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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

          Wednesday, August 3, 2022, Vol. 25, No. 148

                           Headlines



A U S T R A L I A

BENWORTH TRANSPORT: First Creditors' Meeting Set for Aug. 11
DYLNIB PTY: First Creditors' Meeting Set for Aug. 10
GEOGRAPHE WORKFORCE: Second Creditors' Meeting Set for Aug. 8
GETSWIFT LTD: Placed Into Liquidation
METIGY: Cathro Partners Appointed as Administrators

OZ MINING: First Creditors' Meeting Set for Aug. 9
SJ TRAFFIC: Second Creditors' Meeting Set for Aug. 8
STALWART BREWING: Gone Into Liquidation


C H I N A

CHINA EVERGRANDE: Unit Ordered to Pay Out US$1.1 Billion
SINO-OCEAN GROUP: Moody's Assigns Ba1 CFR & Alters Outlook to Neg.


H O N G   K O N G

NEWOCEAN ENERGY: Court of Appeal for Bermuda Orders Winding Up


I N D I A

AKP FERROCAST: ICRA Keeps B+ Debt Ratings in Not Cooperating
AVESTRA CHEMICAL: Insolvency Resolution Process Case Summary
AXIS GARMENT: ICRA Keeps D Debt Ratings in Not Cooperating
AZIMUTH SOFTWARE: Liquidation Process Case Summary
BISMAN INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating

CHAITANYA ENTERPRISES: ICRA Keeps D Rating in Not Cooperating
DEVDEEP COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
DNB IMPEX PRIVATE: Insolvency Resolution Process Case Summary
GMP TECHNICAL SOLUTIONS: Insolvency Resolution Case Summary
GOKAK POWER: ICRA Reaffirms D Rating on INR86cr Unallocated Loan

GREENSILL INDIA: Voluntary Liquidation Process Case Summary
GUPTA INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
GURUKRUPA CORP: ICRA Lowers Rating on INR18.50cr Loan to D
H.S. WEAVERS: ICRA Keeps B Debt Ratings in Not Cooperating
HANUMAN PULSES: CRISIL Cuts Rating on INR8cr Cash Loan to D

HEMA AUTOMOTIVE: Insolvency Resolution Process Case Summary
INDIAN PULP: Insolvency Resolution Process Case Summary
JAIN INFAPROJECTS: Insolvency Resolution Process Case Summary
JBO GLOBEWORLD: Insolvency Resolution Process Case Summary
JUMBO ROOFINGS: ICRA Keeps B+ Debt Rating in Not Cooperating

KALPAK INDUSTRIAL: Insolvency Resolution Process Case Summary
KAMALA DEVI: CRISIL Assigns B+ Rating to INR5cr Loans
KAMNA MEDICAL: CRISIL Keeps D Ratings in Not Cooperating Category
KARTYA CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating
KMCT GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating

LEPAKSHI HERITAGE: Insolvency Resolution Process Case Summary
LLOYDS SHIPPING: Liquidation Process Case Summary
MADHUSUDAN RAYONS: ICRA Withdraws B+ Rating on INR13cr LT Loan
MADURAI KRISHNA: Insolvency Resolution Process Case Summary
MEGAA BAKERS: Insolvency Resolution Process Case Summary

NEW AGE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
NUPUR VINIYOG: CRISIL Lowers Rating on INR5cr Packing Loan to D
OCEAN CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
ORIENTA CINE: Insolvency Resolution Process Case Summary
PANORAMIC HOLIDAYS: Insolvency Resolution Process Case Summary

PARAMASIVAM PALANISAMY: ICRA Keeps D Rating in Not Cooperating
PNB REALTY: ICRA Keeps D Debt Ratings in Not Cooperating Category
PSB INDUSTRIES INDIA: Insolvency Resolution Process Case Summary
RATHNAVEL SUBRAMANIAM: ICRA Keeps D Rating in Not Cooperating
RISHRA STEEL: Insolvency Resolution Process Case Summary

RUBBER PRODUCTS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAVEENA ENTERPRISES: Voluntary Liquidation Process Case Summary
SENTHIL KUMAR: CRISIL Keeps C Debt Rating in Not Cooperating
SHANTI EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
SHREEJI COTTON: ICRA Keeps D Debt Rating in Not Cooperating

SINGHANIA ENTERPRISES: ICRA Keeps B+ Ratings in Not Cooperating
SONA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating
SUN SHINE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
SYREX INFOSERVICES: Insolvency Resolution Process Case Summary
TBPR INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category

UNNATI WRITING: CRISIL Keeps D Debt Ratings in Not Cooperating
WELKIN IT SERVICES: Insolvency Resolution Process Case Summary
YENKEY ROLLER: ICRA Keeps B+ Debt Rating in Not Cooperating


N E W   Z E A L A N D

DREAM FORCE: Court to Hear Wind-Up Petition on Aug. 19
KUBER TRADING: Court to Hear Wind-Up Petition on Aug. 19
MODERN HOME: Court to Hear Wind-Up Petition on Aug. 19
PACIFIC ROY: Creditors' Proofs of Debt Due on Aug. 26
RACK KING: BDO Tauranga Limited Appointed as Liquidators



S I N G A P O R E

AIMS CANADA: Court Enters Wind-Up Order
CRICKET CORPORATION: Court to Hear Wind-Up Petition on Aug. 12
LAKEHOMES PTE: Creditors' Proofs of Debt Due on Sept. 1
MACARIOS PTE: Court to Hear Wind-Up Petition on Aug. 19
ONG CHU: Commences Wind-Up Proceedings



S R I   L A N K A

SRI LANKA: President Sees Long Road to Securing Economic Stability


T H A I L A N D

BITKUB ONLINE: Deal with Thai Bank Stuck in Due Diligence

                           - - - - -


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A U S T R A L I A
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BENWORTH TRANSPORT: First Creditors' Meeting Set for Aug. 11
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Benworth
Transport & Logistics Pty Ltd will be held on Aug. 11, 2022, at
10:30 a.m. at the offices of SV Partners at 22 Market Street in
Brisbane.

David Michael Stimpson and Michael Carrafa of SV Partners were
appointed as administrators of the company on Aug. 1, 2022.


DYLNIB PTY: First Creditors' Meeting Set for Aug. 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of DYLNIB Pty
Limited will be held on Aug. 10, 2022, at 11:00 a.m. via virtual
meeting technology.

Trent McMillen & Ernie Chou of MaC Insolvency were appointed as
administrators of the company on July 31, 2022.


GEOGRAPHE WORKFORCE: Second Creditors' Meeting Set for Aug. 8
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Geographe
Workforce Pty Ltd has been set for Aug. 8, 2022, at 11:00 a.m. via
virtual meeting only.

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

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

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of the company on July 4, 2022.


GETSWIFT LTD: Placed Into Liquidation
-------------------------------------
Business News Australia reports that GetSwift Ltd, a logistics
software company that was heralded as one of the biggest capital
raisings in the Australian tech sector back in 2017, has been
placed into liquidation marking the final chapter in a litany of
controversy shrouding the group's brief history.

GetSwift was delisted from the ASX in January last year, but the
business still operates under a new holding company, GetSwift
Technologies, approved by the Federal Court for listing on Canada's
NEO Exchange following the Australian delisting, the report says.
It is unclear how the liquidation will impact on the
Canadian-listed holding company.

Liquidators to the company, Kate Conneely and Rahul Goyal of
KordaMentha, have declined to comment on the liquidation.

GetSwift Technologies announced in May plans to sell its
software-as-a-service business to US property fund Stage Equity
Partners for US$10 million (AUD14.2 million), BNA recalls. The sale
amounts to an effective winding up of the company's business
operations, but it is still subject to shareholder approval.

BNA relates that GetSwift has faced a whirlwind of damaging claims
since its AUD75 million ASX listing in 2017, after which the
company's shares rocketed 800 per cent on news that it had secured
Amazon, the Commonwealth Bank of Australia and Yum Brands as
clients. GetSwift also raised AUD100 million in capital from
institutional investors when the share price was close to its
peak.

A collapse in the company's value after it was revealed that these
clients were only trialling the GetSwift services led to a class
action by shareholders in 2018 and a damaging civil court action
brought by the Australian Securities and Investments Commission
(ASIC) in 2019, resulting in a decision against the company last
November, BNA relays.

According to the report, the Federal Court found that GetSwift and
its founding directors Bane Hunter and former AFL player Joel
Macdonald had made misleading statements and breached the company's
continuous disclosure obligations in statements made to the ASX
between February and December 2017.

