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

                     A S I A   P A C I F I C

          Thursday, August 4, 2022, Vol. 25, No. 149

                           Headlines



A U S T R A L I A

ABOTARA PTY: Second Creditors' Meeting Set for Aug. 11
ENOVA COMMUNITY: Creditors OK Deeds of Company Arrangement (DOCA)
IQX LTD: Creditors Accept Proposed Deed of Company Arrangement
KENNEDY CIVIL: First Creditors' Meeting Set for Aug. 10
MH 1 PTY: Second Creditors' Meeting Set for Aug. 11

STREETPRO MOTORCYCLES: First Creditors' Meeting Set for Aug. 11
WILLOUGHBY HOMES: First Creditors' Meeting Set for Aug. 11


C H I N A

KUNMING PUBLIC: Fitch Alters Outlook on 'BB+' IDRs to Negative
MISSFRESH LTD: Grocer Denies Liquidation
TSINGHUA UNIGROUP: Two More Executives Placed Under Investigation


I N D I A

AARKAY PACKAGING: CARE Lowers Rating on INR8cr LT Loan to B-
ADITHI AUTOMOTIVE: CARE Keeps D Debt Rating in Not Cooperating
AGRASEN SHIP: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
AMRITA SAI: Ind-Ra Moves 'D' Bank Loan Rating to Non-Cooperating
ARCHANA MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating

ARUN SPINNING: Ind-Ra Hikes Issuer Rating to BB-, Outlook Stable
ASTER PRIVATE: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
BALAJI AGRITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
BNH INFRA: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
BRIGHTSTAR HEALTHCARE: CARE Keeps C Debt Rating in Not Cooperating

DEEP JYOTI: CARE Keeps B- Debt Rating in Not Cooperating
EPISTEL IMPEX: CARE Lowers Rating on INR12cr LT Loan to B-
G. M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
GALAXY MOTORS: CARE Keeps B- Debt Rating in Not Cooperating
GAUTAM INTERNATIONAL: Ind-Ra Keeps BB Rating in Non-Cooperating

JADEJA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
JAGADGURU COOPERATIVE: Ind-Ra Keeps BB Rating in Non-Cooperating
JAI AMBEY: Ind-Ra Gives BB+ LT Issuer Rating, Outlook Stable
JASOL CHAWAL: CARE Keeps C Debt Rating in Not Cooperating
JAWAHAR SAHAKARI: Ind-Ra Keeps D Loan Rating in Non-Cooperating

JM INTERNATIONAL: Ind-Ra Affirms B Long-Term Issuer Rating
JRK INDUSTRIES: CARE Withdraws D Long/Short Term Ratings
KALINGA BHARATI: Ind-Ra Keeps 'D' Loan Rating in NonCooperating
KAMA METALS: CARE Keeps D Debt Rating in Not Cooperating
KAMYA CLOTHING: CRISIL Lowers Rating on INR6.25cr Loans to D

KNK CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
KURUNJI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
LEITWIND SHRIRAM: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
LOTUS INFRAREALTY: CARE Lowers Rating on INR12.50cr LT Loan to B-
MAA SARASWATI: CRISIL Keeps D Debt Ratings in Not Cooperating

MOHINI FOOD: CARE Keeps B Debt Rating in Not Cooperating Category
NARAYAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
POWER ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
PRJC GROUP: CARE Lowers Rating on INR13cr Long Term Loan to D
PSN MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating

PUSHPA SALES: CARE Lowers Rating on INR7.0cr LT Loan to B
RAJMOTI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
RAMSWAROOP MEMORIAL: Ind-Ra Keeps D Loan Rating in Non-Cooperating
RATHINAM ARUMUGAM: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
RUCKMONI MEMORIAL: Ind-Ra Downgrades Bank Loan Rating to 'D'

SAI SWADHIN: CRISIL Keeps D Debt Ratings in Not Cooperating
SAMBHAV EXIM: CARE Keeps D Debt Rating in Not Cooperating
SASWAD MALI: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
SDS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating
SHRIRAM EPC: Ind-Ra Keeps 'D' Issuer Rating in NonCooperating

SPLEN MICA: CARE Keeps D Debt Rating in Not Cooperating Category
SUNSHINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
VIJAYA AERO: CRISIL Keeps D Debt Ratings in Not Cooperating


J A P A N

FURUKUWA ELECTRIC: Egan-Jones Retains B+ Senior Unsecured Ratings
TOBU RAILWAY: Egan-Jones Retains BB- Senior Unsecured Ratings


N E W   Z E A L A N D

ANNIE AND ARNIE: Court to Hear Wind-Up Petition on Aug. 16
CLARKSHOP LIMITED: Court to Hear Wind-Up Petition on Aug. 16
CULTURESAFE NZ: Creditors' Proofs of Debt Due on Aug. 29
MOOI GLOBAL: Creditors' Proofs of Debt Due on Aug. 29
VEENSWYK PROPERTIES: Creditors' Proofs of Debt Due on Aug. 30



