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

                     A S I A   P A C I F I C

          Monday, July 25, 2022, Vol. 25, No. 141

                           Headlines



A U S T R A L I A

CANDLEFOX PTY: First Creditors' Meeting Set for Aug. 1
EFP EMPLOYMENT: First Creditors' Meeting Set for Aug. 2
LA TROBE 2022-1: Moody's Assigns (P)B2 Rating to AUD3MM F Notes
NOW HIRING: First Creditors' Meeting Set for Aug. 1
ULLEO PTY: First Creditors' Meeting Set for Aug. 1

WILUNA MINING: First Creditors' Meeting Set for July 29


C H I N A

CHINA EVERGRANDE: CEO, CFO Step Down After Probe Into Unit
HELENBERGH CHINA: Fitch Withdraws 'B-' IDR, On Watch Negative
KWG GROUP: Fitch Lowers LT Foreign Currency IDR to 'CCC+'


I N D I A

AGNI INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
AJANTA SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
AL-AYAAN FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
ARYAN SILK: CRISIL Keeps D Debt Rating in Not Cooperating
ATIBIR INDUSTRIES: Ind-Ra Keeps D Issuer Rating in Non-Cooperating

ATMIYA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
BARNALA STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAGIRATHI AGRO: Insolvency Resolution Process Case Summary
BP CONSTRUCTION: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
BRAND CONCEPTS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

CALZINI FASHIONS: Insolvency Resolution Process Case Summary
FUTURE RETAIL: Court Agrees to Send Retailer Into Bankruptcy
GAJANAN SOLVEX: Insolvency Resolution Process Case Summary
GVRMP WHAGDHARI: CRISIL Keeps D Debt Ratings in Not Cooperating
HIMAVASINI MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating

HYGIENE FEEDS: Insolvency Resolution Process Case Summary
IB COMMERCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
JSSI HYDRAULICS PRIVATE: Insolvency Resolution Case Summary
KAYTX INDUSTRIES: Insolvency Resolution Process Case Summary
MANIBHADRA FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating

MEHSANA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
NAGARSHETH SHIPBREAKERS: CRISIL Keeps D Ratings in Not Cooperating
NAGOORAR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
NATH MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
NATIONAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating

NATURAL FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
NEW LAXMI: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
NEXUS HEALTH: CRISIL Lowers Rating on INR5cr Cash Loan to C
PHONEX LOGISTICS: Insolvency Resolution Process Case Summary
RANGOLI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating

RAVELS APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating
ROSY HOSIERY: CRISIL Lowers Rating on INR10cr Cash Loan to D
SCORODITE STAINLESS: CRISIL Keeps D Ratings in Not Cooperating
SHARDA MA ENTERPRISES: Insolvency Resolution Process Case Summary
SHIV RICE: CRISIL Keeps B Ratings in Not Cooperating Category

SHIVSHAKTI BARRELS: CRISIL Keeps D Ratings in Not Cooperating
SHYAMALI COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
SIR. M. VISVESVARAYA: CRISIL Lowers LT/ST Debt Ratings to D
SLOGAN INFOTECH: Insolvency Resolution Process Case Summary
SUDAMA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating

SYNDICATE JEWELLERS: CRISIL Keeps D Rating in Not Cooperating
TEMPLE CITY: CRISIL Keeps D Debt Rating in Not Cooperating
UP ASBESTOS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
V. P. M. SANKAR: CRISIL Lowers Rating on INR7.5cr Cash Loan to D
VEERA BRAHMENDRA: CRISIL Lowers Rating on INR7.51cr Loan to D

VIL INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
YASHWANT DUGDH: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
YUG WEAVE: Liquidation Process Case Summary
ZEE FABRICS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating


M O N G O L I A

MONGOLIA: S&P Affirms 'B' Sovereign Credit Ratings, Outlook Stable


M Y A N M A R

MYANMAR: Faces Bankruptcy Due to Foreign Currency Restrictions


N E W   Z E A L A N D

A1 ROOFS: Court to Hear Wind-Up Petition on Aug. 19
BAY OF ISLANDS: Court to Hear Wind-Up Petition on Aug. 15
DOMO LUXURY: Creditors' Proofs of Debt Due on Aug. 16
ELECTRICAL PRODUCTIONS: Creditors' Proofs of Debt Due on Aug. 12
OHG INVESTMENTS: Court to Hear Wind-Up Petition on Aug. 12

RENEWABLE RESOURCES: Court to Hear Wind-Up Petition on Aug. 5


P H I L I P P I N E S

UDENNA CORP: Banks Move to Declare Dennis Uy in Default


S I N G A P O R E

AXSYS TECHNOLOGIES: Court Enters Wind-Up Order
BOXUAN MEDICAL: Creditors' Proofs of Debt Due on Aug. 22
MAGNOLIAS CONSULTING: Creditors' Proofs of Debt Due on Aug. 15
MINGDA HOLDING: Court to Hear Wind-Up Petition on Aug. 5
SIGNATURE BRIDAL: Court to Hear Wind-Up Petition on Aug. 5

THREE ARROW: Founders Reveal Ties to Terra Founder
ZIPMEX PTE: Resumes Withdrawals for Trade Wallets


S R I   L A N K A

SRI LANKA: Swears in New Prime Minister

                           - - - - -


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A U S T R A L I A
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CANDLEFOX PTY: First Creditors' Meeting Set for Aug. 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of Candlefox
Pty Limited will be held on Aug. 1, 2022, at 10:00 a.m. via virtual
meeting technology.

David Ross and David Ingram of I & R Advisory were appointed as
administrators of the company on July 20, 2022.


EFP EMPLOYMENT: First Creditors' Meeting Set for Aug. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of EFP
Employment Services Pty Limited will be held on Aug. 2, 2022, at
11:00 a.m. via virtual meeting technology.

Geoffrey Trent Hancock of Hamilton Murphy Advisory was appointed as
administrator of EFP Employment on July 21, 2022.


LA TROBE 2022-1: Moody's Assigns (P)B2 Rating to AUD3MM F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited as trustee of La Trobe Financial Capital Markets Trust
2022-1.

Issuer: La Trobe Financial Capital Markets Trust 2022-1

AUD100.00 million Class A1S Notes, Assigned (P)Aaa (sf)

AUD290.00 million Class A1L Notes, Assigned (P)Aaa (sf)

AUD37.50 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD44.00 million Class B Notes, Assigned (P)Aa2 (sf)

AUD4.00 million Class C Notes, Assigned (P)A2 (sf)

AUD8.50 million Class D Notes, Assigned (P)Baa2 (sf)

AUD4.75 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.00 million Class F Notes, Assigned (P)B2 (sf)

AUD7.00 million Equity 1 Notes are not rated by Moody's

AUD1.25 million Equity 2 Notes are not rated by Moody's

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by La Trobe Financial Services Pty
Limited (La Trobe Financial, unrated).

La Trobe Financial is an Australian asset manager and mortgage
originator and has been an originator of mortgage loans in
Australia since 1952. As of May 31, 2022, La Trobe Financial had
AUD14.2 billion in total funds under management consisting of a
portfolio of Australian mortgage assets. In June 2022, global asset
manager, Brookfield, acquired a 100% equity stake in the La Trobe
Financial group.

La Trobe Financial has extensive securitisation experience through
its various warehouse funding arrangements and term RMBS
transactions it has completed since 2014. This will be its first
term RMBS transaction for 2022.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance; evaluation of the capital structure and credit
enhancement provided to the notes; the availability of excess
spread over the life of the transaction; the liquidity facility in
the amount of 1.50% of the notes balance; the legal structure; the
experience of La Trobe Financial as servicer; and the presence of
Perpetual Corporate Trust Limited as the standby servicer.

According to Moody's, the transaction benefits from various credit
strengths such as the high level of excess spread and that no loans
in the pool have a scheduled LTV above 81%. However, Moody's notes
that the transaction features some credit weaknesses such as a the
portion of the portfolio underwritten on an alternative
documentation (alt doc) basis (51.4%), loans granted to
self-employed borrowers (55.4%) and loans secured by investment
properties (42.9%).

Moody's Individual Loan Analysis Credit Enhancement (MILAN CE) for
the collateral pool — representing the loss that Moody's expects
the portfolio to suffer in the event of a severe recession scenario
— is 12.2%. Moody's expected loss for this transaction is 1.2%,
which represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

While the Class A2 Notes are subordinate to the Class A1S and
Class A1L Notes (collectively the Class A1 notes) in relation to
charge-offs, Class A2 and Class A1L Notes rank pari passu in
relation to principal payments, based on their stated amounts,
before the call option date. This feature reduces the absolute
amount of credit enhancement available to the Class A1L Notes.

Principal collections will be distributed on a sequential basis at
first, with allocation to the Class A1L and Class A2 Notes ranking
pari passu in relation to principal payments before the call option
date. Starting from the second anniversary from closing, all notes
(other than the Equity 1 and Equity 2 notes) may participate in
proportional principal collections distribution, subject to the
step down criteria being satisfied. The step down criteria include,
among others, no unreimbursed charge-offs on any of the notes and
Class A2 note subordination of at least 19.56%. While any of the
other notes are outstanding, the Equity 1 and Equity 2 notes' share
of principal will be allocated in reverse sequential order
according to the turbo principal waterfall.

The servicer is required to maintain the weighted-average interest
rate on the mortgage loans at least at 3.5% above the then current
one-month bank bill swap rate. This generates a good level of
excess spread available to cover losses in the pool.

The key pool features are as follows:

There are no loans with a scheduled loan-to-value (LTV) ratio over
81.0%, however the pool has a relatively high weighted-average
scheduled LTV ratio of 71.8%.

Around 55.4% of loans are to self-employed borrowers. The income
of these borrowers is subject to higher volatility compared with
that of salary employed borrowers, and they may experience higher
default rates.

Around 51.4% of the loans were extended on an alternative
documentation basis.

