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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

          Friday, July 29, 2022, Vol. 25, No. 145

                           Headlines



A U S T R A L I A

COLMONT SCHOOL: First Creditors' Meeting Set for Aug. 5
EGAN AVENUE: Second Creditors' Meeting Set for Aug. 4
LIBERTY SERIES 2020-1: Moody's Ups Rating on Class F Notes to Ba3
MODULUM HOMES: Second Creditors' Meeting Set for Aug. 4
PIVOT CONSTRUCTION: Second Creditors' Meeting Set for Aug. 5



C H I N A

CHINA EVERGRANDE: Gets CK Asset Bid for HK Headquarters Building
CHINA EVERGRANDE: Millennial Threatens Group with Wind Down
HONGHUA GROUP: Fitch Affirms B- Foreign Curr. IDR, Off Watch Neg.
YANGO GROUP: Unit Faces Wind-Up Petition Over Overdue Bond Payment


I N D I A

ABDUL RAHIMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
AMAZON ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
AMMERAAL BELTECH: Voluntary Liquidation Process Case Summary
ANANDSWARN RESIDENCY: CRISIL Keeps C Ratings in Not Cooperating
ARIHANT COAL: CRISIL Keeps D Debt Ratings in Not Cooperating

ASIA-PACIFIC INSTITUTE: CRISIL Keeps D Rating in Not Cooperating
BAPASHREE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
BLISSFUL GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
BREW FORCE: CRISIL Keeps D Debt Ratings in Not Cooperating
CHAT THAI: Second Creditors' Meeting Set for Aug. 5

CORPORATE FASHION: CRISIL Keeps D Debt Ratings in Not Cooperating
DANCO ENTERPRISES: Insolvency Resolution Process Case Summary
DAUJI AND CO: CRISIL Keeps D Debt Ratings in Not Cooperating
DHANPATI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
ECO SAND: CRISIL Keeps D Debt Ratings in Not Cooperating Category

GLOBAL STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
GOMATHI STEELS: CRISIL Keeps D Debt Rating in Not Cooperating
HOLY TRINITY: CRISIL Keeps D Debt Rating in Not Cooperating
JAI MAA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
JAY DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating

JAYAHO AGRI: CRISIL Keeps D Debt Rating in Not Cooperating
JAYARATHANA EXPORTS: CRISIL Keeps D Ratings in Not Cooperating
SGC LOGISTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
SHRESHT INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
SHYAM FIBERS: CRISIL Keeps D Debt Ratings in Not Cooperating

SPICEJET LTD: DGCA Halves Airlines's Capacity After Snags
SRS THERMAX: CRISIL Keeps D Debt Ratings in Not Cooperating
V. G. SHIPBREAKERS: CRISIL Keeps D Ratings in Not Cooperating
VINAYAGA IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating


N E W   Z E A L A N D

BIG SKY: Creditors' Proofs of Debt Due on Aug. 19
BLOOMINATI LIMITED: Creditors' Proofs of Debt Due on Sept. 2
ELITE MOBILE: Court to Hear Wind-Up Petition on Aug. 4
FIRST FINANCE: Court to Hear Wind-Up Petition on Sept. 16
LAYBUY GROUP: To Cut 45 Jobs as It Searches for Profit

STRONVAR TRADING: Court to Hear Wind-Up Petition on Aug. 15


P A K I S T A N

PAKISTAN WAPDA: Fitch Alters Outlook to Neg. on Sovereign Rating

                           - - - - -


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

COLMONT SCHOOL: First Creditors' Meeting Set for Aug. 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Colmont
School Ltd, formerly known as "The Kilmore International School
Limited" will be held on Aug. 5, 2022, at 1:00 p.m. via video
conferencing facility.

Ian Graham Grant and Paul William Langdon of Vince & Associates
were appointed as administrators of Colmont School on July 26,
2022.


EGAN AVENUE: Second Creditors' Meeting Set for Aug. 4
-----------------------------------------------------
A second meeting of creditors in the proceedings of Egan Avenue
Investments Pty Ltd has been set for Aug. 4, 2022, at 11:00 a.m.
via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 3, 2022, at 5:00 p.m.

Anne Meagher of SV Partners was appointed as administrator of Egan
Avenue on June 30, 2022.


LIBERTY SERIES 2020-1: Moody's Ups Rating on Class F Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the Class F
Notes issued by Liberty Series 2020-1 Auto.

Issuer: Liberty Series 2020-1 Auto

Class F Notes, Upgraded to Ba3 (sf); previously on Feb 7, 2020
Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

The upgrade was prompted by an increase in note subordination
available for the Class F Notes and good performance of the
underlying portfolio to date.

The deal has been making pro-rata principal repayments among the
rated notes since March 2021. The unrated Class G Notes will only
receive principal payments after all classes of notes senior to
them have been fully repaid. As such, note subordination will
continue to build up for the rated notes.

Following the June 2022 payment date, the note subordination
available for the Class F Notes has increased to 1.5% from 0.5% at
closing.

