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

                     A S I A   P A C I F I C

          Monday, July 11, 2022, Vol. 25, No. 131

                           Headlines



A U S T R A L I A

66 SMITH: Second Creditors' Meeting Set for July 14
AUSTRALIA: Poll Shows Confidence in Building Industry
CROWN RESORTS: Moody's Withdraws 'Ba3' Corporate Family Rating
DOWN 2 EARTH: Second Creditors' Meeting Set for July 18
LAELNA: Second Creditors' Meeting Set for July 15

PEPPER RESIDENTIAL NO.33: S&P Assigns Prelim B+ Rating to F Notes
SJ TRAFFIC: First Creditors' Meeting Set for July 14


C H I N A

HUAYUAN PROPERTY: S&P Withdraws 'B' Long-Term Issuer Credit Rating
KAISA GROUP: CEO Lets go of Hong Kong Luxury Home in Distress Sale
TD HOLDINGS: Katie Ou Acquires 5.36% Equity Stake
TIMES CHINA: Moody's Cuts CFR to Caa1 & Sr. Unsecured Debt to Caa2


H O N G   K O N G

BONJOUR HOLDINGS: China Resources Buys Into HQ Via JV for USD114.7M


I N D I A

ANANT ELECTRICALS: CARE Keeps B- Debt Rating in Not Cooperating
ANSARI AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
APT PACKAGING: CARE Keeps D Debt Ratings in Not Cooperating
ASHOK AUTO: CARE Lowers Rating on INR40cr LT Loan to B+
BAJRANG COTGIN: Liquidation Process Case Summary

BALAJI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
BNP PARIBAS INDIA: Voluntary Liquidation Process Case Summary
CHAHAL SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
DHAWAN TRADING: CARE Keeps B- Debt Rating in Not Cooperating
DIANA HEIGHTS: CRISIL Keeps D Debt Rating in Not Cooperating

DUTTA AGRO: Insolvency Resolution Process Case Summary
DYNAMIC HATCHERIES: Insolvency Resolution Process Case Summary
FROST FALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
GREENDIAMZ BIOTECH: Liquidation Process Case Summary
GWALIOR DISTILLERIES: Insolvency Resolution Process Case Summary

HARI TEXWEAVE: Insolvency Resolution Process Case Summary
HARMANI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
JAGRITI SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
JINDAL WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
KAKATIYA INDUSTRIES: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'

KCS INFRATECH: CRISIL Moves D Debt Ratings to Not Cooperating
KENWOOD MERCANTILE: Insolvency Resolution Process Case Summary
KILBURN ENGINEERING: Ind-Ra Affirms BB+ Long-Term Issuer Rating
KRISHNA BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating
LATHA RICE: CARE Keeps D Debt Rating in Not Cooperating Category

LAXMI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
MAA SARBAMANGALA: CARE Keeps D Debt Rating in Not Cooperating
MAHALAXMI AUTOMOTIVES: Ind-Ra Moves 'B' Rating to Non-Cooperating
MAHALAXMI BUS: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating
MAHAVIR FOODS: CARE Keeps D Debt Ratings in Not Cooperating

MATHURAM SWASTHYA: Ind-Ra Moves 'B+' Rating to Non-Cooperating
MEHADIA AND SONS C: CARE Keeps C Debt Rating in Not Cooperating
MEHADIA AND SONS: CARE Keeps C Debt Rating in Not Cooperating
NARMADA FIBRES: CARE Lowers Rating on INR13.42cr LT Loan to B
ORCHID TEXTILES: Insolvency Resolution Process Case Summary

PATH FINDER: CARE Keeps B-/A4 Debt Ratings in Not Cooperating
PREMIER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
R. J. TRADELINKS: CARE Keeps C Debt Rating in Not Cooperating
RAAM4WHEELERS LLP: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
RAM AND COMPANY: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating

RIGHILL ELECTRICS: CARE Keeps D Debt Ratings in Not Cooperating
SADBHAV ENGINEERING: Ind-Ra Cuts Long-Term Issuer Rating to BB+
SADBHAV INFRASTRUCTURE: Ind-Ra Cuts Long-Term Issuer Rating to BB+
SANTOSH W/O: CRISIL Keeps D Debt Rating in Not Cooperating
SILVERSHINE CORPORATION: CARE Keeps B- Rating in Not Cooperating

SUSHWANI KARANI: Insolvency Resolution Process Case Summary
TRILOK SECURITY: CARE Keeps D Debt Ratings in Not Cooperating
VASAN HEALTH: Majority of Lenders Vote in Favor ASG Hospital's Bid
VIBRANT LAMINATE: CARE Keeps D Debt Rating in Not Cooperating
VIMAL CHHAGANLAL: CRISIL Keeps D Debt Ratings in Not Cooperating

WADI SURGICALS: Ind-Ra Assigns BB+ Bank Loan Rating
WAYS ESTATES: Insolvency Resolution Process Case Summary


I N D O N E S I A

MEDCO ENERGI: S&P Alters Outlook to Stable, Affirms 'B+' LT ICR


M A L A Y S I A

AIRASIA X: Reappoints Tony Fernandes as Acting Group CEO


N E W   Z E A L A N D

BRIGGS & SONS: Court to Hear Wind-Up Petition on July 28
DELI MEATS: Creditors' Proofs of Debt Due on Aug. 2
EVOKE HAIR: Creditors' Proofs of Debt Due on Aug. 7
IRITHM LIMITED: Pritesh Patel Appointed as Liquidator
METWARE NZ: Creditors' Proofs of Debt Due on Aug. 1



S I N G A P O R E

FRESH SG: Court Enters Wind-Up Order
LAM CHEE: Court Enters Wind-Up Order
LIBRA GROUP: Court to Hear Wind-Up Petition on July 22
OSMOFLO HOLDINGS: Creditors' Proofs of Debt Due on Aug. 8
SIONIC ADVISORS: Creditors' Proofs of Debt Due on Aug. 5

ZENROCK COMMODITIES: Founder Charged Over SGD147 Million Fraud


S R I   L A N K A

SRI LANKA: Hikes Rates in Face of Record Inflation

                           - - - - -


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

66 SMITH: Second Creditors' Meeting Set for July 14
---------------------------------------------------
A second meeting of creditors in the proceedings of 66 Smith St Pty
Ltd has been set for July 14, 2022, at 10:30 a.m. at the offices of
Robson Cotter Insolvency Group.

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 13, 2022, at 4:00 p.m.

William Roland Robson and Abdul Chambal of Robson Cotter Insolvency
Group were appointed as administrators of the company on June 9,
2022.

AUSTRALIA: Poll Shows Confidence in Building Industry
-----------------------------------------------------
News.com.au reports that more than 80% of industry leaders are
confident in the future of Australia's construction industry
despite the recent collapses of major companies, new research
shows.

According to the report, the inaugural Kennards Hire Construction
Confidence Check, published last week, shows a significant majority
of industry leaders believe growth in residential and commercial
buildings will sustain the industry over the next five years.

news.com.au relates that the findings of the research, which polled
259 business leaders in April, comes despite the heavy blows
sustained by the industry this year, including the collapse of
giants Probuild and Condev.

Kennards Hire general manager commercial Tony Symons said the
research painted a promising picture, the report relays.

"Despite the number of construction companies reported to be
folding, our research shows business leaders in the construction
industry have a remarkable amount of confidence in the sector," the
report quotes Mr. Symons as saying.

But he qualified his remarks by saying significant cost challenges
faced the industry.

"Supply chain issues remain a pain point for many at the bigger end
of town, impacting the ability to deliver projects on time and on
budget," Mr. Symons said.

news.com.au relates that the research said industry leaders still
feared the rising cost of materials, supply chain difficulties and
a shortage of skilled, qualified labour.

But the majority of bosses said current setbacks encouraged more
financial responsibility in the sector, and most said they were now
better prepared for unforeseen losses.

Rising costs in the industry have seen a number of leading
construction companies dramatically collapse this year, the report
notes.

Earlier this month, Victorian companies Wulfron Construction and
Westernpoint Construction went into administration.

One father-of-two was left AUD300,000 out of pocket when Wulfron's
business collapsed, leaving him with a half-built home.

Last month Russ Stephens, co-founder of the Association of
Professional Builders, told news.com.au that more than half of
Australia's 12,000 companies were trading at a loss, with at least
50 per cent of companies experiencing negative equity.


CROWN RESORTS: Moody's Withdraws 'Ba3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating of Crown Resorts Limited, following the acquisition of Crown
through implementation of the scheme of arrangement by SS Silver II
Pty Ltd (unrated, 'Blackstone BidCo'), an entity owned by funds
managed or advised by Blackstone Inc. and its affiliates
('Blackstone') and delisting from the Australian Stock Exchange,
due to lack of sufficient information required to maintain the
rating. This rating action concludes the review for downgrade
placed on February 15, 2022 due to lack of sufficient information.

Before the withdrawal, the outlook was ratings under review.

RATINGS RATIONALE

Moody's has decided to withdraw the rating because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the rating.

BACKGROUND

Crown Resorts Limited is an Australia-based gaming company that
owns the Crown Melbourne Entertainment Complex, the Crown Perth
Entertainment Complex and Crown Aspinalls in London. Crown Sydney,
a complex of casino, hotel and apartments has been constructed,
with non-gaming operations currently operating.

DOWN 2 EARTH: Second Creditors' Meeting Set for July 18
-------------------------------------------------------
A second meeting of creditors in the proceedings of Down 2 Earth
Earthworx Pty Ltd has been set for July 18, 2022, at 10:00 a.m. at
the offices of McLeod & Partners.

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 15, 2022, at 5:00 p.m.

Bill Karageozis and Jonathan McLeod of McLeod & Partners were
appointed as administrators of the company on June 12, 2022.


LAELNA: Second Creditors' Meeting Set for July 15
-------------------------------------------------
A second meeting of creditors in the proceedings of Laelna Pty Ltd
has been set for July 15, 2022, at 3:00 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 14, 2022, at 4:00 p.m.

Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on June 9, 2022.


PEPPER RESIDENTIAL NO.33: S&P Assigns Prelim B+ Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of nonconforming and prime residential mortgage-backed securities
(RMBS) to be issued by Permanent Custodians Ltd. as trustee of
Pepper Residential Securities Trust No.33. Pepper Residential
Securities Trust No.33 is a securitization of nonconforming and
prime residential mortgages originated by Pepper Homeloans Pty
Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.

-- The availability of a retention amount and amortization amount,
which will all be funded by excess spread, but at various stages of
the transaction's term. They will have separate functions and
timeframes, including reducing the balance of notes outstanding.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, principal
draws, and a yield-enhancement reserve--to the extent it is
funded--are sufficient under its stress assumptions to ensure
timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

-- The benefit of a cross-currency swap provided by Royal Bank of
Canada to hedge the mismatch between the Australian dollar receipts
from the underlying assets and the U.S. dollar payments on the
class A1-u notes.

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

  Preliminary Ratings Assigned

  Pepper Residential Securities Trust No.33

  Class A1-s, A$120.0 million: AAA (sf)
  Class A1-u, US$250.0 million AAA (sf)
  Class A1-a, A$325.0 million: AAA (sf)
  Class A2, A$99.0 million: AAA (sf)
  Class B, A$49.0 million: AA (sf)
  Class C, A$19.0 million: A (sf)
  Class D, A$12.0 million: BBB (sf)
  Class E, A$7.5 million: BB (sf)
  Class F, A$5.5 million: B+ (sf)
  Class G, A$8.0 million: Not rated


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

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of the company on July 14, 2022.





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C H I N A
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HUAYUAN PROPERTY: S&P Withdraws 'B' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Huayuan Property Co. Ltd at the company's request. The outlook
on the issuer credit rating was stable at the time of withdrawal.


KAISA GROUP: CEO Lets go of Hong Kong Luxury Home in Distress Sale
------------------------------------------------------------------
South China Morning Post reports that a luxury home in Hong Kong's
Pok Fu Lam residential area owned by the CEO of Kaisa Group
Holdings, has been sold for nearly a fifth lower than the
prevailing market rate, according to a source familiar with the
situation.

The Post relates that the 3,953 square feet two-storey villa
changed hands at HK$300 million (US$38.2 million), according to
Centaline Property Agency, which was not involved in the
transaction. CBRE, the sole agent for the sale, declined to
comment.

House 17 at Residence Bel-Air in Pok Fu Lam was put up for sale by
public tender in May by receivers, which included Cosimo Borrelli
and Tai Shaw Hoong, the Post discloses. The property was bought for
HK$350 million in 2017, according to official records.

According to the Post, Kaisa's vice-chairman and chief executive
Mai Fan held the villa through Million Link Development, which fell
into receivership in December as its lender sought to recover
soured loans.

The sale price is "18 per cent below market rate", said Alvis Ko,
senior branch manager at Centaline, adding luxury home prices in
the city's Southern district could "drop by 5 per cent" until the
year-end because of "the Covid-19 pandemic, interest rate hikes and
closed borders," the report relays.

Last month, the Hong Kong Monetary Authority, the city's de facto
central bank, raised base rates by 75 points, a move that is likely
to impact property prices as mortgages become more costly for
borrowers.

And with the city's borders still effectively restricted by tough
quarantine rules to contain coronavirus infections, the pool of
buyers and tenants for upscale homes in Hong Kong is likely to
remain limited, which in turn is weighing on prices and rents.

Shenzhen-based Kaisa, which defaulted on a US$400 million offshore
bond in December, is struggling to raise cash to repay debt. The
second-largest bond offshore issuer among Chinese property
developers after China Evergrande has US$11.4 billion of
outstanding bonds, according to Bloomberg data. A property slump in
China has hurt Kaisa's ability to sell homes, forcing it to sell
assets to raise capital.