In its third-quarter update, GetSwift Technologies announced to the
NEO Exchange in May that Hunter, Macdonald and the company were
ordered to pay 92.5 per cent of ASIC's costs from the court
proceedings.

Adding to the pressure on the company, the class action was settled
last year for AUD1.5 million plus contributions from any future
capital raisings. GetSwift has already placed AUD1 million in
escrow for the payment, although the remaining AUD500,000 remains
outstanding.  

GetSwift Technologies announced a board shake-up last month with
the departure of Marc Naidoo and Phil Kearney as independent
directors and the appointment as chairman of Australian corporate
lawyer Julian Rockett, a former company secretary of GetSwift when
it was based in Australia, BNA ntes. Rockett replaced Kearney as
chairman after just two weeks in the role.

In its latest financial result for the third quarter, GetSwift
posted revenue of US$8.9 million (AUD12.7 million) and a net loss
of US$3.6 million (AUD5.13 million), BNA discloses.

GetSwift Limited designs and develops application software. The
Company offers delivery tracking, automated dispatching, digital
proof of delivery, business analysis, and customer alerts
solutions. GetSwift serves customers worldwide.


METIGY: Cathro Partners Appointed as Administrators
---------------------------------------------------
SmartCompany reports that staff at Australian tech startup Metigy
said they are "shell-shocked" by the news of its administration, a
move which has impacted 75 employees and appeared to take industry
onlookers by surprise.

The Australian Securities and Investment Commission (ASIC) stated
Metigy has entered external administration, and The Australian
Financial Review reported Simon Cathro and Andrew Blundell of
Cathro Partners were appointed as administrators on July 29,
SmartCompany relays.

Staff at Metigy, a company promising AI-backed marketing solutions
for small businesses and franchisees, said they were only informed
of the collapse on Aug. 1, according to SmartCompany.

"We're pretty shell-shocked," SmartCompany quotes senior brand and
content lead Claire Riley as saying in a LinkedIn post addressing
the news.

"It's not because we didn't care enough or because we did a bad job
or the market conditions weren't in our favour - and that will
always be the toughest thing to deal with when you work as hard as
we did."

"It's heartbreaking to have our journey cut short so early, when I
could see that we were turning a corner with the product in the
last few months and what was coming up in the next few months,"
said product leader Akhila Bhatt.

Founded in 2015 by David Fairfull and Johnson Lin, Sydney-based
Metigy provided an all-in-one marketing platform tailored for the
needs of SMEs.  The Metigy platform includes video creation and
image editing systems, a live ad creation tool, and a ‘marketing
command center' providing "recommendations tailored to your
brand".


OZ MINING: First Creditors' Meeting Set for Aug. 9
--------------------------------------------------
A first meeting of the creditors in the proceedings of OZ Mining
Pty. Ltd. will be held on Aug. 9, 2022, at 10:30 a.m. via telephone
conference.

Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were
appointed as administrators of the company on July 28, 2022.


SJ TRAFFIC: Second Creditors' Meeting Set for Aug. 8
----------------------------------------------------
A second meeting of creditors in the proceedings of SJ Traffic
Management Pty Ltd has been set for Aug. 8, 2022, at 1:00 p.m. via
virtual meeting only.

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

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

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of the company on July 4, 2022.


STALWART BREWING: Gone Into Liquidation
---------------------------------------
BrewsNews reports that the Sunshine Coast's Stalwart Brewing Co.
has gone into liquidation with debts of AUD180,000.

Jarvis Archer of Revive Financial was appointed liquidator of
Stalwart Brewing Company Pty Ltd, on June 29, 2022, BrewsNews
discloses. Stalwart's customer-facing venue was closed in January
2022, but brewing on-site continued until June, the report says.

The Company traded both a brewery and brewhouse in Nambour, in the
Sunshine Coast hinterland, having launched its own venue in July
2020. Prior to this, founder Adam Tomlinson had operated Stalwart
as a contract brand.

According to the report, the liquidators said the brewery
"experienced some early success with only limited pandemic impacts
at the time".

"However, when the Queensland borders reopened in late 2021, the
Omicron wave, accompanied by more severe restrictions and vaccine
mandates, caused staffing issues and a drop in trade for many
hospitality businesses," they said.

The brewing equipment was owned by an associated party and the
trading premises have been returned to the landlord.

BrewsNews says Stalwart is being closed down with debts of
approximately AUD180,000 including amounts owing to the Australian
Tax Office, trade creditors, and the company's landlord.

"[This] is a trend we are now regularly seeing, especially in the
hospitality and other consumer-focused industries," BrewsNews
quotes liquidator Jarvis Archer as saying.

"The difficulties of the past two years have caused debts to accrue
on balance sheets, and increasingly difficult trading conditions
are causing declining sales and unprofitable trading.

"As the ATO, lenders and landlords increase pressure to collect
debts and get payments back on track, we're experiencing a higher
volume of insolvencies."

At the beginning of the COVID-19 pandemic, the Independent Brewers
Association suggested Australia could lose a large number of
breweries – as much as 50% – without the support of the
government, BrewsNews says.

While many government measures such as Jobseeker Payments, rent
moratoriums and business support funding did help, these measures
have now been rescinded and brewers, like many other businesses
across Australia, are facing the challenges and pressures of a
post-COVID world.

Last year, Southern Bay Brewing also faced liquidation, while Broo
confirmed it would be liquidating its Mildura Brewery after it was
unable to find a buyer, BrewsNews notes.




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C H I N A
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CHINA EVERGRANDE: Unit Ordered to Pay Out US$1.1 Billion
--------------------------------------------------------
Reuters report that China Evergrande Group said on July 31 that one
of its subsidiaries, Evergrande Group (Nanchang) Co, Ltd, had been
ordered to pay a guarantor CNY7.3 billion (US$1.08 billion) for
failing to honour its debt obligations.

In July 2021, the guarantor, who was not named in the statement,
provided a guarantee for the borrowings of certain entities
controlled by Evergrande, the company said in a statement to the
Hong Kong stock exchange, Reuters relays.

Nanchang provided counter-guarantees in the form of a pledge of a
total of 1.3 billion shares that it held in Shengjing Bank Co.,
Ltd.

"As the borrowers failed to repay the loans, the applicant carried
out its obligations under the guarantee and claimed against the
subsidiary under the pledge," Evergrande said in a statement.

Reuters relates that the ruling "is that the guarantor has the
priority to receive compensation from the sale of the shares" and
the "scope covers the amount paid by the applicant (CNY7.3
billion."

Evergrande has said it was selling its Hong Kong headquarters via
tendering process, a source with direct knowledge told Reuters on
July 28.

                       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.


SINO-OCEAN GROUP: Moody's Assigns Ba1 CFR & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to Sino-Ocean Group Holding Limited (Sino-Ocean) and has
withdrawn the company's Baa3 issuer rating.

At the same time, Moody's has downgraded (1) to Ba1 from Baa3, the
senior unsecured ratings on the bonds issued by Sino-Ocean Land
Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II
Limited and Sino-Ocean Land Treasure IV Limited, and guaranteed by
Sino-Ocean; and (2) to Ba3 from Ba2, the rating on the
subordinated, guaranteed perpetual capital securities issued by
Sino-Ocean Land Treasure III Limited and guaranteed on a
subordinated basis by Sino-Ocean.

Moody's has also changed the rating outlook on Sino-Ocean and its
subsidiaries to negative from ratings under review. This concludes
the rating review initiated on June 28, 2022.

"The rating downgrades reflect Moody's expectation that support
from China Life Insurance Co Ltd (China Life, insurance financial
strength rating A1 stable), Sino-Ocean's largest shareholder, will
reduce over time, as the deterioration in China's property market
would reduce Sino-Ocean's economic and strategic importance to
China Life," says Cedric Lai, a Moody's Vice President and Senior
Analyst.

The expectation of lower support results in a reduction of the
rating uplift from China Life to one notch from two notches
previously.

"The negative outlook reflects Sino-Ocean's weakening standalone
credit profile, driven by declining property sales, weak pricing
flexibility due to its thin profit margin and deteriorating
financial metrics amid challenging operating conditions," adds
Lai.

RATINGS RATIONALE

Sino-Ocean's Ba1 rating incorporates its standalone credit profile
and one notch of rating uplift, stemming from support from China
Life, in times of need. This view also factors in China Life's
ability to support Sino-Ocean, as illustrated by its A1 insurance
financial strength rating (IFSR).

