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

                     A S I A   P A C I F I C

          Thursday, June 23, 2022, Vol. 25, No. 119

                           Headlines



A U S T R A L I A

A. NOBLE: Meertens Appointed as Administrators
AURUM PRIVATE: Second Creditors' Meeting Set for June 29
COPIA DEVELOPMENTS: Second Creditors' Meeting Set for June 29
FSA (ACT): First Creditors' Meeting Set for July 4
IC TRUST 2021-1: Moody's Upgrades Rating on Class C Notes to Ba3

KANN FINCH: First Creditors' Meeting Set for June 29
LPGAV PTY: Second Creditors' Meeting Set for June 28
PRIDMORE ELECTRICS: First Creditors' Meeting Set for June 29
SOLARIS TRUST 2022-1: S&P Assigns BB- (sf) Rating on Class E Notes
SQUIRREL SUPERANNUATION: Must Pay AUD55K Penalty, Says Court



C H I N A

GREENLAND HOLDING: S&P Lowers LT Issuer Credit Rating to 'SD'
JINGRUI HOLDINGS: Moody's Cuts CFR to Ca & Sr. Unsec. Ratings to C
[*] CHINA: Once-Sizzling Property Market Has Started to Cool


I N D I A

AJANTA GARTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
ANANTSHREE POLYFAB: CRISIL Keeps B Ratings in Not Cooperating
ANDAL AND COMPANY: CRISIL Keeps B+ Ratings in Not Cooperating
ASSOCIATED APPLIANCES: CRISIL Keeps D Ratings in Not Cooperating
BABULAL BECHARBHAI: CRISIL Lowers Rating on INR22.05cr Loan to B

BALLAVPUR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
BETA WIND: CRISIL Assigns B+ Rating to INR153.88cr Term Loan
BHAGWATI FASTNERS: CRISIL Keeps B Ratings in Not Cooperating
COSMOS BUSINESS: CRISIL Keeps B+ Debt Rating in Not Cooperating
DAEWON INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating

DAINIK SAVERA: CRISIL Keeps D Debt Ratings in Not Cooperating
DIMESCO FOOTCARE: CRISIL Hikes Rating on INR5.2cr Cash Loan to B+
ESSAR INTERNATIONAL: CRISIL Moves B+ Rating from Not Cooperating
FUTURE RETAIL: Says Not Wilful Defaulter, Resists Insolvency Plea
GURUDEVA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating

JAI HANUMAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
JAMPANA PADMAVATHI: CRISIL Keeps B+ Ratings in Not Cooperating
KAZIRANGA TEA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KEY TECH: CRISIL Keeps B+ Debt Rating in Not Cooperating
LOTUS LANDMARKS: CRISIL Keeps B Debt Rating in Not Cooperating

MAA CHINNAMASTA: CRISIL Cuts Rating on INR13cr Cash Loan to B
MAHAVIR DAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
NAGA MALLESWARA: CRISIL Keeps B Debt Ratings in Not Cooperating
NEW MODERN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
NIRMAL LIFESTYLE: NCLT Admits Insolvency vs. Property Developer

NITTYAKALI RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PAWANSUT CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating
POOJA SPONGE: CRISIL Keeps D Debt Ratings in Not Cooperating
PRAVEEN AROMA: CRISIL Keeps B Debt Ratings in Not Cooperating
RANISATI STEEL: CRISIL Keeps B Debt Rating in Not Cooperating

RUDRA GREEN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
S.S. INDUSTRIES: CRISIL Cuts Rating on INR6.25cr Cash Loan to B
TKN RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VISHAL JEWELLERS: CRISIL Lowers Rating on INR8cr Cash Loan to D


N E W   Z E A L A N D

DUNES (2012): Creditors' Proofs of Debt Due on July 23
JULIA INTERIORS: Court to Hear Wind-Up Petition on June 30
KIWI-CHANG ENTERPRISES: Creditors' Proofs of Debt Due on July 17
METROPOLIS DESIGN: Court to Hear Wind-Up Petition on Sept. 15
PROPELLOR PROPERTY: Court to Hear Wind-Up Petition on Sept. 15

SALESFORCE CONTRACTING: Creditors' Proofs of Debt Due on July 22


P A K I S T A N

PAKISTAN: Makes Progress in Talks with IMF on Bailout Programme


S R I   L A N K A

SRI LANKA: Sued by Bondholder in US Following Historic Default

                           - - - - -


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

A. NOBLE: Meertens Appointed as Administrators
----------------------------------------------
The Advertiser reports that A. Noble & Son Limited, one of South
Australia's oldest companies, has called in administrators, with
170 staff sweating on whether a rescue package can save their
jobs.

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

A. Noble & Son Limited, also known as Nobles, supplies lifting and
rigging products and services across the full Defence procurement
and operating value chain, including shipyard and manufacturing
facility construction, vessel and vehicle build, as part of the
equipment and vessel itself and during sustainment.


AURUM PRIVATE: Second Creditors' Meeting Set for June 29
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Aurum Private Wealth Pty Ltd
     - C2 RB Developments Pty Ltd
     - C2 Treasury Pty Ltd
     - Remi Capital (QLD) Pty Ltd
     - Remi Capital (VIC) Pty Ltd
     - Remi Portfolio 1 Pty Ltd
     - Remi (Tarneit) Pty Ltd
     - Remi Property Pty Ltd

has been set for June 29, 2022, at 10:00 a.m. via virtual
facilities.

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 28, 2022, at 1:00 p.m.

Christopher John Baskerville and Glenn Anthony Crisp of Jirsch
Sutherland were appointed as administrators of Aurum Private Wealth
et al. on May 25, 2022.


COPIA DEVELOPMENTS: Second Creditors' Meeting Set for June 29
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Copia
Developments Pty Ltd, Vitium Care Pty Ltd, and C2 Portfolio Pty Ltd
has been set for June 29, 2022, at 10:00 a.m. via virtual
facilities.

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 28, 2022, at 1:00 p.m.

Christopher John Baskerville and Glenn Anthony Crisp of Jirsch
Sutherland were appointed as administrators of Copia Developments
on June 2, 2022.


FSA (ACT): First Creditors' Meeting Set for July 4
--------------------------------------------------
A first meeting of the creditors in the proceedings of:

          - FSA (ACT) Pty Ltd;
          - FSA (NSW) Pty Ltd;
          - FSA (QLD) Pty Ltd;
          - FSA (WA) Pty Ltd;
          - FSA Employee Services Pty Ltd; and
          - FSA Services Group Pty Ltd

will be held on July 4, 2022, at 11:30 a.m. via Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of FSA (ACT) et al. on June 22, 2022.


IC TRUST 2021-1: Moody's Upgrades Rating on Class C Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
of notes issued by IC Trust 2021-1.

The affected ratings are as follows:

Issuer: IC Trust 2021-1

Class B Notes, Upgraded to Ba1 (sf); previously on Aug 18, 2021
Definitive Rating Assigned Ba2 (sf)

Class C Notes, Upgraded to Ba3 (sf); previously on Aug 18, 2021
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the collateral performance to
date.

Following the May 2022 payment date, the credit enhancement
available for the Class B and Class C Notes has increased to 28.3%
and 14.6%, respectively, from 17.0% and 8.8% at closing.

As of end-April, 7.1% of the outstanding pool was 30-plus day
delinquent, and 2.1% was 90-plus day delinquent. The portfolio has
incurred no defaults or losses to date.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 12.8% as
a percentage of the original balance.

Moody's has maintained the Aaa portfolio credit enhancement at
48%.

Moody's analysis has also considered various scenarios involving
lower mean default rates, and different default timings and
prepayment rates to evaluate the resiliency of the note ratings.

The transaction is a cash securitisation of consumer auto loan
receivables extended to non-conforming borrowers in Australia
originated by Fin One Pty Ltd.

