---

       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

          Wednesday, July 20, 2022, Vol. 25, No. 138

                           Headlines



A U S T R A L I A

BROLTON GROUP: First Creditors' Meeting Set for July 25
CANDLEFOX HOLDINGS: First Creditors' Meeting Set for July 26
CHAN & NAYLOR: First Creditors' Meeting Set for July 29
DOKOZ UNITE: First Creditors' Meeting Set for July 28
JADA GROUP: Owes AUD2.4 Million to 45 Creditors, Report Reveals

LENDFIN PTY: First Creditors' Meeting Set for July 26
PRO9 SYSTEMS: Second Creditors' Meeting Set for July 25
TRITON SMSF 2020: S&P Raises Class F Bonds Rating to 'B+'


C H I N A

BEIJING CAPITAL: S&P Withdraws 'BB+' LT Issuer Credit Rating
CENTRAL CHINA REAL ESTATE: S&P Lowers ICR to 'B-', On Watch Neg.
[*] CHINA: Bond Defaults Hit US$20 Billion in 2022


I N D I A

AGRA OIL: CRISIL Keeps B Debt Rating in Not Cooperating Category
AMRIT HUMIFRESH: CRISIL Keeps B+ Debt Rating in Not Cooperating
ARUN ENGINEERING: CRISIL Moves B- Debt Ratings from Not Cooperating
ASIAN TIRE: CRISIL Keeps B Debt Ratings in Not Cooperating
ASSOCIATED LIGHTING: CRISIL Keeps B Rating in Not Cooperating

BHADRAMARUTI CONCAST: Liquidation Process Case Summary
BHOMIA BUTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
BHUWNESHWAR PATHAK: CRISIL Cuts Rating on INR6cr LT Loan to B+
BLOOM DEKOR: CRISIL Withdraws D Rating on INR32.5cr Cash Loans
BRS ENTERPRISES: Liquidation Process Case Summary

CELEBRITY CORPORATE: CRISIL Keeps D Ratings in Not Cooperating
DHARTI COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
ENTCO MUSIC: Voluntary Liquidation Process Case Summary
EQUIPMENT FINANCE: CRISIL Keeps B+(SO) Rating in Not Cooperating
GANAPATI INDIA: Insolvency Resolution Process Case Summary

GC PROPERTY: Liquidation Process Case Summary
GHRS PRIVATE: Voluntary Liquidation Process Case Summary
GLANCE INVESTMENTS: Insolvency Resolution Process Case Summary
HOTEL SHUBH: CRISIL Withdraws D Rating on INR6.50cr Term Loan
HRK HOSPITALITY: CRISIL Keeps B Debt Ratings in Not Cooperating

IDUPULAPADU COTTON: CRISIL Withdraws B Rating on INR63cr Loan
INCOM WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating
ITCOS GRANITO: CRISIL Moves B+ Debt Rating to Not Cooperating
KRANTHI EDIFICE: Insolvency Resolution Process Case Summary
LINK ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating

M VENKATARAMA: CRISIL Lowers LT/ST Debt Ratings to D
MANSAROVAR TRADE: CRISIL Keeps B Debt Rating in Not Cooperating
MARRIOTT'S RENAISSANCE: Court Admits Edelweiss ARC Insolvency Bid
MINEX INDIA: CRISIL Keeps D Debt Rating in Not Cooperating
MIR BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating

NEW RISHTA: CRISIL Keeps B Debt Ratings in Not Cooperating
NIKHIL TOBACCOS: CRISIL Lowers Rating on INR30cr Loan to D
PNS METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
RENEW POWER: S&P Withdraws 'BB-' LongTerm Issuer Credit Rating
RLJ CONCAST: CRISIL Lowers Rating on Long/Short Term Loan to D

RR WINE: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
SATHYA SOLUTIONS: Liquidation Process Case Summary
SHRIMATI POORNA: CRISIL Keeps D Debt Rating in Not Cooperating
SOLAR OFFSET: Insolvency Resolution Process Case Summary
SRIKANTH INT'L: Insolvency Resolution Process Case Summary

SUSEE POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
UJWAL ELECTRICAL: Liquidation Process Case Summary
UNICAST AUTOTECH: Insolvency Resolution Process Case Summary
VALIYAVEETTIL VENTURES: Voluntary Liquidation Process Case Summary
VETHESTA CONSTRUCTIONS: CRISIL Lowers LT/ST Debt Rating to D

VISHNURAAM TEXTILES: CRISIL Keeps D Ratings in Not Cooperating
[*] INDIA: SBI, Other Banks Saw Massive Rise in NPSs Last Fiscal


I N D O N E S I A

SAWIT SUMBERMAS: S&P Cuts ICR to 'SD' on Completion of Cash Tender


N E W   Z E A L A N D

ADENS TRADING: First Creditors' Meeting Set for July 28
JASON BENNETT: Court to Hear Wind-Up Petition on Aug. 15
JOOS GLOBAL: Creditors' Proofs of Debt Due on Aug. 12
MACS SCAFFOLDING: Creditors' Proofs of Debt Due on Aug. 10
NEW ZEALAND AUTOMOTIVE: Non-Executive Directors Resign En Masse



S I N G A P O R E

CONFLUX FOUNDATION: Creditors' Proofs of Debt Due on Aug. 19
ENVY HOSPITALITY: Commences Wind-Up Proceedings
SENBO PTE: Commences Wind-Up Proceedings
THREE ARROWS: Genesis Lends US$2.36 Billion to 3AC
THREE ARROWS: Liquidation 'Materially Affected' DeFiance Capital


                           - - - - -


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

BROLTON GROUP: First Creditors' Meeting Set for July 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Brolton
Group Pty. Limited will be held on July 25, 2022, at 11:00 a.m. via
Zoom teleconference facilities.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of the company on July 13, 2022.


CANDLEFOX HOLDINGS: First Creditors' Meeting Set for July 26
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Candlefox
Holdings Pty Limited will be held on July 26, 2022, at 11:00 a.m.
via teleconference.

David Ross and David Ingram of I & R Advisory were appointed as
administrators of the company on July 15, 2022.


CHAN & NAYLOR: First Creditors' Meeting Set for July 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Chan &
Naylor Liverpool Operating Pty Ltd will be held on July 29, 2022,
at 11:00 a.m. via virtual meeting only.

Steve Naidenov of Aston Chace was appointed as administrator of the
company on July 19, 2022.


DOKOZ UNITE: First Creditors' Meeting Set for July 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Dokoz Unite
Construction Pty Ltd will be held on July 28, 2022, at 11:00 a.m.
at Ovolo Nishi, New Act on Precinct, 25 Edinburgh Ave, in
Canberra.

Rajiv Ghedia and Shumit Banerjee of Westburn Advisory were
appointed as administrators of the company on July 18, 2022.


JADA GROUP: Owes AUD2.4 Million to 45 Creditors, Report Reveals
---------------------------------------------------------------
News.com.au reports that a Sydney family face never being able to
build their dream home after their builder collapsed in March owing
millions and the cost of their home's construction jumped to AUD1.9
million, a whopping AUD800,000 more than the original quote.

The 10-year-old building company called Jada Group went under with
AUD2.4 million in outstanding debt to 45 creditors, a report from
Mac Insolvency lodged with ASIC in June showed, news.com.au
discloses.

One family who were building with the company have been left in
tears, news.com.au says.

News.com.au relates that the Garozzos, who have a four-year-old son
together and a daughter from her husband's previous relationship,
had been squeezed into a two-bedroom apartment in Sydney.

But wanting to expand their family, they purchased a block of land
in North Kellyville to build their forever home three years ago.

They signed up to build with Jada Group in November 2020 for a
four-bedroom, two-storey home, which was to include a swimming
pool.

The 38-year-old and her 41-year-old husband had poured AUD50,000
into architect's designs and were excited to build their new home.

Then began a horror two years for the family who claim they have
been left in "limbo" and don't know if they will ever recover the
money they paid to the builder, news.com.au relates.

"We still don't even have a slab on our property and our builder
has gone into liquidation. We put down a AUD150,000 deposit . . .
and we can't move forward," Mrs Garozzo told news.com.au.

"We are concerned with the cost of products skyrocketing in that
time and now with the anticipated property price drops of about
AUD400,000, that if we do build and overcapitalise, we will then
owe more money than property is worth."

Even then the family don't know if they will be able to even build
their dream home as they face being unable to finance it as the
build cost jumped by a staggering AUD800,000.

According to news.com.au, the report from Mac Insolvency lodged
with ASIC revealed the outstanding AUD2.4 million debt of Jada
Group includes AUD265,000 owed to the Australian Taxation Office as
well as thousands owed to a number of tradies and material
suppliers, while its business account with CBA was overdrawn by
AUD1062.

Among the creditors are a stone supplier which is owed AUD21,000, a
roofing company that is waiting for a AUD22,000 invoice to be paid,
while bricklayers are owed AUD17,000, according to the liquidator's
report cited by news.com.au.

Apart from the Garozzo family's build, there was another
residential project in the inner west Sydney suburb of Erskineville
that was also impacted, the report added.

"The director has outlined that the business failed as a result of
'defect claims received on its construction of residential
dwellings, as well as the high cost of materials'," the report
added.

It also identified a number of director offences based on its
preliminary investigation that they are considering reporting to
ASIC including failure to use care and diligence, failure to
maintain adequate books and records and incurring liabilities while
insolvent, news.com.au relays.

news.com.au relates that the report also noted from the books and
records received to date that it was the liquidators "opinion that
the company had been insolvent since at least June 30, 2019".


LENDFIN PTY: First Creditors' Meeting Set for July 26
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Lendfin Pty
Ltd will be held on July 26, 2022, at 10:00 a.m. via virtual
meeting only.