The developer's founder and chairman Kwok Ying-shing put 18
property projects in Shenzhen worth CNY81.8 billion (US$12.8
billion) for auction late last year to raise cash, according to the
Post.

Kaisa also sold the 38th floor of The Center office tower in Hong
Kong in December to offset part of its debt, according to an
exchange filing by the buyer China Shandong Hi-Speed Financial
Group, the Post relates.

A month earlier, Kaisa sold a project at Hong Kong's former Kai Tak
airport site to a venture between New World Development and Far
East Consortium International for HK$1.9 billion in cash and HK$6
billion in assumed debt, a steep discount to its HK$9.8 billion
valuation in June, the report notes.

                         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.


TD HOLDINGS: Katie Ou Acquires 5.36% Equity Stake
-------------------------------------------------
Katie Ou disclosed in a Schedule 13D filed with the Securities and
Exchange Commission that as of June 24, 2022, she beneficially owns
14,473,333 shares of common stock of TD Holdings, Inc.,
representing 5.36 percent of the shares outstanding.

The percentage is calculated on the basis of the sum of (i)
213,001,894 shares of common stock of the Issuer issued and
outstanding as of March 31, 2022, as reported in the Issuer's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2022
filed with the Securities and Exchange Commission on May 13, 2022,
and (ii) 57,100,000 shares of common stock to be issued pursuant to
the Share Purchase Agreement.

On May 27, 2022, the Reporting Person entered into that certain
Share Purchase Agreement with the Issuer.  Pursuant to the Share
Purchase Agreement, the Reporting Person acquired 13,000,000 shares
of common stock, par value $0.001 per share, of the Issuer at a
purchase price of US$0.2 per share on June 24, 2022.  Prior to such
purchase, the Reporting Persona purchased a total of 1,473,333
shares of Common Stock of the Issuer through private placement
transactions.  

Ms. Ou used her own cash on hand for the purchase of all of the
shares held by her.

A full-text copy of the regulatory filing is available for free
at:

https://www.sec.gov/Archives/edgar/data/1556266/000121390022036704/ea162304-13dou_tdholdings.htm

                         About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China.  Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers.  Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading.  For more
information, please visit http://ir.tdglg.com.  

TD Holdings reported a net loss of $940,357 for the year ended Dec.
31, 2021, a net loss of $5.95 million for the year ended Dec. 31,
2020, and a net loss of $6.94 million for the year ended Dec. 31,
2019.  As of March 31, 2022, the Company had $279.13 million in
total assets, $33.48 million in total liabilities, and $245.65
million in total equity.


TIMES CHINA: Moody's Cuts CFR to Caa1 & Sr. Unsecured Debt to Caa2
------------------------------------------------------------------
Moody's Investors Service has downgraded Times China Holdings
Limited's corporate family rating to Caa1 from B2 and its senior
unsecured rating to Caa2 from B3.

The outlook on the ratings remains negative.

"The downgrade reflects Times China's heightened refinancing risks,
driven by its weak operating cash flow, weakened liquidity and
sizable debt maturities over the next 6-12 months," says Kelly
Chen, a Moody's Vice President and Senior Analyst.

"The negative outlook reflects the uncertainties over the company's
ability to address its refinancing needs and replenish its
liquidity over the next 6-12 months amid a tight funding
environment," adds Chen.

RATINGS RATIONALE

Moody's assesses Times China's liquidity to be weak, in view of the
company's declining contracted sales and constrained access to
funding amid sizable maturities in the next 6-12 months.

Specifically, Times China will have US$800 million of offshore
bonds and RMB9.6 billon of onshore bonds maturing or becoming
puttable before the end of 2023.

Moody's forecasts Times China's contracted sales to fall
significantly to around RMB60 billion in 2022 from RMB96 billion in
2021 amid weak consumer sentiment and challenging operating
conditions. This will reduce the company's operating cash flow and,
in turn, its liquidity. The company's contracted sales decreased
40% during the first five months of 2022 compared with the same
period in 2021.

While Moody's believes the company will scale down its land
acquisitions and developments and control its expenses to preserve
liquidity for debt servicing, its urban redevelopment projects will
likely continue to strain its cash resources as the associated
expenditure cannot be cut back immediately.

Moody's also expects Times China's credit metrics to weaken over
the next 12-18 months. The rating agency forecasts the company's
debt leverage, as measured by revenue/adjusted debt, will decrease
to 55%-65% over this period from 72% in 2021, driven by slower
revenue recognition. Similarly, its interest-servicing ability, as
measured by EBIT interest coverage, will weaken to 2.3x-2.8x from
3.2x over the same period, driven by the expected declining
margin.

Times China's Caa1 CFR continues to reflect the company's strong
market position in Guangdong province. However, its geographic
concentration in the province limits its operational flexibility
and exposes it to regional economic and regulatory risks. Its
increased exposure to its joint venture (JV) businesses also lowers
its corporate transparency over its credit metrics.

Times China's Caa2 senior unsecured rating is one notch lower than
its CFR, reflecting the risk of structural subordination. Most of
Times China's claims are at its operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
likely recovery rate for claims at the holding company will be
lower.

As for environmental, social and governance (ESG) risks, Moody's
has considered Times China's concentrated ownership by its key
shareholders, Shum Chiu Hung and his wife, who jointly held a
62.74% stake as of the end of December 2021. Moody's has also
considered the company's adherence to the Listing Rules of the Hong
Kong Stock Exchange and the Securities and Futures Ordinance in
Hong Kong SAR, China on related-party transactions, and the
presence of three independent nonexecutive directors on the
company's nine-member board, which provides management oversight.
The independent nonexecutive directors also chair the company's
audit and remuneration committees.

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

An upgrade of Times China ratings is unlikely over the next 12
months, given the negative outlook.

However, positive rating momentum could emerge if the company
improves its liquidity and access to funding; and strengthens its
contracted sales over the next 12-18 months.

On the other hand, Moody's could downgrade Times China's ratings if
its liquidity deteriorates further.

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

Based in Guangdong province, Times China Holdings Limited is a
property developer that focuses on mass-market housing. As of the
end of 2021, the company's land bank totaled around 19.9 million
square meters across 17 cities in Guangdong and major provincial
cities such as Changsha, Wuhan, Chengdu and Hangzhou.



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H O N G   K O N G
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BONJOUR HOLDINGS: China Resources Buys Into HQ Via JV for USD114.7M
-------------------------------------------------------------------
South China Morning Post reports that an arm of China Resources
(Holdings) has bought into the headquarters of embattled cosmetic
retailer Bonjour Holdings through a joint venture (JV), the latest
move by the state-owned enterprise (SOE) to pick up assets in Hong
Kong.

Hong Kong-listed Bonjour Holdings said on July 7 that a majority of
its shareholders have approved a deal to sell Bonjour Tower in
Tsuen Wan to a JV owned by China Resources subsidiary CR Capital
and a unit of Bonjour Holdings, for HK$900 million (US$114.7
million).

"The proceeds from the disposal represent a positive cash inflow,
which would enhance the financial position and the liquidity of the
group," the report quotes Chen Jianwei, chairman and chief
executive director of Bonjour Holdings, as saying in the
announcement. "The bank loan and the convertible bonds will be
repaid, and hence the gearing ratio and finance cost of the group
will decrease significantly."

Bonjour Holdings booked a loss of HK$208 million in 2021, according
to an unaudited annual report released in March, the sixth straight
year of losses for the retailer, the Post discloses. It has
especially suffered over the last few years as first the 2019
protests and then the Covid-19 pandemic kept people away from
social activities, the report says.

China Resources is expected to raise its profile in Hong Kong
following the recent promotion to general manager of Wang Cuijun,
an executive with intricate knowledge of doing business in the
city, according to analysts, according to the Post.

Bonjour Holdings Limited retails and wholesales brand name beauty
and healthcare products. The Company also operates beauty and
health salons in Hong Kong. The products sold by the Group include
skin-care products, fragrances and cosmetics, health-care products,
and hair-care and personal-care products and accessories.




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I N D I A
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ANANT ELECTRICALS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anant
Electricals and Engineers (AEE) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.80       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      3.20       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 4, 2021,
placed the rating(s) of AEE under the 'issuer non-cooperating'
category as AEE 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. AEE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2022, March 30, 2022, April 9, 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).

Anant Electricals & Engineers (AEE) was established in 1990 as a
partnership firm by Mr. Rahul Joshi and Ms. Manisha Akhave. AEE is
engaged in the business of setting up transmission lines and
substation for the players for power sector. Registered office of
the firm is located in Thane, Maharashtra.

ANSARI AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ansari And
Company (AC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 21, 2021,
placed the rating(s) of AC under the 'issuer non-cooperating'
category as AC 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. AC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 7, 2022, March 17, 2022, March 27, 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).

Ansari and Company was set up as a partnership entity in the year
1953. Currently; the entity is managed by two partners Mr. Shamshad
Azam and Mrs. Rashda Parveen based out of Dimapur, Nagaland. Since
its inception, the entity has been engaged in civil construction
activities in the segment like construction of roads, building
etc.


APT PACKAGING: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of APT
Packaging Limited continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.44      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       3.20      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 21,
2020, placed the rating of APT under the 'issuer non-cooperating'
category as APT had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. APT continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and emails dated May 31,
2022, May 11, 2022, April 24, 2022, April 4, 2022 etc. 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.

Detailed description of the key rating drivers

At the time of last rating on May 19, 2021 the following was the
rating weakness:

Key Rating Weakness

* Delay in debt servicing obligations: As per the interaction with
the banker and as reflected in the term loan statements during the
initial exercise, there were ongoing delays in servicing of
interest and principal payment. The delays were on account of the
stretched liquidity position of the company.

APT (erstwhile Anil Chemicals & Industries) was incorporated in
1980 and is engaged in the manufacturing of Co-Extruded plastic
tubes in variety of shapes, sizes and different colours ranging
from 10 ml to 300 ml fill size. The company's manufacturing
operations are carried out from the plants based in Aurangabad,
Maharashtra and Laksar, Haridwar, Uttarakhand. The combined
installed capacity is approx. 2.3 lakh pieces per day.


ASHOK AUTO: CARE Lowers Rating on INR40cr LT Loan to B+
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ashok Auto Sales Limited (AASL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      40.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank     15.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 17, 2021,
placed the rating(s) of AASL under the 'issuer non-cooperating'
category as AASL 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. AASL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2022, April 12, 2022, April 22, 2022.

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

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

The ratings assigned to the bank facilities of AASL have been
revised on account of non-availability of requisite information.
The ratings also consider decline in scale of operations, overall
profitability and increase in overall debt during the FY21 compared
to FY20.

Ashok Auto Sales Ltd. (AASL) is engaged in the dealership business
of Commercial and Passenger Cars for TATA Motors Limited. Also, the
company offers servicing for vehicles and sale of spare parts and
lubricants in Uttar Pradesh. AASL commenced operations in 1991.

BAJRANG COTGIN: Liquidation Process Case Summary
------------------------------------------------
Debtor: Bajrang Cotgin Private Limited
        Nakshatra Heights-708
        Opp. Telephone Ex.
        150 Ft Road
        Rajkot 360005
        Gujarat

Liquidation Commencement Date: July 5, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Date of closure of
insolvency resolution process: July 3, 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:    August 2, 2022


BALAJI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Enterprises-Lucknow (BEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     11.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 25, 2021,
placed the rating(s) of BEL under the 'issuer non-cooperating'
category as BEL 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. BEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2022, April 20, 2022, April 30, 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).

Lucknow (Uttar Pradesh (UP) based Balaji Enterprises (BEL) was
established in 2008 as a partnership concern by Mr. Navneet Kumar
Pandey, Mr. Nirmal Kumar Pandey and Mr. Vinay Kumar Pandey. It is
engaged in toll collection activity at Dakshina Shekhpur,
Aadityapur Kandra and Maranga Toll Plaza in UP. Further BEL has
undertook its Real-Estate Project named 'Landmark' with total
saleable area of 123070 Sq. Feet having 73 flats consisting of 33
flats of 2BHK, 35 flats of 3BHK, 3 flats of 4BHK and 2 penthouse in
Lucknow with an average sale value of INR3072 per sq. feet.


BNP PARIBAS INDIA: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: BNP Paribas India Consultancy Private Limited
        (Formerly known as 'BNP Paribas India Finance
        Private Limited)
        BNP Paribas House 1, North Avenue
        Maker Maxity, Bandra Kurla Complex
        Bandra (East) Mumbai
        Maharashtra 400051
        India

Liquidation Commencement Date: June 29, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Shashikant Shravan Dhamne

Interim Resolution
Professional:            Shashikant Shravan Dhamne
                         10, Shreeban
                         Opp. Police Ground
                         F.C. Road, Shivajinagar
                         Pune 411016, Maharashtra
                         E-mail: ssdhamne@yahoo.co.in
                         Tel: 02025665551

Last date for
submission of claims:    July 29, 2022


CHAHAL SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chahal
Spintex Limited (CSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         1.29       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           16          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             22.81       CRISIL D (Issuer Not
                                     Cooperating)

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

CSL, incorporated in 2007, is promoted by Mr. Sukhdev Singh and his
family members. The company manufactures cotton yarn in counts of
20 to 30 at its unit in Bhatinda, Punjab; it sells to traders and
merchant exporters. The promoters also manage a ginning and oil
unit under group concern, Chahal Cotton Factory.