P A K I S T A N

PAKISTAN: Finance Chief Vows Nation Will Meet Bond Payments


P H I L I P P I N E S

CEBU AIR: Egan-Jones Retains CCC- Senior Unsecured Ratings


S I N G A P O R E

GOLDEN V: Court Enters Wind-Up Order
ROCKSTAGVID PTE: Creditors' Meetings Set for Aug. 17
ZIPMEX PTE: Starts to Allow Some Altcoin Withdrawals

                           - - - - -


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

ABOTARA PTY: Second Creditors' Meeting Set for Aug. 11
------------------------------------------------------
A second meeting of creditors in the proceedings of Abotara Pty Ltd
has been set for Aug. 11, 2022, at 10:00 a.m. at Level 19, 144
Edward Street, in Brisbane, Queensland.

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. 9, 2022, at 5:00 p.m.

Travis Pullen of B&T Advisory was appointed as administrator of the
company on July 11, 2022.


ENOVA COMMUNITY: Creditors OK Deeds of Company Arrangement (DOCA)
-----------------------------------------------------------------
Echo reports that creditors for Enova Community Energy and Enova
Energy said they have voted in favor of Deeds of Company
Arrangement (DOCA) for each company, 'that will see the entities
avoid liquidation and facilitate a better return for creditors'.

Last month, Byron Shire based Enova Community Energy Board
announced that Enova Community Energy and Enova Energy, its retail
electricity arm, had been placed into voluntary administration.

Echo relates that Enova's board said the company was unable to
secure suitable wholesale energy price hedging, 'following the
ending of an agreement with Diamond Energy, and limitations on it
owing to a cap on customer pricing'.

In a statement by voluntary administrators, Cathro & Partners, they
said Energy Locals has purchased parts of the business, and have
structured the purchase in the form of DOCAs for each entity, Echo
relays.

'For Enova Energy creditors, its DOCA also enables a return to
creditors where a payment is made towards the DOCA when previous
customers of Enova Energy switch to Energy Locals'.

According to Echo, Cathro & Partners Principal, Simon Cathro, who
is managing the voluntary administration said, 'This is the outcome
we recommended, and have been working towards with Enova'.

'To date, Energy Locals have had a great response from previous
customers of Enova, switching away from the Retailer of Last Resort
and moving to connect with Energy Locals. With these previous
customers doing this, this results in funds being contributed
towards the Enova DOCA and paying a greater return to creditors in
Enova Energy.'

The Echo asked Mr. Cathro, 'What shareholders could expect in
coming weeks after this result; How much money flows to Enova when
a previous Enova customer switches to Energy Locals; What is the
expected total return to the creditors if all previous customers
switched to Energy Locals; and, What percentage of pervious
customers have changed so far?'

Mr. Cathro replied, 'The Deed of Company Arrangement provides a
financial contribution each time a former Enova customer switches
to Energy Local'.

'To date, we have had an impressive number of customers switch to
Energy Local, and we continue to promote to former customers that
they switch so as to enable greater returns to creditors through
the Deed of Company Arrangement.

'We ask former customers that haven't switched to pleased consider
as it will provide a return to creditors impacted.'

Enova Managing Director and CEO, Felicity Stening, added it was a
positive step forward 'in what has been a disappointing development
for the business,' Echo relays.

Enova Energy is community-owned energy provider.

Simon John Cathro and Andrew Thomas Blundell of Cathro and Partners
were appointed as administrators of Enova Energy on  June 21,
2022.


IQX LTD: Creditors Accept Proposed Deed of Company Arrangement
--------------------------------------------------------------
IQX Ltd. said that creditors resolved to accept the proposed Deed
of Company Arrangement (DOCA) at the meeting of creditors held on
July 12, 2022.

"The likelihood of a return to shareholders depends primarily on
the total amount of creditors' claims and the terms of the DOCA
accepted by creditors. Our investigations into the Company's
financial affairs and the terms of the DOCA have determined that
there will be no return to shareholders," the Administrators said
in a statement.

Mark Robinson, Antony Resnick and Riad Tayeh of de Vries Tayeh were
appointed Joint and Several Administrators of the company on March
10, 2022.


KENNEDY CIVIL: First Creditors' Meeting Set for Aug. 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Kennedy
Civil Contracting Pty Ltd will be held on Aug. 10, 2022, at 10:30
a.m. via videoconference and/or teleconference.

Trent Andrew Devine and Bradd William Morelli of Jirsch Sutherland
were appointed as administrators of Kennedy Civil on Aug. 1, 2022.


