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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 8, 2022, Vol. 25, No. 130

                           Headlines



A U S T R A L I A

4IMPACT: First Creditors' Meeting Set for July 14
GEOGRAPHE WORKFORCE: First Creditors' Meeting Set for July 4
IQ GROUP: Second Creditors' Meeting Set for July 12
J8 HR: First Creditors' Meeting Set for July 15
LANTERNE FUND: ASIC Commences Penalty Proceedings Against Firm

LIFE SCIENCE: Second Creditors' Meeting Set for July 12
SNEAKERBOY RETAIL: Administrators "Urgently" Reviewing Stock Levels


B A N G L A D E S H

A-ONE (BD): Bepza Pays Worker Arrears of Shuttered DEPZ Factory


C H I N A

KAISA GROUP: In Debt Restructuring With Citic Bank, Sources Say
VIP PEILIAN: Shuts Down, Leaving Paying Customers in the Lurch


H O N G   K O N G

ASIA CATERING: HK$5 Million Owed to Workers After Abrupt Shutdown


I N D I A

5 CORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
A1 PAPERS: CARE Keeps D Debt Rating in Not Cooperating Category
ASIATIC ELECTRICAL: Ind-Ra Cuts Long-Term Issuer Rating to B+
ASIP PRIVATE LIMITED: Insolvency Resolution Process Case Summary
BHATI ASSOCIATES: CRISIL Keeps C Debt Rating in Not Cooperating

CG POWER SOLUTIONS: Insolvency Resolution Process Case Summary
COCHIN FROZEN: CRISIL Keeps D Debt Ratings in Not Cooperating
CONCEPT HOMES: CRISIL Keeps D Debt Rating in Not Cooperating
CREST STEEL: Insolvency Resolution Process Case Summary
DENOVO ENTERPRISES: Liquidation Process Case Summary

ECO HEALTH: CRISIL Reaffirms B Rating on INR4.0cr Loans
ESSMA TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
GANESA HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
GLISTER HOSPITALITY: Liquidation Process Case Summary
GOOD VALUE: Liquidation Process Case Summary

GOVINDPARVA AGRO: Insolvency Resolution Process Case Summary
GURDASPUR OVERSEAS: Liquidation Process Case Summary
GURU RAMAKRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
HI TECH: CRISIL Reaffirms B Rating on INR1cr Loans
INDIA TERRY: Ind-Ra Upgrades Long-Term Issuer Rating to BB-

ITALTINTO EQUIPMENTS: Liquidation Process Case Summary
JAGDAMBA LIQUIFIED: CRISIL Lowers Long Term Debt Rating to D
JAIRAM MARUTI: CRISIL Keeps D Debt Ratings in Not Cooperating
JAS ORCHID: CRISIL Keeps D Debt Ratings in Not Cooperating
LARK LOGISTICS: Insolvency Resolution Process Case Summary

LEONARD EXPORTS: Insolvency Resolution Process Case Summary
LINDSAY INTERNATIONAL: Insolvency Resolution Process Case Summary
MAGMA METAL: Voluntary Liquidation Process Case Summary
MAHALAXMI JEWELLERS: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
MAISON DE COUTURE: CARE Keeps D Debt Rating in Not Cooperating

MARIGOLD CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
MS RAILTECH CONSULTANTS: Insolvency Resolution Case Summary
MULTICITY DIGITAL: Insolvency Resolution Process Case Summary
P.K. METAL: CARE Keeps D Debt Rating in Not Cooperating Category
PALA DIOCESAN: Ind-Ra Corrects May 21, 2022 Rating Release

PALLAVI ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
PARANJAPE SCHEMES: CRISIL Withdraws Fixed Deposits Ratings
PARAS GOTTAM: CRISIL Moves B Debt Rating From Not Cooperating
POLAR MARMO: Insolvency Resolution Process Case Summary
PRAJIT FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating

PRINCE VITRIFIED: Liquidation Process Case Summary
PROMOZONE INDIA: Insolvency Resolution Process Case Summary
PUMA HOSIERY: CRISIL Lowers Long Term Debt Rating to D
QUBE CINEMA: Ind-Ra Keeps BB+ Bank Loan Rating in Non-Cooperating
R. L. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category

RAIPUR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
RATIONAL HANDLOOM: Ind-Ra Affirms & Withdraws BB Issuer Rating
RKN PROJECTS: CRISIL Lowers LT/ST Debt Ratings to D
ROHIT EXTRACTIONS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
ROYALPET VANIJYA: Liquidation Process Case Summary

SAMPURNA SUPPLIERS: Insolvency Resolution Process Case Summary
SARVODAYA SUITINGS: CRISIL Keeps D Ratings in Not Cooperating
SAVARIYA INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
SBA INDUSTRIES PRIVATE: Insolvency Resolution Process Case Summary
SEAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating

SENSETIVE INFRA: Liquidation Process Case Summary
SHIRAGUPPI SUGAR: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
SHIVAM CONSTRUCTION: CRISIL Assigns B+ Rating to INR9cr Term Loan
SHIVPRASAD FOOD: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'
SIMPLEX CASTINGS: Ind-Ra Downgrades Long-Term Issuer Rating to 'D'

STG SOFTEK PRIVATE: Insolvency Resolution Process Case Summary
SUPERIOR FILMS: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'
SV EQUIPMENTS PRIVATE: Insolvency Resolution Process Case Summary
TALWALKERS BETTER: Liquidation Process Case Summary
TALWALKERS HEALTHCLUBS: Liquidation Process Case Summary

TISSORI INDIA: CARE Keeps D Debt Rating in Not Cooperating
VELAMMAL EDUCATIONAL: Ind-Ra Corrects March 3, 2022 Rating Release
WELCAST INDIA: Ind-Ra Keeps 'B' Issuer Rating in Non-Cooperating
WORSTED OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

EVERGRANDE PROPERTY: Creditors' Proofs of Debt Due on Aug. 5
FLYING CROSS: Court to Hear Wind-Up Petition on July 15
FRAMECRAFT PRODUCTS: Creditors' Proofs of Debt Due on July 29
GAMMA LIMITED: Creditors' Proofs of Debt Due on Aug. 12
RAIKA CONTRACTING: Court to Hear Wind-Up Petition on July 21



S I N G A P O R E

ELITE GATEWAY: Creditors' Proofs of Debt Due on Aug. 6
HAVEN GLOBAL: Court Enters Wind-Up Order
INTEGRATED GREEN: Court Enters Wind-Up Order
KOP SURFACE: Creditors' Proofs of Debt Due on Aug. 6
MERRILL LYNCH: Creditors' Proofs of Debt Due on Aug. 6

THREE ARROWS: Genesis Confirms Exposure to Bankrupt Hedge Fund

                           - - - - -


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

4IMPACT: First Creditors' Meeting Set for July 14
-------------------------------------------------
A first meeting of the creditors in the proceedings of 4Impact Pty
Ltd will be held on July 14, 2022, at 11:00 a.m. via virtual
facility.

Darren John Vardy was appointed as administrator of the company on
July 14, 2022.

GEOGRAPHE WORKFORCE: First Creditors' Meeting Set for July 4
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Geographe
Workforce Pty Ltd will be held on July 4, 2022, at 10:00 a.m. via
virtual meeting technology.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of the company on July 4, 2022.


IQ GROUP: Second Creditors' Meeting Set for July 12
---------------------------------------------------
A second meeting of creditors in the proceedings of The IQ Group
Global Ltd, IQX Limited and IQ3Corp Ltd has been set for July 12,
2022, at 2:30 p.m. at 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 11, 2022, at 4:00 p.m.

Mark Robinson and Antony Resnick of de Vries Tayeh were appointed
as administrators of the companies on March 10, 2022.


J8 HR: First Creditors' Meeting Set for July 15
-----------------------------------------------
A first meeting of the creditors in the proceedings of J8 HR Pty
Ltd will be held on July 15, 2022, at 11:00 a.m. via Microsoft
Teams only.

Desmond Teng of Moore Recovery was appointed as administrator of
the company on July 5, 2022.


LANTERNE FUND: ASIC Commences Penalty Proceedings Against Firm
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
commenced civil penalty proceedings in the Federal Court against
Lanterne Fund Services Pty Ltd, alleging multiple failures to meet
the obligations of its Australian financial services licence,
including a failure to meet organisational competence
requirements.

ASIC also alleges that Lanterne, under a 'licensee for hire'
business model, failed to have adequate risk management systems and
resources, including financial, technological and human resources,
to carry out its supervisory arrangements.

ASIC Deputy Chair Sarah Court said, 'ASIC is concerned that for an
extended period there was a real risk of investor harm due to
shortcomings in Lanterne's systems and processes.  

'Despite Lanterne's authorised representatives operating under its
licence being responsible for over AUD1 billion in funds and
collectively paying monthly fees of around AUD180,000 to Lanterne
during this period, it appears to ASIC that Lanterne operated a
wholly deficient business, with no compliance staff and almost no
risk management processes in place.'

ASIC alleges that Lanterne failed to:

   * have in place adequate risk management systems,

   * have adequate resources (including financial, technological,
     and human resources) to provide the financial services and
     carry out supervisory arrangements,

   * maintain competence to provide its financial services,

   * ensure that its representatives were adequately trained,
    
   * take steps to ensure that its representatives complied with
     the financial services laws, and

   * do all things necessary ensure that the financial services
     were provided efficiently, honestly, and fairly.

'ASIC expects all wholesale licensees to reduce risk by ensuring
their businesses develop, implement and maintain robust risk and
compliance procedures. As today's action demonstrates, when ASIC
sees a business it considers to have deficient risk management
processes, we will look to take action', concluded Ms Court.

ASIC is seeking declarations and pecuniary penalties from the
Court. ASIC also seeks orders that an independent expert be
appointed to review and report on Lanterne's systems, processes and
controls, and that Lanterne then implement a risk management and
compliance program once the report is received.

The date for the first case management hearing is yet to be
scheduled by the Court. 

Lanterne operates a business in which its authorised
representatives provide advice and other financial services to
wholesale customers under Lanterne's AFSL.

Lanterne has over 200 authorised representatives and over 60
corporate authorised representatives operating under its AFSL.

The businesses of authorised representatives and corporate
authorised representatives operating under Lanterne's AFSL included
venture capital funds, managed investment schemes, agricultural
advisory services, wholesale funds management services, corporate
advisory services, wholesale property funds, digital asset funds,
and climate change advisory services. These representatives
operated in various industries including renewable energy,
technology, healthcare, real estate, and biotechnology and
agriculture.


LIFE SCIENCE: Second Creditors' Meeting Set for July 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of Life Science
Biosensor Diagnostics Pty Ltd has been set for July 12, 2022, at
2:30 p.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 11, 2022, at 4:00 p.m.

Mark Robinson and Antony Resnick of de Vries Tayeh were appointed
as administrators of the company on March 10, 2022.


SNEAKERBOY RETAIL: Administrators "Urgently" Reviewing Stock Levels
-------------------------------------------------------------------
SmartCompany reports that the administrator for collapsed footwear
retailer Sneakerboy is "urgently" reviewing its stock levels as
customers raise concerns about delayed deliveries and frayed
communication with the company.

Sneakerboy, a luxury sneaker and streetwear store with a presence
in Melbourne, Sydney, and online, entered voluntary administration
on July 2.

While Sneakerboy became known nationwide for retailing shoes with
price tags over $1500, the embattled company has now appointed
Stephen Dixon of Hamilton Murphy Advisory to oversee its flagging
fortunes, SmartCompany discloses.

On July 5, the Sneakerboy group of companies declared its voluntary
administration was a "difficult but prudent decision" owing to
"short term financing difficulties".

Prior discussions with outside companies interested in purchasing
Sneakerboy and its related entities are being "urgently expedited",
a statement read.

According to SmartCompany, the companies issued a more pressing
statement July 6, directly addressing customers who had
pre-purchased shoes and other fashion goods from Sneakerboy.

"As part of the administration process, Hamilton Murphy Advisory is
urgently reviewing stock and inventory levels held by Sneakerboy
and consolidating that information for customers and creditors,"
the statement read.

"As soon as all of this information has been collated, the
administrator will be in contact with all customers to discuss
their customer orders within the week."

The first meeting of creditors is scheduled for July 12, with
Hamilton Murphy Advisory set to update "all stakeholders in
relation to the financial and structural position of the
companies."

While the administrator expedites its attempt to sell Sneakerboy to
an interested buyer, the company's webstore appears to remain
online, the report notes.

SmartCompany says the site is still accepting expressions of
interest for sneakers expected to go on sale July 23.

As the webstore remains online, so too do Google reviews of
customers alleging Sneakerboy significantly delayed their
deliveries and provided little feedback on the status of their
orders.

Responding to one disgruntled customer this week, a Sneakerboy
representative apologised for the hold up, declaring "there are
some delays as we work through the busy sales and release period,
SmartCompany relates.

Prior to its voluntary administration, Sneakerboy and its related
companies were subject to numerous wind-up attempts filed by
lenders, commercial landlords, and in one instance, footwear giant
Adidas itself.

SmartCompany says Sneakerboy previously escaped dissolution in
2015, when a voluntary administration process led to the company's
full-scale takeover by Luxury Retail Group.

                          About Sneakerboy

Sneakerboy sells upmarket footwear and streetwear. The company
operates three retail stores in Melbourne and one in Sydney, along
with an online retail portal.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Sneakerboy Retail Pty Ltd, Sneakerboy Pty Ltd,
Sneakerboy IP Pty Ltd, Luxury Retail Treasury Pty Ltd; and Luxury
Retail Group Pty Ltd on July 2, 2022.




===================
B A N G L A D E S H
===================

A-ONE (BD): Bepza Pays Worker Arrears of Shuttered DEPZ Factory
---------------------------------------------------------------
The Daily Star reports that Bangladesh Export Processing Zones
Authority (Bepza) has paid arrears of BDT18.11 crore of workers of
A-One (BD), a factory of Dhaka Export Processing Zone (DEPZ) which
has shut down.   

The due payments were cleared through a programme organised by the
DEPZ on July 4, the report says.

The Daily Star relates that arrears of some workers were paid
through pay orders in the programme.