As of end-June 2022, 5.7% of the outstanding pool was 30-plus day
delinquent and 3.5% was 90-plus day delinquent. The portfolio has
incurred 1.6% and 0.7% (as a percentage of the original note
balance) of gross and net losses to date, all of which have been
covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected default assumption to 6.25% of the
current note balance (equivalent to 3.7% of the original note
balance) compared with 6.75% as of the last rating action in
September 2021. Moody's has also lowered the Aaa portfolio credit
enhancement to 26% from 28% at closing.

The transaction is a securitisation of a portfolio of Australian
consumer auto loans, secured by motor vehicles, originated by
Liberty Financial Pty Ltd.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
July 2022.

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

Factors that could lead to an upgrade of the rating include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the rating include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


MODULUM HOMES: Second Creditors' Meeting Set for Aug. 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of Modulum Homes
Pty Ltd has been set for Aug. 4, 2022, at 10:30 a.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 3, 2022, at 5:00 p.m.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of Modulum Homes on May 13, 2022.


PIVOT CONSTRUCTION: Second Creditors' Meeting Set for Aug. 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of Pivot
Construction Group Pty Ltd has been set for Aug. 5, 2022, at  
10:00 a.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 4, 2022, at 5:00 p.m.

Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were
appointed as administrators of Pivot Construction on July 1, 2022.




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

CHINA EVERGRANDE: Gets CK Asset Bid for HK Headquarters Building
----------------------------------------------------------------
Reuters reports that Evergrande Group is selling its Hong Kong
headquarters via a tendering process that ended on July 28, a
source with direct knowledge said, and local developer CK Asset
confirmed it has bid for it.

With more than $300 billion in liabilities, Evergrande has been
trying to sell its 26-storey China Evergrande Centre in Hong Kong's
Wan Chai district after a potential $1.7 billion deal collapsed
late last year, as part of the asset disposal effort to raise fund,
Reuters relates.

According to Reuters, the sale proceeds of the Hong Kong tower
would be used to repay offshore creditors as part of the debt
restructuring plan that is expected to be announced this week,
sources have said.

Several Hong Kong developers have submitted tenders, the source
told Reuters, while there was little participation from Chinese
state-owned players.

Evergrande recently appointed real estate services group Cushman &
Wakefield as the sole agent to sell the 345,000 square foot office
building, the Financial Times reported on July 25, citing sources,
and the sale was expected to fetch a much lower figure this time,
closer to HK$9 billion (US$1.15 billion), Reuters relays.

According to Reuters, CK Asset, founded by billionaire Li Ka-shing,
said in an emailed statement on July 25 it has submitted a tender
for China Evergrande Centre.

Reuters reported in October, citing sources, that Chinese
state-owned Yuexiu Property pulled out of a proposed $1.7 billion
deal to buy China Evergrande Center over worries about the
developer's dire financial situation.

                       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 in June
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.


CHINA EVERGRANDE: Millennial Threatens Group with Wind Down
-----------------------------------------------------------
Bloomberg News reports that China Evergrande Group has only days to
unveil its restructuring plan, but even if it meets the deadline,
the embattled property developer faces a new and considerable
hurdle: A young, politically connected investor who wants to wind
down the company unless he gets his money back fast.

According to the report, a business tied to Lin Ho Man, who only a
few years ago graduated from the University of California Irvine,
filed a petition in Hong Kong to wind down Evergrande if it doesn't
repay HK$862.5 million (US$110 million). Having the suit withdrawn
or dismissed has become a requirement for the developer's shares to
resume trading.

Bloomberg relates that the lawsuit is the first of its kind for
Evergrande, which has more than $300 billion of debt and is at the
center of China's real estate crisis.

Bloomberg says the company has defaulted on bonds, failed to
deliver properties on time and been sued by hundreds in the
mainland seeking to gain control of assets. But none of these
attempts has gone so far as asking for a winding down of the
Shenzhen-based company.

Creditors in Hong Kong may join the suit to demand quicker
repayment as Evergrande's restructuring could take months or even
years, according to Gordon Tsang, a partner at law firm Stevenson,
Wong & Co, Bloomberg relays. Some of them might also worry that the
developer will fail to honor the agreement, he added. "The
winding-up petition can have a significant impact on Evergrande's
coming restructuring plan," adding pressure and costs for the
company, Tsang said.

                       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 in June
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.


HONGHUA GROUP: Fitch Affirms B- Foreign Curr. IDR, Off Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed Chinese oilfield equipment and service
provider Honghua Group Limited's Long-Term Foreign-Currency Issuer
Default Rating at 'B-'. The Outlook is Stable. Fitch has also
affirmed Honghua's senior unsecured rating and the rating on its US
dollar notes at 'B-' with a Recovery Rating of 'RR4'.

All ratings are now off Rating Watch Negative, following the
completion of the transfer of a controlling stake in Honghua to
Dongfang Electric Corporation (DEC) at the end of June 2022. Fitch
also expects DEC's support to help address Honghua's maturing US
dollar notes, based on the evidence Fitch has received. Fitch
applies the strong parent, weak subsidiary approach under our
Parent and Subsidiary Linkage Rating Criteria, and assesses the
linkage factors of the parent's legal incentives to extend support
as 'Low', strategic incentives as 'Low' and operational incentives
as 'Moderate'.