MH 1 PTY: Second Creditors' Meeting Set for Aug. 11
---------------------------------------------------
A second meeting of creditors in the proceedings of MH 1 Pty Ltd
has been set for Aug. 11, 2022, at 11:00 a.m. via teleconferencing
facilities.

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. 10, 2022, at 4:00 p.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of the
company on July 7, 2022.


STREETPRO MOTORCYCLES: First Creditors' Meeting Set for Aug. 11
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Streetpro
Motorcycles Pty Ltd, trading as EagleRider Brisbane, will be held
on Aug. 11, 2022, at  10:30 a.m. via Microsoft Teams Video
Conferencing.

Adam Francis Ward and Paul Eric Nogueira of Worrells Solvency &
Forensic Accountants were appointed as administrators of the
company on July 29, 2022.


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

David Ian Mansfield and Jason Tracy of Deloitte Financial Advisor
were appointed as administrators of the company on July 29, 2022.




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

KUNMING PUBLIC: Fitch Alters Outlook on 'BB+' IDRs to Negative
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based Kunming Public
Rental Housing Development and Construction Management Co., Ltd.'s
(KPRH) Foreign- and Local-Currency Issuer Default Ratings (IDRs) to
Negative from Stable, and affirmed the ratings at 'BB+'.

The Negative Outlook reflects the slower sales progress of KPRH's
restricted-price properties than Fitch's earlier forecast, and the
weakening cash coverage on its short-term debt. The deterioration
in its financial profile could lead to a lower standalone credit
profile assessment if income growth does not catch up with debt
growth to fund the construction of social affordable housing.

The affirmation reflects Kunming municipality's continued strong
linkage with and incentive to support KPRH. The company continues
to maintain a balanced debt maturity profile and demand for its
public rental housing remains strong, which mitigate the
deterioration in Fitch's perception of Kunming municipality's
ability to provide subsidies, grants and other legitimate resources
to the company.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: KPRH is a limited
liability company majority owned, controlled and supervised by the
Kunming municipal government via the Kunming State-Owned Assets
Supervision and Administration Commission and its controlled
entity. The government and its controlled entity ultimately appoint
most of the directors on KPRH's board. Major investment and
financing activities are also subject to approval by the government
and its controlled entity.

'Strong' Support Record: KPRH has benefitted from central,
provincial and municipal government funding for the construction of
public rental housing. The funding is set at CNY400 per sq m from
the central government, at least CNY100/sq m from the provincial
government and CNY100/sq m from the municipal government. KPRH can
use the funding as capital injections for public housing projects.
It has received CNY203.27 million in subsidies from the central
government's social housing schemes and CNY700 million in special
government bond proceeds in 2022.

Dedicated Municipal-Level Support: The municipal government can use
net appreciation of the housing management fund, 5% of total land
sales revenue and 10% of tax revenue from property development per
year to support public rental housing. Government support varies
depending on requirements. Public-sector transfers and grants on
average accounted for 43% of KPRH's total operating revenue per
year during 2017-2021. KPRH can also divest up to 40% of a
residential area in a housing project to service debt with the
government's approval.

'Strong' Socio-Political Default Implications: KPRH is the only
municipal-level entity in charge of public rental housing
investment and operation in the city. Public rental housing is a
key contributor to Kunming's affordable social housing portfolio.
KPRH had over 45,000 public rental housing units as of March 2022.
The operation of public rental housing is a high political priority
for the municipal government. China's 14th five-year plan has
specified that affordable public rental housing supply should be
increased.

Fitch expects Kunming to be the principal city within Yunnan
province to receive investment support from upper-tier governments
to build affordable public rental housing. KPRH relies on
continuous access to external funding to execute the government's
policy mandates, but the housing is considered established
infrastructure once it is completed, easing the company's funding
needs. Therefore, a financial default could delay the development
pace of the housing and have significant political or economic
repercussions for the municipality.

'Moderate' Financial Implications of Default: Fitch expects a
default by KPRH to have a moderate impact on the financing costs of
other government-related entities (GREs) in Kunming. KPRH uses
capital injections from the government and debt funding to finance
public-sector projects, and relies on rental proceeds from tenants,
sales proceeds from restricted-price commercial residential
properties, and subsidies and policy support from the public sector
to service debt.

Funding Access Diversified: KPRH has access to diversified funding
channels, including the domestic bond market and key national
policy banks, to finance its investments. The company has access to
user-based revenue and potential exposure to volatility in the
property sector as one of the public-sector GREs in Kunming.

Standalone Credit Profile of 'b+': Revenue defensibility is
assessed as 'Midrange' to reflect strong demand for affordable
social housing in Kunming and very limited pricing autonomy on
public welfare businesses. Operating risk is 'Midrange' on
well-identified cost drivers, adequate resource and labour
supplies, and reasonable yet limited timing flexibility to finish
the government's investment plan on social housing.

