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

                     A S I A   P A C I F I C

          Friday, July 1, 2022, Vol. 25, No. 125

                           Headlines



A U S T R A L I A

ANIMOCA BRANDS: Fined for Failing to File Financial Reports
ASPECT RATIO: Second Creditors' Meeting Set for July 8
EGAN AVENUE: First Creditors' Meeting Set for July 12
FLYING GEESE: First Creditors' Meeting Set for July 11
GREENSILL CAPITAL: Bluestone to Pay Credit Suisse Up to $320 Mil.

NATIONAL RMBS 2022-1: S&P Assigns BB (sf) Rating to Class E Notes
PEPPER RESIDENTIAL NO.26: S&P Affirms 'BB' Rating on Cl. F Notes
SNOWDON DEVELOPMENTS: Unable to Pay Superannuation to Staff
SOUTHERN SHINE: Second Creditors' Meeting Set for July 8
VOLT BANK: Collapses Urging 6,000 Customers to Withdraw Funds



C H I N A

CHINA AIRCRAFT: Fitch Affirms 'BB+/B' IDRs, Outlook Stable
GREENLAND HOLDING: S&P Upgrades LT ICR to 'CCC-', Outlook Negative
HONG KONG JUNFA: Fitch Withdraws 'B-' Foreign Currency IDR
POWERLONG REAL ESTATE: S&P Cuts ICR to 'CCC+', On Watch Negative


I N D I A

ABHI S.K.HOSPITAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
ADG AGROTECH: ICRA Keeps B Debt Ratings in Not Cooperating
ANANYA HOSPITAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
B.R. GUAR: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
BANSAL IRON: ICRA Keeps B+ Debt Rating in Not Cooperating

CHAMPION AGRO: Insolvency Resolution Process Case Summary
CONTINUUM GREEN: S&P Downgrades ICR to 'B+', Outlook Stable
DHIRENDRA NARAYAN: ICRA Keeps B Debt Ratings in Not Cooperating
EURO PRATIK: ICRA Keeps B+ Debt Ratings in Not Cooperating
FERROMET STEELS: ICRA Keeps D Debt Ratings in Not Cooperating

GEETANJALI ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
GOPAL JI GARMENTS: Insolvency Resolution Process Case Summary
IBD NALANDA: ICRA Keeps D Debt Ratings in Not Cooperating
J MATADEE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
JABALPUR ENTERTAINMENT: ICRA Keeps B+ Ratings in Not Cooperating

JAI LAXMI: ICRA Keeps B Debt Ratings in Not Cooperating Category
JAJODIA EXPORTS: ICRA Keeps B Debt Rating in Not Cooperating
MAA BAMESWARI: ICRA Keeps B Debt Ratings in Not Cooperating
MADHUCON PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
MAHAN PLASTICS: ICRA Keeps B Debt Rating in Not Cooperating

PACIFIC GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
PARAMOUNT RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
PERUMAL SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
PIONEER TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
PVK ENGINEERS PRIVATE: Liquidation Process Case Summary

RAM RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
ROSHA ALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAGAR AUTOTECH: Insolvency Resolution Process Case Summary
SATYA SUBAL: ICRA Keeps D Debt Ratings in Not Cooperating
SCHNEIDER PROTOTYPING: Insolvency Resolution Process Case Summary

SHANTESHA MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
SILVER FAB: ICRA Keeps B+ Debt Ratings in Not Cooperating
STAUNCH NATURAL: Insolvency Resolution Process Case Summary
SUDHA SESAMUM: ICRA Keeps B+ Debt Ratings in Not Cooperating
TATA STEEL: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive

TAURUS THERMOPLASTICS: ICRA Withdraws B+ Rating on INR5.75cr Loan
UNITY CARE: ICRA Keeps B+ Ratings in Not Cooperating Category
UTTARAYAN FOODS: ICRA Keeps C+ Debt Ratings in Not Cooperating
[*] Sebi Can't Initiate Proceedings vs. Cos. Under IBC, Says Panel


J A P A N

TOYOBO CO: Egan-Jones Retains BB+ Senior Unsecured Ratings


M A L A Y S I A

SAPURA ENERGY: Survival Depends on Debt Restructuring Plan


M O N G O L I A

MONGOLIAN MINING: S&P Affirms 'B-' LT ICR, Off Watch Negative


N E W   Z E A L A N D

LALBEEN ENTERPRISES: Creditors' Proofs of Debt Due on July 31
MILLENNIUM 1ST: Court to Hear Wind-Up Petition on July 22
NZ BLINDS: Court to Hear Wind-Up Petition on July 8
SATORI HOLDINGS: Placed in Interim Liquidation
VIDLER INVESTMENTS: Commences Wind-Up Proceedings



S I N G A P O R E

AIMS CANADA: Court to Hear Wind-Up Petition on July 15
ALLIED TECH: To Convene EGM Over Attempt to Remove CEO, Chairman
GOBLIN GROUP: Court to Hear Wind-Up Petition on July 15
NIDEC BMS: Creditors' Proofs of Debt Due on July 28
PRUDENTIAL CAPITAL: Creditors' Proofs of Debt Due on July 29



S R I   L A N K A

SRI LANKA: Economy Shrinks 1.6% Amid Political Chaos, Inflation

                           - - - - -


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

ANIMOCA BRANDS: Fined for Failing to File Financial Reports
-----------------------------------------------------------
Animoca Brands Corporation Limited has been convicted on charges of
failing to lodge annual and half-yearly financial reports with the
Australian Securities and Investments Commission (ASIC).

The company failed to appear before the Downing Centre Court on
June 21, 2022, and was convicted in its absence on five ASIC
charges for failing to:

   * lodge annual financial reports with ASIC for the 2019 to 2021
financial years; and

   * lodge half-year reports with ASIC between 2020 and 2021.

The company was fined a total of $50,000.

Compliance with financial reporting obligations is important as
accurate and timely financial reports provide shareholders,
creditors and the public with important information, enabling them
to make informed decisions when dealing with these companies.

ASIC will continue to prosecute companies that systemically fail to
comply with their financial reporting obligations.


ASPECT RATIO: Second Creditors' Meeting Set for July 8
------------------------------------------------------
A second meeting of creditors in the proceedings of Aspect Ratio
Media Pty. Ltd, trading as Aspect Ratio Media, has been set for
July 8, 2022, at 11:00 a.m. via teleconference.

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 July 7, 2022, at 5:00 p.m.

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

EGAN AVENUE: First Creditors' Meeting Set for July 12
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Egan Avenue
Investments Pty Ltd will be held on July 12, 2022, at 11:00 a.m. at
the offices of SV Partners, 22 Market Street, in Brisbane,
Queensland.

Anne Meagher and David Michael Stimpson of SV Partners were
appointed as administrators of Egan Avenue on June 30, 2022.


FLYING GEESE: First Creditors' Meeting Set for July 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of Flying Geese
Pty Ltd, trading as Cape Barren Wines, will be held on July 11,
2022, at 11:00 a.m. via Zoom Meeting.

Nicholas David Cooper of Oracle Insolvency Services was appointed
as administrator of Flying Geese on June 29, 2022.


GREENSILL CAPITAL: Bluestone to Pay Credit Suisse Up to $320 Mil.
-----------------------------------------------------------------
Credit Suisse Group AG said it has reached an agreement with U.S.
mining company Bluestone Resources that maps out a plan for the
payment of cash to noteholders, including the Supply Chain Finance
(SCF) funds, which can then be distributed to investors in those
funds.  The agreement is also intended to secure the future for
Bluestone's mining operations.

Under the terms of the agreement, Bluestone, which has worked
tirelessly over recent months to bring its mines back into
production, has committed to make recurring payments to noteholders
from the free cash flow generated, beginning in June 2022, up to a
maximum amount of US$320 million.  These payments would be shared
between all noteholders, meaning that approximately 81 percent of
the total would be allocated to the SCF funds -- specifically to
the Credit Suisse (Lux) Supply Chain Finance Fund and to the Credit
Suisse Nova (Lux) High Income Fund.  The agreement is subject to
fulfillment of certain conditions precedent and requisite
regulatory approvals.

Bluestone CEO James C. Justice, III has also agreed that the
proceeds from any sale of the Bluestone entities would be shared
between the Justice family and the noteholders.

With respect to any outstanding balance following any sale of the
Bluestone entities, CSAM intends to seek recovery through
enforcement of its rights, including under the relevant insurance
coverage.  To date, all insurance claims relevant to Bluestone have
already been filed.  An aggregate nominal total of US$850 million
is outstanding, of which US$690 million is due to the two SCF
funds.

Commenting on the agreement, Ulrich Körner, CEO of CSAM, said:
"This is further evidence of our determination to prioritize the
return of cash to investors in the SCF funds.  To date, we have
recovered USD7.3 billion of the total USD10 billion net asset value
at the time of the funds' suspension, and this agreement is
intended to secure further recoveries for the benefit of those
investors.

"We would like to thank the Justice family and their team for the
professional way in which they have approached these negotiations.
We commend the skill and speed with which Bluestone has managed to
improve efficiency and create the conditions which have made it
possible to agree to repay, over time, a substantial proportion of
the debt owed to SCF fund investors."

James C. Justice, III added: "We have negotiated a settlement which
enables us to take advantage of the favorable market conditions for
met coal and secure the position of the mines, and the employees
and communities who depend on them, for the foreseeable future."

                          *     *    *

Bluestone is one of the Swiss bank Credit Suisse's biggest
creditors along with Sanjeev Gupta's GFG Alliance and bankrupt US
technology group Katerra.  All three companies were customers of
Greensill Capital when the supply chain finance group went into
administration more than a year ago.

                    About Greensill Capital

Greensill Capital is an independent financial services firm and
principal investor group based in the United Kingdom and Australia.
The Company offers structures trade finance, working capital
optimization, specialty financing and contract monetization.
Greensill Capital Pty is the parent company for the Greensill
Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann of
Grant Thornton Australia Ltd, as voluntary administrators in
Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. The petition was
signed by Jill M. Frizzley, director. It listed assets of between
$10 million and $50 million and liabilities of between $50 million
and $100 million. The case is handled by Honorable Judge Michael E.
Wiles. Togut, Segal & Segal LLP, led by Kyle J. Ortiz, is the
Debtor's counsel.

                     About Greensill Bank

Bremen-based Greensill Bank, formerly known as NordFinanz Bank AG,
is a German subsidiary of Greensill Capital UK. It was acquired in
2014 by Greensill Capital, which itself filed for insolvency on
March 8, 2021.

Greensill Bank filed a Chapter 15 petition (Bankr. S.D.N.Y. Case
No. 21-10757) on April 20, 2021, to seek U.S. recognition of its
insolvency proceeding in Germany. Michael C. Frege is the
administrator.

Greensill Bank's U.S. counsel:

         David Farrington Yates
         Kobre & Kim LLP
         Tel: (212) 488-1211
         E-mail: farrington.yates@kobrekim.com


NATIONAL RMBS 2022-1: S&P Assigns BB (sf) Rating to Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for National RMBS Trust 2022-1 in
respect of Series 2022-1. National RMBS Trust 2022-1 is a
securitization of prime residential mortgages originated by
National Australia Bank Ltd. (NAB).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. Credit support for the rated
notes is provided by note subordination, excess spread, and
lenders' mortgage insurance (LMI) cover for 10.9% of the collateral
portfolio. S&P's assessment of credit risk takes into account NAB's
underwriting standards and approval process, the servicing quality
of NAB, and the support provided by the LMI policies on 10.9% of
the portfolio.