DEPZ Executive Director Abdus Sobhan handed over the pay orders
while the remaining workers' arrears were deposited with their bank
accounts.

The management announced closure of the A-One (BD) factory in
February 2020 due to lack of export orders and its failure to pay
wages of workers, the report notes.




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

KAISA GROUP: In Debt Restructuring With Citic Bank, Sources Say
---------------------------------------------------------------
Caixin Global reports that defaulted Chinese developer Kaisa Group
Holdings Ltd. completed a debt restructuring with lender China
Citic Bank Corp., Caixin learned from multiple independent
sources.

Citic Bank has been a long-term creditor to Kaisa and helped bail
out the company from a previous crisis, Caixin says. In 2015, Citic
Bank together with trust companies provided CNY30 billion ($4.5
billion) of loans to Kaisa after a local government in Shenzhen
blocked the company's real estate sales amid anti-corruption
probes.

As part of the rescue loans, CNY20 billion was exchanged for debt
in nine Kaisa projects, Caixin relates. As commercial banks are not
allowed to invest directly in properties not for their own use,
Citic Bank had to repackage the Kaisa project debt and entrust
trust companies to hold the equity in the projects, a person close
to Kaisa disclosed.

                         About Kaisa Group

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA.  As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has withdrawn Kaisa Group Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'RD' and
senior unsecured rating of 'C' with a Recovery Rating of 'RR4'.
Fitch is withdrawing the ratings as Kaisa 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 Kaisa.


VIP PEILIAN: Shuts Down, Leaving Paying Customers in the Lurch
--------------------------------------------------------------
Caixin Global reports that online music tutoring platform VIP
Peilian has abruptly halted its operations, leaving customers who
paid tuition fees in the lurch, as it becomes the latest private
education firm to shutter in the wake of sweeping reforms.

The shutdown comes despite the firm sitting outside of a tough new
regime that roiled the online education sector last year, given the
business was focused on subjects outside the core curriculum,
Caixin says.

Peilian is an online music education platform based in Shanghai.




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

ASIA CATERING: HK$5 Million Owed to Workers After Abrupt Shutdown
-----------------------------------------------------------------
Hong Kong Free Press reports that a restaurant group that abruptly
shut down nine eateries last week owes workers around HK$5 million,
a labour union said.

Speaking on an RTHK radio show on July 5, the head secretary of the
Eating Establishment Employees General Union, Wong Pit-man, said
the union was currently assisting over a hundred workers at
branches of Mee Lemongrass, Kokonoi Shokudo and Ma La Niang Zi to
recover overdue salaries and pension contributions.

"We have not been able to contact the owners of the restaurants
yet," the report Mr. Wong as saying.

According to the report, the nine eateries are part of restaurant
group Asia Catering, whose website is no longer in operation. A
cached version of the site from April showed that the group was
founded in 2006 and operated brands including Tom Yum Tom Yum and
Your Cup of Tea.

HKFP relates that Mr. Leung, who was a kitchen worker at Ma La
Niang Zi, said employees were told without warning on July 6 that
they should not come to work the next day as the restaurant was
shutting down.

"We didn't see any signs," he said, adding that the restaurant had
not been ordering any less inventory than normal recently.

Mr. Wong said that if the union was unable to reach the
restaurants' owners, the Labour Department would open a case and
take them to court, HKFP relays. The Labour Department's Protection
of Wages on Insolvency Fund would cover the unpaid wages, though it
would be a "slow process" that can take over a year, Mr. Wong
added.

At a press conference by the union on July 4, employees said they
were taken aback by the sudden closures and having difficulty
finding new jobs at such short notice, the report relays.

Mr. Cheung, who had worked at Mee Lemongrass for almost three
years, said he was owed HK$100,000, according to Ming Pao
newspaper.

"I've worked so hard for so long, but now it's like it was all for
nothing," he said.

HKFP adds that some workers also discovered that the restaurants
had not been making legally-required contributions to their
Mandatory Pension Fund accounts.

The MPF Authority said on July 4 that it had received four reports
this month from Asia Catering employees about missing
contributions, with three cases already taken to court for civil
proceedings, the report relays.




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

5 CORE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of 5 Core
Acoustics Private Limited (5Core; a part of the Five Core group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Discounting        25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              2        CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          10        CRISIL D (Issuer Not
   in Foreign Currency               Cooperating)

CRISIL Ratings has been consistently following up with 5Core for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of 5Core, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on 5Core
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
5Core continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL),
Visual and Acoustics Corporation LLP (Visual), Digi Export Ventures
Pvt Ltd (Digi), Happy Acoustics Pvt Ltd (Happy), 5Core, and Neha
Exports (Neha). This is because all these entities, collectively
referred to as the Five Core group, have common management, brand,
customers, suppliers, and strong operational synergies.
Furthermore, 5Core is a wholly-owned subsidiary of FCEL.

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr Amarjit Kalra
and his family manage the operations. Incorporated in 2002, FCEL is
listed on the National Stock Exchange Emerge platform since May
2018 and has manufacturing units in Delhi and Bhiwadi (Rajasthan).

Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur (Uttarakhand). Visual is a limited-liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha is a
proprietorship firm set up in 2009 and has a unit at Daruhera
(Gurugram).

Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are
private-limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core was set up in 2012 and has a unit in Bhiwadi.


A1 PAPERS: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A1 Papers
Private Limited (APPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.66      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 12, 2021,
placed the rating(s) of APPL under the 'issuer non-cooperating'
category as APPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. APPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 28, 2022, April 7, 2022, April 17, 2022.

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

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

A1 Papers Private Limited (APPL) was incorporated as a private
limited company in December, 1989. The company is currently being
looked after by Mr. Simranjot Singh Sethi and Ms. Ayana Sethi. APP
was incorporated with an aim to set up a manufacturing facility at
Ludhiana, Punjab for manufacturing of corrugated boxes. The company
manufactures corrugated boxes of different sizes which finds
application in packaging industry. The commercial operations of the
company commenced in April, 2017.


ASIATIC ELECTRICAL: Ind-Ra Cuts Long-Term Issuer Rating to B+
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Asiatic
Electrical & Switchgear Pvt. Ltd.'s (AESPL) Long-Term Issuer Rating
to 'IND B+ (ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT
COOPERATING)'. Thus, the rating is based on the best-available
information. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limit downgraded with IND B+ (ISSUER    

     NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

-- INR85.01 mil. Term loans due on January 2023 downgraded with
     IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Non-fund-based limit downgraded with IND A4
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Key Rating Drivers

The downgrade reflects ASEPL's weak financial performance during
FY21-FY22, and the ongoing economic crisis in Sri Lanka, which
impacted the company. AESPL is 99% held by its Sri Lanka-based
parent company LTL Holding Private Limited, which is an engineering
company engaged in executing large government infra projects
(mainly power sector). The parent has also provided a corporate
guarantee to AESPL's debt. The company benefits operationally, and
in form of managerial support, from LTL. AESPL derives 5-10% of its
revenue directly from the parent, while it also benefits from the
parent's presence in executing projects in export markets.

AESPL's revenue declined to INR650 million in FY22 (FY21: INR772.7
million) on account of lower execution of orders. Ind Ra expects
the revenue to decline further in FY23 on the back of likelihood of
meagre revenue from the parent and no financial support as the
parent company derives majority of revenue from government-based
projects in Sri Lanka.

Liquidity Indicator – Poor: The company has no financial
flexibility and has around INR24 million of scheduled repayment per
annum in the medium term as per publicly available information. The
debt servicing would be critical in case of a severe impact of the
Sri Lankan crisis on AESPL's operations.

Rating Sensitivities

Positive: Significant improvement in the scale of operations of
AESPL and/or improvement in Sri Lanka's economic condition
resulting in an improvement in the liquidity position of entities
associated with the government would be positive for the ratings.

Negative: Further deterioration in the scale of operations and/or
significant cash outflow towards parent entity, leading to poor
liquidity position would be negative for the ratings.

Company Profile

ASEPL designs, manufactures and sells a wide range of switchgear
products, including feeder pillars, distribution boards,
low-voltage cut-outs, fuse switches, fuse cut-outs, surge
arrestors, fuse boards and composite insulators.


ASIP PRIVATE LIMITED: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: ASIP Private Limited
        Plot No. 473R, Road No. 87
        Phase III, Jubilee Hills
        Hyderabad, TG 500033
        IN

Insolvency Commencement Date: June 13, 2022

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Raghu Babu Gunturu

Interim Resolution
Professional:            Raghu Babu Gunturu
                         EZResolve LLP, 402B
                         4th Floor, Technopolis
                         Chikoti Gardens, Begumpet
                         Hyderabad 500016
                         E-mail: raghu@ezresolve.in

                            - and -

                         EZResolve LLP, 1st Floor
                         Golden Heights, Plot No. 9
                         Raidurg, Hyderabad 500081
                         E-mail: asipcirp@ezresolve.in

Last date for
submission of claims:    June 27, 2022


BHATI ASSOCIATES: CRISIL Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhati
Associates Private Limited (BAPL) continue to be 'CRISIL C/CRISIL
A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          8         CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             8         CRISIL C (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Established in 1984 in Ghaziabad, Uttar Pradesh, by Mr Harish
Chowdhary, BAPL constructs government buildings and roads on tender
basis in Madhya Pradesh and Uttar Pradesh.


CG POWER SOLUTIONS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: CG Power Solutions Limited
        6th Floor, CG House
        Dr. Annie Besant Road
        Worli, Mumbai 400030

Insolvency Commencement Date: June 29, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 24, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Atul Jain

Interim Resolution
Professional:            Mr. Atul Jain
                         3rd Floor, Vastu Darshan
                         "B" Wing, Azad Road
                         Above Central Bank of India
                         Andheri (East)
                         Mumbai 400069
                         E-mail: atuljainca@hotmail.com
                                 cirp.cgpsl@gmail.com

Last date for
submission of claims:    July 12, 2022


COCHIN FROZEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cochin Frozen
Food Exports Private Limited (CFFEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Discounting        15        CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          27        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term       3        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

CFFEPL was set up in 1992 by Mr. K Prabhakaran. It processes and
exports shrimp and fish.


CONCEPT HOMES: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Concept Homes
India Private Limited (CHIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan               8.5       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up in 2004 by Mr. Mahaganapathi, CHIPL undertakes residential
projects in Chennai.


CREST STEEL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Crest Steel Una Private Limited
        VPO Kalruhi, Tehsil-Amb
        Distt Una, Himachal Pradesh 177203

Insolvency Commencement Date: June 27, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: December 24, 2022
                               (180 days from commencement)

Insolvency professional: Ashok Kumar Jain

Interim Resolution
Professional:            Ashok Kumar Jain
                         House no. HIG 47
                         Housing Board Colony
                         PO Kalka, Distt Panchkula
                         Haryana 133302
                         E-mail: akjbaddi@gmail.com
                         Mobile: 8168170469

Last date for
submission of claims:    July 11, 2022


DENOVO ENTERPRISES: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Denovo Enterprises Private Limited
        1st Floor, Unit No. 21
        Nayug Industrial Estate
        MIDC Cross Road
        J.B. Nagar, Andheri (East)
        Mumbai 400059

Liquidation Commencement Date: June 20, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: June 5, 2022

Insolvency professional: Mahesh Kumar Gupta

Interim Resolution
Professional:            Mahesh Kumar Gupta
                         Office at 202
                         New Heera Panna
                         Industrial Estate
                         Near Virwani Industrial Estate
                         Goregaon (East)
                         Mumbai 400063
                         E-mail: camkg59@gmail.com
                                 liq.denovo@gmail.com

Last date for
submission of claims:    July 20, 2022


ECO HEALTH: CRISIL Reaffirms B Rating on INR4.0cr Loans
-------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Eco Health Products Private Limited
(EHPPL).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility      3.88      CRISIL B/Stable (Reaffirmed)

   Working Capital
   Term Loan               0.12      CRISIL B/Stable (Reaffirmed)

The rating reflects EHPPL's modest scale of operation in a
competitive segment and the company's weak financial risk profile.
These weaknesses are partially offset by its extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation in a competitive segment: The scale of
operations has been modest in the range of INR2-3 crore in the past
few fiscals.  In FY21, the scale of operations had improved based
on the increased revenue from the disinfectant segment on account
of the pandemic. Further, the current scale of operations renders
the company vulnerable to competition from several unorganized
players. The industry is characterized by presence of several
unorganized players.

* Weak Financial Profile: The financial risk profile is weak marked
by eroded networth due to operating losses in the past ending
fiscal 2021. Although the company is likely to report cash profits
in the medium term, resulting in better accretions to reserves,
this shall help the financial risk profile to improve over the
medium term.

Strength:

* Extensive industry experience of the promoters: The promoters
have an extensive experience of more than 10 years in specialty
chemicals segment. This has given them an understanding of the
dynamics of the market and enabled them to establish relationships
with suppliers.

Liquidity: Stretched

EHPPL has stretched liquidity marked by expected accruals in the
range of INR0.06-0.12 crore which shall tightly match the repayment
obligations. The company has access to fund-based limits of INR1
crore, which are utilized at around 87 percent over past twelve
months ended May 2022. However, the promoters have ability to bring
funds in case of any requirement.

Outlook: Stable

CRISIL Ratings believe EHPPL will continue to benefit from the
extensive experience of its promoters

Rating Sensitivity factors

Upward factors

* Sustainable increase in revenue by 20%resulting in improvement in
operating margins
* Improvement in working capital cycle

Downward factors

* Deterioration in gross current asset days (GCA) to more than 250
days
* Cash losses impacting the business profile

EHPPL was incorporated in 2008. It is owned & managed by Mr. K P
Sunil (Chairman & Managing Director) and is engaged in
manufacturing of herbal-based (organic) reagents for diverse
industrial application i.e., water treatment & pollution mitigants,
agricultural development & health.



ESSMA TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Essma Textiles
Private Limited (ETPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            5.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ETPL for
obtaining information through letters and emails dated March 28,
2022 and May 24, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ETPL, incorporated in 1974, is promoted by Mr. Suresh Chandra
Mehra, Mr. Suchit Mehra, and Ms. Sushma Mehra. The company
manufactures textile products and specializes in woolen fabrics
such as blankets, shawls, suitings, tweed, and soft furnishings.
Its manufacturing facilities are in Amritsar.