Loans secured by investment properties represent 42.9% of the
pool.

Based on Moody's classifications, around 8.6% of borrowers have
adverse credit histories.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.


NOW HIRING: First Creditors' Meeting Set for Aug. 1
---------------------------------------------------
A first meeting of the creditors in the proceedings of Now Hiring
Pty Limited will be held on Aug. 1, 2022, at 11:00 a.m. via virtual
meeting technology.

David Ross and David Ingram of I & R Advisory were appointed as
administrators of the company on July 20, 2022.


ULLEO PTY: First Creditors' Meeting Set for Aug. 1
--------------------------------------------------
A first meeting of the creditors in the proceedings of Ulleo Pty
Limited will be held on Aug. 1, 2022, at 12:00 p.m. via virtual
meeting technology.

David Ross and David Ingram of I & R Advisory were appointed as
administrators of the company on July 20, 2022.


WILUNA MINING: First Creditors' Meeting Set for July 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

          - Wiluna Mining Corporation Limited;
          - Wiluna Operations Pty Ltd;
          - Wiluna Gold Pty Ltd;
          - Kimba Resources Pty Ltd;
          - Zanthus Energy Pty Ltd;
          - Lignite Pty Ltd; and
          - Scaddan Energy Pty Ltd

will be held on July 29, 2022, at 4:00 p.m. via virtual meeting
technology.

Daniel Hillston Woodhouse, Michael Joseph Ryan, Kathryn Guinivere
Warwick and Ian Charles Francis of FTI Consulting were appointed as
administrators of Wiluna Mining et al. on July 20, 2022.




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C H I N A
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CHINA EVERGRANDE: CEO, CFO Step Down After Probe Into Unit
----------------------------------------------------------
Reuters reports that China Evergrande Group said on July 22 that
its chief executive officer and finance head have resigned after a
preliminary probe found their involvement in diverting loans
secured by its publicly listed unit to the group.

According to Reuters, the indebted company was investigating how
deposits worth CNY13.4 billion (US$1.99 billion) belonging to the
unit, Evergrande Property Services, were used as collateral for
pledge guarantees and seized by banks.

The pledges threatened to wipe out most of the cash the unit was
holding.

Reuters relates that the company said the loans secured by the
pledges, which involved three sets of deposits, "were transferred
and diverted back to the group via third parties and were used for
the general operations of the group."

Global investors have turned their attention to the Chinese
developer's cash flow problems out of worry that a collapse may
shake the financial system and slow development in the world's
second-largest economy.

According to Reuters, the embattled developer said CEO Xia Haijun
has resigned from the group due to his involvement in the
arrangement of the pledges, along with Chief Financial Officer Pan
Darong.

Siu Shawn, who is currently an executive director of the company
and chairman of the group's EV unit, has been appointed as the new
CEO.  Vice President Qian Cheng has been named CFO, the company
said.

Reuters reports that Evergrande said it was in talks with
Evergrande Property Services about the repayment schedule for the
amounts associated with the pledges. The plan is mainly to set off
the relevant sums by transferring assets of the group to the unit,
the company said.

The developer said it would consider appointing an internal control
consultant to conduct a comprehensive review of the internal
control and risk management systems of the company, in view of the
initial findings of the probe and will issue a report once the
probe is closed, Reuters adds.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific on June
7, 2022, Fitch Ratings has withdrawn the Long-Term Foreign-Currency
Issuer Default Ratings (IDR) of 'RD' on Chinese homebuilder China
Evergrande Group and its subsidiaries, Hengda Real Estate Group
Co., Ltd and Tianji Holding Limited. Fitch has also withdrawn the
senior unsecured ratings of Evergrande and Tianji of 'C', with a
Recovery Rating of 'RR6', as well as the rating on the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited of 'C', with a Recovery Rating of 'RR6'.

Fitch has withdrawn the ratings as Evergrande and its subsidiaries
have chosen to stop participating in the rating process. Therefore,
Fitch will no longer have sufficient information to maintain the
ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Evergrande and its subsidiaries.


HELENBERGH CHINA: Fitch Withdraws 'B-' IDR, On Watch Negative
-------------------------------------------------------------
Fitch Ratings has withdrawn homebuilder Helenbergh China Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) of
'B-', on Rating Watch Negative.

Fitch is withdrawing the ratings as Helenbergh has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Helenbergh.

KEY RATING DRIVERS

No longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

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

Helenbergh indirectly owns 100% of Guangdong Helenbergh Real Estate
Group, which was founded in 2005 by Mr. Huang Chiheng. The company
expanded into Kunming and Wuhan in 2009, when it started to build a
nationwide presence. Its projects are mainly located in Tier 2 and
3 cities, including Huizhou, Kunming, Wuhan, Zhongshan and
Langfang.

ESG CONSIDERATIONS

Helenbergh has an ESG Relevance Score of '4' for Financial
Transparency due to its limited public financial disclosure, which
has a negative impact on the credit profile, and is relevant to the
rating[s] 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.

Following the withdrawal of ratings for Helenbergh, Fitch will no
longer be providing the associated ESG Relevance Scores.

   DEBT         RATING                        PRIOR
   ----         ------                        -----
Helenbergh     LT IDR    WD     Withdrawn     B-
China Holdings Limited


KWG GROUP: Fitch Lowers LT Foreign Currency IDR to 'CCC+'
---------------------------------------------------------
Fitch Ratings has downgraded Chinese homebuilder KWG Group Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) to
'CCC+' from 'B-', and senior unsecured rating to 'CCC+' from 'B-',
with the Recovery Ratings remaining at 'RR4'. All ratings have been
removed from Rating Watch Negative.

The downgrade is mainly due to KWG's higher refinancing risk and
tight liquidity as the company has large maturities coming up. The
company is in the process of seeking refinancing for the debt, but
any delay may put pressure on its repayment ability.

KEY RATING DRIVERS

Increasing Refinancing Risk: KWG continues to be in negotiations to
obtain secured loans against its Hong Kong project and other assets
in China. While the company has completed some project refinancing,
the bulk of the required refinancing is still in progress. The
refinancing arrangements would cover most of the near-term
maturities if they are completed as planned. However, KWG faces
volatile market sentiment and rising execution risk given the
limited time left to repay the US dollar bonds due in September.

Large Maturities Remain: KWG still has CNY10.2 billion of
capital-market debt maturities in the rest of 2022, including
CNY1.8 billion of onshore bonds that turn puttable in August,
USD900 million of senior notes due in September, and CNY1.7 billion
of onshore bonds that turn puttable and CNY800 million of onshore
bonds due in 4Q22. KWG does not have capital-market maturities in
the first half of 2023.

Tightening Liquidity: Fitch places high importance on liquidity and
financial flexibility in the current market environment. Fitch
believes KWG's liquidity headroom has weakened after the decline in
contracted sales in 1H22 and repayment of onshore debt using
internal cash.

Deteriorating Contracted Sales: KWG's total contracted sales fell
by 55% yoy in June 2022 to CNY4.68 billion, although this was 13.6%
higher than in May. Fitch expects contracted sales in 2022 to
decline by 25%- 30% to CNY77 billion. Contracted sales fell by 53%
in 1H22 and Fitch thinks the company faces difficulties in meeting
its 2022 sales target of CNY90 billion. The weaker sales will
continue to pressure operating cash flow and result in tighter
liquidity.

ESG - Governance: KWG has an ESG Relevance Score of '4' for
Financial Transparency. The company appears to have higher
contingent liabilities than previously disclosed and the delayed
issuance of audited financial reports. This has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

DERIVATION SUMMARY

KWG's ratings are constrained by the rising refinancing risk for
its upcoming capital-market maturities. Fitch believes KWG's access
to capital markets could remain limited in the near term, which
means it may use internal cash to repay its maturities. Fitch
places high importance on financial flexibility amid the current
volatile environment.

KEY ASSUMPTIONS

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

-- Attributable contracted sales of CNY46 billion-50 billion a
    year in 2022-2024 (2020: CNY65 billion; 1H21: CNY39 billion);

-- Unsold land bank life maintained at 2.5-3.0 years, and KWG
    will slow land acquisition to prioritise debt repayment, if
    needed.

KEY RECOVERY RATING ASSUMPTIONS

-- Fitch's recovery analysis assumes that KWG would be liquidated

    in a bankruptcy because it is essentially an asset-trading
    company. The nature of homebuilding means the liquidation-
    value approach will almost always result in a much higher
    value than the going-concern approach;

-- Fitch has assumed a 10% administrative claim in line with
    criteria.

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 bankruptcy or
    insolvency proceedings and distributed to creditors;

-- Advance rate of 80%, raised from 70%, applied to accounts
    receivable.

This treatment is in line with Fitch's Corporates Recovery Ratings
and Instrument Ratings Criteria. As typical to the China
homebuilding industry, accounts receivable constitute a very
proportion of total assets for KWG.

-- Advance rate of 55% applied to net property inventory. KWG's
    inventory consists mainly of completed properties held for
    sale, properties under development (PUD), and
    deposits/prepayments for land acquisition. 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, and typically have high recovery values.

    KWG has historically recorded higher gross margin of above
    20%;

-- 55% advance rate to PUD. PUDs are more difficult to sell than
    completed projects. 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;

-- 90% advance rate to deposits/prepayments for land
    acquisitions. Similar to completed commodity housing units,
    land held for development is closer to readily marketable
    inventory. KWG's land is mostly in the Greater Bay Area. As
    such, a higher advance rate than the typical 50% mentioned in
    the criteria was considered;

-- Advance rate of 50%, lowered from 60%, applied to property,
    plant and equipment, which consists mainly of buildings with
    insignificant value;

-- 55% advance rate to investment properties. KWG's investment-
    property portfolio consists mainly of commercial buildings
    located in the Greater Bay Area. The portfolio has an average
    rental yield of 3.3%, which is in line with the industry
    average;

-- 50% advance rate to JV net assets. JV assets 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;

-- Advance rate of 0% applied to excess cash, after netting the
    amount of notes payable and trade payables (construction fee
    and retention payables). Fitch does not assume available cash
    in excess of outstanding trade payables would be available for

    other debt-servicing purposes and therefore the advance rate
    for excess cash is 0%.