-- S&P said, "Our expectation that the rated notes can meet timely
payment of interest and ultimate payment of principal under the
rating stresses. Key rating factors are the level of subordination
provided, the LMI cover, the interest-rate swaps, the principal
draw function, the provision of a liquidity facility, trapping of
excess spread in the loss allocation reserve, and the provision of
an extraordinary expense reserve.

-- S&P's analysis is on the basis that the notes are fully
redeemed by their legal final maturity date, and it does not assume
the notes are called at or beyond the call date.

-- The counterparty exposure to NAB as interest-rate swap
provider, liquidity facility provider, and bank account provider.
Interest-rate risk between any fixed-rate mortgage loans and the
floating-rate obligations on the notes will be appropriately hedged
via interest-rate swaps These counterparty exposures meet S&P
Global Ratings' counterparty criteria.

-- The legal structure of the issuer, which is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

-- S&P understands that the class A1-G notes will be issued under
the NAB Green Bond Framework. Issuance proceeds from this bond will
be used to purchase green mortgages that meet the eligibility
criteria outlined in the NAB Green Bond Framework. S&P Global
Ratings does not consider the issuer's designation of the notes as
"green" in its credit rating analysis.

  Ratings Assigned

  National RMBS Trust 2022-1 in respect of Series 2022-1

  Class A1-A, A$880.0 million: AAA (sf)
  Class A1-G, A$500.0 million: AAA (sf)
  Class A2, A$57.0 million: AAA (sf)
  Class B, A$29.25 million: AA (sf)
  Class C, A$13.0 million: A (sf)
  Class D, A$8.0 million: BBB (sf)
  Class E, A$6.0 million: BB (sf)
  Class F, A$6.75 million: Not rated


PEPPER RESIDENTIAL NO.26: S&P Affirms 'BB' Rating on Cl. F Notes
----------------------------------------------------------------
S&P Global Ratings raised its ratings on seven classes of
nonconforming RMBS notes issued by Permanent Custodians Ltd. as
trustee for Pepper Residential Securities Trust No.26 (PRS26) and
Pepper Residential Securities Trust No.27 (PRS27). At the same
time, S&P affirmed its ratings on seven classes of notes for PRS26
and PRS27.

The rating actions reflect:

-- S&P's view of the credit quality of the underlying collateral
portfolios, which have been amortizing in line with its
expectations.

-- The significant buildup in the percentage of credit enhancement
provided to the rated notes, partly due to the increase in
overcollateralization from the retention mechanism.

-- The strength of the cash flows at each respective rating level
that are underpinned by the various structural mechanisms in the
transaction. Cash flows can meet timely payment of interest and
ultimate payment of principal to the noteholders under the rating
stresses.

-- That S&P's cash-flow modeling indicates some sensitivity under
stresses commensurate with higher rating levels. A constraining
factor in the degree of upgrade to several of these notes is the
sensitivity to the decreasing excess spread due to compression of
asset margins and increase in the weighted average note margins
over time. The reduction diminishes the benefit that the
subordinated notes receive through the retention mechanism.

-- Sensitivities are also observed under scenarios where defaults
are back-ended.

-- That S&P has factored into its analysis the arrears performance
of these transactions. For the two transactions, the arrears have
generally been at or below the Standard & Poor's Performance Index
(SPIN) for nonconforming loans in the past 12 months. As of April
30, 2022, loans greater than 90 days in arrears represent 0.45% for
PRS26 and 1.18% for PRS27. However, losses to date have been
minimal and all have been covered by excess spread. There have been
no charge-offs to any of the notes.

-- That given the characteristics of the portfolio, which includes
borrowers with adverse credit history, low-documentation loans, and
self-employed borrowers, S&P expects arrears levels to fluctuate
over time.

-- That under the pro rata payment structure, the class G
allocated principal will continue to be paid to the class F notes
until the class F notes are fully repaid, followed by the remaining
subordinated notes once the class F notes have fully repaid.
Therefore, the class F notes have and will continue to benefit from
an increase in the percentage of credit support provided as the
pool amortizes under a pro rata structure, while for the remaining
rated notes the percentage of credit support will remain static.

  Ratings Raised

  Pepper Residential Securities Trust No.26

  Class C: to AAA (sf) from AA (sf)
  Class D: to AA- (sf) from A (sf)

  Pepper Residential Securities Trust No.27

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A+ (sf)
  Class D: to A (sf) from BBB+ (sf)
  Class E: to BBB (sf) from BB+ (sf)
  Class F: to BB (sf) from BB- (sf)

  Ratings Affirmed

  Pepper Residential Securities Trust No.26

  Class A1-a: AAA (sf)
  Class A2: AAA (sf)
  Class B: AAA (sf)
  Class E: BBB- (sf)
  Class F BB (sf)

  Pepper Residential Securities Trust No.27

  Class A1-a: AAA (sf)
  Class A2: AAA (sf)


SNOWDON DEVELOPMENTS: Unable to Pay Superannuation to Staff
-----------------------------------------------------------
A Victorian building company believed to be on the brink of
collapse hasn't been able to properly pay staff for months, sources
have told news.com.au.

News.com.au can reveal that employees at Snowdon Developments Pty
Ltd haven't received their superannuation since October, leading to
more than half of staff quitting in that period of time.

Earlier this week, news.com.au reported that Snowdon Developments
has 15 creditors chasing it for debts totalling AUD2.5 million who
are demanding the Supreme Court of Victoria impose a winding up
order to force the company to go into liquidation "on the grounds
of insolvency".

More than a dozen customers are also calling for answers after
construction works have stalled for months. News.com.au understands
there are more than 200 residential homes in the pipeline to be
built.

Several other suppliers have stepped forward since then who claim
they are owed hundreds of thousands of dollars from the embattled
company, news.com.au relates.

One contractor is owed as much as AUD480,000 and has been waiting
for three years for the payment while another is struggling to feed
his family as he waits for payment.

According to news.com.au, Logan is "one of the few [employees]
left" who still works at Snowdon and said no deposits have been
made into his superannuation account over the last nine months. He
doesn't expect to ever recoup that money.

"There's no direction, no communication [from Snowdon]. We get more
information from suppliers. We only know [the company is
struggling] because of interactions with suppliers and customers,"
he told news.com.au.

news.com.au says Snowdon has shrunk in size from 70 staff to less
than 30 people in recent months as superannuation non-payments have
driven many out the door.

news.com.au relates that Logan, who has worked at the company for a
number of years, said staff learnt several months ago that they
were losing 10% of their salary which should have been going into
superannuation.

Although it appeared super was being deposited according to their
pay slips, one staff member went into their superannuation fund and
realised no money was being put in. They then alerted the others.

"Then we asked [the company and it] confirmed that no super was
being paid. And then nothing much has been said about it since,"
news.com.au quotes Logan as saying.

News.com.au has sighted documents which confirms Logan has not
received a super contribution from his employer since October.

In the last nine months, staff have had just one official meeting
with Snowdon but their non-existing superannuation payments weren't
addressed.

By law, employers must pay superannuation for all adult employees
if they earn more than AUD450 per month, news.com.au states.

Failure to pay superannuation can mean a fine of up to AUD10,500 or
12 months' imprisonment, according to Industry Super.

It's understood several Snowdon employees have registered a
complaint to the Australian Taxation Office, news.com.au adds.

Snowdon Developments Pty. Ltd. provides residential construction
services.


SOUTHERN SHINE: Second Creditors' Meeting Set for July 8
--------------------------------------------------------
A second meeting of creditors in the proceedings of Southern Shine
Group Pty Ltd, trading as Southern Shine Australia, Southern Shine
Brew, Southern Shine Distillery, The Whisky Barn, has been set for
July 8, 2022, at 11:00 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 7, 2022, at 5:00 p.m.

Travis Olsen and Stuart Otway of SV Partners were appointed as
administrators of Southern Shine on June 2, 2022.


VOLT BANK: Collapses Urging 6,000 Customers to Withdraw Funds
-------------------------------------------------------------
news.com.au reports that an Australian bank that collapsed has
urged its 6,000 customers to withdraw $100 million worth of
deposits before it starts closing accounts from July 5.

Volt, a digital bank called a neobank which was launched in 2017,
announced it was handing back its banking licence to the regulator
on June 29, the report says.

It was the first start up to gain the banking licence in January
2019 after the government sought to increase competition in the
sector.

According to news.com.au, the bank's demise means 140 staff have
lost their jobs after the board made the decision to close the
business. It said it failed to raise enough funds to support its
plans to write mortgages.

news.com.au relates that Volt chief executive Steve Weston
described its closure as an "incredibly sad day".

"We've built something as a team that Australia really needs to
bring banking competition to the market. We've got technology and
capability that simply doesn't exist in Australia today," the
report quotes Mr. Weston as saying.

"But for us to take that to a public launch, we need petrol in the
car and by petrol we need capital. And in the current market, being
able to raise the amount of capital that we needed to be able to
scale up was a task that we couldn't accomplish."

He added as a bank it needed a lot more funding than a normal
businesses and that "was the challenge that we were unable to
overcome".

news.com.au adds that Volt had been seeking to raise AUD200 million
since February, but said the pandemic and the current challenging
global economic climate had hampered those efforts.

It had previously raised AUD212 million over seven private rounds
since its inception.

Most of Volt's website has been closed down leaving just a
statement and a list of answers to questions.

It said it had adequate funds to return customer's money and to
ease the transition of money to a different bank account quickly
Volt had increased the daily transfer limits to AUD250,000, it told
customers.

"Volt has taken steps to reduce all expenses and staff numbers,
other than those required to support the orderly return of deposits
and pursue a realisation of the value of our remaining assets," it
added, news.com.au relays.

Australia's financial safety regulator, APRA said it will closely
monitor the process to ensure funds are returned to Volt customers
in an orderly and timely manner, news.com.au adds.




=========
C H I N A
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CHINA AIRCRAFT: Fitch Affirms 'BB+/B' IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed China Aircraft Leasing Group Holdings
Limited's (CALC) Long-Term Issuer Default Rating (IDR) at 'BB+' and
Short-Term IDR at 'B'. The Outlook on the Long-Term IDR is Stable.
Fitch has also affirmed the long-term rating of the senior
unsecured debt and the medium-term note (MTN) programme issued by
CALC Bond 3 Limited and CALC Bonds Limited, respectively, at
'BB+'.

These actions are taken in conjunction with a broader aircraft
leasing industry peer review conducted today by Fitch, which
includes nine publicly rated firms. For more commentary on the
broader sector review, please see "Fitch Rtgs Completes Aircraft
Lessor Peer Review; Stable Credit Profiles Despite Looming Macro
Risks", available at www.fitchratings.com.

State-owned China Everbright Group (CEG) owns 19% of CALC's
effective equity through China Everbright Limited (CEL,
BBB/Stable). CALC Bond 3 Limited and CALC Bonds Limited are both
registered in the British Virgin Islands and serve as CALC's wholly
owned debt-issuing subsidiaries.

KEY RATING DRIVERS

IDR

CALC's IDR is two notches above its standalone credit profile of
'bb-', reflecting Fitch's expectation of modest support from
state-owned CEG and the affiliated entities within the group,
including China Everbright Bank Company Limited (BBB/Stable).

Under Fitch's Non-Bank Financial Institutions Rating Criteria, a
subsidiary deemed to have "limited importance" is usually rated at
least two notches below the parent or notched up from its
standalone profile. The application of the bottom-up approach for
CALC, instead of a top-down approach, is driven by CEG's limited
shareholding control, the lack of common branding and the
complexities of the legal commitments to CALC that span CEG and
CEL.