Fitch believes the financial profile, which is assessed as
'Weaker', is deteriorating. Fitch forecasts net adjusted
debt/EBITDA will stay above 30x for most years in the medium term,
assuming a slowdown in the sales of restricted-price properties
while the company continues to raise debt for the construction of
social affordable housing.

DERIVATION SUMMARY

Fitch assessed KPRH under Fitch's GRE rating criteria, reflecting
the municipal government's ultimate ownership and oversight over
the company, a record of financial support and the company's
functional role in the city's public housing development, a key
government strategic initiative. These factors indicate a strong
incentive by the sponsor to provide extraordinary support to KPRH,
if needed. KPRH's Standalone Credit Profile is assessed under
Fitch's Public Sector, Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

- Downward revision in Fitch's credit view on the Kunming
municipal government's ability to provide subsidies, grants or
other legitimate resources allowed under China's policies and
regulations;

- Significant weakening in the socio-political and financial
implications of a default by KPRH, a weaker government support
record and expectation or a dilution in the government's
shareholding;

- Lower assessment of the company's standalone credit profile.

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

- Upward revision of Fitch's credit view on Kunming municipal
government's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations;

- An increase in the municipal government's incentive to support
KPRH, including stronger socio-political and financial implications
of a default or a stronger support record;

- The Outlook will be revised to Stable if the company's financial
profile stabilises or improves on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

KPRH is mainly engaged in the investment, development, operation
and management of public rental housing in Kunming municipality.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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

                                     Rating         Prior
                                     ------         -----
Kunming Public Rental
Housing Development
and Construction Management
Co., Ltd.

                            LT IDR     BB+  Affirmed  BB+

                            LC LT IDR  BB+  Affirmed  BB+


MISSFRESH LTD: Grocer Denies Liquidation
----------------------------------------
Shen Xinyue and Guo Yingzhe at Caixin Global report that
Nasdaq-listed fresh food delivery platform Missfresh Ltd. has
denied that it will liquidate and refund customers and suppliers,
after the firm stopped paying most of its staff and shuttered its
core instant-delivery retail business last week.

On Aug. 1, a notice circulated online saying Missfresh did not have
enough cash to continue operating but would liquidate assets and
repay liabilities before closing shop. It appeared to be signed by
Missfresh, but the company told Caixin that it had not issued the
notice and that some of its businesses continued to operate.

Missfresh is thought to owe its suppliers more than CNY1 billion
(US$148 million) in unpaid debts, Caixin discloses.

Based in Beijing, China, Missfresh Limited operates as an
online-and-offline integrated on-demand retail company in China.
It. It operates a community retail digital platform that offers
fresh produce, such as fruits, vegetables, meat, eggs, aquatic
products, and dairy products; and fast-moving consumer goods,
including snack foods, light food, cereals, oil, wine, drink, fast
food, light food through online e-commerce platform and distributed
mini warehouse networks. The company also sells its products
through vending machines.


TSINGHUA UNIGROUP: Two More Executives Placed Under Investigation
-----------------------------------------------------------------
Caixin Global reports that two more senior executives of China's
Tsinghua Unigroup Co. Ltd. face investigations as the debt-laden
semiconductor conglomerate wraps up a bankruptcy reorganization.

Diao Shijing, former co-president of Unigroup, was taken away by
authorities July 16 as part of the investigation of former Chairman
Zhao Weiguo, multiple people familiar with the matter told Caixin.
Li Luyuan, chairman of Unigroup's subsidiary Beijing Uni Science
and Technology Service Group Co. Ltd., was also placed under probe
the same day, sources said, Caixin relays.

Tsinghua Unigroup Co., Ltd manufactures computer products. The
Company produces computer softwares, computer hardwares, computer
auxiliary equipment, and other products. Tsinghua Unigroup also
produces electronic components, chemicals, and other products.
Tsinghua Unigroup is 51% owned by China's Tsinghua University.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
18, 2020, Tsinghua Unigroup, a major government-backed player in
China's technology race, has defaulted on a CNY1.3 billion
(US$197.96 million) bond, three sources said, according to
Reuters.

The default by Tsinghua Unigroup, a wholly-owned division of the
prestigious Tsinghua University in Beijing, on Nov. 16, 20210,
immediately triggered a credit rating downgrade that is expected to
weaken the company's financial health. Reuters said the
semiconductor conglomerate has been a major driving force in
Beijing's campaign to boost its chip industry amid an ongoing spat
over trade and technology with Washington, which has drawn
attention to China's reliance on key imported components. Tsinghua
Unigroup defaulted after its proposal to extend a repayment
deadline failed to gain support from bondholders, sources said,
Reuters related.