GANESA HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganesa Hitech
Agroo Foods (GHAF) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan          3.3       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working        3.7       CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

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

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

Detailed Rationale

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

GHAF was set up as a partnership firm in December 2014 in Salem.
The firm mills and processes paddy into rice, rice bran, broken
rice and husk. Its operations are managed by its partner Mr P
Madheswaran.


GLISTER HOSPITALITY: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Gilster Hospitality Gurgaon Private Limited
        223, 2nd Floor, Good Earth City Centre
        Sector 47-50, Gurgaon
        Haryana 122001

Liquidation Commencement Date: June 28, 2022

Court: National Company Law Tribunal, Delhi Bench

Date of closure of
insolvency resolution process: June 28, 2022

Insolvency professional: Atul Mittal

Interim Resolution
Professional:            Atul Mittal
                         174, BALCO Apartments
                         Plot No. 58, IP Extn
                         Patparganj, Delhi 110092
                         E-mail: a.mittalmc@gmail.com

                            - and -

                         163, BALCO Apartments
                         Plot No. 58, IP Extn
                         Patparganj, Delhi 110092
                         E-mail: contact@aarshrp.com

Last date for
submission of claims:    July 27, 2022


GOOD VALUE: Liquidation Process Case Summary
--------------------------------------------
Debtor: Good Value Marketing Company Limited
        3rd Floor, Industrial Assurance Building
        Churchgate, Mumbai 400020

Liquidation Commencement Date: July 1, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: June 26, 2019

Insolvency professional: Mr. Manoj Kumar Jain

Interim Resolution
Professional:            Mr. Manoj Kumar Jain
                         11, Friends Union Premises
                         Co-op Soc. Ltd., 2nd Floor
                         227, P D'Mello Road
                         Opp. St. George Hospital
                         Mumbai 400001
                         E-mail: rpgoodvaluemarketing@gmail.com

Last date for
submission of claims:    August 5, 2022


GOVINDPARVA AGRO: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Govindparva Agro Products Limited
        A/P Rajuri, Tal. Karmala
        Solapur, Maharashtra 413203
        India

Insolvency Commencement Date: July 1, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 28, 2022

Insolvency professional: Mr. Vinit Gangwal

Interim Resolution
Professional:            Mr. Vinit Gangwal
                         Office No. 503, Varun Capital
                         CTS No. 364+365/13
                         Off. J.M. Road
                         Bharat Petroleum Lane
                         Next to Citiotel
                         Shivajinagar, Pune
                         Maharashtra 411005
                         E-mail: ip.govindparva@sankalp-ipe.com

                            - and -

                         401, 4th Floor, The Central Building
                         Shell Colony Road
                         Chembur, Mumbai
                         Maharashtra 400071

Last date for
submission of claims:    July 15, 2022


GURDASPUR OVERSEAS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Gurdaspur Overseas Limited
        Village Tugalwal, Beri Road
        Teh. & Distt. Gurdaspur
        Punjab

Liquidation Commencement Date: June 30, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Date of closure of
insolvency resolution process: June 30, 2022

Insolvency professional: Madan Gopal Jindal

Interim Resolution
Professional:            Madan Gopal Jindal
                         SCO: 7-8, 4th Floor
                         Jandu Tower
                         G.T. Road, Miller Ganj
                         Ludhiana (Punjab) 141003
                         E-mail: mgjindal@gmail.com

Last date for
submission of claims:    July 30, 2022


GURU RAMAKRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Guru
Ramakrishna Tubes (SGRT) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        5         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          4.52      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.48      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SGRT for
obtaining information through letters and emails dated March 14,
2022 and May 24, 2022 among others, apart from telephonic
communication. However, the issuer has remained noncooperative.

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

Detailed Rationale

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

SGRT was set up as a partnership firm of Mr Chakka Rama Krishna Rao
and his family members. The firm started commercial operations on
November 24, 2016, manufactures pre-galvanized iron pipes from
hot-rolled mild steel coils.


HI TECH: CRISIL Reaffirms B Rating on INR1cr Loans
--------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term facilities of HI Tech Trans Technocrates Private Limited
(HTTT).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             0.6       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.4       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the modest scale of operations and
a highly leveraged capital structure. These weaknesses are
partially offset by the extensive experience of the promoters in
the electrical components and equipment industry and a moderate
operating margin.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Modest scale of operations indicated
in estimated revenue of INR2.74 crore in fiscal 2022 (against
INR3.10 crore in fiscal 2021) in an intensely competitive industry
constrains the business profile and continues to limit the
operating flexibility.

* Highly leveraged capital structure: Modest net worth estimated at
INR0.32 crore as of March 31, 2022, leads to gearing and total
outside liabilities to tangible net worth ratio of 4.52 times and
6.34 times respectively. Going ahead, capital structure is expected
to remain at similar levels.

Strengths:

* Extensive experience of the promoters: Experience of over a
decade of the promoters in the electrical components and equipment
industry, their understanding of the dynamics of the market, and
healthy relationships with suppliers and customers should continue
to support the business.

* Moderate operating margin: Though operating margin has lowered to
an estimate of 11.54% in fiscal 2022 against 14.35% in fiscal 2021,
it continues to remain moderate. However, cost passthrough ability
of the company remain key rating sensitivity factor.

Liquidity: Stretched

Cash accrual is expected to be sufficient around INR0.18-0.20 crore
against debt obligation of INR0.02-0.04 crore per fiscal over
medium term. 12-month average bank limit utilization was around 90%
through March 2022. Additionally, liquidity is supported by
unsecured loans estimated at INR0.76 crore and cash bank balances
of INR0.22 crore as of March 31, 2022. The current ratio is
estimated at 1.34 times as of March 31, 2022.

Outlook: Stable

CRISIL Ratings believes that HTTT will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity factors

Upward Factors

* Improvement in revenue by 30-40% and sustenance of operating
margin
* Improvement in capital structure

Downward Factors

* Stretch in working capital cycle
* Decline in cash accrual by more than 40%

Incorporated in 2011, HTTT manufactures voltage arresters and
polymer insulators at its facility in Rajkot, Gujarat.


INDIA TERRY: Ind-Ra Upgrades Long-Term Issuer Rating to BB-
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded India Terry Towels
Private Limited's (ITTPL) Long-Term Issuer Rating to 'IND BB-' from
'IND B'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR588.48 mil. (reduced from INR679.40 mil.) Term loans due on

     March 2028 upgraded with IND BB-/Stable rating;

-- INR50.00 mil. Fund-based working capital limits upgraded with
     IND BB-/Stable/IND A4+ rating; and

-- INR52.50 mil. Non-fund-based working capital limits upgraded
     with IND A4+ rating.

The upgrade reflects the improvement in ITTPL's revenue, EBITDA
margins and credit metrics in FY22 (provisional numbers).

Key Rating Drivers

ITTPL's revenue rose by a sharp 62.73% yoy to INR1,097.15 million
in FY22 owing to growth in the sales volumes, resulting from the
optimization in count range to 10s-24s count from 32s count in FY20
and higher capacity utilization, and an increase in realizations to
INR356 per kg (FY21: INR300-310 per kg). ITTPL increased its
capacity utilization to 95% in FY22 (FY21: 88%, FY20: 85%). The
scale of operations continued to be small. In FY23, Ind-Ra expects
ITTPL's revenue to be affected by the ongoing volatility in the
textile industry. However, it might improve in the medium term on
account of the planned increase in the total spindles' capacity to
20,000 from 15,000. During April 2022 to mid-May 2022, ITTPL booked
sales of INR160 million. At end-May 2022, the company had an order
book of INR150 million-160 million, scheduled to be executed in a
month.

ITTPL's EBITDA margins improved to a modest 13.33% in FY22 (FY21:
7.66%), owing to the change in counts, which fetched better
margins, better absorption of fixed cost, due to the growth in the
revenue, and the passing on of increased cotton prices to its
customers. The ROCE was 10% in FY22 (FY21: negative ROCE). The
margins would remain susceptible to the volatility of cotton prices
in FY23. However, Ind-Ra expects the margins to improve in the
medium term on the back of subsidy receivables to the tune of INR73
million.  

The credit metrics improved during FY22, owing to an increase in
the absolute EBITDA to INR146.27 million (FY21: INR51.64 million).
The gross interest coverage (operating EBITDA/gross interest
expense) was 2.16x in FY22 (FY21: 0.78x) and the net leverage
(total adjusted net debt/operating EBITDA) was 4.20x (13.46x).
Ind-Ra expects the credit metrics to deteriorate in FY23 owing to
the addition of a new term loan for the planned capex; however,
over the medium term, the metrics would be supported by improved
profitability along with the scheduled repayments of existing term
loans.

Liquidity Indicator - Poor: ITTPL does not have any capital market
exposure and relies on a single bank to meet its funding
requirements. Its unutilized fund-based limits amounted to a low
INR19.56 million as on 31 March 2022. ITTPL's average peak
utilization of the fund-based working capital limits was 53.4% and
non-fund-based working capital limits was 99.81% during the 12
months ended March 2022. Its cash flow from operations is likely to
have turned positive in FY22 (FY21: negative INR98.15 million),
owing to improved EBITDA and favorable changes in working capital.
Its cash and cash equivalents stood at INR4.28 million at end-FY22
(end-FY21: INR0.34 million). ITTPL's working capital cycle improved
to 31 days in FY22 (FY21: 63 days) owing to a decline in the
inventory days to 69 days (FY21: 94 days), as increased demand led
to rapid consumption of inventory. The scheduled debt obligations
for FY23 and FY24 stand at INR105.6 million each year. In FY23, the
company plans to incur capex amounting to INR110 million, which
would be completely funded by promoter funds, to increase the
installed capacity to 20,000 spindles from 15,000 spindles;
machinery orders for the same will be placed in July 2022 or August
2022 and are likely to be received by April 2023. ITTPL expects to
receive subsidies of INR73 million over FY23-FY24 in lieu of
electricity duty reimbursement.

The company is promoted by two prominent business groups, namely
the Ruia group and the Makwana group. Furthermore, the ratings are
supported by ITTPL's promoters' experience of over four decades in
the textile industry, which has played a major role in increasing
its sales rapidly in the last three years and has helped the
company add reputed customers to its client base.

Rating Sensitivities

Negative: A significant decline in the scale of operations, leading
to deterioration in the credit metrics, with the net leverage
exceeding 5x, or stress on the liquidity position would be negative
for the ratings.

Positive: Promoter's fund infusion for further rounds of capex and
a substantial improvement in liquidity, along with an improvement
in the revenue and EBITDA margins, while maintaining the credit
metrics, would be positive for the ratings.

Company Profile

Incorporated in 2016, ITTPL manufactures cotton yarn. The company,
in the phase I, successfully installed 14,688 spindles, to produce
cotton ring spun yarn with count range of 10s to 32s Ne. The
company's average utilization stands at 12.5 tons per day, scalable
up to over 14 tons per day. ITTPL plans to start manufacturing
towels over the next five-to-six years.  


ITALTINTO EQUIPMENTS: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Italtinto Equipments Private Limited
        S5/2422, Vrundavan Complex
        Opposite Satyam Petrol Pump
        Sonale Village, Mumbai
        Nashik Highway Bhiwandi
        Thane MH 421302

Liquidation Commencement Date: June 29, 2022

Court: National Company Law Tribunal, Bench III, Mumbai

Date of closure of
insolvency resolution process: June 7, 2022

Insolvency professional: Mr. Bhaskar Gopal Shetty

Interim Resolution
Professional:            Mr. Bhaskar Gopal Shetty
                         C-77, Shanti Shopping Centre
                         Mira Road East 401107
                         Thane District, Maharashtra
                         E-mail: cabgshetty@gmail.com
                                 italtinto.liquidation@gmail.com

Last date for
submission of claims:    July 31, 2022


JAGDAMBA LIQUIFIED: CRISIL Lowers Long Term Debt Rating to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Jagdamba Liquified Steels Limited (JLSL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB/Stable/CRISIL A4+'.  The downgrade reflects delay
in servicing debt obligation on the term loan availed by JLSL due
to weak liquidity.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Rating         -        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Short Term Rating        -        CRISIL D (Downgraded from
                                     'CRISIL A4+')

The ratings consider weak liquidity, large working capital
requirement, and customer concentration in revenue. However, the
company benefits from extensive experience of the promoters in the
steel industry.

Key rating drivers & detailed description

Weaknesses:

* Weak liquidity: Liquidity is weak as indicated by overutilization
of bank limits in recent months Cash accrual has been insufficient
to service maturing debt, and hence, there has been a delay in
repayment of debt obligation due in May 2022 which is yet to be
served.

* Large working capital requirement: Operations continue to remain
working capital intensive as the company has to offer high credit
period and maintain inventory levels. The same has resulted in high
bank limit utilization as well over the recent months.

* Customer concentration in revenue: JLSL faces significant
customer concentration risk as 75-80% of its revenue comes from
Indian Railways, rendering revenue growth and profitability
susceptible to the growth plans of the customer. Reduction in
customer concentration remains a key monitorable.

Strength:

* Extensive experience of the promoters: The promoters have over
three decades of experience in the steel industry; their strong
understanding of industry dynamics and healthy relationships with
customers and suppliers should continue to support the business.

Liquidity: Poor

Liquidity is poor, as indicated by instances of delay in repayments
in debt obligation towards the term loan.

Rating sensitivity factors

Upward factors

* Track record of timely repayment for more than three months
* Substantial increase in scale of operations and profitability

JLSL, incorporated in 1993, is managed by Ms Usha Lohia, Mr Lokesh
Lohia, Mr Hari Mohan Lohia and Mr Young Singh Bahadur. The company
manufactures safety components such as specialty steel castings.


JAIRAM MARUTI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jairam Maruti
Mills (JMM) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         0.78       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         6          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.69       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

JMM was set up in 2006 by Mr. A Subramanian and Mr. A Rajan. It
manufactures cotton yarn and converts it into fabric. The firm is
based in Coimbatore (Tamil Nadu).


