---

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

                     A S I A   P A C I F I C

          Thursday, July 14, 2022, Vol. 25, No. 134

                           Headlines



A U S T R A L I A

ABOTARA PTY: First Creditors' Meeting Set for July 21
GLASSON MCDOUGAL: Second Creditors' Meeting Set for July 20
GREENSILL CAPITAL: Lawsuit Targets IAG's Agency Oversight
GRIFFIN COAL: Convicted of Breaching Fin'l. Reporting Obligations
MINE SPEC: Second Creditors' Meeting Set for July 20

NEWSTATE MEDIA: First Creditors' Meeting Set for July 20
SNOWDON DEVELOPMENTS: Court Orders Firm Into Liquidation
WATMARINE ENGINEERING: First Creditors' Meeting Set for July 19


C H I N A

CHANGDE ECONOMIC: Moody's Affirms Ba1 CFR, Outlook Remains Stable
MORNINGSTAR INC: To Cut Jobs in Shenzhen Amid China Restructuring
TSINGHUA UNIGROUP: Completes Bankruptcy Reorganization Plan


H O N G   K O N G

SILVER STARLIGHT: Pan Sutong Gets Bankruptcy Order


I N D I A

ANIRUDH PLASTIC: CARE Keeps B+ Debt Rating in Not Cooperating
BAITARANI RICE: CARE Lowers Rating on INR3.58cr LT Loan to B-
BALAJI PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
BASANTI MATA: CARE Keeps B- Debt Rating in Not Cooperating
BSK AGROFEEDS: CARE Lowers Rating on INR9.62cr LT Loan to B-

CHOMU CHANDWAJI: CARE Withdraws D Rating on LT/ST Loan
D. K. (ASSAM): CARE Keeps B+ Debt Rating in Not Cooperating
DELTA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
E.V. EXPORTS: CARE Lowers Rating on INR2.0cr LT Loan to B-
EON ELECTRIC: CRISIL Keeps D Debt Ratings in Not Cooperating

GLOBAL TECH: CARE Lowers Rating on INR2.0cr LT Loan to B-
IREO GRACE: CARE Keeps D Debt Rating in Not Cooperating Category
JAHANVI ISPAT: CRISIL Withdraws D Rating on INR11cr LT Loan
JP RAM: CARE Lowers Rating on INR3.00cr LT Loan to B-
JUPITER RICE: CARE Keeps B- Debt Rating in Not Cooperating

KAD HOUSING: CRISIL Withdraws D Rating on INR6.2cr Overdraft
KANISHK GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
KHANDAKA SONS: CARE Keeps D Debt Rating in Not Cooperating
KRISHNA HYDROCARBONS: CARE Lowers Rating on INR9.90cr Loan to B+
LALITHA EDUCATIONAL: CARE Lowers Rating on INR4.61cr Loan to B

LE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating
M. M. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
MAHALAXMI INVESTMENT: CRISIL Keeps D Ratings in Not Cooperating
MIRZA SONS: CARE Keeps B-/A4 Debt Rating in Not Cooperating
ORIENTAL GRANITES: CARE Withdraws D Rating on Long Term Loan

POONIA WINES: CARE Lowers Rating on INR15cr LT Loan to B-
R.S.V. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
RANGOLI PARTICLE: CRISIL Withdraws D Rating on INR5cr Cash Loan
RSD OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
RUBBER O: CRISIL Migrates D Debt Ratings to Not Cooperating

SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
SANCO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
SCANIA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHAKTHI TECH: CRISIL Moves D Debt Ratings to Not Cooperating
SHIVANSHU SINTERED: CARE Keeps B- Debt Rating in Not Cooperating

SIPANI PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating
SMRITY PAPER: CRISIL Reaffirms Rating on INR5cr Term Loan
SOORYA CASHEW: CARE Lowers Rating on INR12cr LT Loan to B-
SUDHEER TIMBERS: CRISIL Moves B+ Debt Rating from Not Cooperating
SWAROOP HOMES: CARE Keeps B- Debt Rating in Not Cooperating

SWASTIK COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
T R HOSPITALITIES: CRISIL Moves D Debt Rating to Not Cooperating
TIRUPATI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
TIWARI CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
URBAN TRANSIT: CARE Keeps D Debt Ratings in Not Cooperating

V. I. SHETTY: CARE Keeps B- Debt Rating in Not Cooperating
VSP INTERNATIONAL: CARE Keeps B-/A4 Debt Rating in Not Cooperating


I N D O N E S I A

PERUSAHAAN PENGELOLA: Fitch Affirms LongTerm IDRs at 'BB+'


N E W   Z E A L A N D

7 CHILLIES: Court to Hear Wind-Up Petition on Aug. 19
AB ENGINEERING: Court to Hear Wind-Up Petition on July 21
HUNTS RESTAURANT: Court to Hear Wind-Up Petition on July 26
R LITS: Court to Hear Wind-Up Petition on Aug. 12
TAIHE INNOVATION: PKF Corporate Appointed as Receivers



S I N G A P O R E

ASPEN DESIGN: Court Enters Wind-Up Order
FULLHOUSE HOME: Court Enters Wind-Up Order
KREUZ SUBSEA: Commences Wind-Up Proceedings
LANCO SOLAR: Commences Wind-Up Proceedings
RIVER VALLEY: Commences Wind-Up Proceedings

SG GLOBAL: Court Enters Wind-Up Order
THREE ARROWS: Liquidators Get OK to Claim U.S. Assets


S R I   L A N K A

SRI LANKA: President Rajapaksa Flees to Maldives, Air Force Says


V I E T N A M

DAT XANH GROUP: Moody's Withdraws 'B2' Corporate Family Rating

                           - - - - -


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

ABOTARA PTY: First Creditors' Meeting Set for July 21
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Abotara Pty
Ltd will be held on July 21, 2022, at 11:15 a.m. at the offices of
B & T Advisory, Level 19, 144 Edward Street, in Brisbane,
Queensland.

Travis Pullen of B&T Advisory was appointed as administrator of the
company on July 11, 2022.


GLASSON MCDOUGAL: Second Creditors' Meeting Set for July 20
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Glasson
McDougal Restaurant Group Pty Ltd has been set for July 20, 2022,
at 10:00 a.m. via teleconference call.  

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 19, 2022, at 4:00 p.m.

Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of the company on June 15, 2022.


GREENSILL CAPITAL: Lawsuit Targets IAG's Agency Oversight
---------------------------------------------------------
The Australian Financial Review reports that IAG's oversight of an
agency that sold insurance policies to fallen financial whiz Lex
Greensill's companies is being targeted in court battles.

In ongoing disputes, Sydney-based IAG has argued that an agency
signed up an insurance policy for one client with a payout limit of
US$100 million (AUD148 million) - nearly triple the amount to which
it was allowed.

But a financier has argued that doubts about the validity of
policies cannot let Sydney-based IAG off the hook, the report
relates.

According to AFR, the insurance was vital in Bundaberg-born Lex
Greensill's financial operation, which paid out suppliers of
businesses quickly in exchange for taking a cut. The Greensill
companies were once touting a valuation of AUD9 billion and
recruited advisers including former UK prime minister David Cameron
and Australian foreign affairs minister Julie Bishop.

Greensill Group entities packaged up invoice "receivables" and sold
them to Credit Suisse. The Swiss bank sold them on to investors,
with insurance a key to investors being satisfied they were
protected if things went awry, the report states.

AFR says creditors are now suing in the Federal Court, seeking to
collect on insurance claims after Greensill Group entities
collapsed last year.

White Oak Commercial Finance Europe is seeking US$146 million for
debts owed by customers of GFG Alliance's Liberty Commodities, part
of metals entrepreneur Sanjeev Gupta's group, AFR discloses.

Part of the case examines one policy signed in March 2019 with Bond
& Credit Co, then half-owned by IAG. White Oak, in an amended
claim, said IAG remained responsible for the conduct of the agency,
according to AFR.

That was the case even in different scenarios, White Oak pleaded,
AFR relays. One scenario was if Bond & Credit Co or its trade
credit underwriting manager Greg Brereton had acted without actual
authority, IAG had "failed to take reasonable steps to ensure" they
were acting within the scope of their authorities, White Oak
argued.

In its defence, IAG denied the White Oak claim but also maintained
that the policy had exceeded authorised limits, the report says.
"It was beyond Bond & Credit Co's authority pursuant to the
applicable underwriting guidelines, and therefore Brereton's
authority pursuant to the Brereton authorisation, to issue policies
with limits in excess of AUD50 million," IAG's defence stated. "The
policy limit was US$100 million, in excess of that limitation."

As in other cases, IAG repeated that the premium being charged was
only AUD1 when the minimum allowable premium was AUD10,000.

The White Oak case is among AUD300 million in claims against IAG
related to Greensill company collapses, the report notes.

IAG has told investors it has no net exposure from the collapses
with its own reinsurance protection recovering payouts, and Tokio
Marine, which bought IAG's stake in the agency in April 2019,
agreeing to hold any remaining trade credit insurance exposure.

Still, IAG also said if the White Oak case went against it and a
court found it was bound by the policy, then it might look to
support from Bond & Credit Co's defences in the litigation, AFR
states.

AFT says Bond & Credit has claimed it was "induced" to make
insurance agreements due to "non-disclosures and
misrepresentations" by the Greensill Group.

If Bond & Credit's argument was backed in court, IAG said it would
potentially mean a failure by Greensill companies to comply with
fair disclosures and mean the insurer has "no liability" for losses
in the proceedings, AFR relates.

Mr. Brereton, who left Bond & Credit Co in 2020, has not lodged a
defence and not responded to queries, the report adds.

                      About Greensill Capital

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

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

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

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

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021.  Jill M. Frizzley,
director, signed the petition.  In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million.  The case is handled by Judge
Michael E. Wiles.

In the Chapter 11 case, the Debtor tapped Segal & Segal LLP as
bankruptcy counsel, Mayer Brown LLP as special counsel, and GLC
Advisors & Co., LLC and GLCA Securities, LLC as investment bankers
and financial advisors. Matthew Tocks is the chief restructuring
officer of the Debtor.  The official committee of unsecured
creditors is represented by Arent Fox LLP.