The TCR-AP reported in mid-July 2022 that an investment vehicle has
taken full ownership of Tsinghua Unigroup Co. Ltd., concluding a
bankruptcy reorganization plan the Chinese semiconductor
conglomerate unveiled last year to deal with its debt crisis.

Tsinghua Unigroup has updated its business registration materials
to show that Beijing Zhiguangxin Holding Co. Ltd. now owns 100% of
the company, according to an exchange filing published on July 11,
2022, CaixingGlobal.com said.




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

AARKAY PACKAGING: CARE Lowers Rating on INR8cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Aarkay Packaging Industries (API), as:

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 25, 2021,
placed the rating(s) of API under the 'issuer non-cooperating'
category as API had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. API continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2022, May 21, 2022, May 31, 2022.

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

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

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

M/s. Aarkay Packaging Industries (API) was established in the year
2007 as a partnership concern by Mr. A. Muthu Kumar, Mr. PL.
Adaikkapillai, MS. S. Chithra, Mr. Sathyaseelan and Mr. K. Raju.
API is engaged in manufacturing of corrugated carton boxes finding
application in packaging industry.


ADITHI AUTOMOTIVE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adithi
Automotive Private Limited (AAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 19, 2021,
placed the rating(s) of AAPL under the 'issuer non-cooperating'
category as AAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 4, 2022, April 14, 2022, April 24, 2022.

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

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

Bellary (Karnataka) based, Adithi Automotives Private Limited
(AAPL) was incorporated in the year 2012. AAPL was promoted by Mr.
Gonaguntla Jayaprakash and Ms. Gunuguntla Manoja. The company is
engaged in trading, repairing of light commercial vehicles and
trading of spare parts. AAPL is an authorized dealer for Ashok
Leyland where the dealership will be renewed every two years and it
has 8 showrooms in Hospet, Belgaum and Hubli. Mr. Gonaguntla
Jayaprakash, the Managing Director, who has industry experience of
more than two decades in automobile industry and manages the day
to-day operations of the business.


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

The instrument-wise rating action is:

-- INR400 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 1, 2021. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Incorporated in 2003, Agrasen Ship Breakers is engaged in the
business of ship breaking. The shipping yard is located at
Bhavnagar (Gujarat) and has a ship breaking capacity of 20,000MT.


AMRITA SAI: Ind-Ra Moves 'D' Bank Loan Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Amrita Sai
Educational Improvement Trust's bank loans' rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The detailed rating action is:

-- INR29 mil. Working capital facilities (Long-term) migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Company Profile

Amrita Sai Educational Improvement Trust serves as a not-for-profit
educational institution. It has an engineering college situated
about 25km from Vijayawada in Andhra Pradesh.


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

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             0.5       CRISIL D (Issuer Not
                                     Cooperating)

   Electronic Dealer      11.5       CRISIL D (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                
                                     
CRISIL Ratings has been consistently following up with AMPL 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 AMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AMPL continue to be 'CRISIL D Issuer Not Cooperating'.

Kerala-based AMPL is promoted by Mr Shibu Job C and is an
authorized dealer of commercial vehicles of Tata Motors Ltd,(TML)
in Thrissur and Palakkad.


ARUN SPINNING: Ind-Ra Hikes Issuer Rating to BB-, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Arun Spinning
Mills Private Limited's (ASMPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR35 mil. (reduced from INR43.1 mil.) Term loan due on March
     2028 upgraded with IND BB-/Stable rating; and

-- INR115.0 mil. Fund-based facilities upgraded with IND BB-/
     Stable/IND A4+ rating.

The upgrade reflects the growth in ASMPL's revenue and improvement
in its credit metrics in FY22.

Key Rating Drivers

ASMPL's revenue grew to INR766.07 million in FY22 (FY21: INR493.39
million), driven by an increase in cotton yarn prices and higher
demand, as evident from the rise in capacity utilization to 90%
during the year (85%). ASMPL recorded a revenue of INR207.58
million  in 1QFY23. Ind-Ra expects the revenue to remain at similar
levels in FY23, with cotton yarn prices continuing to be elevated
and demand likely to remain stable.

ASMPL's credit metrics remained modest but improved in FY22 due to
an increase in the absolute EBITDA to INR33.55million (FY21:
INR31.01 million) and reduction in the total debt to INR163.97
million  (INR169.09 million). The gross interest coverage
(operating EBITDA/gross interest expense) was 2.47x in FY22 (FY21:
2.03x) and the net leverage (adjusted net debt/operating EBITDAR)
was 4.85x (5.44x). Ind-Ra expects the credit metrics to improve
marginally in FY23 due to scheduled debt repayments.