DHAWAN TRADING: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhawan
Trading Company (DTC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 25, 2021,
placed the rating(s) of DTC under the 'issuer non-cooperating'
category as DTC 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. DTC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2022, April 20, 2022, April 30, 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).

Delhi -based Dhawan Trading Company (DTC), is a proprietorship
concern established in 1996 by Mr. Jaspal Malhotra. The firm is
primarily engaged in trading of rice and paddy.

DIANA HEIGHTS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Diana Heights
(DH) continues to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan               9         CRISIL D (Issuer Not
                                     Cooperating)

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

DH was established as Diana Tourist Home in Athani (Kerala) in
2010. The firm got its present name in 2012. It is promoted by
Kerala-based Mr. Jose G Mathew and family. The firm commenced
operations in April 2010 as a restaurant-bar in Athani and started
operating as a five star hotel since March 2015.


DUTTA AGRO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Dutta Agro Mills Private Limited
        Vill. Dhunui, P.O. Paharhati
        P.S. Memari Dist. Burdwan
        Dhunui, West Bengal 713168

Insolvency Commencement Date: July 4, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 13, 2022

Insolvency professional: Mr. Pankaj Kumar Tibrewal

Interim Resolution
Professional:            Mr. Pankaj Kumar Tibrewal
                         Chitra 3E, Duke Residency
                         13 Chanditala Lane
                         Near Chalia More
                         Tollygunge, Kolkata
                         West Bengal 700040
                         E-mail: tibrewalpanka@yahoo.com

                            - and -

                         AAA Insolvency Professionals LLP
                         Mousumi Co.Op. Housing Society
                         15B, Ballygunge Circular Road
                         Kolkata 700019
                         E-mail: duttaagromills@aaainsolvency.com

Last date for
submission of claims:    July 18, 2022


DYNAMIC HATCHERIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Dynamic Hatcheries Private Limited
        36, Beck Bagan Row
        Kolkata WB 700017

Insolvency Commencement Date: June 30, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Vijay Kumar Goel

Interim Resolution
Professional:            Vijay Kumar Goel
                         Metcalf Tower
                         56, Metcalf Street
                         3rd Floor, Room No. 3B
                         Kolkata 700013
                         West Bengal
                         E-mail: goelkumarvijay@gmail.com
                                 cirp.dynamichatcheries@gmail.com

Last date for
submission of claims:    July 14, 2022


FROST FALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Frost Falcon
Distilleries Limited (FFDL) 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           5           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    3.61        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             1.09        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with FFDL for
obtaining information through letters and emails dated March 14,
2022 and May 09, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in Sonipat in 1980 by Mr. O.P Katyal, FFDL manufactures
extra-neural alcohol and rectified spirits. Currently, the day to
days operations are being managed by Mr. Rajesh Katyal, son of Mr.
O.P Katyal.


GREENDIAMZ BIOTECH: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Greendiamz Biotech Ltd
        Setu, Suite 303-4-5
        Shilp Cross Road
        Off C.G. Road
        Navrangpura, Ahmedabad
        GJ 380009
        IN

Liquidation Commencement Date: June 30, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: CA Bhavi Shreyans Shah

Interim Resolution
Professional:            CA Bhavi Shreyans Shah
                         C 201, Embassy Appt.
                         Near Ketav Petrol Pump
                         Dr. V.S. Road, Ahmedabad
                         Gujarat 380015
                         E-mail: ca.bhavishah@gmail.com

                            - and -

                         9B, Vardan Complex
                         Nr. Lakhudi Circle
                         Navrangpura, Ahmedabad
                         Gujarat 380014
                         E-mail: ipbhavishah@gmail.com

Last date for
submission of claims:    July 27, 2022


GWALIOR DISTILLERIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Gwalior Distilleries Private Limited
        Ater Road Bhind
        MP 477001
        IN

Insolvency Commencement Date: July 4, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: CA Dhaval Jitendrakumar Mistry

Interim Resolution
Professional:            CA Dhaval Jitendrakumar Mistry
                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle
                         Navrangpura, Ahmedabad
                         Gujarat 380014
                         E-mail: cadhavalmistry@yahoo.com
                                 irp.gwaliordistilleries@gmail.com

Last date for
submission of claims:    July 19, 2022


HARI TEXWEAVE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Hari Texweave Private Limited
        A 2 149/4, GIDC Phase II
        Narmadanagar, Bharuch
        Gujarat 392015
        India

Insolvency Commencement Date: June 27, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Rathin Amishbhai Majmudar

Interim Resolution
Professional:            Rathin Amishbhai Majmudar
                         604, Scarlet Gateway
                         Opp. Rivera Antilia
                         Corporate Road
                         Near Prahladnagar Garden
                         Ahmedabad 380015
                         E-mail: info@carathin.com
                                 cirp.haritexweaves@gmail.com

Last date for
submission of claims:    July 11, 2022


HARMANI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Harmani Agro
Export Limited (SIL; previously known as Samra Industries Limited)
continues to be 'CRISIL D Issuer Not Cooperating'.
                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              7        CRISIL D (Issuer Not
                                     Cooperating)

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

Promoted by Mr. Bimalpal Singh, Mr. Taranbir Singh and Mr. Satbir
Sharma, SIL was incorporated 2012 and processes basmati and
non-basmati rice at its plant in Faridkot (Punjab). SIL has total
milling capacity of 5 metric tonne per hour.


JAGRITI SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Jagriti
Solvex Private Limited (SJSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Overdraft Facility       6        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan                5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan                1        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2011 by Mr. Kamal Kumar, SJSPL operates a rice bran
oil extraction plant and refinery at Mahasamund (Chhattisgarh). The
company commenced operations from April 2017.


JINDAL WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jindal Wood
Products Private Limited (JWPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              1        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        17        CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          3         CRISIL D (Issuer Not
                                     Cooperating)

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

JWPPL was incorporated in 1990. The company is based in Kandla
(Gujarat) and processes and trades in timber logs from teakwood and
hardwood.


KAKATIYA INDUSTRIES: Ind-Ra Hikes Long-Term Issuer Rating to 'BB'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Kakatiya
Industries Private Limited's (KIPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR8.8 mil. Fund-based working capital limits Long-term:
     upgraded; Short-term : affirmed with IND BB/Stable/IND A4+
     rating; and

-- INR406.55 mil. (reduced from INR429.87 mil.) Term loan due on
     March 2032 upgraded with IND BB/Stable rating.

The upgrade reflects an increase in KIPL's revenue in FY22 and the
likelihood of a further rise in FY23, led by the commencement of
the operations of its hydro power division and the continued rise
in its EBITDA margins.

Key Rating Drivers

KIPL  operates through two divisions namely chemical and hydro
power. In FY22, the company booked revenue of INR98.7 million
(FY21: INR63.9 million; (FY20: INR64.4 million; FY19: INR51.9
million). The improvement in its FY22 revenue was due to higher
demand of chemical products, especially in the food industry,
leading to an increase in the realization from both ammonium
nitrate and sodium nitrate products. For FY23, Ind-Ra expects a
significant rise in KIPL's revenue on account of the completion of
the hydro division project at end-March 2022. The first unit
commissioned and started operations on April 30, 2022 and the
second unit started on May 11, 2022. The company expects the hydro
plant to run around eight months considering the initial stage of
operations and additional canal close period of two months. Its
FY22 numbers are provisional in nature.

The ratings factor in modest EBITDA margins which declined to 16%
in FY21 (FY20: 17.1%), due to an increase in the cost of raw
materials. The return over capital employed stood at 1.4% in FY21
(FY20: 2.6%). In FY22, although KIPL's operating profitability
remained average, it improved to 26.8% in line with the increase in
its top line and due to an improvement in realization prices. For
FY23, with the commencement of the hydro power division, Ind-Ra
expects the margins to increase as the expenses from the new
division comprise only its maintenance charges.

KIPL's credit metrics deteriorated in FY21 with the net leverage
(total adjusted net debt/operating EBITDA) deteriorated to 43.4x
(FY20: 12.3x), due to an increase in the debt levels to INR445.9
million (INR115.5 million). The company received sanction for a
term loan of INR420 million where INR332.8 million was disbursed in
FY21 for hydro power capex. However, the interest coverage
(operating EBITDA/gross interest expense) increased to 4.8x in FY21
(FY20: 3.5x), due to a decrease in interest expenses, owing to the
capitalization of interest till the completion of project. Although
Ind-Ra expects the credit metrics to have deteriorated further in
FY22, due to the ongoing debt-funded capex, the agency forecasts
the credit metrics to improve in FY23, on account of an increase in
its operating profitability along with schedule repayment of its
term loans.

Liquidity Indicator - Stretched: KIPL's average maximum utilization
of the fund-based working capital limits stood at 93% for the 12
months ended April 2022. The company had low cash and cash
equivalents of INR0.9 million in FY21 (FY20: INR1.2 million) as
against the scheduled annual repayment of INR44.6 million for FY23,
INR43.8 million for FY24 and INR42.3 million for FY25.  The net
cash cycle of the company remained almost stable in FY21 at
negative 162 days (FY20: 163 days), mainly on account of high
creditor days of 225 days (239) as it includes creditor of capital
goods for the hydro power division. In FY22, the agency expects the
net cash cycle to have deteriorated,  on account of high inventory
holdings and debtor's realization days. The cash flow from
operations increased to INR29.8 million in FY21 (FY20: negative
INR30.6 million), on account of low working capital requirement.
However, the free cash flow decreased to negative INR328.2 million
in FY21 (FY20: negative INR228.9 million), due to the increase in
capital expenditure worth INR358.0 million incurred for the hydro
power project (FY20: INR198.4 million). In FY22, Ind-Ra expects the
cash flow from operations to have declined, due to an increase in
working capital requirement with the rise in its revenue to INR90.7
million in 11MFY22 (11MFY21: INR55.55 million). For FY23, the
agency expects positive cash flow from operations and free cash
flow, due to the likelihood of an increase in EBITDA margins on
account of the commencement of operations from its hydro power
division, leading to higher revenue and absolute EBITDA.

The ratings factored in the delayed completion of the
hydro-electric project at Hirakund dam. The project was completed
at end-March 2022 where the first unit was commissioned and started
operations on 30 April and the second unit started on 11 May 2022
as against the earlier scheduled completion date of June 2021.
Considering the water inflow (monsoon), the plant is likely to
operate for eight months in FY23. The project has an installed
capacity of 9MW and gross power generation potential of 35.64
million units.  Due to the COVID-19 outbreak, heavy rains and the
change in power connecting substations from Kantapalli to
Tangarpalli, the project cost has been re-estimated to INR843.6
million from INR689.9 million. Of the total re-estimated project
cost of INR843.6 million, INR420 million was funded through the
term loan, INR239.10 million of equity infusion from the parent NCL
Holdings (A&S) Ltd (holds a 97% stake in KIPL) and the remaining
INR184.5 million through unsecured loans from the promoters.

The ratings are further supported by the corporate guarantee
provided by the parent for KIPL's term loan.

The ratings also benefit from the promoter's more than four decades
of experience in the chemical industry, leading to established
relationships with the customers and suppliers.

Rating Sensitivities

Negative: A decline in the power generation or the rate per unit
significantly impacting the overall scale of operations or
operating profitability and a deterioration in the liquidity
position or the credit metrics, all on a sustained basis, could be
negative for the rating action.

Positive: Consistent demonstration in the power generation
resulting in the stability of the revenue supporting the overall
liquidity position and an improvement in the credit metrics with
the net leverage reducing below 4.5x, all on a sustained basis,
could lead to a positive rating action.

Company Profile

Hyderabad-based KIPL (formerly known as Kakatiya Chemicals  Private
Limited) was incorporated in July 31, 1979. It is the subsidiary
of NCL Holdings (A&S) Ltd, which is investment company. The company
has two divisions. It's one division manufactures ammonium nitrate
and sodium nitrate with an installed capacity of 2,160 million tons
per annum and 180 million tons per annum as on February 2022. The
hydroelectric power division generates hydroelectric power  of 9MW
at the head regulator, Baragarh Main Canal of Hirakund dam in
Orissa. The hydro-power project started commercial operations in
May 2022.


KCS INFRATECH: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of KCS
Infratech LLP to 'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               7.5      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KCS for
obtaining information through letters and emails dated April 29,
2022 and May 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 KCS, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCS
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of KCS to 'CRISIL D Issuer not cooperating'.

Set up as a limited liability partnership firm in November 2017 by
Mr Ajay Vaish, Mr Mahesh Tiwari, Mr Rakesh Jaiwal, Mr Ramesh Vaish,
and Mr Suresh Chandra, KCS crushes stone. Its plant has capacity of
200 tonne per month.


KENWOOD MERCANTILE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Kenwood Mercantile Private Limited
        Shop No. 6, 2nd Floor
        Jagdamba Palace
        Near Gurgaon Dreamz Mall
        Old Railway Road Gurgaon
        Haryana 122001

Insolvency Commencement Date: July 4, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: December 27, 2022
                               (180 days from commencement)

Insolvency professional: Ashwani Kumar

Interim Resolution
Professional:            Ashwani Kumar
                         26, Todarmal Road
                         Near Bengali Market
                         New Delhi 110001
                         E-mail: ashwanikumarsaxenal207@gmail.com
                                 cirp.kmpl@gmail.com

Last date for
submission of claims:    July 19, 2022


KILBURN ENGINEERING: Ind-Ra Affirms BB+ Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Kilburn Engineering
Ltd.'s (KEL) Outlook to Positive from Stable while affirming its
Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR587 mil. (reduced from INR650 mil.) Term loan due on
     September 2033 affirmed; Outlook revised to Positive from
     Stable with IND BB+/ Positive rating;

-- INR249.9 mil. (reduced from INR250 mil.) Fund-based working
     capital limit affirmed; Outlook revised to Positive from
     Stable with IND BB+/ Positive rating;

-- INR486.30 mil. (increased from INR291.30 mil.) Non-fund-based
     working capital limit affirmed with IND A4+ rating; and

-- INR308.7 mil. (reduced from INR458.7 mil.) Proposed non-fund
     based working capital limit affirmed with IND A4+ rating.