Greensill Capital (UK) Limited filed a Chapter 15 petition (Bankr.
S.D.N.Y. Case No. 21-11473) to seek U.S. recognition of its UK
proceedings on Aug. 18, 2021. ALLEN & OVERY LLP, led by Laura R.
Hall, is the Debtor's counsel in the Chapter 15 case.

GRIFFIN COAL: Convicted of Breaching Fin'l. Reporting Obligations
-----------------------------------------------------------------
The Griffin Coal Mining Company Pty Limited has been convicted of
failing to meet its financial reporting obligations and failing to
have the required number of company directors residing in
Australia.

The conviction follows an Australian Securities and Investments
Commission (ASIC) investigation that found that Griffin Coal failed
to lodge annual reports with ASIC for its financial years ended
March 31, 2018, March 31, 2019, March 31, 2020 and March 31, 2021
within the required timeframes and failed to meet the legal
requirement to have at least one director who resides in Australia
between Sept. 28, 2018 and Dec. 6, 2021.

Griffin Coal was sentenced in the Perth Magistrates Court on July
1, 2022 and fined AUD4,000.00.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Griffin Coal was first charged in June 2021 for failing to lodge
four annual financial reports in the time frame required.

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.


MINE SPEC: Second Creditors' Meeting Set for July 20
----------------------------------------------------
A second meeting of creditors in the proceedings of Mine Spec
Equipment Pty Ltd in its own right and ATF The Berryman Family
Trust (trading as the Talisker Group) has been set for July 20,
2022, at 11:00 a.m. via Zoom meetings.

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 19, 2022, at 5:00 p.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on June 15, 2022.


NEWSTATE MEDIA: First Creditors' Meeting Set for July 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Newstate
Media Pty Ltd (trading as Canberra Daily, Zoobee, Sydney Weekly,
Wollongong Daily, Newcastle Weekly, Newcastle Daily, Illawarra
Daily, Canberra Weekly, Canberra Weekly Magazine, Canberra News
Weekly, Canberra Daily, Canberra Insight, Wollongong Weekly and
Illawarra Weekly) will be held on July 20, 2022, at 10:00 a.m. via
Zoom meeting.

Ezio Senatore of Eddie Senatore Advisory was appointed as
administrator of the company on July 11, 2022.


SNOWDON DEVELOPMENTS: Court Orders Firm Into Liquidation
--------------------------------------------------------
News.com.au reports that a court has ordered Victorian construction
firm Snowdon Developments to go into liquidation.

News.com.au relates that the order, given at a Supreme Court
hearing on July 13, comes after the embattled builder went into
administration earlier this month over concerns it couldn't pay its
debts.

"I am satisfied for orders to be made for the defendant to be wound
up in insolvency," the report quotes Judicial Registrar Kim
Woronczak as saying.

The decision impacts 52 staff members, 550 homes and more than 250
creditors owed just under AUD18 million, news.com.au says.

According to the report, the decision ends any hope that Snowdon
Developments can trade its way out of disaster by being saved by a
government bailout or being bought out by another builder, which
was still a possibility while it was in administration.

Shane Deane and Nicholas Giasoumi of Dye & Co, Solvency and
Turnaround, were appointed as liquidators, the report discloses.
The two had previously been administrators.

According to the report, fifteen creditors took legal action
against Snowdon Developments in April with their debts totalling
AUD2.5 million. They demanded the Supreme Court of Victoria impose
a winding up order to force the company to go into liquidation "on
the grounds of insolvency" after debts remained unpaid for months.

It comes just weeks after a news.com.au investigation revealed that
subcontractors and suppliers hadn't been paid for months while
construction sites languished, untouched, leaving several customers
in financial ruin.

Snowdon Developments entered a creditor's voluntary administration
on July 1.  Shane Deane and Nicholas Giasoumi of Dye & Co, Solvency
and Turnaround, were appointed as administrators.


WATMARINE ENGINEERING: First Creditors' Meeting Set for July 19
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Watmarine
Engineering Pty Ltd (as Trustee For The Watmarine Engineering Trust
ABN 32 609 527 118) will be held on July 19, 2022, at 10:00 a.m.
via virtual meeting technology only.

Jeremy Nipps and Thomas Birch of Cor Cordis were appointed as
administrators of the company on July 7, 2022.




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

CHANGDE ECONOMIC: Moody's Affirms Ba1 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed Changde Economic
Construction Investment Group Co., Ltd.'s (CECIG) Ba1 corporate
family rating and the Ba1 senior unsecured ratings on CECIG's
notes.

The outlook on the ratings remains stable.

"The rating affirmation reflects CECIG's close linkage with the
Changde city government as the city's second-largest local
government financing vehicle by assets, with an established track
record of receiving government cash payments," says Ying Wang, a
Moody's Vice President and Senior Analyst.

"However, CECIG's rating is constrained by high contingent
liabilities and related-party lending to state-owned enterprises,
and its relatively weak access to funding," adds Wang.        
     

RATINGS RATIONALE

CECIG's Ba1 CFR incorporates (1) the Changde city government's
capacity to support (GCS) score of baa3; and (2) Moody's assessment
of how the company's specific characteristics affect the Changde
city government's propensity to support, resulting in a one-notch
downward adjustment.

Changde city government's GCS score reflects (1) Changde's status
as a prefectural-level city in Hunan, a moderate-risk province in
the central region of China (A1 stable); (2) its relatively weak
economic fundamentals, including low GDP per capita and population
outflows; and (3) high state-owned enterprise (SOE) liabilities
compared with its fiscal revenue, which could weigh on the city's
ability to provide timely support.

CECIG's Ba1 CFR reflects Changde city government's propensity to
support CECIG, which is based on (1) its 90% ownership by Changde
city government; (2) its strategic role in undertaking a large
number of infrastructure projects and public-sector services that
are essential to the daily lives of residents and the economic
development of Changde city; (3) its low exposure to non-policy
related commercial activities and (4) its established track record
of receiving government cash payments.

However, the one-notch downward adjustment from the city's GCS
score reflects (1) CECIG's fast debt growth; (2) its relatively
weak access to funding, as reflected by a moderate exposure to
shadow banking and relatively high funding costs; and (3) high
contingent liabilities and related-party lending.

Moody's expects the company to maintain its strong business
position in Changde city  due to its strategic role, which
underpins the continued likelihood of the company receiving
government financial support. The company has a good track record
of receiving cash from the Changde city government in the form of
operating subsidies, government bond allocations, cash injections,
government buybacks of infrastructure projects and refunds of land
costs, to support its capital spending and debt payments for
public-policy-related investments. In 2021, CECIG received around
RMB3.4 billion of total government cash payments against its
capital expenditure and investment of RMB5.5 billion.

Still, CECIG's annual investment needs for capital-intensive public
projects would need to be partly funded by debt, in addition to its
access to annual government payments. Moody's expects the company's
total adjusted debt, including external guarantee, to grow to RMB60
billion–RMB63 billion over the next 12-18 months.

Moody's expects the company to contain its reliance on high-cost
financing and exposure to contingent liabilities in view of the
city government's more stringent and forward-looking supervision.
However, Moody's expects CECIG will continue to face refinancing
pressure owing to the relatively weaker profile of the Changde city
government compared with its regional and local government peers in
developed provinces and growing risk-averse sentiment in the
market.

The rating takes into account the following environmental, social
and governance (ESG) factors.

CECIG bears high social risks as it implements public-policy
initiatives by building, owning and operating public infrastructure
in Changde city. Demographic changes, public awareness and social
priorities shape the company's development targets and ultimately
affect Changde city government's propensity to support the
company.

Governance considerations are also material to the ratings because
CECIG is subject to oversight and reporting requirements to Changde
city government, reflecting its public-policy role and status as a
government-owned entity.

Environmental risks are low for CECIG.

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

CECIG's stable rating outlook reflects (1) the stable outlook on
China's sovereign rating, (2) Moody's expectation that the Changde
city government's GCS score will remain stable; and (3) that
CECIG's business profile, integration with, as well as control and
oversight by, the Changde city government will remain unchanged
over the next 12-18 months.

CECIG's CFR could be upgraded if: (1) China's sovereign rating is
upgraded; or the Changde city government's GCS strengthens, which
could be a result of a significant strengthening in Changde's
economic or financial profile, or an improvement in its
government's ability to coordinate timely support; (2) CECIG's
characteristics change in a way that strengthens the Changde city
government's propensity to support, such as through:

an increase in government payments and improvements in the
predictability of government payments, whereby dedicated fiscal
budget allocations and transfers from higher-tier governments can
consistently cover a larger share of the company's operational and
debt servicing needs;

improving access to bank loans and the public bond market as
indicated by a reducing reliance on non-standard financing channels
and decreasing funding costs; and

a significant reduction in loans, guarantees or other credit
exposures to external parties, compared with its equity base.

CECIG's CFR could be downgraded if: (1) China's sovereign rating is
downgraded; or the Changde city government's GCS weakens, which
could be a result of a significant weakening in Changde's economic
or financial profile, or a deterioration in Changde city
government's ability to coordinate timely support; (2) there are
changes in the Chinese government's policies that prohibit regional
and local governments (RLGs) from providing financial support to
local government financing vehicles (LGFVs); (3) CECIG's
characteristics change in a way that weakens the Changde city
government's propensity to support, such as through:

a decline in CECIG's position as one of the dominant public
service providers in Changde;

significant changes in its businesses, including substantial
expansion into commercial activities at the cost of public
services, or substantial losses in commercial activities;

rapid increases in its debt and leverage with less corresponding
government payments;

increasing reliance on high-cost financing, including debt
borrowing from non-standard channels; or

a material increase in loans, guarantees or other credit exposure
to external parties, or substantial financial losses in these
credit exposures

The principal methodology used in these ratings was Local
Government Financing Vehicles in China Methodology published in
April 2022.

Established in 1992, Changde Economic Construction Investment Group
Co., Ltd. is 90% owned by the State-owned Assets Supervision and
Administration Commission (SASAC) of the Changde city government
and 10% owned by Hunan State-Owned Investment and Operation Co.,
Ltd.

CECIG is mandated by the Changde city government to undertake the
construction and development of key public infrastructure projects,
as well as the operation of some public services.