The support assumption has considered that Sino-Ocean remains an
important equity investment of China Life in the real estate
sector. China Life has invested in Sino-Ocean since 2009, and it is
China Life's only investment in an associate in the real estate
sector. However, Moody's expects the importance of real estate
investment as an asset class for China Life would reduce over the
next 12-18 months given the sector's high volatility.

Sino-Ocean's standalone credit strength reflects its long operating
history in the property sector, focus on operating in high-tier
Chinese cities, solid access to funding and diversified products,
and its recurring income contribution from its investment property
portfolio. However, Sin-Ocean's credit profile is constrained by
the company's weakening sales and financial metrics, and
constrained access to capital market funding.

Moody's expects Sino-Ocean's operating performance to weaken over
the next 12-18 months amid difficult operating and funding
conditions in China. Specifically, Moody's forecasts Sino-Ocean's
contracted sales will decline around 25% to around RMB100 billion
in 2022, from around RMB136 billion in 2021 due in part to a higher
base in the second half of last year. The company's contracted
sales decreased 18% during the first six months in 2022 to RMB43.0
billion compared with that during the same period in 2021.

Moody's expects Sino Ocean's gross margin to reduce to around
16%-17% over the next 12-18 months from 19% in 2021, as the company
will likely offer certain price discounts to support its contracted
sales amid the difficult market conditions. However, the company
has limited pricing flexibility given its low margins.

Moody's forecasts the company's debt leverage, as measured by
revenue/adjusted debt, will weaken to around 55%-60% over the next
12-18 months from 68% in 2021. Its interest coverage, as measured
by adjusted EBIT/interest expenses, will decrease to 2.5x-2.6x over
the next 12-18 months from 3.0x in 2021. These forecasts
incorporate Moody's expectation of the company's higher debt and
gross profit margin decline.

Moody's expects Sino-Ocean to maintain good liquidity. The company
will have sufficient resources, including unrestricted cash and
operating cash flow, to cover its maturing debt over the next 12
months. Its unrestricted cash/short-term debt coverage remained at
1.2x as of the end of 2021. However, the use of internal resources
to repay maturing debt could continue to weaken its liquidity
buffer over time.

Sino-Ocean's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. Despite
Sino-Ocean's status as a holding company, Moody's expects support
from China Life to Sino-Ocean to flow through the holding company
rather than directly to its main operating companies, mitigating
potential differences in expected losses that could arise from
structural subordination.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's (1) strong shareholders and
representation on its board of directors; (2) disclosure of
material related-party transactions as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange; and (3) diversified board of directors and four special
committees to supervise the company's operations.

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

Moody's could downgrade the ratings if the company's sales fall
significantly, liquidity weakens, or it undertakes aggressive
debt-funded acquisitions that worsen its key credit metrics, such
that reported net debt remains elevated, or EBIT/interest falls
below 2.5x, on a sustained basis.

Moody's could also downgrade the ratings without a decline in the
company's standalone credit profile, if Moody's further lowers its
assessment of support from China Life for Sino-Ocean. This
situation could result from any indication of a reduction in China
Life's ownership of Sino-Ocean; further reduction of Sino-Ocean's
economic and strategic importance to China Life; or a deterioration
in China Life's own credit profile.

An upgrade of Sino-Ocean's ratings is unlikely over the next 12
months, given the negative outlook.

However, Moody's could revise the outlook to stable if (1)
Sino-Ocean demonstrates resilience amid difficult operating
conditions through stabilizing its business performance,
maintaining its good liquidity and funding assess, as well as
disciplined financial management; and (2) China Life continues to
provide operational and financial support to Sino-Ocean, in times
of need.

Credit metrics indicative of a stable outlook includes
EBIT/interest above 3.0x on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Sino-Ocean Group Holding Limited (Sino-Ocean) is a leading property
developer in China. The company focuses on developing mid- to
high-end residential properties, office premises and retail
properties. As of the end of 2021, it had a land bank of about
53.14 million square meters across 63 cities mainly in China.




=================
H O N G   K O N G
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NEWOCEAN ENERGY: Court of Appeal for Bermuda Orders Winding Up
--------------------------------------------------------------
Manifold Times reports that Hong Kong-listed NewOcean Energy
Holdings Limited on August 1 said the Court of Appeal for Bermuda
on July 26 ordered the company to wind up.

Several individuals were ordered to continue acting as the Joint
Provisional Liquidators (JPLs) of the company, with the full powers
of a liquidator in a winding-up pursuant to section 175 of the
Companies Act 1981 of Bermuda.

The appointed JPLs of the company are:

    Mr. Roderick John Sutton
    Mr. Kenneth Fung
    FTI Consulting (Hong Kong) Limited
    Level 35, Oxford House
    Taikoo Place, 979 King's Road
    Quarry Bay, Hong Kong

    Mr. Edward Alexander Niles Whittaker
    R&H Services Limited
    3rd Floor, 5 Reid Street Hamilton
    HM 11, Bermuda

Creditors of the company were invited to contact the JPLs by email
at ProjectNeo@fticonsulting.com.

Trading in the shares of the Company on the Stock Exchange, which
was suspended with effect from 9:00 a.m. on April 1, 2022, will
continue to be suspended until further notice, Manifold Times
adds.

Based in Hong Kong, NewOcean Energy Holdings Limited --
http://www.newoceanhk.com/-- is an investment holding company
principally engaged in the sales and distribution of liquefied
petroleum gas (LPG) and natural gas (NG), oil products business and
sales of electronic products. The Company operates through three
main segments. The Sales and Distribution of LPG segment is mainly
engaged in the sales of LPG to various customers. The Oil Products
Business segment is mainly engaged in the sales of oil products to
both wholesaler and retailer customers, as well as leasing of oil
vessels. The Sales of Electronic Products segment is mainly
involved in the trade of electronic products, such as integrated
circuit and mobile phones.




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AKP FERROCAST: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating of Ferrocast Pvt Ltd in the 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         11.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Non Fund Based-                 COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2008, AKP Ferrocast Pvt Ltd is an ISO/TS 16949:2002
certified company which manufactures gray and ductile iron
castings. The promoters have experience of over four decades in the
metal-casting business. AKP's manufacturing plant is located in
Belgaum, Karnataka with an installed capacity to produce 24,000
tonnes per annum of iron castings of weight 40 kg to 350 kg per
piece. The manufacturing facility is spread over an area of 14
acres and houses a corporate office, a foundry and a machine shop
and engages over 400 employees on permanent and contractual basis.
The product portfolio majorly consists of swing post/ carriage,
mainfolds, valve bodies and bearing caps among others.

AVESTRA CHEMICAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Avestra Chemical India Private Limited
        611, Reliables Business Centre Commercial
        Premises Co-Op. Soc.
        Anand Nagar, Jogeshwari (West)
        Mumbai 400102

Insolvency Commencement Date: July 22, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 18, 2023

Insolvency professional: Mr. Vimal Kumar Agrawal

Interim Resolution
Professional:            Mr. Vimal Kumar Agrawal
                         Office No. 4, Ground Floor
                         C Wing, Shanti Jyot Building
                         Balaji Nagar, Near Railway Station
                         Bhayander West, Thane 401101
                         E-mail: vimal@vpagrawal.in
                                 cirp.avestra@gmail.com

Last date for
submission of claims:    August 5, 2022


AXIS GARMENT: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term rating of Axis Garment Designer in
the 'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         2.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Axis Garment Designer is a partnership firm that was established in
2012. The firm is promoted by Mr. Avinash Gaikwad, Ms. Rashmi Gupta
and Mr. Rajendra Manjrekar. It is primarily engaged in
manufacturing texturized yarn and fabrics. It also manufactures
ready-made garments (RMG) on a small scale, mainly women's wear and
children's wear.


AZIMUTH SOFTWARE: Liquidation Process Case Summary
--------------------------------------------------
Debtor: M/s. Azimuth Software India Private Limited
        67 & 68, Sringeri Madam Street
        Sivaganga Nagar
        Anna Nagar Extension
        Pondicherry 605005

Liquidation Commencement Date: July 22, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: September 7, 2021

Insolvency professional: Mr. Suresh K

Interim Resolution
Professional:            Mr. Suresh K
                         Second Floor, No. 14
                         Muthu Street, Santhome
                         Chennai 600004
                         E-mail: suresh@lawdharma.com
                                 sureshlawdharma@gmail.com

Last date for
submission of claims:    August 21, 2022


BISMAN INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Bisman
Industries Limited in the 'Issuer Not Cooperating' category. The
ratings is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-        8.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-Fund           0.20       [ICRA]D; ISSUER NOT COOPERATING;
   Based Letter                  Rating continues to remain under
   of Credit                     the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Bisman Industries Limited (BIL) was established in the year 1988 by
Mr. Subhash Kumar Poddar in the name of Limtex Industries Ltd
having its registered office at Kolkata. The company is engaged in
manufacturing of biscuits and trading of tea in the domestic
markets, primarily East India in Asansol, West Bengal.

