL for
obtaining information through letters and emails dated March 14,
2022 and May 24, 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 GIDPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GIDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GIDPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

GIDPL was established in January 2008 by GDF, Jebel Ali (Dubai),
and commenced operations in May 2008. GIDPL is an IT hardware
distributor of renowned brands such as Dell, Western Digital
Corporation, Samsung, and Lenovo Group Ltd.


GOPAL GOBINDA: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gopal Gobinda
Agro Product Private Limited (GGAPPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      10        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with GGAPPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 GGAPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
GGAPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of GGAPPL continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Incorporated in 2019, GGAPPL is setting up a plant for milling of
non-basmati parboiled rice. Mr Ashim Kumar Khan, Ms Rima Khan, and
Mr Achin Kumar Khan are the promoters.


GURU KIRPA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Guru Kirpa
Foods Private Limited (GKFPL; part of the Guru Kirpa group)
continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             14         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Term Loan       1.67      CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan                0.33      CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with GKFPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 GKFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GKFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GKFPL continue to be 'CRISIL D Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings had earlier combined the
business and financial risk profiles of GKFPL and Surya Industries
(SI), due to their common management and ownership. The combined
entity was known as the Guru Kirpa group. The ownership structure
of SI changed with effect from April 1, 2014. SI earlier had three
partners--Mr. Subhash Chander (33.3 per cent), his son Mr. Raman
Josan (33.3 per cent), and Mr. Anil Josan (33.3 per cent). From
April 1, 2014, Mr. Chander is no more a partner in SI. Mr. Anil
Josan and Mr. Raman Josan are now equal partners in SI, overseeing
the firm's operations. Hence, there are no more operational
linkages between the two concerns and CRISIL has now only
considered the standalone business and financial risk profiles of
GKFPL for arriving at the rating.

                         About the Group

GKFPL is engaged in hulling and milling of paddy and processing of
basmati rice. It was founded by Mr. Subhash Chander in Ghubaya
village at Jalalabad (Punjab) in 2000.


GVR RMN HUBLI: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of GVR RMN Hubli
Lakshmeshwar Road Project Private Limited (GVR-RMN-HL) continues to
be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          160        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with GVR-RMN-HL
for obtaining information through letters and emails dated March
14, 2022 and May 9, 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 GVR-RMN-HL, which restricts
CRISIL Ratings' ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on GVR-RMN-HL is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of GVR-RMN-HL continue to be 'CRISIL D Issuer Not
Cooperating'.

Set up in 2009, GVR-RMN-HL is a special purpose vehicle (SPV) set
up by the joint venture (JV) between GVR Infra Projects Ltd. and
RMN Infra Structures Ltd (51:49). The SPV was set up to carry out
improvements and widening of the two lane Hubli'Lakshmeshwar state
highway (SH-73) between Dharwad and Gadag districts of Karnataka.
The project is being carried out on a BOT- annuity basis.


JAGANNATH POLYPACKS: CRISIL Keeps C Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jagannath
Polypacks Limited (JPL) continue to be 'CRISIL C/CRISIL A4 Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          1.5        CRISIL A4 (Issuer Not
                                      Cooperating)

   Cash Credit             4.5        CRISIL C (Issuer Not
                                      Cooperating)

   Proposed Long Term      2.0        CRISIL C (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with JPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 JPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JPL continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Jagannath Polypacks, incorporated in 2007, manufactures PP woven
sacks for the cement and fertilizer industries. Its promoters, the
Cuttack-based Mr. M K Subudhi and his family, have industry
experience of three decades. The company's manufacturing facility
at Jagatpur in Cuttack began commercial operations in March 2012.


JAI JYOTI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Jyoti
Woollen Mills (JJWM) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             6         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan               0.69      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JJWM for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 JJWM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JJWM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JJWM continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

JJWM was formed as a proprietorship firm of Mr Raj Kumar in 1991.
The Panipat (Haryana)-based firm commenced operations by
manufacturing shoddy yarn, used in acryclic blankets. In January
2015, the firm discontinued yarn manufacturing and set up a unit
for polyester mink blankets; the unit has been operational since
May 2015.


JAS EQUIPMENT: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JAS Equipment
& Engineers Private Limited (JASEPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             5.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JASEPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 JASEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
JASEPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of JASEPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Incorporated in 2007, JASEPL is promoted by Mr Ahindra Narayan
Basuroychowdhury and is engaged in the fabrication of heavy
structural components of boilers, conveyors and pollution control
equipment. The company has its fabrication and machining units at
Durgapur (West Bengal).