The Positive Outlook reflects Ind-Ra's expectation of a sustained
growth in KEL's revenue and EBITDA, leading to an improvement in
the credit metrics of the company in the near-to-medium term.

Key Rating Drivers

Growth in Revenue and Profitability: KEL's revenue from operations
increased to INR1,227.50 million in FY22 (FY 21: INR884.10
million), due to an increase in the number of high-value orders
received from various segments. KEL had an unexecuted order book
position of INR1,681 million as of May 31, 2022 (orders received
from April 1, 2022 to May 31, 2022: INR572 million; FY22: INR1,109
million). The management expects the order book to improve further
during FY23 due to the likely receipt of high-value orders worth
INR3,690 million from customers in the carbon black, soda ash,
fertilizers and petrochemicals industries. The management also
plans to venture into manufacturing of dryers for central effluent
treatment, which will further aid the order book in the medium
term.

KEL's EBITDA margin rose to a modest 10.72% in FY22 (FY21: 7.85%,
FY20: 6.92%), with absolute EBTIDA of INR131.60 million (INR69.40
million; INR90.80 million), due to a rise in the number of
high-margin orders received by the company, and increased
absorption of fixed costs, led by the growth in revenue. Ind-Ra
expects the EBITDA to increase over INR170 million in FY23, given
the strong order book position and the cost-rationalization
measures taken by the company. However, the overall scale of
operations would restrict any material upside in the EBITDA over
the medium term.

Improvement in Credit Metrics: KEL's credit metrics remained weak
but improved in FY22 due to the growth in the EBITDA. The net
leverage (net debt/EBITDA) was 6.14x in FY22 (FY21: 12.77x; FY20:
12.99x) and the interest coverage (EBITDA/gross interest expense)
was 1.50x (0.60x; 0.50x). The company has prepaid the debt
obligation that was scheduled to be met in FY23 through the equity
infusions that it had received during FY22. Ind-Ra expects the net
leverage to reduce over FY23-FY24 on the back of term loan
repayments and prepayments, and the likely increase in the EBITDA.

Liquidity Indicator - Stretched: KEL had a cash and bank balance of
INR71 million at FYE22 (FYE21: INR93.6 million). The company's
average maximum utilization of the fund-based working capital
limits of INR250 million stood at 80% for the 12 months ended April
2022. The cash flow from operations turned negative at INR93.90
million in FY22 (FY21: positive INR13.80 million; FY20: negative
INR78.10 million) due to unfavorable changes in the working
capital. The working capital cycle improved to 254 days in FY22
(FY21: 272 days; FY20: 147 days), primarily led by a decrease in
the debtor days to 150 days (173 days). KEL manages its working
capital cycle either through customer advances or supplies goods
against the issuance of letter of comfort. The company is likely to
undertake capex of around INR16 million for FY23 (FY22: INR3
million, FY21: INR2 million). The interest payment is likely to be
around INR80 million for FY23.

KEL  has investments in listed group companies (Eveready Industries
India Limited ('IND BBB+'/Stable), Mcleod Russel India Limited,
Mcnally Bharat Engineering Company Limited), with a valuation of
INR96.74 million at FYE22 (FYE21: INR81.34 million); the company
does not have any restrictions on exiting these investments.

Satisfactory Implementation of Resolution Plan: KEL underwent debt
restructuring in FY21 on account of non-payment of its debt
obligations to RBL Bank Limited (RBL) from March 2020. On 4 March
2021, the company's board approved the resolution plan (RP)
sanctioned by RBL under the guidelines of the Reserve Bank of
India; the RP was implemented on 31 March 2021. As per the RP, the
outstanding principal loan of INR950 million and interest of INR90
million due to RBL up to 31 March 2021 was to be restructured. As
part of the debt restructuring, i) INR650 million of sustainable
debt was converted into long-term loans, which would be payable
over 12.5 years at 8.85% per annum, ii) equity shares amounting to
INR135 million were allotted to RBL, iii) and 0.01% cumulative
redeemable preference shares (CRPS) amounting to INR255 million
were allotted to RBL. Furthermore, as part of the RP, there was a
change in KEL's management, along with a fresh equity infusion of
INR200 million from Firstview Trading Private Limited in tranches,
to be adjusted against the total loan and CRPS.

Since FY21, Firstview Trading has infused INR234.85 million in KEL,
of which INR164 million was infused during FY21 and INR70.85
million during FY22. The company has adjusted INR100 million
against the CRPS, and also utilized the same for the repayment of
term loans. KEL had total repayment obligations of INR43 million
for FY23, but the amount was prepaid by the company during March
2022.  Furthermore, KEL had sufficient cash and bank balance of
INR71 million as of March 31, 2022, and expects further infusion of
INR69.15 million over the next 12-to-18 months from the share
warrants issued. The company has scheduled repayment of INR68
million for FY24.

Reputed Customer and Supplier base: KEL caters to reputed clients
such as Gujarat Alkalis and Chemicals Ltd, Indian Oil Corporation
Limited (IND AAA/ Stable), Afcons Infrastructure Limited, Tata
Chemicals Limited, Spectrum Dyes & Chemicals Pvt Ltd, Atul Limited,
Reliance Industries Ltd (IND AAA/ Stable), and Phillips Carbon
Black Ltd. Moreover, as per the management, KEL has been recognized
as an approved vendor by new customers such as Birla Carbon India
Private Limited. Also, the company's suppliers include
well-established players such as Jindal Stainless Limited (IND
AA-/Stable), Neelkamal Alloys LLP, Steel Authority of India Limited
(IND AA/ Stable), Jaiman Metalloys LLP, etc. The top 10 customers
constituted 45.17% of the total revenue in FY22.

Rating Sensitivities

Negative: Delay in equity infusions, decrease in the scale of
operations and EBITDA, the interest coverage ratio remaining below
2x, and a continued stretched liquidity position could lead to a
negative rating action.

Positive: Timely equity infusions along with a sustained increase
in the scale of operations and EBITDA, the interest coverage
exceeding 2x, on a sustained basis, and improvement in the
liquidity position could lead to a positive rating action.  

Company Profile

Incorporated in 1987, KEL is engaged in the designing,
manufacturing and commissioning of customized equipment/systems for
diverse applications in industries such as chemical, petrochemical,
oil & gas, refineries, power, steel, cement, fertilizer, mining,
sewage treatment, food, among others. It also manufactures
specially designed packages required for various onshore and
offshore applications. It has a manufacturing and testing facility
near Mumbai.


KRISHNA BUILDCON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Krishna
Buildcon Private Limited (SKBPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      0.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              25         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              29.5       CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2004 and promoted by Agrawal and Goyal families,
SKBPL is developing a commercial real estate project, Palm Mall, in
Korba, Chhattisgarh. The mall is spread across 231,218 square feet
and is expected to cost INR110 crore. The project is likely to be
completed in fiscal 2018.


LATHA RICE: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Latha Rice
Industries (LRI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.39       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 LRI under the 'issuer non-cooperating'
category as LRI 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. LRI 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).

Latha Rice Industries (LRI) was established as a partnership firm
in the October 2015 by Mr. Mahendra Muppavarappu and Mr. Nagayya
Muppavarappu. The processing facilities are located at Nagpur,
Maharashtra with rice milling capacity of 48000 tonnes per annum
(TPA). The finished product of LRI is sold under the brand name
Bahubali.


LAXMI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Laxmi
Traders (LT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      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 04, 2021,
placed the rating(s) of LT under the 'issuer non-cooperating'
category as LT 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. LT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2022, March 30, 2022, April 9, 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).

Laxmi Traders (LT) based out of Nagpur, Maharashtra is a
proprietorship concern promoted by Mr. Ramanarao Bholla and
commenced operation in January, 2013. Since inception, the firm has
been engaged in the trading of food grains i.e. rice, dal, chana,
wheat etc.

MAA SARBAMANGALA: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Maa
Sarbamangala Udyog (MSU) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.13       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 21, 2021,
placed the rating(s) of MSU under the 'issuer non-cooperating'
category as MSU 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. MSU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 7, 2022, March 17, 2022, March 27, 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).

Maa Sarbamangala Udyog (MSU) was established in May 2012 by Mr.
Brajagopal Ghoshal based out of Medinipur, West Bengal. The firm
has been engaged in processing of cashew nuts at its plant located
at Medinipur, West Bengal which has a processing capacity of 20
metric tonnes raw cashew nuts per day. The plant was satisfactory
operational till August 25, 2018; however, the plant of the firm
completely destroyed due to devastating fire occurred on August 26,
2018. The entire plant & machinery and almost entire stock have
been destroyed. The forensic inspection has been conducted by the
National Insurance Company Limited and the same is reported to be
satisfactory. The final and preliminary surveyor report has been
done by the empanelled surveyor of the insurance company and the
same has been deposited to the insurance company.


MAHALAXMI AUTOMOTIVES: Ind-Ra Moves 'B' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mahalaxmi
Automotives Wheels Pvt Ltd.'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 B (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating action is:

-- INR23 mil. Fund-based limits migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING)/ IND A4 (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
19, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

Mahalaxmi Automotives Wheels commenced operations in FY19 in Pune,
Maharashtra, and has a dealership of Honda Motorcycle and Scooter
India Private Limited.


MAHALAXMI BUS: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mahalaxmi Bus
Transport Pvt Ltd.'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 action is:

-- INR132.86 mil. Term loan due on April 2025 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
24, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

Mahalaxmi Bus Transport was formed in FY17. Its registered office
is located at Baramati, Maharashtra. The company undertakes the
maintenance and operation activities of Navi Mumbai Municipal
Transport's 165 buses.


MAHAVIR FOODS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahavir
Foods (MF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     15.00       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 June 1, 2021,
placed the rating(s) of MF under the 'issuer non-cooperating'
category as MF 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. MF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 27, 2022, May 7, 2022.

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

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

Mahavir is a partnership concern established in 1998. Mr. Suresh
Kumar and Mr. Amit Kumar are the partners with equal profitsharing
ratio in the firm. The partners have two decades of experience in
processing of rice. The firm is engaged in the business of milling,
processing and trading of rice. The processing facility of the firm
is located at Taraori, Karnal (Haryana).


MATHURAM SWASTHYA: Ind-Ra Moves 'B+' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained the rating on
Mathuram Swasthya Evam Shikshan Sansthan's term loans in 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
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR106.50 mil. Term loans due on March 31, 2021- September 30,

     2023 maintained in non-cooperating category with IND B+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on June
9, 2017. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

Company Profile

Mathuram Swasthya Evam Shikshan Sansthan, registered under the
Companies Act 1956, manages Dr. DY Patil Pushapalata Patil
International School in Kankarbagh, Patna.


MEHADIA AND SONS C: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mehadia and
Sons C and F Division (MSCFD) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.80       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 30, 2021,
placed the rating(s) of MSCFD under the 'issuer non-cooperating'
category as MSCFD 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. MSCFD continues to
be noncooperative 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).

Established in the year 1981, MCF, is a partnership firm promoted
by Mrs. Sharda Ramshankar Mehadia, Mrs. Nisha Pradeep Mehadia, Mrs.
Sunita Kamal Agarwal and Mrs. Sarita Vimal Agarwal. The firm is
engaged in diverse trading business namely trading of
pharmaceuticals medicines and fabrics. The firm also acts as
clearing and forwarding agent for 'Peter England'.


MEHADIA AND SONS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mehadia and
Sons (MS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 30, 2021,
placed the rating(s) of MS under the 'issuer non-cooperating'
category as MS 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. MS 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).

Established in the year 1999, Mehadia and Sons (MS) is a
partnership firm based in Nagpur, Maharashtra and promoted by Mr.
Ramshankar Mehadia, Mr. Pradeep Mehadia, Mr. Kamal Motilal Agrawal,
Mr. Vimal Motilal Agrawal and Mrs Kalawati Motilal Agrawal. The
entity is engaged in diverse trading business (trading of
pharmaceutical items and fabrics).

NARMADA FIBRES: CARE Lowers Rating on INR13.42cr LT Loan to B
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Narmada Fibres LLP (NFL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.42       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 3, 2021,
placed the rating(s) of Narmada Fibres LLP (NFL) under the 'issuer
non-cooperating' category as NFL 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. NFL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 19, 2022, March 29, 2022, April 8, 2022.

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

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

The ratings for NF have been revised on account of non-availability
of requisite information. The revision in ratings also considers
the decline in scale of operations in FY21 compared to FY20.

Established in July-2017, NF is based out of Nagpur, Maharashtra
and is a partnership firm promoted by Mr. Madhav A Nirmal and Mrs.
Aparna M Nirmal. The entity is engaged in the business of cotton
ginning and pressing at its manufacturing facility located at Beed,
Maharashtra. Narmada Ginning and Pressing (NGP) and Narmada Agro
Cotex Private Limited (NAPL), engaged in similar line of business
are group entities of NF.