Bruce Gleeson of Jones Partners Insolvency & Restructuring was
appointed as administrator of the company on July 14, 2022.


PRO9 SYSTEMS: Second Creditors' Meeting Set for July 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Pro9 Systems
Pty Ltd has been set for July 25, 2022, at 3:30 p.m. via virtual
meeting only.

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 22, 2022, at 5:00 p.m.

Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of the company on June 22, 2022.


TRITON SMSF 2020: S&P Raises Class F Bonds Rating to 'B+'
---------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee for Triton SMSF
Bond Trust 2020 Series 1. At the same time, S&P affirmed its
ratings on four classes of notes. The transaction is a
securitization that entirely comprises residential mortgage loans
to self-managed superannuation funds (SMSFs) originated by Columbus
Capital Pty Ltd.

The rating actions reflect S&P's view of the credit risk of the
pool, which has been amortizing in line with S&P's expectation.
Credit support provided to each class of rated notes in percentage
terms has increased as the pool paid down. This credit support
comprises note subordination for all rated notes. Current
loan-to-value ratios across the pool have been slowly declining,
lowering our expectation of loss for the pool.

As of May 31, 2022, the pool has a balance of about A$337.4 million
and a pool factor of about 86%. The pool's weighted-average
loan-to-value ratio is 58.0% and weighted-average seasoning is 31
months.

Since close, the arrears performance of the pool has been strong
compared with the Standard & Poor's Performance Index for prime
loans. As of May 31, 2022, there are no loans in the pool more than
30 days in arrears or any loans with COVID-19-related hardship
arrangements. There also have been no losses to date.

A key rating stress applied as part of S&P's cash flow modeling was
the assumed loan prepayment rates, which are lower for Columbus
SMSF loans than with standard prime RMBS. S&P Global Ratings has
considered various prepayment rates specific to Columbus SMSF loans
when modeling the cash flows of the underlying mortgage loans.

Because the notes are currently paying on a sequential basis,
credit support will continue to build up over time for the notes,
until the pro-rata tests are met. Once the pro-rata triggers are
met, principal would be passed through to each class of notes on a
pari passu basis, except for the class G notes' allocated
principal, which is paid to the class F notes until the class F
notes are fully repaid, followed by the remaining subordinated
notes once the class F notes have fully repaid. Therefore, the
class F notes will continue to benefit from an increase in the
percentage of credit support provided, as under a pro rata
structure.

S&P said, "Our expectation is that the various mechanisms to
support liquidity within the transaction, including an amortizing
liquidity facility, principal draws, and a loss reserve that builds
up from excess spread, are sufficient under our cash flow stress
assumptions to ensure timely payment of interest."

A fixed- to floating-rate interest-rate swap is provided by
National Australia Bank Ltd. to hedge the mismatch between receipts
from any fixed-rate mortgage loans and the variable-rate notes.

  Ratings Raised

  Triton SMSF Bond Trust 2020 Series 1

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

  Ratings Affirmed

  Triton SMSF Bond Trust 2020 Series 1

  Class A1-AU: AAA (sf)
  Class A1-3Y: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)




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

BEIJING CAPITAL: S&P Withdraws 'BB+' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings has withdrawn its 'BB+' long-term issuer credit
rating on Beijing Capital Land Ltd. (BCL) at the company's request.
The rating outlook was negative at the time of the withdrawal.

BCL is a midsize property developer and the real estate development
arm of Beijing Capital Group, a Beijing government-owned
conglomerate. BCL will be eventually deregistered, following the
privatization of the company by its parent in September 2021.


CENTRAL CHINA REAL ESTATE: S&P Lowers ICR to 'B-', On Watch Neg.
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Central China Real Estate Ltd. (CCRE) to 'B-' from 'B'. At the same
time, S&P placed the rating on CreditWatch with negative
implications.

The CreditWatch status reflects the uncertainties over the
company's timely execution of its debt repayment plan. S&P aims to
resolve the CreditWatch as soon as it has more visibility on its
progress.

S&P lowered its rating on CCRE to reflect the high risk the company
faces in executing its debt repayment plan for the upcoming debt
maturities in a timely manner. The company has concentrated
upcoming offshore debt maturity. Despite the management's plan to
cover the upcoming maturity by mobilizing its unrestricted cash to
the holding company level and through asset disposals, the
execution of such a plan faces higher uncertainty given possible
tighter regulation on presale proceeds in escrow accounts to ensure
smooth delivery of pre-sold homes.

CCRE will navigate a tough recovery path given difficult industry
conditions in Henan province, where it generates all its contracted
sales. S&P siad, "We expect sales in the province will remain
sluggish due to structural changes in homebuyer sentiment stemming
from weakened household income expectations. This follows a series
of incidents in Henan province, which sparked homebuyers' concerns
over smooth delivery of pre-sold properties in the industry
downcycle. We anticipate CCRE's contracted sales will decline by
30%-40% in 2022. In the first half of 2022, the company recorded
total contracted sales of about Chinese renminbi (RMB) 14 billion,
a year-on-year decrease of 54.8%. This is about 26% of the
company's annual sales target announced at its annual results
meeting in April."

Mobilizing cash at the project level involves higher uncertainty.
S&P said, "We expect heightened regulatory scrutiny of escrow
account requirements at project companies (its subsidiaries) to
ensure sufficient funds at the project level for on-time delivery.
CCRE reported unrestricted cash of RMB5.9 billion as of Dec. 31,
2021; we believe part of that was at project subsidiaries. The
company's debt repayment plan relies on timely mobilizing of its
unrestricted cash to repay holding-company-level debt."

Raising funds will become increasingly difficult amid dampened
investor confidence. On June 1, 2022, CCRE announced the framework
agreement of partial sale of shares by its chairman to a subsidiary
of Henan Railway Construction & Investment Group Co. Ltd. (Henan
Railway, a state-owned enterprise under Henan provincial
government) and a proposed issue of guaranteed convertible bonds.
The strategic investment, if completed, should help restore
investor confidence to some extent and boosts CCRE's access to
funding.

S&P siad, "That said, we do not forecast material incremental
financing cash inflow to support CCRE's liquidity position in the
near term. The weakened investor confidence on the Henan property
market may overshadow the positive news on Henan Railway's pending
investment, thus undermining the likelihood of investors and
financial institutions offering additional loans. We believe the
bulk of liquidity sources for repaying upcoming debt will be from
internal sources, such as cash and proceeds from property sales and
asset disposals. We now assess CCRE's liquidity as weak, from less
than adequate previously.

"We believe CCRE's asset disposal plan should provide some
liquidity buffer. The company signed a strategic cooperation
agreement with Wanda Group on April 1, 2022, to monetize the lease
and management of nine commercial properties, and received upfront
payment. Sale of its cultural and tourism project is also in
progress, and could offer some liquidity buffer while contracted
sales gradually recover."

CreditWatch

The CreditWatch status reflects the uncertainties over CCRE's
ability to execute its plan to repay upcoming maturities on time.
The plan, which involves mobilizing cash and selling noncore
assets, may encounter higher risks amid weak property sales in
Henan and dampening market confidence.

S&P aims to resolve the CreditWatch as soon as it has more
visibility on the progress of CCRE's plan to repay upcoming debt
maturities.

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

S&P said, "Governance factors are a negative consideration in our
credit rating analysis of CCRE because we believe the management
turnover in the past year was excessive and could negatively affect
the consistent strategy implementation of the company. The
governance factor also considers the strong influence of CCRE's
controlling shareholder. The company was founded by Mr. Wu Po Sum
in 1992, and he owns 70.11% of its shares as of Dec. 31, 2021."


[*] CHINA: Bond Defaults Hit US$20 Billion in 2022
--------------------------------------------------
South China Morning Post reports that the value of bond defaults in
China in 2022 has already more than doubled the full-year total
from last year, as the accelerating debt crisis in the country's
US$2.7 trillion property market spills over into other areas of the
economy.

Defaults by Chinese issuers have exceeded US$20 billion so far this
year, compared with about US$9 billion for all of last year, with
property developers accounting for most of the defaults, said Augus
To, deputy head of research at ICBC International, the Post
relays.

"The defaults may be peaking this year," the Post quotes Mr. To as
saying. "Uncertainties will linger on in the remainder of the year
or even next year. Improvement may come, but will take a longer
time to materialise."

A total of 19 Chinese companies - 18 of them property developers -
have defaulted in the offshore market so far this year, close to
the whole-year total of 21 in 2021, according to Meng Ting, senior
Asia credit strategist at ANZ Bank China, the Post discloses.

For this year, she foresees a slightly higher default rate for both
onshore bonds - rising to 2.2 per cent or 2.3 per cent from around
1.9 per cent - and in the offshore market, where she does yet have
a specific projection, the report relates.

These predictions come as economic growth in the world's
second-largest economy slowed to its lowest rate in two years, new
home prices fell for the 10th straight month, and unfinished homes
sparked a mortgage boycott movement – all against a backdrop of
large fluctuations in global financial markets amid increasing
interest rates and concerns of recession, according to the Post.

The Post says China's bank regulator on July 18 instructed lenders
to provide credit to eligible property developers to help them
complete unfinished homes, opening the liquidity taps for the first
time since an August 2021 central bank loans cap sent the industry
into a tailspin.

Property companies have US$31.7 billion in bonds due through the
rest of the year, the Post discloses citing data from Bloomberg.
Home builders in the first half contributed almost all of the
US$26.2 billion in delayed offshore bond payments so far this year,
Bloomberg data also show.