The two-notch uplift reflects a higher degree of strategic
alignment than most entities Fitch deems to be of limited
importance, including the importance of CALC's operations to CEG's
"Four-Three-Three" development strategy, which includes the
objective of cultivating a world-leading aircraft lessor, and CEG's
strong operational and managerial control over CALC with a record
of providing ordinary funding and liquidity support to CALC. CEG's
development strategy was approved by China's Ministry of Finance
and China Huijin Investment Ltd, an investment company wholly owned
by the state.

Fitch's assessment of CALC's standalone credit profile reflects a
smaller scale, higher leverage and greater lessee and geographical
concentration than other higher-rated peers, as well as significant
financing and refinancing needs related to a large order book and
substantial debt maturities in the next two-to-three years. These
risks are mitigated by the company's quality fleet, limited
exposure to troubled airlines and adequate liquidity.

CALC's leverage - measured by debt to tangible equity - is high,
between 9.0x and 10.0x from 2018 to 2021, relative to 2.0x to 4.0x
for most other Fitch-rated lessors. This results in CALC's limited
headroom to withstand potential asset-quality deterioration from
its small and concentrated portfolio. Nonetheless, the company's
liquid narrow-body aircraft portfolio and its limited exposure to
troubled or bankrupt airline companies reduce potential impairment
risk and support its operating cash flow.

Profitability has improved, as the return on average equity
increased to 14.9% in 2021 from 6.8% in 2020, supporting its asset
growth of 8% and lowering leverage slightly to 9.2x in 2021. CALC
intends to further reduce its leverage as the company expects its
profitability to improve from increasing fleet-trading activities.

CALC has maintained a relatively in-demand and fuel-efficient fleet
with an average fleet age of 7.8 years and average remaining lease
term of 7.0 years at end-2021. Fitch estimates 82% of CALC's
portfolio consists of Tier 1 assets, which can reduce asset-quality
risk during downturns. CALC's exposure to lessees domiciled in
China is high, with around 66% of its portfolio (based on Fitch's
estimate of aircraft values) leased to Chinese airlines.

Its exposure is mainly to the three largest domestic airlines and
their affiliates, which Fitch believes benefit from government
support. CALC's impairment losses on lease receivables increased to
0.5% of its net aircraft assets in 2021, but remained lower than
that of most peers. Exposure to aircraft previously leased to
Russian airlines accounted for 2% of total net aircraft value at
end-March 2022. All Russian leases were terminated to comply with
sanctions while the aircraft remain in Russia.

CALC has a large order book of 244 aircraft. The company's total
aircraft purchase commitments were HKD94 billion (USD12 billion) at
end-2021, with deliveries through 2027. Fitch estimates the
company's financing needs and aircraft purchase commitments will
reach USD3.6 billion in 2022 and Fitch expects CALC's
liquidity-coverage ratio for the next 12 months to remain adequate,
although weaker than that of peers on a committed basis.

CALC's funding and liquidity benefit from its large undrawn
committed and uncommitted credit lines, its continued access to
secured and unsecured markets, and ordinary support from CEG and
its affiliates. The company's unsecured debt was 51% of total debt
at end-2021, and its unencumbered assets adequately covered its
unsecured debt by 1.5x at end-2021.

The Stable Outlook on the IDR reflects Fitch's expectation that
CALC will maintain sufficient liquidity to support the large order
book, supported by a stable operating environment in China, and
that the company's operational and strategic linkages with CEG will
remain unchanged. The Stable Outlook also reflects the stable
credit profiles of CEL and CEG.

Senior Unsecured Debt

The rating on the senior unsecured notes issued by CALC Bond 3
Limited and under the MTN programme by CALC Bonds Limited is
equalised with CALC's 'BB+' Long-Term IDR, as the notes are
unconditionally and irrevocably guaranteed by CALC, and will at all
times rank at least equally with all other present and future
unsecured and unsubordinated obligations of CALC and CALC Bond 3
Limited or CALC Bonds Limited.

RATING SENSITIVITIES

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

A material deterioration in asset performance; heightened risk
appetite for growth beyond Fitch's expectations; leverage in excess
of 10x on a sustained basis; reduced unsecured funding below 50%;
and/or lower liquidity relative to debt maturities and order book
commitments, could result in a downward revision in Fitch's
assessment of CALC's standalone credit profile, leading to a
downgrade of the IDRs.

A weakening in the linkage between CEG and CALC, such as a dilution
in ownership or control; or a reduction in CALC's strategic role to
CEG; or reduced liquidity support from CEG and its affiliates,
would also lead to a downgrade.

The rating on the notes and the MTN programme is expected to move
in tandem with any changes to CALC's IDR.

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

A decrease in leverage to below 5.0x on a sustained basis without
deterioration in its asset quality and profitability, coupled with
strengthened funding and liquidity relative to its financing needs,
could lead to an improvement in Fitch's assessment of CALC's
standalone credit profile, and thus, the IDRs.

Strengthened linkages between CALC and CEG could be positive for
the rating, which could arise from more explicit legal ties between
CALC and CEG, or a meaningful increase in CEG's shareholding and
control through board representation in CALC.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

   DEBT                RATING                      PRIOR
   ----                ------                      -----

China Aircraft        LT IDR    BB+    Affirmed    BB+
Leasing Group
Holdings Limited

                      ST IDR    B      Affirmed    B

CALC Bond 3 Limited

   senior unsecured   LT        BB+    Affirmed    BB+
CALC Bonds Limited

   senior unsecured   LT        BB+    Affirmed    BB+


GREENLAND HOLDING: S&P Upgrades LT ICR to 'CCC-', Outlook Negative
------------------------------------------------------------------
On June 29, 2022, S&P Global Ratings raised its long-term issuer
credit rating on Greenland Holding Group Co. Ltd. to 'CCC-' from
'SD'. S&P also raised its long-term issue rating on the senior
unsecured notes that the company guarantees to 'CC' from 'C'.

The negative outlook reflects heightened risk over Greenland's
ability to raise new liquidity from project sales to meet its debt
obligations.

S&P said, "We raised our ratings on Greenland after the company
completed a one-year maturity extension on its US$500 million
senior unsecured notes, which were originally due June 25, 2022.

"The rating reflects our view that Greenland continues to face
heightened repayment risk owing to a significant amount of debt
maturities in 2022 and the company's exceptionally weak liquidity.
Repayments for Greenland's remaining U.S. dollar-denominated senior
notes due in 2022 are subject to high uncertainty, in our
assessment.

"Over the next 12 months, Greenland has offshore debt maturities of
about US$2.4 billion, by our estimate. The company also has onshore
bonds and puttable debt of about RMB9.6 billion. We believe
Greenland has limited accessible cash to support its upcoming
maturities, given the company's constrained capacity to use
internal resources for repayment."

Greenland's repayment ability will largely depend on cash
collection from sales and asset disposals. However, sales remain
hindered by weak sentiment in the property market. The company's
contracted sales in the first quarter of 2022 were down 56% to
RMB30.8 billion. While the company plans to dispose a material
amount of assets over the next three years, execution risk exists,
and disposals may not be timely for its near-term debt maturities
due in 2022.

S&P said, "The negative outlook reflects our view that Greenland
still faces heightened risk in raising new liquidity from project
sales and in repaying its sizable obligations due over the next six
months.

"We could downgrade Greenland if the company defaults or undergoes
distressed restructuring on its debt obligations.

"We may raise the rating if Greenland resolves its repayment
pressure with restored liquidity and feasible plans to tackle its
upcoming maturities."

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


HONG KONG JUNFA: Fitch Withdraws 'B-' Foreign Currency IDR
----------------------------------------------------------
Fitch Ratings has withdrawn China-based developer Hong Kong JunFa
Property Company Limited's Long-Term Foreign-Currency Issuer
Default Rating of 'B-' with a Negative Outlook and senior unsecured
rating of 'B-'. Fitch has also withdrawn the rating on Power Best
Global Investments Limited's outstanding bonds of 'B-' and Recovery
Rating of 'RR4'.

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

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

ISSUER PROFILE

Junfa, established in Yunnan in 1998, is a private company with a
focus on old-town redevelopment projects, especially in Kunming and
other areas in Yunnan. It has the largest market position in
Kunming and strong brand recognition in south-western China.

ESG CONSIDERATIONS

Junfa has an ESG Relevance Score of '4' for Governance Structure,
as its ownership is concentrated on one individual and there are no
independent directors on its board. This has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

Junfa has an ESG Relevance Score of '4' for Financial Transparency,
as it is not a listed company and full financial information is not
widely available. This has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

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

   DEBT                 RATING                       PRIOR
   ----                 ------                       -----

Hong Kong JunFa        LT IDR     WD    Withdrawn    B-
Property Company Limited

   senior unsecured    LT         WD    Withdrawn    B-
Power Best Global Investments Limited

   senior unsecured    LT         WD    Withdrawn    B-

POWERLONG REAL ESTATE: S&P Cuts ICR to 'CCC+', On Watch Negative
----------------------------------------------------------------
On June 29, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Powerlong Real Estate Holdings Ltd. to 'CCC+' from
'B'. S&P also lowered the long-term issue rating on the developer's
senior unsecured notes to 'CCC' from 'B-'. At the same time, S&P
placed the ratings on CreditWatch with negative implications. S&P
subsequently withdrew its issuer credit rating and issue rating on
Powerlong at the company's request.

Powerlong's asset disposal plan is moving slower than we previously
anticipated. Weak market confidence has hindered the progress, as
buyers turned more cautious. The bulk sale of some of its office
buildings and long-term rental service departments in Shanghai and
Hangzhou was behind schedule.

The termination of Powerlong selling its office building in
Shanghai to Powerlong Commercial Management Holdings Ltd. (a listed
subsidiary) for Chinese renminbi (RMB) 867 billion also cast doubt
on Powerlong's commitment to repay holding company level debt.

Refinancing conditions have become more challenging following a few
debt restructurings and credit incidents by Chinese developers.
This, combined with the delay in publishing its audited reports and
unexpected change of auditor, has dampened investor confidence amid
the current market turbulence. The publication of a clean audited
report on May 11, 2022, does not ease market concerns over
Powerlong's refinancing prospects.

The company faces mounting refinancing risk, and the risk of
restructuring of its public bonds are rising. S&P said,
"Powerlong's unrestricted cash as of Dec. 31, 2022, stood at
RMB19.4 billion and we believe 20%-30% was freely accessible at the
holding company level; the rest could be trapped in escrow accounts
or in operating subsidiaries. We expect cash to have further
declined in recent months, given sluggish sales generation.
Powerlong recorded total contracted sales of about RMB19 billion in
the first five months, a decrease of about 55% from same period in
2021."

S&P believes there is rising chance of Powerlong considering a
revision of repayment terms with creditors and potential maturity
extensions. The company has US$600 million outstanding offshore
senior notes and approximately RMB3.7 billion onshore bonds due or
puttable in 2022, concentrated in July and August.

Pledging its unencumbered investment property for additional loans
is becoming increasingly difficult for Powerlong. The company
management expected to get RMB10 billion–RMB12 billion bank and
other loans by pledging malls, mostly unencumbered assets. Some of
the shopping mall assets are of good quality and the reopening of
malls around Shanghai and surrounding cities will help stabilize
operations.

That said, timely drawdown of loans is becoming more difficult
under current market conditions. Onshore banks may have placed
closer scrutiny before extending loans. S&P believes Powerlong's
ability to sustain relationship with onshore banks will remain
crucial to its operations.