ORCHID TEXTILES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Orchid Textiles Private Limited
        Village Saidpura Derabassi
        Mohali 147001
        IN

Insolvency Commencement Date: July 4, 2022

Court: National Company Law Tribunal, Zirakpur Bench

Estimated date of closure of
insolvency resolution process: December 31, 2022
                               (180 days from commencement)

Insolvency professional: Pawan Sharma

Interim Resolution
Professional:            Pawan Sharma
                         SOHO 332, 3rd Floor
                         Block A, CCC, Zirakpur
                         Punjab, India
                         E-mail: pawansharmairp@gmail.com

                            - and -

                         St No. 13, Dhobiana Road
                         Bathinda 151001
                         E-mail: orchidtplcirp@gmail.com

Last date for
submission of claims:    July 18, 2022


PATH FINDER: CARE Keeps B-/A4 Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Path Finder
Infrastructure Private Limited (PFIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      1.50       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     11.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 19, 2021,
placed the rating(s) of PFIPL under the 'issuer non-cooperating'
category as PFIPL 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. PFIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 4, 2022, April 14, 2022, April 24, 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).

Delhi based Pathfinder Infrastructures (P) Ltd. was incorporated in
May, 2007 as a private limited company and is currently being
managed by Mr. Swaran Singh and Ms. Jatinder Kaur. PIPL is engaged
in trading and installation of electronic equipment (electric poles
cables, electric meters motors, etc.). The company primarily
executes contracts for government departments.


PREMIER ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Premier
Enterprises (PE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      11.00      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 April 21, 2021,
placed the rating(s) of PE under the 'issuer non-cooperating'
category as PE 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. PE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 7, 2022, March 17, 2022, March 27, 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).

Premier Enterprises was initially established in 2004 as a
partnership firm by Mr.Hironya Kumar Saikia and Mr.Jibeswar Saikia
(Relative of Mr.Hironya Kumar Saikia). But, later on April 01,
2013, the firm was converted into a proprietorship entity upon
retirement of Mr.Jibeswar Saikia. Since inception; the entity has
been engaged in supply, erection, commissioning of transmission
lines for Assam Power Distribution Company Ltd. (APDCL). The entity
procures its orders through participating in tender in the state of
Assam. Apart from execution of contracts it is also involved in
manufacturing of PSC Poles. The manufacturing facility of the unit
is located at Kothiatoli, Dist: Nagaon, Assam, having an installed
capacity of 272 pieces per day.

R. J. TRADELINKS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. J.
Tradelinks (RJT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.40       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      0.10       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 30, 2021,
placed the rating(s) of RJT under the 'issuer non-cooperating'
category as RJT 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. RJT 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).

Established in the year 1999, RJT is a partnership firm promoted by
Mr. Ramshankar Mehadia, Mr. Pradeep Mehadia, Mr. Kamal Motilal
Agrawal, Mr. Vimal Motilal Agrawal and Mrs Kalawati Motilal
Agrawal. RJT belongs to Mehadia Group, which has three entities
including R.J Tradelinks, Mehadia and Sons (MS, established in
1997) and Mehadia and Sons C and F Division (MCF, established in
1981). The entity is engaged in diverse trading business
(distributor for Madura garments and traders for pharmaceutical
medicines and fabrics) whereby it serves wholesalers and dealers
based in Maharashtra. RJT is distributor for Madura Garments, and
trades the garments of brand name "Peter England" from Aditya Birla
Nuvo Limited and supplies it to various retailers in and around
Nagpur.

RAAM4WHEELERS LLP: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned RAAM4Wheelers
LLP's (RAAM4W) bank loans 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR1.350 bil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR60 mil. Term loan due on FY26 assigned with IND BB+/Stable
     rating; and

-- INR90 mil. Proposed working capital limits/term loan assigned
     with IND BB+/Stable/IND A4+ rating.

The ratings reflect RAAM4W's moderate scale of operations, weak to
moderate credit metrics and concentration and competition risk
owing to dealership model. However, the ratings are supported by
the experience of the promoters and the likely improvement in the
company's services and spare parts income, which would improve its
profitability over the medium term.

Key Rating Drivers

RAAM4W has a moderate scale of operations with its revenue growing
13% yoy to INR4,725 million in FY22, supported by robust MG model
sales and increased sales of spare parts and accessories. Ind-Ra
expects the revenue to grow 15%-20% yoy in FY23, led by increased
sales volumes of its existing models in line with MG Motor's
strategy to triple the sales in India in FY23 (source:
livemint.com), incremental sales from a couple of its new model
launches in FY23 and increased revenue from its sales of spare
parts and services. Its FY22 are provisional numbers.

On October 11, 2018, RAAM4W and MG Motor Private Ltd. (MG Motor)
entered into a dealership agreement for sale of Morris Garages
vehicles in Hyderabad, subsequently extended to entire Telangana.
RAAM4W started operations in FY20, with MG vehicle sales in India.
It currently operates with four showrooms (three in Hyderabad and
one in Karimnagar) and five workshops across Telangana.

EBITDA margins remained 2%-3% over FY20-FY22, primarily on the
account of the dealership model and the revenue being concentrated
in the sales of vehicles. Typically, services and spare parts are
higher margin products for dealers, as RAAM4W is yet to scale up in
these segments and likely to do it over the medium term. Until
then, its EBITDA margins would remain stable.

Due to an increase in its net debt to INR662 million in FY22 (FY21:
INR534.3 million) given the increased working capital utilization,
its net leverage (net debt/EBITDA) increased to 3.3x in FY22 (FY21:
3.1x). However, it was moderately offset by an improved EBITDA
generation to INR135 million in FY22 (FY21: INR105 million).
Similarly, its gross interest coverage (EBITDA/gross interest)
decreased to 1.5x in FY22 (FY21: 1.6x), owing to increased interest
expenses over higher utilization of working capital limits and
availing of new term loan in the form of Emergency Credit Line
Guarantee Scheme worth INR83 million in FY21. The agency expects
the credit metrics to remain weak to moderate over the near term,
owing to low EBITDA generation and moderate growth in its scale of
operations.

Liquidity Indicator - Adequate: RAAM4W utilized 82% of its
sanctioned fund-based working capital of INR1,400 million in the
form of inventory funding in the 12 months ended April 2022. The
company had an unencumbered cash and cash equivalents of INR521.6
million at FYE22 (FYE21: INR271 million). During FY22, RAAM4W's
net-working capital cycle remained stable at 25 days, due to a
decline in its inventory days of 30 days in FY22 (FY21: 40 days),
which was offset by a decrease in payable days to 13 days (23
days). The cash flow from operations likely to be negative in FY22
(FY21: negative INR54 million), owing to lower EBITDA and higher
interest expenses coupled with an unfavorable working capital
movement due to decreased customer advances at FYE22 on the back of
longer waiting periods. Furthermore, the company had incurred capex
of INR20 million in FY22 (FY21: INR49 million) towards new showroom
works from its internal accruals. In view of moderate EBITDA
generation, its cash flow from operations is likely to be
marginally negative to positive, while the free cash flow would be
negative, owing to capex plans of INR33 million in FY23 for setting
up new showroom. RAAM4W has term loan repayment obligations of
around INR40 million and INR42 million for FY23 and FY24. Its debt
service coverage ratio stands at 0.9x and 1.1x, respectively, for
FY23 and FY24.

RAAM4W's total debt was INR1,184 million at FYE22, with a term debt
of INR130 million (FYE21: INR182 million) and remaining in the form
of inventory funding.

The ratings are constrained by its concentrated operations and
competition from other OEMs. As an exclusive dealer of MG Motor,
RAAM4W's revenue is entirely dependent on demand of MG vehicles,
MG's ability to launch new models and garner a higher market share
in the domestic market. Although the sales of spares would provide
some diversification, the scale is much lower at present and also
depends on the sales of vehicles. The company's operations are
concentrated entirely on Telangana, exposing it to changes in
demand within the state.  Moreover, the company is also exposed to
the risk of original equipment manufacturers inducting other
dealers to scale up their operations in India.

Furthermore, any adverse events that damage the brand reputation
and deferred growth strategy of MG Motor in India could impact the
operations of RAAM4W. However, Ind-Ra takes comfort from the brand
reputation of MG Motor across the world with strong parent SAIC
Motor Corporation Limited (world's seventh largest automobile
company, ranked 36th in the Fortune 500 list). This remain
key-monitorable for agency.

The ratings are supported by the company's experienced promoter
group. RAAM4W is a part of the RAAM Group, headed by Amith Reddy
Nalla, who has more than two decades of experience in dealership
operations, is hailing from a family in the automobile dealership
business for more than three decades. The group is also associated
with Mercedes Benz, Hyundai and Honda Motorcycle and Scooters India
for dealership operations, through different companies RAAM
Autobahn India Pvt Ltd, RAAM Four Wheelers India Pvt. Ltd. and RAAM
Two Wheelers India Pvt Ltd, respectively. Ind-Ra believes that the
group and promoter's experience in dealership operations will aid
RAAM4Ws in expansion of its operations in a sustainable manner.

Rating Sensitivities

Positive: A sustained improvement in the scale of operations,
leading to an improvement in the overall credit metrics with the
interest coverage remaining above 2.0x while maintaining adequate
liquidity, all on a sustained basis, could lead to a positive
rating action.

Negative: A decline in profitability leading to a deterioration in
the overall credit metrics with the gross interest coverage falling
below 1.5x and or/any deterioration in the liquidity position, all
on sustained basis, could lead to a negative rating action.

Company Profile

RAAM4W, which is a partnership firm incorporated in 2019, is one of
the authorized dealers of MG Motor vehicles in Telangana. The
company operates four showrooms and five workshops. It is part of
the RAAM group of companies headed by Amith Reddy Nalla.

RAM AND COMPANY: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri ram and
Company'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 B+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR10 mil. Term loan due on March 2024 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating;

-- INR110 mil. Fund-based facilities migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR380 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
14, 2021. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

Company Profile

Sri Ram and Company is part of Dindigul-based Sriram Group
operating since 1948. This firm is a partnership firm established
in 1997 at Dindigul, Tamil Nadu. The firm is engaged in the
manufacturing of wooden timber as well as the trading of timber.
The firm imports pine tree and silver oak timber logs which are
then sawn and sized at firm's sawmill into various commercial sizes
as per customers' requirements and sells them in the domestic
market to wholesalers, construction companies, and individual
customers. The plant has a total installed capacity of nearly 5,000
cubic per month.


RIGHILL ELECTRICS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Righill
Electrics Private Limited (REPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.50       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 19, 2021,
placed the rating(s) of REPL under the 'issuer non-cooperating'
category as REPL 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. REPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 5, 2022, March 15, 2022, March 25, 2022.

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

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

REPL was incorporated in 1993 as a private limited company by Mr.
Ashutosh Shukla and Mr. Vinod Sapre. The company designs and
manufactures control systems and assemblies for various
applications including oil field equipment. It also manufactures
parts and assemblies like Electronic Control Modules; printed
circuit boards (PCBs), plugs and sockets connectors etc. It
specialises in designing and manufacturing of controls and electric
parts for oil rigs. The major revenue is derived from the sale of
rig equipment, and thus the revenues largely depend on the rigging
activity and in turn the crude oil prices. It also provides
services pertaining to repairs and maintenance and provides annual
maintenance contracts (AMC) for its customers. REPL has installed
rigs in India as well as outside India for various large players
such as ONGC, OIL India, BHEL, National drilling Company, ESSAR,
John energy Limited etc. The company has an employee base of 54
engineers who provide on-site services to its customers. The
manufacturing facility of the company is located in Bhopal, Madhya
Pradesh.

SADBHAV ENGINEERING: Ind-Ra Cuts Long-Term Issuer Rating to BB+
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sadbhav
Engineering Limited's (SEL) Long-term Issuer Rating to 'IND BB+'
from 'IND BBB+' and placed it on Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR1.0 bil. Non-convertible debentures (NCDs)* downgraded;
     long-term rating placed on RWN with IND BB+/RWN rating;

-- INR5.810 bil. Fund-based working capital limit downgraded;
     long-term rating placed on RWN with IND BB+/RWN/IND A4+
     rating;

-- INR20.0 bil. Non-fund-based working capital limit downgraded;
     long-term rating placed on RWN with IND BB+/RWN/IND A4+
     rating;

-- INR1.277 bil. Term loan due on September 2022 downgraded;
     long-term rating placed on RWN with IND BB+/RWN rating; and

-- INR413 mil. Proposed fund-based limits downgraded; long-term
     rating placed on RWN with IND BB+/RWN/IND A4+ rating.

*Details in annexure

Analytical Approach: Ind-Ra continues to take a consolidated view
of SEL and its 67% subsidiary, Sadbhav Infrastructure Projects
Limited (SIPL), collectively known as Sadbhav, owing to the strong
legal and operational linkages between them. Ind-Ra has also
adjusted the financials for the equity required to be infused by
SEL in its under-construction hybrid annuity model (HAM) projects
along with the shortfall support envisaged for the operational
build-operate-transfer (BOT) and HAM assets. Ind-Ra has not
consolidated the debt of the projects, wherever it is on a
non-recourse basis. However, it has included the corporate
guarantee provided by the company for its HAM projects.   

The downgrade reflects a continuous decline in the consolidated
revenue in FY22, leading to deterioration in the credit metrics. It
also reflects further delays in the implementation of asset
monetization plans, resulting in deterioration in the liquidity
position and further elongation in the working capital cycle, all
on a consolidated basis.

The agency received no-default statements from both SEL and SIPL as
per SEBI's requirement (circular number
SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/71 dated August 10, 2021), on a
regular basis over the 12 months ended April 2022.