"Credit risk is still relatively high, firstly in the property
sector, and secondly the [property risk] is sending shocks to the
financial and banking systems," the Post quotes Ms. Meng at ANZ as
saying.

More recently, the world's most leveraged developer, China
Evergrande Group, failed to get investor approval to further delay
an onshore bond payment, which could become its first onshore bond
default. Ronshine China Holdings and Shimao Group Holdings also
missed two deadlines each for dollar bonds earlier this month, the
report notes.

"While we believe the policy crackdown on China's property sector
has bottomed, the down cycle has further to go, considering the
rocky sales, weak sentiment and deteriorating financing conditions
faced by developers," the Post quotes Chang Li, director at S&P
Global Ratings, as saying. "We don't expect the housing market to
recover any time soon. As such, the potential for default remains
high."

However, the downturn in the offshore Chinese credit market needs
to be viewed within a wider scope, said Eric Liu, head of fixed
income at Harvest Global Investments, the Post relays. The global
bond markets including that in the US are also under pressure due
to global interest rate increases, he said.

Experts still view the Chinese credit market as investible, with
some investment-grade issuers such as state-owned enterprises being
favoured, the report states.

"In an environment when the overall global financial markets
experienced big retreats and when the recession risk is high, the
spotlight is on onshore yuan-denominated bonds and offshore
US-dollar investment-grade bonds," the report quotes Mr. Liu as
saying. Onshore rates are stable and even have room for easing, he
said, adding that together with stable government support, these
bonds will benefit.




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

AGRA OIL: CRISIL Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agra Oil and
General Industries Limited (AOGIL) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            12.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Letter of Credit        0.5       CRISIL A4 (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AOGIL for
obtaining information through letters and emails dated April 20,
2022 and June 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 AOGIL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AOGIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AOGIL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

AOGIL was incorporated in 1995 and is engaged in the manufacturing
and trading of mustard oil and mustard cake. The facility is
located in Agra (Uttar Pradesh). It has seed-crushing capacity of
50 MTPD. AOGIL is owned & managed by Shri Shanti Swaroop Goyal.


AMRIT HUMIFRESH: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amrit
Humifresh Preservation Private Limited (AHPPL) continues to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Loan          19.8      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AHPPL for
obtaining information through letters and emails dated April 20,
2022 and June 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 AHPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AHPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AHPPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

AHPPL is an integrated storage chain providing cold storage
facilities for fruits, vegetables, dry fruits, and spices.
Incorporated in 2000, it is promoted Mr. B K Gupta and became
operational in 2003. Mr. Deepak Agarwal, the promoter's son,
manages operations.


ARUN ENGINEERING: CRISIL Moves B- Debt Ratings from Not Cooperating
-------------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Arun Engineering Projects
Pvt Ltd (AEPPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating the rating on bank facilities of AEPPL from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B-/Stable/CRISIL A4'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         12.5       CRISIL A4 (Migrated from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Cash Credit             5         CRISIL B-/Stable (Migrated
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Long Term
   Bank Loan Facility      7.5       CRISIL B-/Stable (Migrated
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

The ratings reflect AEPPL's modest scale of operations,
geographical concentration in the revenue profile, and large
working capital requirement. These weaknesses are partially offset
by the experience of the promoters in the construction industry and
an adequate order book position aiding revenue visibility.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations with geographical concentration:
AEPPL's scale of operations remain constrained by the intense
completion in the civil construction industry which has many
players with considerable track record of execution. Revenue was
estimated to be around INR32 crore in fiscal 2022. Further, the
entire work orders pertain to projects in Karnataka, exposing the
company to revenue concentration risk.

* Large working capital requirement: Gross current assets were
sizeable at 418 days as on March 31, 2021, driven by large
inventory and debtors of 308 days and 62 days, respectively.

Strengths:

* Experience of promoters and adequate order book position: The
former promoter, (Late) Mr. Arun Kumar Harry, had been in the
infrastructure development business for over three decades. His
son, Mr. Arun John Grieg, currently manages the business and has
extensive experience in execution of water supply and underground
drainage works. AEPPL's business benefits from the promoters'
experience and healthy relations with customers and suppliers
should continue to support the business. Adequate order book of
over INR100 crore as of June 2022 provides revenue visibility over
the medium term.

Liquidity: Stretched

Average bank limit utilisation was high at above 95 percent with a
few overdrawing instances, for the past twelve months ended May
2022. Cash accruals are expected to be low at INR0.57 crore against
no major term debt obligation over the medium term.

Outlook: Stable

CRISIL Ratings believes that AEPPL will continue to benefit from
the experience of the promoters over the medium term.

Rating Sensitivity Factors

Upward factors

* Substantial increase in revenue by around 20-25% with an
operating margin sustained above 5%, leading to higher cash accrual

* Improvement in the working capital cycle, strengthening the
liquidity position

Downward factors

* Decline in revenue by 15-20%
* Stretch in working capital cycle that may lead to excess drawing
in the working capital facility

AEPPL was originally set up in 1972 as a proprietorship by the late
Mr. R A Harry at Bengaluru; it got reconstituted as a
private-limited company in 1998. The company provides engineering,
procurement, and construction services in the water supply and
underground drainage water system segments.


ASIAN TIRE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Asian Tire
Factory Limited (ATFL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             6.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Letter of Credit        3.5       CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Short Term     0.2       CRISIL A4 (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with ATFL for
obtaining information through letters and emails dated April 20,
2022 and June 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 ATFL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATFL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

ATFL was established in 1993 as a partnership firm, and was
reconstituted as a public limited company in 2008, with the
erstwhile partners becoming shareholders. It manufactures and
exports tyres, tyre tubes, and flaps.


ASSOCIATED LIGHTING: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Associated
Lighting Company (ALC) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Export Packing           9        CRISIL B/Stable (Issuer Not
   Credit                            Cooperating)

   Letter of Credit         6        CRISIL A4 (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ALC for
obtaining information through letters and emails dated April 29,
2022 and June 8, 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 ALC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ALC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ALC continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

ALC, based in Noida, Uttar Pradesh, is partnership firm established
in 2005 and promoted by Mr. Ashok Raj Nath and Mr. Arjun Nath. The
firm manufactures home lighting systems such as table lamps, wall
lamps, floor lamps, lampshades, and others. It supplies these to
global customers.


BHADRAMARUTI CONCAST: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Bhadramaruti Concast Private Limited
        Plot No. E-12, Phase II
        Additional MIDC
        Jalnamh 431203

Liquidation Commencement Date: July 7, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: April 25, 2022

Insolvency professional: Mr. Laxman Digambar Pawar

Interim Resolution
Professional:            Mr. Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Ambedkar Statue
                         Pimpri, Pune 411018
                         Mobile: 9921516368
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    August 5, 2022


BHOMIA BUTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhomia
Buttons Private Limited (BBPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             12        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan           3        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BBPL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 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 BBPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BBPL continue to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2002, BBPL is promoted by Mr. Sandeep Jain. The
company, based in Bahadurgarh, Haryana, manufactures standard and
customized buttons, hangers and labels.


BHUWNESHWAR PATHAK: CRISIL Cuts Rating on INR6cr LT Loan to B+
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Bhuwneshwar Pathak Construction Private Limited (BPCPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          5         CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Long Term Loan          6         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Long Term Loan          3.88      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Overdraft Facility      4.7       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term      0.82      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in liquidity profile of the
company. The company has generated cash accruals of about Rs.0.33
crore in fiscal 2022 against repayment obligation of Rs.1.33 crores
for the year. However, timely repayment was made through release of
funds from current assets. Further, the company is not expected to
generate enough cash accruals against repayment obligation over the
medium term as well. This apart, the financial risk profile has
also deteriorated with total outside liabilities to tangible
net-worth ratio (TOL/TNW) of more than 35 times as on March 31st,
2022.    

The ratings consider below-average financial risk profile of BPCPL
and exposure to risks related to tender-based business. These
weaknesses are partially offset by extensive experience of the
promoters in the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Gearing and total outside
liabilities to tangible networth ratio were high at 26.38 times and
35.28 times, respectively, as on March 31, 2022. Debt protection
metrics were modest, with interest coverage and net cash accrual to
total debt ratios of 0.95 time and 0.01 time, respectively, for
fiscal 2021.

* Exposure to risks related to tender-based business: Business
depends entirely on the ability to successfully win tenders.
Revenue and profitability may, therefore, remain constrained if the
company does not bag tenders.

Strengths:

* Extensive experience of the promoters: The promoters have over
three decades of experience in the civil construction segment;
their strong understanding of market dynamics and healthy
relationships with customers and suppliers should ensure steady
flow of repeat orders and thus continue to boost business growth.

Liquidity: Stretched

Cash accrual is projected at a modest Rs 0.5-1 crore per annum,
against yearly repayment obligation of Rs 2 crore. The gap is
expected to be funded through unsecured loan infusion from
promoters.   Bank limit utilization was high at 99% on average
during the 12 months through April 2022. Current ratio was low at
0.84 time as on March 31, 2022.

Outlook: Stable

BPCPL will continue to benefit from the extensive experience of its
promoters.

Rating Sensitivity factors

Upward factors

* Revenue increasing at a compound annual growth rate of 25-30%
over the medium term leading to higher than expected cash
accruals.
* Improvement in liquidity

Downward factors

* Stretch in the working capital cycle, with gross current assets
rising over 220 days
* Deterioration of the financial and liquidity risk profiles

BPCPL, incorporated in June 2009, is a Patna (Bihar)-based company
that undertakes construction, erection, and maintenance of
telecommunication transmission lines. Mr. Bhuneshwar Pathak, Mr.
Shailendra Pathak, Ms Saroj Devi, and Ms Nishi Pathak are the
promoters.