The ratings reflect the modest EBITDA margins due to the intense
competition in the industry, resulting from the fragmented nature
of the industry. The margin fell to 4.4% in FY22 (FY21: 6.3%), as
the company could not fully pass on the rise in raw material
(cotton) prices  to customers. The ROCE was 8.8% in FY22 (FY21:
8%). Ind-Ra expects the margins to improve in FY23 due to increased
execution of higher-margin orders.

Liquidity Indicator - Poor: The company does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The average maximum utilization of
the fund-based limits was 96.4% during the 12 months ended June
2022. The cash flow from operations increased to INR12.64 million
in FY22 (FY21: 10.64 million) due to favorable changes in the
working capital.  At FYE22, ASMPL had cash and cash equivalents of
INR0.15 million (FYE21: INR0.35 million). The net working capital
cycle improved  to 94 days in FY22 (FY21: 210 days) due to a
decrease in the inventory days to 107 days (252 days). The company
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

The ratings are supported by the promoters' experience of over two
decades in the textile industry, which has led to established
relationships with customers and suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics, with the gross interest
coverage falling below 1.8x, on a sustained basis, will be negative
for the ratings.

Positive:  An increase in the scale of operations, along with an
improvement in the overall credit metrics, and improvement in the
liquidity position, all on a sustained basis, would lead to a
positive rating action.

Company Profile

ASMPL   is a spinning mill incorporated in 1997. The company
manufactures combed carded and open-ended cotton yarn. Located in
Rajapalayam (Tamil Nadu), ASMPL's spinning units have a combined
installed capacity of 22176 spindles and 608 rotors manufacturing
cotton yarn of counts 20s to 80s.


ASTER PRIVATE: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Aster Private
Limited's Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR2.250 bil. Fund-based limits (long-/short-term) maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR11,039.5 bil. Non-fund-based limits (Long-term /Short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 2, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Hyderabad-based Aster is a tower fabricating and engineering
procurement and construction company that undertakes works in the
power, telecom and engineering segments.


BALAJI AGRITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Balaji
Agritrade Private Limited (BAPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

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

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

BAPL's primary business is trading of agro commodities. It deals in
the SriGanga Nagar, Rajasthan. However, in fiscal 2017, BAPL
undertook a project to build a private mandi, Balaji Agritrade. The
purpose of establishing mandi is to support the farmers to sell
their crop.


BNH INFRA: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned BNH Infra Projects
(India) Private Limited (BIPPL) a Long-Term Issuer Rating of 'IND
BB-'.  The Outlook is Stable.

The instrument-wise rating action is:

-- INR220 mil. Fund-based working capital limits assigned with
     IND BB-/Stable/IND A4+ rating.

Key Rating Drivers

The rating reflects BIPPL's small scale of operations with its
revenue surging to INR577.68 million in FY22 (FY21: INR198.57
million; FY20: INR111.73 million), due to an increase in its income
from sales of yellow soil to INR475.88 million (INR39.825 million)
as the company was able to effectively deploy its recently
purchased vehicles. Till 1QFY22, BIPPL's revenue was INR228
million. The company had an order book of INR4,022.24 million as of
May 2022, out of which INR1,843.37 million is to be executed by
FY24. In the short term, Ind-Ra expects the revenue to improve, on
account of the orders in hand, providing healthy revenue
visibility. Its FY22 numbers are provisional in nature.

BIPPL had healthy EBITDA margins of 14.5% in FY22 (FY21: 22.96%;
FY20: 15.14%), with a return on capital employed of 16.3% (13.1%).
The decline in FY22 EBITDA margin was due to an increase in fuel
prices and transportation costs. In the short-term, Ind-Ra expects
the EBITDA margin to remain at the similar level, due to the
similar nature of operations.

BIPPL had modest credit metrics with the interest coverage
(operating EBITDA/gross interest expenses) rising to 2.18x in FY22
(FY21: 1.97x; FY20: 4.07x) and the net leverage (total adjusted net
debt/operating EBITDAR) reducing to 4.18x (6.59x; 9.54x). In FY22,
the credit metrics improved due to the increase in absolute EBITDA
to INR83.77 million (FY21: INR45.59 million; FY20: INR16.91
million).  For FY23, Ind-Ra expects the credit metrics to remain at
the similar level, on account of the likelihood of an increase in
its absolute EBITDA; given an increase in term loans availed for
its planned capital expenditure worth INR70 million towards
increasing its fleet of vehicles.