Key Rating Drivers

Operations Remained Subdued in FY22; Improvements Unlikely in FY23:
The consolidated revenue (SEL & SIPL) declined to INR14,304 million
in FY22 (FY21: INR18,163 million)  in line with SEL's performance.
SEL's standalone revenue declined 24.5% yoy to INR12,262 million in
FY22, due to slow order execution which have been accentuated by
high working capital  lock-up and unavailability of additional
banking limits. Ind-Ra expects the execution to remain sluggish in
FY23, in view of the stretched liquidity position of the company.
The consolidated EBITDA margins decreased significantly to 13.2% in
FY22 (FY21: 17.3%). However, there has been a one-time impairment
provisioning of INR6,939 million during 4QFY22.

Slow-moving Order Book; Execution Challenges Related to HAM
Projects Persist: At end-December 2021, SEL had an order book of
INR85,762.1 million (7x of FY22 revenue), spread across HAM
(23.8%), engineering, procurement and construction (EPC; 51.3%) and
irrigation and mining (24.8%). Mining orders (22% of order book)
have been delayed and stuck, owing to the issues pertaining to the
right of way and clearances. Also, some HAM projects are running
behind schedule due to the issues related to the right of way and
clearances. The counterparty, National Highway Authority of India
(NHAI; 'IND AAA'/Stable), has agreed for an extension of project
completion timelines in some projects without any financial
penalties, although the terms of settlement include performance
clauses that need to be met. There have been delays in physical
progress at Sadbhav Vidharbha Highway Private Limited,  Sadbhav Kim
Expressway Private Limited and Sadbhav Nainital Highway Private
Limited on account of delays in the land handover from NHAI.
Effectively, despite being slow, the order book of INR64472.9
million which provides  revenue visibility of 5.3x basis FY22
revenue.

Deteriorating Credit Metrics: The consolidated net adjusted
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 9.98x in FY22 (FY21: 5.42x, FY20: 4.57x) and interest coverage
(operating EBITDA/gross interest expense) to 0.57x (1.21x, 1.14x).
The deterioration in credit metrics was mainly due to insufficient
internal accruals to meet the interest costs, coupled with a
declining absolute EBITDA. The total debt comprises term loans,
NCDs and working capital borrowings. Ind-Ra expects the credit
profile to marginally improve in FY23, provided the asset
monetization plans are executed in a timely manner. However, any
further delay shall result in further deterioration in the credit
profile.

Liquidity Indicator - Stretched; Delayed Monetization of Assets: At
FYE22, SEL and SIPL had unencumbered cash balances of INR27.4
million (FYE21: INR81.01 million) and INR540.62 million (INR6.03
million), respectively. The average utilization of SEL's fund-based
limits was high at 93.2% for the 12 months ended April 2022. Ind-Ra
had previously expected  the liquidity profile of the entity to
improve significantly, following the NCD issuances worth INR5.5
billion at SIPL's level and the sales of 7% of Indinfravit Trust's
units  for INR4.4 billion in 1QFY22. However, the proceeds have
largely been utilized towards the prepayment of long-term debt
facilities, while the working capital facilities remain highly
utilized. SIPL is likely to receive INR2.67 billion once the stake
sale of Ahmedabad Ring Road Infrastructure Limited (ARRIL) to
IndInfravit Trust is concluded, although the transfer of asset has
been pending for more than 18 months following the receipt of
approval from the Ahmedabad Urban Development Authority.
Furthermore, the company is exploring options towards raising debt
at ARRIL level and upstream the debt proceeds to SEL and SIPL.
Timeline anywhere between one to two months is estimated by
Sadbhav's management for the monetization of ARRIL.

Separately during FY22, Sadbhav had entered into a stake sale
agreement with the Adani group for sale of its  entire stake in
Maharashtra Border Check Post Network Limited. The initial
expectation  by SEL management was to conclude the sale and receive
the proceeds by December 2021. However, the proceeds towards the
49% stake sale amounting to INR2.9 billion has been received until
end-FY22. The remaining tranche of INR2.6 billion was estimated by
Sadbhav's management to be received by end-1QFY23. But, the second
tranche is now expected to be received by end-2QFY23, subject to
meeting the requisite approvals/precedents for the conclusion of
the sale.

Also, the agency has been informed the company is pursuing
monetizing three of its HAM projects, where the cash inflows would
be used to deleverage the balance sheet. Given SEL is likely to
service a term loan/NCD repayment obligation (excluding interest
obligations and exercise of put options by investors) of INR1,650.7
million during June-March 2023, any delay in the receipt of cash
flows could result in further deterioration in the liquidity
profile and would be negative for the ratings.

HAM Equity Commitments Largely Met: According to the management,
with the infusion of INR2.6 billion in 1QFY22 with the receipts of
IndInfravit Trust unit sales as well as NCD proceeds,  the
outstanding equity commitments for SEL's  10 HAM projects fell to
INR0.9 billion (pending in FY23) at end-June 2021. Furthermore,
there was nil equity commitment from SEL towards HAM projects at
end-March 2022. Out of the ongoing 10 HAM projects, six projects
have already achieved a partial provisional commercial operations
date.

The group has entered into definitive agreements with Gawar
Constructions Limited, either as a sponsor or as a contractor, to
ramp-up the execution of the three HAM assets. Ind-Ra believes that
this would result in better pace of execution of these HAM assets,
which would ultimately lead to timely project completion, thus
preventing the need for any  incremental working capital at  the
group level and significantly reducing the possibility of cost
overruns. However, the execution pace of HAM projects will be a key
monitorable. Lenders of Sadbhav Bangalore Highway Private Limited
have notified to NHAI about the exercise of their right of
substitution of concessionaire in January 2022, in response to the
notice  of intention to terminate the concession agreement by NHAI.
NHAI, at the request of Sadbhav Jodhpur Ring Road Private Limited,
has given in-principle approval for a harmonious substitution of
concessionaire subject to various terms and conditions.

Rating Sensitivities

The RWN indicates that the ratings may be either downgraded or
affirmed upon resolution. The RWN will be resolved upon the receipt
of monetization proceeds, resulting in deleveraging of the balance
sheet debt, or within the next six months whichever is earlier.

ESG Issues

ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on SEL, due to their either
nature or the way in which they are being managed by the entity.
For more information on Ind-Ra's ESG Relevance Disclosures, please
click here.  

Company Profile

Incorporated in 1988, SEL is an Ahmedabad-based construction
contractor and developer, primarily engaged in road construction,
mining and irrigation.


SADBHAV INFRASTRUCTURE: Ind-Ra Cuts Long-Term Issuer Rating to BB+
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sadbhav
Infrastructure Project Limited's (SIPL) Long-term Issuer Rating to
'IND BB+' from 'IND BBB+' and placed it on Rating Watch Negative
(RWN).

The instrument-wise rating actions are:

-- INR3.90 bil. Non-convertible debentures (NCDs)* downgraded;
     rating placed on RWN with IND BB+/RWN rating; and

-- INR3.0 bil. Non-fund-based working capital limit downgraded;
     long-term rating placed on RWN with IND BB+/RWN/IND A4+   
     rating.

*details in annexure

Analytical Approach: Ind-Ra continues to take a consolidated view
of SIPL and its 69.7% parent Sadbhav Engineering Limited (SEL),
collectively known as Sadbhav, owing to the strong legal and
operational linkages between them. Ind-Ra has also adjusted the
financials for the equity required to be infused by SEL in its
under-construction hybrid annuity model (HAM) projects along with
the shortfall support envisaged for the operational
build-operate-transfer (BOT) and HAM assets. Ind-Ra has not
consolidated the debt of the projects, wherever it is on a
non-recourse basis.

SIPL announced a scheme of merger with SEL in 3QFY20. The merger is
pending for completion, subject to the receipt of various statutory
and regulatory approvals.

The downgrade follows a similar rating action on SIPL's parent,
SEL.

Key Rating Drivers

Strong Linkages with Parent: The downgrade follows a similar rating
action on SIPL's parent, SEL. This is because SEL has extended
financial support to SIPL by way of corporate guarantees
(unconditional, irrevocable and absolute) for the latter's debt
facilities. Furthermore, SEL has been extending short-term
loans/advances to SIPL since inception which are utilized by the
latter towards the equity commitments of the under-construction HAM
projects as well as to meet the shortfalls faced by operational BOT
projects. Moreover, SIPL's operations are well-integrated with
those of SEL, as the latter acts as the contractor for the special
purpose vehicles of SIPL's HAM projects. Also, the companies have
common directors on their boards.  

Liquidity Indicator - Stretched; Delayed Monetization of Assets: At
FYE22, SEL and SIPL had unencumbered cash balances of INR27.4
million (FYE21: INR81.01 million) and INR540.62 million (INR6.03
million), respectively. The average utilization of SEL's fund-based
limits was high at 93.2% for the 12 months ended April 2022. Ind-Ra
had previously expected  the liquidity profile of the entity to
improve significantly, following the NCD issuances worth INR5.5
billion at SIPL's level and the sales of 7% of Indinfravit Trust's
units  for INR4.4 billion in 1QFY22. However, the proceeds have
largely been utilized towards the prepayment of long-term debt
facilities, while the working capital facilities remain highly
utilized. SIPL is likely to receive INR2.67 billion once the stake
sale of Ahmedabad Ring Road Infrastructure Limited (ARRIL) to
IndInfravit Trust is concluded, although the transfer of asset has
been pending for more than 18 months following the receipt of
approval from the Ahmedabad Urban Development Authority.
Furthermore, the company is exploring options towards raising debt
at ARRIL level and upstream the debt proceeds to SEL and SIPL.
Timeline anywhere between one to two months is estimated by
Sadbhav's management for the monetization of ARRIL.

Separately during FY22, Sadbhav had entered into a stake sale
agreement with the Adani group for sale of its  entire stake in
Maharashtra Border Check Post Network Limited. The initial
expectation  by SEL management was to conclude the sale and receive
the proceeds by December 2021. However, the proceeds towards the
49% stake sale amounting to INR2.9 billion has been received until
end-FY22. The remaining tranche of INR2.6 billion was estimated by
Sadbhav's management to be received by end-1QFY23. But, the second
tranche is now expected to be received by end-2QFY23, subject to
meeting the requisite approvals/precedents for the conclusion of
the sale.

Also, the agency has been informed the company is pursuing
monetizing three of its HAM projects, where the cash inflows would
be used to deleverage the balance sheet. Given SEL is likely to
service a term loan/NCD repayment obligation (excluding interest
obligations and exercise of put options by investors) of INR1,650.7
million during June-March 2023, any delay in the receipt of cash
flows could result in further deterioration in the liquidity
profile and would be negative for the ratings.

Rating Sensitivities

The RWN indicates that the ratings may be either downgraded or
affirmed upon resolution. The RWN will be resolved upon the receipt
of monetization proceeds, resulting in deleveraging of the balance
sheet debt or within the next six months whichever is earlier.

ESG Issues

ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on SIPL, due to either their
nature or the way in which they are being managed by the entity.
For more information on Ind-Ra's ESG Relevance Disclosures, please
click here.  

Company Profile

SIPL was incorporated as an asset holding company by SEL for its
road and other infrastructure BOT projects in 2007. SIPL announced
a scheme of merger with SEL in 3QFY20, subject to various statutory
and regulatory approvals including approval of National Company Law
Tribunal.


SANTOSH W/O: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Santosh W/O
Sh. Vinod Kumar Warehouse (SVKW) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan               7.85      CRISIL D (Issuer Not
                                     Cooperating)

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

SVKW was set up in 2014 by the proprietor, Mr Santosh Jhajhria. The
firm has constructed a 35,000-tonne warehouse in Fatehabad,
Haryana. SVKW has signed a 10-year lease agreement with HAFED to
store agricultural products in the warehouse. The firm is promoted
by Ms Santosh Jhajhria, while the day-to-day operations are managed
by their son, Mr Udayvir Jhajhria.


SILVERSHINE CORPORATION: CARE Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Silvershine
Corporation (SC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.30       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.95       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 4, 2021,
placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2022, March 30, 2022, April 9, 2022.

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

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

Established in the year 2009 by Mr. Shishir Sagunlal Jalundhwala,
Silvershine Corporation (SC) is a proprietorship concern engaged
into manufacturing of paper plates, lids, boxes and cups. It
operates two manufacturing facilities, one at Vada, Palghar and
second at Talasari, Palghar.


SUSHWANI KARANI: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sushwani Karani Event and Media Private Limited
        14/15, Bangur Avenue, Block-C
        Kolkata, WB 700055

Insolvency Commencement Date: July 5, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 1, 2023

Insolvency professional: Rachna Jhunjhunwala

Interim Resolution
Professional:            Rachna Jhunjhunwala
                         Vikram Vihar, Block-H
                         493/B/18, G.T. Road
                         Howrah 711102
                         E-mail: jsa.jhunjhunwala@gmail.com

                            - and -

                         Siddha Weston, 9 Weston Street
                         Suite No. 134, 1st Floor
                         Kolkata 700013
                         E-mail: cirp.sushwani@gmail.com

Last date for
submission of claims:    July 19, 2022


TRILOK SECURITY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Trilok
Security Systems India Private Limited (TSSIPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.71      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.25      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 19, 2021,
placed the rating(s) of TSSIPL under the 'issuer non-cooperating'
category as TSSIPL 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. TSSIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 5, 2022, March 15, 2022, March 25, 2022.