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:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.

KANN FINCH: First Creditors' Meeting Set for June 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of Kann Finch
Group Pty Ltd, KF Group Services Pty Ltd, and Kann Finch Pty Ltd
will be held on June 29, 2022, at 11:00 a.m. via virtual
facilities.

Trent Andrew Devine and Peter John Moore of Jirsch Sutherland were
appointed as administrators of Kann Finch on
June 17, 2022.


LPGAV PTY: Second Creditors' Meeting Set for June 28
----------------------------------------------------
A second meeting of creditors in the proceedings of LPGAV Pty Ltd
(as trustee for 'LPGAV Family Trust') has been set for June 28,
2022, at 11:00 a.m. at the offices of SV Partners, Level 17, 200
Queen Street, in Melbourne, Victoria.

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 27, 2022, at 5:00 p.m.

Peter Gountzos and Timothy James Brace of SV Partners were
appointed as administrators of LPGAV Pty on May 23, 2022.


PRIDMORE ELECTRICS: First Creditors' Meeting Set for June 29
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Pridmore
Electrics Pty Ltd will be held on June 29, 2022, at 11:00 a.m. via
Zoom Meetings.

Sam Kaso of Cor Cordis was appointed as administrator of Pridmore
Electrics on June 19, 2022.


SOLARIS TRUST 2022-1: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of
residential mortgage-backed securities (RMBS) issued by AMAL
Trustees Pty Ltd. as trustee for Solaris Trust 2022-1. Solaris
Trust 2022-1 is a securitization of prime residential mortgage
loans originated by Brighten Home Loans Pty Ltd.

The ratings reflect the following factors:

-- The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk takes into account
Brighten Home Loans Pty Ltd.'s underwriting standards and approval
process, and its servicing quality.

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

-- S&P's ratings also take into account the counterparty exposure
to Westpac Banking Corp. as bank account provider.

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

-- S&P has assessed the servicing and standby servicing
arrangements in this transaction under its "Global Framework For
Assessing Operational Risk In Structured Finance Transactions"
criteria, published Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes.

  Ratings Assigned

  Solaris Trust 2022-1

  Class A-S, A$115.0 million: AAA (sf)
  Class A-L, A$155.0 million: AAA (sf)
  Class B, A$63.3 million: AA (sf)
  Class C, A$70.0 million: A (sf)
  Class D, A$53.3 million: BBB (sf)
  Class E, A$40.0 million: BB- (sf)
  Class F1, A$13.5 million: Not rated
  Class F2, A$13.5 million: Not rated


SQUIRREL SUPERANNUATION: Must Pay AUD55K Penalty, Says Court
------------------------------------------------------------
The Federal Court has ordered Squirrel Superannuation Services Pty
Ltd to pay a AUD55,000 penalty for false and misleading marketing
regarding investing in residential property via self-managed
superannuation funds (SMSF).

The Court found Squirrel distributed a brochure conveying
misleading representations about residential property investment
returns at a seminar and via email on about 9,420 occasions,
between March 2015 to January 2019. Squirrel was found to have
engaged in conduct that was misleading and deceptive or likely to
mislead or deceive.

ASIC issued two Infringement Notices to Squirrel regarding the same
conduct in October 2018 which Squirrel failed to pay. ASIC then
took the matter to the Federal Court in December 2020.

ASIC Deputy Chair Sarah Court said 'The SMSF sector holds an
estimated total value of assets of just over AUD876 billion.
Misleading information about SMSFs can greatly impact the sector so
it is important that clear and accurate information is provided to
those looking to set up an SMSF.

'ASIC issued two infringement notices about the Squirrel marketing
material that were not paid. Entities should be aware that by not
paying infringement notices, they risk higher penalties imposed by
the Court,' concluded Ms Court.

The Court found that the brochure, titled 'How buying established
residential property can super charge your superannuation?', made a
series of misleading representations, including that:

   * residential property in metropolitan locations was likely to
     double in value every 7-10 years and generate a rental return

     of around 4 - 5% per annum;

   * purchasing an AUD800,000 residential investment property
     using a 25% deposit from an SMSF and taking out a mortgage
     for the balance would produce an average total annual return
     of 14%;

   * there is a 'remarkable' difference in returns between
     investing in a regular superannuation fund (7%) and using an
     SMSF that purchased residential property (14%); and
    
   * the costs of managing an investment property through an SMSF
     are 'surprisingly low' compared with using a financial
     planner to select a series of managed investment funds.

Justice Burley of the Federal Court noted that 'Squirrel's
misconduct was compounded when it continued to disseminate the
brochure after receiving verbal feedback from attendees [following
a seminar] in April 2015 and, more particularly, after it had
received notification from ASIC about its concerns in July 2018.
The fact that Squirrel approved and distributed the brochure over
an extended period may be taken to reflect a poor corporate culture
of compliance and indicate that Squirrel had inadequate systems in
place to ensure compliance with the Act.'

His Honour also noted that 'Squirrel has a mixed record when it
comes to cooperation with ASIC. Following notification of [ASIC's]
concerns, Squirrel purported to cease using the brochure, but then
continued its distribution. It also misled ASIC as to the number of
occasions it had distributed the brochure. Furthermore, while
[Squirrel] accepted liability to pay two infringement notices
relating to the brochure, it failed to pay them. Such conduct
should be discouraged.'

Squirrel holds an Australian Financial Services licence and is
authorised to carry on a financial services business.

In July 2018, ASIC raised concerns with Squirrel about the contents
of its brochure and in October 2018 ASIC issued two infringement
notices. Despite ASIC's concerns, the brochure continued to be
distributed until January 2019.

In August 2019, Squirrel was placed in voluntary administration.
Squirrel is now under new management.




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

GREENLAND HOLDING: S&P Lowers LT Issuer Credit Rating to 'SD'
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
the China-based property developer Greenland Holding Group Co. Ltd.
to 'SD' from 'CC'.

S&P said, "We lowered the rating on Greenland following the
completion of the maturity extension of its US$500 million senior
unsecured notes due June 25, 2022. The notes have been extended by
12 months from the original maturity date.

"We view the transaction as a distressed debt restructuring and
tantamount to a default. Had the notes not been extended, Greenland
likely would have lacked the resources and funding options to fully
repay them upon maturity. The company still faces a significant
amount of offshore debt maturities over the next 12 months,
totaling about US$2.4 billion (Chinese renminbi 16.4 billion
equivalent).

"We will reassess Greenland's credit profile as soon as practicable
after we have more post-transaction information to analyze the
company's financial and liquidity position."

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


JINGRUI HOLDINGS: Moody's Cuts CFR to Ca & Sr. Unsec. Ratings to C
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Jingrui Holdings Limited to Ca from Caa2, and the
company's senior unsecured ratings to C from Caa3.

The outlook remains negative.

"The downgrade reflects our expectation of weak recovery prospects
for Jingrui's bondholders following its interest payment defaults,"
says Daniel Zhou, a Moody's Analyst.

Jingrui announced on June 17, 2022 that it had missed the interest
payments for several of its outstanding offshore bonds[1].

The negative outlook reflects Moody's view that the recovery
prospects for Jingrui's creditors could worsen.

RATINGS RATIONALE

Jingrui's Ca CFR reflects the company's interest payment defaults
and its limited financial flexibility. Its missed interest payments
could trigger a cross default and accelerate the repayment of the
company's other debt obligations.

As a result, the company will likely go through a debt
restructuring process and have to rely on asset sales or
investments from potential investors to generate funds for debt
servicing. However, these fundraising activities entail high
execution risk and the recovery prospects for creditors remain
uncertain.