The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR4' for the senior unsecured
offshore bonds.

RATING SENSITIVITIES

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

-- Sustained improvement in liquidity and funding access, with
    the company addressing upcoming debt maturities in a timely
    manner;

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

-- Deterioration in liquidity or funding access to address bond
    maturities for the rest of 2022;

-- Significant decline in contracted sales or sales collections.

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.

LIQUIDITY AND DEBT STRUCTURE

Large Maturities Due This Year: KWG still has large capital-market
debt maturities in the remaining months of 2022 of around CNY10.2
billion. KWG does not have capital-market maturities in the first
half of 2023. KWG may be able to secure additional funding or
liquidity but this is subject to execution risks.

ISSUER PROFILE

KWG is a medium-sized developer with 27 years of experience in
building residential and commercial properties. It specialises in
developing mid- to high-end residential properties, office
buildings, shopping malls and hotels in China's Greater Bay Area
and Yangtze River Delta.

ESG CONSIDERATIONS

KWG has an ESG Relevance Score of '4' for Financial Transparency
due to previously undisclosed contingent liabilities and the
delayed issuance of its 2021 audited financial reports, which has a
negative impact on the credit profile, and is relevant to the
rating 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
   ----                 ------                 --------     -----

KWG Group             LT IDR   CCC+   Downgrade             B-
Holdings Limited

   senior unsecured   LT       CCC+   Downgrade     RR4     B-




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I N D I A
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AGNI INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agni
Industrial Fire Services Limited (AISL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Proposed Working         2.75     CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

   Term Loan                4.25     CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AISL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established as a proprietorship concern and reconstituted as a
private-limited company in 2002, AISL supplies, installs, tests,
and commissions fire-fighting systems. Operations are managed by Mr
Debashish Chakraborthy.


AJANTA SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ajanta
Spintex Private Limited (ASPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            14         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         22         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ASPL, which was set up in 2010, by the promoter, Mr I Dhana Reddy
and his family members, manufactures cotton yarn. The manufacturing
facility, near Guntur (Andhra Pradesh), has a capacity of around
25,000 spindles.


AL-AYAAN FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Al-Ayaan Foods
Private Limited (AAFPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              10       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AAFPL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2014 by Mr. Naushad Elahi and Ms. Mumtaz Elahi,
AAFPL trades in livestock (buffalo). The company commenced
operations in December 2014. The company was acquired by Mr.
Mohammed Elahi Qureshi and Mr. Dilshad in 2015.


ARYAN SILK: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aryan Silk
Mills (ASM) continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with ASM for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ASM, based in Mumbai, is a partnership firm set up in 1982 by Mr
Subhash Arya and his family. It manufactures man-made and cotton
fabrics (shirtings and suitings) under the brand, Aryan Silk. The
firm's facility for design work is in Bhiwandi, Maharashtra. ASM
follows an asset-light model and outsources the manufacturing and
processing work to vendors.


ATIBIR INDUSTRIES: Ind-Ra Keeps D Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Atibir
Industries Company Limited's (AICL) bank facilities in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The ratings
will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2.180 bil. Fund-based-working capital limit (Long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR2,628.3 bil. Non-fund-based working capital limit (Short-
     term) maintained in non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

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

Company Profile

Incorporated in 2000, AICL manufactures sponge iron, pig iron,
sinter and pellets.


ATMIYA ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Atmiya
Engineering and Plastics (AEP) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            0.40       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         3.43       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        5.17       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with AEP for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AEP, established in 1999, is based in Vadodara. It is promoted by
Mr. Nimesh Patel. The firm manufactures plastic parts for
air-coolers.


BARNALA STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Barnala Steel
Industries Private Limited (BSIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Discounting         5        CRISIL D (Issuer Not
   under Letter                      Cooperating)
   of Credit                                                     

   Cash Credit             13        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             46.42     CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              0.58     CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan                6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BSIL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of BSIL with MQ Steels Pvt Ltd
(MQSL, now defunct) and Aswad Steel and Alloys Pvt Ltd (ASAPL),
collectively referred to as the Barnala group due to strong
operational linkages shared by the three companies. All these
companies are under a common ownership and management and are
engaged in the same line of business, with the output of MQSL and
ASAPL being used as raw material by BSIL.

BSIL, incorporated in 1994, manufactures thermo-mechanically
treated bars, mild-steel tor bars, coils, wire rods, and other
steel rolled products. The company has a manufacturing plant in
Muzaffarnagar (Uttar Pradesh) with installed capacity of 150,000
tonnes per annum. BSIL is promoted by two brothers, Mr. Sajid Mian
Nasir and Mr. Hamid Mustafa, along with a family friend, Mr. Ameed
Ahmed Khan.


BHAGIRATHI AGRO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shree Bhagirathi Agro Private Limited
        46, B B Ganguly Street
        Kolkata 700012
        West Bengal, India

Insolvency Commencement Date: July 18, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 14, 2023
                               (180 days from commencement)

Insolvency professional: Sanjeev Jhunjhunwala

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

Last date for
submission of claims:    August 1, 2022


BP CONSTRUCTION: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained B.P
Construction's Long-Term Issuer Rating of 'IND D (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits (Long-term)*
     maintained in non-cooperating category and withdrawn; and

-- INR85 mil. Non-fund-based working capital limits (Short-term)*

     maintained in non-cooperating category and withdrawn.

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

Key Rating Drivers

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

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

Company Profile

B.P. Construction  is primarily engaged in civil construction and
electrification for various government departments in Jharkhand.


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

The instrument-wise rating actions are:    

-- INR150 mil. Fund-based facilities migrated to non-cooperating  
  
     category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating;

-- INR80 mil. Proposed fund-based facilities migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR20 mil. Proposed non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR1.7 mil. Term loans due on November 2021 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 7, 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Incorporated in 2007, Brand Concepts trades in travel gear and
small leather goods, handbags and accessories.


CALZINI FASHIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Calzini Fashions Limited
        S-66, Greater Kailash, Part-II
        New Delhi 110048

Insolvency Commencement Date: July 21, 2022

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: January 17, 2023

Insolvency professional: Mr. Kailash Chander Jain

Interim Resolution
Professional:            Mr. Kailash Chander Jain
                         D 32, East of Kailash
                         New Delhi 110065
                         E-mail: sasd32@yahoo.com
                                 calzinifashions.cirp@gmail.com

Last date for
submission of claims:    August 4, 2022


FUTURE RETAIL: Court Agrees to Send Retailer Into Bankruptcy
------------------------------------------------------------
Bloomberg News reports that an Indian court agreed to send Future
Retail Ltd. into bankruptcy, allowing the creditors to find a new
owner for the beleaguered retailer that once operated the largest
chain of department stores across the country and was the prized
trophy for two retail sector giants.

According to Bloomberg, the National Company Law Tribunal on July
20 gave its verdict on a petition by Bank of India to start the
bankruptcy-resolution process for the cash-strapped retailer. It
dismissed allegations from the local unit of Amazon.com Inc. that
Future Retail's lenders were colluding with its founders to push
the firm into insolvency.

The court also appointed an administrator to take over the
management at Future Retail, the report says.

Bloomberg notes that the court ruling gives Mukesh Ambani-led
Reliance Industries Ltd. an edge over Jeff Bezos's Amazon in the
fight for Indian retailer's assets, as the two billionaire-led
firms tussle to dominate the market with almost 1.4 billion
consumers.

Bloomberg relates that Reliance can have another go at Future
Retail under the court-overseen insolvency process, after its 2020
deal to buy these assets for $3.4 billion was thwarted by the
American e-commerce giant through legal challenges across
courtrooms in India and Singapore in the past two years.

While Reliance group is the country's biggest retailer, there is no
certainty of who will win an insolvent firm through the court-led
resolution process, the report states. Indian laws, however, curb
foreign direct investment in retail companies, which rules out the
possibility of Amazon becoming the future owner of Future Retail.

According to India's bankruptcy law, a moratorium on all money
recovery cases against Future Retail will now kick in, Bloomberg
says. The ruling effectively stops Amazon from pursuing arbitration
case in Singapore against Future Retail, though cases against
Future Retail's founder Kishore Biyani and his other companies can
continue.

Facing a severe cash crunch during a hard lockdown in India 2020
amid the COVID-19 pandemic, Future Retail agreed to sell most of
its assets to Reliance, recalls Bloomberg.

Amazon later said the deal flouted its earlier investment contract
with another Future Group firm and sought legal intervention.
Courts halted the takeover deal that was eventually scrapped in
April this year.

                         About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

Cash-strapped Future Group owes around INR19,000 crore to banks and
INR6,000 crore to the vendors. Future Retail Limited owes INR6,278
crore debt with 28 banks, including SBI, Union Bank, Bank of India,
Bank of Baroda, Axis Bank, and IDBI Bank, among others.

Future, India's second-largest retailer, has sought to complete its
AUD3.4 billion retail asset sale to Reliance Retail since 2020. The
Indian Supreme Court has upheld the Singapore Emergency
Arbitrator's award against Reliance Retail's takeover of Future
group companies.