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

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

Trilok Security Systems India Private Limited (TSSIPL) was
incorporated in December 2005. TSSIPL is primarily engaged in
providing advertising services by providing biometric access cards
used in Queue Management system at various pilgrim centers. The
company generates its revenues through selling the space of access
cards for advertisements. TSSIPL is having its registered office at
Tirupathi, Andhra Pradesh. TSSIPL is providing its queue management
services on Built-Own-Operate (BOO) basis at pilgrim destinations
like Tirumala Tirupati Devastanam, TTD (Tirupati, Andhra Pradesh),
Shri Sirdi Sai Sansthan, SSS (Shirdi, Maharashtra), Shri Mata
Vaishno Devi Shrine, SMV (Katra, Jammu & Kashmir), Chardham,
Hemakund Saheb, Ajmer Sharif Dargah (Ajmer, Rajasthan) and Baba
Bydhyanath (Deoghar, Jharkhand).

VASAN HEALTH: Majority of Lenders Vote in Favor ASG Hospital's Bid
------------------------------------------------------------------
The Hindu reports that the National Company Law Tribunal (NCLT),
Chennai, was informed on July 4 that the committee of creditors has
voted in favor of a resolution bid submitted by Rajasthan-based ASG
Hospital Private Limited for Vasan Health Care Pvt. Ltd. under the
insolvency process.

According to The Hindu, the resolution professional told the
tribunal that the lenders had approved the plan in a meeting held
on February 8, with 97.9% voting in favor of the bid and sought for
approval of the plan. The NCLT has posted the case for further
hearing on July 8.

The Hindu relates that sources said ASG Hospital had submitted a
bid for INR550 crore. The other bidders in the fray included MGM
Healthcare's managing director M.K. Rajagopalan in his personal
capacity, Dr. Agarwal's Health Care Ltd. and iLabs India Special
Situations Fund.

Mr. Rajagopalan has sought to file a petition against the lenders
choosing ASG Hospital's plan. The NCLT said it wanted to first hear
ASG Hospital's resolution plan in detail and then take up cases
relating to any objections, the report says.

In 2017, the NCLT had ordered the commencement of insolvency
proceedings against Vasan Health Care in a petition filed by Alcon
Laboratories (India) Pvt. Ltd., one of its suppliers, the report
discloses. This was the first case to be admitted by NCLT, Chennai,
under the Insolvency and Bankruptcy Code, 2016. Financial
creditors, including Andhra Bank, Edelweiss Asset Reconstruction,
Kotak Mahindra Bank and HDFC Bank, have a claim totalling INR1,268
crore against the company.

Last year, the National Company Law Appellate Tribunal, Chennai,
had allowed an appeal filed by the lenders seeking extension of
time-frame under the insolvency resolution process, The Hindu
relates. The lenders had appealed against an NCLT order that
refused to grant extension of time for the insolvency process and
directed for filing for liquidation of the company.

                         About Vasan Health

Vasan Health Care Private Limited provides health care services.
The Company serves patients in India.

In 2017, the National Company Law Tribunal (NCLT), Chennai, had
ordered commencement of insolvency proceedings against Vasan Health
Care, in a petition filed by Alcon Laboratories (India) Pvt. Ltd.,
one of its suppliers. Later the proceedings were stayed by a single
judge of Madras High Court. Nearly two years later, in October
2019, the Division Bench had vacated the stay and the case was back
at NCLT.


VIBRANT LAMINATE: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vibrant
laminate Private Limited (VLPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.50      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 14, 2021,
placed the rating(s) of VLPL under the 'issuer non-cooperating'
category as VLPL 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. VLPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2022, April 9, 2022, April 19, 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).

Gorakhpur (Uttar Pradesh) based Vibrant Laminates Private limited
(VLPL) was incorporated in April, 2016 by Mr. Ashok Kumar
Matanhelia, Mr. Somil Matanhelia, Mr. Shobhit Matanhelia and Mr.
Rajesh Agarwal with an aim to set up a manufacturing plant of paper
based decorative laminate sheets.

VIMAL CHHAGANLAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vimal
Chhaganlal Jewellers Private Limited (VCJPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

VCJPL, promoted by Mr. Vimal Seth and his family in 2010-11 (refers
to financial year, April 1 to March 31), trades in gold ornaments.


WADI SURGICALS: Ind-Ra Assigns BB+ Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Wadi Surgicals
Private Limited's bank facilities as follows:

-- INR320.7 mil. Term loan due on FY30 assigned with IND BB+/
     Positive rating; and

-- INR100 mil. Fund-based working capital limits assigned with
     IND BB+/Positive /IND A4+ rating.

The Positive Outlook reflects Ind-Ra's expectations of timely
commencement of commercial operations along with a revenue ramp-up,
leading to positive operating margins, in the near term.

Key Rating Drivers

Under Construction Phase of the Project: The project is unlikely to
face any delays, given the completion of financial closure,
presence of requisite project-related approvals and short duration
of construction. However, any unforeseen reasons leading to delays
in the commencement of operations can have an impact on the
ratings.

Small-sized Project: The size of the project is small, and any
growth in the size would depend on the traction in bringing
domestic and export clientele on board, which would demand the
addition of new lines and expanding scale. Also, over the medium
term to long term, the management might also explore opportunities
under other surgical/healthcare consumable products by leveraging
the distribution network it is likely to establish over the medium
term.

Moderate Credit Profile Expected:  The management expects the
commercial operations to start from September 2022, given the
overall shift in execution commencement by about months.
Considering FY24 to be the first full year of operations, Ind-Ra
expects the credit profile to be moderate with net leverage below
3x and interest coverage (financial expenses/EBITDA) over 3x during
FY24-FY25. Gloves prices are volatile due to price fluctuations in
the crude based key raw material nitrile butadiene rubber. However,
the management is positive on passing on the price movement to its
customers while keeping the profitability intact, which would
result in a moderate credit profile.

Financial Closure Concluded: Wadi is setting up a nitrile gloves
manufacturing facility at an estimated project cost of INR490
million. It has been sanctioned a term loan of INR320.7million and
a cash credit facility of INR100 million. The first drawdown of
term loan was in April 2022 for part funding the civil works and
machinery procurement. The scheduled commencement of commercial
operations is September 30,2022, with the first instalment of
principal repayment falling due in September 2023. The terms of the
debt include setting up a debt service reserve account (DSRA)
equivalent to one quarter of principal and interest servicing
obligation by end-June 2023. As of May 2022, the company received
equity of INR132.40 million, and debt of INR87.40 million as a term
loan and INR89.74 million as foreign letter of credit. Including
the advances provided to suppliers and material procured, the
company has almost completed 75% of its capex as of May 2022 with
payments towards the capex falling due in phases over
June-September 2022. The payments would be made through utilization
of term debt and equity from the promoters.

Revenue Visibility from Apollo Hospitals: Wadi has received a
letter of intent from Apollo Hospitals Enterprise Limited (AHEL;
'IND AA+'/Stable) for procuring 70,000-75,000 nitrile examination
gloves boxes per month as import substitution. In addition, the
management plans to expand its business-to-business client base
globally. Over the medium term, the management also wants to
explore expanding its reach through over 4,000 retail pharmacies of
Apollo Pharmacies Limited ('IND A+'/Stable). According to the
management, 50% of the capacity utilization would result in
breakeven for the company which the company expects to be met
through supplies to AHEL.

Financial Flexibility from Promoter group: The key promoter,
Anindith Reddy, part of the promoter group of AHEL, holds 2.3 lakh
unencumbered shares of AHEL which had a market value of about
INR800 million as of 18 May 2022. Financial flexibility of the
promoters helps the project receive additional funding. As
stipulated by the sanction terms of loan facility that any
additional cost due to time/cost overrun needs to funded by the
promoters who have also extended personal guarantees. Also, the
promoters have a track record supporting its group companies such
as Everest Infra ventures Private Limited (BB/Stable), Medvarsity
Online Limited (IND BBB-/Stable) to meet its debt operational and
debt repayment obligations.

Liquidity Indicator - Adequate: The company has completed financial
closure for the project with INR320 million term debt, the
principal repayment for which would start from September 2023. The
principal repayment commitment during FY24 is INR37million. It has
been sanctioned INR100 million of fund-based working capital
limits. Interest during construction is part of promoter's
contribution. Liquidity is further supported by the financial
flexibility of the promoters with a sizeable net worth and liquid
investments of shares in AHEL. The sanction terms of the term loan
mandate promoter funding for any additional funding requirement
owing to cost/time overrun or funding mismatch. The promoters have
articulated their commitment to continue extending any required
funding support in a timely manner.

Rating Sensitivities

Positive: Commencement of commercial operations along with
visibility of revenue ramp-up, leading to EBITDA generation above
INR120 million and comfortable liquidity, could be positive for the
ratings.

Negative: Significant delays in the commencement of commercial
operations or delays in revenue ramp-up and/or profitability,
leading to the reduced visibility of expected credit profile or
reduced financial flexibility of the promoters, and a stretched
liquidity profile will lead to an Outlook revision to Stable.

Company Profile

Incorporated in 2020, Wadi is setting up a manufacturing plant for
examination nitrile gloves in Nadupuru Village, Andhra MedTec Zone,
Visakhapatnam. Anindith Reddy and family holds 86.4% stake in Wadi
directly and indirectly.


WAYS ESTATES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ways Estates Limited
        Shiv Shankar Complex
        Opp. Swadha Apartment
        Asiyana Road
        Patna 800014
        Bihar, India

Insolvency Commencement Date: June 30, 2022

Court: National Company Law Tribunal, Patna Bench

Estimated date of closure of
insolvency resolution process: December 27, 2022

Insolvency professional: Ajay Kumar

Interim Resolution
Professional:            Ajay Kumar
                         'Ajyalok'
                         Near Friends Colony Mor
                         Ashiana-Digha Main Road
                         Patna 800025
                         Bihar, India
                         E-mail: cirp.waysestatesltd@gmail.com

Classes of creditors:    Financial Creditor - Real Estate

Insolvency
Professionals
Representative of
Creditors in a class:    IP Rashmi Chhawchharia
                         IP Navin Gopalika
                         IP Uttam Kumar Agarwal

Last date for
submission of claims:    July 14, 2022




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

MEDCO ENERGI: S&P Alters Outlook to Stable, Affirms 'B+' LT ICR
---------------------------------------------------------------
On July 8, 2022, S&P Global Ratings revised its rating outlook on
Medco Energi Internasional Tbk. PT (Medco) to stable from negative.
S&P also affirmed its 'B+' long-term issuer credit rating on the
company and the 'B+' long-term issue rating on Medco's guaranteed
senior unsecured notes.

The stable outlook reflects S&P's view that Medco will successfully
integrate the ConocoPhillips Indonesia Holdings Ltd. (CIHL) assets
it acquired this year and revise CIHL's capital expenditure (capex)
plans over the next 12 months while maintaining an FFO-to-debt
ratio well above 12%.

High hydrocarbon prices will continue to boost Medco's cash flow
and consolidate the recovery of the company's financial position.
Robust demand for oil and its products and constrained supply will
continue to push up prices. Hydrocarbon prices are likely to remain
elevated for longer as the Russia-Ukraine conflict and sanctions on
Russia continue. These macroeconomic trends led us to lift our 2022
Brent oil price assumption to US$100 per barrel (/bbl) and
US$85/bbl in 2023.

Medco's reported financial performance for 2021 exceeded S&P's
expectations. The company benefited from strong hydrocarbon prices,
even though it had operational maintenance and unplanned downtime
during the year. Medco produced about 93.9 thousand barrels of oil
equivalent per day (kboe/d) and recorded adjusted EBITDA of about
US$737 million--the higher end of our base-case expectations of
US$650 million-US$750 million EBITDA. Moreover, the company's
FFO-to-debt ratio was 12.8% in 2021, slightly above the 12%
threshold required for the 'B+' rating.

Medco is likely to build significant rating headroom in 2022, after
two consecutive years of weakened metrics. S&P said, "Based on our
Brent oil price assumption of US$100 per barrel (/bbl) for the
remainder of 2022, we estimate the company's EBITDA will be US$1.5
billion-US$1.6 billion in 2022, supporting a rebound in the
FFO-to-debt ratio to 25%-28%. At the same time, we forecast annual
positive free operating cash flow of US$350 million–US$500
million in 2022 and 2023 amid supportive hydrocarbon prices."

These forecasts incorporate our expectation of: (1) seamless
integration of the CIHL assets in Indonesia and (2) a step-change
in production to 150-160 kboe/d in 2022. S&P expects Medco's profit
to be sufficient to cover its capex plans for the oil and gas and
power segments over the next two years, as well as the company's
announced restart of dividend distributions. Medco has
re-introduced a dividend guidance of Indonesian rupiah (IDR) 15-20
per share, which would translate into annual dividend distributions
of US$30 million–US$35 million.

S&P said, "In tandem with Medco's strategy to acquire mature
assets, we expect the company to further optimize production from
Corridor (key assets of CIHL) by negotiating extensions or new gas
off-take contracts. Medco's business strategy of growing via
mergers and acquisitions (M&A) presents an ongoing need to invest
to extend the life of mature oil and gas assets. In our view, the
company has a record in extending the economic life of assets
acquired. For example, the approval in December 2021 for the
extension of Medco's Senoro Toili Phase 2 project in Central
Sulawesi, Indonesia, increased the company's proved and probable
(2P) reserves by about 107 million boe (mmboe). As a result,
Medco's 2P reserves life remained steady at about nine years as of
March 2022, as opposed to our previous expectation that the life of
2P reserves will shorten to about seven years."

Medco's capex could rise because S&P anticipates the company will
review the capital plan inherited from CIHL as part of the ongoing
integration of the Corridor assets. This would be key to addressing
the otherwise likely natural decline of Corridor assets from 2024.

