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

                     A S I A   P A C I F I C

          Thursday, July 21, 2022, Vol. 25, No. 139

                           Headlines



A U S T R A L I A

AMS HOLDINGS: Chris Marco Charged with 50 Counts of Fraud
CAPITAL T: First Creditors' Meeting Set for July 28
ENOVA ENERGY: Second Creditors' Meeting Set for July 26
FACILITIES MANAGEMENT: First Creditors' Meeting Set for July 27
FORUM FINANCE: Tesoriero Denies Hiding Assets From Court

IRONMARK PTY: Second Creditors' Meeting Set for July 27
SD MOTOR: First Creditors' Meeting Set for July 29


C H I N A

GUANGZHOU R&F: Fitch Lowers IDR to RD on Exchange Offer Completion
[*] CHINA: A Fifth of Developers Face Insolvency, S&P Warns


I N D I A

AMR INDIA: CARE Hikes Rating on INR237.73cr LT Loan to BB-
ANAND MINE: CARE Keeps D Debt Ratings in Not Cooperating
BAHUBALI CASHEWS: CARE Lowers Rating on INR8cr LT Loan to B-
BALKRISHNA AGRO: CARE Keeps B- Debt Rating in Not Cooperating
C S CREAMERY: CARE Lowers Rating on INR19.77cr LT Loan to D

CABLE CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
DIVYA SHREE: CARE Keeps B- Debt Rating in Not Cooperating Category
DURGAPUR ISPAT: CARE Lowers Rating on INR20cr LT Loan to B-
EXCEL VEHICLES: CARE Keeps D Debt Rating in Not Cooperating
HUTAIB INTERIORS: CARE Lowers Rating on INR10cr LT Loan to B

KALINGA AGRO: CARE Keeps B- Debt Ratings in Not Cooperating
LEELA KRISHNA: CARE Lowers Rating on INR29.04cr LT Loan to B
M S AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
MANU IMPEX: CARE Keeps B Debt Rating in Not Cooperating Category
MANU IMPEX: CARE Keeps B Debt Ratings in Not Cooperating

MISHAL CONSTRUCTION: CARE Keeps C Debt Rating in Not Cooperating
MULTILAND ELECTRONICS: CARE Keeps B- Rating in Not Cooperating
NARSINGH SINGH: CARE Keeps C Debt Rating in Not Cooperating
RADHA KRISHNA: CARE Keeps D Debt Rating in Not Cooperating
RASANDIK ENGINEERING: CARE Lowers Rating on INR75.17cr Loan to D

SHESADRI RICE: CARE Lowers Rating on INR8.11cr LT Loan to B-
VEDIC RESORTS: CARE Lowers Rating on INR12.09cr LT Loan to D
YASHODAKRISHNA AUTO: CARE Cuts Rating on INR34.54cr Loan to B-


I N D O N E S I A

SAWIT SUMBERMAS: Moody's Alters Outlook on 'Caa1' CFR to Stable


M A C A U

[*] MACAU: Two-Thirds of SMEs on the Verge of Bankruptcy


N E W   Z E A L A N D

CULLEN GROUP: Liquidators Can't Find Eric Watson to Serve Papers
JB HOLDINGS: Court to Hear Wind-Up Petition on Aug. 15
MCKENDRY HOLDINGS: Court to Hear Wind-Up Petition on Aug. 12
RFM CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 1
SUNNY VIEW: Creditors' Proofs of Debt Due on Aug. 18

WILSON SHEARING: Court to Hear Wind-Up Petition on July 28


P A K I S T A N

PAKISTAN: Fitch Affirms 'B-' IDR & Alters Outlook to Negative


S R I   L A N K A

SRI LANKA: India to Invest More After Crisis Support of US$3.8BB
SRI LANKA: Parliament Picks Ranil Wickremesinghe as President

                           - - - - -


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

AMS HOLDINGS: Chris Marco Charged with 50 Counts of Fraud
---------------------------------------------------------
Chris Marco, of Mount Hawthorn, Western Australia is due to appear
on July 22, 2022 at the Perth Magistrates Court charged with 50
counts of fraud under section 409 of the Criminal Code (WA).

Following an ASIC investigation, it is alleged that between July
2013 and October 2018, Mr. Marco defrauded AUD36.5 million from
nine investors. It is also alleged, of the AUD36.5 million, one
investor was defrauded AUD10 million by investing with Mr. Marco.

The criminal charges come after ASIC took civil action in the
Federal Court in 2020 to wind up the unregistered managed
investment scheme operated by Mr. Chris Marco and AMS Holdings (WA)
Pty Ltd, the AMS Holdings Trust.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

The maximum penalty for each offence of fraud under the Criminal
Code WA is seven years imprisonment, or 10 years if the person
deceived is 60 years or older.

On Dec. 7, 2020, the Court wound up Mr. Marco's unregistered
managed investment scheme and also ordered Mr. Marco be permanently
restrained from carrying on a financial services business without
an Australian Financial Services Licence or operating an
unregistered managed investment scheme.


CAPITAL T: First Creditors' Meeting Set for July 28
---------------------------------------------------
A first meeting of the creditors in the proceedings of Capital T
Structural Pty Ltd will be held on July 28, 2022, at 9:00 a.m. at
the offices of Rodgers Reidy at Level 12, The University Centre,
210 Clarence Street in Sydney.

Andrew James Barnden and Joanne Monica Keating of Rodgers Reidy
were appointed as administrators of the company on July 20, 2022.


ENOVA ENERGY: Second Creditors' Meeting Set for July 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Enova Energy
Pty Ltd and Enova Community Energy Ltd has been set for July 26,
2022, at 10:00 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 25, 2022, at 5:00 p.m.

Simon Cathro and Andrew Blundell of Cathro and Partners were
appointed as administrators of the companies on June 21, 2022.


FACILITIES MANAGEMENT: First Creditors' Meeting Set for July 27
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

- Facilities Management Services (Aust) Pty Ltd
- Seguard Sa Commercial Pty Ltd
- Sanitation Maintenance Services Pty Ltd
- Pollo Group Services Pty Ltd

will be held on July 27, 2022, at 11:00 a.m. at the offices of Cor
Cordis at Level 29, 360 Collins Street in Melbourne.

Sam Kaso and Bruno Secatore of Cor Crodis were appointed as
administrators of Facilities Management et al. on July 15, 2022.


FORUM FINANCE: Tesoriero Denies Hiding Assets From Court
--------------------------------------------------------
The Sydney Morning Herald reports that the business partner of Bill
Papas who received some of the proceeds of an alleged AUD500
million fraud on banking giant Westpac and two other lenders has
hit back at suggestions he tried to hide assets from the court.

SMH relates that Vince Tesoriero, a 40-year-old race-car driving
cafe owner from Melbourne, was cross-examined at the Federal Court
in Sydney on July 19 after Westpac raised concerns he had not
properly disclosed to the court his assets and income as a part of
proceedings.

According to the report, Mr. Tesoriero was dressed in a tailored
dark suit and attended court with his girlfriend for his first
appearance in the case brought against Papas and his associates in
June last year.

SMH says Westpac has alleged Mr. Tesoriero, who was a former
director of Forum Finance and friend of Papas, has received more
than AUD28 million in cash from Papas that was the proceeds of
fraud allegedly orchestrated by Papas against the bank.

The bank has also alleged that Mr. Tesoriero made significant
property investments with Papas using the proceeds of fraud.
Westpac alleges Mr. Tesoriero was aware, or should have been aware,
of Papas's fraud and is seeking to claw back tens of millions in
cash and property allegedly acquired with the bank's money.

SMH notes that Westpac used July 19's hearing to pick apart
disclosures Mr. Tesoriero, who is subject to freezing orders as
part of the civil proceeding, had made to the court as part of the
pre-trial procedures for the case.

This included why he had failed to report the AUD150,841.76 in cash
that was held in an account that was receiving rent payments for a
portfolio of petrol stations in country Victoria. The court heard
that this income had been received in July this year but had not
been included in his disclosures.

The Age and Sydney Morning Herald previously revealed Messrs.
Tesoriero and Papas had built up a AUD60 million-plus property
portfolio that included several country petrol stations. The duo
also allegedly used money taken from Westpac to buy Tesoriero's
AUD10 million-plus stately residence in Hawthorn and two high-end
holiday homes in Wagstaffe, in greater Sydney.

"You don't believe money in a bank account is an asset?" Jeremy
Giles, SC, for Westpac, asked Tesoriero.

The Melburnian businessman responded: "It's not if interest is
going to be paid the next day."

Mr. Giles then asked, "Is his honour meant to take it seriously?"

"I take it seriously," Tesoriero shot back, SMH relays.

A clearly agitated Mr. Giles then asked: "Do you have money in any
other bank account as of at today?"

Tesoriero responded: "Nothing of significance," before adding there
would be money in other accounts that may not have been included in
his disclosures to the court.

According to the report, Tesoriero's legal team then agreed to go
through each of his 29 bank accounts and reveal the balances of
each account and to update the court accordingly.