GAJANAN SOLVEX: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Gajanan Solvex Limited
        902, Hubtown Viva Western Express Highway
        Jogeshwari (E) Mumbai City 400060

Insolvency Commencement Date: July 20, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 16, 2023

Insolvency professional: Vijendra Kumar Jain

Interim Resolution
Professional:            Vijendra Kumar Jain
                         401/402, Sai Trishul
                         Raviraj Oberoi Complex
                         Off New Link Road
                         Andheri West, Mumbai
                         Maharashtra 400053
                         E-mail: vkj310@gmail.com

                            - and –

                         Unit # 207, Kshitij
                         Near Azad Nagar Metro Station
                         Veera Desai Road, Andheri West
                         Mumbai 400053
                         E-mail: gajanansolvex@kanchansobha.com

Last date for
submission of claims:    August 3, 2022


GVRMP WHAGDHARI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GVRMP
Whagdhari Ribbanpally Tollway Private Limited (GVRMP) continue to
be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Loan         70.5       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         47         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         14         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         47         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         23.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GVRMP for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GVRMP is a special purpose vehicle (SPV) set up as a joint venture
in 2010 by GVR Infra Projects Ltd, RMN Infrastructures Ltd, and the
Prathyusha group (51:25:24) to improve and widen a 141.2-kilometre
stretch (from Maharashtra border to Andhra Pradesh
[Whagdhari-Ribbanpally]) of State Highway-10 on
build-operate-transfer toll basis. Commercial operations began in
September 2012.


HIMAVASINI MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Himavasini
Motors Private Limited (HMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

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

   Term Loan               1.84      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HMPL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

HMPL was a founded in Krishnagiri (Tamil Nadu) in 2010. The company
is promoted by Mr. Suresh Kumar and his family members, and runs a
commercial vehicle showroom in the district. HMPL is an authorised
dealer for commercial vehicles of Tata Motors Ltd.


HYGIENE FEEDS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Hygiene Feeds & Farms Private Limited
        Village Adiyana, Tehsil Madlauda
        Panipat, Haryana 132113

Insolvency Commencement Date: July 18, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: January 14, 2023

Insolvency professional: Mr. Harsh Garg

Interim Resolution
Professional:            Mr. Harsh Garg
                         Room No. 14
                         Punjab & Haryana High Court
                         Chandigarh 160001
                         E-mail: harsh.garg81@gmail.com

                            - and -

                         H.No. 170, Sector 21-A
                         Chandigarh 160022
                         E-mail: ip.hygienefeeds@gmail.com

Last date for
submission of claims:    August 1, 2022


IB COMMERCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IB Commercial
Private Limited (IBCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      0.16      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        57.84      CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with IBCPL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007 in Mumbai and promoted by Mr. Zuber Jaka, Mr.
Abdul Karim Jaka, Mr. Sajid Jaka, and Mr.Salim Jaka, IBCPL has
stockyards in Darukhana, Mumbai; Alang, Gujarat; and Kolkata.


JSSI HYDRAULICS PRIVATE: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: JSSI Hydraulics Private Limited
        C-1/B, Mansarover Garden
        New Delhi DL 110015
        IN

Insolvency Commencement Date: July 12, 2022

Court: National Company Law Tribunal, Vaishali Bench

Estimated date of closure of
insolvency resolution process: January 8, 2023
                               (180 days from commencement)

Insolvency professional: Debashis Nanda

Interim Resolution
Professional:            Debashis Nanda
                         CS-14, C Floor
                         Ansal Plaza, Vaishali
                         Ghazia 201010
                         E-mail dnanda.cma@gmail.com
                                cirp.jssihydraulics@gmail.com

Last date for
submission of claims:    July 26, 2022


KAYTX INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kaytx Industries Private Limited
        Mandi Gobindargh
        Distt. Fatehgarh Sahib
        Punjab 147301
        India

Insolvency Commencement Date: July 15, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 11, 2023

Insolvency professional: Aditya Kumar

Interim Resolution
Professional:            Aditya Kumar
                         103, Pratap Bhawan
                         Bahadur Shah Zafar Marg
                         New Delhi 110002
                         E-mail: aditya@ashwaniassociates.in

Last date for
submission of claims:    July 29, 2022


MANIBHADRA FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Manibhadra Food Product Private Limited (SMFPPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             10        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             43        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit         5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan                2.5      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMFPPL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SMFPPL, incorporated in 2010, is promoted by Ahmedabad-based Mr.
Prakash Shah and his family members and relatives. The company
processes non-basmati rice.


MEHSANA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mehsana Dairy
and Food Products Limited (MDFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            9.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             12.25       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             30          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MDFPL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based out of Mehsana, Gujarat, MDFPL manufactures SMP, ice cream,
and other related dairy products. The company was incorporated in
2015 and has commenced operations in November 2017.


NAGARSHETH SHIPBREAKERS: CRISIL Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nagarsheth
Shipbreakers (NS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Line of Credit          60        CRISIL D (Issuer Not
                                     Cooperating)

   Line of Credit          25        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NS for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

NS was set up in 1983 and is engaged in ship-breaking in Alang,
Gujarat. The firm's operations are managed by Mr. Mukund Nagarsheth
and his son, Mr. Devang Nagarsheth.


NAGOORAR ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nagoorar
Enterprises (NE) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             8         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5.44      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NE for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1985, NE, a proprietorship firm of Mr N Shahul Hameed,
trades in scrap material such as mild steel, fly ash, and firewood,
sprint green and plastic scrap.


NATH MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nath Motors
Private Limited (NMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Inventory Funding      26.25      CRISIL D (Issuer Not
   Facility                          Cooperating)
  
   Proposed Long Term     33.75      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with NMPL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2002, NMPL is an authorized dealer for passenger
vehicles and spare parts of Honda Cars India Ltd (Honda) since
April 2013. The company operates showrooms in Delhi and Faridabad
under the brand, Delight Honda, equipped with 3S (sales, service
and spares) facilities.


NATIONAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of National Rice
Mill (NRM) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             4.89      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.62      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with NRM for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Formed in 2006, NRM is engaged in milling and processing of par
boiled rice. It has an installed paddy milling capacity of 84
tonnes per day (increased from 72 tonnes per day). Its rice mill is
located in Hooghly (West Bengal). The day to day operations of the
firm is being managed by managing partners Mr. B .B. Dey. The other
partner, being his wife Mrs. Lekha Dey.


NATURAL FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Natural Foods
and Facials (NFF) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan         13         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NFF for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2009, and still in project stage, Chittoor (Andhra
Pradesh)-based NFF is setting up an agro commodity pulp
manufacturing unit, focusing on mango and tomato pulp. The firm is
a partnership between Mr Kishore Kumar Reddy, Chandrasekhar Reddy,
and their family and friends.


NEW LAXMI: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn New Laxmi
Industries Private Limited's (NLIPL) Long-Term Issuer Rating of
'IND BB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR185.00 mil. Fund-based limit is  

     withdrawn; and

-- The 'IND BB' rating on the INR107.27 mil. Term loan due on
     April 2026 is withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no dues certificate from the lenders. Ind-Ra will no
longer provide analytical and rating coverage for NLIPL.

Company Profile

Incorporated in 2003, NLIPL manufactures galvanized steel
structures such as angles, channels, among others. The company's
manufacturing plant is situated in Khurda (Odisha) and has a total
production capacity of 29,000 metric tons per annum.


NEXUS HEALTH: CRISIL Lowers Rating on INR5cr Cash Loan to C
-----------------------------------------------------------
CRISIL Ratings has revised its rating on Nexus Health and Beauty
Care Private Limited (NHBPL) from 'CRISIL B-/Stable; Issuer Not
Cooperating' to 'CRISIL C; Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              5        CRISIL C (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with NHBPL for
obtaining information through letters and emails dated September
15, 2021, November 12, 2021 and July 12, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NHBPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NHBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the publicly available information, company has defaulted on its
payment to operational creditor and the case against the company
has also been submitted with NCLT, CRISIL Ratings has revised its
rating from 'CRISIL B-/Stable; Issuer Not Cooperating' to 'CRISIL
C; Issuer Not Cooperating'.

NHBPL, incorporated in 2005 by Parwanoo (Himachal Pradesh) based
Thakur family, manufactures household FMCG goods at its Parwanoo,
Himachal Pradesh-based unit. The operations are managed by Mr
Rajinder Singh Thakur.


PHONEX LOGISTICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Phonex Logistics Private Limited
        A-1/46/1, Paharpur Road
        PO + PS Rabindranagar
        Kolkata 700066 West Bengal

Insolvency Commencement Date: July 18, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 14, 2023
                               (180 days from commencement)

Insolvency professional: Bijay Murmuria

Interim Resolution
Professional:            Bijay Murmuria
                         Sumedha Management Solutions Pvt Limited
                         6A, Geetanjali Apartment
                         8B Middleton Street
                         Kolkata 700071
                         West Bengal, India
                         E-mail: bijay_murmuria@
                                 sumedhamanagement.com
                                 ip.phonexlogistics@gmail.com

Last date for
submission of claims:    August 1, 2022


RANGOLI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rangoli
Industries - Banaskantha (RI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            5.25       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         2.14       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.11       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with RI for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2013, RI is a partnership firm promoted by members of the
Thakkar family. The firm undertakes cotton ginning and pressing
operations at its facility in Bhabhar, Gujarat.


RAVELS APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ravels
Apparels Private Limited (RAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Discounting        3.5       CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing Credit   3.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RAPL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1983 as a partnership firm, Ravels International, it was
reconstituted as a private limited company with the current name in
July 1993. RAPL is promoted by Mr Vinod Kapahi and family.


ROSY HOSIERY: CRISIL Lowers Rating on INR10cr Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Rosy Hosiery Mills
(RHL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable
Issuer Not Cooperating', as company has delayed in servicing of
term debt-obligations.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              10       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with RHL for
obtaining information through letters and emails dated March 26,
2021 and September 14, 2021, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RHL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, CRISIL Ratings has downgraded the
rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable
Issuer Not Cooperating', as company has delayed in servicing of
term debt-obligations.

RHL is a Ludhiana based partnership firm established by Mr. Kewal
Kalra and Mr. Krishna Rai in 1958. The firm is engaged in
manufacturing of ready-made textile products like Leggings, fabrics
lycra tops, sweaters etc.