MORNINGSTAR INC: To Cut Jobs in Shenzhen Amid China Restructuring
-----------------------------------------------------------------
Bloomberg News reports that Morningstar Inc. is slashing its
workforce in Shenzhen, as it seeks to relocate headcount to other
countries amid a restructuring in China.

The Chicago-based financial services company is winding down its
non-China-focused workforce in the Chinese tech hub, Bloomberg
relates citing an emailed statement from the company on July 13.
The company has informed staff who are affected, it added.

"We have made the decision to strategically shift our China
operations to focus entirely on the domestic market, which requires
us to streamline the team," the company said, adding that its
China-market-focused team members and business haven't been
affected, Bloomberg relays.

Morningstar, Inc. is a financial services company that owns and
operates the website, www.morningstar.com, that allows the ability
to browse investment management services for purchase, view a help
center, and obtain contact information. Sanchez is legally blind
and claims that said website cannot be accessed by the
visually-impaired.


TSINGHUA UNIGROUP: Completes Bankruptcy Reorganization Plan
-----------------------------------------------------------
CaixingGlobal.com reports that an investment vehicle has taken full
ownership of Tsinghua Unigroup Co. Ltd., concluding a bankruptcy
reorganization plan the Chinese semiconductor conglomerate unveiled
last year to deal with its debt crisis.

Tsinghua Unigroup has updated its business registration materials
to show that Beijing Zhiguangxin Holding Co. Ltd. now owns 100% of
the company, according to an exchange filing published on July 11,
CaixingGlobal.com relates.

Zhiguangxin was created in November 2021 by a consortium led by
Wise Road Capital Ltd. and Beijing Jianguang Asset Management Co.
Ltd. and has CNY54.9 billion (US$8.2 billion) of registered
capital, the report discloses.

Tsinghua Unigroup Co., Ltd manufactures computer products. The
Company produces computer softwares, computer hardwares, computer
auxiliary equipment, and other products. Tsinghua Unigroup also
produces electronic components, chemicals, and other products.
Tsinghua Unigroup is 51% owned by China's Tsinghua University.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
18, 2020, Tsinghua Unigroup, a major government-backed player in
China's technology race, has defaulted on a CNY1.3 billion
(US$197.96 million) bond, three sources said, according to
Reuters.

The default by Tsinghua Unigroup, a wholly-owned division of the
prestigious Tsinghua University in Beijing, on Nov. 16, 20210,
immediately triggered a credit rating downgrade that is expected to
weaken the company's financial health. Reuters said the
semiconductor conglomerate has been a major driving force in
Beijing's campaign to boost its chip industry amid an ongoing spat
over trade and technology with Washington, which has drawn
attention to China's reliance on key imported components. Tsinghua
Unigroup defaulted after its proposal to extend a repayment
deadline failed to gain support from bondholders, sources said,
Reuters related.



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

SILVER STARLIGHT: Pan Sutong Gets Bankruptcy Order
--------------------------------------------------
Bloomberg News reports that distressed Hong Kong property tycoon
Pan Sutong was told by the city's high court to go bankrupt,
marking another blow to the former billionaire.

The court ordered Pan to unwind his holding company, Silver
Starlight Ltd, after he and the firm failed to pay creditors
including China Citic Bank Corp HK$8 billion (US$1 billion) that
was due in 2019, Bloomberg relates citing a court filing on July
8.

A representative for Pan said on July 11 he is appealing the order,
the report relays.

Once among Asia's wealthiest people, Pan fell from grace after
shares of his over-leveraged Goldin Financial Holdings Ltd plunged
amid a property collapse, erasing most of his US$27 billion
fortune, Bloomberg says. Last month, he resigned as chairman and
executive director of Goldin Financial after the sale of the firm's
flagship skyscraper collapsed, Bloomberg recalls.

Two more units related to Citic Bank joined the Chinese lender in
petitioning against Pan and Silver Starlight. A division of Bank of
China Ltd. also presented a bankruptcy petition against Pan in May,
and the case will be heard on Aug. 2, according to Bloomberg.

Pan and Goldin Financial amassed around HK$38 billion of debt
between May 2017 and September 2020 for four Hong Kong properties,
according to stock exchange filings and data compiled by
Bloomberg.




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

ANIRUDH PLASTIC: CARE Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anirudh
Plastic Private Limited (APPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.00       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 26, 2021,
placed the rating(s) of APPL under the 'issuer non-cooperating'
category as APPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. APPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2022, March 22, 2022, April 1, 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).

Incorporated in May 1998, Anirudh Plastic Private Limited (APPL) is
engaged in the business of manufacturing of HDPE
containers, plastic drums and barrels which primarily used for
pharmaceutical, oil and chemical industries with its facility
located at Kolkata, West Bengal with an aggregate installed
capacity of 1,50,000 pieces per annum. Mr. Gouri Shankar Agarwal,
having around four decades of experience in the same line of
industry, looks after the overall management of the company along
with the other directors Mr. Subash Chandra Agarwal and supported
by the team of experienced professionals.


BAITARANI RICE: CARE Lowers Rating on INR3.58cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Baitarani Rice Mill (BRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.58       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      3.50       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 April 21, 2021,
placed the rating(s) of BRM under the 'issuer non-cooperating'
category as BRM 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. BRM 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).

The ratings assigned to the bank facilities of BRM have been
revised on account of non-availability of requisite information.

Baitarani Rice Mill (BRM) was established as a partnership firm in
June 2016. The firm is engaged in processing and milling of boiled
rice and it has commenced its operation from November 2017. The
processing and milling unit of BRM is located at Keonjhar, Odisha
with installed capacity of 4860 tons per annum (TPA). BRM procure
paddy from Odisha State Civil Supply Corporation Ltd. (OSCSCL) &
local agents and sells its products to public distribution
department, Govt. of Odisha and other wholesalers, distributors
nearby local markets. Moreover, the firm has availed moratorium
over interest on cash credit as well as EMI's repayment of term
loan from March 2020 to August 2020 as per the RBI circular.


BALAJI PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balaji Paper
and Newsprint Private Limited (BPN) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee            2       CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee            2       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              10       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              15       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit          2.5     CRISIL D (Issuer Not
                                     Cooperating)

  Letter of Credit           6.25    CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan            5.15    CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan           13.98    CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Short Term       5.53    CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital           2.01    CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Working Capital           1.58    CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Incorporated in 1998 and promoted by Kolkata-based Mr Ram Avtar
Agarwal, BPN initially traded paper. In 2004, the company purchased
the assets of Neptune Paper Mills Ltd, a company referred to the
Board for Industrial and Financial Reconstruction. The acquired
factory was refurbished and BPN commenced manufacturing of writing
and printing paper in 2005 with an installed capacity of 10 tonne
per day (tpd) capacity has expanded gradually to 130 tpd.


BASANTI MATA: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Basanti
Mata Agri Product Private Limited (BMAPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.63       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.18       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 26, 2021,
placed the rating(s) of BMAPPL under the 'issuer non-cooperating'
category as BMAPPL 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. BMAPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2022, March 22, 2022, April 1, 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).

Basanti Mata Agri Product Private Limited (BMAPPL) was incorporated
on July 8, 2013 by the Ghosh family of Hooghly, West Bengal. The
company was promoted to set up a cold storage unit mainly for
preservation of potatoes. The company commenced operation (started
loading potatoes to its cold storage) from March 1, 2015. The cold
storage is located at Hooghly, West Bengal with an aggregate
storage capacity of 20,000 metric ton. BMAPPL also trades in
potatoes, which accounted for around 29.69 % of the total revenue
in FY18. BMAPPL is a closely held company with all the board
members consisting of five directors belonging to the promoter's
family. All the promoters having over two decades of experience in
agri product sector and trading look after the day-to-day
operations of the company.


BSK AGROFEEDS: CARE Lowers Rating on INR9.62cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
BSK Agrofeeds Private Limited (BAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.62       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      0.47       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 26, 2021,
placed the rating(s) of BAPL under the 'issuer non-cooperating'
category as BAPL 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. BAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2022, March 22, 2022, April 1, 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).

West Bengal based BSK Agrofeeds Private Limited (BAPL) was founded
in 2006 to initiate a poultry feed manufacturing business. However,
the company has started its commercial production at Jamalpur in
Burdhman during February 2018 with an installed capacity of
2,16,000 MTPA. The company sells its poultry feeds in local poultry
farms. The day-to-day affairs of the company are looked after by
Mr. Bishnu Bose (director) along with other three directors and a
team of experienced personnel.


CHOMU CHANDWAJI: CARE Withdraws D Rating on LT/ST Loan
------------------------------------------------------
CARE Ratings Ltd., vide its press release dated March 3, 2022, had
reaffirmed and placed the ratings of Chomu Chandwaji Tollways
Private Limited (CCTPL) under 'Issuer not cooperating' category to
'CARE D; ISSUER NOT COOPERATING' based on best available
information as CCTPL had failed to provide information for
monitoring of the rating.

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

                                   ISSUER NOT COOPERATING and
                                   Withdrawn

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

                                   ISSUER NOT COOPERATING and
                                   Withdrawn

In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. CARE Ratings Ltd. has
reaffirmed and withdrawn the outstanding ratings of 'CARE D; ISSUER
NOT COOPERATING' assigned to the bank facilities of CCTPL with
immediate effect. The above action has been taken at the request of
CCTPL and 'No Objection Certificate' received from the
bank that have extended the facilities rated by CARE Ratings Ltd.

Detailed description of the key rating drivers

At the time of last rating on March 3, 2022 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delay in debt servicing: Due to mismatch in cash flow, there are
various instances of delay in repayment of instalments and payment
of interest during the year and as on balance sheet of term loan
furnished from annual report available from public domain.

Jaipur (Rajasthan) based CCTPL was incorporated in 2016 as a
Special Purpose Vehicle (SPV) created by two groups - N.G. Projects
Limited and M/s Murarilal Agarwal with a purpose to engage in road
construction. CCTPL was awarded a contract by Public Work
Department (PWD), Rajasthan for development of a State Highway (SH
No.08 B) at Chomu-Chandwaji section having total length of 15.45
kilometers (KMs) on Design-Built-FinanceOperate and Transfer
(DBFOT) basis. It entered into contract of 18 years starting from
March 2017 (One year construction year and 17 year of operations)
with PWD. It completed its project and started commercial
operations from February 25, 2018.