Jingrui's C senior unsecured debt rating is one notch lower than
its CFR due to structural subordination risk. This risk reflects
the fact that the majority of claims are at the operating
subsidiaries and have priority over Jingrui's senior unsecured
claims in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Jingrui's concentrated ownership by its key
shareholders, Mr. Chen Xin Ge and Mr. Yan Hao, who held an
approximate 67.9% stake in the company as of the end of June 2021.
Moody's has also considered Jingrui's weak governance and
information disclosure following the recent resignation of its
auditor and a delay in the release of audited financial results.

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

An upgrade is unlikely given the negative outlook.

However, positive rating momentum could develop if Jingrui repays
its maturing debt and improves its liquidity position materially.

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

Jingrui Holdings Limited is a Shanghai-based property developer.
The company was listed on the Hong Kong Stock Exchange in October
2013. It was originally established in 1993 as Shanghai Jingrui
Property Development Company by a group of businessmen, including
its current key shareholders and executive directors, Mr. Chen Xin
Ge and Mr. Yan Hao.

The company engages in property development, with a focus on
residential projects in the Yangtze River Delta and other
second-tier cities in China.

[*] CHINA: Once-Sizzling Property Market Has Started to Cool
------------------------------------------------------------
The New York Times reports that China's property sector started to
crumble under the weight of its huge debts. What was already
shaping up to be the country's worst housing market in years
suffered another blow when a new variant of the coronavirus
triggered widespread lockdowns and brought the economy to a
standstill, the report says.

According to the New York Times, the turmoil has touched off a
plunge in new home sales and depressed real estate prices for the
first time in years, jeopardizing the prospects of an already
fragile economy that had come to depend on housing for job growth
and business spending, and putting at risk an important investment
for millions of Chinese families.

So far, China's efforts to revive the housing market with lower
mortgage rates, easier credit, subsidies and relaxed regulations
have not worked, the report states. In April and May, new home
prices fell in more than half of China's 70 biggest cities for the
first time since 2016, and sales of such properties tumbled nearly
60 percent, the report discloses.

Zhanjiang, a port city of seven million people, had some of the
steepest price declines among major cities, according to the
report. Liang Jiawei, a property salesman in Zhanjiang said that he
sold only five apartments in April. May was even worse.

"Prices have come down, but enthusiasm for buying houses still
hasn't returned," the report quotes Mr. Liang as saying. "The
economy is not good, and the continuous impact of the pandemic has
completely changed the situation."

As China slowly emerges from restrictive lockdowns, the country is
focused on preventing an economic slowdown, the report notes. Last
month, its premier, Li Keqiang, called an emergency meeting and
issued a grave warning to more than 100,000 officials that
businesses and local governments needed to act with "clear
urgency."

The New York Times says the real estate sector is a large and
important lever. Ever since China started to roll out reforms in
1988 for commercial housing, property has become a pillar of an
ascendant economy. By some estimates, it accounts for about 30
percent of China's G.D.P. after factoring in related industries
such as construction and property management, the report notes.




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I N D I A
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AJANTA GARTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ajanta Gartex
Processors Private Limited (AGPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term     0.8        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              7.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Working Capital        0.7        CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with AGPPL 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 AGPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AGPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AGPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

AGPPL, incorporated in April 2005 is an Uttar Pradesh based company
promoted by Sh. Rajender Kumar Chindalia and Sh. Babu Lal Daga.
AGPPL is engaged in the processing and dyeing of fabric and
garments. The plant of AGPPL is located in Ghaziabad District,
U.P., having built up on an area of 10,000 square feet
approximately. The manufacturing facility is owned by a group
partnership firm in which Shri Babu Lal Daga is a partner. The
company is paying rent to the partnership firm for using the said
facility.


ANANTSHREE POLYFAB: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anantshree
Polyfab Private Limited (APPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          0.25      CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             3         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan          6.45      CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with APPL 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 APPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

APPL, incorporated in 2016 at Darjeeling, manufactures
polypropylene bags with installed capacity of 250 tonne per month;
it started commercial production from November 2017.

Mr Sandip Kumar Kayan, Mr Ajay Agarwal, Ms Sunita Devi Agarwal and
Mr Govind Prasad Kayan are the promoters.


ANDAL AND COMPANY: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Andal
and Company (SAC) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              22       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash             1       CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with SAC 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 SAC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAC continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SAC, set up in 1992 and based in Chennai, is a partnership concern
promoted by Mr. M Subbiah and his family. The firm trades in
thermo-mechanically treated bars, channels, angles, joints, and
beams.


ASSOCIATED APPLIANCES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Associated
Appliances Limited (AAL) 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             10        CRISIL D (Issuer Not
                                     Cooperating)
   Inland/Import
   Letter of Credit        11        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan                3        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AAL 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 AAL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AAL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

AAL was founded in New Delhi in 1994, by Mr Dev Dutta Sharma and
his family members. The company manufactures and trades in home and
kitchen appliances, including liquefied petroleum gas stoves and
kitchen ventilation hoods.


BABULAL BECHARBHAI: CRISIL Lowers Rating on INR22.05cr Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Babulal Becharbhai Zaveri Golds and Diamonds Private Limited
(BBZGDPL) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            22.05      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Working        3.43      CRISIL B/Stable (ISSUER NOT
   Capital Facility                  COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with BBZGDPL 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 BBZGDPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BBZGDPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BBZGDPL Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

BBZGDPL, incorporated in 2013, is promoted by Mr Balram Zaveri and
his family members. The company trades in gold, silver, and diamond
jewellery such as rings, necklaces, bracelets, chains, and bangles.
It is based in Aurangabad, Maharashtra.


BALLAVPUR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ballavpur
Paper Mfg. Limited (BPML) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        8         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        6         CRISIL D (Issuer Not
                                     Cooperating)

   Standby Line
   of Credit               1.5       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               7.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BPML 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 BPML, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPML continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

BPML, incorporated in 2006, is promoted by Mr Ujjal Kumar Upadhyay.
The company, which commenced commercial operations from 2009,
manufactures kraft paper using waste paper. Kraft paper is
primarily used in industrial packaging. The manufacturing unit is
at Ranigunj, West Bengal. The company also has a coal-based captive
power plant. Mr Amarendra Nath Bhattacharjee, who has decades of
experience in the paper industry, is the managing director and
overseas operations.


BETA WIND: CRISIL Assigns B+ Rating to INR153.88cr Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Beta Wind Farm Private Limited
(BWFPL).

                            Amount
   Facilities            (INR Crore)  Ratings
   ----------            -----------  -------
   Rupee Term Loan          153.88    CRISIL B+/Stable (Assigned)
   Rupee Term Loan          131.79    CRISIL B+/Stable (Assigned)
   Rupee Term Loan           83.78    CRISIL B+/Stable (Assigned)
   Rupee Term Loan           99.16    CRISIL B+/Stable (Assigned)
   Rupee Term Loan           83.55    CRISIL B+/Stable (Assigned)
   Rupee Term Loan           69.13    CRISIL B+/Stable (Assigned)
   Rupee Term Loan           55.07    CRISIL B+/Stable (Assigned)
   Rupee Term Loan           42.61    CRISIL B+/Stable (Assigned)
   Rupee Term Loan           13.16    CRISIL B+/Stable (Assigned)
   Rupee Term Loan           10       CRISIL B+/Stable (Assigned)
   Rupee Term Loan            7.7     CRISIL B+/Stable (Assigned)
   Rupee Term Loan            6.8     CRISIL B+/Stable (Assigned)
   Working Capital Facility   4.5     CRISIL A4 (Assigned)
   Working Capital Facility   2.14    CRISIL A4 (Assigned)
   Working Capital Facility   1.42    CRISIL A4 (Assigned)
   Working Capital Facility   2.49    CRISIL A4 (Assigned)
   Working Capital Facility   1.78    CRISIL A4 (Assigned)
   Working Capital Facility   3.31    CRISIL A4 (Assigned)
   Working Capital Facility   1.05    CRISIL A4 (Assigned)
   Working Capital Facility   1.12    CRISIL A4 (Assigned)
   Working Capital Facility   3.56    CRISIL A4 (Assigned)

The rating reflects the regularization of its debt servicing in the
past 5 months and consistent satisfactory operations of the plant,
backed by low counter party risk aided by power purchase agreements
(PPAs) have been signed with group captive counterparties and state
discoms, favorable decision towards company by AP High Court to
honor the PPA with AP Discom at agreed tariff coupled with reducing
annual repayment obligations over the medium term.