SCORODITE STAINLESS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Scorodite
Stainless India Private Limited (SSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            23         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        9         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSPL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

Incorporated in 2006, SSPL is promoted by the Rajasthan-based
Sanghvi brothers. The activities were earlier being carried out
under Sanghvi Metal Corporation, which was established in 1979.
SSPL manufactures, trades in, and exports stainless steel, and
duplex, super duplex, welded, and seamless carbon steel pipes,
tubes, and 'U' tubes.


SHARDA MA ENTERPRISES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Sharda Ma Enterprises Private Limited
        353, Aggarwal Chamber-3rd
        26, Veer Savarkar Block
        Shakarpur New Delhi
        East Delhi DL 110092
        IN

Insolvency Commencement Date: April 8, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 5, 2022

Insolvency professional: Vaneet Bhatia

Interim Resolution
Professional:            Vaneet Bhatia
                         H.No. 19 Bharat Apartments
                         Sector-13, Rohini, North West
                         National Capital Territory of Delhi
                         110085
                         E-mail: vaneetbhatia4@gmail.com

                            - and -

                         Immaculate Resolution Professionals
                         Private Limited
                         Unit No. 112, First Floor, Tower-A
                         Spazeedge Commercial Complex
                         Sector-47, Sohna Road
                         Gurgaon 122018
                         E-mail: cirp.shardama@gmail.com

Last date for
submission of claims:    April 22, 2022


SHIV RICE: CRISIL Keeps B Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Rice
Mill (SRM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             4         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.65      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               1.35      CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRM for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2008, SRM mills non-basmati parboiled rice. Its
manufacturing facility is in Murshidabad (West Bengal). The firm is
owned by the Murshidabad-based Mr. Goutam Bhakat and Ms. Nafisa
Begam and their family members. The operations are managed by Mr.
Goutam Bhakat. SRM sells rice under the 'Shiv Rice' brand in the
open market; it also mills rice on a jobwork basis for government
agencies.


SHIVSHAKTI BARRELS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivshakti
Barrels Private Limited (SBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          0.7       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             3.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Bank           0.65      CRISIL D (Issuer Not
   Guarantee                         Cooperating)

   Proposed Long Term      0.15      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital         1         CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with SBPL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2000, Shivshakti Barrels Private Limited (SBPL)
manufactures cold rolled steel barrels. Located in Halol, Vadodara
the company's manufacturing facility has a capacity of producing
25000 barrels per months. The company is promoted and managed by
Parihar family.


SHYAMALI COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shyamali Cold
Storage Private Limited (SCSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            3.45       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         2.8        CRISIL D (Issuer Not
                                     Cooperating)
   Working Capital
   Term Loan              0.75       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SCSPL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SCSPL, incorporated in 2005, is engaged in the business of
providing cold storage services to the potato farmers and traders.
The company is owned by West Bengal based Rudra family. GCSPL's
cold storage, having storage capacity of about 2 lakh quintal. The
facility is located in Burdwan district of West Bengal.


SIR. M. VISVESVARAYA: CRISIL Lowers LT/ST Debt Ratings to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Sir. M. Visvesvaraya Education Trust (SMVET) to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

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

CRISIL Ratings has been consistently following up with SMVET for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SMVET was established in 1983 in Karnataka. Mr. P Sadasivan and the
late Mrs M Baby were the founder-trustees. The trust runs a medical
college, Sri Rajiv Gandhi College of Dental Sciences and Hospital,
an engineering college, Rajiv Gandhi Institute of Technology, and a
120-bed hospital.


SLOGAN INFOTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Slogan Infotech Private Limited
        A/401, Pearl Arcade
        Daut Baug Lane
        Off J.P. Road
        Opp P.K. Jewellers
        Andheri (West)
        Mumbai 400058

Insolvency Commencement Date: July 19, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 15, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Shreyansh Jain

Interim Resolution
Professional:            Mr. Shreyansh Jain
                         505 Silver Coin Apartment
                         Behind Aakashwani
                         Paota C Road, Jodhpur
                         Rajasthan 342001
                         E-mail: ca.shreyansh@gmail.com

                            - and -

                         B Wing 601-604, Raylon Arcade
                         RK Mandir Road, Near Pidilite
                         Kondivita, Andheri (East)
                         Mumbai 400050
                         E-mail cirp.sloganinfotech@gmail.com

Last date for
submission of claims:    August 2, 2022


SUDAMA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sudama Cotton
Ginning and Processing Factory (SCG) continues to be 'CRISIL D
Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SCG for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SCG was established by Mr Suresh Kumar and Mr Ashwini Kumar in
1987, and is based in Punjab. It manufactures cotton bales, cotton
seed oil, and cotton oil cakes. It sells cotton bales to spinning
mills and local traders in Punjab. It has already started
operations of mustard oil processing in April 2016.


SYNDICATE JEWELLERS: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Syndicate
Jewellers (SJ; part of the Syndicate group) continues to be 'CRISIL
D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              15       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SJ for
obtaining information through letters and emails dated April 29,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SJPL and SJ, as the two
entities, together referred to as the Syndicate group, are under a
common management and have strong operational and financial
linkages.

Incorporated in 2001 and promoted by Mr Rajendra Tosawad and Mr
Amar Singh Tosawad, SJPL retails gold and diamond ornaments,
premium watches, platinum jewellery, and other lifestyle items. SJ,
a proprietorship firm of Mr Rajendra Tosawad, has been operating a
jewellery showroom in Bhubaneswar since 1988.


TEMPLE CITY: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Temple City
Developers Private Limited (TCDPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             9.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with TCDPL for
obtaining information through letters and emails dated April 20,
2022 and June 8, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

TCDPL, based in Odisha, was established in 1995 and was taken over
by Mr. Pradeep Kumar Mangaraja in 2003-04 (refers to financial
year, April 1 to March 31) from its earlier promoters. The company
commenced operations in April 2013. TCDPL trades in iron ore fines
and construction materials; its operations are managed by Mr.
Pradeep Kumar Mangaraja and Mr. Bijaya Kumar Pradhan.


UP ASBESTOS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed U.P. Asbestos
Limited's (UPAL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR365 mil. Fund-based limit affirmed with IND BB+/Stable  
     rating;

-- INR25.8 mil. Non-fund-based limit affirmed with IND A4+
     rating; and

-- INR448.2 mil. (increased from INR294 mil.) Term loan due on
     March 2034 affirmed with IND BB+/Stable rating.

Key Rating Drivers

The affirmation reflects UPAL's continued medium scale of
operations with a 10.89% yoy decline in its revenue to INR1,795.5
million in FY22 due to a change in the business line from
manufacturing to trading of fiber, cement and other raw materials
and leasing. The company has already leased its Lucknow unit at
Mohanlalganj to Navnidhi Continental Private Limited and has
constructed a commercial complex and storage at the same location
and leased that to Ubuild Better Private Ltd. Moreover, UPAL is
constructing a warehouse of 40 million square feet (sf) at its
Lucknow unit. The leasing deal for about 30,000sf area of the
warehouse has been signed with Gujarat Co-operative Milk Marketing
Federation Limited (debt rated at IND AAA/Stable) and the
construction of another 85,000sf area has started. In FY23, Ind-Ra
expects the revenue to decline due to a fall in the sale of
asbestos sheets.

Liquidity Indicator - Stretched: UPAL's average maximum utilization
of the fund-based limits was 89.5% and that of the non-fund-based
limits was 5.62% during the 12 months ended May 2022. The company
is yet to tie up the funding for the construction of the warehouse.
UPAL is incurring a capex of around INR700 million for the
warehouse; this capex is being funded by lease rental discounting
loans and internal accruals. The net working capital cycle remained
elongated at 160 days in FY22 (FY21: 165 days), despite a decline
in inventory days to 108 (120), due to shift from manufacturing to
trading. The cash flow from operations improved to INR228.77
million in FY22 (FY21: INR116.32 million) due to favorable changes
in the working capital. Furthermore, the free cash flow improved to
INR148.11 million in FY22 (FY21: INR44.50 million). The cash and
cash equivalents stood at INR317.35 million at FYE22 (FYE21:
INR33.97 million). Moreover, UPAL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Furthermore, UPAL's credit metrics remained moderate with interest
coverage (operating EBITDA/gross interest expense) of 2.01x in FY22
(FY21: 2.01x) and net leverage (net debt/operating EBITDA) of 4.15x
(4.90x). The slight improvement in the leverage was driven by an
increase in the absolute EBITDA to INR179.61 million (INR175.27
million). The current debt service coverage ratio is 1.1x. In FY23,
Ind-Ra expects the credit metrics to deteriorate yoy due to an
increase in the debt for warehouse construction.

UPAL's EBITDA margins remained modest despite improving to 9.99% in
FY22 from 8.69% in FY21, mainly due to a decline in transport and
packaging expenses and raw material cost as the company stopped the
manufacturing activity. The return of capital employed for FY22 was
6.8% (FY21: 6.5%). In FY23, Ind-Ra expects the EBITDA margin to
improve further due to the change in the business line.

Ind-Ra also takes into consideration the decline in UPAL's
contingent liability to INR252.78 million in FY22 (FY21: INR293.99
million), which include several tax-related cases that are pending
in court; any unfavorable outcomes will impact the liquidity,
profitability, and consequently, the credit metrics of the
company.

The ratings are, however, supported by the promoter's experience of
more than three decades in the manufacturing and trading of
asbestos.

Rating Sensitivities

Negative: Any delays in the receipt of rental income, leading to
deterioration in the liquidity position or the credit metrics on a
sustained basis will be negative for the ratings.

Positive: A substantially higher-than-Ind-Ra-expected rental income
while diversifying the customer base, leading to higher cash
generation and/or a substantial decline in the debt, subsequently
leading to a strong improvement in the debt service coverage ratio
above 1.2x on a sustained basis will be positive for the ratings.

Company Profile

UPAL was incorporated in 1973 in Lucknow, Uttar Pradesh. The
company was majorly into the manufacturing of asbestos sheet and
trading of steel sheet and electrical wires and paints. In FY22, it
changed its business line from manufacturing to trading of fiber,
cement and other raw materials and leasing.