BLOOM DEKOR: CRISIL Withdraws D Rating on INR32.5cr Cash Loans
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of Bloom Dekor Limited (BDL) following a request from the
company and on receipt of a 'no dues certificate' from the banker.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of bank loan ratings.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            22.5       CRISIL D (Rating Withdrawn)
   Cash Credit            10         CRISIL D (Rating Withdrawn)

Based in Ahmedabad and listed on the Bombay Stock Exchange, BDL
manufactures laminated sheets and doors and sells to domestic and
international clients.


BRS ENTERPRISES: Liquidation Process Case Summary
-------------------------------------------------
Debtor: BRS Enterprises & Trading Limited
        Shop No. 2, Beside Nuzen Hair Oil
        Police Station Road, IDA
        Bollaram, Jinnaram
        Md Bollaram TG 502325

Liquidation Commencement Date: July 8, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Date of closure of
insolvency resolution process: June 24, 2022

Insolvency professional: Mr. K.J. Vinod

Interim Resolution
Professional:            Mr. K.J. Vinod
                         Flat No. 9, 3rd Floor
                         Block-A, Trident Serenity
                         Nanjundapuram Road
                         Ramanathapuram
                         Coimbatore 641036
                         Mobile: 9789902841
                         E-mail: kjvinod05@rediffmail.com

Last date for
submission of claims:    August 7, 2022


CELEBRITY CORPORATE: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Celebrity
Corporate Club (CCC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Loan          7         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      1         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CCC for
obtaining information through letters and emails dated April 20,
2022 and June 8, 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 CCC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CCC continue to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2010 by Mr. Kangeyan, CCC runs a club in Chennai which
has three branches in Tamil Nadu.


DHARTI COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dharti Cotton
Industries (DCI) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with DCI for
obtaining information through letters and emails dated April 20,
2022 and June 8, 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 DCI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DCI continue to be 'CRISIL D Issuer Not Cooperating'.

DCI is an Amreli, Gujarat-based partnership firm, established in
2007. The company is engaged in cotton ginning and pressing
operations.


ENTCO MUSIC: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Entco Music Private Limited
        1003, 10th Floor
        Hallmark Business Plaza
        Sant Dnyaneshwar Marg
        Near Guru Nanak Hospital
        Bandra (East) Mumbai 400051

Liquidation Commencement Date: July 5, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Sunil Gajanan Nanal

Interim Resolution
Professional:            Sunil Gajanan Nanal
                         3-4, Aishwarya Sankul
                         17 G.A. Kulkarni Path
                         Opp. Joshi's Railway Museum
                         Kothrud, Pune 411038

                            - and -

                         Flat No. 8, Priyanjali
                         Lane No. 6, Dahanukar Colony
                         Kothrud, Pune 411038
                         E-mail: sunil.nanal@kanjcs.com
                         Tel: 020-25466265

Last date for
submission of claims:    August 4, 2022


EQUIPMENT FINANCE: CRISIL Keeps B+(SO) Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Srei
Equipment Finance Limited (SEFL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Series A PTCs        18.47      CRISIL B+ (SO)/Watch Negative/
                                   ISSUER NOT COOPERATING;
                                   Continues on 'Rating Watch
                                   with Negative Implications'

CRISIL Ratings has been consistently following up with SEFL through
emails dated March 26, 2021, April 2, 2021, July 21, 2021, October
4, 2021, January 7, 2022, April 5, 2022 and June 23, 2022. However
SEFL has been unable to provide up to date information on an
ongoing basis.

'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 adequate information on the performance
of the obligors in the pool and its reconciliation with the payouts
done. CRISIL Ratings believes that the rating action is consistent
with 'Assessing Information Adequacy Risk'.

CRISIL Ratings has noted recent development that on October 04,
2021, RBI superseded the Board of Directors of SIFL and SEFL owing
to governance concerns and payment defaults by SREI Group
Companies. Through an order on October 08, 2021, NCLT Kolkata bench
initiated corporate insolvency resolution process against SREI
Group Companies under the Insolvency and Bankruptcy Code 2016.
Based on application filed by the Administrator, NCLT Kolkata
bench, vide Order dated February 14, 2022, has directed
consolidated insolvency resolution process for SEFL and SIFL. Any
further development in this relation shall be closely monitored by
CRISIL.

On account of continued weakness in the credit profile of the
servicer, rating on Series A pass-through certificates (PTCs)
issued by 'IIALRT-I Trust' remains at 'CRISIL B+ (SO) Issuer Not
Cooperating'. The rating continues on 'Rating Watch with Negative
Implications'.

The PTCs are backed by IT, Healthcare and Construction Equipment
rental receivables leased out by SREI Equipment Finance Limited
(SEFL) to corporate lessees. The transaction has a timely interest
and ultimate principal structure.

CRISIL Ratings' methodology for rating PTCs factors the credit risk
profile of the originator/servicer along with the expected
collection performance of the underlying pool. Linkage to servicer
is critical from two aspects: 1) Collections or recovery from
underlying contracts and 2) Bankruptcy-remoteness of cash
collateral. CRISIL Ratings has noted that there was a judicial
precedent on access to cash collateral for securitised pools in one
specific originator/servicer. Hence, CRISIL Ratings' believes that
weakening of the credit risk profile of the servicer reduces the
extent of de-linkage of securitised pool rating from the servicer
credit profile.

Key Rating Drivers & Detailed Description

Strengths:

* Credit quality of the obligors: The underlying lessees are of
good credit quality with most of the lessees estimated to have
credit quality equivalent to investment grade.

Weakness:

* Credit quality of the servicer/lessor: The lessees directly
deposit the lease rentals into the C&P account hence servicing risk
in this transaction is considerably lower than that in typical
securitization transactions. However, servicing remains critical as
recoveries post default of any of the lessors will be dependent on
the ability of the servicer to effect roll-backs and settlements
with the defaulting parties.

* Heightened Fixed Deposit (FD) accessibility risk: Trustee's
ability to access credit collateral by getting approval from SEFL
is a key monitorable.

* Borrower concentration: The pool is concentrated with top 10
lessees constituting the major proportion.

* Receivables are non-financial obligations of the obligors: The
lease rentals are operating obligations of the lessees and not
financial obligations. As per the lease agreements, the lease
obligations are non-cancellable, absolute and unconditional
obligations of the lessees, which provides comfort regarding the
lease repayments.

Liquidity: Poor

Liquidity is poor given that the credit enhancement in the
structure may not be available to cover pool losses even at the
level of currently estimated base shortfalls

CRISIL Ratings has adequately factored these aspects in its rating
analysis

Rating Sensitivity Factors

Upward factors

* Trustee able to demonstrate access to cash collateral in a timely
manner.

Downward factors

* Inability of the Trustee to access cash collateral as set out
under transaction terms
* Deterioration in pool performance

                          About the Pool

The pool comprises rental receivables from construction, IT and
healthcare equipment leases originated by SEFL.

                       About the Originator

Srei Equipment Finance Limited (SEFL) is registered with RBI as a
non-deposit taking NBFC (Category-Asset Finance) and provides
financial products and services to a wide spectrum of assets such
as construction and mining equipment, information technology
equipment and solutions, healthcare equipment and farm equipment.
It is a wholly-owned subsidiary of Srei Infrastructure Finance
Limited (SIFL).

SEFL was a 50:50 joint venture between SIFL, India's only private
sector infrastructure finance company; and BNP Paribas Lease Group
(BPLG), one of the largest leasing groups in Europe. Pursuant to
share purchase agreement dated December 29, 2015, executed between
SIFL, BPLG, SEFL, SREI Growth Trust, Mr. Hemant Kanoria, and Mr.
Sunil Kanoria, BPLG agreed (i) to acquire 2,51,54,317 equity shares
of SIFL representing 5% of total paid up equity share capital and
(ii) in lieu thereof, sell its entire shareholding of 2,98,30,000
equity shares in SEFL representing 50% of the total paid-up equity
share capital to SIFL in accordance with applicable laws. The
transaction was completed on June 17, 2016, when SEFL became a
wholly-owned subsidiary of SIFL.


GANAPATI INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ganapati India International Pvt. Ltd.
        RC-64, Adda Plot, Phase-II
        Bengal Ambuja City Centre
        Durgapur WB 713216

Insolvency Commencement Date: July 13, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 9, 2023

Insolvency professional: Sanjeev Jhunjhunwala

Interim Resolution
Professional:            Sanjeev Jhunjhunwala
                         Siddha Weston, 9 Weston Street
                         Suite no. 134, 1st Floot
                         Kolkata 700013
                         E-mail: sanjeevjhunjhunwala@gmail.com
                                 cirp.ganapati@gmail.com

Last date for
submission of claims:    July 27, 2022


GC PROPERTY: Liquidation Process Case Summary
---------------------------------------------
Debtor: G.C. Property Private Limited
        Bhupati Chambers, 5th Floor
        13, Mathews Road
        Charni Road
        Mumbai 400004

Liquidation Commencement Date: July 14, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Rajesh Jhunjhunwala

Interim Resolution
Professional:            Rajesh Jhunjhunwala
                         A51, Aashit Chs
                         Azad Road, H B Gawde Marg
                         Stanburg Estate
                         Juhu Koliwada, Mumbai 400049
                         E-mail: jhunjhunwala.rajesh@gmail.com
                                 liquidation.gcppl@gmail.com

Last date for
submission of claims:    August 13, 2022


GHRS PRIVATE: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: GHRS Private Limited
        2745/23, 2nd Floor
        Beadon Pura, Karol Bagh
        New Delhi 110005

Liquidation Commencement Date: July 9, 2022

Court: National Company Law Tribunal, New Delhi Bench

Insolvency professional: Bhim Sain Goyal

Interim Resolution
Professional:            Bhim Sain Goyal
                         M-215, Rear Ground Floor
                         Greater Kailash-II
                         New Delhi 110048
                         Tel: 9811081491
                         E-mail: bsgoyal1@gmail.com

Last date for
submission of claims:    August 8, 2022


GLANCE INVESTMENTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Glance Investments (India) Private Limited
        Crescent Chamber 3rd Floor
        Office No. 2 56 Tamarind Lane
        Fort Mumbai MH 400023
        IN

Insolvency Commencement Date: July 12, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 8, 2023

Insolvency professional: Mr. Manoj Kumar Jain

Interim Resolution
Professional:            Mr. Manoj Kumar Jain
                         11, Friends Union Premises
                         Co-Operative Society Limited
                         2nd Floor, 227, P.D'Mello Road
                         Fort, Mumbai 400001
                         E-mail: manojj2102@gmail.com

Last date for
submission of claims:    July 26, 2022


HOTEL SHUBH: CRISIL Withdraws D Rating on INR6.50cr Term Loan
-------------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Hotel
Shubh In (HSI), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan               6.5       CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

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

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its ratings on the bank facilities of
HSI on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

Set in 2016 by Bhopal (MP) based Ankit Sharma and Darshan Chawla
families, HIS operates a 45 room and 1 conference room hotel near
Habibganj railway station.