JAS ORCHID: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jas Orchid
Resorts Private Limited (JAS) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit             1.3       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             1.3       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     30.62      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               9.58      CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

JAS was incorporated in 2004, promoted by Mr. Sanjeev Pinjha, Mr.
Jaspal Singh, and Mr. Jagdeep Singh, and operates a 145-room luxury
hotel in Amritsar, Punjab. The company has an operations and
maintenance agreement with Intercontinental Hotel group for
management of its hotel under the Holiday Inn brand.


LARK LOGISTICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Lark Logistics Private Limited
        519, 5th Floor
        12 Osian Building
        Nehru Place
        New Delhi 110019
        India

Insolvency Commencement Date: June 23, 2022

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Pramod Kumar Gupta

Interim Resolution
Professional:            Pramod Kumar Gupta
                         B-1/10, Lower Ground Floor
                         Hauz Khas, South, New Delhi
                         National Capital Territory of Delhi
                         110016
                         E-mail: variety.financial@gmail.com
                                 cirp.larklogistics@gmail.com

Last date for
submission of claims:    July 7, 2022


LEONARD EXPORTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Leonard Exports Private Limited
        2/7, Sarat Bose Road
        Vasundhara Building
        6th Floor, Sapce-IV
        Kolkata WB 700020
        IN

Insolvency Commencement Date: June 16, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 13, 2022
                               (180 days from commencement)

Insolvency professional: Anal Basu

Interim Resolution
Professional:            Anal Basu
                         27, Haladhar Bardhan Lane
                         Kolkata 700012
                         E-mail: basu_anal@rediffmail.com

Last date for
submission of claims:    June 30, 2022


LINDSAY INTERNATIONAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Lindsay International Private Limited
        N-13, Nellie Sengupta Sarani
        Lindsay Tower
        Kolkata 700087

Insolvency Commencement Date: June 29, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 28, 2022

Insolvency professional: Milan Sachindra Nath Chatterjee

Interim Resolution
Professional:            Milan Sachindra Nath Chatterjee
                         Flat No. 10G, Tower-II
                         South City
                         375 Prince Anwar Shah Road
                         Kolkata 700068
                         E-mail: milanchatterjee1965@gmail.com
                                 lindsaycirp@gmail.com

Last date for
submission of claims:    July 13, 2022


MAGMA METAL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Magma Metal Private Limited
        F-6 & F-7, Phase II
        VSEZ Duwada
        Visakhapatnam
        AP 530046

Liquidation Commencement Date: June 28, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Mohd. Nazim Khan

Interim Resolution
Professional:            Mohd. Nazim Khan
                         G-41, Ground Floor
                         West Patel Nagar
                         New Delhi 110008
                         E-mail: nazim@mnkassociates.com
                         Tel: +911145095230

Last date for
submission of claims:    July 28, 2022


MAHALAXMI JEWELLERS: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating to the
bank facilities of Mahalaxmi Jewellers Private Limited (MJPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.5        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    0.63       CRISIL B+/Stable (Reaffirmed)

   Term Loan             0.87       CRISIL B+/Stable (Reaffirmed)

The rating reflects MJPL's susceptibility of revenue and
profitability to intense competition in a fragmented industry,
geographical concentration in revenue, modest scale of operation,
working capital intensive operations and weak financial profile.
These weaknesses are partially offset by its extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility of revenue and profitability to intense
competition in a fragmented industry, volatility in gold prices and
geographical concentration: The presence of large number of
players, both small and big, in the retail jewellery market leads
to pressure on profitability. Also, the profitability is
susceptible to volatility in gold prices.  Although the entity has
been in the retail jewellery business for three decades, it
operates through a single store at Gulbarga, Karnataka. Gold buying
is a localized activity, and its accrual depends on the level of
economic activity in the region. The geographical concentration in
operations exposes volatility in demand because of local factors

* Modest scale of operation and Working capital intensive
operations: MJPLs business profile is constrained by its scale of
operations in the intensely competitive Gold Jewellery & Diamond
industry.  MJPLs scale of operations will continue limit its
operating flexibility. Gross current assets were at 245- 277 days
over the three fiscals ended March 31, 2022. Its intensive working
capital management is reflected in its gross current assets (GCA)
estimated at 269 days as of March 31, 2022. Its large working
capital requirements arise from its high debtor and inventory
levels. It is required to extend long credit period. Furthermore,
due to its business need, it holds large work in process &
inventory.

* Weak financial profile: MJPL has average financial profile marked
by estimated gearing of 3.03 times and total outside liabilities to
adj tangible net worth (TOL/ANW) estimated at 4.16 times for year
ending on 31st March 2022.  MJPL's debt protection measures have
also been at weak level in past due to high gearing and low
accruals from the operations. The interest coverage and net cash
accrual to total debt (NCATD) ratio are at 1.50 times and 0.04
times for fiscal 2022. MJPL debt protection measures are expected
to remain at similar level with high debt levels.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over 30 years in Gold Jewellers & Diamond
industry. This has given them an understanding of the dynamics of
the market and enabled them to establish relationships with
suppliers and customers.

Liquidity: Stretched

Bank limit utilization is fully utilized for the past twelve months
ended March 2022. Cash accruals are expected to be over 0.80- 1.5
crore which are sufficient against term debt obligation of
INR0.20-0.30 crore over the medium term. Current ratio is estimated
to be at 1.6 times on March 31, 2022. The promoters are likely to
extend support in the form of equity and unsecured loans to meet
its working capital requirements and repayment obligations.

Outlook: Stable

CRISIL Ratings believe MJPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals
* Improvement in working capital cycle

Downward factor

* Decline in operating profitability by over 200 basis points on a
sustainable basis leading to net cash accruals
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

MJPL was incorporated in 1998. MJPL is engaged retailing of gold
jewellery. MJPL operate through a store at Gulbarga, Karnataka.
MJPL is owned & managed by Raghavendra Kashinath Mailapur &
family.


MAISON DE COUTURE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maison De
Couture Fabrics Private Limited (MDCFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       40.52      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 15, 2021,
placed the rating(s) of MDCFPL under the 'issuer non-cooperating'
category as MDCFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MDCFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 1, 2022, March 11, 2022, March 21, 2022.

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

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

Analytical approach: Combined

A combined view is considered for 'Oneworld Group' companies which
includes Oneworld Creation Private Limited (OCPL), Oneworld
Industries Private Limited (OIPL), Oneworld Retail Private Limited
(ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private
Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr
Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT),
WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL)
and Oneworld Design Studios Private Limited (ODS). The combined
view for the group is on account of strong operational and
managerial linkages being in the same line of business and common
promoters.

Established in the year 1995 by Mr. Urvil Jani and Mr. Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear. Subsequently,
the product profile was diversified by the firm to cater to women's
wear and readymade garments. Owing to increase in the scale of
operation over the years, the group was re-christened as Oneworld
group and the business carried under the partnership firm was
transferred to a private limited company incorporated in the year
2012 viz Oneworld Industries Private Limited. Consequently, many
other companies were incorporated to carry on trading of various
textile products. Currently, the group is engaged in the business
of trading in fabric materials and readymade garments (manufactured
on job work basis). Maison De Couture Fabrics Private Limited was
incorporated on August 10, 2015 to establish and undertake business
of trading of shirting fabrics in India under the brand name
'Tissori' on stock and sales basis.


MARIGOLD CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Marigold
Constructions (MC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Project Loan            9.84      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.16      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

MC, set up by Mr. Bharat Prajapati and Mr. Bhavin Sheth in Mumbai,
is a real estate developer. It is developing Marigold Exotic, a
residential project with 30 units at Mulund in Mumbai.


MS RAILTECH CONSULTANTS: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: M S Railtech Consultants Private Limited
        B-12 Atharva Apt., Plot No. 57
        Sector No. 1, P.C.N.T.D.A.
        Indrayani Nagar, Bhosari
        Pune, Maharashtra 411026

Insolvency Commencement Date: June 27, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Pankaj Sham Joshi

Interim Resolution
Professional:            Pankaj Sham Joshi
                         Block 9, Sudarsan CHS
                         Mahant Road
                         Vile Parle (East)
                         Mumbai 400057
                         Maharashtra
                         E-mail: pjoshi.ip@gmail.com

Last date for
submission of claims:    July 11, 2022


MULTICITY DIGITAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Multicity Digital Consortium Private Limited
        S1 Manchester Square, Second Floor No. 12/1
        Puliakulam Road, Opp Kidney Center
        Coimbatore 641037

Insolvency Commencement Date: June 29, 2022

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Kavitha Surana

Interim Resolution
Professional:            Kavitha Surana
                         S.U.S. Bhawan
                         No. 2, Vimala Street
                         Ayyavoo Colony
                         Aminjikarai
                         Chennai 600029
                         E-mail: kavitha@mksurana.com

Last date for
submission of claims:    July 13, 2022


P.K. METAL: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.K. Metal
Industries (PKMI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.45       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 30, 2021,
placed the rating(s) of PKMI under the 'issuer non-cooperating'
category as PKMI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PKMI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 16, 2022, March 26, 2022, April 5, 2022.

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

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

Uttarakhand based PKMI was established in year 2016 and was
promoted by Mr. Vishal Gaur. Currently, the firm is engaged in
manufacturing of aluminum sections for aluminium doors, windows
etc. The manufacturing facility of the firm is located at
Bhagwanpur, Rurki.


PALA DIOCESAN: Ind-Ra Corrects May 21, 2022 Rating Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Pala Diocesan Medical
Education Trust's (PDMET) rating release published on March 21,
2022 to replace the term CBBID with EBITDA throughout the rating
action commentary.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has affirmed Pala Diocesan
Medical Education Trust's (PDMET) bank facilities at 'IND BB-'. The
Outlook is Stable.

The detailed rating actions are:

-- INR1,776.22 bil. (increased from INR1,704.66 bil.) Bank loans
     affirmed with IND BB-/Stable rating;

-- INR80.00 mil. (increased from INR50.00 mil.) Fund based
     working capital facility affirmed with IND BB-/Stable rating;

     and

-- INR143.78 mil. (reduced from INR245.34 mil.) Proposed bank
     loans* affirmed with IND BB-/Stable rating.

Key Rating Drivers

Liquidity Indicator – Poor: Although PDMET's available funds
(cash and unrestricted investments) increased to INR16.29 million
in FY21 (FY20: INR13.33 million), it was not sufficient to provide
adequate financial cushion to the total debt (FY21: 0.98%; FY20:
0.96%) and operating expenditure (1.59%; 5.05%). The collection
period remained low at nine days in FY21 (FY20: 10 days). The trust
has an overdraft facility of INR80 million and the average working
capital utilization was 65% for the 12 months ended February 2022.
PDMET will continue to rely on unsecured loans and donations
provided by the trustees to meet the scheduled debt service
commitments of INR232.02 million in FY22 and INR304.65 million in
FY23.

The ratings continue to be constrained by PDMET's high debt burden
(debt/earnings before interest, tax and depreciation) and weak debt
service coverage ratio of under 1x over FY17-FY21. There was no
principal repayment in FY21, as the trust has availed moratorium
for its bank loans. Its interest service coverage ratio turned
positive, though it remained low, at 0.24x in FY21 (FY20: negative
67.29x), and the debt/EBITDA improved to a high 51.51x (negative
12.10x). The ratios improved due to improvement in the earnings
before interest, tax and depreciation (EBITDA) to INR32.18 million
(negative INR114.91 million). The debt/income ratio improved to
157.16% in FY21 (FY20: 934.21%), due to a substantial increase in
the total income to INR1,054.66 million from INR148.88 million,
Over FY17-FY21, the trust's debt servicing was met through
unsecured loans and donations worth INR807.13 million provided by
the trustees. PDMET's debt burden is likely to reduce gradually
over FY22-FY23, due to sustained growth in EBITDA.

The ratings reflect PDMET's weak operating profitability. The trust
turned profitable in FY21, reporting an operating profit of
INR27.20 million (FY20: operating loss of INR117.97 million), as
operating income (up 619.89% yoy) recorded a sharper increase than
operating expenditure (up 287.62% yoy). However, the net deficit
widened to INR207.17 million in FY21 (FY20: INR125.83 million).

The ratings are supported by the increased bed capacity and high
number of patient visits in FY21. PDMET increased the operational
bed capacity of the hospital, which was established in November
2019, to 648 in FY21 (FY20: 350) in view of the significant demand.
The hospital recorded comfortable occupancy levels of above 70% in
FY21. In addition, the number of patient visits in the hospital
increased to 2,21,792 in FY21 (FY20: 37,422). Consequently, the
trust reported total income of INR1,054.66 million from the
hospital in FY21.  The hospital reported 2,55,392 patient visits
during April-December 2021, and is likely to achieve patient visits
of above 2,80,000 for FY22. The hospital recorded income of
INR1,361.22 million till end-December 2021. Ind-Ra expects the
demand for the hospital to remain healthy because it caters to the
population of two districts in Kerala – Kottayam and Idukki - and
there are only a few other hospitals in the area that provide
similar services; thus, the occupancy ratio is likely to remain
high over the medium term.

The ratings also factor in the continued improvement in PDMET's
scale of operations, with its revenue rising by 608.41% yoy to
INR1,054.66 million in FY21, mainly on account of increased
hospital receipts, which were the main source of income (97.77%),
followed by tuition fee receipts (1.49%). Its tuition fee income
declined 20.81% yoy to INR15.71 million in FY21, due to fall in the
student headcount to 226 (FY20: 231). Furthermore, the average
tuition per student declined 19.06% yoy to INR69,493 in FY21. The
trust reported a total income of INR1,361.22 million over
April-December 2021 and targets to achieve an income above INR1,800
million for FY22. Ind-Ra expects the revenue to grow consistently
over the medium term due to increased hospital capacity, coupled
with comfortable occupancy levels, on high demand.

The ratings continue to benefit from PDMET's operational track
record of about 17 years and adequate financial support from the
trustees. Ind-Ra expects the support from the trustees to continue,
if required.

Rating Sensitivities

Positive: Events that may collectively lead to a positive rating
action are:

- sustained improvement in operating profitability,

- the debt service coverage ratio exceeding 1x over the medium
term, and

- a significant fall in the debt/EBITDA to below 6x.