The report relates that the punchy exchange occurred after
Tesoriero had rushed to the court hearing in Sydney from Melbourne
with just a few hours' notice after he and his legal team were
ordered to appear in person after mistakenly believing he would be
allowed to give evidence interstate via an online link.

Tesoriero has long denied having any involvement in Papas's alleged
fraud, the report notes. He has claimed that the money he received
from Forum and Papas was repayment for cash injections he made into
the Forum business when it was in its infancy.


IRONMARK PTY: Second Creditors' Meeting Set for July 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of Ironmark Pty
Ltd and Ironmark Waste Management Pty Ltd has been set for July 27,
2022, at 11:00 a.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 26, 2022, at 5:00 p.m.

Paul Gerard Weston of DW Advisory was appointed as administrator of
the companies on June 22, 2022.


SD MOTOR: First Creditors' Meeting Set for July 29
--------------------------------------------------
A first meeting of the creditors in the proceedings of SD Motor
Vehicle Group Pty Ltd, formerly trading as Flexi Armour, PPF
Solutions, SD Automotive, SD Detailing, SD Paint Protection
Systems, will be held on July 29, 2022, at 11:00 a.m. at 22 Market
Street in Brisbane.

Anne Meagher and Adam Kersey of SV Partners were appointed as
administrators of the company on July 19, 2022.




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

GUANGZHOU R&F: Fitch Lowers IDR to RD on Exchange Offer Completion
------------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDR) on Guangzhou R&F Properties Co. Ltd., and its subsidiary, R&F
Properties (HK) Company Limited (RFHK) to 'RD' (Restricted Default)
from 'C' on the completion of Guangzhou R&F's exchange offer. The
rating actions are in accordance with the distressed debt exchange
section in Fitch's Corporate Rating Criteria.

The senior unsecured ratings of Guangzhou R&F and RFHK have been
affirmed at 'C', with a Recovery Rating of 'RR6'.

KEY RATING DRIVERS

Restricted Default: The downgrade reflects Guangzhou R&F's
completion of a consent solicitation. Fitch considers the
transaction necessary for the company to avoid default given its
limited liquidity. The terms of the transaction materially reduced
those of the existing notes, with extension of the maturity dates
of the notes and a reduction of the coupon rates.

Also, Guangzhou R&F sought consent to exclude "failure to redeem
and non-payment of principal and/or interest of certain borrowings"
and "non-payment of interest on the July 2024 Notes on July 11
2022" from the events of default of the outstanding notes.

DERIVATION SUMMARY

Guangzhou R&F's IDR has been downgraded to 'RD' in line with
Fitch's criteria.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

-- Attributable contracted sales to drop by 25% and 10% in 2022
    and 2023, respectively;

-- EBITDA margin to remain low at around 1% in 2022-2023;

-- CNY3 billion- 4 billion a year for land acquisitions in 2022-
    2023;

-- 55%-60% of sales proceeds will be used for construction in
    2022-2023;

-- 9%-10% of revenue for selling, general and administrative
    costs in 2022-2023.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Guangzhou R&F would be
liquidated in a bankruptcy as it is an asset-trading company. The
nature of homebuilding means the liquidation-value approach will
always result in a much higher value than the going-concern
approach.

Fitch has assumed a 10% administrative claim

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

-- 80% advance rate to accounts receivable, which was raised from

    70%. This treatment is in line with Fitch's recovery rating
    criteria;

-- 60% advance rate to investment properties, which was raised
    from 54%. Guangzhou R&F's investment-property portfolio mainly

    consists of commercial buildings in the Guangzhou area with an

    implied yield of 7%-8% based on Fitch's assumed liquidation
    value, which is consistent with industry transaction
    valuation;

-- 50% advance rate to property, plant and equipment, which was
    lowered from 60%, mainly consisting of hotel operations;

-- 61% advance rate to net inventory, which was lowered from 65%.

    Guangzhou R&F's inventory mainly consists of completed
    properties held for sale, properties under development (PUD)
    and deposits or prepayments for land acquisitions. Different
    advance rates were applied to these different inventory
    categories to derive the blended advance rate for net
    inventory;

-- 70% advance rate to completed properties held for sale.
    Completed commodity housing units are closer to readily
    marketable inventory. Guangzhou R&F's gross margin on housing
    sales of 22%-25% has been similar to that of peers in recent
    years. As such, the advance rate of 70% was applied, which is
    higher than the typical 50% mentioned in the criteria;

-- 50% advance rate to PUDs. Unlike completed projects, PUDs are
    more difficult to sell. These assets are also in various
    stages of completion. The PUD balance - prior to applying the
    advance rate - is net of margin-adjusted customer deposits.
    The 50% advance rate is in line with recovery rating criteria;

-- 90% advance rate to deposits or prepayments for land
    acquisitions. Around 51% of Guangzhou R&F's land is located in

    Tier 1 and Tier 2 cities in China and an additional 17% of the

    land is located in Tier 1 cities overseas. As such, a higher
    advance rate than the typical 50% mentioned in the criteria
    was considered;

-- 50% advance rate to joint-venture net assets, which typically
    include a combination of completed units, PUDs and land bank.
    The 50% advance rate was applied in line with the baseline
    advance rate for inventories;

-- 0% advance rate to excess cash after netting the amount of
    note payables and trade payables (construction fee and
    retention payables);

The allocation of value in the liability waterfall results in
recovery corresponding to a Recovery Rating of 'RR6' for the senior
unsecured offshore bonds.

RATING SENSITIVITIES

For Guangzhou R&F:

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

-- Fitch will reassess Guangzhou R&F's capital structure and cash

    flow once there is more information on the company's position.

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

-- Evidence that Guangzhou R&F has entered into bankruptcy
    filing, administration, receivership, liquidation or other
    formal winding-up procedure, or otherwise ceased business.

For RFHK:

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

-- Upgrade of Guangzhou R&F's IDR.

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

-- A downgrade of Guangzhou R&F's IDR;

-- Weakened linkages with Guangzhou R&F.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Founded in 1994, Guangzhou R&F is a property developer focusing on
medium- and high-end property development. The company also engages
in hotel development, commercial operations, property management
and architectural and engineering design.

ESG CONSIDERATIONS

Guangzhou R&F Properties Co. Ltd. has an ESG Relevance Score of '4'
for Financial Transparency due to a delay in the publication of
audited financial statements, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

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

   DEBT                RATING                RECOVERY  PRIOR
   ----                ------                --------  -----
Guangzhou R&F         LT IDR   RD   Downgrade          C
Properties Co. Ltd.

   senior unsecured   LT       C    Affirmed    RR6    C

R&F Properties        LT IDR   RD   Downgrade          C
(HK) Company Limited

   senior unsecured   LT       C    Affirmed    RR6    C
Easy Tactic Limited

   senior unsecured   LT       C    Affirmed    RR6    C


[*] CHINA: A Fifth of Developers Face Insolvency, S&P Warns
-----------------------------------------------------------
South China Morning Post reports that at least a fifth of rated
Chinese property developers will end up becoming insolvent, putting
as much as US$88 billion of their distressed bonds at risk,
according to S&P Global Ratings.

The Post relates that while some developers have resorted to debt
extensions and bond exchanges to buy time to avoid default,
investors will soon lose patience and press their claims through
the courts or debt restructuring if a recovery of the sector does
not play out by the first quarter of 2023, the ratings agency
said.

Exchanges and debt extensions have been the two most common ways
for Chinese developers to resolve their bond default risks.

The Post notes that Guangzhou R&F Properties, for example, recently
received approval to regroup all 10 tranches of its offshore bonds
worth a total of US$4.94 billion due between now and 2024 into
three amortisation notes that mature in 2025, 2027 and 2028, giving
it three to four years of breathing room as it struggles to raise
cash.

But "this forbearance may not continue," said S&P. "If a sales
turnaround is not forthcoming, investors will reject repeated
extensions.

"The end of the beginning is at hand for China developer
defaults."

In the early stages of the sector's downturn, creditors were
willing to give developers time restore their liquidity. Debt
extensions allow embattled developers to maintain their operations
and housing deliveries, the report states.

In a sign that investors are growing increasingly impatient with
further deferrals, bondholders of China Evergrande's onshore unit
have this month rejected a proposal to postpone repayment of a
CNY4.5 billion (US$671.04 million) bond until January 2023,
according to the report.
"We think much depends on the level of sales recovery for China
residences in the second half of 2022, and going into the first
quarter of 2023. This is when many of the extensions on distressed
bonds expire," said S&P.

Since 2018 distressed exchanges, in which a developer swaps
outstanding bonds that are coming due soon for newly issued notes,
have accounted for nearly 80 per cent of resolved offshore
defaults, while debt extensions accounted for 72 per cent of
resolved onshore defaults, S&P, as cited by the Post, said.

Over the past 12 months home builders have completed exchanges or
extensions on about US$27.8 billion of distressed bonds, it said.
The Post says the potential for default remains high, as about
US$73 billion bonds from the sector are coming due in the onshore
and offshore markets in the second half of the year.