The affirmation and Stable Outlook reflect Fitch's expectation of
continued support to Honghua from DEC, resulting a notch uplift on
Honghua's weak standalone credit profile (SCP), which is
constrained by business volatility, heightened leverage and weak
coverage.

KEY RATING DRIVERS

'Medium' Operational Incentive to Support: Fitch's assessment
considers DEC's tight control of Honghua's board and management
control as well as operational synergy in the wind power equipment
business. The majority of Honghua's new board and management are
nominated by DEC. Fitch also expects Honghua's assets and
businesses to benefit and bring synergies to DEC's renewable energy
equipment segment. Fitch's expectation that DEC's support will help
Honghua to refinance its offshore bond reinforces DEC's 'Medium'
operational incentive to support the subsidiary.

'Low' Legal, Strategic Incentive to Support: The assessment
reflects the lack of guarantees or cross default clauses between
the two entities, and Honghua's small contribution to DEC's revenue
and profit and its limited growth potential. There is some
technological similarity between Honghua's and DEC's products, but
Fitch does not expect Honghua to provide meaningful competitive
advantage to DEC.

Strong Parent: Fitch expects DEC to maintain a strong credit
profile and remain capable of supporting Honghua when required.
DEC's credit profile incorporates strong state support as it is a
central state-owned entity and one of the largest power equipment
manufacturers in China. DEC's credit profile is also underpinned by
its strong financial profile, with net cash position, and solid
market position in the thermal, hydro and nuclear power equipment
market in China.

Growth Lags Oil Price Rise: Fitch expects Honghua's revenue to rise
by the mid-teens in 2022 and by the mid-single digits from 2023
amid high oil prices, following a 20% revenue drop in 2021.
Honghua's business was heavily affected by customers' muted
downstream capex needs due to previous low oil prices and the
Covid-19 pandemic, but orders rebounded in 4Q21. Honghua had an
order backlog of around CNY3 billion by March 2022, which should
support near-term revenue generation. Fitch also expects Honghua's
expanding fracturing and offshore wind businesses to support
revenue.

Volatile Operating Profit: Fitch said, "We forecast a recovery in
Honghua's profit margin, with operating EBITDA margin trending
towards 9% in 2022 (excluding impairment loss), compared with an
operating EBITDA loss of CNY289 million in 2021 due to weak volume,
higher sales from low-margin products, intense competition and
large impairment losses. Honghua incurred an impairment loss of
CNY363 million on financial and contract assets, of which around
CNY270 million was trade-receivable related. The adjusted operating
EBITDA loss excluding the impairment loss was CNY19 million."

Weak Coverage, High Leverage: Honghua's weak coverage and high
leverage are likely to continue constraining its SCP at 'ccc+'.
Both ratios were not meaningful in 2021, due to a negative
operating EBITDA. Honghua's profit recovery should improve the
EBITDA-based net leverage and coverage ratios to low-teen and 1.3x,
respectively, in 2022. Fitch forecasts EBITDA net leverage to trend
down to 11x -12x in 2023-2025, with coverage remaining at
1.2x-1.6x.

DERIVATION SUMMARY

Honghua's rating incorporates a one-notch uplift for potential
parental support from DEC. It also reflects Fitch's expectation
that the company will maintain liquidity and sufficient interest
coverage for its debt obligations in the medium term, benefitting
from the state's ownership of a stake in the company.

Honghua's weak SCP, which is constrained by poor coverage, high
leverage, a small scale and large exposure to the volatile oil and
gas industry, justifies a multiple-notch difference with 'B'
category peers operating in the oil and gas exploration industry,
such as Precision Drilling Corporation (B+/Stable) and CGG SA
(B-/Positive). Honghua's business profile is also weaker than that
of US drilling company, Nabors Industries, Inc. (CCC+), although
both companies have high leverage. Nabors also has meaningful
refinancing risk and a complicated capital structure.

Fitch said, "We assess Honghua's SCP as weaker than that of Chinese
industrial peers, such as eHi Car Services Limited (B+/Negative)
and China Grand Automotive Services Group Co., Ltd (B-/Negative),
due to greater cyclicality, smaller size, higher leverage and
weaker coverage."

KEY ASSUMPTIONS

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

- 16% revenue growth in 2022 and single-digit growth in
2023-2025.

- Operating EBITDA margin to gradually recover towards 10%.

- Capex of CNY150 million a year in 2022-2025.

- No dividend pay-out

Recovery Rating Assumptions:

Fitch said, "Our recovery analysis is based on liquidation value,
which is derived from the value of balance-sheet assets that can be
realised in a sale or liquidation process, and a 10% administrative
claim. This is due to Honghua's extremely volatile EBITDA
generation record and a large receivable amount on the balance
sheet from downstream oil and gas companies, which can generate a
high recovery value for the company's creditors."