JSK INFRACOMPLEX: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JSK
Infracomplex Private Limited (JSK) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Fund-           3         CRISIL B/Stable (Issuer Not
   Based Bank Limits                  Cooperating)

   Proposed Non             3         CRISIL A4 (Issuer Not
   Fund based limits                  Cooperating)

   Proposed Term Loan       6         CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with JSK for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 JSK, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSK continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

JSK, incorporated in July 2017, is a closely held group company of
Suresh Chand Gupta. JSK is engaged in commercial real estate
development. The company is promoted by Mr. Vikash Gupta, Mr.
Reetesh Gupta, Mr. Suresh Chand Gupta and Mr. Yogendra Premani.

It is currently running its commercial project of developing a
shopping complex in front of Orai Railway Station, Uttar Pradesh.
The total cost of the project is Rs 12.77 Crore. The project is
funded by funding support from promoters in the form of capital
infusion and unsecured loans, and the remaining through term loan.


KARMIC ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Karmic Energy Private Limited
        1517, Devika Tower 6
        Nehru Place
        New Delhi 110019

Insolvency Commencement Date: June 10, 2022

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

Estimated date of closure of
insolvency resolution process: December 5, 2022

Insolvency professional: Mr. Praveen Ranka

Interim Resolution
Professional:            Mr. Praveen Ranka
                         House No. 950, Sector 16
                         Faridabad 121002
                         Haryana, India
                         E-mail: unitymgt@rediffmail.com

                            - and -

                         1516, 2nd Floor
                         Opposite Axis bank
                         Wazir Nagar, Kotla Mubarkpur
                         New Delhi 110003
                         E-mail: cirp.karmicenergy@gmail.com

Last date for
submission of claims:    June 23, 2022


KAUSHIK GLOBAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kaushik Global Logistics Limited
        Diamond Chambers, 4
        Chowringhee Lane Block I & II
        2nd Floor
        Kolkata WB 700016

Insolvency Commencement Date: June 10, 2022

Court: National Company Law Tribunal, Kolkata Bench II

Estimated date of closure of
insolvency resolution process: December 7, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Ram Ratan Modi

Interim Resolution
Professional:            Mr. Ram Ratan Modi
                         Merlin Links 2nd Floor
                         Room No. 2F 166B
                         S.P. Mukherjee Road
                         Kolkata, West Bengal 700026
                         E-mail: rrmodi@gmail.com

                            - and -

                         Resurgent Resolution Professionals LLP
                         CFB F-1, 1st Floor
                         Paridhan Garment Park
                         19, Canal South Road
                         Kolkata, West Bengal 700015
                         E-mail: cirp.kaushikglobal@
                                 resurgentrp.com

Last date for
submission of claims:    June 24, 2022


KAY DEE: CRISIL Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kay Dee
Communications Private Limited (KDCPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee           5         CRISIL A4 (Issuer Not
                                      Cooperating)

   Cash Credit              7         CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KDCPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 KDCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KDCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KDCPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

KDCPL, incorporated in 2009 at Noida, is one of the leading
wholesale traders of Samsung mobile phones in Western Uttar
Pradesh. Mr Harprit Kohli, Ms Kawaljit Kaur and Mr Gagandeep Kohli
are the promoters.

KHANNA BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Khanna
Builders and Developers (KBD) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan                20        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KBD for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 KBD, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KBD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KBD continues to be 'CRISIL D Issuer Not Cooperating'.

KBD, set up in 2002, is part of the Jabalpur-based Khanna group.
KBD develops residential real estate, primarily in Jabalpur, and is
executing a residential township project, Sukh Sagar Valley - Phase
2, with 190 units. The projects in this phase of the township
include Casa Elita, Casa Victoria, Sunflower ' 2, Lily -2, Tulip
-2, and Pearl. The Khanna group is managed by Mr. Baljinder Singh
Khanna, supported by his sons, Mr. Amandeep Singh Khanna and Mr.
Ramandeep Khanna.