V. P. M. SANKAR: CRISIL Lowers Rating on INR7.5cr Cash Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
V. P. M. Sankar and Son (VPMS) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             7.5       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with VPMS for
obtaining information through letters and emails dated January 22,
2022 and March 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, CRISIL Ratings has
downgraded the rating on the bank facilities of VPMS to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating' as there have been overdrawals in the cash credit
facilities over the past one year.

VPMS was set up in 2008 by the proprietor, Mr. Thangaprabhu. The
firm sells gold and silver jewellery (contributing 85% and 15%,
respectively, to revenue). VPMS has two showrooms in Tamil Nadu --
one each in Srivilliputur and Rajapalayam -- with combined area of
about 7,700 square feet.


VEERA BRAHMENDRA: CRISIL Lowers Rating on INR7.51cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the long-term bank
facilities of Sree Veera Brahmendra Swamy Spinning Mills Private
Limited (SVPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL C
Issuer Not Cooperating' due to delays in servicing debt obligations
as per the feedback received from the banker.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             6.5       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL C ISSUER NOT
                                     COOPERATING')

   Working Capital         7.51      CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING; Downgraded from
                                     'CRISIL C ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SVPL for
obtaining information through letters and emails dated February 22,
2021 and August 13, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2006, Sree Veera Brahmendra Swamy Spinning Mills
Private Limited (SVSSMPL) manufactures cotton yarn. The unit has
13,416 spindles and is located in the Guntur district of Andhra
Pradesh. The company was incorporated by Mr. Chundi Thirupathaiah;
however, it was eventually sold off to Mr. G Sundararamaiah in
March 2013


VIL INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of VIL
International Private Limited continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Letter of Credit        9.25      CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        0.75      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VIL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

VIL, based in Chennai, trades in timber and medium-density fibre
boards. It was set up by Mr. Venkat Immanni and Mr. Satya Rao in
2001.


YASHWANT DUGDH: Ind-Ra Cuts Long-Term Issuer Rating to 'D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Yashwant Dugdh
Prakriya Limited's (YDPL) Long-Term Issuer Rating to 'IND D (ISSUER
NOT COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR8.9 mil. Term loan (Long term) due on December 2021
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR90 mil. Fund-based limits (Long-term/ Short-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

Key Rating Drivers

The downgrade reflects YDPL's delays in debt servicing due on June
30, 2022, based on information from public sources.

However, Ind-Ra has not been able to ascertain the reason for the
delays, as the company has been non-cooperative.

Rating Sensitivities

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

Company Profile

Incorporated in 2008, YDPL processes milk in Shirala, Sangli. It
has an installed capacity of 200,000 liters per day.


YUG WEAVE: Liquidation Process Case Summary
-------------------------------------------
Debtor: Yug Weave Tech Private Limited
        405, Dharti Complex
        Varachha Road, Surat
        Gujarat 395006

Liquidation Commencement Date: July 9, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Date of closure of
insolvency resolution process: July 6, 2022

Insolvency professional: CA Suyash Rajendra Chhajed

Interim Resolution
Professional:            CA Suyash Rajendra Chhajed
                         2nd Floor, Shree Gurudeo Tower
                         Canada Corner, Ganpati Mandir
                         Near Ahirrao Photo Studio
                         Nashik, Maharashtra 422005
                         Mobile: 08329510770
                         E-mail: suyashchhajed@yahoo.com
                                 yugweave.liquidation@gmail.com

Last date for
submission of claims:    August 6, 2022


ZEE FABRICS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Zee Fabrics'
Long-Term Issuer Rating of 'IND BB+' to the non-cooperating
category and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR380 mil. Fund-based facilities* migrated to non-cooperating

     category and withdrawn.

*Migrated to 'IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING)' before being withdrawn.

Key Rating Drivers

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

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

Company Profile

Established in November 2012, Zee Fabrics is a partnership firm and
the sole distributor of uniform apparels of Mafatlal Industries
Limited in India. The uniforms are sold across India through a
network of dealers. The firm has a warehouse in Bhiwandi (Thane
district in Maharashtra) and Bhilwara (Rajasthan).




===============
M O N G O L I A
===============

MONGOLIA: S&P Affirms 'B' Sovereign Credit Ratings, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings, on July 21, 2022, affirmed its 'B' long- and
short-term sovereign credit ratings on Mongolia. The outlook on the
long-term rating is stable.

Outlook

The stable outlook balances pandemic-related risks to Mongolia's
commodity export and growth prospects against S&P's expectation
that the country's nascent economic recovery will become more
entrenched over the next 12 months. This latter trend will lead to
improvements in Mongolia's external, fiscal, and debt metrics.

ownside scenario

Downward pressure could emerge if the economic recovery is
derailed, leading to a material degradation of Mongolia's fiscal
and debt metrics.

Upside scenario

S&P said, "We could raise the rating on Mongolia if the economy
outperforms our current projections such that we expect its
long-term trend growth to be significantly stronger than sovereign
peers of similar income levels. This would lead to fiscal, debt, or
external metrics improving more rapidly than we expect. We could
also raise the rating if we observe that Mongolia's institutional
settings achieve material improvements, especially in the
predictability of policymaking."

Rationale

S&P said, "Our ratings on Mongolia reflect the country's modest per
capita income, evolving institutional settings, and elevated
external imbalances. We weigh these factors against steady access
to concessional funding from multilateral and bilateral partners."
The government's recent track record of fiscal discipline also
supports the rating. Nevertheless, Mongolia continues to face
significant vulnerabilities stemming from a concentrated economic
base and elevated external and public indebtedness.

Institutional and economic profile: Economic recovery to be weak
amid ongoing border closures with China, though medium-term
prospects are favorable

-- S&P expects Mongolia's real GDP to grow only modestly by 2.5%
in 2022, following a tepid recovery in 2021, due mainly to border
closure-induced disruption to exports.

-- Economic prospects over the next two to three years, however,
remain positive and will likely continue to be propelled by strong
foreign direct investment in the mining sector.

-- Political stability should be supported by the alignment of
leaders from the executive and legislative branches, following the
election of the former prime minister as president.

S&P forecasts Mongolia's real GDP will expand by 2.5% in 2022,
following lukewarm growth of 1.6% in 2021, primarily caused by
disruptions to exports of goods as a result of border closures with
China due to the latter's zero-COVID 19 policy. The Mongolian
economy is off to a weak start after contracting by 3.8% year on
year in the first quarter of 2022, amid continued poor performance
of exports. A rebound in private consumption prevented a sharper
downturn. Mongolia's long-term economic performance has been dented
by the weak recovery in 2021 and subdued outlook for 2022. As a
result, S&P no longer assesses Mongolia to benefit from having
stronger economic performance than peer countries.

Mongolia's near-term growth prospects face risks from a much more
severe outbreak of infections in China this year than in 2020,
alongside China's continued adoption of a strict zero COVID-19
policy stance. Mongolia remains driven by its external trade
orientation and restrictions at the Chinese border are making it
difficult for the country to capitalize on high commodity prices.
This situation is exacerbated by the ongoing Russia-Ukraine
conflict, which has added to inflationary pressures. S&P believes
high inflation will act to constrain consumption growth while
extended border restrictions with China will continue to pressure
Mongolian exports. Offsetting this to some extent would be a strong
growth in investments, propelled by resumption of the underground
mining phase at the Oyu Tolgoi copper-gold mine.

Notwithstanding the weak prospects for this year, Mongolia's
economic outlook looks promising. S&P forecasts real GDP growth to
thereafter average approximately 6.4% annually through 2025, on the
back of sustained investment in the Tavan Tolgoi and Oyu Tolgoi
mining projects. Earlier this year, the government of Mongolia
concluded negotiations on the Oyu Tolgoi project including loan
waivers, cost overruns, development delays and power supply issues
with Rio Tinto. This has enabled expansion work to begin at the
underground site and larger sustainable production is now expected
by 2023.

The government has made considerable progress on developing key
infrastructure projects including the Tavan Tolgoi-Zuunbayan and
Tavan Tolgoi-Gashuunsukhait railway lines, which will significantly
increase transport capacity for coal export volumes going forward.
Once operational, these railway lines will lead to substantial cost
reduction and most importantly, ease the trucking transport
bottleneck caused by periodic restrictions at the China-Mongolia
border.

Nevertheless, there remain important downside risks to the
economy's growth trajectory. Mongolia's economy is highly
vulnerable to exogenous shocks due to its heavy dependence on
commodity exports to China. Acute shifts in commodity prices could
also lead to heightened volatility in economic and fiscal
outcomes.

With the ruling Mongolian People's Party (MPP) maintaining a strong
parliamentary majority, and likely policy alignment with newly
elected President Ukhnaagiin Khurelsukh, S&P expects policymaking
and stability to gradually improve, which should be positive for
foreign investor confidence.

S&P expects the government to maintain its recent track record of
constructive economic policymaking after the ruling MPP
strengthened its political dominance with the election of the
former prime minister as the new president in June 2021. This
includes a return to prudent fiscal settings post-pandemic, and
close collaboration with multilateral and bilateral partners to
institute reforms and ensure continued access to concessional
financing. The alignment of the executive branch and the ruling
party's strong parliamentary majority (with 62 out of 76 seats in
parliament, the State Great Khural) should support policy
continuity.

Flexibility and performance profile: Fiscal deficit to widen in
2022 against the backdrop of a modest growth outlook, but
consolidation will follow as the economy recovers over medium-term

-- Mongolia's fiscal metrics will deteriorate slightly in 2022 but
improve thereafter, as the government gradually pares back its
deficit in line with its medium-term fiscal framework.

-- Mongolia's external indebtedness relative to its current
account receipts improved in 2021, and the expected recovery in
commodity exports should gradually strengthen external metrics over
the next four years.

-- The sovereign's steady access to concessional funding mitigates
some credit risks associated with elevated levels of public and
external indebtedness.