Liquidity Indicator – Poor:  The company's net working capital
cycle remained elongated although it improved to 184 days in FY22
(FY21: 542 days; FY20: 537 days), due to an improvement in the
debtor collection period to 107 days (414 days; 272 days). Its
inventory holding period also improved to 112 days in FY22 (FY21:
219 days; FY20: 271 days), due to the timely completion of surveys
post-pandemic, leading to the timely billing of the works
completed. The cash and cash equivalents stood at INR3.19 million
at FYE22 (FYE21: INR3.94 million; FYE20: INR12.75 million). BIPPL's
average maximum utilization of the fund-based limits was 94.06%
during the 12 months ended May 2022. The cash flow from operations
improved to INR5.59 million in FY22 (FY21: negative INR136.99
million; FY20: negative INR142.26 million), mainly due to the
increase in absolute EBITDA and a decline in additional working
capital requirements. Its interest expenses increased to INR38.48
million in FY22 (FY21: INR23.09 million; FY20: INR4.15 million),
owing to an increase in short-term borrowings and other current
assets to INR94.95 million (INR63.45 million), due to a rise in
project advances to INR26.387 million in FY22. Furthermore, the
free cash flow stood at negative INR36 million in FY22 (FY21:
negative INR176.87 million; FY20: negative INR156.68 million).
BIPPL does not have any capital market exposure and relies on banks
and financial institutions to raise funds to meet its funding
requirements. The company has scheduled repayments of INR37.9
million, INR37.4 million and INR35.2 million for FY23, FY24 and
FY25, respectively.

However, the ratings are supported by the promoters' nearly two
decades of experience in the civil construction industry, leading
to established relationships with customers and suppliers.

Rating Sensitivities

Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics with the interest
coverage exceeding 2.25x, and the liquidity profile, all on a
sustained basis, could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics and the interest
coverage and/or further pressure on the liquidity position, on a
sustained basis, could lead to negative rating action.

Company Profile

Incorporated in 2007, BIPPL started operations in 2019. The
Bangalore-based company engages in subcontracting infrastructure
work for Tata Projects Limited ('IND AA'/Stable) and Larsen &
Toubro Limited ('IND AAA'/Stable).


BRIGHTSTAR HEALTHCARE: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Brightstar
Healthcare Private Limited (BHPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 7, 2021,
placed the rating(s) of BHPL under the 'issuer non-cooperating'
category as BHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 23, 2022, May 3, 2022, May 13, 2022.

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

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

Moradabad, Uttar Pradesh-based Brightstar Healthcare Private
Limited (BHPL) is a private limited company and was incorporated in
November, 2012. BHPL is setting up a 300-bed multi-specialty
hospital in new Moradabad, Uttar Pradesh. The hospital would
provide healthcare services in cardiology and cardiac surgery,
nephrology, neurology, neurosurgery, anaesthesiology & critical
care, orthopaedics, urology, among others.


DEEP JYOTI: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deep Jyoti
Company (DJC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.75       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 18, 2021,
placed the rating(s) of DJC under the 'issuer non-cooperating'
category as DJC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DJC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 4, 2022, May 14, 2022, May 24, 2022.

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

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

Established in 1995, Deep Jyoti Company (DJC) is engaged in the
civil construction services (road construction, up-gradation,
widening of the roads and other miscellaneous work) under PWD,
Irrigation Development of India and Rajasthan state Road
Development and Construction Corporation Ltd through bidding
process.


EPISTEL IMPEX: CARE Lowers Rating on INR12cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Epistel Impex Private Limited (EIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 24, 2021,
placed the rating(s) of EIPL under the 'issuer non-cooperating'
category as EIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. EIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2022, April 19, 2022, April 30, 2022.

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

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

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

Incorporated in August 2011, Epistel Impex Private Limited (EIPL)
was promoted by Mr. Vivek Tekriwala and Mr. Uma Shankar Singhal.
Since its inception, the company has been engaged in wholesale
trading of food grains and pulses.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 29, 2021,
placed the rating(s) of GMAI under the 'issuer non-cooperating'
category as GMAI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GMAI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2022, May 25, 2022, June 4, 2022.

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

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

GMAI was established in April, 2009 as a partnership firm by two
partners Mr. Jashvant Thakkar and Mr. Navinchandra Thakkar. Mr.
Jashvant Thakkar has a long industry experience of around 35 years.
GMAI is engaged in the business of rice processing and trading of
grains and pulses. GMAI operates from its manufacturing facilities
located at Bavla (Gujarat).


GALAXY MOTORS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Galaxy
Motors (GM) continues to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank      4.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 24, 2021,
placed the rating(s) of GM under the 'issuer non-cooperating'
category as GM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 10, 2022, May 20, 2022, May 30, 2022.

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

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

New Delhi-based Galaxy Motors (GLM) is a partnership concern
established in 1993. The firm is currently being managed by Mr
Joginder Kukreja, Mr Mukesh Kukreja, Ms Seema Kukreja and Mr
Sanchit Kukreja. The firm is primarily engaged in trading of tyres
& tubes (Passenger car radial tyres and Off the road tyres), car
accessories and wheel alignment related machinery (tyre changer,
wheel balancer, car lift machine, wheel alignment etc.) from its
three showrooms located in Delhi and Ghaziabad. This apart, the
firm also provides services on job work basis to various car
service centres.