KOSONS FOREST: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kosons Forest Products Private Limited
        107B Stephen House
        4E B B D BAG
        P S Hare Street
        Kolkata West Bengal 700001

Insolvency Commencement Date: June 9, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 5, 2022

Insolvency professional: Neeraj Kejriwal

Interim Resolution
Professional:            Neeraj Kejriwal
                         P-178 CIT Scheme VI M
                         Phoolbagan, 3rd Floor
                         Kolkata 700054
                         E-mail: nkejriwal.ip@gmail.com
                                 kosons.cirp@gmail.com

Last date for
submission of claims:    June 23, 2022


KTC AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KTC
Automobiles Private Limited continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             10         CRISIL D (Issuer Not
                                      Cooperating)

   Inventory Funding        6         CRISIL D (Issuer Not
   Facility                           Cooperating)

   Long Term Loan           5.85      CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KTC for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 KTC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KTC continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1998 as a partnership firm, KTC was reconstituted as a
private limited company in 2004. The company, based in Kozhikode,
Kerala, operates service centers for Hyundai vehicles in Kerala.


KUMAR AQUATECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Kumar Aquatech Agencies Private Limited
        H.No. 8-3-991, Flat No. 202
        Kamala Residency, Opp SBI
        Sri Nagar Colony
        Hyderabad TG 500073 IN

Insolvency Commencement Date: June 14, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: November 30, 2022

Insolvency professional: Dommeti Surya Rama Krishna Saibaba

Interim Resolution
Professional:            Dommeti Surya Rama Krishna Saibaba
                         Flat No. A-105, Mahindra Ashita
                         Hafeejpet Road, KP HB Colony
                         Hyderabad, Telangana 500085
                         E-mail: dsrk39@yahoo.com

                            - and -

                         Flat No. 104, Kavuri Supreme Enclave
                         Kavuri Hills, Madhapur
                         Hyderabad 500033
                         Telangana
                         E-mail: cirp.kumaraquatech@gmail.com

Last date for
submission of claims:    June 28, 2022


LEPAKSHI SCIENCE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Lepakshi Science and Technology Park Private Limited
        Sy No. 35/2,35/1 (Part)1st Cross
        Ananthapura Village
        Singanayakanahalli
        Yelahanka, Bangalore
        KA 560064

Insolvency Commencement Date: June 6, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 5, 2022

Insolvency professional: Mr. Hemendra Paliwal

Interim Resolution
Professional:            Mr. Hemendra Paliwal
                         A-1901 Raheja Eternity
                         Thakur Village
                         Kandivali East
                         Mumbai 400101
                         E-mail: paliwal.hemendra@gmail.com

                            - and -

                         201-206, Shiv Smriti
                         2nd Floor, 49 A
                         Dr. Annie Besant Road
                         Above Corporation Bank
                         Worli, Mumbai 400018
                         E-mail: cirplepakshisci@gmail.com

Last date for
submission of claims:    June 22, 2022


MERUSHIKHAR REALTY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Merushikhar Realty LLP
        2, Solus 11th Floor
        1st Cross, J.C. Road
        Bangalore, Karnataka 560027

Insolvency Commencement Date: June 6, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: November 26, 2022

Insolvency professional: Mr. Nataraja Nanjundaiah

Interim Resolution
Professional:            Mr. Nataraja Nanjundaiah
                         3108, First Cross
                         Mariyappana Palya
                         Bangalore 560021
                         Karnataka
                         E-mail: nnataraja491@gmail.com
                                 merushikharrealtycirp@gmail.com

Last date for
submission of claims:    June 23, 2022


P. B. ALLOYS: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P. B. Alloys
Private Limited (PBAPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             2         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Foreign Letter          6         CRISIL B/Stable (Issuer Not
   of Credit                         Cooperating)

   Proposed Long Term      0.2       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with PBAPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 PBAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PBAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PBAPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

PBAPL, incorporated in 2010, has its registered office in Agra. The
company started trading in metal scrap and ingots in fiscal 2017.
From May 2017, it also started trading in polyurethane (PU)
chemicals.


PANCHKOTI TRADERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Panchkoti Traders Private Limited
        63, Radha Bazar Street
        3rd FLoor, Room No. 43
        Kolkata WB 700001

Insolvency Commencement Date: April 20, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 17, 2022

Insolvency professional: Neeraj Kejriwal

Interim Resolution
Professional:            Neeraj Kejriwal
                         P-40 CIT Scheme VI M
                         Phoolbagan
                         Riddhi Siddhi Apartment
                         1st Floor
                         Kolkata 700054
                         E-mail: nkejriwal.ip@gmail.com

                            - and -

                         P-178 CIT Scheme VI M
                         Phoolbagan, 3rd Floor
                         Kolkata 700054
                         E-mail: panchkoti.cirp@gmail.com

Last date for
submission of claims:    May 4, 2022


PARAMOUNT CONDUCTORS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paramount
Conductors Limited (PCL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             11         CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit         6         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term       4.25      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                0.75      CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with PCL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 PCL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1971 and promoted by Mr. G K Tapadia and his
family, PCL manufactures winding wires (aluminium and copper),
coils (high tension and low tension), and machines for
manufacturing coils (testing machines and motor rewinding). Units
are in Nagpur and Goa.