The battered property market received a fresh blow last week when
hundreds of homebuyers across the country joined together to
collectively refuse to make mortgage payments for unfinished,
pre-sold units.

"The issue may suggest that the problems for the property market
are no longer manageable, which is the tone used by regulators in
the past few months," the report quotes Raymond Cheng, managing
director of CGS-CIMB Securities, as saying. "We think that
regulators could take more aggressive measures to help the sector,
such as helping developers refinance their short-term debt to avoid
more defaults."




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

AMR INDIA: CARE Hikes Rating on INR237.73cr LT Loan to BB-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
AMR India Ltd (AMR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      237.73      CARE BB-; Stable Revised from
   Facilities–LT–                  CARE D
   Cash Credit         
                                   
   Short Term Bank     381.31      CARE A4 Revised from CARE D
   Facilities–ST–
   Bank Guarantee      

Detailed rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of AMR
factors delay free track record in debt servicing obligations
coupled with improvement in scale of operations and liquidity.
However, ratings are constrained by concentration of orders,
execution risk of workorders involving statutory & regulatory
approvals, tender based nature of operations and highly competitive
mining industry. The rating, derive strength from improvement in
quality of orderbook, comfortable capital structure and coverage
indicators along with experienced promoter supported by
professional management structure.

Rating sensitivities

Positive factors – Factors that could lead to positive rating
action/upgrade:

* Sustained improvement in scale of operations along with operating
margin beyond 15%

* improvement in collection below 90 days

Negative factors – Factors that could lead to negative rating
action/downgrade:

* Deterioration in debtors leading to cashflow mismatch resulting
strain in liquidity

Detailed description of the key rating drivers

Key rating Weakness

* Concentration risk: The current work orders of the company are
heavily concentrated into Mining projects (92%), followed by
Irrigation 7% and Road Projects 1%. The said orders are spread over
Bihar, Jharkhand, Telangana and Andhra Pradesh.

* Execution risk: The mining projects are long term in nature and
are exposed to various implementation risks such as delays in
handing over the project site, obtaining statutory and regulatory
approvals which results in cost and time overruns, material
shortages, penalties, and ability to mobilize equipment and human
resources due to overlapping commitments. However, there is no
assurance that AMRL would effectively manage future implementation
risks.

* Fragmented nature of construction sector with tender-based nature
of operations and execution challenges: The infrastructure sector
in India is highly fragmented and competitive with many small and
mid-sized players. This coupled with tendering process in order
procurement results in intense competition within the industry,
fluctuating revenues and restrictions in profitability.
Additionally, continued increase in execution challenges including
delays in land acquisition, regulatory clearances, aggressive
bidding, interest rate risk and delays in project due to
environmental clearance are other external factors that affect the
credit profile of industry players. All these are tender- based and
the revenues are dependent on the ability of the company to bid
successfully for these tenders. Profitability margins come under
pressure because of competitive nature of the industry. However,
the promoter's long industry experience of nearly five decades
mitigates this risk to some extent.

Key rating Strengths

* Regularization of Debt Servicing: The company had witnessed cash
flow mismatch due to elongated collection period during FY21, which
has resulted in liquidity constraints leading to delays in debt
servicing obligations. Post improvement in scale of operations with
streamlining of one of its key mining projects resulting in better
collection have improved the liquidity resulting in regular debt
servicing.

* Experienced Promoters and management team: AMR has around 16
years of standing in the construction Industry. AMRL has strong
in-house engineering & design capabilities and highly experienced
engineering team. Mr. A. Mahesh Reddy and Mr. A. Girish Reddy have
received prestigious awards in the past for delivering outstanding
performance in the construction industry. AMRL is an ISO 9001:2000
certified construction company.

* Improvement in Total Operating Income and profitability margins:
The total income of the company has improved from Rs. 871 crores in
FY21 to Rs 1233 crore IN FY22(Prov.) as a result of efficient
operations in Tadicherla (coal mining) which has contributed about
Rs 800 crore and execution of Greenko orders. The PBILTD margin
stands at 14.55% in FY22 as against Rs 13.07% in FY21. The PAT
levels have also improved despite increase in the interest expense
in FY22 (Prov.). The PAT Margin in FY22 stands at 3.86% as against
the 2.92% in FY21.

* Healthy Order Book Position: As on May 2022, the company has an
outstanding order book of Rs. 26,034 crore indicating comfortable
order-book providing long term revenue visibility. The said orders
are expected to provide revenue visibility for medium to long term.
The Tadicherla project order book value constitutes about 62% of
the total order book value indicating high customer concentration
risk. Thereby, the execution of the project within the timelines is
a key monitorable.

* Comfortable Capital Structure and coverage indicators: The
overall gearing of the company has improved as of FY22 (Prov.) at
0.83 as against the 1.48x in FY21 due to reduction in term loans,
working capital limits and accretion to profit reserves. The PBILTD
to interest coverage indicators of the company remained comfortable
at 2.92x.

Liquidity: Adequate

Adequate liquidity is marked by healthy cash accrual generation of
Rs 89.32 crore and improvement in collection efficiency resulting
in reduction in term loans and fund based working capital limits
during FY22. However, the average utilization of fund based working
capital limits continues to be more than 90% primarily due to
utilization of surplus in prepayment of term loans under corporate
debt restructuring and creation of fixed deposits towards margin
money for the bank guarantees.

AMR India Limited (AMRL) was incorporated as a partnership firm in
1992 and had been undertaking small civil works in mining and
industrial infrastructure activities and later in FY2001 AMR
Constructions was converted to a Public limited company as "AMR
Constructions Limited"(AMRCL). AMRL has been engaged in
construction activities in Mining, Irrigation, civil Construction
and industrial infrastructure. AMR India Limited is promoted by Mr.
A. Adinarayana Reddy and his two sons namely Mr. A. Mahesh Reddy,
Mr. A. Girish Reddy and other family members.


ANAND MINE: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anand Mine
Tools Private Limited (AMTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.95       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.60       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 17, 2021,
placed the rating(s) of AMTPL under the ‘issuer non-cooperating'
category as AMTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AMTPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2022, April 12, 2022, April 22, 2022.

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

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

Nagpur, Maharashtra based Anand Mine Tools Private Limited (AMTPL),
was incorporated in the year 2010 by Mr. Tukaram Jawade along with
his son Mr. Hemant Jawade. The company is engaged in the trading of
pumps, spare parts and earthmoving machineries and also provides
workshop for repairing of mining machineries.


BAHUBALI CASHEWS: CARE Lowers Rating on INR8cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bahubali Cashews (BC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 27, 2021,
placed the rating(s) of BC under the ‘issuer non-cooperating'
category as BC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 12, 2022, April 22, 2022, May 2, 2022.

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

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

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

Udupi (Karnataka) based Bahubali Cashews (BC) is a proprietorship
firm established by Ms. Nirmala Mahaveer Hegde in 1987. The
promoter has an experience of over a decade similar line of
business. BC is into Processing and trading of raw cashew nuts. The
firm procures its raw material, the raw nuts, from Indonesia,
Benin, Tanzania and other African countries, around 60% of the
import is from African countries. BC Sells the processed cashews
nuts in to domestic market only. The firm has an installed capacity
of 7.5 tons per day for the processing of nuts. Presently, the day
to day operations are managed by Mr. Mahaveer Hagde.


BALKRISHNA AGRO: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balkrishna
Agro Products (BAP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.10       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      6.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 1, 2021,
placed the rating(s) of BAP under the ‘issuer non-cooperating'
category as BAP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BAP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 27, 2022, May 7, 2022.

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

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

Ahmedabad-based (Gujarat) BAP was established in July 2015 by five
partners, to carry on the business of processing cashew nuts. The
entity commenced its processing operations from 2016 onwards from
its facility located at Daskroi (Ahmedabad) with ten automatic
shell cutting machines having a combined installed capacity of 7
tons/day. The processed cashew nuts and kernels are sold directly
to different traders within the state of Gujarat under the brand
name of ‘MDF' and the byproduct; i.e. cashew shells are sold to
local oil paint manufacturing industries. BAP is also engaged into
manufacturing of cashew sweets (i.e Kaju Katili, Kaju barfi etc).
Along with this it also sells Almonds and Pistachio. The associate
entities of BAP primarily include Balkrishna Boilers Private
Limited which is engaged in the manufacturing of boilers and
Adishwar Infrastructure Private Limited which is engaged in
manufacturing of ready-mix concrete (RMC).

C S CREAMERY: CARE Lowers Rating on INR19.77cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
C S Creamery Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.77       CARE D Revised from CARE C
   Facilities                       

Detailed rationale and key rating drivers

The revision in the rating assigned to the bank facilities of  C S
Creamery Private Limited factors in the delays in debt servicing
which fell due on June 30, 2022 which was reported by the company
in No Default Statement (NDS) submitted it on July 7, 2022. Company
had been receiving funding support from parent on monthly basis to
fund operational losses as well for debt servicing. Due to delay in
receipt of such support, delays are reported in debt servicing.