CHAITANYA ENTERPRISES: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Chaitanya
Enterprises in the 'Issuer Not Cooperating' category. The ratings
is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Chaitanya Enterprises (CE), established in the year 2010, is
engaged in ginning and pressing of cotton. It is a partnership firm
promoted by Mr. A. Srinivasa Rao and Smt. A Manimala. The ginning
and pressing factory is located in Guntur district of Andhra
Pradesh. The ginning facility includes 36 Gins, Auto Pressing and
Auto feeder. Each gin has a capacity of producing 70 kgs of lint
per hour. Each baling press has a capacity of 15 bales per hour.


DEVDEEP COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Devdeep
Cotton Industries in the 'Issuer Not Cooperating' category. The
ratings is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        14.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Devdeep Cotton Industries (DCI) was incorporated in 2005 and is
engaged in cotton ginning and pressing business. The firm has 36
ginning machines and 1 pressing machines. The firm is managed by
Mr. Nilesh Patel, Mr. Hitesh Aghera and Mr. Dharmesh Dadhania. The
firm's manufacturing facility is located in Hadamtala, District-
Rajkot.


DNB IMPEX PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: DNB Impex Private Limited
        Plot No. 18/A/B/C, Block No. 205 & 219
        Saheli Industrial Estate
        Vill: Karanj, Tal: Mandvi Surat
        GJ 394311

Insolvency Commencement Date: July 26, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: January 18, 2023

Insolvency professional: Mr. Tejas Shah

Interim Resolution
Professional:            Mr. Tejas Shah
                         B 201, Narayan Krupa Avenue
                         Opp. Prernatirh Derasar
                         Jodhpur, Satellite
                         Ahmedabad, Gujarat 380015
                         E-mail: tejasshah44@yahoo.com

                            - and -

                         9B, Vardan Tower
                         Nr. Vimal House
                         Lakhudi Circle
                         Navrangpura, Ahmedabad
                         Gujarat 380014
                         E-mail: iptejaskshah@gmail.com

Last date for
submission of claims:    August 9, 2022


GMP TECHNICAL SOLUTIONS: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: GMP Technical Solutions Private Limited
        3rd Floor, Swastik Disa Business Park
        LBS Marg, Behind Wadhani Indl Estate
        Ghatkopar West Mumbai
        MH 400086
        IN

Insolvency Commencement Date: July 9, 2022

Court: National Company Law Tribunal

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

Insolvency professional: Prabhakar Bhat

Interim Resolution
Professional:            Prabhakar Bhat
                         7/81, Shital
                         Sion West, Mumbai
                         Maharashtra 400022
                         E-mail: sukkhe@gmail.com

Last date for
submission of claims:    July 15, 2022


GOKAK POWER: ICRA Reaffirms D Rating on INR86cr Unallocated Loan
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Gokak
Power & Energy Limited (GPEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Unallocated         86.00       [ICRA]D; reaffirmed

Rationale

The reaffirmation of the rating assigned to GPEL considers the
delays in debt servicing by the company till June 2022. This can be
attributed to the inadequate cash flows from operations in relation
to the debt servicing obligations, owing to subdued generation by
GPEL's hydropower project and the modest credit profile of the
customers. While the rated term loan facility was backed by an
unconditional, irrevocable and revolving debt service reserve
account (DSRA; six months of ensuing debt obligations) undertaking
by Shapoorji Pallonji and Company Private Limited (SPCPL), the DSRA
mechanism was not invoked in a timely manner, leading to delays in
debt servicing obligations since March 2021. Nonetheless, ICRA
takes note of the full repayment of the term loan facility by GPEL
on June 29, 2022 and the rating would be monitored in line with
ICRA's policy on default recognition.

Key rating drivers and their description

Credit challenges

* Delays in servicing: There have been delays in the servicing of
the debt obligations by Gokak Power & Energy Limited since March
2021. Moreover, the DSRA mechanism (backed by undertaking from
SPCPL) was not invoked in a timely manner, leading to delays in
debt servicing obligations by GPEL. However, the company has fully
repaid the term loan facility on June 29, 2022 with the support of
insurance claims and internal accruals through the sale of power
and fixed deposits against the term loan facility.

Liquidity position: Stretched

The liquidity profile of GPEL is constrained by subdued
profitability owing to the sub-optimal utilization of its
hydropower capacity and high leverage level.

Rating Sensitivities

Positive factors – The rating could be upgraded if the company is
able to service its debt obligations in a timely manner, on a
sustained basis, in line with ICRA's policy.

Negative factors – Not applicable.

GPEL is a subsidiary of Gokak Textiles Limited (GTL). GTL holds 51%
equity stake and Shapoorji Pallonji and Infrastructure Capital
Company Limited (SPICCL) holds the remaining 49%. GPEL was
incorporated in January 2012 for the generation, transmission,
distribution and trading of hydropower and other renewable and
non-renewable sources of energy. On September 20, 2012, the
hydropower business of Gokak Textiles Limited (10.8 MW aggregate
capacity) was transferred to GPEL by way of slump sale for Rs. 120
crore. The power plants are situated in Karnataka, at the foothills
of Sahyadri hills on river Ghataprabha, 70 km from Belgaum City and
6 km away from Gokak Town. The 10.8-MW hydropower capacity is
distributed into three units viz. Old Power House that has a
capacity of 3.5 MW, D.J. Madan Power House of 2.8 MW capacity and
the new unit with 4.5 MW capacity. The power generation from all
the three hydropower units is primarily supplied to Gokak Textiles
Limited for in-house consumption and the surplus power is sold to
Hubli Electricity Supply Company Limited (HESCOM) and traded in the
open market. GPEL has a firm PPA with GTL for the sale of
electricity for 20 years.


GREENSILL INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Greensill India Finance Private Limited
        19th Floor, Sunshine Tower
        Senapati Bapat Marg
        Elphinstone Road
        Mumbai 400013

Liquidation Commencement Date: March 30, 2022

Court: National Company Law Tribunal, Navi Mumbai Bench

Insolvency professional: Subrata Maity

Interim Resolution
Professional:            Subrata Maity
                         Greenspcape Royale CHS Ltd.
                         Shop no. 28 & 29, Plot No. 25
                         Kamothe, Navi Mumbai 410209
                         Mobile: 9821888984
                         E-mail: subrata.m@hotmail.com

Last date for
submission of claims:    April 29, 2022


GUPTA INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gupta
Infotech (GI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Discounting        9         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit/            2         CRISIL D (Issuer Not
   Overdraft facility                Cooperating)

   Import Letter of        3         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

   Letter of Credit        0.05      CRISIL D (Issuer Not
                                     Cooperating)
   Proposed Long Term
   Bank Loan Facility      6.95      CRISIL D (Issuer Not
                                     Cooperating)

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

A proprietorship firm set up in 2003 by Mr Saurabh Gupta, GI
manufactures compact fluorescent lamps (CFLs). It recently
diversified into the light-emitting diodes (LED) segment.


GURUKRUPA CORP: ICRA Lowers Rating on INR18.50cr Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Gurukrupa Corporation as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/         18.50      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating downgraded
   Cash Credit                   from [ICRA]B+(Stable)/[ICRA]A4
                                 and Continues to remain under
                                 'Issuer Not Cooperating'
                                 category
Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated on May 2021. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade".

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in April 2015, Gurukrupa Corporation (Gurukrupa)
constructs residential projects. Gurukrupa is currently executing a
residential project namely; Sanskruti Skydeck located in Surat. The
firm is a group company of the Sanskruti Group and is promoted by
Mr. Parimal Savalia and Mr. Rakesh Desai. The promoters of the
group have been present in the construction business for over a
decade.


H.S. WEAVERS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of H.S.
Weavers Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         4.05        [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term         (0.90)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.45        [ICRA]B(Stable)/[ICRA]A4;   
   Limits                          ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

H. S. Weavers Pvt. Ltd. was incorporated in July 2014, with the
objective of manufacturing grey fabrics. Mr. Shreshth Patodia, Mr.
Sagar Patodia, Mr. Vaibhav Kanodia and Mr. Hariprakash Kanodia are
the key directors and promoters of the company. The company has
taken a land parcel of ~4,426 sq. m. at Tantithya Village in
Palsana Taluka of Surat District (Gujarat) on a long-term lease of
30 years for its factory. This grey fabric manufacturing unit of
the company has been operational since August 2015.