Fitch also assumes:

- a 50% recovery rate for trade receivables;

- a 40% recovery rate for inventory required for oil exploration
and production activities; and

- a 40% recovery rate for net property, plant and equipment, of
which the majority is machinery, equipment and buildings.

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR3' Recovery Rating for senior
unsecured debt. However, under Fitch's Country-Specific Treatment
of Recovery Ratings Criteria, China falls into the Group D of
countries in terms of creditor friendliness. Recovery Ratings of
issuers with assets in this group are capped at 'RR4'.

RATING SENSITIVITIES

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

- Evidence or expectation of stronger linkage with DEC.

- Net debt/EBITDA ratio remains below 4.5x for a sustained period

   (2021: negative).

- An EBITDA/interest paid ratio that remains above 1.5x for a
   sustained period (2021: negative).

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

- Evidence or expectation of weaker linkage with DEC.

- Deterioration in Honghua's liquidity position due to shrinking
   funding access.

- An EBITDA/interest paid ratio that remains below 1.0x for a
   sustained period.

LIQUIDITY AND DEBT STRUCTURE

Reliance on Parent, Banks: Honghua had CNY5.1 billion of short-term
debt at end-2021, after the auditor reclassified around CNY1.14
billion of long-term loan as short-term due to a financial covenant
breach. This was more than the combined amount of Honghua's free
cash on hand of CNY703 million and CNY3.8 billion of undrawn
borrowing facilities. These facilities are uncommitted, as
committed credit facilities are not common in the Chinese banking
environment.

Honghua disclosed it breached one of the financial covenants in its
domestic bank loans in 2021, but all affected banks have expressed
no intention to ask for early repayment. It has subsequently
renewed and obtained new borrowings of CNY548 million in 1Q22.
Fitch expects the company to be able to maintain and roll-over
existing facilities, primarily due to its state-owned parent and
recovery in the sector. Fitch also expects Honghua to rely on DEC's
support to refinance the upcoming US dollar note in August 2022.

ISSUER PROFILE

Honghua is an oil and gas equipment manufacturer and service
provider in China. It became a subsidiary of DEC in June 2022 after
China Aerospace Science and Industry Corporation Limited
transferred its entire 29.98% stake in the company to DEC for zero
consideration.

   Debt                           Rating            Prior
   ----                           ------            -----  
Honghua Group Limited     LT IDR   B-  Affirmed       B-

senior unsecured         LT       B-  Affirmed  RR4  B-


YANGO GROUP: Unit Faces Wind-Up Petition Over Overdue Bond Payment
------------------------------------------------------------------
Bloomberg News reports that Yango Group Co said its overseas unit
is facing a winding-up petition in Hong Kong over an overdue dollar
bond payment in the latest example of growing investor impatience
with a prolonged property crisis.

Yango Justice International Ltd recently received a winding-up
petition from a bondholder, Orient Securities International
Financial Group Ltd, over a US$8.54 million missed payment,
Bloomberg discloses citing a filing by the parent company on July
26. Shanghai-based Yango, which focuses on residential projects and
operates in more than 100 cities across the country, said it
expects limited impact from the event on the firm's operations.

According to Bloomberg, creditors of indebted Chinese property
companies have been increasingly turning to the courts for help on
debt repayments, with the other recent case being embattled China
Evergrande Group, which also received such a petition. Some
developers have managed to settle the lawsuits, but investor
resistance is picking up broadly as patience runs thin in a crisis
with little hope of ending in sight.

What began as a government crackdown on excessive borrowing and
real estate speculation in 2020 has snowballed into record offshore
debt defaults and slumping sales in the property industry, which
accounts for about a quarter of the world's second biggest economy,
Bloomberg says. That led to offshore creditors increasingly using
tools such as winding-up petitions, while onshore bondholders put
up fights by refusing debt extensions.

Bloomberg relates that homebuyers and suppliers are also showing
frayed nerves by bringing unprecedented loan boycotts in recent
weeks, as the market anxiously awaits signs of the sector's
recovery.

Yango Group Co.,Ltd is a China-based company principally engaged in
the development and sale of real estates. The Company's property
projects include residential buildings, office buildings and
commercial properties, among others. The Company is also involved
in the import and export trading, hotel operation, education
management and other businesses. The Company mainly operates its
business in domestic market, with East China as its main market.




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

ABDUL RAHIMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abdul Rahiman
Engineer & Contractor - Udupi (AREC) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee           5        CRISIL D (Issuer Not
                                     Cooperating)

   Secured Overdraft        7.5      CRISIL D (Issuer Not
   Facility                          Cooperating)

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

AREC, setup in 2005 by Mr. Abdul Rahiman, is engaged in
construction of roads for government departments. The firm is based
out of Udupi (Karnataka).