These strengths are partially offset by history of delays in debt
servicing in the past, non-maintenance of DSRA as stipulated by
lenders and lower liquidity position.

Analytical Approach

CRISIL Ratings has evaluated the rating of the company on
standalone basis.

Key Rating Drivers & Detailed Description

Weakness:

* History of delays in debt servicing and limited track record of 5
months of regular debt servicing: There has been history of delays
in meeting debt obligations over the past 7 years. However, the
accounts have been regular during the last 5 months since Dec-21
due to receipt of receivables to the tune of ~INR45-50 crore from
REC which were stuck for long time. However, the track record for
regular payment of its debt servicing needs to be established and
will be a key monitorable risk.

* Non-creation of DSRA leading to limited liquidity position: BWFPL
has not yet created 1 quarter DSRA as stipulated by its lenders.
Lenders have originally given timeline up to March-2020 for
creation of DSRA and extended from time to time each year and last
extended up to March-2022. Further extension of timelines up to
March-2023 for creation of DSRA, is under process. However, company
intends to create DSRA as soon as the surplus cash is available
after meeting the scheduled debt obligations.

Strengths:

* Regularization of debt servicing of its account for last 5 months
since Dec-21 on account realization of INR45-60 crores from REC:
The accounts of the company have been regular during the last 5
months since Dec-21 primarily due to receipt of receivables to the
tune of ~INR45-50 crore from REC which were stuck for long time.
However, during the last 5 months, there have been few instances
with some of the lenders for operational delay in debt servicing
for 1-3 days due to technical error. The company though had
sufficient funds on each due date. The accounts of the company were
never classified as NPA by lenders.

* Stable revenue visibility and tie-up with strong and established
counterparties: Counter parties of the companies are dominated by
Group captive consumers i.e 68% followed by AP Discom (21%),
Gujarat Discom (10.5%) and Mangalore Discom (0.5%) at overall
reasonably high weighted average tariff of INR5.59/unit. Group
captive consumers consists of strong and established industries.
Receivables period from Group captive consumers and Gujarat Discom
which constitutes around 80% of its total debtors is 30-45 days
only, whereas receivables from AP Discom which constitutes around
20% are stuck for more than 12 months. However, recently with
direction of AP high Court to AP Discom to honour its PPA agreed
tariff rate, will resultantly increase the tariff realization from
Rs.2.40/unit to ~INR4.70/unit and will improve the overall revenue
visibility and also overall cashflows of the company in the medium
term.      

* Operating performance has been consistent over the past three
fiscals: The plant has been operating well and there were no
challenges faced by company in terms of its operation since their
commencement of operations. PLF of the plant was ranging from 18.7%
to 23.2% in the last 7 fiscals and average PLF for the past 7
fiscals works out to 20.8%.

Liquidity: Poor

Company has a cash balance of INR1.41 crores as on 31-Mar-22 and
has unutilized CC limits of ~INR3.5 crore as on end of Apr-2022.
Average CC utilization in last 6 months was 60-70%. Further, DSRA
of 1 quarter (of principal and interest) required as per financing
agreement, currently not yet created by company (though there are
no penal charges for non-maintenance).

Outlook: Stable

CRISIL Ratings believes BWFPL will continue to have stable cash
flows, with its capacity tied up with strong and established
counterparties.

Rating Sensitivity Factors

Upward factors

* Track record of regular debt servicing beyond 12 months
* Creation of 1 quarter debt service reserve account (DSRA) balance


Downward factors

* Delay in debt servicing of loan of any lender
* Weak generation leading to substantial reduction in PLF on a
sustained basis
* Non-creation of DSRA balance from the project cash flows within
the timeline permitted by the lenders

Beta Wind Farm Private Limited was incorporated in the year 2009
and registered at Chennai. This company is privately held.
Promoters hold 74 percent of shares. The holding company for Beta
Wind Farm Private Limited, is Orient Green Power Company Limited,
holding 74 percent of shares. Key business activities include
electric power generation, transmission and distribution
contributing to 100 percent of turnover of company.

The company has installed wind power projects with total aggregate
capacity of 241.67 MW. Counterparties of the company are Group
captive consumers which consists of 68% of its total portfolio, AP
Discom (21%), Gujarat Discom (10%) and Mangalore Discom (1%).


BHAGWATI FASTNERS: CRISIL Keeps B Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagwati
Fastners Private Limited (BFPL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         0.3        CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            2.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              8.2        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BFPL 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 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 continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 2013, BFPL manufactures stainless steel fasteners
such as bolts, nuts screws, and rivets at its facility in Kolkata,
which has installed capacity of 5000 tonne per annum. The company
started commercial operations in November 2015. It is promoted by
Mr C P Bhatia, who has been in the business for over a decade.


COSMOS BUSINESS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Cosmos
Business Machines Private Limited (CBMPL, part of Cosmos Group)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with CBMPL 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 CBMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CBMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CBMPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of CBMPL and CosmosBusiness
Machines (CBM). This is because both the entities, together
referred to as the Cosmos group, have common promoters, are in the
same line of business, and have business and financial synergies.

                          About the Group

CBM, established in 1994, is a partnership firm engaged in
distribution, installation, and maintenance of telecom, security,
and audio-visual systems for corporates, government organizations,
and multinational corporations.

CBMPL, established in 2004, is a super distributor for the complete
range of telecom and security products of Panasonic India in Goa,
Maharashtra, Gujarat and Madhya Pradesh.

The group is promoted and managed by Mr. Aniruddha Telang and Mr.
Vivek Birje and is based in Mumbai.


DAEWON INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Daewon India
Auto Parts Private Limited (DIAPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Foreign Currency         5        CRISIL B+/Stable (Issuer Not
   Demand Loan                       Cooperating)

   Working Capital         15        CRISIL B+/Stable (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with DIAPL 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 DIAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DIAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DIAPL continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2007 and based in Chennai, DIAPL is a 100%
subsidiary of DKUCL. The company manufactures coil springs and
stabiliser bars used in the automotive industry.


DAINIK SAVERA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dainik Savera
News and Media Network (DSMN) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term       0.08     CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan                3.92     CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DSMN 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 DSMN, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DSMN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DSMN continue to be 'CRISIL D Issuer Not Cooperating'.

DSMN was set up in December 2012 and is owned and managed by Mr
Shital Vij and his family members. The firm operates a printing
press in Jalandhar, Punjab, through which it publishes Dainik
Savera Times, a regional newspaper with circulation in Jammu,
Punjab, Haryana, Chandigarh, Delhi, and Himachal Pradesh.


DIMESCO FOOTCARE: CRISIL Hikes Rating on INR5.2cr Cash Loan to B+
-----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Dimesco Footcare India Private Limited (DFPL)to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             5.2       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Working Capital
   Term Loan               0.24      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Working Capital
   Term Loan               1.01      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the improvement in the business risk profile
through increased revenues in fiscal 2022 of around INR28 crore as
against INR21.43 crore in fiscal 2021. The company has also
reported profits of INR0.09 crore in fiscal 2022 as against losses
in the past 4 fiscals, ended in fiscal 2021. The company has
started moved from both, EVA and PU footwear to manufacturing of
only PU footwear, which are much more cost effective as compared
EVA footwear. The upgrade also reflects the improvement in the
financial risk profile. The debt protection metrics have improved
as reflected by the interest coverage and net cash accruals to
total debt of 0.4 times and -0.02 times, respectively in fiscal
2021 to 1.13 times and 0.06 times, respectively in fiscal 2022.