HANUMAN PULSES: CRISIL Cuts Rating on INR8cr Cash Loan to D
-----------------------------------------------------------
CRISIL has revised the ratings on certain bank facilities of Shree
Hanuman Pulses (SHP), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              8        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SHP for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

The rating on the bank facilities of SHP has been downgraded to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating' due to default on working capital limits for more than
30 days leading to account being classified as NPA.

Established in 1985, SHP is a partnership firm engaged in
processing and trading of pulses such as tur, chana and matar dal.
The firm is promoted by Mr Ratan Jhawar and Mr Ramesh Jhawar and
has a facility in Raipur.


HEMA AUTOMOTIVE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Hema Automotive Private Limited

        Registered office:
        Sachidanand Farm House
        Kishangarth Vill.
        Opp. Swimming Pool
        DDA Sport Complex
        Lane Greenavenue, Vasant Kunj
        New Delhi 110070
        IN

        Factory:
        Plot No. SP-17A, RIICO Industrial Area
        Phase-I, Opp. Telephone Exchange
        Neemrana, Alwar (Rajasthan)

Insolvency Commencement Date: July 26, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 21, 2023
                               (180 days from commencement)

Insolvency professional: Vivek Sharma

Interim Resolution
Professional:            Vivek Sharma
                         House No. 449, Jheel Khuranja
                         P.O. Krishna Nagar
                         Delhi 110051
                         E-mail: fcsviveksharma@gmail.com
                                 cirp.hemaautomotive@gmail.com

Last date for
submission of claims:    August 9, 2022


INDIAN PULP: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Indian Pulp & Paper Private Limited
        17, Brabourne Road, 2nd Floor
        Kolkata 700001
        West Bengal

Insolvency Commencement Date: July 22, 2022

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: January 18, 2023

Insolvency professional: CA Swarup Ghosh

Interim Resolution
Professional:            CA Swarup Ghosh
                         53C/4, Dr. Suresh Chandra
                         Banerjee Road, Beliaghata
                         Kolkata 700010
                         West Bengal, India
                         E-mail: swarupghosh1@yahoo.co.in

                            - and -

                         1716, Rajdanga Main Road
                         Block-EF-4, BEACON Building
                         Opposite P. Majumdar Haitu Bridge
                         Kolkata 700107
                         West Bengal, India
                         E-mail: cirp.ipppl@gmail.com

Last date for
submission of claims:    August 9, 2022


JAIN INFAPROJECTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Jain Infraprojects Limited
        11A, Rawdon Street, 4th Floor
        Kolkata WB 700017
        IN

Insolvency Commencement Date: July 18, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Srigopal Choudhary

Interim Resolution
Professional:            Mr. Srigopal Choudhary
                         Flat 7J Tower-3 South City
                         375 P.A.S. Road
                         Kolakta 700068
                         E-mail: sgchoudhary@yahoo.com
                                 irp.jaininfra@gmail.com

Last date for
submission of claims:    August 1, 2022


JBO GLOBEWORLD: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: JBO Globeworld LLP
        Office No. 12, Plot No. H-2
        Ground Floor, Apra
        North Ex Plaza, BLK-G
        Netaji Subhash Place
        Pitampura, Delhi 110034

Insolvency Commencement Date: July 25, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 21, 2023

Insolvency professional: Sanjay Garg

Interim Resolution
Professional:            Sanjay Garg
                         193, Agroha Kunj
                         Sector 13, Rohini
                         Delhi 110085
                         E-mail: rp.sanjaygarg@gmail.com

                            - and -

                         Osrik Resolution Private Limited
                         908, Netaji Subhash Place
                         Pitampura, Delhi 110034
                         E-mail: cirp.jbo@gmail.com

Last date for
submission of claims:    August 8, 2022


JUMBO ROOFINGS: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Jumbo
Roofings And Tiles in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.90        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.90        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        (2.50)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

JRT, established in 2007 as a partnership firm, manufactures plain
and corrugated asbestos cement sheets and ridges. The manufacturing
facility is located at Changsari in Guwahati, Assam, with a
capacity of 50,000 tons per annum. JRT commenced commercial
production in May 2010. The firm sells its products through a
network of dealers spread across north-eastern and eastern India.
However, a major portion of the firm's revenue is currently derived
from Assam.


KALPAK INDUSTRIAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kalpak Industrial Technologies (India) Private Limited
        D II Block MIDC, PL No. 58/59/22 MIDC
        Chinchwad, Pune MH 411019
        IN

Insolvency Commencement Date: July 22, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Devang P. Sampat

Interim Resolution
Professional:            Devang P. Sampat
                         Bungalow No. 4, Shiv Pooja
                         Plot 100, Sector 29
                         Vashi Navi Mumbai 400704
                         India
                         E-mail: dpsampat@sampatassociates.in

                            - and –

                         #615, Shival Plaza, Plot 79/A
                         Marol Coop. Industrial Estate
                         Off Andheri Kurla Road
                         Marol, Andheri (East)
                         Mumbai 400059
                         India

Last date for
submission of claims:    August 5, 2022


KAMALA DEVI: CRISIL Assigns B+ Rating to INR5cr Loans
-----------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Kamala Devi Poly Packs Private Limited
(KDPPL).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             2         CRISIL B+/Stable (Assigned)
   Long Term Loan          2         CRISIL B+/Stable (Assigned)
   Proposed Long Term  
   Bank Loan Facility      1         CRISIL B+/Stable (Assigned)

The rating reflects modest scale of operations and weak capital
structure of KDPPL. These weaknesses are partially offset by the
extensive strength of the promoters.

Key rating drivers and detailed description:

Weaknesses:

* Modest scale of operations: Scale has been subdued, reflected in
revenue of INR8.5 crore in fiscal 2022, due to the initial years of
operations. Scale is likely to improve over the medium term, with
steady ramp up in operations driven by healthy demand. However,
intense competition in the highly fragmented biaxially oriented
polypropylene (BOPP) manufacturing and packaging industry and
limited capacity of KDPPL will continue to constrain scalability,
pricing power and profitability.

* Weak capital structure: Networth was low estimated at INR1.78
crore as on 31 March, 2022 with gearing high at around 2.56 times
due to dependence on external borrowing. The capital structure is
expected to improve going forward with ramp up in operations,
retiring debt obligation and steady accretion to reserve.

Strength:

* Extensive experience of the promoters: The promoters - Mr
Ramchandra Shaw, Mr Rajiv Shaw and Mr Bablu Shaw– have experience
of over a decade in the poly bag trading industry through other
businesses; their strong understanding of market dynamics and
healthy relations with customers and suppliers should continue to
support the business.

Liquidity: Stretched

Bank limit utilization was 80-90% for the 12 months through June
2022. Cash accrual is projected at more than INR0.72 crore per
annum, against yearly debt repayment obligation of INR0.35 crore.
Need-based funding support from the promoters is expected to
continue over the medium term.

Outlook: Stable

KDPPL will continue to benefit from extensive experience of the
promoters.

Rating sensitivity factors

Upward factors

* Substantial and sustainable increase in revenue and operating
margin, leading to cash accrual above INR1.5 crore
Improvement in the capital structure.

Downward factors

* Sizeable, long-term debt, resulting in gearing over 1.5 times
Large, debt-funded capital expenditure

KDPPL, incorporated in 2013, manufactures and supplies BOPP bags to
rice mills in West Bengal, Assam, Bihar and Jharkhand. Mr
Ramchandra Shaw, Mr Rajiv Shaw and Mr Bablu Shaw are the
promoters.


KAMNA MEDICAL: CRISIL Keeps D Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamna Medical
Centre Private Limited (KMCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility      1.91      CRISIL D (Issuer Not
                                     Cooperating)

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

   Term Loan               5.85      CRISIL D (Issuer Not
                                     Cooperating)

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

KMCPL, incorporated in 2006, is operating a 260-bed hospital in
Meerut (Uttar Pradesh). The company also commenced paramedical
courses under the medical college (300 seats per batch) named KMC
College of Nursing. Dr Sunil Gupta and Dr Pratibha Agarwal are the
promoters.


KARTYA CONSTRUCTIONS: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Kartya
Constructions Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The ratings is denoted as "[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.85        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.25        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          0.70        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Kartya Constructions Private Limited (Kartya) was started in 2010
with its registered office in Madurai, Tamil Nadu. The company is
in the field of infrastructure development and undertakes
construction of civil structures such as colleges, shopping malls,
hospitals, schools, etc. The company also undertakes construction
of industrial structures and civil works. The company has a
separate unit that manufactures and sells ready-mix concrete and
blue metal using input from its own quarries.