Rating sensitivities

Positive factors – Factors that could lead to positive rating
action/upgrade:

* Delay free track record of operations for a continuous period of
three months as well as turnaround in its operations.

Detailed description of the key rating drivers

Key rating weaknesses

* Delays in debt servicing: Ongoing delays are observed in the "No
default statement" dated July 05,2022(received on July 07,2022) in
the debt servicing by the company which were due on June 30,2022.
Company being into retailing, its operations were severely impacted
amid Covid-19 and therefore is dependent upon timely fund infusion
from parent for timely debt servicing. Due to delay in the receipt
of fund infusion from the parent company, C S Creamery could not
repay the debt in timely manner.

Key Rating Strengths

* Resourceful Promoters: The parent company Tablez Food
Company(TFC) is a multi-brand retail arm of Lulu Group
International. The shares of TFC are held by Mr. Adeeb Ahamed and
Ms. Shafeena Yusuff Ali. The promoters have experience in the
similar line of business and draw on the expertise of the larger
Lulu group as well. The promoters have been infusing equity
consistently in the past and are expected continue to support the
operations of the companies.

Liquidity: Poor
Liquidity of the company was largely driven from its resourceful
promoters. The operations of the company were severely impacted
during the first and second wave of pandemic and the liquidity from
the core operations is poor.

Analytical approach: Combined

Business and financial risk factors of the Tablez Retail Private
Limited, Tablez and Toyz Private Limited and C S Creamery Private
Limited have been combined as the companies are owned and managed
by common promoters, engaged in retail business, and the collateral
securities extended to the bank facilities are common to all the
three companies as per the sanction letter of lender.

Kochi (Kerala) based, C S Creamery Private Limited was incorporated
in 2016 and full owned subsidiary of Tablez Food
Company Private Limited (TFC). TFC is promoted by Mr. Adeeb Ahamed
and Ms. Safeena Yusuff Ali. The company holds the master franchise
agreement with the renowned American ice cream brand Cold Stone to
operate ice cream parlours under Franchise license from MTY Food
Group Inc. (Kahala Group).


CABLE CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cable
Corporation of India Limited (CCOIL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       38.85      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     112.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 28, 2021,
placed the rating(s) of CCOIL under the ‘issuer non-cooperating'
category as CCOIL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CCOIL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 13, 2022, April 23, 2022, May 3, 2022.

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

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

CCOIL was incorporated in November 11, 1957 and was promoted by Mr.
Hiten Khatau. The company manufactures low tension, high tension
and extra high voltage power cables (23kv to 400kv). The company
also executes turnkey cable contracts and provides solutions. The
manufacturing facility is located at Nashik (Maharashtra).


DIVYA SHREE: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Divya Shree
Industries (DSI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 6, 2021,
placed the rating(s) of DSI under the ‘issuer non-cooperating'
category as DSI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DSI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 22, 2022, April 1, 2022, April 11, 2022.

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

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

Divya Shree Industries, established in February 2012, was promoted
by Agarwal family of Raipur to set up an aluminum profile and
billets manufacturing business. The manufacturing facility is
located at industrial area Rawabhata, Raipur. Since its inception,
Divya Shree Industries has been engaged in manufacturing of
aluminum profiles & billets. The commercial operation has been
started from March 2014 with an installed capacity of around 5100
MTPA. Further, the firm have undertaken a project expansion of 6900
MTPA which have stated operation from June, 2018. The day to day
affairs of the firm are looked after by Mr. Mukesh Agarwal, with
adequate support from other partners and a team of experienced
personnel.


DURGAPUR ISPAT: CARE Lowers Rating on INR20cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Durgapur Ispat Peoples Society (DIPS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 18, 2021,
placed the rating(s) of DIPS under the ‘issuer non-cooperating'
category as DIPS had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DIPS continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2022, April 13, 2022, April 23, 2022.

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

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

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

Durgapur Ispat Peoples Society (DIPS) established in May 2004,
under Society Registration Act 1860, at Durgapur in the state of
West Bengal. After its commencement, the society set up a diploma
college during 2007 in the name of New Horizons Institute of
Technology at Durgapur. The college provides three years diploma in
engineering, which is affiliated to West Bengal State Council of
Technical Education (WBSCTE) and approved by All India Council for
Technical Education (AICTE). DIPS is equipped with smart class
system.

EXCEL VEHICLES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Excel
Vehicles Private Limited (EVPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       57.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 6, 2021,
placed the rating(s) of EVPL under the ‘issuer non-cooperating'
category as EVPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. EVPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 22, 2022, April 1, 2022, April 11, 2022.

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

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

Incorporated in the year 2012, EVPL (CIN: U50400MP2012PTC028568)
belongs to Bhopal-based "My Car" Group. EVPL operates in Bhopal and
nearby region as an authorized dealer of Tata Motors Limited (TML)
for its commercial vehicle segment in Madhya Pradesh. The company
deals in all models of TML in commercial vehicle segment.

HUTAIB INTERIORS: CARE Lowers Rating on INR10cr LT Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Hutaib Interiors (HI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 20, 2021,
placed the rating(s) of HI under the ‘issuer non-cooperating'
category as HI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 5, 2022, April 15, 2022, April 25, 2022.

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

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

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

Established in 2012 by Mrs. Rizwana Yusuf Mithailwala as a
proprietorship concern, M/s. Hutaib Interiors (HI) is engaged in
interior contracting & also in printing of self-adhesive labels.
The entity is engaged in providing various services in interior
designing viz. interior fit-outs, sanitary works, plumbing works,
etc.


KALINGA AGRO: CARE Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kalinga
Agro Foods (KAF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.10       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 17, 2021,
placed the rating(s) of KAF under the ‘issuer non-cooperating'
category as KAF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KAF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2022, April 12, 2022, April 22, 2022.

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

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

Established in March 2016, Kalinga Agro Foods (KAF) is engaged in
the rice milling and processing activities at its plant located at
Sambalpur, Odisha aggregate installed capacity of 28,800 MTPA. The
firm has started commercial operations from July, 2017 onwards. Mr.
Ankit Kumar Lath, having around decade long experience in the rice
milling industry, looks after the day to day operations of the
firm. He is well supported by other partners and a team of
experienced professionals.


LEELA KRISHNA: CARE Lowers Rating on INR29.04cr LT Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Leela Krishna Automobiles Private Limited (LKAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      29.04       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 05, 2021,
placed the rating(s) of LKAPL under the ‘issuer non-cooperating'
category as LKAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LKAPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2022, March 31, 2022, April 10, 2022.

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

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

The ratings assigned to the bank facilities of LKAPL have been
revised on account of non-availability of requisite information.
The ratings also factored decline in scale of operations and
capital structure during FY21.

Leela Krishna Automobiles Private Limited (LKAPL) belongs to Radha
Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a
trading organization. Radha Group Toyota is engaged in the business
of sales and service of passenger vehicles of Toyota Kirloskar
Motors Pvt Limited (TKML) and it is an authorized dealer of TKML.
The group was promoted by Mr. M Subrahmanyam (Chairman), who has
more than five decades of experience in trading and more than two
decades of experience in automobile industry. Mr. M Srinivas
(Managing Director) has more than two decades of experience in
automobile industry. The group comprises of four automobile
companies namely Radha Krishna Automobiles Private Limited,
Radhamadhav Automobiles Private Limited, Leela Krishna Automobiles
Private Limited and Yashodakrishna Automobiles Private Limited
located in Andhra Pradesh and Telangana. These four companies are
in to similar line of business catering to different regions in
both states. RMAPL and LKAPL are operating in the state of Andhra
Pradesh, whereas RKAPL and YKAPL are operating in the state of
Telangana with a total of 15 showrooms in both the states.


M S AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M S Agro
Industries (MSAI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.70       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 27, 2021,
placed the rating(s) of MSAI under the ‘issuer non-cooperating'
category as MSAI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MSAI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 12, 2022, April 22, 2022, May 2, 2022.

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

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

M S Agro Industries (MSAI) was established in 2016 as a partnership
firm and promoted by Mr. M. Laxminarayana, Mr. M. Narasimha Murthy,
Mr. M. Raghavendra and their family members. MSAI is engaged in
milling and processing of rice with installed capacity of 8 ton per
hour. The rice milling unit of the company is located at Raichur
district of Karnataka. Apart from rice processing, the firm is also
engaged in selling by-products such as broken rice, husk and bran.
The main raw material, paddy, is directly procured from local
farmers located in and around Raichur district and the firm sells
rice and other byproducts mainly to customers in Kerala, Tamil Nadu
and Karnataka through intermediaries. MSAI also sells rice to
merchant exporters (M/s Vishnu Kumar Traders). The firm started its
operations in the month of January 2017.