The ratings continue to reflect the company's below-average
financial risk profile and modest scale of operations in an
intensely competitive industry. These weaknesses are partially
offset by the extensive experience of the promoters in the footwear
industry and the established market position of the VKC brand.

Analytical Approach

Unsecured loans from promoters of INR6.92 crore, as on March 31,
2022, has been treated as 75% Equity and 25% debt as the same is
expected to be retained in the business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: The company has a leveraged
capital structure with gearing and TOL/TNW of around 1.69 times and
2.94 times respectively, as on March 31, 2021 and is estimated at
1.61 times and 2.72 times as on March 31, 2022. The net worth had
been decreasing on account of operational losses in the previous 3
fiscals, ended in fiscal 2021. The debt protection metrics are also
weak with interest coverage of 0.40 times in fiscal 2021. The same
is estimated to improve to 1.13 times in fiscal 2022.  

* Modest scale of operations in an intensely competitive market:
Revenue in fiscal 2021 was modest at INR21.43 crore. Though has
improved to INR28 crore in fiscal 2022, the revenues continue to
remain modest. The group is exposed to intense competition from
multinational brands such as Puma and Reebok, and local brands such
as Bata.

Strengths:

* Extensive experience of the promoters: DFPL is part of the VKC
group of companies, which was founded by Mr. VKC Mammed Koya with
his two brothers. The group is a leading manufacturer of
polyurethane (PU) and ethylene-vinyl acetate (EVA) footwear in
India, sold under the VKC brand. The promoters have nearly three
decades of experience in this industry.

* Established market position and extensive dealer network: The
company manufactures PU footwear and thermo-plastic rubber (TPR)
insole footwear, where the maximum retail price is INR200-500 per
pair and INR800-1,000 per pair, respectively. The footwear is sold
under various VKC brands, which are well-known and have healthy
recall, primarily among the middle-class segment. The company is
expected to continue to benefit from its established market
position over the medium term.

Liquidity: Stretched

Bank limit utilisation is high at around 93.29 percent for the past
twelve months ended April 2022.

Cash accruals are expected to be over INR0.5-1 crore which are
sufficient against term debt obligation of INR0.4-0.45 crore over
the medium term. In addition, it will be act as cushion to the
liquidity of the company. Current ratio are low at 0.75 times on
March 31, 2021.

The promoters are likely to extend support in the form of equity
and unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook Stable

CRISIL Ratings believes DFPL will continue to benefit from the
extensive experience of its promoters in the footwear segment and
the established market position of the VKC brand.

Rating Sensitivity factors

Upward factors

* Increase in revenue by over 30% and sustained margins over 4%,
leading to higher cash accruals
* Improvement in the working capital cycle with GCA days reducing
to below 180 days

Downward factors

* Any decline in revenue, leading to further operating losses
* Stretch in the working capital cycle leading to deterioration of
the company's liquidity and overall financial risk profile

DFPL, established in 2005, is part of Division I the VKC group. It
manufactures footwear under various brand names, including VKC
Pride, VKC Stile, and VKC Trendz.

The VKC group, set up in 1984 by Mr V K C Mammed Koya, manufactures
footwear under the VKC brand. The group is divided into two
divisions – Division I and Division II for management ease and
effective control. While both divisions market products under the
VKC brand, the treasury and key operations are managed
individually. Division I is headed by Mr V Noushad and Division II
by Mr Abdul Razaak.


ESSAR INTERNATIONAL: CRISIL Moves B+ Rating from Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Essar International (EI) to
'CRISIL B/Stable Issuer Not Cooperating'. However, the management
has subsequently started sharing requisite information, necessary
for carrying out comprehensive review of the rating. Consequently,
CRISIL Ratings is migrating the rating on bank facilities of EI
from 'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL
B+/Stable'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              4        CRISIL B+/Stable (Migrated
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Long Term       0.4      CRISIL B+/Stable (Migrated
   Bank Loan Facility                from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan                8.1      CRISIL B+/Stable (Migrated
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

The rating continues to reflect the weak capital structure,
improving yet modest scale of operations and vulnerability to
cyclicality in end-user industry and exposure to risks related to
the ongoing project. These weaknesses are partially offset by the
extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak capital structure: Small networth of INR3.59 crore, as of
March 31, 2021 estimated to be around 4.40 crores, coupled with
large debt, has resulted in gearing of 3.62 times, estimated as of
the same date.

* Vulnerability to cyclicality in end-user industry and modest
scale of operations: EI's performance is closely linked with the
investment climate in its end-user capital goods industry which is
cyclical in nature. Also, scale of operations though increasing is
modest with revenue of INR62.01 crore in fiscal 22, constraining
the business risk profile.

* Exposure to risks related to project: The management has
undertaken a capex for setting up of the hospital and has procured
land for the same. The project is quite large in relation to
company's current networth and hence exposes it to heightened
project-related risks

Strength:

* Extensive experience of the partners: The two-decade-long
experience of the partners in industrial machinery and consumables
industry, their strong understanding of local market dynamics, and
healthy relationships with key customers and suppliers, will
continue to support the business risk profile.

Liquidity: Stretched

The liquidity is stretched because of muted cash accruals, moderate
bank limit utilization and large funding requirement. The bank
limits have remained utilized at 62.8% for 12 months through
February 2022. Liquidity is further expected to be constrained by
ongoing project which would have significant fund requirement.

Outlook: Stable

CRISIL Ratings believe EI will continue to benefit from the
extensive experience of its promoter, over the medium term.

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation, and better operating
margin leading to cash accruals of over Rs.2 crore
* Significant improvement in capital structure.

Downward factors

* Decline in profitability or revenue or capital withdrawal leading
to net cash accruals of less than Rs.1.0 crore
* Larger than expected debt-funded capital expenditure further
weakens capital structure.

Established in 2001, based out of Kanpur, EI is owned and managed
by Mr. Sanjay Kumar Srivastava, Ms. Annapurna Srivastava, Mr.
Pankaj Mani Srivastava, Ms. Rupali Srivastava, Dr. Shivam
Srivastava. The firm is involved in manufacturing of Sheet Metal
Components, Machinery Parts, and Storage Items & Heavy Fabrication
with Electric Panels.


FUTURE RETAIL: Says Not Wilful Defaulter, Resists Insolvency Plea
-----------------------------------------------------------------
Moneycontrol.com reports that a counsel for Future Retail on June
21 told the court that the debt-laden retailer was not a wilful
defaulter and hence, resisted the insolvency petition by a
consortium of lenders led by Bank of India.

"Bank of India was a part of the consortium of banks," counsel
Shyam Kapadia told the Mumbai-bench of the National Company Law
Tribunal, Moneycontrol.com relays. "They (banks) agreed to allow us
'Holding on Operations.' But suddenly, they had a change of heart
and decided not to allow it. We maintain that the corporate
debtor's (Future Retail) ability to pay has been compromised."

Under Holding on Operations, banks allow companies to draw funds
from the cash credit account at least to the extent of their
deposit of sale proceeds during the period of such an operation,
the report notes.

Moneycontrol.com relates that Future Retail's counsel also alleged
that there was a refusal on part of banks to take control of
assets, in order to reduce, if not extinguish, the debt that was
owed.

Bank of India on April 14 filed insolvency proceedings against
Future Retail for non-payment of dues, Moneycontrol.com recalls.
Future Retail owes banks INR5,322.32 crore as of March 31,
according to Bank of India's petition in the NCLT. Lenders to the
company include Union Bank of India, State Bank of India, Bank of
Baroda, and IDBI Bank, among others.