D. K. (ASSAM): CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of D. K.
(Assam) Associates Private Limited (DKAPL) continues to remain in
the 'Issuer Not Cooperating' category.

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

   Short Term Bank      4.50       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 April 26, 2021,
placed the rating(s) of DKAPL under the 'issuer non-cooperating'
category as DKAPL 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. DKAPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2022, March 22, 2022, April 1, 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).

D.K. (Assam) Associates Private Limited (DKAPL) was incorporated in
2009 to initiate a contracting and trading business. Since its
inception, the company has been engaged in contracting works for
PVC pipes and fittings. DKAPL executes orders for the Public Works
Department (Assam), Public Health Engineering Department, etc.

DELTA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Delta Iron
and Steel Company Private Limited (Delta; part of the Delta group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            19.7       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             4.05      CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       37.5       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       25.75      CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       11.75      CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       33.25      CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       74         CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Delta and Ark Industries
Private Limited (Ark). This is because the two companies, together
referred to as the Delta group, have a common management and are in
the same business. Moreover, Delta holds 20.62% equity share in
Ark.

The Delta group is promoted by Mr Akshay Jain and Mr Dhanesh Mehta.
Based in Mumbai and incorporated in 1996, Delta trades in
hot-rolled coils and sheets, and plates. Ark, established in 2004,
processes, warehouses, and trades in hot-rolled and cold-rolled
steel products.


E.V. EXPORTS: CARE Lowers Rating on INR2.0cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the rating for the bank facilities of E.V.
Exports (EE)  

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      4.00       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 19, 2021,
placed the rating(s) of EE under the 'issuer non-cooperating'
category as EE 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. EE 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).

The ratings for EE have been revised on account of non-availability
of requisite information. Noida, based EV Exports (EE) was
established in 2015 by Mr. Sanjeev Garg as a proprietorship firm.
He handles the overall operations of the firm. EV Exports is an
export-oriented firm engaged in the manufacturing and export of
readymade garments mainly for women. The manufacturing process of
the company is done in unit located in Noida, Uttar Pradesh.

EON ELECTRIC: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eon Electric
Limited (EEL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             30        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             10        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of credit        20        CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

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

   Proposed Long Term      10        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term      15        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

EEL manufactures and markets energy-efficient lighting and other
electrical and electronic products, such as LED lights, fans, water
heaters, lithium ion batteries, mobile phone accessories, wires and
cables, and allied products. The company has two plants at
Haridwar, and a registered office at Sonepat, Haryana. It has been
listed on the Bombay Stock Exchange (BSE) since 2005, and on
National Stock Exchange (NSE) since 2012. Mr V P Mahendru is the
promoter, and daily operations are managed by his sons, Mr Vivek
Mahendru and Mr Vinay Mahendru.


GLOBAL TECH: CARE Lowers Rating on INR2.0cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Global Tech (India) Private Limited (GTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      4.00       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 5, 2021,
placed the rating(s) of GTPL under the 'issuer non-cooperating'
category as GTPL 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. GTPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2022, March 31, 2022, April 10, 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 have been revised on account of non-availability of
requisite information. The rating also considers net loss reported
in FY21.

GTPL was incorporated in the year 2000 and is based out of Pune
(Maharashtra). The company is promoted by Mr Hitendra Patel and Mr
Vimal Kalaria. GTPL is mainly engaged in trading of electrical
engineering goods and machinery parts. Apart from the same, the
company is also engaged in providing installation, commissioning
and repair and maintenance services to many industries such as
automobile, cement, sugar, steel and oil, wind energy and refinery
industries etc.


IREO GRACE: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ireo Grace
Realtech Private Limited (IGRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       47.50      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 IGRPL under the 'issuer non-cooperating'
category as IGRPL 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. IGRPL 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).

Incorporated in 2010, IGRPL is part of the IREO group, a real
estate private equity fund. It is involved in real estate
activities on a fee or contract basis. This class includes buying,
selling, renting managing and appraising real estate on a fee or
contract basis.


JAHANVI ISPAT: CRISIL Withdraws D Rating on INR11cr LT Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Jahanvi Ispat Private Limited (JIPL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL Rating's policy on withdrawal
of its rating on bank loan facilities.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             7         CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Long Term Loan         11         CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with JIPL for
obtaining information through letters and emails dated May 10, 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 JIPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on JIPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
JIPL to 'CRISIL D Issuer not cooperating'.

JIPL, incorporated in 2009, is promoted by Mr. Pramod Gupta. The
company manufactures thermo-mechanically treated steel bars from
mild-steel billets and ingots. The company's manufacturing facility
is at Mandideep, Madhya Pradesh.


JP RAM: CARE Lowers Rating on INR3.00cr LT Loan to B-
-----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
JP Ram Infra (JRI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      2.50       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 April 22, 2021,
placed the rating(s) of JRI under the 'issuer non-cooperating'
category as JRI 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. JRI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 8, 2022, March 18, 2022, March 28,
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 JRI
have been revised on account of non-availability of requisite
information.

JP Ram Infra was established in 2016 as a Partnership firm by Mr.
V. Jaya Ram. The firm's registered office is located in Brindavan
Gardens, Guntur district, Andhra Pradesh. The firm is engaged in
civil contract works for the state government department,
Municipalities and Corporations like APCRDA, Amaravati Development
Corporation and Tenali Municipality & Vijayawada Municipal
Corporation of Andhra Pradesh. The Managing Partner of the firm has
more than three decades of experience in the field of civil
construction. The firm constructs roads mainly for local government
entities. The firm has changed the constitution into partnership
firm in FY16. However, operations started in FY18.


JUPITER RICE: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jupiter
Rice Mill (JRM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.27       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.14       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 26, 2021,
placed the rating(s) of JRM under the 'issuer non-cooperating'
category as JRM 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. JRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2022, March 22, 2022, April 1, 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).

West Bengal based Jupiter Rice Mill (JRM) was established in 2001
as a partnership firm. The firm has installed a rice milling unit
at Kandorsona in Shaktigarh of Burdwan district with an install
capacity of 60,000 MTPA. JRM sells finished rice, broken rice, rice
bran to the local dealers and distributors. The day-to-day affairs
of the firm are looked after by Mr Tapan Kumar Nandi, Partner,
along with other seven partners and a team of experienced
personnel.


KAD HOUSING: CRISIL Withdraws D Rating on INR6.2cr Overdraft
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
KAD Housing Private Limited (KHPL) on the request of the company
and on receipt of a no-objection certificate from its bank. The
rating action is in line with CRISIL Ratings' policy regarding
withdrawal of its fixed deposit instruments.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          1.3       CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Overdraft Facility      6.2       CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Overdraft Facility      4.5       CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with KHPL for
obtaining information through emails dated February 28, 2022 and
April 29, 2022 and letter. 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 KHPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KHPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings rating on the bank
facilities of KHPL continues to be at 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 2004 and promoted by Mr. Digamber Prasad Jain, KAD
operates a 147-room hotel and has also developed a commercial space
in Kaushambhi at a total cost of INR300 crore. Majority of the
commercial space has been sold and the hotel has begun operations.


KANISHK GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kanishk Gold
Private Limited (KGPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Rating       1,050      CRISIL D (ISSUER NOT
                                     COOPERATING)

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

KGPL was established as a partnership firm in Chennai in 2002, and
was reconstituted as a private limited company in 2006. The company
manufactures gold jewelry and is promoted by Mr Bhoopesh Kumar
Jain.


KHANDAKA SONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khandaka
Sons Jewellers (KSJ) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       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 26, 2021,
placed the rating(s) of KSJ under the 'issuer non-cooperating'
category as KSJ 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. KSJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 11, 2022, April 21, 2022, May 1, 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).

Jaipur-based (Rajasthan) Khandaka Sons Jewellers (KSJ) was formed
in April 2015 by Mr. Kuber Kumar Khandaka and Mrs. Alka Khandaka as
a partnership firm to share profit or loss in equal ratio. KSJ is
engaged in the business of manufacturing and retailing of gold,
diamond and platinum hallmark jewellery.


KRISHNA HYDROCARBONS: CARE Lowers Rating on INR9.90cr Loan to B+
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Krishna Hydrocarbons Private Limited
(KHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.90       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 29, 2021,
placed the rating(s) of KHPL under the 'issuer non-cooperating'
category as KHPL 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. KHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 15, 2022, March 25, 2022, April 4, 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 KHPL have been
revised on account of non-availability of requisite information.
The ratings also consider increase in overall debt during the FY21
compared to FY20.

Krishna Hydrocarbons Pvt Ltd (KHPL) incorporated in October 2007 by
Gupta family of Bihar for the purpose of setting up a calcination
plant. The company, after remaining dormant till 2009, has set up a
38,400-metric tonne per annum (MTPA) capacity plant at Barauni
Industrial Area, Begusarai (Bihar), which is in close proximity to
the refinery of Indian Oil Corporation Ltd (IOCL). The plant
commenced commercial production from November, 2011. Mr. Gopal
Krishna Gupta, having more than two decades of experience in
petrochemicals industry, looks after the day to day operations of
the company. He is supported by other directors Mr. Sandeep Anand
Gupta and Mr. Akash Deep Gupta along with the team of experienced
professionals.

LALITHA EDUCATIONAL: CARE Lowers Rating on INR4.61cr Loan to B
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Lalitha Educational Society (SLES), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.61       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 April 19, 2021,
placed the rating(s) of SLES under the 'issuer non-cooperating'
category as SLES 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. SLES 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).

The ratings assigned to the bank facilities of SLES have been
revised on account of non-availability of requisite information.

Kakinada-based, Sri Lalitha Educational Society (SLES) was
established in the year 2006 to provide education in the field of
Pharmacy, Engineering, Dairy Technology, Polytechnic under Sri
Lalitha Educational group. The society has 10 colleges offering
various courses in diploma, under graduate and post graduate
courses. The Engineering and Pharmacy Colleges are approved by All
India Council of Technical Education (AICTE), New Delhi, and
affiliated to JNTU Kakinada and Andhra University. The degree
college has been affiliated to Adikavi Nannayya University,
Rajahmundry. The campus is built in area of 40 acres.