PATIALA NABHA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Patiala Nabha Infra Projects Private Limited
        4th Floor, CTS No. 16/4
        Supreme House
        Jain Mandir Road, Powai
        Opp. IIT Main Gate
        Mumbai, Maharashtra 400076

Insolvency Commencement Date: June 10, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 7, 2022

Insolvency professional: Ms. Poonam Basak

Interim Resolution
Professional:            Ms. Poonam Basak
                         201, 2nd Floor, Regus
                         Alpha Building
                         Hiranandani Gardens
                         Powai, Mumbai 400076
                         E-mail: poonamb.irp@gmail.com
                                 patiala.nabha.infra@gmail.com

Last date for
submission of claims:    June 24, 2022


PRIMUSS PIPES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Primuss Pipes & Tubes Limited
        (Formerly known as "Premier Pipes Limited")
        8/225-A, 2nd Floor, Arya Nagar
        Kanpur 208002
        UP, India

Insolvency Commencement Date: June 13, 2022

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: December 10, 2022
                               (180 days from commencement)

Insolvency professional: Sanyam Goel

Interim Resolution
Professional:            Sanyam Goel
                         Unit No. 110, First Floor
                         JMD Pacific Square
                         Sector 15, Part II
                         Gurugram 122001
                         Haryana, India
                         E-mail: goelsanyam@gmail.com
                                 cirp.primuss@gmail.com

Last date for
submission of claims:    June 27, 2022


R. M. EXPORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. M. Exports
(RME) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Export Packing          6         CRISIL B+/Stable (Issuer Not
   Credit                            Cooperating)

   Foreign Bill            3.75      CRISIL B+/Stable (Issuer Not
   Discounting                       Cooperating)

   Proposed Long Term      2.5       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               0.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Working Capital         3.25      CRISIL B+/Stable (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with RME for
obtaining information through letters and emails dated March 28,
2022 and May 24, 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 RME, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RME
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RME continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RME, set up as a partnership firm in 1992, manufactures and markets
various types of commercial and industrial rubber hoses, which are
used in various industries such as oil refining, shipbuilding, and
steel milling, and at service stations, repair yards and garages.
The manufacturing facility is located at Jalandhar, Punjab. Daily
operations are managed by Mr Kulvinder Rastogi and Mr Vikas
Malhotra.


RADHE SHAM: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhe Sham
Ravi Prakash Timbers Private Limited (RSRPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              1        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Letter of Credit        36        CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Letter         13        CRISIL A4 (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with RSRPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 RSRPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSRPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

RSRPL, promoted by Mr Ravi Prakash Singhal, trades in and processes
timber at its sawing mills located at Gandhidham (Gujarat). The
company has around 35 operational sawing mills with capacity of 12
cubic metre per day, currently utilised at around 80%.


RASIKA MOTORS: CRISIL Lowers Rating on INR10cr Loan to B
--------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Rasika
Motors Private Limited (RMPL) to 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          0.25       CRISIL A4 (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL A4+ ISSUER NOT
                                      COOPERATING')

   Cash Credit             1.05       CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL BB-/Stable ISSUER
                                      NOT COOPERATING')

   Inventory Funding       4.6        CRISIL B/Stable (ISSUER NOT
   Facility                           COOPERATING; Revised from
                                      'CRISIL BB-/Stable ISSUER
                                      NOT COOPERATING')

   Inventory Funding      10          CRISIL B/Stable (ISSUER NOT
   Facility                           COOPERATING; Revised from
                                      'CRISIL BB-/Stable ISSUER
                                      NOT COOPERATING')

   Proposed Long Term      0.1        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Revised from
                                      'CRISIL BB-/Stable ISSUER
                                      NOT COOPERATING')

CRISIL Ratings has been consistently following up with RMPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 RMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMPL revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

Incorporated in 2004, Kolhapur-based RMPL, promoted by Mr.
Indrajeet Konduskar and family, is an authorized dealer for Honda.