Negative: Events that may, individually or collectively, lead to a
negative rating action are:

- deterioration in the hospital's operational performance,
- the lack of financial support from the trustees in the form of
unsecured loans and donations.

Company Profile

PDMET was established as a public charitable trust in 2005 in
Kottayam, Kerala. It runs a nursing college named Mar Sleeva
College of Nursing, which offers Bachelor of Nursing, Post Basic
Bachelor of Nursing and Master of Nursing courses. It also manages
a multi-speciality hospital (Mar Sleeva Medicity) with a capacity
of 700 beds (648 beds are operational) and a men's hostel (St.
Alphonsa Hostel).


PALLAVI ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pallavi
Enterprises continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         4          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        10          CRISIL D (Issuer Not
                                     Cooperating)

   Warehouse Receipts     8          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Pallavi was set up in 1983 by Mr. Tatikonda Viswanadham and his
wife Tatikonda Savithri. Girija Modern Rice Mill was set up in 2007
by Mr. Viswanadham and his daughter. Both the firms mill and
process paddy into rice; they also generate by-products such as
broken rice, bran, and husk. The rice mills of both these firms are
in Vijayawada (Andhra Pradesh).


PARANJAPE SCHEMES: CRISIL Withdraws Fixed Deposits Ratings
----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the fixed deposit
instruments of Paranjape Schemes (Construction) Limited (PSCL) on
the request of the company. The rating action is in line with
CRISIL Ratings' policy regarding withdrawal of its fixed deposit
instruments.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Fixed Deposits          55        FD (ISSUER NOT COOPERATING;
                                     Rating withdrawn)

   Non Convertible        175        CRISIL D (ISSUER NOT
   Debentures                        COOPERATING)

   Long Term Rating        45        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with PSCL for
obtaining information through letters and emails dated January 22,
2022 and March 30, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PSCL was incorporated in 1987 by brothers Mr Shashank Paranjape and
Mr Shrikant Paranjape as a private limited company and was
reconstituted as a public limited company in 2005.


PARAS GOTTAM: CRISIL Moves B Debt Rating From Not Cooperating
-------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Paras Gottam and Co. (PGC) to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
firm's management has subsequently started sharing the information
necessary for carrying out a comprehensive review of the ratings.
Consequently, CRISIL Ratings is migrating its ratings on the bank
facilities of PGC to 'CRISIL B/Stable/CRISIL A4'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Foreign Bill            4.9       CRISIL A4 (Migrated from
   Negotiation                       'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Foreign Exchange        2.1       CRISIL A4 (Migrated from
   Forward                           'CRISIL A4 ISSUER NOT
                                     COOPERATING')      

   Packing Credit          5.0       CRISIL B/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

The ratings reflect the firm's large working capital requirement
and modest debt protection metrics. These weaknesses are partially
offset by the extensive experience of the proprietor in the gems
and jewellery industry.

Key rating drivers and detailed description

Weaknesses:

* Large working capital requirement: Operations are working capital
intensive, as reflected in gross current assets (GCAs) of 1,286
days as on March 31, 2021. The GCAs are estimated at 1,150-1,200
days as on March 31, 2022, driven by large receivables and
inventory of 180-185 days and 1100-1120days, respectively.

* Average debt protection metrics: Because of leverage and
withdrawal of capital of INR1.52 crore in fiscal 2021, debt
protection metrics were subdued. Interest coverage and net cash
accrual to total debt ratios are estimated at 1.12 times and 0
time, respectively, in fiscal 2022 (1.2 times and negative 0.04
time, respectively, in fiscal 2021).

Strength:

* Extensive industry experience of the proprietor: The proprietor
has more than five decades of experience in the gems and jewellery
industry. This has given him an understanding of market dynamics
and helped to establish relationships with suppliers and
customers.

Liquidity: Poor

Liquidity will remain under pressure over the medium term on
account of large working capital requirement. Bank limit
utilisation was high at 93% on average for the 12 months through
February 2022. Cash accrual, expected over INR10 lakh per annum,
will be insufficient against yearly term debt obligation of INR60
lakh over the medium term. Current ratio was moderate at 1.6 times
as on March 31, 2021.

Outlook: Stable

CRISIL Ratings believes PGC will continue to benefit from the
extensive experience of the proprietor and established
relationships with clients.

Rating sensitivity factors

Upward factors

* Improvement in the working capital cycle, leading to interest
coverage ratio of more than 1.6 times
* Increase in revenue and operating margin leading to higher net
cash accrual

Downward factors

* Decline in revenue or operating margin, resulting in net cash
accrual of less than INR12 lakh
* Increase in working capital requirement, weakening the financial
risk profile and liquidity

Set up in 1969, PGC processes precious stones such as emeralds,
rubies, sapphires and diamonds. The firm is based in Jaipur and is
owned by Mr Paras Mal Jain.


POLAR MARMO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Polar Marmo Agglomerates Limited
        SP 1-3, Industrial Area
        Pratap Nagar, Udaipur 313001
        Rajasthan

Insolvency Commencement Date: June 28, 2022

Court: National Company Law Tribunal, Jaipur Bench

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

Insolvency professional: Mr. Hari Babu Sharma

Interim Resolution
Professional:            Mr. Hari Babu Sharma
                         C 131, Kardhani Scheme
                         Kalwad Road, Jaipur 302012
                         Rajasthan
                         E-mail: hari54_sharma@rediffmail.com

Last date for
submission of claims:    July 12, 2022


PRAJIT FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Prajit
Foundation Private Limited (PFPL; part of the GS group) continues
to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Loan           10       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Golden Shelters Private
Limited (GSPL) and Prajit Foundation Pvt Ltd (PFPL). That's because
the two companies, collectively referred to as the GS group, are in
the same line of business and have common promoters.

Incorporated in 2002, GSPL conducts wellness courses at its center
in Chittor district, Andhra Pradesh. The company started leasing
out commercial real estate space in fiscal 2013.

PFPL, incorporated in 2001, conducts yoga, meditation, and wellness
courses. It started operations in 2008.


PRINCE VITRIFIED: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Prince Vitrified Private Limited
        Survey No. 141 Matel Road
        Village Dhuva Taluka-Wankaner
        Dist. Morbi, Gujarat 363622

Liquidation Commencement Date: June 20, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Date of closure of
insolvency resolution process: June 13, 2022

Insolvency professional: Premraj Ramratan Laddha

Interim Resolution
Professional:            Premraj Ramratan Laddha
                         304, Abhijit-3
                         Above Pantaloon
                         Mithakhali-Law Garden Road
                         Ellisbridge, Ahmedabad 380006
                         E-mail: premladdha@yahoo.com

Last date for
submission of claims:    July 13, 2022


PROMOZONE INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Promozone (India) Private Limited
        Office No. 7, Ground Floor
        Truck Terminal, Near AMPC
        Sector 19/C
        Vashi, Navi Mumbai
        Maharashtra 400703

Insolvency Commencement Date: June 29, 2022

Court: National Company Law Tribunal, Mumbai Bench-III

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

Insolvency professional: Mr. Rakesh Maganlal Nathwani

Interim Resolution
Professional:            Mr. Rakesh Maganlal Nathwani
                         G504, Mystique Moods
                         Behind Symbiosis College
                         Vimannagar, Pune
                         Maharashtra 411014
                         E-mail: rakesh@carmn.in

                            - and -

                         E-10 A, Kailash Colony
                         Lower Ground Floor
                         Greater Kailash
                         New Delhi 110048
                         E-mail: promozone@aaainsolvency.com

Last date for
submission of claims:    July 13, 2022


PUMA HOSIERY: CRISIL Lowers Long Term Debt Rating to D
------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Puma Hosiery Mill (PHM) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Rating         -        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Short Term Rating        -        CRISIL D (Downgraded from
                                     'CRISIL A4')

The ratings reflect delays in servicing of term debt obligation
because of weak liquidity.

The rating also reflects firm's modest scale of operations and
large working capital requirement in the highly fragmented
readymade garments industry. These weaknesses are partially offset
by the extensive experience of the partners.

Key Rating Drivers & Detailed Description

* Delays in debt servicing: PHM has delayed servicing of its term
debt obligation in June 2022 due to poor liquidity.

Weaknesses:

* Modest scale in a highly fragmented industry: Scale of operations
remained modest with estimated revenue at Rs.18.14 crore in fiscal
2022 (Rs.9.57 crore for fiscal 2021). Moreover, the firm faces
intense competition from a large number of unorganised players in
the readymade garments industry, given the low entry barriers
defined by limited reliance on capital and technology. The
fragmentation limits the pricing flexibility and bargaining power
of all players. Also, the threat from large integrated players
limits revenue growth and constrains profitability.

* Large working capital requirement: Working capital requirements
are large marked by gross current assets at over 350 days, driven
by sizeable receivables (due to limited bargaining power with
customers) and moderate inventory.

Strength:

* Extensive industry experience of the partners: Experience of over
three decades in the readymade garments industry has given the
partners an understanding of the dynamics of the market and helped
establish relationships with suppliers and customers.

Liquidity: Poor

PHM has delayed servicing of term debt obligation for the month of
June 2022 owing to weak liquidity.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least 90 days
* Sustained improvement in financial risk profile and liquidity

Established in 2010, PHM is owned and managed by Ms P Sudha, Ms R
Latha and Mr S Jothi Manikandan. The firm manufactures readymade
hosiery garments such as T-shirts, shirts and sweatpants for men,
women and kids. Its manufacturing facility is in Tiruppur, Tamil
Nadu.


QUBE CINEMA: Ind-Ra Keeps BB+ Bank Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Qube Cinema
Technologies Private Limited's (QCT) bank loan facility rating of
'IND BB+' on Rating Watch Evolving (RWE) as follows:

-- INR450 mil. Fund-based working capital limits maintained on
     RWE with IND BB+/RWE/IND A4+/RWE rating;

-- INR50 mil. Non-fund-based working capital limits maintained on

     RWE with IND A4+/RWE rating; and

-- INR350 mil. Term loan due on March 2025 maintained on RWE with
     IND BB+/RWE rating.

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of QCT and its foreign subsidiary, Qube
Cinema, Inc (QCT holds 100% stake), due to the operational and
strategic linkages between the entities. Qube Cinema, Inc was
established to distribute QCT's Indian content abroad. The
consolidated view also includes QCT's interest in a
joint-controlled entity, Justickets Private Limited, in which it
holds a 41.33% stake, using the equity method.  

Ind-Ra had placed QCT on RWE in July 2021 in view of the impact of
the pandemic on the company's operations. The agency has maintained
the rating on RWE as it is awaiting information from the company
about the evolving developments regarding the stabilization of
operations. Ind-Ra will resolve the RWE once it has a greater
visibility on QCT's financial and liquidity profile on a quarterly
basis.

Key Rating Drivers

QCT's operating performance improved in FY22 after a deterioration
in FY21. In FY22 (provisional numbers), the consolidated revenue
rose to INR2,071 million (FY21: INR577.3 million), exceeding
Ind-Ra's expectations. The revenue grew due to the phased
re-opening of theatres to maximum capacity from 2Q2Y22 across India
post the receding impact of the second wave. QCT's revenue largely
depends on the release of new movies. The company receives the
rights to exploit on-screen advertising time and playback of movie
content.

QCT continued to incur EBITDA losses in FY22, in line with Ind-Ra's
expectations, mainly due to the second wave of the pandemic and
subsequent lockdowns and closure of theatres. However, the loss
narrowed to INR59 million in FY22 (FY21: EBITDA loss of INR606
million) owing to the vaccination drives coupled with reopening of
theatres, and the releases of new movies that had been deferred
earlier. However, Ind-Ra will continue to monitor the quarterly
performance and the turnaround of the profitability.

The credit metrics remained weak due to the EBTIDA losses.

Liquidity Indicator- Stretched: QCT's average maximum utilization
of fund-based working capital limits was 59% over the 12 months
ended March 2022. The net cash conversion cycle of the company
remained elongated in FY22, but despite a fall in the creditor days
to 148 days (FY21: 203), the cycle improved to 163 days  (170
days), on account of a fall in debtor days to 126 days (231 days)
following the continuous effort taken by the company to realize
receivables from theatres coupled with an improvement in the
overall business scenario. Despite the EBITDA loss reported in
FY22, QCT serviced its interest expenses, principal obligation and
other fixed obligation from the cash available, realization from
customers, income tax refund, capital infusion along with the
emergency credit line guarantee scheme facility availed to the tune
of INR253.2 million. According to Ind-Ra, any adverse developments
in the ongoing revival phase of operations will strain QCT's
liquidity position.  Hence, the continued ability of the promoter
to infuse funds on a timely basis, in case of any contingencies, to
support QCT's liquidity position will remain key monitorable.

The ratings continue to factor in QCT's strong presence in the
southern part of India, with a network of 4,205 screens at FYE22
(FYE21: 4,080 screens at) across single-screen and multiplex
theatres. The largest markets for the company, in terms of the
number of screens at FYE22, are Tamil Nadu (764), Andhra Pradesh
(671), Telangana (443), Kerala (404) and Karnataka (342); these
states jointly accounted for 63% of the total screens for the
company in FY22 (FY21: 63.2%; FY20: 63.3%; FY19: 53.5%). In March
2021, SS Theatres LLP, an established player in the movie theatre
segment in India, acquired a stake in QCT; its shareholding in the
company stood at 45% at FYE22. QCT benefitted from equity infusion
by SS Theatres in FY22, and expects further operational expertise
and support from the latter in the near term.  

Rating Sensitivities

The RWE indicates that the rating may be affirmed, downgraded or
upgraded, based on the evolvement of the media and entertainment
industry and greater visibility on QCT's operational, financial and
liquidity position.

Company Profile

Incorporated in 1986, QCT sells media technology equipment and
provides digital cinema technology solutions and services. It
generates revenue from advertisement virtual print fees, leasing
out equipment and trading digital cinema equipment.


R. L. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. L. Agro
Foods Private Limited (RLAFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       70.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 7, 2021,
placed the rating(s) of RLAFPL under the 'issuer non-cooperating'
category as RLAFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RLAFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 23, 2022, April 2, 2022, April 12, 2022.