AMAZON ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amazon
Enterprises Private Limited (AEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            7.95       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.47       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3.58       CRISIL D (Issuer Not
                                     Cooperating)

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

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


AMMERAAL BELTECH: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Ammeraal Beltech (India) Private Limited
        Plot No. 38, Door No. 40
        2nd Main Road
        Ambattur Industrial Estate
        Chennai 600058

Liquidation Commencement Date: July 13, 2022

Court: National Company Law Tribunal, Chennai Bench

Insolvency professional: Shanmugakani Saraskumar

Interim Resolution
Professional:            Shanmugakani Saraskumar
                         132A, NTR Street
                         Rangarajapuram Main Road
                         Kodambakkam, Chennai 600024
                         Mobile: 9444011294
                         E-mail: saraskcsca@gmail.com

Last date for
submission of claims:    August 13, 2022


ANANDSWARN RESIDENCY: CRISIL Keeps C Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anandswarn
Residency Private Limited (ARPL) continue to be 'CRISIL C Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      0.75      CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              11.75      CRISIL C (Issuer Not
                                     Cooperating)

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

ARPL, incorporated in 2010, is a 50:50 joint venture between
Kanpur-based Dolphin Developers Ltdand the Singh group. ARPL is
developing a residential complex in Kanpur with 52 flats (48 with
hree bedrooms, three with two bedrooms, and one with one bedroom)
and total built-up area of 101,903.85 square feet.


ARIHANT COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arihant Coal
Sales India Private Limited (ACSIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             35        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        25        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        90        CRISIL D (Issuer Not
                                     Cooperating)

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

ACSIPL was incorporated in 2003 by Mr. Anil Jain in Bhopal (Madhya
Pradesh). It trades in imported and domestically procured coal.


ASIA-PACIFIC INSTITUTE: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asia-Pacific
Institute of Management (A Unit of All India Asian Educational
Foundation) (AIAEF) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Term Loan                18       CRISIL D (Issuer Not
                                     Cooperating)

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

AIAEF was set up in 1996 by Mr. A K Shrivastav and his family
members. The society operates APIM, which provides postgraduate
courses in business administration.


BAPASHREE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bapashree
Infrastructure Private Limited (BIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      20        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

BIPL, set up in 2007 by Mr. Jagdish Patel and Mr. Ketan Patel, is
engaged in residential real estate development in Ahmedabad. It has
two ongoing projects.


BLISSFUL GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Blissful
Garments Private Limited (BGPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             3.5       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          6.5       CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2016, BGPL is involved in manufacturing of
readymade garments and has its manufacturing capacity in Palakkad,
Kerala. The day-to-day operations are looked after by Mr.
Sankaranarayan.


BREW FORCE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Brew Force
Technologies (BFT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Inland/Import           6.5       CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

   Proposed Long Term      1.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

Set up as a partnership firm in 2008 by Mr Pritam Singh and his
son, Mr Balbir Singh Malhotra, BFT executes brewery and distillery
projects for domestic and overseas customers.


CHAT THAI: Second Creditors' Meeting Set for Aug. 5
---------------------------------------------------
A second meeting of creditors in the proceedings of Chat Thai CBD
Pty Ltd has been set for Aug. 5, 2022, at 12:30 p.m. via video
conferencing platform, Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 4, 2022, at 5:00 p.m.

Michael Hogan and Brendan Copeland of Hogan Sprowles were appointed
as administrators of Chat Thai on June 30, 2022.


CORPORATE FASHION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Corporate
Fashion Private Limited (CFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            6.54       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1.25       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         0.25       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.06       CRISIL D (Issuer Not
                                     Cooperating)

   Standby Letter
   of Credit               0.9       CRISIL D (Issuer Not
                                     Cooperating)

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

CFPL was incorporated in fiscal 2011, promoted by Mr Prateek
Sharma, Mr Vijay Pal Singh, and Mr Prakash Jat. The company, based
in Bhilwara, Rajasthan, manufactures readymade garments, mainly
trousers for men, and also trades in fabric and readymade garments.
Commercial operations began in 2014.


DANCO ENTERPRISES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Danco Enterprises India Private Limited
        11, Apollo Industrial Estate
        Off. Mahakali Road
        Andheri (East)
        Mumbai 400093

Insolvency Commencement Date: July 22, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Atul Narayan Naik

Interim Resolution
Professional:            Atul Narayan Naik
                         Flat No. 302, Jay  Vasant CHS
                         Bhakti Mandir Road
                         Panchpakhadi, Thane (West)
                         Thane 400602
                         Maharashtra
                         E-mail: annaik129@gmail.com

                            - and -

                         Sumedha Management Solutions
                         Private Limited
                         C-703, Marathon Innova
                         Lower Parel (West)
                         Off. Ganpatrao Kadam Marg
                         Mumbai 400013
                         E-mail: deipl@sumedhaanagaement.com

Last date for
submission of claims:    August 4, 2022


DAUJI AND CO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dauji and Co.
(DC) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Pre Shipment            1         CRISIL D (Issuer Not
   Packing Credit                    Cooperating)

   Proposed Short Term     0.99      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

DC was set up in 1976 as a partnership firm by Mr. Dauji Johari and
his family members. The firm trades in polished diamonds, and is
based in Mumbai. It currently has three partners: Mr. Dauji Johari,
Mr. Sharad Johari, and Ms. Prabha Johari.