RIGA CERAMICA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Riga Ceramica
Private Limited (RCPL) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          1.2       CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             2.75      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.07      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               5.98      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 RCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCPL continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

RCPL, incorporated in 2014 at Morbi (Gujarat), has its
manufacturing unit at Morbi, Gujarat.  The company is promoted by
Mr. Yogesh who has an experience of around 8 years in the ceramic
industry.


SABITRI RICE: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sabitri Rice
Mills Private Limited (SRMPL) continue to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          0.1        CRISIL A4 (Issuer Not
                                      Cooperating)

   Cash Credit             9          CRISIL C (Issuer Not
                                      Cooperating)

   Proposed Long Term      0.7        CRISIL C (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SRMPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SRMPL, promoted by Mr. Dilip Kumar Agarwalla in 2007 and based in
Karanjia, Odisha, processes paddy into raw and parboiled rice. It
also sells broken rice and rice bran, which are by-products of the
milling process.


SATYA SURYA: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satya Surya
Towers Private Limited (STPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4.71       CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Long Term Loan          1.66       CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Long Term Loan          0.75       CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Long Term      2.88       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with STPL for
obtaining information through letters and emails dated March 28,
2022 and May 24, 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 STPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2009, STPL is engaged in the processing of raw
cashew nuts and sale of cashew kernels. The company is based out of
Vizianagaram in Andhra Pradesh and promoted by Mr. Anil Kumar
Mamidipaka and his family.


SBW UDYOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SBW Udyog
Limited continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5          CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit           12.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            8.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     4          CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SBW for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 SBW, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBW continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

SBW, established in 1994, manufactures beedis and matchboxes, and
operates a four-star hotel in Nagoa (Goa). It also has
distributorship of Servo Oil in five districts of Uttar Pradesh.
The company is promoted by Mr. Shyam Charan Gupta.


SVK SHIPPING SERVICES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M/s SVK Shipping Services Private Limited
        9-7-40/7/1, Lakshmi Nagar
        Sivaji Palem, Visakhapatnam 530017
        Andhra Pradesh

Insolvency Commencement Date: May 16, 2022

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: November 12, 2022
                               (180 days from commencement)

Insolvency professional: Kantipudi Venkata Raju

Interim Resolution
Professional:            Kantipudi Venkata Raju
                         D No. 4-198, Manikya Nagar
                         Valasapakala, Kakinada 533005
                         East Godivari District
                         Andhra Pradesh
                         E-mail: kantipudiven@gmail.com

Last date for
submission of claims:    May 30, 2022


ULTIMATE AUTOMOBILES: CRISIL Keeps B- Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ultimate
Automobiles Private Limited (UAPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            11         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Standby Line            0.9       CRISIL B-/Stable (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with UAPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 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 UAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UAPL continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.

UAPL, incorporated in 1998, is an authorized dealer of HMIL's
entire range of passenger vehicles and spare parts in Chandigarh &
Panchkula (Haryana). The company, promoted by Ms Geeta Talwar, has
two showrooms and two service centers across its area of
operations.


VED PARKASH: CRISIL Lowers Rating on INR10cr Loans to B
-------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Ved
Parkash and Sons (VPS, part of the Evergreen group) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              5         CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL BB+/Stable ISSUER
                                      NOT COOPERATING')

   Proposed Term Loan       5         CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL BB+/Stable ISSUER
                                      NOT COOPERATING')

CRISIL Ratings has been consistently following up with VPS for
obtaining information through letters and emails dated March 14,
2022 and May 24, 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 VPS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VPS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VPS Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Evergreen Publications
(India) Limited (EPIL), Nova Publications (NP), Nova Publications
and Printers Private Limited (NPP) and VPS. That's because all
these entities, collectively referred to as the Evergreen group,
have common promoters and are in the same business with operational
linkages. They outsource work, and provide short-term financial
support, to each other.

The Evergreen group, based in Jalandhar, Punjab, prints and
publishes educational textbooks for the CBSE, ICSE, and state
education boards.

EPIL was set up as a partnership firm in 1980, and was
reconstituted as a public limited company in 2001. NP was set up as
a partnership firm in 1995. VPS was set up as a proprietorship firm
in 1942. NPP was incorporated as Kuldeep Hardware Pvt Ltd in 1995,
and renamed after it was acquired by Mr Sunil Chopra in 2011.




=================
I N D O N E S I A
=================

GARUDA INDONESIA: Wins Creditors' OK for US$9BB Restructuring
-------------------------------------------------------------
Reuters reports that Garuda Indonesia's proposal for restructuring
its more than $9 billion debt won the approval on June 17 from the
vast majority of the airline's creditors, court officials said,
staving off the risk of bankruptcy at the embattled flag carrier.