CreditWatch

Prior to the rating withdrawal, the CreditWatch status reflects the
uncertainties over the company's ability to address upcoming debt
maturities. It also reflects the uncertainties on whether Powerlong
can sell its assets and generate internal resources to meet its
concentrated public bond maturities over the next three to six
months.

ESG credit indicators: E-3, S-2, G-5

S&P said, "Governance factors are a very negative consideration in
our credit rating analysis. The company's delay in publishing
audited reports and change in its auditor right before reporting
deadline indicated weakness in its internal control and risk
management toward financial reporting. The company has generally
had insufficient transparency and delivered an inconsistent message
on the progress of its repayment plans to address imminent debt
maturities. The assessment also factors in strong influence of its
controlling shareholder in the board structure and the company's
decision-making process."




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

ABHI S.K.HOSPITAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of ABHI
S.K.Hospital Private Limited. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.32        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.93        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

ASKHPL was promoted in December 2010 by Dr. Senthilnathan and his
wife Dr. Suseela. The Company currently operates a 110 bed
multi-specialty hospital. The hospital offers specialized treatment
in Gynaecology, Neurosurgery, Plastic surgery, Trauma care,
Obstetrics, Neonatology, and General medicine, among others. The
hospital has a 25-bed intensive care unit, including an 8-bed
new-born intensive care unit, and 5 operation theatres. The
hospital is well equipped with a digital X-ray unit, 3D ultrasound
and Colour Doppler Echo, fully automated computerized laboratory,
and CT-scan. The Company has tieups with corporate, major insurance
Companies, third party administrators (TPAs) and State and Central
government agencies to offer cashless treatment.


ADG AGROTECH: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of ADG Agrotech Pvt Ltd in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based           3.00       [ICRA]B (Stable); ISSUER NOT
   Limit–Cash                      COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based           2.00       [ICRA]B (Stable); ISSUER NOT
   Limit–Term                      COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in October, 2012 as a private limited company, ADG
Agrotech Private Limited (AAPL) is involved in milling of raw rice
with an installed capacity to manufacture 12,000 MTPA of rice. The
manufacturing facility of the company is located in Burdwan
district of West Bengal, a popular paddy growing region.


ANANYA HOSPITAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Ananya
Hospital Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.73        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Ananya Hospital Private Limited (AHPL) was set up in 2000 as a
partnership firm by Dr. M J Rajashekar and was reconstituted as a
private limited company in 2005. The company started with a
multi-specialty hospital in Bangalore under the name Ananya
Hospital which is a 53-bed facility including 3 operation theatres,
6 ICUs and offers services across specialties such as general
medicine, orthopedic, pediatric, urology, ear-nose-throat (ENT) and
gynecology, amongst others. In 2008, AHPL took over Shanbhag
Hospital which operates with a capacity of 52 beds including 2
operation theatres and 8 ICUs. Shanbhag hospital has been
operational since 1990 and is located in Basaveshwara Nagar,
Bangalore. This hospital generates majority of its revenue from
gynecology and pediatrics. Both the hospitals have inhouse
pharmacies.


B.R. GUAR: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-term and short-term rating of B.R. Guar
Gum Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

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

   Long Term/          1.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
   Limits                          under issuer not cooperating
                                   category

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

Incorporated in April 2011, B.R. Guar Gum Private Limited (BRGGPL)
commenced commercial operations in November 2011. The company is
engaged in the manufacturing of guar gum splits at its unit located
in Siwani Mandi in Haryana. The currentseed processing capacity of
the company is 1400 quintals per day. The company sells its product
in the domestic market through a network of brokers who, in turn,
sell to merchant exporters for use in oil & gas and food sector.


BANSAL IRON: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-term ratings of Bansal Iron & Steel
Rolling Mills in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          9.00        [ICRA]B+ (Stable); ISSUER NOT
   Limit–Cash                      COOPERATING; Rating continues
   Credit                          to remain under ‘Issuer Not
                                   Cooperating’ category

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

BISRM is a partnership firm engaged in the rolling of steel ingots
into girders and channels. The firm was promoted by members of the
Bansal family in 1971 and its manufacturing facility is located in
Mandi Gobindgarh (Punjab) with an installed capacity of 39,000
metric tonnes per annum.


CHAMPION AGRO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Champion Agro Limited
        S No. 217 Paiki, Plot No. 2
        National Highway Veraval-Shapar
        Tal. Kotad Sangani
        Rajkot 360024

Insolvency Commencement Date: June 24, 2022

Court: National Company Law Tribunal, Gandhinagar Bench

Estimated date of closure of
insolvency resolution process: December 20, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Vinodkumar Surendralal Shah

Interim Resolution
Professional:            Mr. Vinodkumar Surendralal Shah
                         206/1, Pramukh Cyprus
                         Opp. Aashka Hospital
                         Sahpur Sargasan Road
                         Gandhinagar 382421
                         E-mail: ipvinodshah@rediffmail.com
                                 cirpchampion@gmail.com

Last date for
submission of claims:    July 8, 2022


CONTINUUM GREEN: S&P Downgrades ICR to 'B+', Outlook Stable
-----------------------------------------------------------
On June 29, 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Continuum Green Energy Ltd. (Continuum) to 'B+'
from 'BB-'. S&P also lowered its issue rating on the proposed
senior secured notes of Continuum Energy Aura Pte. Ltd., guaranteed
by Continuum, to 'B+' from 'BB-'. Subsequently, S&P withdrew all
its ratings on Continuum and Continuum Energy Aura at the issuers'
request.

The stable outlook reflects S&P's view that successful execution
and the commissioning of wind-solar hybrid projects will support
Continuum's operating performance, in line with P90 estimates.
These factors will support FFO cash interest coverage to be within
1.2x-1.5x. The outlook also reflects the company's representation
that it will not pursue capex unless sufficient funding is secured
for projects over and beyond committed capital expenditure
(capex).

S&P said, "The downgrade reflects our view that Continuum's
interest-servicing ability will weaken due to significantly higher
funding costs relative to our prior expectations. We believe
Continuum will face higher borrowing costs amid challenging market
conditions as credit spreads have increased sharply over the past
few months. We expect the company will have to secure funding at a
much higher rate than previously, given its large debt-funded capex
over the next 12 months.

"Our base case assumes Continuum will raise up to US$400 million in
senior secured notes at funding costs of 12.5% (including hedging
costs), about 2.2 percentage points about our previous estimate of
10.3%. We believe the debt raising is imminent. We estimate total
debt at the end of fiscal 2023 (year-end March 31) of about US$1.4
billion, assuming the projected capex of about US$680 million in
fiscal 2023 is debt funded from the domestic market. We estimate
about US$300 million in additional debt may be required to cover
the capex in fiscal 2023 if the company were to proceed with all
the expenditures.

"We also understand from the management that the capex spend will
be matched to the available debt being raised and they will not
proceed with new projects if funding is not in place before
embarking on the capex. Deviation from this approach can place
pressure on liquidity.

"The higher funding costs will erode the very thin buffer against
our previous downgrade trigger of 1.5x on an FFO cash interest
coverage basis for the 'BB-' rating. Consequently, we now expect
this ratio to trend around 1.2x in fiscal 2023 and 1.4x over
fiscals 2024 and 2025, which is more commensurate with a 'B+'
rating.

"Continuum's leverage will remain elevated over the next two years,
given the company's high funding needs for its capex plans.
Continuum's FFO-to-debt ratio will be weaker than we had previously
anticipated, primarily due to lower FFO as a result of
higher-than-expected funding costs. We now estimate this ratio to
be below 2% in fiscal 2023 and remain at 3.5%-4.5% in fiscal years
2024 and 2025. We had previously expected this ratio to be at about
2% in fiscal 2023 and stabilizing at about 6% in fiscal 2024."
The company represents that it will only commence construction
after signing power purchase agreements and funding tie-ups. This
will be important to manage liquidity and balance sheet strength.
At the same time, the company may have limited incentives to defer
the uncommitted proportion of its fiscal 2023 capex as future cash
flow generation is dependent on successful execution of the planned
projects. The company aims to add 1.2 gigawatts (GW) of capacity by
the first quarter of fiscal 2024, increasing its total operating
capacity to 2.1GW by the first quarter of fiscal 2024, more than
double its current capacity of about 860 megawatts (MW).

While S&P assesses Continuum's liquidity as adequate, there is
limited headroom to withstand variation in working capital movement
or cash flows. Internal cash flow together with committed undrawn
available debt will just about cover Continuum's committed capex of
about US$152 million in fiscal 2023. The company's imminent debt
raising should help it meet some of its projected capex obligations
for fiscal 2023 in a timely manner.

S&P said, "Continuum faces greater exposure to currency risk than
we had previously anticipated. This is because we expect the
company will hedge its cross-currency exposure for a period shorter
than the full tenor of the proposed notes, as opposed to our
previous expectation that it would hedge through the maturity of
the proposed notes. Continuum expects to refinance the proposed
notes at the maturity of the hedge facilities based on expectations
that market conditions will stabilize by then, resulting in lower
funding costs. However, given the current market conditions, we
assume that funding costs will stay at current levels."

Given that Continuum's revenues are rupee-denominated but the
proposed notes are U.S. dollar-denominated, the currency exposure
reflects a more aggressive hedging strategy than S&P had previously
anticipated. This exposes the company to the potential risk of
higher hedging costs, and event risk when the time comes to roll
over its currency hedge.

S&P said, "The stable outlook reflects our view that successful
execution and the commissioning of wind-solar hybrid projects will
support Continuum's operating performance, in line with P90
estimates. These factors will support FFO cash interest coverage to
be within 1.2x-1.5x. The outlook also reflects the company's
representation that it will not pursue capex unless sufficient
funding is secured for projects over and beyond committed capex."

S&P could have lowered the ratings if Continuum's FFO cash interest
cover fell below 1.2x on a sustainable basis. This could have
happened if:

-- Funding costs were higher than that S&P currently assumes or
the company failed to manage its foreign currency exposure in a
timely manner, leading to significant currency mismatch and weaker
cash flow;

-- There were material delays in project execution or the
company's operating performance weakened to lower than P90
estimates over a sustained period, leading to lower cash flow; or

-- Adverse changes to the tariff-setting process and competitive
landscape in the commercial and industrial (C&I) market such that
the company were exposed to higher market and pricing risks than we
expected. This could have also resulted in lower profitability and
returns than peers.

S&P believes an upgrade would have been unlikely over the next 12
months due to Continuum's elevated capex plans that it would
largely fund by debt. Nevertheless, S&P may have raised the ratings
on Continuum if the company's FFO cash interest cover improved to
above 1.5x sustainably. This could have happened if:

-- Operating performance were consistently stronger than S&P
expected; or

-- Profitability were significantly higher due to favorable market
dynamics in the C&I segment and an improved cost position on a
larger portfolio.

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

ESG factors have an overall neutral influence on our credit rating
analysis of Continuum. The company has a small portfolio of 860MW
(2.1GW by the end of fiscal 2023) that is entirely from renewable
sources. Its cash flow also benefits from the must-run status of
renewable energy in India. This status largely insulates Continuum
from unexpected drops in demand for power. However, production
volume of about 90%, when assessed over a one-year period,
indicates resource risk.