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

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

RLAF is engaged in the business of milling and processing of
basmati rice with an installed manufacturing capacity of 16 metric
tonnes per hour (MTPH) in Nissing (Karnal, Haryana). The company is
also engaged in procurement of semi processed rice from the market
which is further processed through colour sorter and grading
machines to remove the impurities.


RAIPUR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raipur
Polymers Private Limited (RPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.25       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2012 and promoted by Raipur-based Mr. Praveen
Bhowray, Mr. Mohan Budhwani, and Mr. Ravishankar Choudhary, RPPL
manufactures polypropylene and high-density polyethylene woven bags
that are used for packaging in industries such as cement,
fertilizer, and food packaging.


RATIONAL HANDLOOM: Ind-Ra Affirms & Withdraws BB Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rational Handloom
Company Private Limited's (RHCPL) Long-Term Issuer Rating at 'IND
BB' and has simultaneously withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR124.82 mil. Term loan* affirmed and withdrawn; and

-- INR350 mil. Fund-based limit** affirmed and withdrawn.

*Affirmed at 'IND BB'/Stable before being withdrawn
** Affirmed at 'IND BB'/Stable/ 'IND A4+' before being withdrawn

Ind-Ra is no longer required to maintain the ratings as the agency
has received a no objection certificate from the rated facilities'
lender. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies.

Key Rating Drivers

The affirmation reflects RHCPL's continued medium scale of
operations, as indicated by revenue of INR4818.95 million in FY21
(FY20: INR6932.04million). During FY21, the revenue declined due to
the impact of pandemic-led disruptions.

The ratings reflected the modest EBITDA margins. The EBITDA margin
increased to 2.04% in FY21 (FY20: 1.96%) owing to a decline in raw
material costs. The ROCE was 6.1% in FY21 (FY20: 10%).

The ratings are constrained by the continued weak credit metrics.
The credit metrics deteriorated in FY21 on account of a fall in the
absolute EBITDA to INR98.48million (FY20: INR135.55 million). The
gross interest coverage (operating EBITDA/gross interest expense)
was 1.94x in FY21 (FY20: 2.72x) and the net financial leverage
(total adjusted net debt/operating EBITDAR) was 3.61x (2.35x).

Liquidity Indicator -Adequate: The company's average use of the
working capital limits was 83.43% during the 12 months ended April
2022.The cash flow from operations declined to INR17.87 million
during FY21(FY20: INR129.72 million) due to unfavorable changes in
working capital. Consequently, the free cash flow declined to
INR12.74 million in FY21 (FY20: INR 88.03 Million). The cash and
cash equivalents stood at INR20.59 million at FYE21 (FYE20:
INR22.99million).

Company Profile

RHCPL was founded as a proprietorship concern named M/s National
Handloom Corporation by Lalit Mehta in 1982; it was a shop in
Jodhpur that sold handloom items. It was incorporated as RHCPL in
2000 and runs 12 showrooms: nine in Rajasthan and three in
Gujarat.


RKN PROJECTS: CRISIL Lowers LT/ST Debt Ratings to D
---------------------------------------------------
CRISIL Ratings has downgraded the rating of RKN Projects Private
Limited (RPPL) on the bank facilities of RPPL to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer
Not Cooperating' due to delays in servicing debt obligations.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Rating        -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL BB/Stable Issuer Not
                                     Cooperating')

   Short Term Rating       -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4+ ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with RPPL for
obtaining information through letters and emails dated March 8,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on available information, CRISIL Ratings has downgraded the
rating on the bank facilities of RPPL to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating' due to delays in servicing debt obligations.

RPPL was incorporated in 2016 by Mr. Nallapaneni Ramesh Kumar and
MS Nallapaneni Sreelakshmi. The company is based in Nellore (Andhra
Pradesh) and is registered as a special class I contractor; it
undertakes construction of canal works and earth works.


ROHIT EXTRACTIONS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rohit Extractions
Pvt Ltd.'s (REPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR410 mil. Fund-based limits assigned with IND BB/Stable/IND
     A4+ rating; and

-- INR77.702 mil. Term loans due on March 2026 assigned with IND
     BB/Stable rating.

Analytical Approach: Ind-Ra has taken a consolidated view of REPL
and its group company, RNK Agro, to arrive at the ratings, on
account of the strong legal, operational and strategic linkages
between them. RNK Agro has extended a corporate guarantee towards
REPL's bank debt, and is the marketing arm for a manufacturing unit
of REPL. Also, REPL is the sole supplier for RNK Agro.

Key Rating Drivers

The ratings reflect the modest consolidated EBITDA margins on
account of the nature of the business. Furthermore, the margins are
vulnerable to the volatility in raw material prices. The
consolidated EBITDA margins declined to 7.80% in FY22 (FY21: 8.12%;
FY20: 7.70%) due to an increase in labor and administration
expenses. In FY21, the consolidated EBITDA margins had increased on
account of a fall in operating expenses and increased sales at a
higher margin by RNK Agro. The ROCE was 8.3% in FY21 (FY20: 8.4%).
On a standalone basis, the EBITDA margins stood at 6.9% in FY21
(FY20: 7.4%). The EBITDA margins would continue to be susceptible
to input cost fluctuations. The figures for FY22 are provisional in
nature.

The ratings reflect the modest credit metrics due to the modest
metrics. The consolidated net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 7.21x in FY22 (FY21: 6.84x;
FY20: 6.36x) on account of an increase in REPL's unsecured loans to
INR108.51 million (FY21: INR94.845 million) and a fall in the
consolidated absolute EBITDA to INR105 million (INR12 million). The
consolidated interest coverage (operating EBITDA/gross interest
expense) improved to 1.84x in FY22 (FY21: 1.7x) due to a fall in
interest costs. The metrics are likely to be stable in FY23. At
FYE21, the consolidated debt comprised unsecured interest-free
loans of INR149.18 million (FYE20: INR187.05 million). The
management does not expect an increase in the unsecured loans in
the next two-to-three years. On a standalone basis, in FY21, the
interest coverage improved to 1.78x (FY20: 1.73x) and the net
leverage weakened to 6.80x (6.17x).  

The ratings factor in the company's medium scale of operations. The
group's consolidated revenue rose to INR2,416 million in FY22
(FY21: INR1,403 million), as the operations became steady again
during the year after having been disrupted considerably in FY21 on
account of the pandemic. On a standalone basis, the revenue grew to
INR1,997 million in FY22 (FY21: INR1,360 million) on account of
better utilization of the available facility, higher realizations
and steady inflow of orders. In FY23, despite a likely fall in
prices, Ind-Ra expects the revenue to remain stable owing to
improved utilization of the installed capacity.

Liquidity Indicator - Stretched: The average maximum use of the
group's fund-based limits was 99.5% over the 12 months ended May
2022. At FYE21, the group had reported low cash and cash
equivalents of INR 5.40 million (FYE20: INR 5.34 million). In FY21,
the group's cash flow from operations had turned negative at INR
41.39 million (FY20: INR65.17 million) on account of unfavorable
changes in working capital. The cash flow from operations is likely
to have turned positive again in FY22 on account of favorable
changes in the working capital.  REPL's net cash conversion cycle
elongated to 211 days in FY21 (FY20: 204 days) on account of an
increase in the debtor collection period to 163 days (172 days) and
an increase in the inventory holding period to 95 days (77
days).The working capital cycle is likely to have been stable in
FY22. On a standalone basis, REPL's average maximum use of the
fund-based limits was 98% over the 12 months ended May 2022. The
company reported low cash and cash equivalents of INR4 million at
FYE21 (FYE20: INR4.82 million).

The ratings also factor in the group's moderate supplier
concentration risk. In FY21, REPL's top 10 suppliers accounted for
around 14% of the total purchases (FY20: 18.68%).

The ratings, however, are supported by the promoters' experience of
three decades in the manufacturing of rice bran oil and poultry and
aquatic feed.

Rating Sensitivities

Negative:  Any decline in the scale of operations, leading to
deterioration in credit metrics, along with a weakening of the
liquidity position, all on a sustained basis, will be negative for
the ratings.

Positive: A substantial increase in the scale of operations,
leading to an improvement in the overall credit metrics, with the
interest coverage above 2x  and a further improvement in the
working capital cycle, leading to an improvement in liquidity, all
on a sustained basis, will be positive for the ratings.

Company Profile

Incorporated in 1991, Hyderabad-based REPL  manufactures rice bran
crude oil, poultry and aquatic feed.


ROYALPET VANIJYA: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Royalpet Vanijya Private Limited
        2, Raja Woodmunt Street
        Kolkata 700001
        West Bengal

Liquidation Commencement Date: June 27, 2022

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: May 29, 2022

Insolvency professional: Sudipta Ghosh

Interim Resolution
Professional:            Sudipta Ghosh
                         8, N.N. Mukherjee
                         3rd Lane, Uttarpara
                         Hooghly 712258
                         E-mail: sudipta_ghosh08@yahoo.com

                            - and -

                         29C, Bentick Street
                         2nd Floor
                         Kolkata 700001
                         E-mail: lip.royalpet@gmail.com

Last date for
submission of claims:    July 27, 2022


SAMPURNA SUPPLIERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Sampurna Suppliers Private Limited
        4, Ram Kumar Rakhit Lane
        Kolkata 700007
        West Bengal

Insolvency Commencement Date: June 27, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 23, 2022
                               (180 days from commencement)

Insolvency professional: Sudipta Ghosh

Interim Resolution
Professional:            Sudipta Ghosh
                         8, N.N. Mukherjee 3rd Lane
                         Uttarpara, Hooghly 712258
                         E-mail: sudipta_ghosh08@yahoo.com

                            - and -

                         29C, Bentinck Street
                         2nd Floor, Kolkata 700001
                         E-mail: cirp.sampurna@gmail.com

Last date for
submission of claims:    July 11, 2022


SARVODAYA SUITINGS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarvodaya
Suitings Limited (SSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            12.5       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Exchange        1.23      CRISIL D (Issuer Not
   Forward                           Cooperating)

   Funded Interest         1.27      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Letter of Credit        8         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              12.73      CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1994 and promoted by Mr. Abhay Kumar Jain and
family, SSL manufactures blended fabrics at its facility in
Bhilwara, Rajasthan, and sells under the Sarvodaya Suiting brand.


SAVARIYA INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Savariya
Industries (SI) continues to be 'CRISIL D Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

Formed in 1996 as a proprietorship firm by Mr Rajkumar Kakraniya,
SI is engaged in cottonseed oil extraction and trading of pulses.
The firm is based in Amravati, Maharashtra.


SBA INDUSTRIES PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: SBA Industries Private Limited
        5G/34A, 2nd Floor
        N.I.T., Faridabad
        Haryana 121001

Insolvency Commencement Date: June 28, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: December 25, 2022
                               (180 days from commencement)

Insolvency professional: Vijay Kumar Gupta

Interim Resolution
Professional:            Vijay Kumar Gupta
                         408 New Delhi House
                         27 Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: vkgupta2004@yahoo.co.in
                                 cirp.sba@gmail.com

Last date for
submission of claims:    July 12, 2022


SEAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Seam
Industries Limited (SIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       38.37      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      30.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed rationale and key rating drivers

CARE had, vide press release dated April 26, 2021, had reaffirmed
the ratings of SIL under the 'Issuer Non-cooperating' category as
the company had failed to provide information for monitoring the
ratings. SIL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
e-mails dated June 14, 2022, April 1, 2022 and March 22, 2022. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on April 1, 2020, the following were the
rating weaknesses and strengths (updated based on best available
information):

Key rating weaknesses

* On-going delays in debt servicing: NCLT has ordered liquidation
of company on June 30, 2021. Insolvency and Bankruptcy board of
India has issued notice for auction of the company's assets.

SIL was incorporated as a backward integration unit to help its
parent Sunil Hi-Tech Engineers Limited (SHEL) to consolidate its
fabrication and installation know-how in the power sector. SIL is a
subsidiary of SHEL, which holds 88.61% (as on March 31, 2018) and
is engaged in manufacturing of pressure parts used by power plants,
petrochemical plants, sugar industry and heavy engineering
industry. SIL primarily undertakes fabrication related to pressure
parts, IBR (Indian Boiler Regulations) certified piping systems.
Besides, it also undertakes fabrication of tanks, cooling coils,
trays and jackets, distillation columns and volumetric condensers.
SIL operates out of two units located in Nagpur with a combined
area of 1,50,000 sq. meters and covered sheds of 11,800 sq. meters.
The two units have a consolidated installed capacity of fabrication
of 24,000 metric tonnes per annum (MTPA) of structures, 4,000 MTPA
of piping and 5,000 MTPA of carbon piping and allied works.


SENSETIVE INFRA: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Sensetive Infra Pvt. Ltd.
        C/o Pradipto Sarkar
        P.O. Bamongachi
        North 24 Parganas
        Duttapukur
        Parganas North WB 743248
        IN

Liquidation Commencement Date: June 29, 2022

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: June 14, 2022

Insolvency professional: Abhit Kumar Singh

Interim Resolution
Professional:            Abhit Kumar Singh
                         Vishnu Vatika, Block-IV
                         1st Floor, Flat-1A
                         Kolkata 711202
                         E-mail: abhit1981@hotmail.com
                         Tel: 9681999675
                         E-mail: ahit1981@hotmail.com

Last date for
submission of claims:    July 31, 2022


SHIRAGUPPI SUGAR: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shiraguppi Sugar
Works Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:         

-- INR1.20 bil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/IND

     A4+ (ISSUER NOT COOPERATING) rating; and

-- INR1.316 bil. Term loan due on July 2025 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
11, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

Incorporated in 1997,  Shiraguppi Sugar Works manufactures sugar.
The company also sells by-products such as bagasse, molasses and
pressmud.


SHIVAM CONSTRUCTION: CRISIL Assigns B+ Rating to INR9cr Term Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Shivam Construction (SC).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Term Loan      9         CRISIL B+/Stable (Assigned)

The rating reflects the extensive experience of the partners in the
real estate business and the likelihood of low offtake risk. These
strengths are partially offset by exposure to significant
saleability risk associated with ongoing projects and cyclicality
in the real estate sector.