More than 95% of creditors who attended June 17's vote on the plan
at a Jakarta court accepted Garuda's proposal, enough to reach
agreement for all who submitted claims, a team of court-appointed
administrators said, Reuters relays.

About IDR142 trillion ($9.58 billion) in claims against Garuda
would be settled by the agreement, which is set to be ratified by a
judge on June20.

According to Reuters, the plan was for aircraft manufacturers,
lessors, maintenance vendors, and Islamic bond investors, which
hold the biggest chunk of liabilities, to take a large debt
"haircut", or write-down, and exchange the remaining amount with
$825 million of 9-year bonds and $330 million equity.

A Garuda financial adviser said this scheme would restructure about
$5.5 billion to $6 billion of liabilities, while the rest,
including loans to banks and state firms, like fuel provider
Pertamina and airport operators, would be extended without a cut,
Reuters relates.

"We are committed to fulfill all our responsibilities that we have
conveyed in the proposal," a teary-eyed Garuda chief executive,
Irfan Setiaputra, told creditors after thanking them for their
support.

Those who submitted claims to the court include investors of
Garuda's $500 million Islamic bonds, Britain's aircraft engine
maker Rolls-Royce and European planemaker Airbus.

According to Reuters, Garuda's CEO told creditors ahead of the vote
that the firm's bond and equity offers had taken into account
potential claims by Boeing related to Garuda's plan to terminate
its order for 49 of Boeing's 737 MAX 8 planes, even though the U.S.
planemaker had not participated in the court process.

Boeing will have 30 days from June 20 to put forward its claim,
estimated at $822 million. If it fails to do so, the offer would be
deducted from the total bonds and shares and the remainder would be
prorated to other creditors, Setiaputra said.

Reuters says Garuda's financial woes were exposed when the pandemic
decimated global air travel.

Other Southeast Asian carriers including Malaysia Airlines, Thai
Airways, Philippine Airlines and AirAsia X have also gone through
corporate restructuring overseen by courts.

Reuters adds that Garuda is targeting profitability within 2-3
years by focusing on its most profitable routes and cutting back on
its loss-making international routes.

It plans to launch rights issues to strengthen its capital after
securing the court-overseen agreement with creditors.

                       About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a computerized tracking
system.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
14, 2021, Bloomberg News said the airline entered a
court-supervised debt restructuring process after a Jakarta court
on Dec. 9, 2021, accepted a debt petition filed against it.  Garuda
and its creditors have 45 days to complete negotiations, which can
be extended to 270 days.

Garuda finalized a restructuring proposal in November 2021 and is
in discussion with creditors and lessors to reduce its liabilities
to US$3.7 billion, from US$9.8 billion, Kartika Wirjoatmodjo, a
deputy at Indonesia's state-owned enterprises ministry, told a
parliamentary hearing.



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

ANIRAV LIMITED: Court to Hear Wind-Up Petition on June 30
---------------------------------------------------------
A petition to wind up the operations of Anirav Limited will be
heard before the High Court at Dunedin on June 30, 2022, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 3, 2022.

The Petitioner's solicitor is:

          David Tasker
          Inland Revenue
          Legal Services
          PO Box 1782
          Christchurch 8140


HAIFA LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Members of Haifa Limited, on June 13, 2022, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany, Auckland 2163



HIGH AND DRY: Creditors' Proofs of Debt Due on July 16
------------------------------------------------------
Creditors of High And Dry Roofing 2012 Limited are required to file
their proofs of debt by July 16, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 13, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


KILIM WELLINGTON: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------------
Creditors of Kilim Wellington Limited are required to file their
proofs of debt by July 21, 2022, to be included in the company's
dividend distribution.

The High Court at Wellington appointed Wendy Somerville and Richard
Nacey of PwC as the company's liquidators on June 14, 2022.