HRK HOSPITALITY: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of HRK
Hospitality (HRKH) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility     1.25       CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.36       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              2.39       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              5          CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HRKH for
obtaining information through letters and emails dated April 20,
2022 and June 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 HRKH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRKH
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HRKH continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Set up in 2016, HRKH is engaged in the operation of a hotel under
the name 'Star Hotel'. The hotel has restaurants, bars, coffee
shop, banquet halls, and conference rooms. The hotel is located is
at Hubli, Karnataka. HRKH is promoted by Mr. Anand B Kalwad.


IDUPULAPADU COTTON: CRISIL Withdraws B Rating on INR63cr Loan
-------------------------------------------------------------
CRISIL has withdrawn the ratings on certain bank facilities of
Idupulapadu Cotton Mills Private Limited (ICMPL), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Discounting        30        CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit             53        CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit             63        CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Long Term Loan          24.94     CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Long Term Loan          58.62     CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Long Term
   Bank Loan Facility      12.20     CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with ICMPL for
obtaining information through letters and emails dated November 13,
2021 and January 12, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its ratings on the bank facilities of
ICMPL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

Incorporated in 1994 and based in Guntur (Andhra Pradesh), ICMPL
manufactures cotton yarn. The company was promoted by the late Mr.
Kamepalli Subba Rao and its day-to-day operations are managed by
managing director Mr. Kamepalli Bramha Naidu.


INCOM WIRES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Incom Wires
and Cables Limited (IWCL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Letter of Credit         6        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term       2.15     CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan                3.85     CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with IWCL for
obtaining information through letters and emails dated April 20,
2022 and June 08, 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 IWCL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IWCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IWCL continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

IWCL, incorporated in 1995, manufactures different types of
electric wires, power cables, control cables, railway signaling
cables, railway quad cables and telephone cables at its unit in
Mayapuri Industrial Estate, Delhi. IWCL is approved by the Research
Design and Standards Organisation as a Part 1 supplier of signaling
and telecommunication cables to Indian Railways. The company is
also an approved vendor for other state government power utilities
such as National Thermal Power Corporation Ltd, state electricity
boards of Punjab, Haryana and Rajasthan and private companies like
L&T Ltd.


ITCOS GRANITO: CRISIL Moves B+ Debt Rating to Not Cooperating
-------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Itcos Granito LLP (IGL) to
'CRISIL B+/Stable/CRISIL A4; Issuer not cooperating'. However, IGL
has subsequently started sharing the information required for a
comprehensive review. Consequently, CRISIL Ratings is migrating the
ratings to 'CRISIL B+/Stable/CRISIL A4'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          4         CRISIL A4 (Migrated from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Cash Credit            10         CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

   Term Loan               5.62      CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

   Working Capital         3.88      CRISIL B+/Stable (Migrated
   Term Loan                         from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

The ratings reflect modest financial risk profile of IGL, large
working capital requirement and exposure to volatile raw material
and fuel prices. These weaknesses are partially offset by the
extensive experience of the partners in manufacturing ceramic
tiles.

Analytical Approach

Unsecured loans (INR6.22 crore as of March 31, 2021) extended by
the partners have been treated as neither debt nor equity because
these loans are interest-free and may be retained in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest financial risk profile: Networth was low at INR7.21 crore
as of March 31, 2021, with gearing high at about 3.00 times. Debt
protection metrics were average, with interest coverage and net
cash accrual to total debt ratios of 2.64 times and 0.18 time,
respectively, in fiscal 2021.

* Large working capital requirement: The working capital cycle is
likely to remain stretched, with gross current assets (GCAs)
projected at around 230 days over the medium term. GCAs were
sizeable at 192 days as on March 31, 2021, driven by receivables of
113 days and inventory of 70 days.

* Exposure to volatile raw material and fuel (gas) prices:
Operations may remain susceptible to fluctuations in raw material
and fuel prices, as intense competition limits ability of the firm
to pass on the price hike to clients. Due to lower ability of the
firm to pass on the prices to its customers, operating margin has
reduced in FY 22 like operating margin was 13.4% in FY 22 against
14.9% in FY 21. Sustenance of operating margin will remain key
monitorable.

Strengths

* Extensive experience and funding support of the partners: The
partners have been in the ceramic tiles manufacturing industry for
a decade; their strong understanding of market dynamics, healthy
relationships with suppliers and customers and timely, need-based
funding support (through unsecured loans and equity infusion)
should continue to aid the business.

Liquidity Stretched

Cash accrual is projected at more than INR3.57 crore per annum,
barely sufficient to meet the term debt obligation of INR3.16 crore
over the medium term. Bank limit utilization was moderate at around
56.15% for the 12 months through May 2022. Current ratio was 1.61
times on March 31, 2021. Need-based funds (equity and unsecured
loans) extended by the partners should aid financial flexibility.
Company had healthy cash and cash equivalents of INR3.36 Cr as of
FY 21.

Outlook Stable

IGL will continue to benefit from extensive experience of its
partners and their healthy relationship with clients.

Rating Sensitivity factors

Upward factors

* Ratio of cash accrual against repayment increasing above 1.5
times
* Improvement in the capital structure

Downward factors

* Cash accrual dropping by more than 20% each fiscal
* Further stretch in the working capital cycle or significant
withdrawal of capital

IGL, a partnership firm set up in 2017, manufactures ceramic tiles
at its facility in Morbi (Gujarat), with installed capacity of
68,000 tonne per annum. Mr. Haresh Bhadja, Mr. Pravin Bhadja and
their family members are the partners.


KRANTHI EDIFICE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Kranthi Edifice Private Limited
        3-5-784/2/8/A, Sri Sai Sree Heights
        Opp. Pardha Gate, King Koti
        Hyderabad 500029
        Telangana

Insolvency Commencement Date: July 8, 2022

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: January 4, 2023

Insolvency professional: Kalpana G

Interim Resolution
Professional:            Kalpana G
                         H.No. 16-11-19/4, G-1
                         Sri Laxmi Nilayam
                         Salem Nagar Colony
                         Malakpet, Hyderabad
                         Telangana 500036
                         E-mail: kalpanagonugunta1@gmail.com

                            - and -

                         MSKM Group, 1209, 11th Floor
                         Vasavi MPM Grand
                         Yellareddyuda Road, Ameerpet
                         Hyderabad 500038
                         E-mail: ipkranthi@gmail.com

Last date for
submission of claims:    July 22, 2022


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

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee           9        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Link for
obtaining information through letters and emails dated April 20,
2022 and June 8, 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 Link, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Link
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Link continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Link was established in 1998 as a partnership firm between Mr. Anil
Jaitly and his family. It constructs roads and buildings for state
public works and irrigation departments and the National Highway
Authority of India.


M VENKATARAMA: CRISIL Lowers LT/ST Debt Ratings to D
----------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
M Venkatarama Reddy (MVR) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating
' as there are delays beyond 30 days in the interest servicing in
working capital facility leading to SMA classification of the
asset, as confirmed by the banker.

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

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

CRISIL Ratings has been consistently following up with MVR for
obtaining information through letters and emails dated April 29,
2022 and June 27, 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 MVR, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes information available on
MVR is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded the rating on the bank facilities of MVR to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating ' as there are delays beyond 30 days in the
interest servicing in working capital facility leading to SMA
classification of the asset, as confirmed by the banker.

Established in 1989 as a proprietorship firm, MVR is a
Bengaluru-based civil contractor. The firm primarily undertakes
construction of roads projects. The operations are managed by Mr. M
Venkatarama Reddy.


MANSAROVAR TRADE: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mansarovar
Trade Link (MTL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with MTL for
obtaining information through letters and emails dated April 20,
2022 and June 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 MTL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTL continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

MTL is a partnership firm which commenced commercial operations
from June 2014. The firm trades in sugar. Mr. Debesh Agarwal, Mr.
Mahesh Agarwal, and Mr. Kailash Prasad Agarwal are partners in the
firm. Its operations are primarily managed by Mr. Debesh Agarwal.
Its office is in Siliguri (West Bengal).


MARRIOTT'S RENAISSANCE: Court Admits Edelweiss ARC Insolvency Bid
-----------------------------------------------------------------
The Hindu BusinessLine reports that iconic Bangalore hotel
Marriott's Renaissance Race Course has been dragged to NCLT by
Edelweiss ARC over unpaid dues of about INR1,000 crore. The
insolvency petition against the hotel has been admitted by the
court.  