DHIRENDRA NARAYAN: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Dhirendra
Narayan Cold Storage Private Limited. in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.25        [ICRA]B (Stable) ISSUER NOT
   Working                         COOPERATING; Rating continues
   Capital Loan                    to remain under 'Issuer Not
                                   Cooperating' category

   Long term-          0.20        [ICRA]B (Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Short-term          6.00        [ICRA] A4; ISSUER NOT
   Seasonal                        COOPERATING; Rating continues
   Cash credit                     to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term/          0.15        [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   unallocated limit               Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Dhirendra Narayan Cold Storage Private Limited (DNCS) had set up
its cold storage unit at Dhaniakhali in the Hooghly district of
West Bengal in 1971. Promoted by the Kolkata-based Saha and the
Shaw family, DNCS has a storage capacity of 20,800 metric tonnes
(MT) at present.


EURO PRATIK: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Euro
Pratik Ispat Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         (0.50)       [ICRA]B+ (Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short-term-        (3.00)       [ICRA] A4 ISSUER NOT
   Inland                          COOPERATING; Rating continues
   Letter of Credit                To remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in 2004, Euro Pratik Ispat Private Limited's (EPIPL)
plant is located in Raipur, Chhattisgarh. EPIPL has a production
facility for sponge iron with an annual production capacity of
30,000 MT. The current management took over the operations of the
company in 2012.


FERROMET STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ferromet
Steels Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        25.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-         3.55       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term-         0.50       [ICRA]D; ISSUER NOT COOPERATING;
   ILG                           Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         4.00       [ICRA]D; ISSUER NOT COOPERATING;
   FLC/ILC                       Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term        (4.00)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Ferromet Steels Private Limited (FSPL) is engaged in the
manufacturing of structural steel products such as Mild Steel (MS)
Flat, MS Angle, MS Round, MS Square, MS Channels. The company
started its manufacturing operations with a capacity of 19,200 TPA
in 2008 and later added additional capacity by setting up another
rolling mill with a capacity of 21,600 TPA, which commenced
operations during April 2012 (total installed capacity of 40,800
TPA). Apart from manufacturing structural steels, FSPL also engages
in trading of structural steels to cater to customer orders, which
are not produced in house. FSPL was initially incorporated under
the name of S. R. M. C. Exports Limited in the year 1995 and was
subsequently renamed in 2008. FSPL is promoted and managed by Mr.
Manmohan Mittal and Mr. Ashok Kumar Goel, current directors of the
company.


GEETANJALI ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Geetanjali
Ispat & Powers Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.50        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

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

Incorporated in 2003, Geetanjali Ispat & Power Private Limited's
(GIPPL) plant is located at Bilaspur, Chhattisgarh. GIPPL has a
production facility for sponge iron with an annual capacity of
30,000 MT. The current management took over the operations of the
company in 2014.


GOPAL JI GARMENTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Gopal Ji Garments Private Limited
        Area 1386.66 Sq. Yds.
        Jamalpur Industry Plot
        Tajpur Road, Jamalpur Awana
        Distt. Ludhiana
        Punjab 141001

Insolvency Commencement Date: June 27, 2022

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Shilpa Singhal

Interim Resolution
Professional:            Shilpa Singhal
                         H.No. 1301, Sector 33-C
                         Chandigarh 160031
                         E-mail: ipshilpasinghal@gmail.com
                                 cirpgopaljigarments@gmail.com

Last date for
submission of claims:    July 11, 2022


IBD NALANDA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term rating of Ibd Nalanda
Infrastructure Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       24.00       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated        8.52       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

IBDN was incorporated in 2009 and is the flagship company of the
IBD Group of Central India. IBDN is headed by Mr. Ajay Bhadauria,
who holds 6.51% stake. Currently, the company is executing two
projects in Jabalpur, Madhya Pradesh which are in various stages of
execution. 'Royal City' is the affordable housing project of the
company and 'Gold Villa" is the high-end residential apartment
project. The total saleable area of all the projects combined is
6.27 lakhs square feet, with 523 units in total. The total project
cost is estimated at INR79.51 crore and is expected to be funded by
customer advances and promoter's contribution, in different
proportion.


J MATADEE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of J Matadee
Free Trade Zone Private Limited. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-           16         [ICRA]B+ (Stable) ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

J Matadee Free Trade Zone Private Limited ("JMFTZL"), incorporated
in 2005 by Mr. Sunil Rallan, is primarily engaged in developing a
Free Trade Warehouse Zone (FTWZ) near Chennai. Mr. Sunil Rallan has
been primarily dealing in leather exports over the last 25 years
and has carried out trading in leather goods from an FTWZ in China.
After experiencing the free trade zone as an occupant, the promoter
decided to develop a similar FTWZ in Chennai (Tamil Nadu).


JABALPUR ENTERTAINMENT: ICRA Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term rating of Jabalpur Entertainment
Complexes Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable): ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         6.85        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         7.15        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

JECPL is promoted by Mr. Vishwa Mohan, who comes from the
well-known family of Raja Gokuldas of Jabalpur. The family has
contributed greatly to the development of the city of Jabalpur, the
freedom movement, literature, legislatures and the Indian
parliament. The family is influential and enjoys a good reputation
in the state JECPL is managed by qualified professionals under a
regular monthly monitoring by the board of directors. Board of
directors comprises of Mr. Vishwa Mohan and Mr. Rajesh Maheshwari.
Mr. Rajesh Maheshwari has extensive administrative and managerial
experience and is President of Jabalpur Chamber of Commerce &
Industries. He has also served as adviser to Perfect Refractories
Ltd, Vallabh Refractories & Ceramic Product Ltd, and Narmada
Ceramics Ltd, Jabalpur. Further, Mr. Rajesh Maheshwari has held
several distinguished posts and has been awarded for his
administrative and leadership qualities. The board of JECPL is also
advised by experience professionals, sharing over 40 years of
combined experience in project management and auditing.


JAI LAXMI: ICRA Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the Long-Term rating of Jai Laxmi Cement Co. (P)
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable): ISSUER NOT COOPERATING".

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

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

JLCPL was incorporated in September 1987 and manufactures Portland
Pozzolana Cement (PPC) cement. The company has a
manufacturing plant in Ram Nagar, Chandauli (Varanasi), which is
ISO 9001:2008 certified. It is also involved in the trading of
clinker and fly ash. The daily installed capacity of the company is
~350 MT, which translates into an annual capacity of 120000 MT per
annum. The company is fully owned by the promoters and their family
members. It sells its product through the dealer network and mainly
in the states of Uttar Pradesh and Bihar. The raw material, which
is clinker, fly ash and gypsum, is procured from Madhya Pradesh,
Uttar Pradesh and Rajasthan.


JAJODIA EXPORTS: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Rating for the bank facilities of Jajodia
Exports Pvt Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING".

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

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

Incorporated in 2011, Jajodia Exports Pvt Ltd (JEPL) is engaged in
the trading of food grains, diesel engines for irrigation pumps and
completely knocked down E-rickshaw components. The promoters of
JEPL started operations in the year 1995 as a partnership firm
under the name of Jajodia Exports and were initially engaged in the
trading of food grains only. Over the period of time the entity has
also ventured into trading of diesel engines for irrigation pumps
and completely knocked down E-rickshaws. JEPL primarily sells food
grains and E-rickshaws (CKD) in the state of West Bengal, while
diesel engines are sold in the state of Uttar Pradesh, Bihar and
West Bengal.


MAA BAMESWARI: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Maa
Bameswari Cold Storage Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.94        [ICRA]B (Stable) ISSUER NOT
   Working                         COOPERATING; Rating continues
   Capital Loan                    to remain under 'Issuer Not
                                   Cooperating' category

   Long term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Term loan                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long term-          0.25        [ICRA]B (Stable) ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Short-term          6.50        [ICRA] A4; ISSUER NOT
   Seasonal                        COOPERATING; Rating continues
   Cash credit                     to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term/          0.08        [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Maa Bameswari Cold Storage Private Limited (MBCS) had set up its
cold storage unit at Goghat in the Hooghly district of West Bengal
in 2005. Promoted by the Kolkata-based Saha and the Shaw families,
MBCS has a storage capacity of 19,300 metric tonnes (MT) at
present.


MADHUCON PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term and short-term rating of Madhucon
Projects Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        425.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        52.05       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-       648.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund                      Rating Continues to remain under
   Based-Others                  'Issuer Not Cooperating'
                                 Category

   Unallocated      194.75       [ICRA]D; ISSUER NOT COOPERATING;
   Limits                        Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-       80.20       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund                      Rating Continues to remain under
   Based-Others                  'Issuer Not Cooperating'
                                 Category

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

Originally incorporated in 1990 as Madhu Continental Constructions
Private Limited and subsequently converted into a listed public
limited company in March 1995, Madhucon Projects Limited (MPL) is
primarily engaged in the road construction and irrigation projects
business. MPL was promoted by Mr. N Seethaiah and Mr. N Krishnaiah.
It is currently engaged predominantly in construction of roads and
irrigation projects.


MAHAN PLASTICS: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-term and short-term ratings of Mahan
Plastics Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

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

   Long Term-          1.31        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         5.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long term           2.45        [ICRA]B (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

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

Established in 1972, MPPL is a private limited company promoted by
Mr. Raj Kumar Gupta (son of Mr. Nand Kishore Aggarwal). The company
manufactures shoes, kid's footwear, sandals etc. The company is a
part of the Action group and comes under the faction of Mr. Raj
Kumar Gupta.


PACIFIC GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-term and short-term ratings of Pacific
Garments Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         4.72       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–         0.25       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-          3.75     [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                   Rating Continues to remain under
   Cash Credit                   issuer not cooperating category

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

Incorporated in 1995 by Mrs. Madhushree Gupta, PGPL is a private
limited company engaged in manufacturing and exporting of women's
garments. The firm's manufacturing unit is in Noida.

PARAMOUNT RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term rating of Paramount Rice Pvt. Ltd.
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

   Long Term-          6.86        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Paramount Rice Pvt. Ltd. (PRPL) was established by Mr. Narayan
Prasad Jhanwar & Mr. Girraj Mal Nyati as a partnership firm,
however in the year 1998 partnership firm was converted into a
private limited company with all the partners as shareholders. The
directors of the company are Mr. P.L. Jhanwar, Mr. K.C. Jhanwar,
Mr. M.P. Jhanwar and Ms. Lalita Devi Nyati. PRPL is engaged in
processing and trading of rice. Head office of the company is
located at Chittor road, Bundi Rajasthan. Manufacturing plant of
PRPL is located at Bundi (Rajasthan) which has a milling capacity
of 2 tonnes per hour. Company sells rice in the domestic market
only however there are few dealers who are exporting the rice of
PRPL to countries like Middle East, Saudi Arabia, Dubai, Europe and
Kuwait.

PERUMAL SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Perumal
Spinning Mills Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable)/ [ICRA]A4
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.85        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         11.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Facility                        to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          0.15        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating

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

PSMPL, incorporated in 1989 by Mr. S.Perumal, is primarily engaged
in manufacture of cotton yarn. The Company produces medium counts
of carded/combed yarn (in the count range of 40s to 60s) and
supplies primarily to domestic garment manufacturers. The Company
operates with an installed capacity of 14,112 spindles and its
manufacturing facility is located in Salem (Tamil Nadu). The
Company is closely held by Mr. P Ashokaraman (son of Mr. S Perumal)
and his son.