DHANPATI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanpati Agro
Udyog Private Limited (Dhanpati) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             6.5       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               2.07      CRISIL D (Issuer Not
                                     Cooperating)

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

Dhanpati was established in 2010 as a private limited company by
Mr. Brahmanand Jaiswal and his sons, Mr. Saurabh Jaiswal and Mr.
Subhash Jaiswal. The company processes majorly basmati and
non-basmati rice at its plant at Gorakhpur, Uttar Pradesh. Dhanpati
has total milling and sorting capacity of 10 tonne per hour.


ECO SAND: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eco Sand (ES)
continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Secured Overdraft      3.56       CRISIL D (Issuer Not
   Facility                          Cooperating)

   Term Loan              8.94       CRISIL D (Issuer Not
                                     Cooperating)

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

ES was established in 2014 as a partnership firm, promoted by Ms
Sunitha Raghuveer and six others. The firm manufactures sand and
aggregates and has a crushing unit at Chikkaballapur, Karnataka.


GLOBAL STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Global Steel
Company (GSC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Letter of Credit        2         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          3         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     10         CRISIL D (Issuer Not
                                     Cooperating)

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

GSC, set up as a proprietorship firm in 2009 by Mr. Rishi Agarwal,
manufactures pre-engineered structures for the infrastructure
industry. It is based in Hyderabad.


GOMATHI STEELS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gomathi
Steels (GS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Bill Discounting        3         CRISIL D (Issuer Not
                                     Cooperating)

   Bill Discounting        1.5       CRISIL D (Issuer Not
   under Letter                      Cooperating)
   of Credit               
                                     
   Cash Credit            14.0       CRISIL D (Issuer Not
                                     Cooperating)

   Intraday Limit          0.1       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               2         CRISIL D (Issuer Not
                                     Cooperating)

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

GS is a proprietorship concern of Mr. Govindasamy established in
2003. The firm manufactures various steel products such as nails,
bolts, couplers, and mild steel wires, and also trades in steel
wire rods. Its manufacturing units are near Chennai (Tamil Nadu).


HOLY TRINITY: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Holy Trinity
Trust (HTT) continues to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Rupee Term Loan         12        CRISIL D (Issuer Not
                                     Cooperating)

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

HTT was established in 2006 and runs and operates coeducational
schools under its aegis by the name of Holy Trinity Anglo-Indian
International School in Thevalakkara, Kerala. It is an English
medium school that runs classes from Nursery to Class XI under the
affiliation of ICSE. Day-to-day activity is managed by Mr Pramod
R.


JAI MAA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Maa
Jagdamba Flour Private Limited (JMJFPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit              2        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              4        CRISIL D (Issuer Not
                                     Cooperating)

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

Set up as a proprietorship firm in 2003 by Mr. Krishna Murari
Choudhary and reconstituted as a private limited company in 2004,
JMJFPL processes wheat flour, maida, and suji at its mill in
Dhanbad, Jharkhand, which has capacity of 300 tonne per day.

JAY DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jay Durga
Enzymatic Private Limited (JDEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Proposed Long Term      4.41      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               0.59      CRISIL D (Issuer Not
                                     Cooperating)

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

JDEPL was incorporated in 2012; operations are handled by Mr
Kailash Prusty and Mr Deepak Prusty. The company manufactures wall
putty and cement paints, and trades in white cement. It is based in
Cuttack, Odisha, and has a production capacity of 10 tonne per day
of cement paints and 3 tonne per day of wall putty.


JAYAHO AGRI: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jayaho Agri
Ventures Private Limited (JAVPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

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

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

Set up in 2009 by Mr. Nagothu Sleeva Raju and his family members,
JAVPL trades in tobacco. The company is based in Guntur district,
Andhra Pradesh.


JAYARATHANA EXPORTS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jayarathana
Exports (JE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Export Packing          4.3       CRISIL D (Issuer Not
   Credit                            Cooperating)

   Foreign Bill            4.0       CRISIL D (Issuer Not
   Discounting                       Cooperating)

   Long Term Loan          0.2       CRISIL D (Issuer Not
                                     Cooperating)

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

JE was set up as a proprietorship firm by Mr Pradeep Shetty in
1992. It manufactures and exports readymade garments. The
manufacturing facilities are in Tirupur, Tamil Nadu.


SGC LOGISTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SGC Logistic
Solutions Limited (SGCLSL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            12.5       CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2006, SGCLSL is a company engaged in the
transportation of beer and liquor. The company's headquarters are
located in Delhi and has presence spread over to North East states,
Bihar, West Bengal, Maharashtra, Gujarat, Rajasthan, Punjab,
Haryana and agents all over India.


SHRESHT INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shresht
Industries Private Limited (SIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            12.5       CRISIL D (Issuer Not
                                     Cooperating)

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

SIPL, based in Hyderabad and incorporated in 2013, manufactures
water purifiers for domestic and industrial use, under the Shresht
RO brand. The company is promoted by Mr Pattela Gaurav and his
family.