KMCT GROUP: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the rating for the bank facilities of Kmct Group
Of Institutions in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4 ;ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         25.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/         17.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Kunhitharuvai Memorial Charitable Trust (KMCT) was established in
1999 in Kozhikode, Kerala. The operations of the trust are managed
by Dr. K Moidu, the Chairman and Managing Trustee and Dr. Navas
Komath Moidu, the CEO and Executive Trustee. The trust manages 24
educational institutions under medical campus, technical campus and
educational campus located in Manassery, Kallanthode and
Kuttipuram, respectively. The trust has one medical college, one
dental college, two engineering colleges, three nursing colleges,
three pharmacy colleges, two polytechnic colleges, one business
school, one teachers' training institute, one teacher education
college, one ayurveda medical college, one law college, two
colleges of architecture, three arts and science colleges and two
institutes of allied health sciences.


LEPAKSHI HERITAGE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Lepakshi Heritage Wellness Village Private Limited
        Sy No. 35/2, 35/1 (Part) 1st Cross
        Ananthapura Village Singanayanakahalli
        Yalahanka, Bangalore KA 560064

Insolvency Commencement Date: June 8, 2022

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Hemendra Paliwal

Interim Resolution
Professional:            Mr. Hemendra Paliwal
                         A-1901 Raheja Eternity
                         Thakur Village
                         Kandivali East
                         Mumbai 400101
                         E-mail: paliwal.hemendra@gmail.com

                            - and –

                         201-206, Shiv Smriti
                         2nd Floor, 49A
                         Dr. Annie Besant Road
                         Above Corporation Bank
                         Worli, Mumbai 400018
                         E-mail: cirplepakshiheri@gmail.com

Last date for
submission of claims:    June 22, 2022


LLOYDS SHIPPING: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Lloyds Shipping Private Limited
        #202, Golden Gate
        Pandurangapuram
        Visakhapatnam
        Andhra Pradhesh 530003

Liquidation Commencement Date: July 20, 2022

Court: National Company Law Tribunal, Amaravati Bench

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

Insolvency professional: Sunkara Venkateswara Rao

Interim Resolution
Professional:            Sunkara Venkateswara Rao
                         Plot No. 18B, D Block Expansion
                         Auto Nagar, Gajuwaka
                         Visakhapatnam
                         Andhra Pradesh 530012
                         E-mail: svraocs@gmail.com

                            - and –

                         Sri Venkateswara Nilayam
                         Plot No. 10, II Floor
                         Krishnapuram, Road No. 10
                         Banjara Hills, Hyderabad 500034
                         India
                         E-mail: cirp.lloyds@gmail.com

Last date for
submission of claims:    Ausgust 19, 2022


MADHUSUDAN RAYONS: ICRA Withdraws B+ Rating on INR13cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shri Madhusudan Rayons Private Limited at the request of the
company and based on the No Objection Certificate (NOC) received
from its banker. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key financial indicators have not been captured as
the rated instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         13.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Withdrawn
   Cash Credit                      

   Long Term-          5.57        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Withdrawn
   Term loan                        

   Long Term-          5.67        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Withdrawn
   Term loan                        

   Short Term-         0.04        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Withdrawn
                                    
   Short Term-        (5.00)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Withdrawn

Incorporated in 2003, Shri Madhusudan Rayons Private Limited (MRPL)
is engaged in manufacturing air texturised yarn. The company has
established manufacturing facilities for yarn manufacturing at two
locations—Palsana in Surat and Silvassa in Dadra & Nagar Haveli.
The company also sells dyed yarn as per customer requirements.


MADURAI KRISHNA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Madurai Krishna Network Private Limited
        1, Malligai Malar Street
        Bharathi Nagar, Krishna Colony
        Madurai 625014

Insolvency Commencement Date: July 25, 2022

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 18, 2023
                               (180 days from commencement)

Insolvency professional: Asha Rathod

Interim Resolution
Professional:            Asha Rathod
                         No. 15 P.V. Koil Street
                         Royapuram, Chennai 600013
                         E-mail: ashrathod86@gmail.com

                            - and -

                         SAAAS & Co
                         Chartered Accountants
                         No. 75 2nd Floor 103/16
                         Hardevi Chamber
                         Pantheon Road, Egmore
                         Chennai 600008
                         E-mail: cirp.mkn@saaasllp.com

Last date for
submission of claims:    August 10, 2022


MEGAA BAKERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Megaa Bakers Private Limited
        Village Tahilwal
        District Una (HP)
        India

Insolvency Commencement Date: June 30, 2022

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Parminder Singh Bhullar

Interim Resolution
Professional:            Parminder Singh Bhullar
                         E-10/313, Mangal Puri Gali
                         Ghanpur Road, Khandwala
                         Near Water Tank
                         Amritsar 143104
                         Punjab
                         E-mail: advocate.psb@gmail.com

                            - and -

                         #302, 3rd Floor, Plot No. D-190
                         Industrial Area, Phase 8 B
                         Sector 74, SAS Nagar
                         Mohali 160071, Punjab
                         E-mail: irpmegabakers@gmail.com

Last date for
submission of claims:    July 14, 2022


NEW AGE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Age False
Ceiling Private Limited (NAFCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Letter of Credit        2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      3         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

NAFCPL, incorporated in 2008, manufactures false ceilings at its
facility in Nagpur, Maharashtra. It started production in 2012;
before that, it traded in false ceiling materials. Mr Manoj Gupta
and family are the promoters.


NUPUR VINIYOG: CRISIL Lowers Rating on INR5cr Packing Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Nupur Viniyog Private Limited (NVPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL A4 Issuer Not Cooperating'
because the account has been in NPA for over a year due to delay in
meeting interest obligation by the firm and the same has been
confirmed by the banker.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Packing Credit           5        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with NVPL for
obtaining information through letters and emails dated November 21,
2020, May 19, 2021 and May 10, 2022 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

NVPL, incorporated in 1992 at Kolkata, trades in agricultural
commodities, food, and steel items; these products are exported to
South Asian countries. Mr Pinaki Dasgupta and Mr Neeraj Khaitan are
the promoters.


OCEAN CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term rating of Ocean Constructions
(India) Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        12.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         6.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-
   Non Fund Based    16.50       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Ocean Constructions, a proprietorship firm set up in 2006 and owned
by Mr. Sharfuddin Ali Mulki was taken over by Ocean Constructions
India Private Limited (OCIPL, incorporated in 2008) in April 2013.
OCIPL, promoted by Mr. Sharfuddin Ali and his brothers Mr. Inayath
Ali and Mr. Abid Ali undertakes civil contracts involving
irrigation canals, aqueducts, site grading & levelling and road
works in Karnataka mainly for government clients including
Karnataka Neeravari Nigam Limited (KNNL), Krishna Bhagya Jala Nigam
Ltd (KBJNL), Public Works Department (PWD) Karnataka, National
Highway Authority of India (NHAI), Visvesvaraya Jala Nigam Ltd
(VJNL), National Mineral Development Corporation (NMDC) and
Mangalore City Corporation (MCC). Ocean Constructions previously
undertook sub-contracting works for private companies including
Shapoorji Pallonji and company Ltd and AMR India Ltd. Mr. Inayath
Ali was previously the national secretary of National Students'
Union of India (NSUI) and general secretary of Karnataka Pradesh
Youth Congress Committee (KPYCC) and has good relationship with
governmental agencies awarding the contracts.