LE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Le Lotus
Grand (LLG) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             0.5       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               4.84      CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in 2016, LLG has commenced its operations from Jan-2019. LLG
is engaged in the operation of a hotel which is self-owned. The
hotel is located at Varanasi, Uttar Pradesh. LLG is owned & managed
by Shri Sujit Rai, Smt Anupama Rai & Shri Vijay K Sinha.


M. M. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M. M.
International (MMI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Packing Credit in       13        CRISIL D (Issuer Not
   Foreign Currency                  Cooperating)

   Proposed Long Term       2.2      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Packing         3        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Proposed Term Loan      18        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan                1.8      CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in November 1996, MMI is a partnership firm into
processing and exporting spices (such as turmeric, coriander,
cumin, mustard and ginger) and food products (such as poha and
jaggery). The company is based in Mumbai and is promoted by the
Vora family. The manufacturing unit is in Navi Mumbai.


MAHALAXMI INVESTMENT: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahalaxmi
Investment and Trading Private Limited (MITPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit              8        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit         8        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility       2        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1986, MITPL is promoted by Mr Umesh Jhalani and
family. The company is based out at Ratlam in Madhya Pradesh. The
company manufactures components used in electrical items such as
distribution transformers, switchgears, meter boxes, feeder
pillars, distribution boxes, and junction boxes used in the
distribution of power.


MIRZA SONS: CARE Keeps B-/A4 Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mirza Sons
(MS) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      8.15       CARE B-; Stable/CARE A4;
   Term Bank                       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 28, 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
April 13, 2022, April 23, 2022, May 3, 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).

Mirza Sons, (MS) was established in 1988 as a partnership firm and
is currently managed by Mr. Mohiuddin Mirza and Mr. Ahsan Mirza.
The firm is engaged in the manufacturing and export of Kashmiri
oriental carpets. It has its own in-house handlooms for
manufacturing the same and has weaving centers located in Jammu and
Kashmir.

ORIENTAL GRANITES: CARE Withdraws D Rating on Long Term Loan
------------------------------------------------------------
CARE has reaffirmed the ratings assigned to the bank facilities of
Oriental Granites & Crushers (OGC) at 'CARE D; Stable; Issuer Not
Cooperating based on the best available information and has
simultaneously withdrawn it, with immediate effect. The rating
withdrawal is at the request of OGC and 'No Objection Certificate'
received from the lender that has extended the facilities rated by
CARE.

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

                                   ISSUER NOT COOPERATING and
                                   Withdrawn

Detailed description of the key rating drivers

At the time of last rating on May 25, 2022, the following were the
key rating strengths and weaknesses:

Detailed description of the key rating drivers

Rating Weaknesses

* Ongoing delays in servicing debt obligations: As per bank
statement analysis, it is observed that there were delays from the
range of 1-17 days in servicing term loan debt obligations along
with penal charges. EMI servicing date is on end of the month.

* Small scale of operations with decrease in total operating
income: Scale of operations have remained low with total operating
income of INR11.24 Crore in FY20 (Prov.). The total operating
income of the firm decreased from INR24.40 crore in FY19 to INR
11.24 crore in FY20 (Prov.) as the firm was not operational for few
months due to income tax raids and inspections conducted by
government authorities which impacted the scale of operations.

* Elongated operating cycle: The operating cycle of the firm
elongated from 74days in FY19 to 220 days in FY20 (Prov.) on
account of high receivables as on March 31, 2020 as the firm has
extended credit period up to 90days to its customers and due to
lockdown imposed by government the firm during last week of March
2020 resulted in unsold inventory of INR 2.50 crore as of March 31,
2020.

* Presence in highly fragmented and competitive industry: The
granite industry is highly competitive and fragmented in nature.
OGC witnesses intense competition from both the organized and
largely unorganized players. Further, the industry is mainly
dependent on the demand from real estate and construction sectors,
which has direct linkage with the general macroeconomic scenario,
interest rates, level of disposable income available with
individuals etc.

* Proprietorship constitution of the entity: OGC being a
proprietorship entity, the risks associated with withdrawal of
proprietor's capital exists. The entity is exposed to inherent risk
of proprietor's capital being withdrawn at time of personal
contingency as also it has limited ability to raise capital and
poor succession planning may result in dissolution of entity. Due
to the proprietorship constitution, it has restricted access to
external borrowing, where net worth as well as credit worthiness of
proprietor, are the key factors affecting credit decision of
lenders. Further, the proprietor has withdrawn capital of INR1.86
crore during FY20 (Prov.).

Key Rating Strengths

* Experience of promoter for more than two decades in stone
crushing business: Mr. C M Joy, proprietor of OGC, has experience
of more than two decades in the stone crushing business. He is
actively involved in the day to day activities of the firm with the
support of Mr P Sebastian Raju, who holds an experience of around
three decades. Over the years of operations, he has developed
established relationship with its suppliers, customers.

Oriental Granites and Crushers (OGC) is a proprietorship entity
established in 2010 and engaged in the business of stone crushing.
The entity has undertaken the mines for lease (size of around 3
acres) to initiate the mining activities and to obtain raw material
(stone boulders). After getting the raw material, it further breaks
the boulders into aggregates (primarily used in real estate and
construction industry) and transports it to its crushing unit. At
present, the unit has ten crushers, which helps them to further
break the aggregates into different sizes and sells it to the
client base located in Udupi District.


POONIA WINES: CARE Lowers Rating on INR15cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Poonia Wines Rewari (PWR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       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 24, 2021,
placed the rating(s) of PWR under the 'issuer non-cooperating'
category as PWR 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. PWR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2022, April 19, 2022, April 29, 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 have been revised on account of non-availability of
requisite information.

Poonia Wines (Rewari) (PWR) was formed in 2006 as an association of
persons by Mr Bhagirath Poonia and his family members. PWR holds
wholesale and retail liquor supplier license in the state of
Haryana and undertakes wholesale and retail sale of Indian made
foreign liquor (IMFL) and beer. The shops are allotted in Haryana
by the state government through a competitive bidding process for a
period of one year.

R.S.V. COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------

CRISIL Ratings said the ratings on bank facilities of R.S.V. Cotton
Industries (RSV) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             2.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Rupee          0.17      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Term Loan               2.83      CRISIL D (Issuer Not
                                     Cooperating)

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RSV and VS Cotton
Industries (VSC). This is because the two entities, together
referred to as the Kakad group, are under a common management and
in similar lines of business, and have significant financial
linkages.

RSV, a partnership firm set up by Mr. Vivek Kakad, Mr. Abdul
Qureshi, and Mr. Mohammed Shafikur Rehman in 2013, gins and presses
cotton. The firm commenced operations in November 2013. Its
manufacturing facilities are at Anjangaon in Amravati,
Maharashtra.

VSC, a partnership firm set up by Mr. Sudhakar Kakad and Mr.
Mohammed Ziya Mansuri in 2012, also gins and presses cotton. It
commenced operations in February 2013. Its manufacturing facilities
are at Murtizapur in Akola, Maharashtra.

The daily operations of both entities are managed by Mr. Sudhakar
Kakad and Mr. Vivek Kakad. The Kakad family has been in the
business of cotton trading for more than a decade.


RANGOLI PARTICLE: CRISIL Withdraws D Rating on INR5cr Cash Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Rangoli Particle Boards
Private Limited (Rangoli) to 'CRISIL D Issuer Not Cooperating'.
CRISIL Ratings has withdrawn its rating on bank facility of Rangoli
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of Rangoli from 'CRISIL D
Issuer Not Cooperating' to 'CRISIL D'. The rating action is in line
with CRISIL Ratings' policy on withdrawal of bank loan ratings.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              5        CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

   Proposed Long Term       2.5      CRISIL D (Migrated from
   Bank Loan Facility                'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

   Term Loan                5        CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

Rangoli was incorporated in 2012 by Mr. Bhupendra Limbani at
Kolhapur (Maharashtra). It trades in prelam boards used in interior
designing and furniture.


RSD OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RSD
Overseas (RO) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       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 28, 2021,
placed the rating(s) of RO under the 'issuer non-cooperating'
category as RO 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. RO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 13, 2022, April 23, 2022, May 3, 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).

Uttar Pradesh based RSD Overseas (RO) was established as a
partnership firms in 2013 by Mr. Raju Goel and Mr. Ankit Goel. The
firm is engaged in trading of rice and other FMCG products such as
spices, desi ghee, pickles etc.


RUBBER O: CRISIL Migrates D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Rubber
O Malabar Products Private Limited (ROM) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.73      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        5.27      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with ROM for
obtaining information through letters and emails dated June 10,
2022 and June 15, 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 ROM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ROM
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 ROM to 'CRISIL D Issuer not cooperating'.

ROM was incorporated in 2011, the firm is engaged in Manufacturing
of Rubber Conveyor Belts and managed by Mohammed Rashid and M.
Usman.


SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures of
Samruddhi Realty Limited (SRL) continues at 'CRISIL D; Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Non Convertible        75.0       CRISIL D (Issuer Not
   Debentures-LT                     Cooperating)

CRISIL Ratings has been following up with SRL for getting
information through letters and emails dated March 30, 2022 and May
31, 2022, apart from various telephonic communications. However,
the issuer has continued to be 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, limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. Ratings with 'Issuer not cooperating'
suffix lack a forward looking component.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings has not received any information on either the financial
performance or strategic intent of SRL, which restricts ability to
take a forward-looking view on the credit quality of the company.
CRISIL Ratings believes that the rating action is consistent with
'Assessing Information Adequacy Risk'.

Based on the last available information, the rating on the
non-convertible debentures of SRL continues at 'CRISIL D; Issuer
Not Cooperating'. Also, the company has been under liquidation
since March 2020.

Analytical Approach

CRISIL Ratings has taken a standalone view on the company.

SRL was set up in 2003 by Mr V R Manjunath, Mr Hemang Rawal and Mr
Ravindra Madhudi. The company develops real estate in Bengaluru and
currently undertakes only residential projects. It has around 17
lakh square foot (sq ft) of ongoing and 23 lakh sq ft of planned
projects. It is listed on the Bombay Stock Exchange in the small
and medium enterprise segment.