The five-star hotel is still operational. In May, BusinessLine
reported that Edelweiss was in constant conversation with the hotel
management to settle the issue out-of-court, however, they were
finding it difficult to recover the money. With no resolution in
sight, Edelwiess decided to drag the company to the insolvency
court.  

According to the report, the ARC filed a petition in the National
Company Law Tribunal (NCLT) under Section 7 of the Indian
Bankruptcy Court Section 7 petition. The section caters to matters
for the initiation of corporate insolvency resolution process by a
financial creditor(s). After couple of hearings, the court had
reserved the order for admission last month.

The parent company is Viceroy Bangalore Hotels Private Limited,
according to its website. Marriott International has signed a
management contract with Viceroy, BusinessLine notes.

The hotel has total of 277 rooms comprising 246 luxury double-bed
rooms, 30 suites and 1 presidential suit, all-day dining, specialty
restaurants, executive lounge, banquet hall/ball room, conference
hall, business lounge/centre, health club & spa, swimming pool and
car parking facility built to international standards of
"Renaissance" brand of Marriott International Inc. USA.


MINEX INDIA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Minex India
(Minex) continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with Minex for
obtaining information through letters and emails dated April 20,
2022 and June 8, 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 Minex, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Minex
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Minex continue to be 'CRISIL D Issuer Not Cooperating'.

Minex was established by Mr. Sabyasachi Pattnaik and his brother,
Mr. Subhrakanta Pattnaik, as a partnership firm in 2005. The firm
trades in iron ore fines. Mr. Sabyasachi Pattnaik manages the
firm's day-to-day operations.


MIR BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MIR Builders
and Developers Private Limited (MIRBDL; part of MIR group)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       18        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with MIRBDL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 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 MIRBDL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
MIRBDL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MIRBDL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of MIRBDL with its group
company MIR Realtors Pvt Ltd (MIRBDL). This is because the two
companies, together referred to as the MIR group, have business and
financial linkages and a common management.

                          About the Group

Incorporated in the year 2006, MIRBDL is engaged primarily in
residential real estate development in Kerala. Incorporated in the
year 2008, MIRBDL is also engaged in residential real estate
development in Kerala. The group is promoted by Mr. K. Arun Kumar.


NEW RISHTA: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Rishta
Agro India Limited (NRAIL) continue to be 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             7.7       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Packing Credit          0.3       CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Fund-          0.5       CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with NRAIL for
obtaining information through letters and emails dated April 20,
2022 and June 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 NRAIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NRAIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NRAIL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

NRAIL was originally setup in 1995 as a proprietorship concern,
Shri Krishan Rice & General Mills; this firm was reconstituted as a
private limited company in April 2013. The company is engaged in
milling and processing of basmati and non-basmati rice via its
premises in Hodal, Haryana.


NIKHIL TOBACCOS: CRISIL Lowers Rating on INR30cr Loan to D
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Nikhil Tobaccos (NT) to
'CRISIL B/Stable Issuer Not Cooperating'. However, the company has
subsequently started sharing requisite information, necessary for
carrying out comprehensive review of the rating. CRISIL Ratings
observed that there are overdrawals in the Cash Credit/Overdraft
account for more than 30 days and consequently, downgrading the
rating on bank facilities of NT to CRISIL D from 'CRISIL B/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit/            30        CRISIL D (Downgraded from
   Overdraft facility                'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

The ratings also reflect the company's exposure to intense
competition, its modest scale and weak financial profile. These
weaknesses are partially offset by the extensive experience of the
proprietor in the tobacco industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition: There is a large presence of
organized and unorganized players in the segment, driven by low
capital requirement. Intense competition hampers the firm's
negotiating power with suppliers and customers and affects its
ability to withstand business downturns.

* Modest scale of operations: NT's business profile is constrained
by its modest scale in the intensely competitive tobacco industry.
Operating income continues to be moderate INR58 crore in fiscal
2022 as against revenue of INR108 crore in fiscal 2019, because of
demand issues. NT's modest scale will continue to limit its
operating flexibility.

* Weak financial profile: Total outside liabilities to tangible
networth (TOLTNW) ratio stood at 8.82 times and gearing at 8.09
times as on March 31, 2022. NT's debt protection measures continue
to remain weak due to high gearing and low accrual from operations.
The interest coverage ratio stood low at 1.09 times in fiscal
2022.


Strengths:

* Extensive industry experience of the proprietor: The proprietor
has experience of over 10 years in the tobacco industry. This has
given her a strong understanding of the market dynamics and enabled
her to establish healthy relationships with suppliers and
customers.

Liquidity: Poor

Poor liquidity with low accruals of less than INR0.50 cr and
overdrawals in the working capital limits for more than 30 days due
to high working capital requirement.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for at least 90 days.
* Improvement in net cash accruals and cushion in working capital
limits resulting in better liquidity

Established in 2012, NT is owned and managed by Mrs Suma Gutta. The
firm trades in tobacco and is located in Andhra Pradesh.


PNS METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PNS Metals
Limited (PML) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Cash           9         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with PML for
obtaining information through letters and emails dated April 20,
2022 and June 8, 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 PML, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PML continues to be 'CRISIL D Issuer Not Cooperating'.

PML, incorporated in 2001, is promoted by Jamnagar (Gujarat)-based
Mr. Ajay Sayani and his family members. The company manufactures,
exports and trades in brass fasteners and fittings.


RENEW POWER: S&P Withdraws 'BB-' LongTerm Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings t has withdrawn its 'BB-' long-term issuer
credit and issue rating on ReNew Power Ltd. Restricted Group (RPL
RG) at the company's request. This follows RPL RG's early
redemption of its bonds due in 2024. As of June 30, 2022, the
company had fully redeemed its US$525 million 6.67% senior secured
notes due March 2024. The outlook on the issuer credit rating was
stable at the time of the withdrawal.


RLJ CONCAST: CRISIL Lowers Rating on Long/Short Term Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
RLJ Concast Private Limited (RLJC) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'

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

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

The downgrade reflects RJLC's poor liquidity, as evidenced by
instances of delay in servicing of its debt obligations.

The rating reflects RLJC's delay in debt servicing, working capital
intensive operations, and exposure to project implementation risk.
These weaknesses are partially offset by its extensive industry
experience of the promoters and comfortable financial risk
profile.

Key Rating Drivers & Detailed Description

* Delay in Debt Servicing: RLJC has incurred delays in servicing of
debt obligations of its fund-based facilities, following
deterioration in liquidity on account of disruption of business
operations. The same also resulted in SMA-0 classification of the
account.

Weaknesses:

* Working capital intensive operations: The RLJ group's operations
are working capital intensive, marked by GCA days of over 150 days
over the years. This is primarily on account of its moderate
debtors of 35 days and large inventory of 56 days.

* Exposure to project implementation risk: The project for setting
up a kiln to increase sponge iron capacity has not been started
yet. The project cost is estimated at INR17 crore and for which the
company plans to avail a term loan of INR11 crore. Successful and
timely completion of the project with no cost overrun will remain a
key rating sensitivity factor

Strengths:

* Extensive industry experience of the promoters: A presence of
more than a decade in the iron and steel industry has enabled the
promoters to understand market dynamics and establish a healthy
relationship with suppliers and customers. They have, over the
years, weathered the cyclicality inherent in the industry.

Liquidity: Poor

Liquidity profile remains poor as the company has incurred delays
in servicing of debt obligations. The same also resulted in SMA-0
classification of the account.

Rating Sensitivity Factors

Upward factor

* Timely debt repayment with a track record of 90 days
* Improvement in scale of operations with timely receipt of debtor
realization providing support to the liquidity profile

RLJC is a private limited company set up in 2008. It was earlier
set up as a closely held public limited company but was converted
into a private limited company in 2015. The company is managed by
Mr. Arun Jain and is engaged in the manufacturing of sponge iron
and ingots/ billets from iron ore and also operates a captive power
plant. The manufacturing facilities of the company are located in
Village Baragaon, Mirzapur (UP).


RR WINE: CRISIL Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of RR Wine Mart
(RRWM) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with RRWM for
obtaining information through letters and emails dated April 20,
2022, and June 8, 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 RRWM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RRWM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RRWM continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

RRWM,established as a partnership firm in 1985, is promoted and
managed by Mr. D P Ramamurthy. The firm is an authorized
distributor of Indian-made foreign liquor (IMFL), beer, and wine
manufactured by USL and UB in Puducherry.


SATHYA SOLUTIONS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Sathya Solutions Private Limited
        # 6-3-853/1, No. 206, 2nd Floor
        Meridian Plaza, Ameerpet
        Hyderabad, TG 500016

Liquidation Commencement Date: July 6, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Date of closure of
insolvency resolution process: October 29, 2020

Insolvency professional: Chinna Gurappa

Interim Resolution
Professional:            Chinna Gurappa
                         Flat No. E1, Plot No. 45
                         Surya Residency, Siddartha Nagar
                         Vengalrao Nagar Post
                         Near ICICI Bank Limited
                         Kalyan Nagar Branch
                         Hyderabad, Telangana 500038
                         E-mail: c_gurappa@rediffmail.com
                                 cirp.satyasolutions@gmail.com
                         Mobile: 9912171234

Last date for
submission of claims:    August 5, 2022


SHRIMATI POORNA: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shrimati
Poorna Devi Memorial Trust (SPDMT) continues to be 'CRISIL D Issuer
Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SPDMT for
obtaining information through letters and emails dated April 20,
2022 and June 09, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SPDMT was set up in May 2015 by Mrs Deepti Rawat, Mr. Toshit Rawat,
and Mrs Lakshmi Rana to establish a nursing and paramedical college
at Shankarpur village, District Dehradun.