ORIENTA CINE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Orienta Cine Advertising Private Limited
        202, Bhaveshwar Complex
        Opp. Vidhya Vihar Rly
        Mumbai MH 400086
        IN

Insolvency Commencement Date: July 11, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 22, 2023

Insolvency professional: Mr. Bhaskar Gopal Shetty

Interim Resolution
Professional:            Mr. Bhaskar Gopal Shetty
                         C-77, Shanti Shopping Centre
                         Mira Road, East 401107
                         Thane District, Maharashtra
                         E-mail: cabgshetty@gmail.com
                                 orientacineadvertising.cirp@
                                 gmail.com

Last date for
submission of claims:    August 11, 2022


PANORAMIC HOLIDAYS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Panoramic Holidays Limited
        Aman Chambers, 4th Floor
        Opp. New Passport Office
        Veer Savarkar Road
        Prabhadevi, Mumbai City
        MH 400025
        IN

Insolvency Commencement Date: July 25, 2022

Court: National Company Law Tribunal, Aurangabad Bench

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

Insolvency professional: Mrs. Rashmi Pushpak Gangwal

Interim Resolution
Professional:            Mrs. Rashmi Pushpak Gangwal
                         Plot No. 47/A, CTS No. 15061
                         Above Raj Traders, Sindhi Colony
                         Jalna Road, Mondha Naka Signal
                         Shop No. 47, Sindhi Samaz Complex
                         Aurangabad, Maharashtra 431001
                         E-mail: iprashmigangawal@gmail.com

Last date for
submission of claims:    August 8, 2022


PARAMASIVAM PALANISAMY: ICRA Keeps D Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Paramasivam
Palanisamy Charitable Trust in the 'Issuer Not Cooperating'
category. The ratings is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        23.80       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Paramasivam Palanisamy Charitable Trust (PPCT / the trust) is a
registered trust, established on April 23, 1990. The trust, which
initially commenced operations with Maharaja Arts and Science
College, diversified into engineering sector and currently operates
four engineering institutions, two arts and science college, a
teacher training institute and Bachelor of Education under it. The
colleges are in two campuses - one near Perundurai and another in
Avinashi.


PNB REALTY: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities is of PnB
Realty Ltd in the 'Issuer Not Cooperating' category. The ratings is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         0.35       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         5.97       [ICRA]D; ISSUER NOT
COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category
   Long Term-
   Unallocated        2.18       [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

PnB Realty Ltd., a part of the PnB Group of Companies, was
incorporated in March 2008 as a public limited company. The group
is promoted by Mr. VGP Babudas, a second-generation entrepreneur,
with a track record of more than 20 years in real estate and
hospitality sectors. The company operates a hotel named Aurick
Hotel and is also involved in real-estate projects.


PSB INDUSTRIES INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: PSB Industries (India) Pvt Ltd
        Basement 185-K-3, Sarai Jullena
        Lotus Pond Road, New Delhi
        South New Delhi 110025

Insolvency Commencement Date: July 28, 2022

Court: National Company Law Tribunal, Bench II, New Delhi

Estimated date of closure of
insolvency resolution process: January 24, 2023
                               (180 days from commencement)

Insolvency professional: Man Mohan Vij

Interim Resolution
Professional:            Man Mohan Vij
                         C 318, Sushant Lok I
                         Gurgaon, Haryana 122009
                         E-mail: mm_vij@yahoo.co.in
                                 cirp.psb@gmail.com

Last date for
submission of claims:    August 11, 2022


RATHNAVEL SUBRAMANIAM: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Rathnavel
Subramaniam Educational Trust in the 'Issuer Not Cooperating'
category. The ratings is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        84.00       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loans                    Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

RVS was established in 1983 as a non-profit, charitable trust under
the Indian Trusts Act 1882. Its educational institutes are centered
in Sulur & Kannamapalaym in Coimbatore and in Dindigul. With an
established track record of over 30 years in the education sector
and its experienced trustees, RVS Educational Trust operates a
range of educational institutions starting from schools to higher
educational institutions. The trust's diversified income streams
are agricultural, women hostel and interest. It currently has two
trustees, with Dr. Kuppusamy as its current chairman.


RISHRA STEEL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Rishra Steel Limited
        12A, Netaji Subhas Road
        Kolkata, West Bengal 700071

Insolvency Commencement Date: July 19, 2022

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Nitin Daga

Interim Resolution
Professional:            Nitin Daga
                         Avani Oxford-II
                         Block-1, Flat 1B
                         136 Jessore Road
                         Kolkata 700055
                         E-mail: daga.nitin.cs@gmail.com

                            - and -

                         68A Metropolitan Co-operative
                         Housing Society, 2nd Floor
                         Kolkata 700105
                         E-mail: cirp.rishrasteel@gmail.com

Last date for
submission of claims:    August 1, 2022


RUBBER PRODUCTS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Rubber
Products Limited (RPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         0.25       CRISIL D (Issuer Not
                                     Cooperating)


   Cash Credit            4.50       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1.25       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.50       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

RPL was originally set up by the late Mr. Narayan Shetty in 1966
and reconstituted as a public listed company with the present name
in 1989. In 2006, the late Mr. Sadanand Shetty (friend of Mr.
Narayan Shetty) acquired a majority shareholding in the company.
RPL manufactures rubber products such as sheets, hoses, coated
fabric, extruded rubber products, boats and jackets, mini water
tanks (collapsible ponds), and inflammable storage spaces. Its
overall operations are managed by Ms. Sucharita Hegde, daughter of
Mr. Sadanand Shetty.


SAVEENA ENTERPRISES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Saveena Enterprises Private Limited
        15/96, Civil Lines
        Kanpur 208001 U.P.

Liquidation Commencement Date: May 14, 2022

Court: National Company Law Tribunal, Kanpur Bench

Insolvency professional: Mr. Sushil Kumar Gupta

Interim Resolution
Professional:            Mr. Sushil Kumar Gupta
                         1st Floor, SGM Plaza
                         8/226, Arya Nagar
                         Kanpur 208002
                         India
                         Mobile: +918009993888
                                 +919336818408
                         E-mail: sushilgassociates1@gmail.com

Last date for
submission of claims:    June 13, 2022


SENTHIL KUMAR: CRISIL Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Senthil Kumar
Textiles (SKT) continues to be 'CRISIL C Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             13        CRISIL C (Issuer Not
                                     Cooperating)

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

Established in June 2011, as a partnership firm. SKT is engaged in
retailing of various international and domestic branded apparels
and accessories. SKT is based in Tamil Nadu.


SHANTI EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Shanti
Educational Trust in the 'Issuer Not Cooperating' category. The
ratings is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       7.10        [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Shanti Educational Trust (SET) was established in 2010 as a trust
in Patna, Bihar. The trust has started a school as a franchisee of
G. D. Goenka Public School and AY2013-14 was the first year of
operation for the school. Currently, the school conducts classes
from Nursery to standard IX.

SHREEJI COTTON: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term rating of Shreeji Cotton Industries
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA] D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-       10.50       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2006, Shreeji Cotton Industries (SCI) is a
partnership concern managed by Mr. Ravji Ramani and Mr. Jiva
Ramani. The company is engaged in ginning and pressing of raw
cotton to produce cotton bales and cottonseeds. SCI's manufacturing
facility is located at Jasdan, Rajkot District, Gujarat and is
currently equipped with 24 ginning machines and 1 pressing machine
having an installed capacity to produce 220 cotton bales per day
(24 hours operation).

SINGHANIA ENTERPRISES: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities is of
Singhania Enterprises in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         4.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         1.00        [ICRA]B+ (Stable) ISSUER NOT
   ODIP                            COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund based–     7.00        [ICRA] A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 1979 as a partnership firm, Singhania Enterprises
is a civil constructor in Chhattisgarh. SE is a registered A5
contractor with the PWD, Chhattisgarh, which allows it to bid for
large contracts floated by the department.


SONA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sona Chandi
Agro Processors (SCAP) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

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

Established in year 1985, SCAP, promoted by the Arora family, mills
and processes par-boiled basmati rice (Pusa 1121 quality). It has a
processing unit at Tarn Taran in Amritsar (Punjab), with milling
capacity of 8 tonne per hour. It commenced commercial production in
October 2004.


SUN SHINE: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities is of Sun
Shine Builders in the 'Issuer Not Cooperating' category. The
ratings is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Sun Shine Builders is a partnership firm formed in 2012 with Mr. T.
Janardhan Rao and Mr. M Ramesh as the partners and was
reconstituted in September 2013 with Mr. M Satish as the third
partner. The firm is involved in real-estate development and has
completed two residential projects in Bangalore since its
inception. It is developing a residential apartment project called
'Silicon Pride' at Whitefield, Bangalore.


SYREX INFOSERVICES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Syrex Infoservices (India) Private Limited
        GH-13/334, Paschim Vihar
        Sunder Vihar, Delhi 110063

Insolvency Commencement Date: July 21, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 15, 2023

Insolvency professional: Gulshan Gaba

Interim Resolution
Professional:            Gulshan Gaba
                         GH-13, Flat No. 882
                         Paschim Vihar
                         New Delhi 110087
                         E-mail: cagulshangaba@yahoo.com
                                 cirp.syrex@gmail.com

Last date for
submission of claims:    August 4, 2022


TBPR INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the rating for the bank facilities is of TBPR
Infra Projects Private Limited in the 'Issuer Not Cooperating'
category. The ratings is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–         7.00      [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund            9.50      [ICRA]D; ISSUER NOT COOPERATING;
   based limits                  Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Unallocated        17.50      [ICRA]D; ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2007 by Mr. Bhanu Prakash Reddy, TBPR Infra
Projects Private Limited (TBPR) is primarily involved in execution
of irrigation projects like canals, tanks, dams and barrages etc.
The company is also involved in execution of road projects. TBPR is
registered with various government authorities as a contractor. The
company has executed government contracts directly for projects in
Adilabad, Hyderabad, Nalgonda, Nizamabad and Warangal districts of
Telangana.