SANCO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sanco
Industries Limited (SIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee           2        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             18        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              0.6      CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              8.9      CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        13.4      CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit         5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term       1.1      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SIL for
obtaining information through letters and emails dated March 14,
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 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/CRISIL D Issuer Not Cooperating'.

SIL is a closely-held public limited company, set up in 1986. The
Delhi-based company manufactures PVC wires and cables, and pipes
and pipe fittings. Operations are managed by Mr Sanjay Gupta.


SCANIA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Scania Steels
and Powers Limited continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee        1           CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          11.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          12.93        CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest       4.95        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Funded Interest       1.85        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Letter of Credit      3.0         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    5.6         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan            18.39        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             5.37        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       7.91        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Working Capital       4.5         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Scania was originally set up by Mr. Satish Garg and his family
(from New Delhi) in 1995 and was engaged in manufacture of sponge
iron. In 2006-07, Mr. Sanjay Gadodia, based in Rourkela (Odisha),
purchased this company. Scania has also established a rolling
mill.


SHAKTHI TECH: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Shakthi Tech Manufacturing India Private Limited (STMIPL) to
'CRISIL D/CRISIL D Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Cash Credit            2.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)


   Packing Credit         2         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    14.07      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              21.43     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with STMIPL for
obtaining information through letters and emails dated June 10,
2022 and June 15, 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 STMIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
STMIPL 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 STMIPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

STMIPL was incorporated in June 2013. STMIPL is owned & managed by
Mr. M. Angou and Mrs. Usha Angou. STMIPL is engaged in
manufacturing of machined casting and pump parts such as automobile
components such as shaft sleeves, wheel fork, mixed flow impellers
and industrial pump/valve components such as pump/valve body, motor
support (encasing) of pumps/ valves among others.  STMIPL
manufacturing facility is located in Coimbatore, Tamilnadu.


SHIVANSHU SINTERED: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivanshu
Sintered Products Private Limited (SSPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       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 27, 2021,
placed the rating(s) of SSPPL under the 'issuer non-cooperating'
category as SSPPL 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. SSPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 12, 2022, April 22, 2022, May 2, 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 SSPPL is a private limited company incorporated in
2001. The company is engaged in manufacturing of neembased
pesticide, oil and fertilizers. The company has its manufacturing
facility located in Faridabad, Haryana.

SIPANI PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sipani
Properties Private Limited continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Lease Rental          25          CRISIL D (Issuer Not
   Discounting Loan                  Cooperating)

   Lease Rental           3.4        CRISIL D (Issuer Not
   Discounting Loan                  Cooperating)

   Overdraft Facility     5          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     5.1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             16.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             20          CRISIL D (Issuer Not
                                     Cooperating)

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

Sipani, set up in 1997 and managed by Mr R K Sipani and his son Mr
Dinesh Sipani, develops residential real estate in Bengaluru. The
company was into manufacturing automobile components till 2007,
since when it has been in the real estate business.

SMRITY PAPER: CRISIL Reaffirms Rating on INR5cr Term Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Smrity Paper Mills Pvt Ltd
(SPMPL).

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           3.5       CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit      1.5       CRISIL A4 (Reaffirmed)

   Term Loan             5         CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations amid intense competition in the paper industry,
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by the extensive experience of the
promoter in the paper industry and the moderate financial risk
profile of the company.

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations: Operating income fell to INR13 crore
in fiscal 2021 from INR30.4 crore in fiscal 2020 because of intense
competition and shrinking market. The operating income improved to
an estimated INR20 crore in fiscal 2022 and is expected to remain
modest over the medium term.

* Susceptibility to volatility in raw material prices: Price of raw
material, wastepaper, has been volatile in the past, constraining
profitability.

Strengths:

* Extensive experience of the promoter: Presence of over 10 years
in the paper industry has enabled the promoter to establish healthy
relationships with customers and suppliers, which will continue to
support the business.

* Moderate financial risk profile: Gearing and total outside
liabilities to tangible networth ratio are estimated to have been
comfortable at 0.77 time and 1.8 times, respectively, as on March
31, 2022. However, interest coverage ratio was below average at
negative 0.38 time in fiscal 2021, but improved to 3.46 times in
fiscal 2022.

Liquidity: Stretched

Bank limit utilization was high at 98% on average for the 12 months
through March 2022. Cash accrual, expected over INR0.87 crore per
annum, will sufficiently cover yearly term debt obligation of
INR0.27 crore over the medium term.

In addition, the surplus will cushion the liquidity.

Current ratio is estimated to be at 1.22 time as of March 31,
2022.

Outlook: Stable

CRISIL Ratings believes SPMPL will continue to benefit from the
extensive experience of the promoters.

Rating Sensitivity factors

Upward factors:

* Revenue growing at a compound annual growth rate (CAGR) of 25-30%
over the medium term
* Sustenance of profitability
* Improvement in the working capital cycle

Downward factors

* Decline in revenue to less than INR20 crore and fall in operating
margin
* Non-revival of revenue post the pandemic.
* Stretched working capital cycle

Incorporated in 2002 in Bihar, SPMPL is promoted by Mr Shambhu
Kumar Sinha. The company manufactures writing and printing paper.


SOORYA CASHEW: CARE Lowers Rating on INR12cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Soorya Cashew Factory (SCF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       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 10, 2021,
placed the rating(s) of SCF under the 'issuer non-cooperating'
category as SCF 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. SCF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 26, 2022, April 5, 2022, April 15, 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 SCF have been
revised on account of non-availability of requisite information.

Kollam (Kerala) based Soorya Cashew Factory (SCF) is a partnership
firm established by Mr. R. Sahadevan Pillai in April 2005. In the
beginning the firm was involved only in the trading of cashew nuts.
Later in 2005, the firm also initiated the processing of cashew
nuts. The firm procures about 95% of its raw material, the raw
nuts, from Africa and 5% from domestic market. As on March 31,
2018, the installed capacity, for the processing of nuts stood at
approx. 9.6 tons/day.


SUDHEER TIMBERS: CRISIL Moves B+ Debt Rating from Not Cooperating
-----------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long-term bank facilities of Sudheer Timbers Private
Limited (STPL) to 'CRISIL BB-/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing the
information required for carrying out a comprehensive review of the
rating. Consequently, CRISIL Ratings is migrating the rating to
'CRISIL B+/Stable'.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          17       CRISIL B+/Stable (Migrated from
                                 'CRISIL BB-/Stable ISSUER NOT
                                 COOPERATING')

   Foreign Letter       10       CRISIL B+/Stable (Migrated from
   of Credit                     'CRISIL BB-/Stable ISSUER NOT
                                 COOPERATING')

The rating reflects the company's modest financial risk profile,
small scale of operations and exposure to intense competition in
the timber trading business. These weaknesses are partially offset
by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Modest financial risk profile: Networth is expected to remain
modest at INR8.5 crore and overall gearing and total outside
liabilities to tangible networth high at 2.6 times and 3.7 times,
respectively, over the medium term. Debt protection metrics were
average, indicated by interest coverage of 1.1 times over the
medium term.

* Small scale of operations: Scall of operations remains modest, as
reflected in revenue of INR45 crore in fiscal 2022. Sustenance of
operating profitability and increase in revenue will remain key
rating sensitivity factors over the medium term.

* Susceptibility to intense competition and regulatory changes:
STPL is exposed to competitive pressure in the timber industry
because of the presence of large unorganised players. Intense
competition in the absence of product differentiation results in
low profitability. The business risk profile, too, is exposed to
risks related to changes in import regulations.

Strengths:

* Extensive experience of the promoters: The extensive experience
of the promoters resulting in strong relationships with customers
and suppliers will continue to benefit the business risk profile
over the medium term.

Liquidity: Stretched

Liquidity will remain stretched on account of low cash accrual
vis-a-vis debt obligation of around INR1.5-2 crore in the ongoing
fiscal. Promoters' funds will be brought into the business to
support the debt obligation. Bank limit utilisation averaged 95%
over the 12 months through March 2022. Current ratio is expected to
remain steady at 1.5 times over the medium term.

Outlook: Stable

STPL will continue to benefit from the promoters' extensive
experience and healthy relationships with customers.

Rating Sensitivity Factors

Upward factors

* Improvement in liquidity
* Increase in net cash accrual to above INR2.00 crore

Downward factors

* Interest coverage ratio of below 1 time
* Stretch in the working capital cycle or larger-than-expected
debt-funded capital expenditure

STPL, incorporated in July 2016 and managed by Mr N.V. Samba Siva
Rao and Mr N.V. Seshagiri Rao, trades in timber logs.


SWAROOP HOMES: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swaroop
Homes LLP (SHL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.00       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 5, 2021,
placed the rating(s) of SHL under the 'issuer non-cooperating'
category as SHL 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. SHL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2022, March 31, 2022, April 10, 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).

Swaroop Homes LLP (SHL) is a Pune based firm, established in year
2017, and is proposed to be engaged in the business of real estate
development. The firm is jointly promoted by Sai Essen94 LLP (SEL),
Ms. Jidnyasa Chetan Patil and Ms. Priyanaka Alande. Furthermore,
SEL is jointly owned by the Sai Group & Esson group.


SWASTIK COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik Coal
Corporation Private Limited (SCCPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Discounting      9.85        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           3.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           1.0         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           4.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           4           CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           1.5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit     55           CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit     19.5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit     70           CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit     55           CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit     32.5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit     20           CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility   10           CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility    2.5         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility    3           CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility    2.65        CRISIL D (Issuer Not
                                     Cooperating)

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SCCPL, Arka Carbon Fuels
Pvt Ltd (Arka Carbon), and Shree Ganpatlal Onkarlal Agarwal &
Company (Shree Ganpatlal). This is because the three entities,
together referred to as the Swastik group, are held and managed by
the same promoters and have operational and financial linkages.