SOLAR OFFSET: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Solar Offset Printers Pvt Ltd
        Plot No. 42, Industrial Development Plot
        Manvila Kulathoor P.O.
        Trivandrum KL 695583
        India

Insolvency Commencement Date: July 1, 2022

Court: National Company Law Tribunal, Kottayam Bench

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

Insolvency professional: CA Francis Mathew

Interim Resolution
Professional:            CA Francis Mathew
                         Illickal, Pakalomattam P.O.
                         Kuravilangadu, Kottayam 686633
                         Kerala
                         E-mail: cafrancisrp@gmail.com

Last date for
submission of claims:    July 15, 2022


SRIKANTH INT'L: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Srikanth International Private Limited
        1-30-238/163, Telecome Colony
        Kanajiguda, Hyderabad
        Telangana 500015
        India

Insolvency Commencement Date: July 12, 2022

Court: National Company Law Tribunal, Hyderabad Bench
       Court Room-II

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

Insolvency professional: Mr. Mayur Rajendrakumar Popat

Interim Resolution
Professional:            Mr. Mayur Rajendrakumar Popat
                         802, Sainath Heights
                         Beside Isckon Temple
                         Near Harinagar Crossing
                         Vadodara 390021
                         E-mail: mayurpopat2002@gmail.com
                         Mobile: 8000334511

                            - and -

                         425, Lotus Elite
                         Gotri Sevasi Road
                         Besides OSIA Hypermarket
                         Vadodara 390021
                         E-mail: cirp.srikanth@gmail.com

Last date for
submission of claims:    July 26, 2022


SUSEE POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Susee
Polymers Private Limited (SPPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         0.2        CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            3.3        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     6.5        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 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 SPPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

SPPL, incorporated in August 2007, is part of the Susee group,
managed by Mr. Soundararajan Subramania Nadar, Mr. Manivannan
Soundararajan, and Ms Nanthini.? The company manufactures
high-density PP woven sacks at its plant in Vellore, Tamil Nadu,
which has an installed capacity of 350 kilogram per hour.


UJWAL ELECTRICAL: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Ujwal Electrical Stampings Pvt. Ltd.
        Plot No. L-31, MIDC
        Ahmednagar 414111
        Maharashtra

Liquidation Commencement Date: July 12, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Manoj Kumar Mishra

Interim Resolution
Professional:            Manoj Kumar Mishra
                         Office No. 18, 3rd Floor
                         84 Dhalokawala Building
                         Janmabhoomi Marg, Fort
                         Mumbai 40001
                         E-mail: liq.ujwalelectrical@gmail.com
                                 manojkmishra95@gmail.com

Last date for
submission of claims:    August 11, 2022


UNICAST AUTOTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Unicast Autotech Private Limited
        27-B/7, New Rohtak Road
        New Delhi 110005

Insolvency Commencement Date: July 10, 2022

Court: National Company Law Tribunal, New Delhi Bench VI

Estimated date of closure of
insolvency resolution process: January 4, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Kanti Mohan Rustagi

Interim Resolution
Professional:            Mr. Kanti Mohan Rustagi
                         E-7, Kailash Colony
                         New Delhi, Delhi 110048
                         E-mail: kanti.rustagi@
                                 patanjaliassociates.com

                            - and -

                         905, 9th Floor, Tower C
                         Unitech Business Zone
                         Nirvana Country Sector-50
                         Gurgaon 122018
                         E-mail: cirp.unicastautotech@gmail.com

Last date for
submission of claims:    July 22, 2022


VALIYAVEETTIL VENTURES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Valiyaveettil Ventures Private Limited
        No. 29 PI & 31 PI Electrical City Phase II
        Industrial Area Bangalore 560010
        Karnataka, India

Liquidation Commencement Date: July 7, 2022

Court: National Company Law Tribunal, Bangalore Bench

Insolvency professional: Mr. Omprakash Joshi

Interim Resolution
Professional:            Mr. Omprakash Joshi
                         Villa No. 23, Krishna Northwoods
                         Sampigehalli Road
                         Chokkanhalli Village
                         Yelahanka, Bangalore 560064
                         E-mail: omjoshi1912@gmail.com
                         Tel: 9448305191

Last date for
submission of claims:    August 6, 2022


VETHESTA CONSTRUCTIONS: CRISIL Lowers LT/ST Debt Rating to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Vethesta Constructions (VC) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

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

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

The ratings downgrade reflects the delay in servicing of debt
obligation due to weak liquidity, susceptibility to tender-based
business and modest scale of-and working capital intensive
operations in the highly competitive civil construction industry.
These weaknesses are partially offset by the extensive industry
experience of the proprietor.

Key rating drivers and detailed description

Weaknesses:

* Delay in servicing of debt obligation: The firm has delayed
servicing the interest and principal on its term loan (with the
Jammu and Kashmir Bank). Installment for May 2022 was paid on June
17, 2022.

* Susceptibility to tender-based operations: Revenue and
profitability of the firm entirely depend on its ability to win
tenders. Also, entities in this segment face intense competition,
thus requiring to bid aggressively to get contracts, which
restricts the operating margin to a moderate level. Also, given the
cyclicality inherent in the construction industry, the ability to
maintain profitability margin through operating efficiency becomes
critical.

* Modest scale of operation in the intensely competitive civil
construction industry: As operations are restricted to Jammu and
Kashmir, operating income was low at INR13 crore in fiscal 2022,
reflecting the modest scale. The civil construction industry is
highly competitive, with a large number of players executing small
projects.

* Large working capital requirement: Gross current assets were
sizeable at 357 days as of March 31, 2022 driven by high debtor and
inventory levels. It is required to extend long credit period to
customers and needs to hold large work-in-process and inventory to
meet business requirement. Operations are expected to remain
stretched over the medium term.

Strength:

* Extensive experience of the proprietor: The over 18 years of
experience of the proprietor in the civil construction industry,
his in-depth understanding of the dynamics of the market, and
healthy relationships with suppliers and customers should continue
to support the business. Revenue almost tripled to INR13 crore in
fiscal 2022 from INR4.69 crore in fiscal 2020.

Liquidity: Poor

Bank lines were fully utilized on average in the 12 months through
April 2022. Delays were observed several times in the servicing of
term debt obligation in the last 12 months.

Rating Sensitivity Factor

Upward Factor

* Increase in revenue by more than 25% and sustenance of operating
margin, leading to higher cash accrual

* Timely servicing of debt consistently for three months

* Improvement in liquidity profile of the firm

Set-up in 2003, VC a proprietorship concern of Mr. Fayaz Ahmed
Zargar, is engaged in construction-related works for roads and
bridges, canal works, irrigation and electrification in Jammu &
Kashmir.


VISHNURAAM TEXTILES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishnuraam
Textiles Limited (VTL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         0.11       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3.75       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            0.55       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       2.75       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         2.32       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VTL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 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 VTL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VTL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1990, VTL is into manufacturing of cotton yarn. The
company has its manufacturing facilities in Tirupur and Udumalpet.


[*] INDIA: SBI, Other Banks Saw Massive Rise in NPSs Last Fiscal
----------------------------------------------------------------
The Federal reports that public sector banks as well as their
private sector peers have added a staggering amount of
non-performing assets (NPSs) to their respective portfolios over
the past year, according to date submitted by the Union Finance
Ministry in Parliament on July 18.

According to The Federal, Bhagwat Karad, the Junior Minister of
Finance, on July 18, submitted a written reply in Parliament on
questions regarding comparative accumulation of NPAs by public
sector banks and scheduled commercial banks over the past two years
as well as details of loans written off in this period for the
respective banks.

The Federal, citing data produced by Karad, discloses that
INR25,021 crore worth of NPAs have been added to the
government-owned State Bank of India (SBI) over the past year
alone, while the corresponding amounts for banks including Union
Bank of India (INR22,877 crore), Punjab National Bank (INR27,378
crore), HDFC Bank (INR25,999 crore), ICICI Bank (INR19,036 crore),
Axis Bank (INR18,576 crore) and Canara Bank (INR17,954 crore) are
equally staggering.

Sharing the data in a statement, Karat stated the occurrence of
NPAs is a "normal" phenomenon although "undesirable corollary to
the business of banking."

He attributed the piling up of NPAs to factors such as prevailing
macroeconomic conditions, sectoral issues, global business
environment, delayed recognition of stress by banks aggressive
lending during upturns, poor credit underwriting and flawed
governance structures, The Federal relays.

The Federal relates that the minister said the government's
initiatives to resolve long-standing stressed assets and steps
taken for recovery and resolution of assets under the Recovery of
Debts and Bankruptcy Act, 1993, Securitisation and Reconstruction
of Financial Assets and Enforcement of Security Interest Act, 2002,
and Insolvency and Bankruptcy Code, 2016, helped bring down the
cases of NPAs. The legislation also helped banks recover
INR8,60,369 crore over the past eight fiscal years, he added.

"Change in credit culture has been effected, with the Insolvency
and Bankruptcy Code (IBC) fundamentally changing the
creditor-borrower relationship, taking away control of the
defaulting company from promoters/owners, and debarring wilful
defaulter from the resolution process," the minister, as cited by
The Federal, stated.

He said, under the IBC, resolution plans have been approved in 480
cases up to March 2022 with INR2.34 lakh crore realisable by
financial creditors.

While the Reserve Bank of India has set up the Central Repository
of Information on Large Credits (CRILC) to collect, store and
distribute credit data to lenders, banks have been instructed to
submit weekly reports to CRILC in case of defaults by borrowers
with exposure of INR5 crore and more, according to The Federal.