In a stock exchange filing on April 23, Reliance Industries had
said the $3.4 billion deal to take over the retail assets of Future
Retail could not be implemented because the company's secured
creditors had "voted against the scheme," according to
Moneycontrol.com

While over 75 percent of Future Group's shareholders and unsecured
creditors had voted in favor of the deal with Reliance, 69.29
percent of secured creditors rejected the deal and the remaining
30.71 percent voted in favor of it, Future Retail said in an
exchange filing on April 22.

Most banks have already declared their exposure to Future Retail as
non-performing asset (NPA), Moneycontrol.com notes.

                         About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.

Future, India's second-largest retailer, has sought to complete its
AUD3.4 billion retail asset sale to Reliance Retail since 2020. The
Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.

GURUDEVA TRUST: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gurudeva
Trust (GT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility       3        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan                8.2      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GT 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 GT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GT
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

GT was established in January 2001 by Mr K R Kusuman along with
other partners. Based in Ernakulam, the trust runs the Sree
Narayana Guru Institute of Science & Technology, which offer
post-graduate courses in business and computer management and
engineering degree courses under the Mahatma Gandhi University.


JAI HANUMAN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Hanuman
Cotton Ginning Mills Private Limited (JHCGMPL) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            4.95       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         0.50       CRISIL B+/Stable (Issuer Not
                                     Cooperating)
   Proposed Working
   Capital Facility       1.55       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JHCGMPL 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 JHCGMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
JHCGMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of JHCGMPL continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

JHCGMPL, incorporated in 2009 at Haryana, gins cotton and operates
an oil pressing unit. The operations are managed by Mr Sandeep
Garg.


JAMPANA PADMAVATHI: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jampana
Padmavathi (JP) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Loan          8.8       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Working        1.2       CRISIL B+/Stable (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with JP 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 JP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JP
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

JP was set up in 2015 is proprietorship firm of Mrs. Jampana
Padmavathi. The operations are managed by Ms. Usha Gandhi Jampana,
It has setup and leased warehouse, located at Andhra Pradesh
Kakinada to APSCSCL.


KAZIRANGA TEA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaziranga Tea
Industry (KTI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            1.10       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Fund-         7.09       CRISIL B+/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

   Rupee Term Loan        1.31       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KTI 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 KTI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KTI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

KTI was formed as a proprietary concern of Mr Shyamanta Moni
Bhattacharyya in 2016. The Assam-based firm manufactures and sells
CTC tea.


KEY TECH: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Key Tech (KT)
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan                15       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KT 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 KT, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KT
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

KT, setup in 1980 is a partnership between Mrs. Pooja Chirag Shah,
Mr. Kuntal Shah, Mr. Minesh Shah, and Mr. Bhavik Shah.The firm is
constructing a residential complex in Thane, Maharashtra, under the
name Ashok Smruti.


LOTUS LANDMARKS: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lotus
Landmarks (India) Private Limited (LLPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       8        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with LLPL 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 LLPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LLPL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2007, LLPL undertakes residential real estate
development. The company is promoted by Mr. Satish Giri who is
based out of Amravati, Mumbai (Maharashtra). The company has
completed 19 projects in Pune and Amravati and its suburbs with
construction area of over 3 lakh square feet.


MAA CHINNAMASTA: CRISIL Cuts Rating on INR13cr Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Maa
Chinnamasta Food Processor Private Limited (MCFPPL) to 'CRISIL
B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            13         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Long Term Loan          1.44      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Fund-          0.56      CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                 COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with MCFPPL 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 MCFPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MCFPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MCFPPL Revised to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

MCFPPL mills and processes par-boiled rice and manufactures atta.
Promoted by Mr Rahul Kumar Singh and Mr Raju Kumar Singh, the
company commenced operations from February 2015 onwards.


MAHAVIR DAL: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mahavir Dal
Mills Private Limited (MDM) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              13       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MDM 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 MDM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MDM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MDM continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

MDM was set up by Mr. Mukesh Kumar Agarwal in 2005. It processes
pulses (mainly masoor dal). The company's unit at Kanpur (Uttar
Pradesh) has a processing capacity of 32,000 tonnes per annum.


NAGA MALLESWARA: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Naga
Malleswara Spintex India Private Limited (SNSRSXIPL) continues to
be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             6.6       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   EPCG Guarantee (ST)     0.38      CRISIL A4 (Issuer Not
                                     Cooperating)

   Long Term Loan         19.8       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SNSRSXIPL
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 SNSRSXIPL, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on SNSRSXIPL is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of SNSRSXIPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

SNSRSXIPL, established in 2010 by Mr S B Suryanarayana and Mr K S
Rao, manufactures cotton yarn. Its spinning mill is in Guntur,
Andhra Pradesh.


NEW MODERN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Modern
Technomech Private Limited (NMTPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         38         CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            22         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Letter of Credit        2         CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Long Term      3         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Standby Line            3         CRISIL B+/Stable (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with NMTPL 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 NMTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NMTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NMTPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

NMTPL was originally set up as a partnership entity in 1982, and
was reconstituted as a private limited company in 1994. It executes
contracts for installation of power transmission towers,
substations, and power distribution systems on a turnkey basis. It
also manufactures fabricated and galvanised steel structures for
electrical transmission line towers, substation structures, and
overhead railway electrification towers. The company is promoted
and managed by Mr. Shashanka Sekhar Sarangi and his son Mr. Sumit
Kumar Sarangi.


NIRMAL LIFESTYLE: NCLT Admits Insolvency vs. Property Developer
---------------------------------------------------------------
The Economic Times of India reports that a bankruptcy court in
Mumbai has admitted Nirmal Lifestyle Kalyan Pvt Ltd under the
Corporate Insolvency Resolution Process (CIRP) following a plea
filed by Srei Equipment Finance Ltd.

According to the report, Kolkata-based Srei Equipment Finance Ltd
had approached the Mumbai bench of the National Company Law
Tribunal (NCLT) after Nirmal Lifestyle Kalyan, an affiliate of
Mumbai-based Nirmal Lifestyle Ltd, defaulted on its dues worth
around INR84 crore.

Last year in October, the Reserve Bank of India (RBI) had
superseded the board of Srei Equipment Finance Ltd and its
affiliate Srei Infrastructure Finance due to governance concerns
and default; and had initiated bankruptcy proceedings against these
companies, ET recalls.

ET says Srei Equipment Finance had disbursed over INR84.23 crore
loan to Nirmal Lifestyle Kalyan in August 2019. The developer had
defaulted on this loan in February 2020 and the total dues claimed
by the financial creditor stand at INR99.74 crore as on September
2020 including the principal, overdue charges and interest thereon.


On June 16, the division bench of judicial member Kishore
Vemulapalli and a technical member Rajesh Sharma passed the order
after hearing arguments from each side, ET discloses.

"We have challenged the said order and are looking to settle the
dues later this week," ET quotes a spokesperson of the Mumbai-based
developer as saying.

Advocate Rohan Agrawal and Darshit Dave of AVP Partners appeared
for Srei Equipment Finance, while Nirmal Lifestyle Kalyan was
represented by senior advocate Gaurav Joshi and Ashok Paranjpe,
managing partner of law firm MDP & Partners.

Earlier, in February, the tribunal had allowed the withdrawal of
insolvency proceedings against real estate development firm Nirmal
Lifestyle and had also lifted a moratorium on the company, recalls
ET. The developer’s financial creditor SREI Equipment Finance and
a homebuyer had separately opposed the withdrawal of insolvency
proceedings against the company.

ET adds that the Mumbai bench of the NCLT had admitted the company
under the CIRP last year based on a petition filed by IDBI
Trusteeship Services, on behalf of Altico Capital, after the
company defaulted on its dues worth INR286 crore.