MANU IMPEX: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Manu Impex
Private Limited (MIPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      8.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 25, 2021,
placed the rating(s) of MIPL under the ‘issuer non-cooperating'
category as MIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2022, April 20, 2022, April 30, 2022.

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

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

Manu Impex Private Limited (MIPL) was incorporated as on March 27th
2000 as a private limited company by Shah family with
Mr. Hitesh and Mr. Tushar Shah as key directors. Erstwhile is was
operated under a proprietorship entity named Manu Enterprise
(established in 1958), Late Mr. Manubhai Shah. MIPL which is
engaged in engaged in the business of trading of iron and steel
products mainly boilers and pressure vessels plates, standard MS
plates, mild steel plates, and alloy plates.


MANU IMPEX: CARE Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Manu Impex
Private Limited (MIPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      8.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 25, 2021,
placed the rating(s) of MIPL under the ‘issuer non-cooperating'
category as MIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2022, April 20, 2022, April 30, 2022.

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

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

Manu Impex Private Limited (MIPL) was incorporated as on March 27th
2000 as a private limited company by Shah family with Mr. Hitesh
and Mr. Tushar Shah as key directors. Erstwhile is was operated
under a proprietorship entity named Manu Enterprise (established in
1958), Late Mr. Manubhai Shah. MIPL which is engaged in engaged in
the business of trading of iron and steel products mainly boilers
and pressure vessels plates, standard MS plates, mild steel plates,
and alloy plates.


MISHAL CONSTRUCTION: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mishal
Construction Private Limited (MCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     15.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 20, 2021,
placed the rating(s) of MCPL under the ‘issuer non-cooperating'
category as MCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 5, 2022, April 15, 2022, April 25, 2022.

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

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

Incorporated in 2008, Mishal Construction Private Limited (MCPL) is
engaged in real estate developments in Mumbai. The company was
founded by Mr. Ajit Kumar Jain & Mr. Navin Kumar Jain and has been
primarily focusing on redevelopment project in and around Mumbai.

MULTILAND ELECTRONICS: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Multiland
Electronics Private Limited (MEPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 6, 2021,
placed the rating(s) of MEPL under the ‘issuer non-cooperating'
category as MEPL had failed to provide information for monitoring
of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. MEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 22, 2022, April 1, 2022, April 11, 2022.

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

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

Multiland Electronics Private Limited (MEPL) was established by Mr.
S. Purushotham Raju (Managing director), engaged in manufacture of
electrical and lighting equipment including indoor, outdoor,
industrial and architectural lightings for application in
commercial and industrial establishments. MEPL has three associate
companies all of them engaged in the business of engineering and
civil construction business.


NARSINGH SINGH: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Narsingh
Singh (NS) continues to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 18, 2021,
placed the rating(s) of NS under the 'issuer non-cooperating'
category as NS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2022, April 13, 2022, April 23, 2022.

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

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

Narsingh Singh was established in April 2005 by Mr. Narsingh Singh
with an objective to enter into infrastructure and civil
construction business. Since its inception, the entity has been
engaged in civil construction business in the segment like roads
and bridges projects. Further, the entity is also classified as
class 'A' contractor in civil under the department of RWD
Government of Bihar. Class 'A' contractor can bid for all types and
higher value of contracts of Rural Works Department (RWD) in
Bihar.


RADHA KRISHNA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radha
Krishna Automobiles Private Limited (RKAPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      56.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term Bank      40.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 05, 2021,
placed the rating(s) of RKAPL under the 'issuer non-cooperating'
category as RKAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RKAPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2022, March 31, 2022, April 10, 2022.

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

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

Radha Krishna Automobiles Private Limited (RKAPL) belongs to Radha
Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a
trading organization. Radha Group Toyota is engaged in the business
of sales and service of passenger vehicles of Toyota Kirloskar
Motors Pvt Limited (TKML) and it is an authorized dealer of TKML.
The group was promoted by Mr. M Subrahmanyam (Chairman), who has
more than five decades of experience in trading and more than two
decades of experience in automobile industry. Mr. M Srinivas
(Managing Director) has more than two decades of experience in
automobile industry. The group comprises of four automobile
companies namely Radha Krishna Automobiles Private Limited, Radha
Madhav Automobiles Private Limited, Leela Krishna Automobiles
Private Limited and Yashoda Krishna Automobiles Private Limited
located in Andhra Pradesh and Telangana. These four companies are
in to similar line of business catering to different regions in
both states. RMAPL and LKAPL are operating in the state of Andhra
Pradesh, Whereas RKAPL and YKAPL are operating in the state of
Telangana with a total of 15 showrooms in both the states.


RASANDIK ENGINEERING: CARE Lowers Rating on INR75.17cr Loan to D
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rasandik Engineering Industries India Limited (REIIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      75.17       CARE D; Revised from
   Facilities                      CARE BB; Stable

   Short Term Bank
   Facilities           9.06       CARE D Revised from
                                   CARE A4

Detailed rationale and key rating drivers

CARE has revised the ratings of REIIL to CARE D/CARE D. Facilities
with this rating are in default or are expected to be in default
soon. The revision in the ratings of bank facilities of REIIL takes
into account the instances of delays in servicing of debt
obligations by the company.

Rating Sensitivities

Positive Factors - Factors that could lead to positive rating
action/upgrade:

* Timely servicing of debt obligations for more than three months

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in servicing of debt obligations: The company has reported
instances of delays in the debt obligations as reported by the
auditor in the annual report of the company for the year ending
March 31, 2022. However, there is no default in repayment of debt
as at the year-end as per the audit report.

* Working capital intensive nature of operations: Being in auto
ancillary industry, the operations of the company are working
capital intensive in nature. The operating cycle of the company
remained stretched at around 90 days during FY22. This is largely
on account of piling up of inventory due to low business volumes.
Further, the large portion of current assets is funded through
external borrowing which has resulted in low current ratio of below
1x.

* Exposure to fluctuation in raw material prices: The key raw
material for REIIL's product is steel sheets, the prices of which
are volatile. The company receives orders from Maruti Suzuki India
Limited (MSIL) and other OEMs regularly as per their production
schedule and simultaneously REIIL procures raw material from its
suppliers. The increase in raw material prices can be passed on to
the OEM's but with time lag (1-2 months). Hence, to that extent,
the profitability remains exposed to the fluctuation in raw
material prices. Furthermore, being a moderate sized player in the
auto ancillary segment, REIIL has limited negotiation power
vis-à-vis its customers which are large and established OEMs.

* Cyclical nature of the automotive industry: The automobile
industry is cyclical in nature and automotive component suppliers'
sales are directly linked to sales of auto OEMs. Furthermore, the
auto-ancillary industry is competitive with the presence of a large
number of players in the organized as well as unorganized sector.
While the organized segment majorly caters to the OEM segment, the
unorganized segment mainly caters to the replacement market and to
tier II and III suppliers.

Key Rating Strengths

* Experienced Promoters: REIIL was promoted by Mr. Rajiv Kapoor in
1986 to manufacture auto components with its first manufacturing
facility in Gurgaon. Mr. Kapoor is an IIT Delhi graduate and has
over three decades of experience in the auto components
manufacturing system. He manages business operations largely
concentrating on the product developments, new business
opportunities, technology up-gradation, product quality and growth
strategies. He is ably supported by Mrs. Deepika Kapoor, who looks
after human relations, company management and general
administration.

* Strategic location of manufacturing units: REIIL is engaged into
manufacturing of sheet metal components like dead axles, suspension
parts, skin panels, fuel tanks, motorcycle frames etc. The company
has 5 operational plants at Gurgaon (2); Surajpur, Greater Noida
(1); Mewat (1); Pune (1) with an installed capacity of 72000 MT for
Sheet metal components and 30, 00,000 MT for Tailor Welded Blanks
as on March 31, 2021. REIIL has its manufacturing plants located
near manufacturing facilities of OEMs to meet the latter's
requirements. This helps REIIL to remain competitive by combating
transportation cost and continuous supply of components. The
company has an integrated manufacturing plants encompassing
stamping, pressing, welding (Robot Spot welding, Robot MIG welding,
Nut welding etc.), and assembling, sealing and painting
capabilities.

* In-house design and engineering capabilities: REIIL's design,
engineering capability and ability to manufacture sheet metal
pressed components with consistent quality and reliability is well
acknowledged by OEM customers resulting in repeated orders y-o-y.
Necessary drawings or blue print are provided by the customers
based on which company designs the tool. REIIL is well equipped
with CAD/CAM/CAE design capability, tool room and manufacturing
capacities with CNC wire cutting machines, welding machines and
presses for manufacturing of tool.

Liquidity: Stretched

The liquidity position of the company remained stretched with low
cash and bank balance and high working capital utilization levels.
The company has a low current ratio of 0.71x as on March 31, 2022.
The liquidity is further stretched on account of tightly matched
cash accruals and repayment obligation for FY23.