SHYAM FIBERS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shyam Fibers
continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan          1.51      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.09      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

Established in 2005, Shyam gins and presses cotton. It is a sole
proprietorship firm owned by Mr. Sumit Agrawal and is managed by
him with the help of his brother, Mr. Shyam Agrawal. The firm
operates a cotton-ginning and-pressing unit at Borad village in
Nandurbar district (Maharashtra) with total installed capacity of
around 250 cotton bales per day. Its capacity was enhanced through
the setting up of a new ginning unit, which commenced operations in
November 2014.


SPICEJET LTD: DGCA Halves Airlines's Capacity After Snags
---------------------------------------------------------
Reuters reports that India's aviation regulator on July 27 ordered
SpiceJet Ltd to slash its approved fleet to 50% this summer for
eight weeks citing safety snags and said it will subject the
domestic airline to "enhanced surveillance".

Any increase in number of departures beyond 50% would require the
airline to show it has sufficient technical support and financial
resources to safely upgrade its capacity, the Director General of
Civil Aviation (DGCA) said in an interim order, Reuters relays.

"During (the) eights weeks period, the airline shall be subjected
to "enhanced surveillance" by DGCA. Further decision in this matter
shall be taken thereafter," the regulator said.

Earlier this month, DGCA had issued a warning notice to SpiceJet
after a review of incidents, which included a side windshield outer
pane that cracked mid-flight and a malfunctioning indicator light,
Reuters recalls.  

SpiceJet shares have recovered about 6% this month after dropping
to March 2020 lows following DGCA's notice, the report notes.

According to the report, SpiceJet sought to reassure its customers
and travel partners saying it will operate flights as per schedules
and there will be "no flight cancellation as a consequence of this
order."

"Due to the current lean travel season, SpiceJet like other
airlines had already rescheduled its flight operations. Hence,
there will be absolutely no impact on our flight operations," the
airline said in a statement.

                           About SpiceJet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
4, 2022, auditors have cast a doubt on the ability of debt-laden
SpiceJet, to remain a going concern as its net worth has eroded.

In the annual report for FY21, the independent auditors pointed out
that SpiceJet has defaulted on tax payments, GST payments and
employee provident fund dues in FY21 totalling INR90 crore,
according to The Hindu BusinessLine.


SRS THERMAX: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SRS Thermax
Limited (SRS) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              2        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan                5        CRISIL D (Issuer Not
                                     Cooperating)

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

SRS was incorporated in April 2013 and is promoted by the
Gwalior-based Mr Jaidev Sharma and family. The company manufactures
corrugated boxes, partitions, plates and boards used for industrial
packaging. Its manufacturing facility is at Gwalior. Operations are
managed by the promoter-director, Mr Jaidev Sharma.


V. G. SHIPBREAKERS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. G.
Shipbreakers Private Limited (VGS) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Letter of Credit        8         CRISIL D (Issuer Not
                                     Cooperating)

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

VGS, incorporated in 2006, is primarily engaged in ship breaking
and steel trading businesses. The company is owned and managed by
the Prajapati family based in Mumbai, Maharashtra.


VINAYAGA IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vinayaga
Impex Private Limited (VIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             3.4       CRISIL D (Issuer Not
                                     Cooperating)

   Export Bill             4.5       CRISIL D (Issuer Not
   Rediscounting                     Cooperating)

   Inland/Import           0.25      CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

   Overdraft Facility      2.5       CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          2.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.39      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               0.46      CRISIL D (Issuer Not
                                     Cooperating)

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

Started in 2003, VIPL is a Delhi-based company that manufactures
garments and fabrics. It is managed by Mr. B M Arora, Mr. Arjun
Dev, and Mr. Pradeep Nanda. Its manufacturing unti is based in
Ludhiana (Punjab).




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

BIG SKY: Creditors' Proofs of Debt Due on Aug. 19
-------------------------------------------------
Creditors of Big Sky Construction Limited and Big Sky Construction
(Otago) Limited are required to file their proofs of debt by Aug.
19, 2022, to be included in the company's dividend distribution.

The companies commenced wind-up proceedings on July 20, 2022.

The company's liquidators are:

          Trevor Edwin Laing
          Emma Margaret Laing
          Trevor Laing & Associates  
          PO Box 2468
          Dunedin 9044


BLOOMINATI LIMITED: Creditors' Proofs of Debt Due on Sept. 2
------------------------------------------------------------
Creditors of Bloominati Limited are required to file their proofs
of debt by Sept. 2, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 27, 2022.

The company's liquidator is:

          Craig Andrew Young
          PO Box 87340
          Auckland


ELITE MOBILE: Court to Hear Wind-Up Petition on Aug. 4
------------------------------------------------------
A petition to wind up the operations of Elite Mobile Welding
Services Limited will be heard before the High Court at
Christchurch on Aug. 4, 2022, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 3, 2022.

The Petitioner's solicitor is:

          Jess Thomson
          Inland Revenue
          Legal Services
          PO Box 1782
          Christchurch 8140


FIRST FINANCE: Court to Hear Wind-Up Petition on Sept. 16
---------------------------------------------------------
A petition to wind up the operations of First Finance Limited will
be heard before the High Court at Auckland on Sept. 16, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 11, 2022.