This apart, amendments have been made to the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 to deter defaulters from violating rules, Karad
said. Under the legislation a borrower can invite three months of
imprisonment if he or she does not provide asset detail, and for
the lender to get possession of mortgaged property within 30 days.

"As per RBI instructions, wilful defaulters are not sanctioned any
additional facilities by banks or financial institutions, and their
unit is debarred from floating new ventures for five years," the
statement said, The Federal relays.

Besides, the jurisdiction of the Debt Recovery Tribunal was also
upgraded from INR10 lakh to INR20 lakh to help it focus on high
value cases and thus aid in more recovery for banks and financial
institutions.




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

SAWIT SUMBERMAS: S&P Cuts ICR to 'SD' on Completion of Cash Tender
------------------------------------------------------------------
S&P Global Ratings, on July 18, 2022, lowered its long-term issuer
credit rating on Indonesian palm oil producer Sawit Sumbermas
Sarana Tbk. PT (SSMS) to 'SD' from 'CC'.

S&P will review the issuer credit rating to reflect its view of
SSMS' creditworthiness post the transaction.

SSMS has completed its below-par cash tender for about US$260
million of its guaranteed senior unsecured notes. S&P views this
transaction as tantamount to a distressed transaction and a default
because the creditors will receive less than what was originally
promised.

S&P said, "We lowered our ratings after SSMS completed the
below-par cash tender for about 85% of its guaranteed senior
unsecured notes due in January 2023.

"We view the transaction as tantamount to a distressed transaction
and a default. This is given our view of: (1) unsecured noteholders
receiving less than what was originally promised because the cash
tender of 90 cents is below par and for US$260 million of the
outstanding US$300 million notes; and (2) the tender offer comes
just a little over two quarters from the maturity of the notes.

"We will reassess and likely raise our ratings on SSMS to the
appropriate level after the new capital structure has been
instated. We will focus on the sustainability of the new capital
structure and SSMS' business prospects. Any upward rating momentum
would depend on increased transparency on the terms of the
syndicated debt facility -- including its amortization profile and
main covenants.

"SSMS' governance issues and weak risk management practices will
remain a key credit consideration. A rating beyond the 'CCC'
category would depend on us having greater visibility on the wider
group's financial performance. Particularly, we would assess the
liquidity of SSMS' parent Citra Borneo Indah PT (CBI) and palm oil
refining sister company Citra Borneo Utama PT (CBU), as well as the
potential cash leakage within the wider group. This is because we
believe SSMS's liquidity would be sufficient to repay the residual
US$40 million noteholders in full when the notes mature in January
2023, barring any cash leakage."

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




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

ADENS TRADING: First Creditors' Meeting Set for July 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Adens
Trading Limited will be held on July 28, 2022, at 11:00 a.m. via
video conference.

Bryan Edward Williamson of BWA Insolvency Limited was appointed as
administrator of the company on July 18, 2022.

The administrator may be reached at:

          BWA Insolvency
          PO Box 609
          Kumeu 0841


JASON BENNETT: Court to Hear Wind-Up Petition on Aug. 15
--------------------------------------------------------
A petition to wind up the operations of Jason Bennett Builders
Limited will be heard before the High Court of New Zealand at
Auckland on Aug. 15, 2022, at 10:00 a.m.

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

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


JOOS GLOBAL: Creditors' Proofs of Debt Due on Aug. 12
-----------------------------------------------------
Creditors of Joos Global Limited are required to file their proofs
of debt by Aug. 12, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 13, 2022.

The company's liquidator is:

          Bryan Edward Williams
          BWA Insolvency
          PO Box 609
          Kumeu 0841


MACS SCAFFOLDING: Creditors' Proofs of Debt Due on Aug. 10
----------------------------------------------------------
Creditors of Macs Scaffolding Limited, Ian's Place Limited, and
William Abel Manufacturing Jeweller Limited are required to file
their proofs of debt by Aug. 10, 2022, to be included in the
company's dividend distribution.

Macs Scaffolding Limited commenced wind-up proceedings on July 2,
2022.
Ian’s Place Limited and William Abel Manufacturing Jeweller
Limited commenced wind-up proceedings on July 8, 2022

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1
          50 Customhouse Quay
          Wellington 6011


NEW ZEALAND AUTOMOTIVE: Non-Executive Directors Resign En Masse
---------------------------------------------------------------
Stuff.co.nz reports that used car dealer New Zealand Automotive
Investments' non-executive directors resigned en mass on July 19
saying there had been a breakdown of trust between them and the
company's management.

The directors were Charles Bolt, Tim Cook and Tracy Rowsell, as
well as executive director and founding shareholder Eugene
Williams, Stuff discloses. They followed independent directors,
Karl Smith and Michele Kernahan who resigned in April.

Stuff relates that the company, which owns the 2 Cheap Cars brand,
and also imports used Japanese cars, has had a tough year, with its
shares falling from NZD1.30 a share when it listed in February last
year, to close at 47c on July 19, down 18c for the day.

In an announcement to the NZX, the company said there had been a
fundamental breakdown of trust and confidence, and irreconcilable
differences had arisen between them, and the remaining director,
and major shareholder David (Yusuke) Sena regarding the way in
which a publicly-listed entity should be managed and governed,
Stuff relays.

Stuff adds that the company had received notice from Sena of his
intention to put a proposal to the company's annual shareholders'
meeting on August 25 to remove all the current non-executive
directors, and appoint three new directors.

NZ Automotive Investments Limited operates as an investment
company. The Company provides funding solutions to automotive
sectors. NZ Automotive Investments serves clients in New Zealand.




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

CONFLUX FOUNDATION: Creditors' Proofs of Debt Due on Aug. 19
------------------------------------------------------------
Creditors of Conflux Foundation Ltd are required to file their
proofs of debt by Aug. 19, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 14, 2022.

The company's liquidator is:

          Chan Li Shan
          Agile 8 Solutions
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


ENVY HOSPITALITY: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Envy Hospitality Holdings Pte Ltd, on July 14, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Wong Joo Wan
          Alternative Advisors
          1 Commonwealth Lane
          #06-21 One Commonwealth
          Singapore 149544


SENBO PTE: Commences Wind-Up Proceedings
----------------------------------------
Members of Senbo Pte Ltd, on July 14, 2022, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

          Wong Joo Wan
          Alternative Advisors
          1 Commonwealth Lane
          #06-21 One Commonwealth
          Singapore 149544


THREE ARROWS: Genesis Lends US$2.36 Billion to 3AC
--------------------------------------------------
Benzinga reports that Three Arrows Capital (3AC), a cryptocurrency
hedge firm that just filed for Chapter 15 bankruptcy in New York,
received a $2.36 billion loan from Genesis Asia.

It required a margin of more than 80% on its loans to 3AC, and when
3AC failed to meet those criteria, it liquidated collateral. After
that, it sought recovery of the outstanding debt through
arbitration in New York, Benzinga relates.

According to the report, a division of the cryptocurrency lender
owned by Digital Currency Group (DCG), Genesis Asia Pacific Pte
Ltd. provided $2.36 billion in loans to the defunct hedge firm
3AC.

Benzinga says the precise amount of the debt has not previously
been disclosed, despite earlier reports claiming Genesis faced a
potential nine-figure loss as a result of its exposure to 3AC.

The arbitration procedure seemed to have been put on hold by
Genesis after the consultancy firm Teneo was selected to supervise
the liquidation of 3AC in late June. On July 1, 3AC submitted a
Chapter 15 bankruptcy petition in New York.

According to a DCG representative, both the DCG and Genesis balance
sheets are still solid. Genesis is well-capitalized and conducting
business as usual with no further exposure to 3AC, Benzinga
relays.

Teneo, the company chosen last month to handle 3AC's liquidation,
posted a 1,157-page court document online on July 18 that contained
information about the 3AC debts, the report says.

The company's loans to 3AC had a weighted average margin demand of
more than 80%, which 3AC had not been able to fulfill, leading
Genesis to liquidate its collateral, according to a series of
tweets from Genesis CEO Michael Moro on July 6. He said that in
order to have the funds "to operate and scale" its company moving
ahead, DCG had accepted some Genesis obligations.

As a result, a source with knowledge of the situation claims that
DCG is now more vulnerable to possible losses associated with 3AC's
borrowing than Genesis, adds Benzinga.

                     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.


THREE ARROWS: Liquidation 'Materially Affected' DeFiance Capital
----------------------------------------------------------------
CoinDesk reports that Crypto hedge fund DeFiance Capital said it
was "materially affected" and "prejudiced" by the liquidation of
rival fund Three Arrows Capital.

In a statement published on Twitter on July 15, Singapore-based
DeFiance said CEO Arthur Cheong had "no visibility" on Three Arrow
Capital's financial statements or conditions, CoinDesk relates. He
became aware of solvency problems only when the news broke in
June.

"Arthur Cheong is committed to taking all necessary steps to
protect, preserve and recover all assets which are and were owned
in the context of DC's business," the company said.

When concern about Three Arrows' solvency surfaced in June,
DeFiance stated that it was "actively working to resolve the
situation," CoinDesk relays.

According to CoinDesk, the statement on Twitter also details how
DeFiance is an entirely separate entity to Three Arrows and that
"none of DC's assets under management were raised from 3AC."

A number of crypto companies have been hit by the Three Arrows
Capital fallout, with Genesis Trading reporting "hundreds of
millions" in losses and Voyager Digital filing for bankruptcy after
the fund defaulted on $670 million of loans. Genesis is a
subsidiary of Digital Currency Group, which owns CoinDesk.

                     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 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 ***