S&P said, "We expect Mongolia's fiscal metrics to deteriorate in
2022, following some consolidation in 2021, as weaker economic
growth weighs on government revenues while spending accelerates to
restart the economy post-pandemic. Nevertheless, we believe this
deterioration will be temporary and that the government will resume
consolidation starting next year." Mongolia's fiscal and external
settings improved in 2017-2019, but the onset of the COVID-19
pandemic derailed some of the progress made by the MPP government
since its electoral win in June 2016.

Prudent fiscal management adopted by the government led to a
considerable reduction in general government deficit to 3.1% of GDP
in 2021 from 9.4% of GDP in 2020. Government revenues were
bolstered by higher tax collection which, in turn, was supported by
higher commodity prices and nascent economic recovery. The robust
revenue performance enabled Mongolia to reduce its cost of public
indebtedness, as measured by the ratio of interest to revenues,
considerably. Mongolia's borrowing costs are also capped by strong
market demand for its debt, and a considerable concessional
component.

High nominal GDP growth alongside fiscal consolidation has enabled
Mongolia to substantially reduce its indebtedness. Net general
government debt to GDP declined by about 10 percentage points to
67.5% of GDP in 2021. S&P forecasts that this ratio will decline to
65% in 2022 and go below 60% by next year. This will entail the
government reducing its deficit to about 2.8% of GDP by the end of
2023.

Mongolia's current account deficit widened significantly to 12.2%
of GDP in 2021, from 5.0% in 2020, as growth in imports far
outpaced that in exports, leading to a decline in its trade
surplus. S&P expects the current account to record a relatively
large deficit in 2022 as well. Consequently, external indebtedness,
net of liquid assets held by the public and financial sectors as a
share of current account receipts, will decrease only modestly in
2022. Further, Mongolia's external liquidity position as measured
by its gross external financing needs (current account payments
plus short-term external debt) will likely stay above 100% of
current account receipts plus usable reserves, indicating that
liquidity pressures will remain elevated.

That said, Mongolia's external position should benefit in the
medium-term from strong growth of 10%-15% in exports as Chinese
borders re-open and production from the underground phase of Oyu
Tolgoi mine comes online. This will partially offset a surge in
capital imports brought about by a revival of economic activity, in
our assessment, thus guiding our forecast for the current account
deficit to gradually narrow to 8.2% of GDP by 2025. In a similar
vein, this should reduce Mongolia's narrow net external
indebtedness, which we forecast to decline to 121% of current
account receivables (CARs) by 2025.

Risks associated with Mongolia's high external indebtedness and
financing needs are partially mitigated by strong donor and lending
support from both bilateral and multilateral partners. In August
2020, the Bank of Mongolia (BoM) successfully extended a Chinese
renminbi (RMB) 15.0 billion swap agreement with the People's Bank
of China, valid until 2023. S&P includes the drawdown on this
swap-line in its calculation of Mongolia's general government debt
stock.

Although S&P continues to assess BoM's currency regime as floating,
persistent intervention over time could lead to lower reserve
coverage and an overvalued exchange rate.

Mongolia's central bank has executed quasi-fiscal spending programs
on behalf of the government previously and during the pandemic.
Therefore, the bank's independence is deemed to be limited.
Although central bank governance has been strengthened by ongoing
reforms adopted from 2016 onward, BoM's track record of operational
independence remains limited.

S&P considers government guarantees on Development Bank of Mongolia
(DBM) obligations as part of government debt, following the
government's provision of extraordinary support to meet DBM's debt
repayments in 2017. Furthermore, the Ministry of Finance has become
the sole shareholder of DBM as of April 2020. The adoption and
ongoing implementation of more robust laws for DBM and the Deposit
Insurance Corp. of Mongolia should curtail fiscal risks in future.

S&P views the rest of the financial and public enterprise sectors
as posing limited contingent liabilities to the government, largely
due to the modest size of Mongolia's financial sector. That said,
the country's banks remain exposed to vulnerabilities associated
with the undeveloped, primarily commodity-based, low-income
economy. S&P also observes continued weaknesses in Mongolia's
regulatory framework, transparency, and disclosures. S&P's Bank
Industry Credit Risk Assessment for Mongolia is '9' (with '1' being
the highest assessment and '10' being the lowest).

The adoption of the Amendments to Banking Act of Mongolia in
January 2021 introduces sweeping reforms to the banking sector,
including a 20% cap on single ownership for all banks, and a
requirement for systemically important entities to become open
joint-stock companies. While implementation has been delayed
temporarily under the unfavorable economic conditions, this could
lead to improvement in corporate governance and transparency, if
duly executed. Nevertheless, insufficient progress in the
recapitalization of some banks, as indicated by the IMF following
the expiration of its Extended Funding Facility program in May
2020, suggests that there is further progress to be made in
strengthening Mongolia's financial sector.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  MONGOLIA

   Sovereign Credit Rating           B/Stable/B

   Transfer & Convertibility Assessment

   Local Currency                        B+

  MONGOLIA

   Senior Unsecured                      B




=============
M Y A N M A R
=============

MYANMAR: Faces Bankruptcy Due to Foreign Currency Restrictions
--------------------------------------------------------------
The Irrawaddy reports that new restrictions on U.S. dollars
introduced last week by the Central Bank of Myanmar (CBM) have come
as a crippling blow to businesses already struggling in an economic
recession resulting from post-coup political turmoil and the
COVID-19 pandemic.

The Irrawaddy relates that the new restrictions saw the bank
revoking the exemption from mandatory currency conversion given to
companies with a minimum 10 percent foreign ownership.

In April, the CBM ordered financial institutions to convert foreign
currency earned by its customers into kyat within one business day
at an official exchange rate of 1,850 kyats to the U.S. dollar, as
the military regime was desperate for U.S. dollars, The Irrawaddy
recalls. In June, following requests and criticisms, the bank
exempted companies that are 10 percent or more owned by overseas
entities from the mandatory currency conversion.

At the same time, the bank has also ordered companies and
individual borrowers to suspend repayments of foreign loans, both
on the interest and the principal loan, The Irrawaddy relates.

Companies in Myanmar have at least US$1.2 billion in outstanding
dollar-denominated loans, according to Bloomberg. Those borrowers
include telecom company Ooredoo Myanmar Ltd., City Square
Commercial Co., a real estate firm, and telecom tower companies
Apollo Towers Myanmar Ltd. and Irrawaddy Green Towers Ltd.  

"There is no way we can follow its [regime's] directives. We are
completely at a loss and it is worse for foreigners. As everyone
will only wait and see, all the businesses are bound to stop," The
Irrawaddy quotes an international freight forwarder from Yangon as
saying.

Car makers including Japan's Suzuki and Korea's Hyundai have
recently halted production in Myanmar, the report notes.

According to The Irrawaddy, business owners said the CBM's
capricious directives are making it difficult for them to continue
their business operations, as they have little time to prepare or
adapt to new directives. The majority of exporters and importers
are suffering as their US dollar earnings are converted to kyats at
1,850 kyats per dollar, while they have to pay more than 2,000
kyats per dollar when they buy greenbacks from the market. As a
result, many are not making new business transactions.

On July 20, the exchange rate hit more than 2,400 kyats per dollar.
But, again, in the dollar market, the demand is high and the supply
is low.

"It is better not to do anything, but you will make a loss when you
do [a business transaction]. There is no hope of doing business
here, not anymore," said an agricultural produce exporter.

The Irrawaddy says the value of the Kyat declined after the Myanmar
military staged a coup in February last year, and it plunged again
after the regime limited cash withdrawals from banks and ATMs, and
has continued to slide amid political instability and a general
economic downturn.

The exchange rate weakened to more than 2,000 kyats per US dollar
around July last year when Myanmar had to import large volume of
medicines and medical oxygen amid the deadly third wave of
COVID-19, despite the fact that the CBM had been selling millions
of US dollars, the report notes.

In August, the CBM re-introduced a fixed exchange rate, replacing
the managed floating exchange rate. The move remedied nothing,
except that the exchange rate further slumped the following month
to more than 2,700 kyats per dollar in the open market.




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

A1 ROOFS: Court to Hear Wind-Up Petition on Aug. 19
---------------------------------------------------
A petition to wind up the operations of A1 Roofs NZ Limited will be
heard before the High Court of New Zealand at Auckland on Aug. 19,
2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 16, 2021.

The Petitioner's solicitor is:

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


BAY OF ISLANDS: Court to Hear Wind-Up Petition on Aug. 15
---------------------------------------------------------
A petition to wind up the operations of Bay Of Islands Garage Door
Company (2016) 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


DOMO LUXURY: Creditors' Proofs of Debt Due on Aug. 16
-----------------------------------------------------
Creditors of Domo Luxury Furniture Concepts Limited are required to
file their proofs of debt by Aug. 16, 2022, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100
          Dominion Road
          Auckland 1446


ELECTRICAL PRODUCTIONS: Creditors' Proofs of Debt Due on Aug. 12
----------------------------------------------------------------
Creditors of Electrical Productions (WGTN) Limited and North Power
Properties Limited are required to file their proofs of debt Aug.
12, 2022, to be included in the company's dividend distribution.

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

The company's liquidators are:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana Porirua 5247


OHG INVESTMENTS: Court to Hear Wind-Up Petition on Aug. 12
----------------------------------------------------------
A petition to wind up the operations of Ohg Investments Limited
will be heard before the High Court of New Zealand at Auckland on
Aug. 12, 2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 16, 2021.

The Petitioner's solicitor is:

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


RENEWABLE RESOURCES: Court to Hear Wind-Up Petition on Aug. 5
-------------------------------------------------------------
A petition to wind up the operations of Renewable Resources Limited
will be heard before the High Court of New Zealand at Auckland on
Aug. 5, 2022, at 10:00 a.m.

W E Hale Limited filed the petition against the company on June 10,
2022.