SCCPL and Arka Carbon, based in Indore (Madhya Pradesh), trade in
indigenous and imported coal. The group also provides logistic
services through Shree Ganpatlal. Established in 1984 by members of
the Bindal family for trading in indigenous coal, the group is now
focused on imported coal; it both directly imports coal from
international suppliers and relies on merchant importers in India.


T R HOSPITALITIES: CRISIL Moves D Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of T R
Hospitalities (TRHL) to 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan              6.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with TRHL for
obtaining information through letters and emails dated June 10,
2022 and June 15, 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 TRHL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TRHL
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 TRHL to 'CRISIL D Issuer not cooperating'.

Incorporated in 2013, TRHL is owned and managed by Mr Chetan
Sharma. The firm is setting up a 32-room hotel with a restaurants.
Operations are scheduled to commence from June 2021.


TIRUPATI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Industries (TI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       27.47      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 TI under the 'issuer non-cooperating'
category as TI 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. TI 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).

Gujarat based Tirupati Industries was set up in May 2014 as a
partnership firm and is engaged in processing of groundnut deoiled
cake for cattle feed and various other applications. TI had an
installed capacity of 300 metric ton (MT) per day of oil cake as on
March 31, 2019. Along with this, TI is also engaged in
opportunity-based trading of other agri commodities including
deoiled rice bran (DORB). The firm is presently managed by seven
partners, principal amongst them being Mr. Ashish Talaviya.


TIWARI CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tiwari
Construction (TC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.00       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 26, 2021,
placed the rating(s) of TC under the 'issuer non-cooperating'
category as TC 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. TC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2022, March 22, 2022, April 1, 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).

M/S Tiwari Construction was established in the year 2013 with its
office located at Bouripara, Ambikapur, Surguja, Chhattisgarh.
Since its inception, the entity has been engaged in civil
construction of road, building and also in civil engineering works.
Further, the entity is also classified as class 'A' contractor in
civil (B&R) under the department of PWD Government of Chhattisgarh
and Chhattisgarh Police Housing Corporation Limited. Class 'A'
contractor can bid for all types and higher value of contracts of
Public Works Department (PWD) in Chhattisgarh. Mr. Chandra Kishore
Tiwari has more than two decades of experience in civil
construction industry, he looks after the day to day operations of
the entity along with other partners and with support of other
technical and non-technical professionals who are having long
experience in this industry.


URBAN TRANSIT: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Urban
Transit Private Limited (UTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      152.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short 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 April 26, 2021,
placed the rating(s) of UTPL under the 'issuer non-cooperating'
category as UTPL 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. UTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2022, March 22, 2022, April 1, 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).

Urban Transit Private Limited (UTPL) is a wholly owned subsidiary
of Scomi Engineering Berhad, Malaysia (SEB). UTPL was executing a
subcontract of Mumbai Monorail Project which entails supply of
Telecommunications, Signalling and Communication Equipment and
Installation, Testing and Commissioning (ITC) of these systems and
the rolling stock including Operation and Maintenance of Monorail
System in Mumbai Metropolitan Region, Mumbai. The subcontract was
awarded to UTPL by the unincorporated consortium of Larsen & Toubro
Ltd. (L&T) and SEB, hereafter called LTSE, which is the contractor
for 19.7 km Mumbai Monorail appointed by Mumbai Metropolitan Region
Development Authority (MMRDA). SEB's portion of the contract
relates to provision of train cars and its related electrical
systems and L&T's part pertains to civil and structural
construction works. The original value of the contract for UTPL was
INR292 crore.


V. I. SHETTY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of V. I.
Shetty and Company (VISC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.59       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 10, 2021,
placed the rating(s) of VISC under the 'issuer non-cooperating'
category as VISC 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. VISC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 26, 2022, April 5, 2022, April 15, 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).

V.I. Shetty and Company (VISC) was established and started their
commercial operations in the year 1983 by Mr. Venkataapa Shetty as
a proprietorship concern. In the year 2015, they reconstituted VISC
as a partnership firm with Mr. Satish V Shetty (Managing Partner),
Mr. Raghuram V Shetty (Partner) and their mother Mrs. Nagamma V
Shetty (Partner), due to the demise of their Father (Mr Venkataapa
Shetty). The firm has its registered office located at Hubli,
Karnataka. VISC is engaged in civil construction works of
irrigation canals, bridges, barrages, tunnels and their connecting
roads. The firm gets the contracts from various government and semi
government organizations through tenders. The firm has its projects
in the states of Maharashtra and Karnataka. The firm purchases
inputs required for civil construction (like cement, steel, etc.)
from Ultra Tech Cement Limited (Ananthapur), Nandhi Steels (Hubli),
Malsa Stone Crusher (Belgaum) and other local suppliers in and
around Karnataka.


VSP INTERNATIONAL: CARE Keeps B-/A4 Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of VSP
International Private Limited (VSPI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           9.00       CARE B-/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term           1.00       CARE A4; ISSUER NOT
   Bank 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 28, 2021,
placed the rating(s) of VSPI under the 'issuer non-cooperating'
category as VSPI 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. VSPI continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 13, 2022, April 23, 2022, May 3, 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).

New Delhi based, VSP International Private Limited (VSPI) was
incorporated on February 12, 2001. The company is currently being
managed by Mr. Sita Ram Bansal and his son, Mr. Parveen Bansal. The
company is engaged in manufacturing of wide range of
Stainless-Steel strips and coils. The manufacturing facility of the
company is located at Bhiwadi, Rajasthan.




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

PERUSAHAAN PENGELOLA: Fitch Affirms LongTerm IDRs at 'BB+'
----------------------------------------------------------
Fitch Ratings has affirmed PT Perusahaan Pengelola Aset (Persero)'s
(PPA) Long-Term Foreign-and Local-Currency Issuer Default Ratings
(IDRs) at 'BB+' and National Long-Term Rating at 'AA(idn)'. The
Outlooks are Stable. Concurrently, Fitch rates the following
national long-term senior unsecured notes at 'AA(idn)':

Series A: IDR890.6 billion at 7.0% due July 2025; and

Series B: IDR791.6 billion at 7.8% due July 2027.

Fitch has also raised the Standalone Credit Profile to 'b+' from
'b' on the improved financial profile.

A full list of rating actions is below.

'AA(idn)' National Rating denote expectations of a very low level
of default risk relative to other issuers or obligations in the
same country or monetary union. The default risk inherent differs
only slightly from that of the country's highest rated issuers or
obligations.

Fitch classifies PPA as a government-related entity (GRE) and uses
a top-down rating approach. This reflects PPA's close linkage with
the Indonesian government (BBB/Stable) and an incentive for the
government to provide continual support to the entity. This leads
to a high likelihood of exceptional government support for PPA, if
required.

KEY RATING DRIVERS

PPA's national long-term senior unsecured notes are rated at the
same level as PPA's National Long-Term Rating, in line with Fitch's
criteria, as the notes constitute direct, unsubordinated, unsecured
obligations of PPA and rank pari passu with all other unsecured and
unsubordinated obligations of PPA.

Status, Ownership and Control: 'Very Strong'

PPA is a limited liability company without automatic transfer of
liabilities to the government in case of a dissolution. Fitch's
assessment mainly reflects full state ownership and the
government's scrutiny and control on PPA's operational and
financial activities. Fitch expects government control to remain
intact even after a share split proposal - Danareksa to own Series
B share - as the government retains a de facto ownership regardless
of the share split. Major decisions of shareholder general meetings
are subject to government approval given the Series A share
(Dwiwarna).

Support Track Record: 'Very Strong'

The assessment is evidenced by government capital injections
totalling IDR6.0 trillion since 2004 (1.5x of total debt in 2021)
as funding support. In addition, there is no regulatory
restrictions on government support, underpinning the likelihood of
future government support, if needed. The government has
transferred minority ownership in five entities to PPA,
strengthening PPA's capital structure - the liabilities/asset ratio
was 34% in 2021, down from 62% in 2020. Besides, regulatory support
provides PPA a stable operating environment without significant
market competition.

Socio-Political Implications of Default: 'Moderate'

PPA is the only government institution mandated to manage
state-owned enterprise (SOE) restructuring and non-performing loan
(NPL) management of the banking sector. There are no immediate
substitutes for SOE restructuring and NPL management. Therefore,
Fitch expects that a PPA default would jeopardise the government's
plan on these policy roles to some extent. Even so, current NPLs
under its management are small in size, which limits Fitch's
assessment.

Financial Implications of Default: 'Moderate'

Fitch factors in a limited size of borrowings compared with other
GREs in domestic or overseas markets. This implies that a PPA
default would have a moderate impact on the availability and cost
of finance by other GREs. Still, Fitch believes that the government
has sufficient incentive to retain PPA's access to market funding;
otherwise, it would have to be funded by the government or private
sector, which would be unviable under the current SOE restructuring
policy.

Standalone Credit Profile

Revenue Defensibility: 'Midrange'

We expect revenue sources to be more diversified and to drive
revenue significantly in the next five years. The NPL ratio in the
banking sector was at 2.99% in April 2022, down from 3.19% in
November 2021 when PPA took over NPLs from Bank Muamalat.
Indonesian banks have extra cushion to accommodate additional NPLs,
potentially arising from the coronavirus pandemic-induced economic
downturn. Pricing on various product lines is structured to
maintain sufficient compensation by supportive regulatory regime.

Operating Risk: 'Midrange'

Well-identified cost drivers (interest expenses and employee costs)
were moderately volatile in the past five years, and collectively
accounted for 89%-95% of operating expenditure (standalone basis)
in the past two years. Interest expenses accounted for 72% in 2020,
before falling to 20% in 2021 on a large provision. Funding costs
fluctuated moderately during 2017-2021, and PPA's strong local
presence should offset the risk from rising interest rates to some
extent.

Financial Profile: 'Weaker'

Total debt decreased by 10% in 2021 to IDR4.0 trillion, indicating
46% of net worth. The ratio was far lower than 152% in 2020, due
mainly to paid-in capital increase and minority ownership transfer
from the government. EBITDA stood at IDR1.3 trillion at end-2021,
significantly increased from a year earlier on dividends received
from minority interest held, covering interest expenses by 328x,
against an average of 47x in the past five years. EBITDA should
climb in 2022, assuming an operating profit margin of 29%, against
9% in 2021, leading to 15.1x net adjusted debt/EBITDA.