The Petitioner's solicitor is:

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


LAYBUY GROUP: To Cut 45 Jobs as It Searches for Profit
------------------------------------------------------
Stuff.co.nz reports that buy now, pay later provider Laybuy said it
will drop 45 employees, mostly in its head office in Auckland, as
it restructures as part of its work to become profitable.

According to the report, the part-payment platform has experienced
a significant drop in value since it listed, dropping from AUD246
million to AUD19.62 million this week.

Laybuy reported a loss of NZD51.6 million for the year to the end
of March - NZD10.3 million more than it lost the previous year,
Stuff discloses.

In April, it appointed UK advisory firm Nor Capital to find a
strategic investor to provide it with more capital. Without that,
the directors were not sure that it would be able to stay afloat,
the report recalls.

But Laybuy managing director Gary Rohloff said on July 28 the
restructure, and the firm's focus on containing costs, improving
efficiencies and reducing fraudulent activity would mean it was
profitable by the fourth quarter of this financial year. It would
mean it did not need any further capital in the medium term.

"This will make Laybuy one of, if not the first, profitable pure
play BNPL companies on the ASX," the report quotes Mr. Rohloff as
saying.

"The restructure will help streamline our operations and will
reorientate the company away from focussing on high rates of growth
towards achieving ongoing and sustainable profitability, in line
with our revised strategic direction. We do not anticipate a
significant impact on our customers or merchants from these
changes."

He said the job losses would be across all parts of the business
and would deliver significant savings.

That would be invested into technology and fraud prevention.

"This is an incredibly difficult time for our team and we are
committed to supporting them through this process in any way that
we can. While this is a heartbreaking decision to be making, it is
the right decision for the company," Mr. Rohloff said.

"Unfortunately current market conditions and negative investor
sentiment towards the tech sector means that we needed to shift our
focus away from obtaining new funding to drive our continued growth
and instead focus on achieving profitability in the short-term."

Stuff notes that the announcement followed a strategic review by
the company that confirmed Laybuy had a strong pathway to
profitability, he said.

"Our ANZ operations, excluding group overheads, are already
profitable and the strong results we are seeing from our fraud
prevention strategy have helped us confirm both the sustainability
and profitability of our business model."

He said while the review explored a sale or partial sale of the
business, it was determined it was not in the best interest of the
company's staff or shareholders, Stuff relays.

"There was strong interest in the business, with a number of
investors expressing an interest in acquiring a part of the
business. The review concluded that given our strong pathway to
profitability, shareholders were best served by focussing on
achieving profitability in the short term.

"Maintaining our presence in the UK will also allow us to take
advantage of the opportunities in that market where BNPL is still
in its infancy but is experiencing significant growth and where we
have carved out high brand recognition and strong market share.

"We are already one of the top three providers in that market and
our focus will now be onattracting and retaining quality customers
that can drive sustainable and profitable growth and support our
Australian and New Zealand operations."

Based in Auckland, New Zealand, Laybuy Group Holdings Limited
provides consumer financing services in New Zealand, Australia, and
the United Kingdom. It offers a line of credit products to
customers in buy now, pay later model through an integrated payment
platform.


STRONVAR TRADING: Court to Hear Wind-Up Petition on Aug. 15
-----------------------------------------------------------
A petition to wind up the operations of Stronvar Trading Limited
will be heard before the High Court at Whangarei on Aug. 15, 2022,
at 10:00 a.m.

Webb Ross McNab Kilpatrick Limited filed the petition against the
company on June 21, 2022.

The Petitioner's solicitor is:

          David M. Grindle
          WRMK Lawyers
          9 Hunt Street
          Whangarei 0148




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

PAKISTAN WAPDA: Fitch Alters Outlook to Neg. on Sovereign Rating
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Pakistan Water and Power
Development Authority (WAPDA) to Negative from Stable, while
affirming its Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'B-'.

KEY RATING DRIVERS

The Outlook revision follows the revision of the Outlook on the
Pakistan sovereign rating on July 18, 2022, as WAPDA's ratings are
equalised with that of the Pakistan sovereign, and sensitive to any
rating action on the sovereign.

DERIVATION SUMMARY

Fitch categorises WAPDA as credit-linked to the sponsor and
equalises the ratings with that of the Pakistan sovereign.

RATING SENSITIVITIES

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

Any positive rating action on the sovereign.

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

Any negative rating action on the sovereign, weaker links between
WAPDA and the government, or lower socio-political and financial
implications of a default by WAPDA.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

WAPDA's ratings are linked to those of the Pakistan sovereign.

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for WAPDA, as its
ratings and ESG profile are derived from its parent.

  Debt                             Rating           Prior
  ----                             ------           -----
Pakistan Water and
Power Development Authority

                           LT IDR     B-   Affirmed  B-

                           LC LT IDR  B-   Affirmed  B-

senior unsecured          LT         B-   Affirmed  B-



                           *********


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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