PIONEER TEA: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term and short-term ratings of Pioneer
Tea & Exports Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         0.39        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund based–     0.40        [ICRA] A4; ISSUER NOT
   Limits                          COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Unallocated         2.10        [ICRA]B+(Stable)/[ICRA]A4
   Limits                          ISSUER NOT COOPERATING;
                                   Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Incorporated in 1995, PTEL has been engaged in the production of
black tea of CTC variety. The company has no plantation facility;
therefore, it has to depend entirely on bought green leaves for
production of black tea. The factory of the company is located at
Siliguri, West Bengal. The annual installed capacity for production
of black tea is 3.5 million kg. The company markets its tea under
the brand name of 'Raajdhanee', 'Pioneer', 'Daffodil', 'Anubhuti',
'Remajuli' and 'Saffron Valley.


PVK ENGINEERS PRIVATE: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: P.V.K. Engineers Private Limited
        8-3-293/B2/A/270/R/A/I
        Plot No. 270 E/A Jubileehills
        Hyderabad Andhra Pradesh
        TG 500033
        India

Liquidation Commencement Date: June 13, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Date of closure of
insolvency resolution process: June 9, 2022

Insolvency professional: Mummneni Vazra Laxmi

Interim Resolution
Professional:            Mummneni Vazra Laxmi
                         Flat No. G-2, ENCEE Residency
                         Nagarjuna Nagar Colony
                         Yellarreddyguda
                         Hyderabad 500073
                         E-mail: emailtolak@gmail.com

                            - and -

                         Flat No.107, V.V.Vintage Residency
                         Somajiguda, Hyderabad 500082

Last date for
submission of claims:    July 13, 2022


RAM RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the Long-term ratings of Shri Ram Rice Mill in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

SRRM is a partnership concern which came into existence in 1992.
Presently the company has four partners viz. Shri Govind Nuwal,
Smt. Sarita Nuwal, Smt. Madhu Nuwal and Shri Satya Narayan Nuwal.
The firm is primarily engaged in the business of milling and
processing of basmati rice and has an installed milling capacity of
3 tons per hour of paddy and sorting capacity of 3 tons per hour.
The manufacturing facility of the firm is located in Village
Daulara, Bundi, Rajasthan.


ROSHA ALLOYS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Rosha
Alloys Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.00        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term           7.50        [ICRA]B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Rosha Alloys Private Limited (RAPL) was set up in 2002 and
manufactures Iron ingots and trading of Iron products. The
registered office of the company is at Mandi Gobindgarh, which is
one of the most famous Iron/steel markets in India. It has an
annual production capacity of 20,000 tonnes. RAPL acquires the raw
material locally and mainly deals with rolling mills located within
Mandi Gobindgarh. The company's is professionally managed by Mr.
Harinder Pal Singh and Hardev Singh Rosha.


SAGAR AUTOTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sagar Autotech Private Limited
        189, Maida Mill Road
        Jinsi Square, Bhopal
        Madhya Pradesh 462008

Insolvency Commencement Date: June 24, 2022

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: December 19, 2022

Insolvency professional: Keyur Jagdishbhai Shah

Interim Resolution
Professional:            Keyur Jagdishbhai Shah
                         1007, Sun Avenue One
                         Bhudarpura Ayojannagar
                         Manekbaug, Ahmedabad
                         Gujarat 380015
                         E-mail: cs.keyurshah@gmail.com
                                 keyur@keyurjshah.com
                                 cirp.sagarauto@gmail.com

Last date for
submission of claims:    July 7, 2022


SATYA SUBAL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Satya
Subal Himghar Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.62       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         4.28       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         0.10       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in April 2012, Satya Subal Himghar Private Limited
(SSHPL) is promoted by the West Bengal-based Ghosh family. The
company provides cold storage facility to potato farmers and
traders on a rental basis with a storage capacity of 17,800 metric
tonnes (MT). The cold-storage unit is located at Baghapukur, in
Paschim Midnapore, West Bengal.

SCHNEIDER PROTOTYPING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Schneider Prototyping India Private Limited
        81, First Floor, Hemunt Colony
        Level 1 Opp. Nehru Place
        New Delhi 110048

Insolvency Commencement Date: June 22, 2022

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: December 16, 2022
                               (180 days from commencement)

Insolvency professional: Susheel Kumar Gupta

Interim Resolution
Professional:            Susheel Kumar Gupta
                         103, 1st Floor, 7255
                         Ajindra Market, Shakti Nagar
                         Delhi 110007
                         E-mail: susheelgupta@hotmail.com
                                 schneider.cirp@hotmail.com

Last date for
submission of claims:    July 6, 2022


SHANTESHA MOTORS: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Shantesha
Motors Private Limited. in the 'Issuer Not Cooperating' category.
The ratings is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1999, Shantesha Motors Private Limited (SMPL) is a
family owned business with Mr. Vivek C Kamlani being the Managing
Director. The company is engaged in passenger car dealership for
Maruti Suzuki India Limited (MSIL), offering 3S (Sales, service and
spares) facility and driving school facilities in the Belgaum
district of Karnataka. The company currently operates five
showrooms, seven workshops, and two stock yards in Belgaum.

SILVER FAB: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-term ratings of Silver Fab Suitings
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.56        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.42        [ICRA]B+(Stable); ISSUER NOT
   Fund Based/                     COOPERATING; Rating Continues
   Non-Fund                        to remain under issuer not
   Based-Others                    cooperating category

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

Silver Fab Suitings Private Limited (SFSPL) was incorporated in
2003 and is promoted by Mr. Sampat Lal Chordia along with his
friends and relatives. Earlier the promoters were running a
partnership concern by the name of Silver Fab and Sunshine. Based
in Bhilwara, Rajasthan SFSPL is engaged in manufacturing of cotton
and synthetic fabrics for suiting and shirting. The two
manufacturing units of the company are located in the RIICO
(Rajasthan state Industrial development & Investment Corporation)
Industrial area (about 10km from Bhilwara City). RIICO is a
Rajasthan Government agency involved in development of land for
industrial enterprises and also provides support and access to
supportive infrastructure facilities in the industrial areas
developed and managed by it. The location facilitates the company
in having easy access to power supply, water supply and other
related infrastructure facilities required for the operation of the
plant. Further, as Bhilwara is a regional textile hub, the skilled
labor is readily available and the company's product (yarn) gets
steady market.


STAUNCH NATURAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Staunch Natural Resources Private Limited
        701/702, Nestor Court
        ADJ to Vinayak CHS
        CTS-985 Baji Prabhu Deshpande Marg
        Vile Parle (W) Mumbai 400056

Insolvency Commencement Date: June 22, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 19, 2022

Insolvency professional: Mukesh Khathuria

Interim Resolution
Professional:            Mukesh Khathuria
                         6B, 1105, Sapphire Heights
                         Lokhandwala Township
                         Akurli Road, Kandivali East
                         Mumbai 400101
                         E-mail: khathuria@hotmail.com
                                 cirp.snrpl@gmail.com

Last date for
submission of claims:    July 6, 2022


SUDHA SESAMUM: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term ratings of Sri Sudha Sesamum Agro
Foods and Exports Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           0.04        [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Cash Credit        12.00        [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Unallocated
   Limits              0.96        [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

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

Sri Sudha Sesamum Agro Foods and Exports Private Limited (SSS) was
incorporated in the year 2010 and commenced operations in Q2 of
fiscal year 2012. The company is engaged in manufacture and sales
of mechanically-hulled autodried optically-sorted Sesame Seeds in
Andhra Pradesh, Tamil Nadu and to countries such as Malaysia,
Taiwan and Indonesia. The facility is in Tadepalligudam – 50 Km
from Rajahmundry in Andhra Pradesh. The annual production capacity
is 6900 MT.


TATA STEEL: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Tata
Steel Ltd. to positive from stable. At the same time, Moody's has
also affirmed Tata Steel's Ba1 corporate family rating.

"The outlook change to positive reflects Tata Steel's track record
of delivering a solid operating performance while maintaining
conservative financial policies; and the likelihood that upward
rating pressure will build over the next 12 months if recent
performance and credit metrics improvements are sustained," says
Kaustubh Chaubal a Moody's Senior Vice President.

Tata Steel is poised to reduce its debt by at least $1.0 billion in
the fiscal year ending March 2023 (fiscal 2023) -- aligned with its
publicly articulated capital allocation policy.

"Tata Steel's well-laid-out capital allocation policy that
prioritizes debt reduction over capital expenditure and new
investments underscores our positive outlook. The substantial debt
reduction achieved over the last two years, as well as the
reduction to come over the remainder of fiscal 2023, will greatly
improve the company's financial flexibility and resilience and
position it for an investment-grade rating," adds Chaubal who is
also Moody's lead analyst on Tata Steel.

RATINGS RATIONALE

Moody's notes that market conditions will gradually moderate over
the next 12-18 months. Even so, the structural improvement in Tata
Steel's capital structure, with an absolute gross debt reduction
and the substantial cash generated by the company during the last
two fiscal years, has created a lasting buffer to the company's key
credit metrics and liquidity, reducing the company's overall credit
risk.

Rising global interest rates to curb inflation and an increase in
Indian steel export taxes have somewhat dampened steel prices.
Moody's forecasts for Tata Steel are based on the rating agency's
current price sensitivities for steel ($880 per ton for Tata
Steel's Indian operations and $1,250/ton for Europe) for fiscal
2023. As for key steelmaking inputs, Moody's has modeled per ton of
metallurgical coal at $308 and iron ore at about $100. For fiscal
2024, the agency's forecasts are based on the mid-point of its
price sensitivity ranges ($600-$800/ton for steel, $80-$125 for
iron ore and $110-$180 for metallurgical coal).

These price sensitivities translate into an EBITDA/ton assumption
of $280 for fiscal 2023 and fiscal 2024 for Tata Steel's Indian
operations, a 30% decline over fiscal 2022. Given the lack of
vertical integration at Tata Steel's European operations and the
wide swings in the business' profitability in previous years,
Moody's remains cautious in its forecasts and assumes that the
business' EBITDA/ton will decline from $180 in fiscal 2022 to
around $140 -$150 in fiscal 2023 and further slide to $40 -$50 in
fiscal 2024. Also embedded in this assumption is the rating
agency's view that inflationary pressures and volatile energy costs
will likely prolong through this fiscal year.

Based on these assumptions, Tata Steel's debt/EBITDA leverage
should remain comfortably below 1.5x over the next two fiscal
years, while it consistently generates positive free cash flow.

Tata Steel's Ba1 CFR continues to reflect these credit strengths:
(1) the company's large scale, globally cost-competitive steel
operations; (2) its strong position in its mainstay market, India;
(3) its European operations' recent profitability improvement,
which is structural and permanent; and (4) the company's close
association with its parent, Tata Sons Ltd.

On balance, the CFR captures the company's exposure to the inherent
volatility in steel prices and spreads, and the historically
volatile performance of its European operations.

LIQUIDITY

Tata Steel's liquidity position is good. The company's $3.1 billion
in cash and liquid investments at the end of March 2022 and
estimated $6.5 billion-$7.0 billion in operating cash flow over the
next 18 months till September 2023 should be more than sufficient
to meet its $9.0 billion in capital expenditure, announced
acquisitions, modest dividends and scheduled debt (including short
term debt) repayments  over the same period.

Given the inherently volatile steel industry, some unevenness in
intra-year working capital is likely, which could lead the company
to continue relying on short-term 364-day working capital
facilities. Tata Steel's association with the Tata brand enables it
to have strong access to domestic capital markets. In addition, the
company has longstanding relationships with Indian and
multinational banks.

ESG CONSIDERATIONS

Moody's views the global steel sector as having high environmental
risk, particularly regarding carbon transition risk, waste and
pollution. Steel companies such as Tata Steel that operate blast
furnaces are more exposed to carbon transition risk than electric
arc furnace (EAF) producers, although the latter have high
electricity requirements. The industry's transition to EAF will be
slow and require new capital investment, as well as sufficient
scrap supply.