UNNATI WRITING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Unnati
Writing Products Private Limited continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            11         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               3         CRISIL D (Issuer Not
                                     Cooperating)


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

Unnati was set up as a partnership firm by Mr Sudarshan Gupta, his
brother Mr Suranjan Gupta, and Mr Raj Kumar Goel in 2001. It was
reconstituted as a private limited company in 2009. The company
manufactures ball pens, fountain pens, roller pens, and gel pens.


WELKIN IT SERVICES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Welkin IT Services Private Limited
        Office No. 20, Plot no. 36/37
        Sr. No. 101/1/1
        Nr. B.U. Bhandari Mercedes Showroom
        Baner, Pune MH 411045

Insolvency Commencement Date: July 19, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 10, 2023
                               (180 days from commencement)

Insolvency professional: Rajendra Kishanrao Joshi

Interim Resolution
Professional:            Rajendra Kishanrao Joshi
                         "Sanjana" Building
                         Building No. 10 Flat No. 7
                         Hinghne Khurd, Pune
                         Maharashtra 411051
                         E-mail: rajendrajoshi_cs@yahoo.com
                                 irpwelkin@gmail.com

Last date for
submission of claims:    August 2, 2022


YENKEY ROLLER: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Yenkey
Roller Flour Mills in the 'Issuer Not Cooperating' category. The
ratings is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating
                                   continues to remain under the
                                   'Issuer Not Cooperating'
category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

The firm was established under the name of Kerala Wheat Roller
Flour Mills in 1991 and was taken over by the Parisons Group in
1992. Subsequently, it was renamed as Yenkey Roller Flour Mills
(YRFM). The firm manufactures wheat-based products such as maida,
sooji, atta and bran. Besides, the firm is also involved in wheat
trading. The manufacturing facility is located in Calicut, Kerala,
with a milling capacity of 90 tonne per day. YRFM's products are
marketed under the brand name Coconut Tree and the firm primarily
focuses on the northern parts of Kerala for selling its products.





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

DREAM FORCE: Court to Hear Wind-Up Petition on Aug. 19
------------------------------------------------------
A petition to wind up the operations of Dream Force Limited will be
heard before the High Court at Auckland on Aug. 19, 2022, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 3, 2021.

The Petitioner's solicitor is:

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


KUBER TRADING: Court to Hear Wind-Up Petition on Aug. 19
--------------------------------------------------------
A petition to wind up the operations of Kuber Trading Limited will
be heard before the High Court at Auckland on Aug. 19, 2022, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 12, 2022.

The Petitioner's solicitor is:

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


MODERN HOME: Court to Hear Wind-Up Petition on Aug. 19
------------------------------------------------------
A petition to wind up the operations of Modern Home Construction
Limited will be heard before the High Court at Auckland on Aug. 19,
2022, at 10:45 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


PACIFIC ROY: Creditors' Proofs of Debt Due on Aug. 26
-----------------------------------------------------
Creditors of Pacific Roy Co Limited are required to file their
proofs of debt by Aug. 26, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 26, 2022.

The company's liquidators are:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


RACK KING: BDO Tauranga Limited Appointed as Liquidators
--------------------------------------------------------
Thomas Lee Rodewald and Paul Thomas Manning of BDO Tauranga Limited
on July 28, 2022, were appointed as liquidators of Rack King NZ
Limited.

The liquidators may be reached at:

          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144




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

AIMS CANADA: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on July 15, 2022, to
wind up the operations of Aims Canada Immigration Specialist Pte.
Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


CRICKET CORPORATION: Court to Hear Wind-Up Petition on Aug. 12
--------------------------------------------------------------
A petition to wind up the operations of Cricket Corporation Pte Ltd
will be heard before the High Court of Singapore on Aug. 12, 2022,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 21, 2022.

The Petitioner's solicitor is:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


LAKEHOMES PTE: Creditors' Proofs of Debt Due on Sept. 1
-------------------------------------------------------
Creditors of Lakehomes Pte Ltd are required to file their proofs of
debt by Sept. 1, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 25, 2022.

The company's liquidators are:

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


MACARIOS PTE: Court to Hear Wind-Up Petition on Aug. 19
-------------------------------------------------------
A petition to wind up the operations of Macarios Pte Ltd will be
heard before the High Court of Singapore on Aug. 19, 2022, at 10:00
a.m.

DBS Bank LTD. filed the petition against the company on July 27,
2022.

The Petitioner's solicitors are:

          Shook Lin
          Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


ONG CHU: Commences Wind-Up Proceedings
--------------------------------------
Members of Ong Chu Huat Company (Private) Limited on July 28, 2022,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ong Eng Joo
          2 Kheam Hock Road
          Singapore 298775




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

SRI LANKA: President Sees Long Road to Securing Economic Stability
------------------------------------------------------------------
The Wall Street Journal reports that Sri Lanka's new president said
the country has experienced the worst of its economic crisis and
that restoring political stability will allow it to begin turning a
corner, starting with finalizing negotiations for an International
Monetary Fund bailout that had stalled due to recent turmoil.

"I think we've already hit the bottom," Ranil Wickremesinghe said
in an interview on July 31 with The Wall Street Journal. "I can see
the light at the end of the tunnel; it's how fast we can get to
it."

He also acknowledged that it will take months before most Sri
Lankans, who have faced runaway inflation and long queues for fuel
and cooking gas, will begin to see their economic circumstances
improve markedly, the Journal relays.

Speaking from his office in the Presidential Secretariat, which Mr.
Wickremesinghe only moved into on July 27 after it had been
occupied earlier in July by protesters, the president said he
expected the IMF staff-level agreement to be reached by the end of
August, after which the country would be able to further talks with
sovereign bondholders and bilateral creditors, according to the
Journal.

Any preliminary agreement would still require IMF board approval
for the disbursement of funds, a process that could take months.

"We are down to the nitty-gritty," the Journal quotes Mr.
Wickremesinghe as saying. "We would have had it this month [July]
if it were not for the unstable political condition."

Mr. Wickremesinghe also said it wasn't the right time for former
president Gotabaya Rajapaksa to return to Sri Lanka, saying it
could inflame political tensions among tens of thousands of
protesters who rallied to oust him over his management of the
economy.

Rajapaksa left the country on a military aircraft bound for
Maldives on July 13, before traveling onward to Singapore where he
resigned over email.  

                          About Sri Lanka

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

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

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

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

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




===============
T H A I L A N D
===============

BITKUB ONLINE: Deal with Thai Bank Stuck in Due Diligence
---------------------------------------------------------
Bloomberg News reports that a deal to sell a majority stake in
Bitkub Online Co., Thailand's largest crypto exchange, to the
nation's oldest bank remains stuck in due diligence more than eight
months after the plan was unveiled, according to the platform's
co-founder.

The proposal with SCB X Pcl that helped propel Bitkub Online into a
so-called unicorn has yet to be wrapped up, according to Jirayut
Srupsrisopa, chief executive officer of Bitkub Capital Group
Holdings, Bloomberg relays.

"I can't mention about the deal publicly yet because it's under the
due-diligence process," Jirayut said in an interview with Bloomberg
TV on Aug. 1. "But everything is still in the same timeline. That's
all I can mention about the deal."

Bangkok-listed SCB X, the parent of Siam Commercial Bank Pcl,
agreed to acquire 51% in Bitkub Online for THB17.9 billion ($490
million) in November, according to Bloomberg. The lender, which has
signaled ambitions of becoming a regional provider of fintech
services, has also cited due diligence as a reason for the delay.

Bloomberg says the global crypto ecosystem has struggled with the
meltdowns of several digital tokens, several bankruptcy filings and
debt restructurings -- all of which have prompted heightened
scrutiny from regulators. The Thailand unit of crypto exchange
Zipmex recently halted customer withdrawals and filed for
moratorium from creditors.

Bloomberg relates that Bitkub has also been subject to greater
regulatory oversight, with Thailand's Securities and Exchange
Commission slapping a THB24 million fine on the company and two
officials for violating trading rules. Jirayut said the fine hasn't
affected the company.

Bitkub Online Co., Ltd is a digital asset and cryptocurrency
exchange platform.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***