Incorporated in 1986, REIIL promoted by Mr. Rajiv Kapoor is engaged
in providing engineering solutions, designing and manufacturing
delivery of sheet metal components and assemblies to automobile
industry. The company manufactures sheet metal components, press
tools and dies for high tensile application in Heavy Commercial
Vehicle (HCV), Light Commercial Vehicle (LCV), Passenger Vehicle
(PV), tractors and 2-wheeler industry, heavy fabrication for
railways. The company has an installed capacity of 72000 MT for
sheet metal components and 30,00,000 MT for Tailor Welded Blanks as
on March 31, 2021.


SHESADRI RICE: CARE Lowers Rating on INR8.11cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shesadri Rice Mill (SRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.11       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      0.09       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 06, 2021,
placed the rating(s) of SRM under the 'issuer non-cooperating'
category as SRM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 22, 2022, April 1, 2022, April 11, 2022.

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

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

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

Burdwan (West Bengal) based Shesadri Rice Mill (SRM) was
established in 2010 as a partnership firm by Konar family. The firm
is engaged in the processing, milling of non-basmati rice. SRM
milling unit with installed capacity of 28,800 MTPA was located at
Burdwan, West Bengal. SRM primarily procures paddy from farmers &
local agents located in West Bengal and other neighboring states.
Mr. Ananta Konar and Mr. Subrata Konar manages the dayto-day
operations of the business along with a team of expert
professionals who are having a long experience in the similar line
of business.

VEDIC RESORTS: CARE Lowers Rating on INR12.09cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vedic Resorts & Hotels Private Limited (VRHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.09      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 3, 2021,
placed the rating(s) of VRHPL under the 'issuer non-cooperating'
category as VRHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VRHPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2022, March 29, 2022, April 8, 2022 and July 07, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

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

The ratings assigned to the bank facilities of VRHPL have been
revised on account of on-going delays in debt servicing recognized
from publicly available information i.e. audit report of FY21
available from registrar of the companies.

Vedic Resorts & Hotels Private Limited (VRHPL), incorporated in
February 1998 in the name of Circle Clubs & Resorts Pvt. Ltd.,
belongs to Vedic group of Kolkata. The company operates a resort in
Kolkata, spread over an area of 150 acres, consisting of 30
Villas/Suites, 130 Executive rooms, Spa Club, 7 Banquets/Conference
Halls, Bar & Restaurants, a discotheque and games zones like
Badminton Court, Tennis Courts etc. Other amenities in the resort
include swimming pool, gymnasium, library, transportation
facilities, etc. Subsequently in October 22, 2007, the name of the
company was changed to its present name. VRHPL is a subsidiary
company of Vedic Realty Private Limited (VRPL; the flagship company
of the group) which is holding about 99.99% of equity stake in
VRHPL. VRHPL commenced operation in 2004. Vedic group of Kolkata
(West Bengal), built up by Shri Raj Kishore Modi, Shri Uday Modi
and Shri Daya Nand Sharma, based out of Kolkata, having major
interest in real estate and hospitality. The group has an
established market position in the real estate sector in West
Bengal, having developed more than 5.5 million square feet (sq.
ft.) of real estate at various locations in West Bengal, both in
residential and commercial spaces, over the past eighteen years.
Some of the prestigious projects developed by the company in
Kolkata and its adjoining areas are Vedic Village, The Space
Circle, The Circle, Sanjeeva Town, Space Town, etc.


YASHODAKRISHNA AUTO: CARE Cuts Rating on INR34.54cr Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Yashodakrishna Automobiles Private Limited (YAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      34.54       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 5, 2021,
placed the rating(s) of YAPL under the 'issuer non-cooperating'
category as YAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. YAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2022, March 31, 2022, April 10, 2022.

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

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

The ratings assigned to the bank facilities of YAPL have been
revised on account of non-availability of requisite information.
The ratings also factored decline in scale of operations,
profitability as well as capital structure and debt coverage
indicators during FY21.

Yashoda Krishna Automobiles Private Limited (YAPL) belongs to Radha
Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a
trading organization. Radha Group Toyota is engaged in the business
of sales and service of passenger vehicles of Toyota Kirloskar
Motors Pvt Limited (TKML) and it is an authorized dealer of TKML.
The group was promoted by Mr. M Subrahmanyam (Chairman), who has
more than five decades of experience in trading and more than two
decades of experience in automobile industry. Mr. M Srinivas
(Managing Director) has more than two decades of experience in
automobile industry. The group comprises of four automobile
companies namely Radha Krishna Automobiles Private Limited, Radha
Madhav Automobiles Private Limited, Leela Krishna Automobiles
Private Limited and Yashoda Krishna Automobiles Private Limited
located in Andhra Pradesh and Telangana. These four companies are
in to similar line of business catering to different regions in
both states. RMAPL and LKAPL are operating in the state of Andhra
Pradesh, whereas RKAPL and YKAPL are operating in the state of
Telangana with a total of 15 showrooms in both the states.




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

SAWIT SUMBERMAS: Moody's Alters Outlook on 'Caa1' CFR to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed Sawit Sumbermas Sarana Tbk
(P.T.) (SSMS)'s Caa1 corporate family rating.

At the same time, Moody's has downgraded to Caa2 from Caa1 the
backed senior unsecured rating on the US dollar notes issued by the
company's wholly-owned subsidiary, SSMS Plantation Holdings Pte.
Ltd.

Moody's has also revised the outlook to stable from negative.

"The affirmation of SSMS' Caa1 CFR and revision of the outlook to
stable reflects the reduction in near-term refinancing risk
following SSMS' repayment of most of its US dollar notes with new
bank loans," says Maisam Hasnain, a Moody's Vice President and
Senior Analyst. "Absent any increase in shareholder distributions,
SSMS will have enough cash to repay the remaining notes at maturity
in January 2023."

"The downgrade of the US dollar notes to Caa2 reflects their
subordination relative to the secured bank debt in SSMS' capital
structure," adds Hasnain, who is also Moody's Lead Analyst for
SSMS.

RATINGS RATIONALE

On July 8, SSMS announced via the results of its tender offer that
it will redeem $259.725 million of its $300 million notes at 90
cents on the dollar. The discounted notes buyback, which is being
funded with an IDR3.6 trillion (around $240 million) syndicated
loan, will help SSMS preserve its liquidity and prevent a
deterioration in credit quality.

Moody's expects SSMS to generate sufficient internal cash to redeem
the residual $40.275 million notes when they mature in January 2023
and meet the annual amortization payments on the new syndicated
loan.

However, the buyback of the notes at a discount to par value and
the diminished creditor rights of the residual noteholders
highlight the company's very high credit exposure to governance
risks.

The residual $40.275 million of SSMS' outstanding unsecured notes
are rated one notch below the CFR because they will make up only
around 10% of SSMS' total debt in its new capital structure.
Noteholders will have to contend with secured bank debt, which has
a priority claim and ranks ahead of the notes, thereby reducing the
notes' recovery prospects in the event of a potential default.

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

Moody's could upgrade the ratings if SSMS materially improves its
governance practices and corporate transparency, particularly
around financial policies and related-party transactions, while
maintaining adequate liquidity.

Moody's could downgrade the ratings (1) if SSMS' liquidity weakens
such that internal cash sources are insufficient to meet cash needs
including scheduled debt maturities; or (2) governance risks
increase further, including material cash leakage from SSMS to
related parties.

The principal methodology used in these ratings was Protein and
Agriculture published in November 2021.

Listed on the Indonesian Stock Exchange in December 2013, Sawit
Sumbermas Sarana Tbk (P.T.) is a palm oil producer with a market
capitalization of around IDR13.1 trillion ($876 million) as of July
15, 2022.




=========
M A C A U
=========

[*] MACAU: Two-Thirds of SMEs on the Verge of Bankruptcy
--------------------------------------------------------
Macau Daily reports that President of the Industry and Commerce
Federation of Macau Central and Southern District, Lei Cheok Kuan,
suggested that the government distribute MOP15,000 to residents
across three months in a bid to help sustain local businesses.

According to the report, official said the first two MOP15,000 can
be given in cash, while the remaining stimulus could be handed out
in a form of e-vouchers as a way to support the small and
medium-sized enterprises (SMEs) due to near-bankruptcy of these
firms.

"In fact, most SMEs are now facing closure, and those who have not
closed are afraid of being asked to repay their debts immediately
after closure. For small-sized enterprises, they are basically
unable to repay their debts, so they only maintain their business
and wait for the promotion of the government's assistance measures
so far," Lei told Chinese media outlet Exmoo, Macau Daily relays.

Macau Daily relates that Lei explained that SMEs are now "strongly
hoping" that the MOP10 billion government assistance measure,
announced last weekend, will be launched as soon as possible, so
that they can stay in business for at least a while.

The Legislative Assembly is set to meet virtually today, July 21,
to discuss the budget amendment to accommodate the recently
announced stimulus.

Macau Daily says Lei pointed out that except for supermarkets, most
restaurants have basically no capacity to support their businesses
any longer.

"The implementation process of the financial measures proposed by
the government is too slow. The issuance of assistance measures has
already been ongoing for a long time, but it has not been
officially launched yet," Lei criticized.