Nirmal Lifestyle Limited is the flagship company of the Nirmal
group, which was founded by the late Mr. S P Jain in the late 1980s
and is one of the established developers in eastern Mumbai. It a
closely held company incorporated in 1999 to undertake residential,
commercial, and retail construction.


NITTYAKALI RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nittyakali
Rice Mill (NRM) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee           0.3      CRISIL A4 (Issuer Not
                                     Cooperating)

   Bill Purchase-           3.95     CRISIL A4 (Issuer Not
   Discounting Facility              Cooperating)

   Cash Credit              3.50     CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan                0.25     CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NRM 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 NRM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NRM continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Set up as a partnership firm by Mr. Tapan Kumar Dutta, Mr. Swapan
Kumar Dutta, Mr. Janardan Dutta, and Ms. Aruna Dutta, NRM mills
non-basmati rice. Manufacturing facility is in Alamganj, Burdwan
district, West Bengal.


PAWANSUT CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pawansut
Construction (PSC) 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             3         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

CRISIL Ratings has been consistently following up with PSC 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 PSC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PSC continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

PSC is a proprietorship firm engaged in civil construction. It was
established in 2008 and is based in Ghazipur (Uttar Pradesh). The
firm undertakes construction of roads and bridges for government
departments in Bihar and Uttar Pradesh, and is owned and managed by
Mr. Abhishek Kumar Singh.


POOJA SPONGE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pooja Sponge
Private Limited (PSPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             9         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        4         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               7         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PSPL 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 PSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PSPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PSPL was incorporated in 2002 in Rourkela and was initially
promoted by the Odisha-based Gupta family. The company was acquired
in 2006 by the Agarwal family. PSPL manufactures sponge iron at its
facility in Rourkela (kiln capacity of 200 tonne per day) and also
trades in steel flat and long products. Operations are managed by
director, Mr. Kavit Agarwal.


PRAVEEN AROMA: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Praveen Aroma
Private Limited (PAPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            17.25      CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

CRISIL Ratings has been consistently following up with PAPL 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 PAPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PAPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

PAPL was incorporated in 2010, promoted by the Moradabad (Uttar
Pradesh)-based Rastogi family. The company primarily manufactures
menthol flakes and crystals which are used by the pharmaceutical,
perfume, food, tobacco, and cosmetic industries. Operations are
managed by Mr Praveen Rastogi. PAPL's manufacturing unit, located
in Moradabad, Uttar Pradesh, has a processing capacity of around
2500 tpa.


RANISATI STEEL: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri Ranisati
Steel Traders (SRSST) 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 SRSST 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 SRSST, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRSST
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRSST continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

SRSST, based in Raipur, Chhattisgarh, trades in iron and steel
products, especially galvanized plain and corrugated sheets and
coils. Set up in May 2014 by Mr Satyaprakash and Mr Pawan
Jhunjhunwala, the firm deals in products of principals such as
Uttam Galva Steels Ltd, Bhushan Power & Steel Ltd, Bhushan Steel
Ltd, and Uttam Value Steels Ltd. Operations are in Raipur and
Nagpur.


RUDRA GREEN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rudra Green
Ship Recycling Private Limited (HSC; previously known as
Harikrishna Steel Corporation) continues to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              7        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

   Letter of Credit        53        CRISIL A4 (Issuer Not
                                     Cooperating)

   Letter of Credit         8        CRISIL A4 (Issuer Not
                                     Cooperating)

   Letter of Credit        15        CRISIL A4 (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HSC 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 HSC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HSC continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

HSC was set up in 1997 and is being actively managed by Mr.Nikhil
Gupta and his father, Mr. Ashok Gupta. It undertakes ship-breaking
activities at Sosiya, an extension of Alang (Gujarat). From 2014-15
onwards the firm has started high sea sales of scrap to its group
company MD Inducto. MD inducto markets TMT bars under its brand
name 'RUDRA TMX'.


S.S. INDUSTRIES: CRISIL Cuts Rating on INR6.25cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of S.S.
Industries - Hinganghat (SSI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             6.25      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Working        1.75      CRISIL B/Stable (ISSUER NOT
   Capital Facility                  COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SSI for
obtaining information through letters and emails dated March 14,
2022 and May 09, 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 SSI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSI Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

SSI was formed as a proprietorship firm by Mr Shantilal Kochar in
2012. The firm gins and presses raw cotton and extracts oil from
cotton seeds at its unit in Hinganghat, Maharashtra.


TKN RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of TKN Rice
Industry continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              6.13     CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term       2.22     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan                0.65     CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with TKN 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 TKN, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TKN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TKN continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2007 as a partnership firm TKN Rice Industry (TKN) is
engaged in milling and processing of paddy into rice, rice bran,
broken rice and husk. It has an installed paddy milling capacity of
6 tons per hour. Its rice mill is located in Nellore (Andhra
Pradesh). The firm is promoted by Mr. T.Krishnamma Naidu and His
wife Ms Anjana Devi.


VISHAL JEWELLERS: CRISIL Lowers Rating on INR8cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Shree Vishal Jewellers
(SVJ) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable
Issuer Not Cooperating', as there have been continuous delays in
debt servicing.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit               8       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Working          7.5     CRISIL D (ISSUER NOT
   Capital Facility                  COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING*')

CRISIL Ratings has been consistently following up with SVJ for
obtaining information through letters and emails dated October 16,
2021 and December 21, 2021 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 SVJ. This restricts CRISIL
Ratngs' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SVJ is consistent with 'Assessing Information Adequacy Risk'.

SVJ was set up in 1983 at Pune as a partnership between Mr Kantilal
Sonigara and family. The firm retails in gold, silver and diamond
jewellery at its showroom in Nigadi, Pune; the size of this
showroom is about 3,000 square feet.

Status of non cooperation with previous CRA

SVJ has not cooperated with Brickwork Ratings India Private Limited
which has classified it as non-cooperative vide release dated
October 17, 2019. The reason provided by Brickwork Ratings India
Private Limited is non-furnishing of information for monitoring of
ratings.

SVJ has not cooperated with Acuite Ratings and Research Limited
which has classified it as non-cooperative vide release dated
September 19, 2018. The reason provided by Acuite Ratings and
Research Limited is non-furnishing of information for monitoring of
ratings.




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

DUNES (2012): Creditors' Proofs of Debt Due on July 23
------------------------------------------------------
Creditors of Dunes (2012) Limited are required to file their proofs
of debt by July 23, 2022, to be included in the company's dividend
distribution.

The High Court at Auckland appointed Craig Sanson and Malcolm
Hollis of PwC as the company's joint and several liquidators on
June 16, 2022.


JULIA INTERIORS: Court to Hear Wind-Up Petition on June 30
----------------------------------------------------------
A petition to wind up the operations of Julia Interiors Limited
will be heard before the High Court at Invercargill on June 30,
2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 27, 2022.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue
          Legal Services
          PO Box 1782
          Christchurch 8140


KIWI-CHANG ENTERPRISES: Creditors' Proofs of Debt Due on July 17
----------------------------------------------------------------
Creditors of Kiwi-Chang Enterprises Limited (trading as Total
Finish Painting Contractors) are required to file their proofs of
debt by July 17, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 17, 2022.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East, Christchurch 8141


METROPOLIS DESIGN: Court to Hear Wind-Up Petition on Sept. 15
-------------------------------------------------------------
A petition to wind up the operations of Metropolis Design Limited
will be heard before the High Court at Christchurch on Sept. 15,
2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 19, 2022.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue
          Legal Services
          PO Box 1782
          Christchurch 8140


PROPELLOR PROPERTY: Court to Hear Wind-Up Petition on Sept. 15
--------------------------------------------------------------
A petition to wind up the operations of Propellor Property Services
Limited will be heard before the High Court at Christchurch on
Sept. 15, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 19, 2022.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue
          Legal Services
          PO Box 1782
          Christchurch 8140


SALESFORCE CONTRACTING: Creditors' Proofs of Debt Due on July 22
----------------------------------------------------------------
Creditors of Salesforce Contracting Services (NZ) Limited are
required to file their proofs of debt by July 22, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 17, 2022.