RATING OUTLOOK

The positive outlook reflects Moody's expectation that Tata Steel
will maintain its currently strong credit metrics, namely gross
leverage substantially below 2.5x and cash flow from operations
(CFO) less dividends/adjusted debt in excess of 35%-40%, over the
upcoming 12 months. Moreover, the positive outlook assumes that
Tata Steel will retain its good liquidity profile.

The positive outlook indicates that a further track record of good
operating performance and conservative financial policy would
result in upward rating pressure.

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

Tata Steel's significantly improved operating performance in fiscal
2022 and continued debt reduction has resulted in credit metrics
that are substantially stronger for its rating. Moody's anticipates
that steel prices and product spreads will return to normal levels
given the government's policies to curb inflation and as supply and
demand balances out.

Moody's could upgrade the ratings to investment grade if Tata
Steel's adjusted EBIT margin remains well above 10%, its
consolidated leverage below 2.5x, while the company generates
positive free cash flow; all sustained through the cycle.
Conservative financial policies with good liquidity, continued
gross-debt reduction and a prudent mix of debt and equity-funded
capital spending would also be prerequisites for an upgrade.

While Tata Steel's growing Indian operations will dominate its
consolidated metrics, an upgrade to investment grade would require
a slightly longer track record of the recent improvement of its
European operations.

A downgrade is unlikely in the near term, given the company's
recent performance recovery and positive outlook. That said,
negative ratings pressure could arise from weaker liquidity or
persistently high leverage of above 3.5x on a sustainable basis
over the long-term, and if its EBIT/interest coverage falls below
4x. A deterioration in volumes and margins in the company's key
operating markets that affect its ability to generate positive free
cash flow could also pressure the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Steel published
in November 2021.

COMPANY PROFILE

Tata Steel Ltd. is a leading steel producer with manufacturing
facilities in India (20.6 mt), the UK (5 mt), the Netherlands (7.0
mt) and Southeast Asia (1.7 mt). The UK and the Dutch operations
are housed under Tata Steel Netherlands Limited.

Tata Steel generated consolidated revenues and EBITDA of USD32.8
billion and USD8.8 billion, respectively, during the fiscal year
ending March 2022.

TAURUS THERMOPLASTICS: ICRA Withdraws B+ Rating on INR5.75cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Taurus Thermoplastics Private Limited at the request of the company
and based on the No Due Certificate (NDC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.  

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                      

   Long Term-          5.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                        

   Long Term/          1.50        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term                      ISSUER NOT COOPERATING;
   Unallocated                     Withdrawn

Taurus Thermoplastics Private Limited (TTPL) was incorporated in
December 2010 but began operations only in December 2012. Its
manufacturing facility located at Greater Noida has installed
capacity of 1200 MTPA enhanced from 3000 MTPA during FY2013.The
Taurus Group (through its companies Taurus Thermoplastics Private
Limited and Taurus. Packaging Private Limited) has two
manufacturing facilities; one each in Greater Noida (Uttar Pradesh)
and New Delhi. While Taurus Packaging Private Limited manufactures
laminated printed flexible packaging material; Taurus
Thermoplastics Private Limited is engaged in the manufacturing of
PVC films and PP sheets along with flexible packaging material.


UNITY CARE: ICRA Keeps B+ Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Unity Care
& Health Services Private Limited. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.05        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Overdraft                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          6.45        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in October 2000, Unity Care & Health Services Private
Limited owns a 250-bed multi-specialty hospital named Unity Health
Complex (UHC) in Mangalore. The company has been promoted by Dr.
C.P. Habeeb Rahman, who started the hospital in 1978 as a
partnership concern under the name, Unity Health Complex.
Witnessing healthy growth, Dr. Rahman also commenced Nursing
Diploma course in 1982 and a degree college (Nursing) in 1999
within the hospital complex to cater to the captive demand for
trained medical staff. With sustained growth in demand for
healthcare services, in 2000, Dr. Rahman converted his venture into
a private limited company under the name, Unity Care & Health
Services Private Limited. The hospital offers treatments across
various specialties including cardiology, neurology, nephrology,
urology, orthopaedics, gastroenterology, oncology, ophthalmology,
pulmonology and emergency and trauma care.


UTTARAYAN FOODS: ICRA Keeps C+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Uttarayan
Foods Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]C+/[ICRA]A4 ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-        3.39      [ICRA]C+; ISSUER NOT COOPERATING;
   Term loans                   Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Fund Based-        2.68      [ICRA]C+; ISSUER NOT COOPERATING;
   Cash Credit                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Non-fund           0.16       [ICRA]A4 ISSUER NOT COOPERATING;
   Based–Bank                    Rating continues to remain
under
   Guarantee                     ‘Issuer Not Cooperating’
                                 Category

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

Uttarayan Foods Private Limited (UFPL) incorporated in 2008, is
involved in providing multi-purpose cold storage facilities to
farmers and traders on rental basis. Its cold storage facility is
in Nadia, West Bengal with storage capacity of 5,000 MT.


[*] Sebi Can't Initiate Proceedings vs. Cos. Under IBC, Says Panel
------------------------------------------------------------------
The Economic Times of India reports that the Insolvency Law
Committee has recommended against giving any special dispensation
to the Securities and Exchange Board of India (Sebi) from the
moratorium clause under the Insolvency and Bankruptcy Code (IBC).

According to the rules, once a company is admitted into insolvency
under the code, a blanket moratorium kicks in barring regulators
from initiating any fresh proceedings against the company. Sebi has
made representations to the central government, seeking an
exemption from this rule and the matter was referred to the
Insolvency Law Committee, said people with direct knowledge of the
matter, ET relates.

In its report to the government, the committee opined that any
exemptions on moratorium could hinder the IBC process. Under the
law, the central government has powers to exempt any regulator or
financial arrangement from the ambit of moratorium.

"The exemption under Section 14(3)(a) (exemption from moratorium)
should be exercised only in exceptional circumstances, which may
not hinder the smooth conduct of the CIRP and hence, should not be
relaxed until found necessary from the implementation experience of
the code," said the report, submitted to the finance ministry last
week, the report relays. An email sent to Sebi remained
unanswered.

ET relates that the markets regulator had sought the exemption
since in several cases, the interests of public shareholders were
being put at risk by these companies, said people cited above.
There have been multiple cases where the companies continued to be
listed on the stock exchanges during the resolution process and did
not comply with the listing rules. For instance, in some cases, the
promoter shareholding reached 98-99%, shrinking the free-float
shares available in market for trading. Such situations were
exploited by certain market traders to manipulate the stock
prices.

"Many firms continued to be listed on stock exchanges while going
through resolution process and, at the same time, such companies
might not be fully compliant with securities laws. Hence, Sebi
wanted the exemption from moratorium to protect the interests of
public investors," ET quotes Manoj Kumar, partner, Corporate
Professionals, as saying.

"However, the idea of IBC itself is to preserve the value of
business during CIRP and provide a clean slate to the new buyer,
and any pending regulatory action may hamper the interest of
potential buyers. Typically, these proceedings take years to
conclude along with uncertainty to the new management about extent
of liability."

To be sure, the moratorium only applies to proceedings against the
company under resolution. However, regulators have powers to take
action against the individuals of the company such as promoters or
key executives for any lapses, ET relays.

In its report, the Insolvency Law Committee said that an effective
insolvency law must protect "the value of the insolvency estate
against diminution by the actions of multiple stakeholders to
insolvency proceedings".

It further added that moratorium helps in achieving this purpose
and ensures that assets of debtor are kept together to facilitate
maximisation of value.

However, in some cases, Sebi went ahead and initiated action
against companies under IBC. However, the Securities and Appellate
Tribunal (SAT) has time and again upheld that the moratorium clause
in the IBC overrides all the other laws including securities law,
ET adds.

Another key contention of Sebi is that sometimes it initiates
investigation against a company prior to IBC process but by the
time the regulator issues a show-cause notice, the company may be
under IBC. Even in such cases, SAT has opined that the moratorium
prevails, ET notes.




=========
J A P A N
=========

TOYOBO CO: Egan-Jones Retains BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on June 21, 2022, retained 'BB+' foreign
currency and local currency senior unsecured ratings on debt issued
by Toyobo Co., Ltd.

Headquartered in Osaka, Osaka, Japan, Toyobo Co., Ltd. manufactures
and sells natural and synthetic fibers.




===============
M A L A Y S I A
===============

SAPURA ENERGY: Survival Depends on Debt Restructuring Plan
----------------------------------------------------------
The Star reports that the survival of Sapura Energy Bhd, which
returned to the black in the first quarter, hinges on the success
of its debt restructuring plan that could prove to be a massive
challenge, according to analysts.

The Star relates that CGS-CIMB Research said the cash-strapped oil
and gas company's debt restructuring needs to succeed to avoid a
delisting from Bursa Malaysia.

The company was classified as PN17 under Bursa Malaysia's rules due
to material uncertainty in relation to its financial year 2022
(FY22) financial accounts.

As at April 30, 2022, its shareholders' equity of MYR157 million
remained below the critical threshold of MYR5.4 billion, being 50%
of its paid-up share capital.

"Hence the success of the company's debt restructuring is critical
to avoid a delisting. Upside risks include the company securing new
sources of equity and successful debt-to-equity swap exercises."

Sapura Energy posted earnings of MYR91.9mil in the first quarter
ended April 30 (1Q23) as compared with a net loss of MYR97 million
in the same period a year ago, The Star discloses.

This was achieved after booking a net forex gain of MYR175.91
million in the period as compared to a net forex loss of MYR42.69
million in the same quarter a year ago.

Despite the sequentially-better results, it said many challenges
remain, with legacy loss-making contracts to make up between
one-quarter and one-third of the estimated FY23 revenues, the
report relays.

This also extends into FY24 with respect to the troubled central
processing platform fabrication contract for India's state-owned
Oil and Natural Gas Corp's 98/2 project.

Its engineering and construction (E&C) assets remain poorly
utilised up to end-April 2022, with the Lumut fabrication yard
utilisation at only 31% and the key E&C offshore vessels only 25%
utilised.

CGS-CIMB, which is maintaining its "reduce" call on the stock, said
there is still hope with Sapura Energy's recent announcement that
it had won MYR2.7 billion in new contracts, comprising a mix of E&C
and drilling jobs.

At the same time, it is cautious in the company's new contracting
strategy, by including commodity price pass-through clauses.

Meanwhile, Maybank Investment Bank Research (Maybank IB) said it
expects Sapura Energy to be in the red in FY23, The Star reports.

"While its operational and financial restructuring exercises are
currently underway, turning around as a PN17 status company will be
a massive challenge and will take a considerable time.

"The need to divest, monetise its assets and businesses (of more
than MYR300 million) is inevitable. Sapura Energy needs to re-base
its cost structure to a much lower level still. Its debt
restructuring is underway," it added.

The Star adds that Hong Leong Investment Bank (HLIB) Research,
which is maintaining its "sell" call on the stock with a target
price of MYR0.01, said it would be an uphill task for the company
to turn around its operations in the near-to-medium term due to
several factors.

These include the heightened cost overruns in its projects,
liquidity issues from difficulties to obtain funding due to its
balance sheet distress (due to its PN17 company status), job
delivery and execution risks and inability to win jobs due to its
challenged balance sheet, the report relays.