He expressed understanding that some residents are dissatisfied
with the assistance measure because they do not meet the conditions
announced by the authorities. However, two-thirds of local SMEs are
already considering ceasing operation because of the pressure they
face, meaning the government must act swiftly.

According to Macau Daily, the government pledged over the weekend
an extra MOP10 billion for financial relief measures for the public
and to support other pandemic-related expenses in light of the
current community Covid-19 outbreak, bringing the total value of
financial relief measures to be put forward by the government to
MOP20 billion.

Back in June, the government announced a MOP10 billion financial
support measure, including one-off subsidies for employees,
self-employed individuals and businesses; an exemption for tourism
tax; and a fuel subsidy for the taxi sector.

At present, the total excess reserves which the government is using
on pandemic prevention work is as high as MOP35.1 billion, the
report notes.




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

CULLEN GROUP: Liquidators Can't Find Eric Watson to Serve Papers
----------------------------------------------------------------
Stuff.co.nz reports that a NZD57 million claim against New Zealand
businessman Eric Watson from the liquidators of his failed Cullen
Group has hit a road bump - they can't find him to serve legal
papers.

Stuff relates that previously liquidators' reports said Cullen
Investments, the main asset holding company within the group, was
owed about NZD57 million by Mr. Watson, who had reciprocal loan
accounts with the company.

Reciprocal loan arrangements work by lending money or selling loans
with an agreement to buy them back later, and are sometimes used to
conceal loans or sales, the report says.

According to Stuff, the liquidators' sixth and most recent report,
filed on July 18, said proceedings against Mr. Watson had been
filed in the High Court but attempts to locate him had failed.

"The Liquidators entered without prejudice discussions with
representatives of Mr Watson, which have not resulted in any
outcome," the report, as cited by Stuff, said.

In December 2019, Vivian Judith Fatupaito and Luke Norman, of KPMG,
were appointed at liquidators.

Cullen Group had been involved in a long-running court dispute with
Inland Revenue, but costs associated with that battle pushed it
into liquidation, Stuff relates.

Inland Revenue assessed Cullen Group as having avoided NZD59.5
million of non-resident withholding tax.

In March 2019, Justice Matthew Palmer ruled Cullen Group was part
of a "web of entities" associated with Watson and designed to
reduce his tax bill, Stuff recalls.

The sixth report said liquidators understood the Cullen Group was
part of a complex structure of entities that spanned New Zealand,
the British Virgin Islands, the United Kingdom and the United
States of America, Stuff relays.

"Since their appointment the Liquidators have worked to identify,
freeze, and control the Cullen Group's assets by placing many of
its entities into liquidation," it stated.

Asset recovered included NZD30,388 from the Cullen Investments'
bank account and NZD9353 from the Batty Road Holdings Limited's
solicitor's trust account, Stuff discloses.

Liquidators also received a bond refund of NZD23,877 in respect of
a historic property owned by IP Holdings No. 2 Limited.

According to Stuff, liquidators also located and sold physical
assets of Watson Bloodstock Limited, a company for which Cullen
Investments was the biggest creditor, and BRHL including two horses
and artwork, receiving NZD167,322 after costs of sales.

The sixth liquidators' report also noted Inland Revenue had
provided NZD100,000 funding for the liquidation of CGL, to cover
the initial investigations, which had predominantly been used to
pay legal fees.

Liquidators had recovered NZD150,000 against related parties.

Stuff says the liquidators had identified more claims against
various related and third parties, but details were not included in
the report.

"Some details of claims are withheld in our reports and cannot be
disclosed to creditors at this stage to avoid prejudicing our
position," the report stated.

Last year, the United States Securities and Exchange Commission
(SEC) charged Mr. Watson with insider trading after passing
non-public information about a drinks company to a friend before
its share price skyrocketed, Stuff notes.

In 2020, the former rich-lister was found guilty of contempt of
court after withholding information about his assets from
philanthropist and former business partner Sir Owen Glenn, who was
pursuing Watson for NZD57 million.

Mr. Watson served four months in London's Pentonville Prison as a
result, adds Stuff.


JB HOLDINGS: Court to Hear Wind-Up Petition on Aug. 15
------------------------------------------------------
A petition to wind up the operations of JB Holdings NZ Limited will
be heard before the High Court of New Zealand at Whangarei 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


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

The Commissioner of Inland Revenue filed the petition against the
company on June 20, 2022.

The Petitioner's solicitor is:

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


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

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

The company's liquidator is Kelera Nayacakalou.


SUNNY VIEW: Creditors' Proofs of Debt Due on Aug. 18
----------------------------------------------------
Creditors of Sunny View Orchards Limited are required to file their
proofs of debt by Aug. 18, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 15, 2022.

The company's liquidators are:

          Simon Dalton
          Benjamin Francis
          Gerry Rea Partners
          PO Box 3015
          Auckland


WILSON SHEARING: Court to Hear Wind-Up Petition on July 28
----------------------------------------------------------
A petition to wind up the operations of Wilson Shearing Limited
will be heard before the High Court of New Zealand at Invercargill
on July 28, 2022, at 11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 26, 2022.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140




===============
P A K I S T A N
===============

PAKISTAN: Fitch Affirms 'B-' IDR & Alters Outlook to Negative
-------------------------------------------------------------
Fitch Ratings has revised Pakistan's Outlook to Negative from
Stable, while affirming its Long-Term Foreign-Currency (LTFC)
Issuer Default Rating (IDR) at 'B-'.

KEY RATING DRIVERS

Risks to Adjustment, Financing: The Revision of the Outlook to
Negative reflects significant deterioration in Pakistan's external
liquidity position and financing conditions since early 2022. Fitch
assumes IMF board approval of Pakistan's new staff-level agreement
with the IMF, but see considerable risks to its implementation and
to continued access to financing after the programme's expiry in
June 2023 in a tough economic and political climate.

Political Risks: Renewed political volatility cannot be excluded
and could undermine the authorities' fiscal and external
adjustment, as happened in early 2022 and 2018, particularly in the
current environment of slowing growth and high inflation.

Former Prime Minister Imran Khan, who was ousted in a no-confidence
vote on 10 April, has called on the government to hold early
elections and has been organising large-scale protests in cities
around the country. The new government is supported by a disparate
coalition of parties with only a slim majority in parliament.
Regular elections are due in October 2023, creating the risk of
policy slippage after the conclusion of the IMF programme.

Reserves under Pressure: Limited external funding and large current
account deficits (CADs) have drained foreign exchange (FX)
reserves, as the State Bank of Pakistan (SBP) has used reserves to
slow currency depreciation. Liquid net FX reserves at the SBP
declined to about USD10 billion or just over one month of current
external payments by June 2022, down from about USD16 billion a
year earlier.

External Deficits: Fitch estimates the CAD reached USD17 billion
(4.6% of GDP) in fiscal year ended June 2022 (FY22), driven by
soaring global oil prices and a rise in non-oil imports boosted by
strong private consumption. Fiscal tightening, higher interest
rates, measures to limit energy consumption and imports underpin
Fitch's forecast of a narrowing CAD to USD10 billion (2.6% of GDP)
in FY23.

Large Funding Needs: Public debt maturities in FY23 are about USD21
billion. Maturities of about USD9 billion are to bilateral
creditors (chiefly Saudi Arabia and China), which should be fairly
easy to roll over with an IMF programme in place. Much of the USD5
billion in debt to commercial banks is also to China. Staff-level
agreement will potentially unlock USD4 billion in IMF disbursements
to Pakistan in FY23, assuming board approval of a USD1 billion
augmentation and extension to June 2023.

Policy Getting Back on Track: Pakistan's 'B-' rating reflects
recurring external vulnerability, a narrow fiscal revenue base and
low governance indicator scores compared with the 'B' median.
External funding conditions and liquidity will likely improve with
the new staff-level agreement. Nevertheless, slippage against
programme conditions is a risk and could quickly lead to renewed
strains, while diminished FX reserves and high funding needs now
leave less room for error. Pakistan's access to market finance
could remain constrained.

Fiscal Worsening then Consolidation: Fitch estimates that the
fiscal deficit widened to 7.5% of GDP (nearly PKR5 trillion) in
FY22, from 6.1% in FY21. Tax reductions and subsidies on fuel and
electricity account for most of the fiscal deterioration; these
were introduced by the previous government in February and lasted
until June.

Fitch expects a narrowing of the deficit to 5.6% of GDP (about
PKR4.6 trillion or USD22 billion) in FY23, driven by spending
restraint as well as by expanded taxation, including higher
corporate and personal income taxes and increases in the petroleum
levy. Fitch's forecast of the fiscal deficit is about 1% of GDP
wider than the authorities' target.

Debt Expected to Decline: Fitch estimates Pakistan's debt/GDP at
73% as at FYE22, broadly in line with the current 'B' median,
following an earlier GDP rebasing in FY21, which lowered the debt
ratio by 12pp. Fitch expects debt/GDP to decline to 66% in FY23 and
remain on a downward trend, helped by high inflation and a modest
primary deficit, which Fitch forecasts at 0.9% of GDP in FY23, down
from 2.8% of GDP in FY22.