Key rating drivers & detailed description

Weaknesses:

* Exposure to risk associated with ongoing projects: SC is a real
estate developer in Midnapore, West Bengal. Operating performance
will remain susceptible to flow of advances from customers and any
unfavorable regional events.

* Vulnerability to cyclicality inherent in the real estate
industry: The domestic real estate sector is cyclical and hence,
susceptible to volatility in prices, opaque transactions and a
highly fragmented market structure. Hence, the business risk
profile remains exposed to risk arising from any industry
slowdown.

Strengths:

* Extensive experience of the partners: Longstanding presence in
the real estate sector has enabled the partners to maintain a
steady track record of project implementation. They have
successfully completed eight projects so far.

Likelihood of low offtake risk: Given the prime location of the
ongoing project, offtake risk is expected to remain low.

Liquidity: Stretched

Construction expenses towards the ongoing as well as upcoming
projects will be covered through a mix of customer advances, bank
debt and unsecured loans from the partners. Although cash flows
from the projects should suffice to meet the term debt, any
unforeseen delay in construction might result in cost overruns,
thereby affecting repayment of term debt. Further, any stretch in
receipt of customer advances may exert pressure on liquidity.

Outlook: Stable

CRISIL Ratings believes SC will continue to benefit from the
extensive experience of its partners in the real estate business.

Rating sensitivity factors

Upward factors

* Higher customer advances resulting in substantial cash flow from
operations and hence, cash surplus of over INR5 crore
* Capital infusion by the promoters

Downward factors

* Cash flow of less than INR2 crore because of subdued response to,
or delay in completion of, the project
* Large, debt-funded projects weakening financial risk profile,
especially liquidity

SC was formed as partnership between Mr Santanu Chakraborty and Ms
Somia Chakraborty in 2012. The firm undertakes construction of
residential complexes and units in and around Midnapore, West
Bengal.


SHIVPRASAD FOOD: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shivprasad Foods
and Milk Products' (SFMP) Long-Term Issuer Rating to 'IND B+' from
'IND D (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR140 mil. (reduced from INR175 mil.) Fund-based working
     capital limits upgraded with IND B+/Stable/IND A4 rating;

-- INR16.1 mil. (reduced from INR16.2 mil.) Working capital
     demand loan upgraded with IND B+/Stable rating; and

-- INR86.81 mil. (increased from INR67.1 mil.) Term loans due on
     March 2032 upgraded with IND B+/Stable rating.

The upgrade reflects SFMP's timely debt servicing in the three
months ending May 2022, following debt restructuring on March 19,
2021.

Key Rating Drivers

Liquidity Indicator – Poor: SFMP's average maximum utilization of
the fund-based limits was 99.86% during the 12 months ended April
2022. There were continuous delays in debt servicing and
overutilization of the fund-based limits during the last three
years, however, the same has been regularized during the three
months ended May 2022 after debt restructuring. SFMP does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The cash flow from
operations turned positive to INR32.22 million in FY22 (FY21:
negative INR22.92 million, FY20: INR2.10 million) due to an
improvement in EBIITDA. Consequently, the free cash flow also
turned positive to INR16.74 million in FY22 (FY21: negative
INR23.38 million, FY20: INR0.66 million). The company had a
comfortable net working capital cycle, which recovered to 25 days
in FY22 (FY21: 43 days, FY20: 22 days) owing to resumption of
operations at its plant. The cash and cash equivalents stood at
INR4.09 million at FYE22 (FYE21: INR4.18 million, FYE20:INR3.49
million). FY22 financials are provisional in nature.

The ratings continue to factor in SFMP's medium scale of
operations. The revenue grew to INR1,393.10 million in FY22 (FY21:
INR845.57 million, FY20:INR1247.71 million), due to increase in
prices of milk and milk products and resumption of operations at
its plant which was closed from September 2020 to March 2021 due to
monsoon led water seepages into the factory in September 2020. The
insurance claim pertaining to the same was received in FY22. Ind-Ra
expects the revenue to remain at similar level in the short term
due to the nature of operations.

The ratings also reflect SFMP's continued modest EBITDA margin of
4.13%% in FY22 (FY21: 3.60% %, FY20:5.12%) with a return on capital
employed of 8.2% (1.7%, 8.1%). The improvement in the margins was
due to resumption of operations at its plant. Ind-Ra expects the
EBITDA margin to rebound to pre-incident levels in the short term.

The ratings further reflect SFMP's continued modest credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) of 1.86x in FY22 (FY21: 0.82x, FY20:1.91x) and the net
financial leverage (adjusted net debt/operating EBITDA) of 6.19x
(12.04x, 5.33x). The improvement in the credit metrics was mainly
due to the improvement in the absolute EBITDA to INR57.54 million
(INR30.42 million, INR65.30 million). In the short term, Ind-Ra
expects the credit metrics to improve due to scheduled repayment of
term loans of INR 28.2 million, INR26.9 million and INR 12.5
million in FY23, FY24 and FY25, respectively, coupled with absence
of any major debt-led-capex plan.

The ratings, however, continue to be supported by SFMP's promoters'
over one decade of experience in the dairy industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Rating Sensitivities

Positive: Continuous timely servicing of debt and an improvement in
liquidity along with an improvement in the scale of operations on a
sustained basis could lead to a positive rating action.

Negative: A further pressure on the liquidity or a decline in the
scale of operations, leading to deterioration in the credit metrics
with the interest coverage reducing below 1.5x on a sustained
basis, could lead to a negative rating action.

Company Profile

Established in 2009, Maharashtra-based SFMP is engaged in the
processing of milk and manufacturing of milk products.


SIMPLEX CASTINGS: Ind-Ra Downgrades Long-Term Issuer Rating to 'D'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Simplex Casting
Ltd.'s (SCL) Long-Term Issuer Rating to 'IND D' from 'IND B'. The
Outlook was Stable.

The instrument-wise rating actions are:

-- INR350 mil. Fund-based working capital limit (Long-term)
     downgraded with IND D rating;

-- INR370 mil. Non-fund-based working capital limit (Short-term)
     downgraded with IND D rating; and

-- INR84.6 mil. Term loan (Long-term) due on March 2025
     downgraded with IND D rating.

Key Rating Drivers

The downgrade reflects SCL's delays in the repayment of its term
loans in March and April 2022. The company also devolved its letter
of credit for close to 90 days in March 2022.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

Company Profile

SCL was established in 1970 and was reconstituted as a private
limited company in 1980. In 1993, SCL became a public limited
company and was listed on the Bombay Stock Exchange. The company
manufactures iron and steel casting products, which are used in
various industries such as railways, steel and defense, at its two
manufacturing units, one each in Bhilai and Tedsara.


STG SOFTEK PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: STG Softek Private Limited
        711/92, Deepati Building
        Nehru Place, New Delhi 110019

Insolvency Commencement Date: June 24, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 22, 2022
                               (180 days from commencement)

Insolvency professional: Mr. Abhilash Lal

Interim Resolution
Professional:            Mr. Abhilash Lal
                         C192, Belvedere Towers
                         DLF Pahse II Sector Road
                         Gurgaon, Haryana 122008
                         E-mail: abhilash.lal@gmail.com

                            - and -

                         1st Floor B Wing Prius
                         Platinum Tower
                         Saket, New Dlehi
                         Delhi 110017
                         E-mail: stgcirp@gmail.com

Last date for
submission of claims:    July 8, 2022

SUPERIOR FILMS: Ind-Ra Hikes Long-Term Issuer Rating to 'B+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Superior Films
Private Limited's (SFPL) Long-Term Issuer Rating to 'IND B+' from
'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR626.802 mil. (increased from INR622.2 mil.) Term loan due
     on May 2029 upgraded with IND B+/Stable rating; and

-- INR11.3 mil. Non-fund-based working capital upgraded with IND
     A4 rating.

The upgrade reflects SFPL's timely debt servicing during October
2021 to May 2022.

Key Rating Drivers

Liquidity Indicator - Stretched: The agency believes SFPL's
liquidity is sufficient to meet its debt servicing obligations over
the tenor of the lease rental discounting debt, owing to the strong
counterparty INOX Leisure Limited (INOX). The company's average
debt service coverage ratio (DSCR) is 1.20x for FY23-FY25. SFPL's
cash and cash equivalents stood at INR8.85 million at FYE21 (FYE20:
INR5.43 million).

However, the ratings remain constrained by SFPL's small scale of
operations with revenue declining to INR179.08 million in FY21
(FY20: INR221.04 million), due to a fall in the income from
self-owned space and common area maintenance. The company, which
engages in the leasing of immovable properties, faced certain
irregularities in receiving rents due to the COVID-19-led
disruptions. However, in FY22, the revenue grew to INR240.87
million on account of the easing of the lockdown restrictions and
opening up of the multiplexes, and recovery of rent from tenants.
In the medium term, the agency expects the to be at FY22 levels
owing to the presence of a price escalation clause after every
three years in its lease agreements.

The ratings continue to factor in the company's modest EBITDA
margin, which improved to 72% in FY21 (FY20: 57.86%), due to a fall
in the administration expenses. The company's return on capital
employed was 5% in FY21 (FY20: 4.90%). Ind-Ra expects the margin to
remain at similar levels in the medium term, however, could be
marginally impacted by inflation.

The ratings are also constrained by the company's continued weak
credit metrics with its interest coverage (operating EBITDA/gross
interest expense) falling to 2.03x in FY21 (FY20: 2.08x) and the
net leverage (adjusted net debt/operating EBITDA) slightly
increasing to 6.53x (6.52x), despite an increase in the EBITDA to
INR160.39 million (INR154.54 million). This was because of the
increase in the debt to INR850 million in FY21(FY20: INR834.18
million), due to the increase in the long-term debt to INR683.83
million (INR652.98 million), on account of the non-servicing of the
timely debt obligations.

The ratings also remain constrained by the customer concentration
risk as 99.1% of the total leasable area i.e. 108,763.38 square
feet has been leased to INOX for 15 years starting from 2014.

However, the ratings are supported by the long-term nature of the
contracts with INOX, which is India's second-largest multiplex
chain having presence in 73 cities,163 multiplexes and 692 screens,
resulting in high revenue visibility in the coming financial years.
There is a lock-in period of three years during which no party can
terminate the agreements. The company also receives common area
maintenance income on the sold area. INOX is a listed company and
booked revenue of INR6,830 million  and EBITDA margin of 35% in
FY22. Ind-Ra expects the long-term contract with INOX to provide a
steady income stream to SFPL over the medium term.

Rating Sensitivities

Negative: Any decline in the occupancy levels and/or delays in the
receipt of rental income, leading to a deterioration in the DSCR,
all on a sustained basis, will be negative for the ratings.

Positive: Higher-than-expected rental income, leading to higher
cash generation and/or a substantial decline in the debt
subsequently leading to an adequate track record and an improvement
in the DSCR ,all on a sustained basis, will be positive for the
ratings.

Company Profile

Incorporated in 1980, SFPL operates three multiplexes in New Delhi,
which are given on a long-term lease to INOX.


SV EQUIPMENTS PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: SV Equipments Private Limited
        Plot No. 214, Phase-3
        IDA, Pasamylaram
        Patancheru, TG 502319
        IN

Insolvency Commencement Date: June 27, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: December 17, 2022
                               (180 days from commencement)

Insolvency professional: Sreedhar Nukala

Interim Resolution
Professional:            Sreedhar Nukala
                         # 6-3-252/A/8 & 9, Flat No. 203
                         Mount Castle Apts.
                         Erramanzil Colony
                         Near Taj Deccan
                         Hyderabad 500082
                         Tel: 9848146369
                         E-mail: sreenuka_1@yahoo.com
                                 cirpsvequip@gmail.com

Last date for
submission of claims:    July 11, 2022


TALWALKERS BETTER: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Talwalkers Better Value Fitness Limited
        801/813, Mahalaxmi Chambers
        22 Bhulabhai Desai Road
        Mumbai 400026

Liquidation Commencement Date: June 27, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: June 27, 2022

Insolvency professional: Gajesh Labhchand Jain

Interim Resolution
Professional:            Gajesh Labhchand Jain
                         D-501, Clifton Soc
                         Raviraj Oberoi Marg
                         Shastri Nagar, Andheri (West)
                         Mumbai 400053
                         E-mail: gajeshjain@gmail.com

                            - and -

                         C-602, C Wing
                         Remi Biz Court
                         Off Veera Desai Road
                         Andheri West
                         Mumbai 400058
                         E-mail: liquidation.tbvfl@gmail.com

Last date for
submission of claims:    July 27, 2022

TALWALKERS HEALTHCLUBS: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Talwalkers Healthclubs Limited
        801, Mahalaxmi Chambers
        22 Bhulabhai Desai Road
        Mumbai 400026

Liquidation Commencement Date: June 27, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: June 27, 2022

Insolvency professional: Gajesh Labhchand Jain

Interim Resolution
Professional:            Gajesh Labhchand Jain
                         D-501, Clifton Soc
                         Raviraj Oberoi Marg
                         Shastri Nagar, Andheri (West)
                         Mumbai 400053
                         E-mail: gajeshjain@gmail.com

                            - and -

                         C-602, C Wing
                         Remi Biz Court
                         Off Veera Desai Road
                         Andheri West
                         Mumbai 400058
                         E-mail: liquidation.thl@gmail.com

Last date for
submission of claims:    July 27, 2022


TISSORI INDIA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tissori
India Fabrics Private Limited (TIFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       50.02      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 15, 2021,
placed the rating(s) of TIFPL under the 'issuer non-cooperating'
category as TIFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TIFPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 1, 2022, March 11, 2022, March 21, 2022.

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

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

Analytical approach: Combined

A combined view is considered for 'Oneworld Group' companies which
includes Oneworld Creation Private Limited (OCPL), Oneworld
Industries Private Limited (OIPL), Oneworld Retail Private Limited
(ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private
Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr
Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT),
WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL)
and Oneworld Design Studios Private Limited (ODS). The combined
view for the group is on account of strong operational and
managerial linkages being in the same line of business and common
promoters.