Derivation Summary

PPA's Long-Term Foreign-Currency IDR reflects Fitch's assessment of
the government linkage and support incentive, resulting in a
weighted score of 30 based on Fitch's GRE Rating Criteria. The
Standalone Credit Profile of 'b+' under o Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria, means that Fitch
notches down PPA's Long-Term Foreign-Currency IDR by two from its
sponsor, the government.

PPA's National-Long Term Rating is derived from PPA's Long-Term
Local-Currency IDR of 'BB+'. PPA's ratings reflect Fitch's
assessment on government linkage and support incentive, resulting
in a weighted score of 30 based on Fitch's GRE Rating Criteria.

National Ratings

Sovereign support is reflected in the National Long-Term Rating, as
PPA's credit profile is stronger on a supported basis than on a
standalone basis, and the support assessment underpins PPA's rating
(top-down).

Issuer Profile

PPA is the Indonesian government's only public-policy institution
in asset management. The Ministry of State-Owned Enterprises
administers PPA, which manages the assets of distressed SOEs. PPA
was established to continue the work of the Indonesian Bank
Restructuring Agency, which was created in the aftermath of the
Asian financial crisis in 1998.

RATING SENSITIVITIES

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

-- A downgrade of the Indonesian sovereign rating;

-- Deterioration in a strength of linkage to the government or
    incentive to support by the government may lead to a rating
    downgrade;

-- A downgrade of PPA's National Long-Term Rating would result in

    a similar action on its national Long-term senior unsecured
    issue ratings.

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

-- An upgrade of the Indonesian sovereign rating and/or increase
    in the incentive for the government to provide support may
    trigger positive rating action;

-- An improvement in PPA's standalone credit profile;

--  An upgrade of PPA's National Long-Term Rating would result in

    a similar action on its national long-Term senior unsecured
    issue ratings.

ESG Considerations

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

PPA's ratings are credit linked to Indonesian sovereign's ratings;
Fitch adopts a top-down approach to derive PPA's ratings.

Best/Worst Case Rating Scenario

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

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

PT Perusahaan         LT IDR      BB+       Affirmed    BB+
Pengelola Aset (Persero)

                      Natl LT     AA(idn)   Affirmed    AA(idn)

                      LC LT IDR   BB+       Affirmed    BB+

   senior unsecured   LT          BB+       Affirmed    BB+

   senior unsecured   Natl LT     AA(idn)   Affirmed    AA(idn)

   senior unsecured   Natl LT     AA(idn)   New Rating



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

7 CHILLIES: Court to Hear Wind-Up Petition on Aug. 19
-----------------------------------------------------
A petition to wind up the operations of 7 Chillies Limited will be
heard before the High Court of New Zealand at Auckland on Aug. 19,
2022, at 10:00 a.m.

Yali Cai filed the petition against the company on June 28, 2022.

The Petitioner's solicitor is:

          Michael Julius Robinson
          Turner Hopkins Solicitors
          400 Lake Road
          Takapuna, Auckland


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

The Commissioner of Inland Revenue filed the petition against the
company on June 23, 2022.

The Petitioner's solicitor is:

          Jess Thomson
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


HUNTS RESTAURANT: Court to Hear Wind-Up Petition on July 26
-----------------------------------------------------------
A petition to wind up the operations of Hunts Restaurant Limited
will be heard before the High Court of New Zealand at Wellington on
July 26, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 6, 2022.

The Petitioner's solicitor is:

          Emily Rebecca Erin O’Sullivan
          Legal Services
          11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


R LITS: Court to Hear Wind-Up Petition on Aug. 12
-------------------------------------------------
A petition to wind up the operations of R Lits Group Limited will
be heard before the High Court of New Zealand at Auckland on Aug.
12, 2022, at 10:00 a.m.

Building Recruitment Limited filed the petition against the company
on June 17, 2022.

The Petitioner's solicitor is:

          Michael Julius Robinson
          Turner Hopkins Solicitors
          400 Lake Road
          Takapuna
          Auckland


TAIHE INNOVATION: PKF Corporate Appointed as Receivers
------------------------------------------------------
Christopher Carey McCullagh and Stephen Mark Lawrence of PKF
Corporate Recovery on July 5, 2022, were appointed as receivers and
managers of Taihe Innovation Management Limited.

The administrators may be reached at:

          PKF Corporate Recovery
          Level 15, Swanson House
          12–26 Swanson Street
          Auckland 1010




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

ASPEN DESIGN: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on July 1, 2022, to
wind up the operations of Aspen Design Studio Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


FULLHOUSE HOME: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on July 1, 2022, to
wind up the operations of Fullhouse Home Furnishings Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


KREUZ SUBSEA: Commences Wind-Up Proceedings
-------------------------------------------
Members of Kreuz Subsea Marine Pte Ltd, on July 6, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Ms. Oon Su Sun
          Mr. Lin Yueh Hung
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


LANCO SOLAR: Commences Wind-Up Proceedings
------------------------------------------
Members of Lanco Solar International Pte Ltd, on July 5, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Thio Khiaw Ping Kelvin
          Chan Li Shan
          Agile 8 Solutions Pte. Ltd.
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


RIVER VALLEY: Commences Wind-Up Proceedings
-------------------------------------------
Members of River Valley Realty Pte Ltd, on July 5, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


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

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


THREE ARROWS: Liquidators Get OK to Claim U.S. Assets
-----------------------------------------------------
Reuters reports that liquidators for crypto hedge fund Three Arrows
Capital (3AC) obtained U.S. court permission on July 11 to issue
subpoenas and lay claim to the bankrupt Singapore-based company's
assets, noting that 3AC's missing-in-action founders no longer
control its accounts.

U.S. Bankruptcy Judge Martin Glenn in Manhattan gave the
liquidators authority to claim 3AC's U.S.-based assets and issue
subpoenas to its founders and about two dozen banks and
cryptocurrency exchanges that may have information about its assets
and transfers, according to Reuters.

Reuters relates that Adam Goldberg, a lawyer for the liquidators,
said at an emergency hearing July 12 before Glenn that the
whereabouts of company founders Zhu Su and Kyle Livingstone Davies
remain unknown.

Without the founders' cooperation, the liquidators have been unable
to get a complete view of 3AC's assets and their location, Mr.
Goldberg said. The assets' digital nature creates a real risk that
the founders or other parties will whisk them away unless stopped
by a court order, he said.

"A key part of this order is to put the world on notice that it is
the liquidators that are controlling the debtor's assets at this
stage," Reuters quotes Mr. Goldberg as saying.

Zhu and Davies did not appear in bankruptcy court and did not
oppose the liquidators' request for subpoena authority, the report
says. Zhu tweeted for the first time in almost a month on July 11,
saying the liquidators had rebuffed their good faith offer to
cooperate.

3AC, which was reported to have $10 billion in cryptocurrency
earlier in 2022, held $3 billion in assets as of April, Reuters
discloses citing the liquidators' court filing. The company filed
for bankruptcy in the British Virgin Islands in late June after
being hammered by a sharp sell-off in digital currencies.

3AC's insolvency has destabilized other crypto lenders like Voyager
Digital, which filed for bankruptcy after 3AC failed to repay a
loan of about $650 million in cryptocurrency, and Blockchain.com,
which loaned $270 million to 3AC, Reuters states.

The liquidators were appointed by a British Virgin Islands court to
wind down the company and pay its debts. They filed a parallel
bankruptcy case in Manhattan to shield 3AC's U.S. assets.

                     About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.

As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.   After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc.  -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings.  Judge Martin
Glenn is the case judge.  Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.

The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.




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

SRI LANKA: President Rajapaksa Flees to Maldives, Air Force Says
----------------------------------------------------------------
Bloomberg News reports that Sri Lankan President Gotabaya Rajapaksa
left the country for the Maldives on a military aircraft, an air
force spokesman said on television, hours ahead of his expected
resignation on July 13.    

Bloomberg relates that the Sri Lankan Air Force provided an
aircraft for the 73-year-old leader to leave the country following
a decision by the security council, Air Force spokesman Group
Captain Dushan Wijesinghe said on local television.

According to the report, Wijesinghe said a request had come in from
the current government and was approved by the Ministry of Defense.
Rajapaksa left with his wife and two bodyguards.

The BBC had earlier reported that Rajapaksa arrived in Male, the
capital of the Maldives, at around 3:00 a.m. local time, citing
unidentified people, Bloomberg relays. Former Finance Minister
Basil Rajapaksa also left Sri Lanka and is expected to be heading
to the US, the report said.

Bloomberg says Rajapaksa finally relented to demands to step down
over the weekend after thousands of protesters stormed his official
residence in dramatic scenes. For months, demonstrators have called
for his ouster over financial mismanagement that led to surging
prices and shortages of essential goods like food and fuel.

However, he has yet to send in his resignation letter, according to
people familiar with the matter, Bloomberg relays. Rajapaksa had
told the speaker and the prime minister earlier this week he will
step down on July 13.

According to the report, opposition parties in Sri Lanka are
seeking to cobble together an all-party government and pick
candidates who can take over after from Rajapaksa and Prime
Minister Ranil Wickremesinghe, who also agreed to step down.
Parliament will meet on July 15, nominations will be called on July
19, and a vote for president will be held the following day,
Speaker Mahinda Yapa Abeywardena said on July 11.

Sri Lanka is currently seeking bridge financing to restore the flow
of food and fuel to the population as it negotiates with the
International Monetary Fund on a longer-term loan program to
stabilize the nation's finances, Bloomberg notes.

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.




=============
V I E T N A M
=============

DAT XANH GROUP: Moody's Withdraws 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn Dat Xanh Group Joint Stock
Company's B2 corporate family rating and stable outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

Dat Xanh Group Joint Stock Company (DXG) is an integrated real
estate company in Vietnam, with core businesses across brokerage,
development, and construction. DXG was established in 2003,
focusing on real estate brokerage, but subsequently expanded into
real estate development in 2007 and construction in 2011. DXG was
listed on the Ho Chi Minh Stock Exchange in 2009 and it is owned by
the founder and chairman, Luong Tri Thin and his family.


                           *********


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

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

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

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

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



                *** End of Transmission ***