Other Debt Metrics Mixed: A low FX exposure at just over 30% of
total debt has limited the negative impact of currency depreciation
on debt dynamics. Nevertheless, debt/revenue (at over 600% in FY22)
and interest/revenue (at about 40%) are significantly worse than
the 'B' median. This largely reflects low general government
revenue of 12% of GDP in FY22.

High Inflation, Monetary Tightening: Consumer price inflation
averaged 12.2% in FY22 but accelerated to 21.3% yoy (6.3% mom) in
June on hikes to petrol and electricity prices. The SBP forecast
inflation of 18%-20% in FY23, as it raised its policy rate by 125bp
to 15% at its most recent action on July . SBP's latest action took
cumulative rate hikes to 800bp in this latest tightening cycle.

Our forecast of average inflation of 19% in FY23 and 8% in FY24
largely reflects base effects, but recent and planned future energy
price hikes will all fuel broad-based inflation and mean inflation
is skewed to the upside.

Overheated Economy; Falling Growth: Preliminary estimates show real
GDP growth of 6% for FY22, up from 5.7% in FY21, mostly driven by
private consumption, as in FY21, while net exports continued to
weigh on growth. In Fitch's view, this largely reflected a
loosening of fiscal policy in FY22, as well as a fairly loose
monetary policy despite significant tightening throughout the year
(ex-post real policy rates on average negative in FY22).

The SBP estimates that the economy was operating above potential in
FY22, and Fitch forecasts slower growth of 3.5% in FY23 amid fiscal
and monetary tightening, high imported inflation, and a weaker
external demand outlook, all of which will also hit household and
business confidence.

ESG - Governance: Pakistan has an ESG Relevance Score (RS) of '5
for both political stability and rights and for the rule of law,
institutional and regulatory quality and control of corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in Fitch's proprietary Sovereign Rating
Model (SRM). Pakistan has a low WBGI ranking at the lower 22nd
percentile.

RATING SENSITIVITIES

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

-- External Finances: Lack of improvement in external liquidity
    and funding conditions;

-- Public Finances: A fiscal policy reversal undermining IMF
    programme performance and disbursements, for example as a
    result of socio-political pressures.

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

-- External Finances: Rebuilding of Pakistan's foreign-currency
    reserves and easing of external financing risks;

-- Public Finances: Sustained reduction in debt/GDP and
    debt/revenue ratios, for instance through revenue-driven
    fiscal consolidation and strong economic growth;

-- Macro: Improved medium-term growth and export prospects, for
    example as a result of improvements to the regulatory and
    business environments.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Pakistan a score equivalent to a
rating of 'CCC+' on the LTFC IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
score to arrive at the LTFC IDR by applying its QO, relative to SRM
data and output, as follows:

-- Structural: +1 notch to adjust for the negative effect on the
    SRM of Pakistan's take-up of the Debt Service Suspension
    Initiative, which prompted a reset of the 'years since default

    or restructuring event' variable, which can pertain both to
    official and commercial debt. In this case, Fitch judged that
    the deterioration in the model as a result of the reset does
    not signal a weakening of the sovereign's capacity or
    willingness to meet its obligations to private-sector
    creditors.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the IDR, reflecting factors within Fitch's
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

Pakistan has an ESG Relevance Score of '5' for political stability
and rights, as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Pakistan has a percentile rank below 50 for
the respective governance indicator, this has a negative impact on
the credit profile.

Pakistan has an ESG Relevance Score of '5' for rule of law,
institutional & regulatory quality and control of corruption, as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Pakistan has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

Pakistan has an ESG Relevance Score of '4'for human rights and
political freedoms, as the voice and accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Pakistan
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Pakistan has an ESG Relevance Score of '4' for creditor rights, as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Pakistan, as for all sovereigns. As Pakistan
has had restructuring of public debt in 1998 and 2001, this has a
negative impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.

   DEBT        RATING                           PRIOR
   ----        ------                           -----
Pakistan      LT IDR            B-   Affirmed   B-

              ST IDR            B    Affirmed   B

              LC LT IDR         B-   Affirmed   B-

              LC ST IDR         B    Affirmed   B

              Country Ceiling   B-   Affirmed   B-

   senior     LT                B-   Affirmed   B-
   unsecured

The Pakistan Global Sukuk Programme Company Limited

   senior     LT                B-   Affirmed   B-
   unsecured




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

SRI LANKA: India to Invest More After Crisis Support of US$3.8BB
----------------------------------------------------------------
Reuters reports that India is willing to make more investments in
neighbouring Sri Lanka after supporting it with $3.8 billion this
year, New Delhi's envoy in Colombo told the Indian Express
newspaper.

"The idea is to respond to Sri Lanka's requests for enabling them
to meet their foreign exchange crisis," Reuters quotes Gopal
Baglay, India's high commissioner in Sri Lanka, as saying.

"We would like to continue to bring more investment into Sri Lanka
because that will help create medium- and long-term capacity to
respond within the Sri Lankan economy."

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on May 27, 2022, affirmed its long-term and
short-term foreign currency sovereign ratings on Sri Lanka at
'SD/SD.'  At the same time, S&P affirmed its 'CCC-' long-term and
'C' short-term local currency sovereign ratings.  The outlook on
the local currency ratings remains negative.  In addition, S&P
lowered to 'D' from 'CC' the issue ratings on the following bonds
with missed interest payments in May: (1) US$1.5 billion, 6.85%
bonds due Nov. 3, 2025, and (2) US$1.5 billion, 6.20% bonds due May
11, 2027.  S&P's transfer and convertibility assessment at 'CC' is
unchanged.


SRI LANKA: Parliament Picks Ranil Wickremesinghe as President
-------------------------------------------------------------
Bloomberg News reports that acting President Ranil Wickremesinghe
was voted in as Sri Lanka's new head of state backed by a majority
of lawmakers from ousted leader Gotabaya Rajapaksa's party, a
development that could reignite street protests in the bankrupt
nation and scuttle bailout talks with the International Monetary
Fund.

Bloomberg relates that Wickremesinghe, 73, beat Dullas
Alahapperuma, a candidate who had the support from a faction within
the ruling party, and left-leaning lawmaker Anura Kumara
Dissanayake from the opposition Janatha Vimukthi Peramuna, by
securing 134 or more than 50% of votes cast in parliament on July
20.

The leader described the victory as an "honor and "a privilege," as
he addressed parliament soon after the results were announced.

While Rajapaksa's Sri Lanka Podujana Peramuna party has not
formally split -- fissures have appeared as the group struggles to
deal with the anti-government anger across the country. The main
focus of the demonstrator's ire so far was the former president,
who fled to Singapore and resigned, after months of protests
calling for his ouster culminated in thousands of demonstrators on
July 9 storming his official residence.  

The South Asian island nation is facing the worst economic and
political crisis since its independence in 1948, with food, fuel
and medicines in short supply and inflation seen touching 70%.

However, it's not immediately clear how Wickremesinghe's win will
be viewed by ordinary Sri Lankans -- who are bearing the brunt of
the crisis -- suffering prolonged power cuts and massive queues for
fuel. He is deeply unpopular among the protesters.

Demonstrators occupied his office and attempted to storm parliament
last week, prompting Wickremesinghe to announce emergency rule --
giving the army and police sweeping powers to detain and arrest
people. He has blamed "fascist" elements for escalating tensions.

In a statement July 18, Wickremesinghe laid out what he had done
since being appointed prime minister by Gotabaya Rajapaksa in May
when the largely peaceful protests turned bloody, forcing the
resignation of older brother and strongman Mahinda Rajapaksa.

Wickremesinghe said he had led the country close to a conclusion in
negotiations with the IMF for a bailout program and made progress
in "discussions for assistance" with foreign countries.

Wickremesinghe has also called on political parties to come
together and form an all-party government which would allow the
country to recover from the economic crisis.

He was first elected to the legislature in the late 1970s and had
an unbroken streak in parliament until 2020, when his party was
trounced after the Easter Sunday bombings. The party didn't win a
single seat in the election but he returned as lawmaker through a
system where parties with enough votes can nominate a member under
the "national list.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on May 27, 2022, affirmed its long-term and
short-term foreign currency sovereign ratings on Sri Lanka at
'SD/SD.'  At the same time, S&P affirmed its 'CCC-' long-term and
'C' short-term local currency sovereign ratings.  The outlook on
the local currency ratings remains negative.  In addition, S&P
lowered to 'D' from 'CC' the issue ratings on the following bonds
with missed interest payments in May: (1) US$1.5 billion, 6.85%
bonds due Nov. 3, 2025, and (2) US$1.5 billion, 6.20% bonds due May
11, 2027.  S&P's transfer and convertibility assessment at 'CC' is
unchanged.



                           *********


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

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

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

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

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 ***