Established in the year 1995 by Mr. Urvil Jani and Mr. Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear. Subsequently,
the product profile was diversified by the firm to cater to women's
wear and readymade garments. Owing to increase in the scale of
operation over the years, the group was re-christened as Oneworld
group and the business carried under the partnership firm was
transferred to a private limited company incorporated in the year
2012 viz Oneworld Industries Private Limited. Consequently, many
other companies were incorporated to carry on trading of various
textile products. Currently, the group is engaged in the business
of trading in fabric materials and readymade garments (manufactured
on job work basis). TIFPL was incorporated on July 20, 2015 to
establish and undertake business of trading of shirting fabrics in
India under the brand name "Tissori" on confirmed order basis.


VELAMMAL EDUCATIONAL: Ind-Ra Corrects March 3, 2022 Rating Release
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Velammal (Madurai)
Educational Trust's (VMET)rating release published on March 3, 2022
to replace the term CBBIDR with EBITDAR throughout the RAC.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has rated Velammal (Madurai)
Educational Trust's (VMET) bank facilities as follows:

-- INR1,000.00 bil. Fund-based working capital limit assigned
     with IND BB/Stable rating;

-- INR466.32 mil. Bank loans assigned with IND BB/Stable rating;
     and

-- INR1,733.68 bil. Proposed bank loans* assigned with IND BB/
     Stable rating.

*includes term loans outstanding of INR869.40 million availed from
Indian Overseas Bank (debt rated at 'IND AA-'/Stable). The said
loan was borrowed by Velammal Educational Trust (main trust of
Velammal Group) towards creation of assets for Velammal Medical
College Hospital & Research Institute (VMCH). The assets and
liabilities of VMCH were transferred to VMET and repayment towards
the loans is being serviced by VMET. However, in the bank's records
the loans are still remain with Velammal Educational Trust and are
yet to be transferred to VMET.

Key Rating Drivers

Liquidity Indicator – Stretched: The trust has an overdraft
facility of INR1,000 million, the average utilization of which was
high at 80.57% during the 12 months ended January 2022. However,
VMET's payable days increased to 211 days in FY21 (FY20: 35 days)
owing to a delay in payments for purchase of medicine from group
entities. Furthermore, the receivable days remained short below 20
days during FY18-FY21. Its available funds (cash and unrestricted
investments) stood moderate at INR323.25 million in FY21 (FY20:
INR206.93 million), which covers 11.38% of total debt (2.39%) and
26.55% of operating expenditure (13.37%). FY21 financials are
provisional in nature.

The ratings also reflects VMET's moderate coverage metrics and debt
burden. The trust's debt burden (debt including rent/earnings
before interest, tax, depreciation and rent) improved to 2.96x in
FY21 (FY20: 10.45x) owing to the transfer of unsecured loans of
INR4,994.67 to corpus fund at FYE21. During FY18-FY21, the trustees
and group entities provided about INR5,876.69 million in the form
of unsecured loans and donations to VMET. VMET was able to maintain
debt service coverage ratio (DSCR) above 1.1x and interest service
coverage ratio above 2.3x during FY18-FY21. However, the DSCR is
likely to reduce below 1.1x during FY22-FY23 due to its high debt
service commitments during the same period. The trust is likely to
depend on unsecured loans from the trustees to meet its debt
servicing obligations of about INR900 million during FY22-FY23.

However, the ratings are supported by VMET's diversified revenue
profile. On an average, hospital income accounted for 58.81% of the
total income during FY18-FY21, while tuition fee income accounted
for 37.90%. The trust's total income grew at a CAGR of 9% over
FY18-FY21. However, the total income declined 8.38% yoy to
INR2,176.72 million in FY21, mainly due to a 17.43% yoy decrease in
the hospital income to INR1,166.18 million on the back of a drop in
the number of patients visiting the hospital due to the Covid-19
pandemic. This was partially offset by a 10.33% yoy increase in the
tuition fee income to INR919.49 million in FY21 on account of
increased student headcount. The trust has increased its hospital
bed capacity to 2,100 in FY22 (FY21: 1,770 beds). Thus, Ind-Ra
expects income from the hospital and medical college to drive
revenue growth in the medium term.

The operating margin excluding rent expanded to 43.96% in FY21
(FY20: 34.84%), mainly due to a reduction in staff salary during
March-August 2020 on account of the pandemic. VMET reported a net
surplus of INR138.87 million in FY21 (FY20: INR154.08 million) and
net cash accruals of INR541.21 million (INR537.28 million).

VMET's total student headcount grew at a CAGR of 20.62% during the
academic year 2015-16 to 2020-21. The trust has projected to
achieve student headcount of 1,477 for the academic year 2021-22 as
admissions for medical college are under process.  

The ratings are further supported by VMET's three decades of
operating experience and strong financial support from the trustees
and group entities in the form of unsecured loans and donations.
Ind-Ra expects the support from the trustees to continue, if
required.

Rating Sensitivities

Positive: Events that may collectively lead to a positive rating
action are:

- revenue increasing above INR2,500 million on a sustained basis,
- coverage (DSCR including rent) sustaining above 1.2x, and
- an improvement in the liquidity profile.

Negative: Events that may, individually or collectively, lead to a
negative rating action are:

- a 5% yoy fall in student strength for two consecutive years,
- operating margin reducing below 30% on a sustained basis, and
- leverage increasing above 4.0x on a sustained basis.

Company Profile

Established in 1993, VMET is a public charitable trust registered
under Section 12A of the Income Tax Act. VMET was promoted by M. V.
Muthuramalingam (Chairman and Managing Trustee) and is a part of
the Velammal group. It manages a medical college with a 2,100-bed
hospital, a nursing college, an allied health sciences college and
a trade center in Madurai, Tamil Nadu.

Apart from VMET, Velammal Group has three other trusts named,
Velammal Educational Trust, Veeramakali Memorial Welfare Trust and
Velammal (Chennai) Educational Trust.


WELCAST INDIA: Ind-Ra Keeps 'B' Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Welcast India
Private Limited's Long-Term Issuer Rating of 'IND B (ISSUER NOT
COOPERATING)' in the non-cooperating category and simultaneously
withdrawn it.

The instrument-wise rating actions are:       

-- The 'IND B' rating on the INR200 mil. Fund-based facilities*
     maintained in non-cooperating category and withdrawn; and

-- INR100 mil. Non-fund-based facilities* maintained in non-
     cooperating category and withdrawn.

*Maintained at 'IND A4 (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
as the issuer did not participate in the rating exercise, despite
requests by the agency and has not provided information pertaining
to full-year financial performance for FY21, sanctioned bank
facilities and utilization, business plan and projections for the
next three years, information on corporate governance, and
management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage.

Company Profile

Incorporated in 1997, Welcast India manufactures iron casts,
manhole covers, lampposts, brackets, lamp bases, fountains and
basins.


WORSTED OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Worsted
Overseas Trading LLP (WOTL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       40.52      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 15, 2021,
placed the rating(s) of WOTL under the 'issuer non-cooperating'
category as WOTL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. WOTL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 1, 2022, March 11, 2022, March 21, 2022.

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

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

Analytical approach: Combined

A combined view is considered for 'Oneworld Group' companies which
includes Oneworld Creation Private Limited (OCPL), Oneworld
Industries Private Limited (OIPL), Oneworld Retail Private Limited
(ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private
Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr
Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT),
WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL)
and Oneworld Design Studios Private Limited (ODS). The combined
view for the group is on account of strong operational and
managerial linkages being in the same line of business and common
promoters.

Established in the year 1995 by Mr. Urvil Jani and Mr. Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear. Subsequently,
the product profile was diversified by the firm to cater to women's
wear and ready-made garments. Owing to increase in the scale of
operation over the years, the group was re-christened as Oneworld
group and the business carried under the partnership firm was
transferred to a private limited companies incorporated in the year
2012 viz Oneworld Industries Private Limited. Consequently, many
other companies were incorporated to carry on trading of various
textile products. Currently, the group is engaged in the business
of trading in fabric materials and readymade garments (manufactured
on job work basis). Worsted Overseas Trading LLP was incorporated
on September 11, 2015 to undertake business of trading of premium
fabrics on confirmed order basis.




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

EVERGRANDE PROPERTY: Creditors' Proofs of Debt Due on Aug. 5
------------------------------------------------------------
Creditors of Evergrande Property Consultants Limited are required
to file their proofs of debt by Aug. 5, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 5, 2022.

The company's liquidators are:

          Rachel Mason-Thomas
          Jeffrey Philip Meltzer
          Meltzer Mason, Chartered Accountants
          PO Box 6302
          Victoria Street West
          Auckland 1141


FLYING CROSS: Court to Hear Wind-Up Petition on July 15
-------------------------------------------------------
A petition to wind up the operations of Flying Cross Trust Limited
will be heard before the High Court at Auckland on July 15, 2022,
at 10:00 a.m.

Shieff Angland filed the petition against the company on May 19,
2022.

The Petitioner's solicitor is:

          Kalev Crossland
          Shieff Angland Lawyers
          Level 16, Shortland and Fort
          88 Shortland Street
          Auckland


FRAMECRAFT PRODUCTS: Creditors' Proofs of Debt Due on July 29
-------------------------------------------------------------
Creditors of Framecraft Products Limited and Delma 2 Limited are
required to file their proofs of debt by July 29, 2022, to be
included in the company's dividend distribution.

The companies commenced wind-up proceedings on July 1, 2022.

The companies' liquidators are Diana Matchett and Colin Gower.


GAMMA LIMITED: Creditors' Proofs of Debt Due on Aug. 12
-------------------------------------------------------
Creditors of Gamma Limited and Axxon Systems Limited are required
to file their proofs of debt by Aug. 12, 2022, to be included in
the company's dividend distribution.

The companies commenced wind-up proceedings on July 4, 2022.

The companies' liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Greenlane
          Auckland 1051


RAIKA CONTRACTING: Court to Hear Wind-Up Petition on July 21
------------------------------------------------------------
A petition to wind up the operations of Raika Contracting Limited
will be heard before the High Court of New Zealand at Christchurch
on July 21, 2022, at 10:00 a.m.

C.D.J. Enterprises Limited filed the petition against the company
on June 8, 2022.

The Petitioner's solicitor is:

          Malcolm David Whitlock
          Whitlock & Co.
          Level 19, 191 Queen Street
          Auckland




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

ELITE GATEWAY: Creditors' Proofs of Debt Due on Aug. 6
------------------------------------------------------
Creditors of Elite Gateway Holdings Pte Ltd are required to file
their proofs of debt by Aug. 6, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 1, 2022.

The company's liquidators are:

          Kon Yin Tong
          Aw Eng Hai
          24 Raffles Place
          #07-03 Clifford Centre
          Singapore 048621


HAVEN GLOBAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on June 24, 2022, to
wind up the operations of Haven Global Pte Ltd

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Mr. Gary Loh Weng Fatt
          BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


INTEGRATED GREEN: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 1, 2022, to
wind up the operations of Integrated Green Energy Singapore Pte.
Ltd.

Gunhild Management S.L. filed the petition against the company.

The company's liquidators are:

          Ms. Lim Soh Yen
          Mr. Tee Wey Lih care
          Acutus Advisory Pte Ltd
          133 New Bridge Road
          #24-01/-02 Chinatown Point
          Singapore 059413


KOP SURFACE: Creditors' Proofs of Debt Due on Aug. 6
----------------------------------------------------
Creditors of Kop Surface Products Singapore Pte. Ltd. are required
to file their proofs of debt by Aug. 6, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 29, 2022.

The company's liquidator is:

          Aaron Loh Cheng Lee
          EY Corporate Advisors  
          One Raffles Quay
          North Tower, 18th Floor
          Singapore 048583


MERRILL LYNCH: Creditors' Proofs of Debt Due on Aug. 6
------------------------------------------------------
Creditors of Merrill Lynch Markets Singapore Pte Ltd are required
to file their proofs of debt by Aug. 6, 2022, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Jason Aleksander Kardachi
          Patrick Bance
          Kroll Pte Limited
          One Raffles Place Tower 2 #10-62
          Singapore 048616


THREE ARROWS: Genesis Confirms Exposure to Bankrupt Hedge Fund
--------------------------------------------------------------
Bloomberg News reports that Genesis, one of the largest
cryptocurrency brokerages for institutional investors, confirmed
that it was exposed to bankrupt hedge fund Three Arrows Capital and
had mitigated its losses.

Genesis sold collateral and hedged its downside once Three Arrows
failed to meet a margin call, Michael Moro, chief executive officer
of Genesis, said in a series of tweets on July 6, Bloomberg relays.
The loans to Three Arrows had a weighted average margin requirement
of over 80%, he said, without disclosing the total loan amount.

Digital Currency Group, the parent company of Genesis, assumed some
liabilities of Genesis to ensure its continued operation, Mr. Moro
added, Bloomberg relays.

According to Bloomberg, the fuller extent of the impact of Three
Arrows on the industry is starting to emerge as more crypto lenders
and brokers disclose exposure to the fund's bad debt. Three Arrows
Capital is set for liquidation ordered by a British Virgin Islands
court, and it has filed for Chapter 15 bankruptcy protection in New
York. Blockchain.com and Deribit, a crypto derivatives exchange,
were among creditors that sought the liquidation of Three Arrows,
Bloomberg discloses.

CoinDesk earlier reported that Genesis is subject to potential
losses of "hundreds of millions" of dollars, in part due to
exposure to Three Arrows and Babel Finance, a Hong Kong-based
crypto lender that has halted withdrawals, citing people it didn't
identify.

                        About Three Arrows

Headquartered in Singapore, Three Arrows Capital (3AC) --
https://www.threearrowscap.com/ -- is a hedge fund manager that
provides risk-adjusted returns. The firm was established in 2012 by
Su Zhu and Kyle Davies.

As reported in Troubled Company Reporter-Asia Pacific on July 5,
2022, CNBC said Three Arrows Capital (3AC) is seeking protection
from creditors in the United States under Chapter 15 of the U.S.
Bankruptcy Code, which allows foreign debtors to shield U.S.
assets.

A British Virgin Islands court reportedly ordered the liquidation
after 3AC defaulted on a US$670 million loan from digital asset
brokerage Voyager Digital on June 27, according to Yahoo! Finance.



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***