                        About Sapura Energy

Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is
engaged in investment holding and the provision of management
services to its subsidiaries. The Company's segments include
Engineering and Construction (E&C), Drilling, Energy and
Corporate.

Sapura Energy Bhd announced on May 31 that it has been classified
as a PN17 listed issuer due to going concerns on its shareholders'
equity position less than 50% of its share capital.

Sapura Energy has become an affected listed issuer under PN17 on
the basis that its shareholders' equity position of MYR85 million
as at Jan. 31, 2022 was less than 50 per cent of its share capital
of MYR10.9 billion.




===============
M O N G O L I A
===============

MONGOLIAN MINING: S&P Affirms 'B-' LT ICR, Off Watch Negative
-------------------------------------------------------------
On June 29, 2022, S&P Global Ratings affirmed its 'B-' long-term
issuer credit rating on Mongolia-based coking coal miner Mongolian
Mining Corp. (MMC) and the 'B-' issue rating on its U.S.
dollar-denominated bond. S&P removed the ratings from CreditWatch
with negative implications, where they were placed on April 7,
2022.

S&P said, "The negative outlook reflects our view of high
refinancing risk on the company's U.S. dollar-denominated bond
maturing in April 2024. MMC's liquidity buffer could narrow in the
next 12 months if traffic throughput on the China-Mongolia border
deteriorates, or coal prices continue to decline.

"We believe MMC will be able to fulfill its debt obligations in the
next 12 months based on steady improvement in cross-border
throughput and resumption of coal production.This should enable the
company to generate more operating cash flow for debt repayment. In
our base case, we expect the combined daily truck throughput at the
Gashuunsukhait-Ganqimaodu (GS-GM) border and a new terminal to
gradually improve to 500-600 trucks per day over the next 12
months." This is a material improvement from an average of 230
trucks per day in the first half of 2022, but still below 750
trucks per day prior to the pandemic.

MMC's cash on hand, together with operating cash flow, is likely to
cover its financial obligations in the next 12 months. These
include interest payment totaling US$40.8 million payable in
October 2022 and April 2023, a US$15.5 million principal repayment
of the 2022 bond due in September 2022, and payments to contractors
starting from the first half of 2023.

MMC's cash on hand as of mid-June 2022 improved compared with US$26
million as of end-2021, benefiting from better pre-sales than we
expected during the production suspension, which ended in May. The
company is likely to deliver the coal presold in the first half of
2022 and receive the remaining payments from pre-sales in July and
August. The company will start generating cash flow from normal
sales contracts in the last quarter of 2022, which usually entails
higher average selling prices (ASP) than pre-sales contracts. The
volume of coking coal pre-sold in the first half of 2022 surpassed
the 1.6 million tons of total coal products sold in 2021. However,
the presales were made at a steep discount to market prices due to
uncertainty in delivery time.

Refinancing of MMC's 2024 bond is subject to border throughput,
coal prices, and financing conditions. Cash flow generation could
take a hit in the event of a sustained limit on sales volumes due
to border restrictions and softening coal prices. This could reduce
the company's ability to refinance its 2024 bond. Such conditions
may add to the more challenging financing conditions that MMC is
likely to face, including rising interest rates, and weaker
investor sentiment for high-yield issuers and coal producers.

S&P said, "We estimate seaborne met coal prices will average US$190
per ton in 2023 and US$150 per ton in 2024, compared with spot
prices of US$320 per ton in late June, as supply constraints ease
and China's demand gradually trends down to achieve peak carbon
emissions by 2030. Though MMC's ASP is referenced to the domestic
price in northern China, we expect the company's ASP to follow a
similar trend as seaborne coal prices. A 1% lower met coal price
than our base case will cause the company's annual EBITDA to drop
by US$3 million-US$4 million.

"The negative outlook reflects our view that refinancing of the
company's 2024 bond remains challenging. MMC's liquidity buffer
could narrow in the next 12 months if traffic throughput at the
China-Mongolia border deteriorates or coal prices continue to
decline.

"We may lower the rating on MMC by one or more notches if the
company's liquidity position deteriorates. This could occur if
MMC's realized coal price or sales volume is lower than our
forecast, or if capital expenditure (capex) exceeds our
expectation.

"We may also lower the rating if we see an increasing likelihood of
non-repayment or restructuring of the bond due in April 2024.

"We may revise the outlook to stable if we see an increasing
likelihood of successful refinancing of the April 2024 bond."

ESG credit indicators: E-4; S-3; G-4




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

LALBEEN ENTERPRISES: Creditors' Proofs of Debt Due on July 31
-------------------------------------------------------------
Creditors of Lalbeen Enterprises Limited are required to file their
proofs of debt by July 31, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 28, 2022.

The company's liquidators are:

          Damien Grant
          Greg Sherriff
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


MILLENNIUM 1ST: Court to Hear Wind-Up Petition on July 22
---------------------------------------------------------
A petition to wind up the operations of Millennium 1ST Group
Limited will be heard before the High Court at Auckland on July 22,
2022, at 10:45 a.m.

Body Corporate 190834 filed the petition against the company on May
30, 2022.

The Petitioner's solicitor is:

          T. J. G. Allan (Tom Kelly acting)
          Grove Darlow & Partners
          Level 9, 2 Commerce Street
          Auckland


NZ BLINDS: Court to Hear Wind-Up Petition on July 8
---------------------------------------------------
A petition to wind up the operations of Nz Blinds & Awnings Limited
will be heard before the High Court at Auckland on July 8, 2022, at
10:00 a.m.

Q.C.D Limited filed the petition against the company on May 18,
2022.

The Petitioner's solicitor is:

          Bruce Murray
          373d Neilson Street
          Penrose
          Auckland


SATORI HOLDINGS: Placed in Interim Liquidation
----------------------------------------------
The High Court at Hamilton on June 21, 2022, appointed Raymond Paul
Cox and Mark Terence McDonald of Grant Thornton New Zealand
Limited, joint and several interim liquidators of Satori Holdings
Limited.

Island Grace (Fiji) Limited (in receivership and in liquidation)
filed the petition against the company.

The company's interim liquidators are:

          Raymond Paul Cox
          Mark Terence McDonald
          Grant Thornton New Zealand Limited
          PO Box 1961
          Auckland


VIDLER INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Vidler Investments Limited, on June 28, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

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




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

AIMS CANADA: Court to Hear Wind-Up Petition on July 15
------------------------------------------------------
A petition to wind up the operations of Aims Canada Immigration
Specialist Pte Ltd and Aims Relocation Specialist (Pte. Ltd.) will
be heard before the High Court of Singapore on July 15, 2022, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
June 21, 2022.

The Petitioner's solicitors are:

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


ALLIED TECH: To Convene EGM Over Attempt to Remove CEO, Chairman
----------------------------------------------------------------
The Business Times reports that embattled Allied Tech is set to
convene an extraordinary general meeting (EGM) on July 13, in
response to a requisition notice from two shareholders to oust the
CEO and chairman as directors.

According to the report, the notice was issued on May 9 by existing
shareholder Lin Tah Hwa and executive director Kenneth Low, who
both hold more than 10% of Allied Tech's shares. As of May 9, Lin
owns 168 million shares and Low owns 100 million shares,
representing a total of 15.1% of the company.

Both individuals had sent letters to the board proposing the
removal of independent non-executive director and chairman Chin
Chee Choon and chief executive Clement Leow, BT says. They also
mooted the appointment of 3 new directors: Lim Chee San, Davy J Goh
and Choo Weng Wah.

Earlier this year, a special audit report was released on the
circumstances surrounding Allied Tech's missing funds held in
escrow by law firm JLC Advisors, for which lawyer Jeffrey Ong was
charged, BT recalls. The auditors found failure on the part of the
independent directors in safeguarding the company's interest in
several instances.

Allied Technologies Limited -- http://www.allied-tech.com.sg/-- is
engaged in the manufacturing of metal stamped parts, tools and
dies, and provision of related design services, sub-assembly of
mechanical components, plastic injection molding, manufacturing of
plastic parts and assembly of consumer electronics. It has five
segments: Singapore and Malaysia, China, Vietnam, Thailand and
Others.



GOBLIN GROUP: Court to Hear Wind-Up Petition on July 15
-------------------------------------------------------
A petition to wind up the operations of Goblin Group Pte Ltd will
be heard before the High Court of Singapore on July 15, 2022, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
June 22, 2022.

The Petitioner's solicitors are:

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


NIDEC BMS: Creditors' Proofs of Debt Due on July 28
---------------------------------------------------
Creditors of Nidec BMS Pte Ltd. are required to file their proofs
of debt by July 28, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 21, 2022.

The company's liquidators are:

          Kurata Takashi
          c/o 80 Bendemeer Road #03-03
          Singapore 339949


PRUDENTIAL CAPITAL: Creditors' Proofs of Debt Due on July 29
------------------------------------------------------------
Creditors of Prudential Capital (Singapore) Pte. Ltd. are required
to file their proofs of debt by July 29, 2022, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 22, 2022.

The company's liquidator is:

          Aaron Loh Cheng Lee
          EY Corporate Advisors Pte Ltd
          c/o One Raffles Quay North Tower 18th Floor
          Singapore 048583




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

SRI LANKA: Economy Shrinks 1.6% Amid Political Chaos, Inflation
---------------------------------------------------------------
Bloomberg News reports that Sri Lanka's economy fell back into
contraction last quarter as the country battled its worst economic
problems since independence, with emergency aid to stabilize the
island nation proving elusive.

Gross domestic product declined 1.6% in the quarter ended March
from a year earlier, the Department of Census and Statistics said
in a statement on June 28, Bloomberg relays. That's shallower than
a 3.6% contraction seen by economists in a Bloomberg survey and
compares with a revised 2% expansion in the previous quarter.

Bloomberg says the department attributed the decline to the
"adverse effects" of inflation, foreign exchange devaluation and
dollar deficit.

The contraction likely marks the beginning of a painful and long
recession for the country, whose Prime Minister Ranil
Wickremesinghe last week said the economy had "completely
collapsed."  The crisis follows years of debt-fueled growth and
populist fiscal policies, with the Covid-19 pandemic's hit to the
dollar-earning tourism industry serving as the last straw.

According to Bloomberg, absence of foreign exchange to pay for
imports of food to fuel led to red-hot inflation, the fastest in
Asia, triggering protests against the government led by the
Rajapaksa clan that eventually led to the resignation of Mahinda
Rajapaksa as premier. While the months-long protests hurt business
activity in parts of the country, the government on June 27 imposed
new curbs, which includes a call to residents to stay home until
July 10 to conserve fuel.

That will depress activity further, while raising the risk of more
unrest given lingering shortages of essential goods.

"The key will be how we weather the storm," Bloomberg quotes
Sanjeewa Fernando, a strategist at CT CLSA Securities Pvt., as
saying.  "Unless the fuel crisis especially is resolved soon, I
don't see a turnaround."
Bloomberg says Sri Lanka is in talks with the International
Monetary Fund for aid to tide over the crisis, with at least $6
billion needed in the coming months to prop up reserves, pay for
ballooning import bills and stabilize the local currency. The
central bank has raised interest rates by 800 basis points since
the beginning of the year to combat price gains that touched 39%.

Bloomberg adds that other details from the GDP report include:

* For the first quarter, the services sector grew 0.7% from a year
earlier

* Industrial production slipped 4.7% amid restrictions imposed on
fuel imports

* Agriculture output contracted 6.8%, as a shortage of chemical
fertilizers had a severe impact on production, especially that of
rice -- the country's staple food crop.



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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.

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