The Petitioner's solicitor is:

          Aimee Elia
          Martelli McKegg, Solicitors
          Level 20, 188 Quay Street
          Auckland 1010




=====================
P H I L I P P I N E S
=====================

UDENNA CORP: Banks Move to Declare Dennis Uy in Default
-------------------------------------------------------
Daxim L. Lucas at Philippine Daily Inquirer reports that Banco de
Oro Universal Bank, the country's largest private financial
institution, moved to foreclose on the loan collateral of Dennis Uy
of Davao late on July 22, firing the opening salvo in a series of
moves that - depending on the ability of the controversial
businessman to settle his obligations in four days - could lead to
the largest corporate default in Philippine history.

The Inquirer learned that BDO, which has provided the bulk of the
financial muscle for Mr. Uy's acquisition spree during the Duterte
administration, sent a foreclosure notice to the businessman's
flagship holding firm, Udenna Corp., in a bid to force him to the
negotiating table and agree to "an orderly settlement."

Mr. Uy has until Tuesday, July 26, to respond favorably to the
notice of BDO, which leads a syndicate of banks with exposures to
his six-year debt-fueled corporate buying binge, The Inquirer
relates.

The Inquirer spoke to three senior bank officials with direct
knowledge of the transaction, but they spoke on condition of
anonymity. The Inquirer has also reached out to Mr. Uy and to his
company but have yet to receive their replies.

The Inquirer relates that one banker said this latest debt woe to
hit Mr. Uy was triggered by the businessman's failure to stay
abreast of lease payments to the Clark International Airport Corp.
(CIAC) for the business enclave he was building on the grounds of
the former US military base.

"It's just a small liability that's due - $4 million - but since
CIAC was already moving to foreclose, the banks decided to move
ahead and foreclose on Mr. Uy's assets so that they would become
the new owners who will deal with CIAC," he said. "Dennis [Uy] has
until Tuesday to pay."

According to the report, the banker expressed concern, however,
about the so-called cross default provisions said to be present in
all of Mr. Uy's loan agreements with his creditor banks which, at
its peak midway through the Duterte administration, was estimated
to hit as high as PHP110 billion.

A cross default provision, which is standard practice when
structuring corporate loans, makes one incidence of default by the
borrower, not matter how big or small, legally a default on all of
his other debts, the report notes.

A default of this magnitude would be the largest by a private
borrowing in local corporate history, dwarfing the soured loans of
Subic-based Hanjin Shipyards of $412 million, or PHP23 billion at
the prevailing exchange rate, The Inquirer says.

"Conservatively, Dennis Uy's outstanding loans today should be at
around PHP70 billion to PHP80 billion, excluding the loans of Dito
Telecommunity which were lent by banks on the basis of China
Telecom's credit standing," The Inquirer quotes another person
familiar with the deal as saying.

A bank official said the BDO's intention in serving the foreclosure
notice was not to seize Mr. Uy's assets, per se, but to force the
businessman to come to the negotiating table, The Inquirer relays.

"Foreclosure is not the preferred option," he said. "The situation
can be remedied if they are willing to work with the banks."

Udenna Corporation operates as a holding company. The Company
distributes and retails petroleum products and lubricants, as well
as engages in shipping and logistics services. Udenna serves
property development, education, food, gaming, tourism,
infrastructure, and telecommunications sectors in Philippines.




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

AXSYS TECHNOLOGIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on July 15, 2022, to
wind up the operations of Axsys Technologies & Engineering (Pte)
Ltd.

The Comptroller of Income Tax and The Comptroller of Goods and
Services Tax filed the petition against the company.

The company's liquidators are:

          Lin Yueh Hung
          Oon Su Sun
          M/s RSM Corporate Advisory Pte Ltd
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


BOXUAN MEDICAL: Creditors' Proofs of Debt Due on Aug. 22
--------------------------------------------------------
Creditors of Boxuan Medical Equipment Pte. Ltd. are required to
file their proofs of debt by Aug. 22, 2022, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 21, 2022.

The company's liquidators are:

          Lim Loo Khoon
          Tan Wei Cheong
          6 Shenton Way, OUE Downtown 2, #33-00
          Singapore 068809


MAGNOLIAS CONSULTING: Creditors' Proofs of Debt Due on Aug. 15
--------------------------------------------------------------
Creditors of Magnolias Consulting Pte Ltd are required to file
their proofs of debt by Aug. 15, 2022, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Sim Hang Khiang
          9 Kelantan Lane #06-01
          Singapore 208628


MINGDA HOLDING: Court to Hear Wind-Up Petition on Aug. 5
--------------------------------------------------------
A petition to wind up the operations of Mingda Holding Pte. Ltd
will be heard before the High Court of Singapore on Aug. 5, 2022,
at 10:00 a.m.

J.P. Morgan Securities PLC filed the petition against the company
on July 15, 2022.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


SIGNATURE BRIDAL: Court to Hear Wind-Up Petition on Aug. 5
----------------------------------------------------------
A petition to wind up the operations of Signature Bridal Pte. Ltd.
will be heard before the High Court of Singapore on Aug. 5, 2022,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on July 14,
2022.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


THREE ARROW: Founders Reveal Ties to Terra Founder
--------------------------------------------------
Cointelegraph reports that the founders of tainted crypto hedge
fund Three Arrow Capital (3AC), which filed for bankruptcy in the
first week of July, have finally resurfaced after five weeks of no
known whereabouts.

In an interview with Bloomberg, the crypto hedge fund's two
founders Su Zhu and Kyle Davies admitted that the overconfidence
born out of a multiyear bull market, where lenders saw their value
swell by virtue of financing firms like 3AC, led to a series of bad
decisions that should have been avoided, Cointelegraph relates.

According to Cointelegraph, Mr. Zhu also revealed their closeness
to Terra founder Do Kwon and claimed they believed the firm was
going to do big things. He admitted that the firm's closeness to
Terra made them overlook certain red flags about the firm, which
eventually led to their $500 million worth of investment going to
zero.

"If we could have seen that, you know, that this was now like,
potentially like attackable in some ways, and that it had grown
too, you know, too big, too fast," Cointelegraph quotes Mr. Zhu as
saying.

Cointelegraph says the two founders claimed that the LUNA (now
known as Luna Classic) investment surely was a setback for the
firm. Still, the real issue began when Bitcoin (BTC) fell below
$20,000, and it became impossible for the firm to access additional
credit.

Mr. Zhu claimed that even after LUNA's collapse, business was as
usual, explaining: "Throughout that period, we continued to do
business as usual. But then yeah, after that day, when, you know,
Bitcoin went from $30,000 to $20,000, you know, that, that was
extremely painful for us. And that was in, that ended up being kind
of the nail in the coffin."

When inquired of their whereabouts and why they have been in
hiding, the founders blamed a series of death threats as their
reason for going underground, Cointelegraph relays. The duo didn't
reveal their current whereabouts, but said they were moving to
Dubai.

Cointelegraph says the founders denied any allegations of pulling
out money before 3AC went bankrupt and also cleared the air around
the $50 million yacht that was disclosed in the recently filed
court case.  Mr. Zhu said that the boat "was bought over a year ago
and commissioned to be built and to be used in Europe," adding that
the yacht "has a full money trail."

                     About Three Arrows Capital

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

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

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

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

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

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

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

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

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


ZIPMEX PTE: Resumes Withdrawals for Trade Wallets
-------------------------------------------------
Cointelegraph reports that cryptocurrency exchange Zipmex has
resumed withdrawals from its trade wallet after two days, but said
transfers, deposits and trade will continue to be disabled from its
Z Wallet.

In an announcement on July 22, Zipmex said its Thailand-based users
could make withdrawals from its trade wallet, with the function
expected to be "re-enabled this evening" for clients in other
countries, Cointelegraph relates. The crypto exchange has had
withdrawals disabled since July 20, citing a "combination of
circumstances" beyond its control, including the recent market
volatility.

"Ever since the black swan events surrounding the crypto space
Zipmex has retrieved the majority of our funds and assets that were
historically deposited with our deployment partners and have been
actively working to resolve the situation for the remaining
outstanding assets," said Zipmex, Cointelegraph relays. "There were
no materially adverse impacts to our operations."

Cointelegraph reported on July 20 that, according to a person close
to the exchange, Zipmex had roughly $100 million in exposure to
crypto lender Babel Finance, which was at risk of default. The Hong
Kong-based firm halted withdrawals in June, citing "unusual
liquidity pressures."

However, according to Zipmex, the exchange only has $48 million in
exposure with Babel and $5 million with Celsius, which may also be
facing insolvency, relates Cointelegraph. Zipmex said it was in
discussions with Babel to resolve the situation and was "actively
engaging" with Celsius.

Cointelegraph reported in August 2021 that the exchange's user base
had reached 200,000 with more than $1 billion in gross transaction
volume since its launch in 2019.

Zipmex Pte Ltd -- https://zipmex.com/ -- is a digital asset
exchange that provides digital access to wealth generating assets
for the mass market. Zipmex offers services for users in Thailand,
Indonesia, Singapore and Australia.




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

SRI LANKA: Swears in New Prime Minister
---------------------------------------
Reuters reports that Senior Sri Lankan lawmaker Dinesh Gunawardena
was sworn in on July 22 as the new prime minister, his office said,
a day after the swearing-in of a new president as the Indian Ocean
nation grapples with its worst economic crisis in decades.

According to Reuters, the event came just hours after security
forces raided a protest camp on government grounds in the main city
of Colombo and cleared part of it, with at least nine arrests, as
the new administration moves to crack down on protesters.

A former minister from the Podujana Peramuna party, Gunawardena
took the oath of office in the presence of Wickremesinghe, seated
in front of uniformed military officers in a room packed with
lawmakers and officials, the report says.

The rest of the cabinet was expected to be sworn in later on July
22, Reuters notes.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its $12.6 billion pile of foreign
debt to preserve cash for essential goods.

That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.

Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.

On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.



                           *********


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
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