Moreover, Medco's spending for its power segment could increase as
the company looks to expand its renewables energy portfolio. In
S&P's view, Medco's power segment is an integral aspect of the
company's energy transition strategy, given the portfolio of
gas-fired and renewable power assets.

Medco is likely to build sufficient cushion to withstand potential
integration risks associated with the Corridor assets.

S&P said, "We forecast the company will generate EBITDA of at least
US$1.1 billion in 2022 even if Brent oil prices were to fall to
US$70/bbl (2021 levels). Of the US$1.1 billion EBITDA, US$650
million is backed by fixed-price gas contracts. Under the weaker
pricing environment, we project Medco could still maintain its FFO
to debt above 12%.

"We view the risks associated with the integration of the Corridor
assets have subsided following a stronger performance of the assets
so far in 2022 than we expected. Together with a recovery in
production at Medco's existing asset base, the consolidation of the
company's financial position and its increased production base will
likely drive earnings amid very supportive pricing conditions.

Medco reported a pro-forma production rate of 184 kboe/d and
pro-forma EBITDA of about US$450 million for the quarter ended
March 31, 2022. This implies a full recovery in production at the
existing oil and gas asset base to about 100 kboe/d, with quarterly
EBITDA of about US$240 million. Meanwhile, S&P estimates the
Corridor assets had a quarterly EBITDA run-rate of about US$210
million based on 80kboe/d production over the same period.

Medco's cash position is further supplemented by US$30 million of
cash it received in June 2022 for its stake sale in PT Amman
Mineral Internasional (AMI). This follows a second amendment to the
sales agreement that has once again pushed back the settlement
deadline. However, it now confers Medco on the right to claw back
the 10% stake in AMI should the company not receive the remaining
cash owed by March 31, 2023.

A supportive financial policy will be a key consideration for any
upward rating action.

Medco has tightened its net debt-to-EBITDA ratio target to 2.5x for
the restricted group (which only includes its oil and gas
business). This assumes a mid-cycle oil price of US$65/bbl. In our
analysis, S&P continues to consider the financial profile of the
consolidated group, including Medco's power business. It expects
Medco's target leverage ratio (company's measure) could be below
2.5x in the next 18-24 months due to favorable oil prices. However,
the company's debt tolerance and willingness to sustain lower
leverage throughout a pricing cycle and while pursuing growth or
M&A opportunities would be an important credit consideration.

S&P said, "The stable outlook reflects our view that Medco will
continue to integrate the CIHL assets and generate positive free
operating cash flow over 2022-2023, supporting a FFO-to-debt ratio
of more than 20%.

"We could lower the rating if oil prices fall materially below our
expectation without Medco scaling back capital spending and
dividends, such that the FFO-to-debt ratio stays below 12%.

"We could also lower the rating if the company undertakes further
debt-funded acquisitions with no commensurate earnings accretion.

"Upward rating momentum would come from increased visibility over
Medco's production profile beyond 2023, such that we believe the
company can sustain its FFO-to-debt ratio well above 20% even in a
weaker oil price environment. An upgrade would also likely be
contingent upon our view of Medco's financial policy as supportive,
and the company maintaining a production profile and 2P reserve
life in line with higher-rated peers."

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




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

AIRASIA X: Reappoints Tony Fernandes as Acting Group CEO
--------------------------------------------------------
The Business Times reports that Airasia X announced in a bourse
filing on July 8 that it has reappointed Anthony Francis Fernandes,
also known as Tony Fernandes, as acting group chief executive
officer (CEO).

He will also continue to serve as a non-independent, non-executive
director of the long-haul budget airline, the report says.

According to BT, Mr. Fernandes was formerly the group's CEO until
he stepped aside with then-chairman Kamarudin Meranun in February
2020, as the authorities investigated allegations that Airbus had
paid AirAsia a bribe of US$50 million to win plane orders.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.

AirAsia, headquartered in Malaysia, operates from hubs in Malaysia,
Thailand, Indonesia, Philippines and India. The airline's Malaysia
and Thailand operations are undertaken via AirAsia Bhd and Thai
AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, AirAsia Group Bhd (AAGB) is in the midst of formulating a
plan to regularize its financial condition to address its Practice
Note 17 (PN17) status.  According to The Star, Bursa Malaysia on
Jan. 13 dismissed AAGB's appeal seeking to extend an 18-month
relief period from being classified as a PN17 company that ended on
Jan. 7, 2022.

AirAsia triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

AirAsia also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, AirAsia was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.



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

BRIGGS & SONS: Court to Hear Wind-Up Petition on July 28
--------------------------------------------------------
A petition to wind up the operations of Briggs & Sons Limited will
be heard before the High Court of New Zealand at Palmerston North
on July 28, 2022, at 10:45 a.m.

Douglas Rowan filed the petition against the company on April 5,
2022.

The Petitioner's solicitor is:

          Christopher Bell
          Solnet House
          Level 3, 70 The Terrace
          Wellington


DELI MEATS: Creditors' Proofs of Debt Due on Aug. 2
---------------------------------------------------
Creditors of Deli Meats NZ Limited are required to file their
proofs of debt by Aug. 2, 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:

          Rees Logan
          Andrew McKay
          BDO Auckland, Level 4
          BDO Centre, 4 Graham Street
          Auckland


EVOKE HAIR: Creditors' Proofs of Debt Due on Aug. 7
---------------------------------------------------
Creditors of Evoke Hair and Beauty Limited are required to file
their proofs of debt by Aug. 7, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 6, 2022.

The company's liquidators are:

          Adam Botterill
          Greg Sherriff
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


IRITHM LIMITED: Pritesh Patel Appointed as Liquidator
-----------------------------------------------------
Pritesh Patel of Patel & Co on July 1, 2022, was appointed as
liquidator of Irithm Limited.

The liquidator may be reached at:

          Patel & Co
          PO Box 23296
          Manukau
          Auckland 2144


METWARE NZ: Creditors' Proofs of Debt Due on Aug. 1
---------------------------------------------------
Creditors of Metware NZ Limited are required to file their proofs
of debt by Aug. 1, 2022, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751




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

FRESH SG: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on July 1, 2022, to
wind up the operations of Fresh SG Pte. Ltd.

DBS Bank Ltd. filed the petition against the company.

The company's liquidators are:

          Mr. Lin Yueh Hung
          Ms. Oon Su Sun
          RSM Corporate Advisory Pte. Ltd.
          8 Wilkie Road, #03-08,
          Wilkie Edge,
          Singapore 228095


LAM CHEE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on July 1, 2022, to
wind up the operations of Lam Chee Holdings Pte Ltd.

DBS Bank Ltd. filed the petition against the company.

The company's liquidators are:

          Mr. Lin Yueh Hung
          Mr. Goh Wee Teck
          RSM Corporate Advisory  
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


LIBRA GROUP: Court to Hear Wind-Up Petition on July 22
------------------------------------------------------
A petition to wind up the operations of Libra Group Limited will be
heard before the High Court of Singapore on
July 22, 2022, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
June 29, 2022.

The Petitioner's solicitor is:

          Withers Khattarwong LLP
          80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


OSMOFLO HOLDINGS: Creditors' Proofs of Debt Due on Aug. 8
---------------------------------------------------------
Creditors of Osmoflo Holdings Singapore Pte Ltd are required to
file their proofs of debt by Aug. 8, 2022, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Lai Seng Kwoon
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


SIONIC ADVISORS: Creditors' Proofs of Debt Due on Aug. 5
--------------------------------------------------------
Creditors of Sionic Advisors Singapore Pte Ltd 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 June 30, 2022.

The company's liquidator is:

          Richard Nathan Cowen
          8 Wilkie Road
          #03-01 Wilkie Edge
          Singapore 228095


ZENROCK COMMODITIES: Founder Charged Over SGD147 Million Fraud
--------------------------------------------------------------
The Straits Times reports that a founder and director of collapsed
oil trader Zenrock Commodities, and his co-conspirator, were
charged in court on July 8 for offences involving more than US$105
million (SGD147 million).

Singaporean Xie Chun, 45, Zenrock's ex-president and director, and
Chinese national Zhang Taiming, 32, its ex-operations executive,
were both slapped with four charges: two of cheating, and one each
of forgery and criminal breach of trust, the report discloses.

Investigations by the Commercial Affairs Department revealed that
sometime between February and March 2020, the duo allegedly used
forged documents to deceive the Bank of China's Singapore branch of
a sum of US$54 million, ST relates.

According to ST, the men allegedly deceived the bank into believing
that Zenrock had entered into a contract to sell a cargo of oil to
French oil trader Total Oil Trading. This induced it to issue an
irrevocable letter of credit for up to US$54 million in favour of
Shandong Energy International (Singapore), according to charge
sheets seen by The Straits Times.

Shandong was part of a series of round-tripping contracts, where
sales and profits were inflated by selling the same commodity
between various parties to create fake trading volume.

Both Xie and Zhang are also alleged to have dishonestly re-assigned
to the Bank of China proceeds from a sale of cargo oil that it had
charged to HSBC (Singapore), the report relays.

They are also accused of cheating Credit Agricole Corporate and
Investment Bank's Singapore branch of US$17 million. The bank was
deceived into believing that Zenrock had agreed to sell a cargo of
oil to Total Oil Trading, and therefore issued an irrevocable
letter of credit in favour of PPT Energy Trading – another player
involved in the round-tripping transactions.

Zenrock was founded here in 2014 by a group of veteran oil traders
including Xie, who was formerly from Chinese oil trading giant
Unipec.

Xie was offered bail of SGD500,000 while Zhang was offered bail of
SGD50,000, the report discloses.

Their cases have been adjourned for a pre-trial conference on Aug.
17.

If convicted, the men face up to 10 years' imprisonment and a fine
for each of the cheating and forgery charges. The criminal breach
of trust charge carries a jail term of up to seven years, a fine,
or both.

                     About ZenRock Commodities

Singapore-based ZenRock Commodities trades crude, oil products and
petrochemicals.  ZenRock has offices in Singapore, Shanghai and
Geneva.  The company was founded in Singapore in 2014 by a group of
veteran oil traders, including Xie Chun, formerly from Unipec, and
Tony Lin, formerly Vitol SA's China head.

Zenrock Commodities Trading Pte Ltd has been placed under the
management of a court-appointed supervisor following an application
by HSBC Holdings, the bank told Reuters on May 8, 2020.  Zenrock
has debts of more than US$600 million.




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

SRI LANKA: Hikes Rates in Face of Record Inflation
--------------------------------------------------
Reuters reports that Sri Lanka raised interest rates to the highest
level in two decades on July 7, saying it had to head off runaway
inflation to avoid even deeper pain for an economy that is already
in crisis and is shrinking.

According to Reuters, the Sri Lankan central bank increased its
standing lending facility rate by 100 basis points to 15.50% while
the standing deposit facility rate was similarly raised to 14.50%,
the highest since August, 2001.

Inflation touched a year-on-year record of 54.6% in June, and
central bank Governor P. Nandalal Weerasinghe said it could go as
high as 70%, prompting the central bank to raise rates to address
the rise in prices, Reuters says.

"We will work to manage inflation as much as possible but other
measures such as cash transfers will also be needed to give relief
to the poor," he told reporters.

Interest rate rises, however, would further dampen economic growth
in the island nation.

According to Reuters, the country is struggling to pay for food,
medicine and fuel, with foreign exchange reserves at a record low.
The economy contracted by an annual 1.6% in the first quarter and
is forecast to have shrunk more in the second.

Sri Lanka is pushing for a possible $3 billion extended financing
programme from the International Monetary Fund (IMF) which would
help it unlock other bridge financing options to pay for essential
imports, the report notes.

Reuters relates that the central bank said in a statement that
significant progress had been made in talks with the IMF, while
negotiations are underway with bilateral and multilateral partners
to secure bridge financing and ease the shortfall in reserves.

"One recommendation in the IMF programme is to support the poor and
vulnerable as high inflation will have the most impact on them,"
the report quotes Weerasinghe as saying.

The central bank expects inflation to touch 70% in the near term
and stay higher for another year but a fall in global crude and
commodity prices may help bring it down sooner, he added.

The central bank estimates a contraction in growth of 4% to 5% this
year, Prime Minister Ranil Wickremesinghe told parliament on July
5, although the government targets a smaller contraction of 1% in
growth next year.

"There has been a change in stance from the central bank, perhaps
following discussions with the IMF," the report quotes Dimantha
Mathew, Head of Research at First Capital, as saying.

"I don't think they are concerned about growth at all and have
shifted focus to easing currency pressure and money printing to
stabilise the economy," he added.

Reuters adds that the central bank also said ensuring external
sector stability and overall macroeconomic stability would require
commitment from all stakeholders and it called for coherent and
consistent action, including from the government.

"Faster implementation of the expected fiscal reforms aimed at
strengthening government revenue and expenditure rationalisation is
needed," it said, adding that improvements in the financial
position of state-owned enterprises were also key.

It said these measures would over time would lead to a decline in
government financing needs and help scale down monetary financing
at a faster pace.

Sri Lanka is scheduled to present an interim budget to parliament
in August, which will include new revenue measures and cut
expenditure, Wickremesinghe told parliament last month.

The IMF indicated the need for stronger fiscal measures to put
public finances back on track and boost debt sustainability
following a ten-day visit to the country late last month, the
report says.

Sri Lanka hopes to hold a donor conference with the involvement of
China, India and Japan after a staff level agreement is reached
with the IMF and will present its debt sustainability framework by
August.

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

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

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

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


                           *********


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

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

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

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***