TIKAAN HOLDINGS: Court to Hear Wind-Up Petition on June 30
----------------------------------------------------------
A petition to wind up the operations of Tikaan Holdings Limited
will be heard before the High Court at Invercargill on June 30,
2022, at 11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 3, 2022.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue
          Legal Services
          PO Box 1782
          Christchurch 8140




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

CHOICEHOMES INVESTMENTS: Creditors' Proofs of Debt Due on July 18
-----------------------------------------------------------------
Creditors of Choicehomes Investments Pte Ltd are required to file
their proofs of debt by July 18, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2022.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


MTL TAILOR: Court to Hear Wind-Up Petition on July 1
----------------------------------------------------
A petition to wind up the operations of MTL Tailor & Laundry Pte
Ltd will be heard before the High Court of Singapore on July 1,
2022, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
June 8, 2022.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


SOMERSET SHINAGAWA: Creditors' Proofs of Debt Due on July 18
------------------------------------------------------------
Creditors of Somerset Shinagawa Pte. Ltd. are required to file
their proofs of debt by July 18, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 13, 2022.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SUN LINE: Court to Hear Wind-Up Petition on July 1
--------------------------------------------------
A petition to wind up the operations of Sun Line Shipping Pte Ltd
will be heard before the High Court of Singapore on July 1, 2022,
at 10:00 a.m.

FLCL One Shipping Limited filed the petition against the company on
May 30, 2022.

The Petitioner's solicitors are:

          Incisive Law LLC
          5 Shenton Way
          #19-01 UIC Building
          Singapore 068808


THREE ARROWS: Considers Asset Sales, Bailout After Heavy Losses
---------------------------------------------------------------
The Wall Street Journal reports that cryptocurrency-focused hedge
fund Three Arrows Capital Ltd. has hired legal and financial
advisers to help work out a solution for its investors and lenders,
after suffering heavy losses from a broad market selloff in digital
assets, the firm's founders said on June 17.

"We have always been believers in crypto and we still are," the
Journal Kyle Davies, Three Arrows's co-founder, as saying in an
interview. "We are committed to working things out and finding an
equitable solution for all our constituent."

The Journal relates that the nearly decade-old hedge fund, which
was started by former schoolmates and Wall Street currency traders
Su Zhu and Mr. Davies, had roughly $3 billion in assets under
management in April this year.

That was shortly before a sudden collapse in the values of
TerraUSD, a so-called algorithmic stablecoin, and its sister token,
Luna, in mid-May.

Three Arrows is exploring options including asset sales and a
rescue by another firm, Mr. Davies said. The fund is hoping to
reach an agreement with creditors that would give it more time to
work out a plan. The firm is still operating as it seeks a
solution, the Journal relays.

According to the Journal, Three Arrows was among a group of large
investors that took part in a $1 billion token sale earlier this
year by Luna Foundation Guard, a nonprofit organization started by
South Korean developer Do Kwon, the creator of TerraUSD. The funds
went toward a bitcoin-denominated reserve for the stablecoin, and
were meant to help maintain TerraUSD's value at $1 per coin.

The Journal relates that Mr. Davies said Three Arrows invested
about $200 million in Luna as part of that deal, a sum that was
effectively wiped out when TerraUSD and Luna both became worthless
in a matter of days.

The two cryptocurrencies were previously among the 10 largest
digital coins before they lost a total of $60 billion in market
capitalization last month, he added, the report relays. Before the
collapse, a few people in the crypto industry had voiced concerns
about TerraUSD's stability and its dependence on traders to act as
its backstop, saying this mechanism could allow for a potential
downward spiral.

"The Terra-Luna situation caught us very much off guard," Mr.
Davies said, adding that the massive selloff was unprecedented. The
Luna Foundation's sale of bitcoin to help support TerraUSD also
worsened declines in the value of bitcoin in May.

The Journal relates that Mr. Davies said Three Arrows was able to
withstand the Luna losses, but the subsequent cascade of events
that caused prices of bitcoin, ether and other cryptocurrencies to
plummet in recent weeks created more problems, he added.

Credit conditions have tightened markedly as digital asset values
have fallen across the board, leading some lenders to demand
partial or full repayment on loans they previously made to crypto
investors. Rapidly rising U.S. interest rates—a result of the
Federal Reserve's attempts to rein in high inflation—have also
worsened a selloff in riskier assets.

Crypto's total market capitalization, which had topped out at
nearly $3 trillion in November last year, had tumbled to $910
billion as of June 17, the Journal discloses citing data provider
CoinMarketCap. Last weekend, Celsius Network LLC, a widely used
cryptocurrency lender, abruptly froze customer withdrawals, swaps
and transfers between accounts, blaming what it said were extreme
market conditions.

"We were not the first to get hit…This has been all part of the
same contagion that has affected many other firms," the report
quotes Mr. Davies as saying.