The company's liquidators are:

          Benjamin Francis
          Simon Dalton
          Gerry Rea Partners
          PO Box 3015, Auckland




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

PAKISTAN: Makes Progress in Talks with IMF on Bailout Programme
---------------------------------------------------------------
Reuters reports that important progress has been made in talks
between the International Monetary Fund and Pakistan to revive the
country's bailout programme, the lender's resident representative
in Islamabad told Reuters on June 22.

Reuters relates that the statement comes as Pakistan's economy
teeters on the brink of a financial crisis, with foreign exchange
reserves drying up fast and the Pakistani rupee at record lows
against the U.S. dollar.

"Discussions between the IMF staff and the authorities on policies
to strengthen macroeconomic stability in the coming year continue,
and important progress has been made over the FY23 budget," Reuters
quotes IMF's Esther Perez Ruiz as saying.

Reuters says Pakistan unveiled a 9.5 trillion Pakistani rupee ($47
billion) budget for 2022-23 this month aimed at tight fiscal
consolidation in a bid to convince the IMF to restart much-needed
bailout payments.

However, the lender later said additional measures were needed to
bring Pakistan's budget in line with the key objectives of the IMF
programme.

The two sides held talks on Tuesday night [June 21] over
macroeconomic and fiscal targets, a Pakistani official told Reuters
on the condition of anonymity.

They said the talks had gone "well" and Pakistan now expected an
initial memorandum on macroeconomic and financial targets and then
a staff level agreement in a few days, Reuters relays.

Pakistan entered the 39-month, $6 billion IMF programme in 2019,
but only half the funds have been disbursed to date as Islamabad
has struggled to keep targets on track, according to Reuters.

Reuters relates that the last disbursement was in February and the
next tranche was to follow a review in March, but the government of
ousted prime minister Imran Khan introduced costly fuel price caps
which threw fiscal targets and the programme off track.

Pakistan's new government has removed the price caps, with fuel
prices going up the pump by up to 70% in a matter of three weeks,
adds Reuters.

As reported in the Troubled Company Reporter-Asia Pacific on June
10, 2022, Moody's Investors Service has affirmed the Government of
Pakistan's B3 local and foreign currency issuer and senior
unsecured debt ratings, the (P)B3 senior unsecured MTN programme
rating, and changed the outlook to negative from stable.

Moody's said the decision to change the outlook to negative is
driven by Pakistan's heightened external vulnerability risk and
uncertainty around the sovereign's ability to secure additional
external financing to meet its needs. Moody's assesses that
Pakistan's external vulnerability risk has been amplified by rising
inflation, which puts downward pressure on the current account, the
currency and "already thin" foreign exchange reserves, especially
in the context of heightened political and social risk. Pakistan's
weak institutions and governance strength adds uncertainty around
the future direction of macroeconomic policy, including whether the
country will complete the current IMF Extended Fund Facility (EFF)
programme and maintain a credible policy path that supports further
financing.

The decision to affirm the B3 rating reflects Moody's assumption
that, notwithstanding the downside risks mentioned, Pakistan will
conclude the seventh review under the IMF EFF programme by the
second half of this calendar year, and will maintain its engagement
with the IMF, leading to additional financing from other bilateral
and multilateral partners. In this case, Moody's assesses that
Pakistan will be able to close its financing gap for the next
couple of years. The B3 rating also incorporates Moody's assessment
of the scale of Pakistan's economy and robust growth potential,
which will provide the economy with some capacity to absorb shocks.
These credit strengths are balanced against Pakistan's fragile
external payments position, weak governance and very weak fiscal
strength, including very weak debt affordability.

The B3 rating affirmation also applies to the backed foreign
currency senior unsecured ratings for The Third Pakistan
International Sukuk Co Ltd and The Pakistan Global Sukuk Programme
Co Ltd. The associated payment obligations are, in Moody's view,
direct obligations of the Government of Pakistan.

Concurrent to the action, Pakistan's local and foreign currency
country ceilings have been lowered to B1 and B3, from Ba3 and B2,
respectively.



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

SRI LANKA: Sued by Bondholder in US Following Historic Default
--------------------------------------------------------------
Bloomberg News reports that Sri Lanka was sued in the US by a
bondholder after the South Asian nation defaulted on its debt for
the first time in history while struggling to stop an economic
meltdown.

According to Bloomberg, Hamilton Reserve Bank Ltd., which holds
more than $250 million of Sri Lanka's 5.875% International
Sovereign Bonds due July 25, filed the suit on June 21 in a New
York federal court seeking full payment of principal and interest.

Sri Lanka, an island nation off the southern tip of India, fell
into default in May after the expiry of a 30-day grace period for
missed interest payments on two of its sovereign bonds. It was the
first sovereign debt default by the country since it gained
independence from Britain in 1948, the report notes.

Bloomberg relates that Hamilton Reserve, based in St. Kitts &
Nevis, said in the lawsuit that the default is being "orchestrated
by officials at the highest levels of government," including the
ruling Rajapaksa family, and accused Sri Lanka of excluding bonds
held by domestic banks and other interested parties from an
announced debt restructuring.

"As a result, these favored Sri Lankan parties stand to be paid
principal and interest in full, while the Bonds -- which are also
broadly held by US retirement systems including Fidelity
Investments, BlackRock, T. Rowe Price, Lord Abbett, JPMorgan,
PIMCO, Neuberger Berman and other US investors -- remain
indefinitely in default and unpaid, causing American retirees
tremendous suffering from potentially massive losses of up to 80%
of their original investment value," lawyers for Hamilton Reserve
said in their complaint, Bloomberg relays.

A group of Sri Lanka's largest creditors, including Pacific
Investment Management Co., T. Rowe Price Group Inc. and BlackRock
Inc., has been set up and restructuring talks are expected to start
soon, Bloomberg reported, citing people familiar with the
arrangement who requested anonymity ahead of a formal
announcement.

According to Bloomberg, the island nation is grappling with a
worsening humanitarian crisis after it ran out of dollars to
purchase imported food and fuel, pushing inflation to 40% and
forcing the default. Sri Lanka needs $5 billion to ensure "daily
lives are not disrupted," and a further $1 billion to strengthen
the rupee, Prime Minister Ranil Wickremesinghe told parliament
earlier this month.

Sri Lanka hired Lazard Ltd. and Clifford Chance LLP in May to serve
as financial and legal advisors on debt restructuring as the
country seeks a bailout from the International Monetary Fund,
Bloomberg says.

Bloomberg adds that Sri Lankan authorities on June 20 began talks
with the IMF, working toward an agreement that could offer
creditors enough comfort to lend fresh funds to the bankrupt nation
that's seeking $6 billion in coming months.

As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings, on May 27, 2022, affirmed its long-term and
short-term foreign currency sovereign ratings on Sri Lanka at
'SD/SD.' At the same time, S&P affirmed its 'CCC-' long-term and
'C' short-term local currency sovereign ratings. The outlook on the
local currency ratings remains negative.

In addition, S&P lowered to 'D' from 'CC' the issue ratings on the
following bonds with missed interest payments in May:

-- US$1.5 billion, 6.85% bonds due Nov. 3, 2025.
-- US$1.5 billion, 6.20% bonds due May 11, 2027.

S&P's transfer and convertibility assessment at 'CC' is unchanged.



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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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