He said Three Arrows is still trying to quantify its losses and
value its illiquid assets, which include venture-capital
investments in dozens of private cryptocurrency-related companies
and startups.

"We are the biggest investors in the fund, and our intent was
always for everyone to do well in it," said Mr. Zhu, Three Arrows's
other founder.

Back in early 2021, Mr. Zhu had predicted that bitcoin would enter
what is known as a growth supercycle with continually rising prices
as the cryptocurrency gained more mainstream adoption. In late May,
as the market selloff was under way, he tweeted that the
"Supercycle price thesis was regrettably wrong, but crypto will
still thrive and change the world every day."

The Journal says the sudden comedown of Three Arrows follows the
firm's previously strong performance record. Messrs. Zhu and Davies
started their fund in late 2012 with just $1.2 million. It
originally focused on trading emerging markets currencies before
moving heavily into cryptocurrencies in recent years—multiplying
the fund's investments as bitcoin and other digital assets
increased in value.

The Journal notes that the firm is known to have had large
positions in the Grayscale bitcoin Trust and "Lido staked ether"
tokens, both of which have also suffered losses recently. The
latter is derivative of the cryptocurrency ether that is locked up
until the Ethereum network transitions to a less energy-intensive
model. These tokens have recently traded at a discount to ether
itself.

The Journal relates that Nichol Yeo, a partner of law firm
Solitaire LLP who is advising Three Arrows, said all of the fund's
investors are institutions or wealthy investors. He added that the
firm is keeping Singapore's financial regulator, the Monetary
Authority of Singapore, apprised of its recent developments.  

Just before the latest downturn, Three Arrows said it was making
plans to move its headquarters to Dubai, where the digital-asset
industry is booming, the Journal states. The firm operated as a
regulated fund manager in Singapore until last year, when it
shifted its domicile to the British Virgin Islands as part of its
relocation plan.

Headquartered in Singapore, Three Arrows Capital --
https://www.threearrowscap.com/ -- is a hedge fund manager that
provides risk-adjusted returns. The firm was established in 2012 by
Su Zhu and Kyle Davies.


UNIVERSAL UNION: Creditors' Proofs of Debt Due on July 18
---------------------------------------------------------
Creditors of Universal Union Enterprises Private Limited are
required to file their proofs of debt by July 18, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 11, 2022.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


ZILINGO PTE: Board to Meet Today, Liquidation Likely to Follow
--------------------------------------------------------------
Inc42 reports that B2B fashion ecommerce platform, Zilingo's board
is meeting on June 20 and on the table is the agenda of a likely
liquidation of the company, sources privy to the development told
Inc42. The company board including the lead investor, Sequoia
Capital, have been in talks with various buyout funds based in US,
Singapore, for a likely liquidation, sources said.

Buyout funds are a type of private equity fund and are usually only
open to wealthy investors.

Inc42 relates that the move came amid mounting pressure from
Zilingo creditors for $40 million debt from VC firms including
Varde Partners and Indies Capital in July 2021.

"Varde Partners has set out its intention of liquidating the assets
of the company and is arranging for a liquidation. There was also a
rift between the Varde Partners and Sequoia on the business
operations and the company prospects," one of the sources quoted
above said.

A Zilingo spokesperson told the Inc42, "An independent financial
advisor was appointed by the Company which is in the midst of
assessing options for the business. More information will be
provided in due course."

Ankiti Bose, the ex CEO of Zilingo, who holds an 8.5% stake in the
company, declined to comment on the developments, Inc42 notes.

Zilingo, which was inching towards unicorn status and in talks to
close a $100 million – $150 million funding round earlier this
year, has seen its fortunes dwindle swiftly. Covid hit the revenues
of the company pretty hard, and the valuation has dropped by almost
80% to just $200 million, as per a second source.

This has naturally impacted Sequoia which invested in the company
at a $970 million valuation in 2019 during a $227 million round
where Sequoia alone invested $150 million. Sequoia holds 26.2%
stake in the B2B fashion marketplace.

"The company hasn't been doing well on the business front and the
piling debt has added to its worries with pressure from creditors.
The rift between Bose and Sequoia's Singh made matters worse," said
the above source.

Based in Singapore, Zilingo Pte. Ltd -- https://zilingo.com/en/ --
operates as an online store. The Company offers womens and mens
clothing, bags, wallets, accessories, jewellery, shoes, make up,
and home decorative products. Zilingo serves customers worldwide.



                           *********


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.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
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
Peter Chapman at 215-945-7000.



                *** End of Transmission ***