GAUTAM INTERNATIONAL: Ind-Ra Keeps BB Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gautam
International Pratisthan's bank loans' rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR74.04 mil. Bank loans maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR55.27 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Gautam International Pratisthan manages Buddha Institute of Dental
Sciences and Hospital in Bihar, which was established in 1984. The
society has been registered under Societies Registration Act,
1860.


JADEJA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jadeja
Industries Private Limited (JIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 14, 2021,
placed the rating(s) of JIPL under the 'issuer non-cooperating'
category as JIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2022, April 9, 2022, April 19, 2022.

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

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

Morbi (Gujarat) based JIPL was incorporated as a private limited
company during September, 2004 as Jadeja Refractories Private
Limited (JRPL). Subsequently, JRPL was converted into JIPL during
December 2013. JIPL is managed by three promoters namely Mr.
Keshrisinh Jadeja, Mr. Hitendrasinh Jadeja and Mr. Devendrasinh
Rana. JIPL is engaged in to manufacturing of refractory bricks
which is used in lining furnaces, kilns, fireboxes, and fireplaces.
JIPL operates from its sole manufacturing facility located in Morbi
(Gujarat).


JAGADGURU COOPERATIVE: Ind-Ra Keeps BB Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Jagadguru
Co-operative Hospital Society Ltd.'s term loan rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR65 mil. Term loan maintained in non-cooperating category
     with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 29, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Shri Jagadguru Co-operative Hospital Society runs a 150-bed
allopathy hospital and a 220-bed ayurvedic hospital, and manages an
ayurvedic medical college, a nursing college and a nursing school.


JAI AMBEY: Ind-Ra Gives BB+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jai Ambey
Emergency Services (I) Pvt Ltd (JAES) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR200 mil. Term loan due on May 2027 assigned with IND BB+/
     Stable rating.

Analytical Approach: Ind-Ra has taken a consolidated view of JAES
and its 70% joint venture, JAES Projects (I) Pvt Ltd (JPPL; joint
venture of JAES and M/s Sammaan Foundation), to arrive at the
ratings, due to the strong legal, operational and strategic
linkages between the entities.  

JPPL has commenced operations since May 2022. However, it had
raised debt in FY22, based on which the consolidated credit metrics
have been calculated for the year. Hence, the P&L financials are
JAES' standalone figures, while the balance sheet financials are
consolidated figures for FY22.

Key Rating Drivers

The ratings reflect JAES's small scale of operations, as indicated
by revenue of INR779.40 million in FY22 (FY21: INR621.38 million),
and JPPL's nascent stage of operations. JAES's revenue grew in FY22
due to an increase in the number of covid patients treated at
hospitals.  The figures for FY22 are provisional.

JAES signed an agreement with the Directorate of Health Services,
Department of Health & Family Welfare, Atal Nagar, Chhattisgarh in
November 2019 for providing 330 ambulances. There is no fixed
annual revenue. The agreement will expire in FY25, and might
further be extended for a period of three years or more. Also, JPPL
entered into an agreement with the National Health Mission, Madhya
Pradesh (MP), in October 2021 for providing 2,052 ambulances, which
is likely to generate an annual revenue of around INR3,200 million
for the company starting FY23. The agreement will be executed for a
period of five years up to FY27, and might further be extended for
a period of two years.

JPPL commenced operations in MP in May 2022 with 1,158 vehicles.
The company needs to procure an additional 894 vehicles as per the
terms of the agreement, for which the promoter is yet to infuse
INR131 million, and a bank loan of INR246 million is yet to be
sanctioned. Of the total project cost of INR2,191.35million, which
would be financed through INR1,742.2 million term loan and the
balance through promoter infusion, JPPL had already incurred
expenditure of INR1,681 million as of June 2022. In FY23, the group
expects to record consolidated revenue of INR4,100 million,
supported by growth in the scale of operations from MP operations
along with income from the existing 330 ambulances in Chhattisgarh.
Ind-Ra believes the addition of the business in MP will
significantly boost the revenue from FY23.

The ratings also factor in the modest EBITDA margins. JAES's
standalone EBITDA margin rose to 28.56% in FY22 (FY21: 24.51%),
mainly led by increased absorption of fixed costs, resulting from
the growth in revenue. The ROCE was  12% in FY22 (FY21: 18.4%). In
FY23, Ind-Ra expects the consolidated EBITDA margins to fall on
account of an increase in the operating expenses in MP operations,
as the per kilometer income would be lower than that from the
existing operations. On a standalone basis, Ind-Ra expects JAES's
EBITDA margins to improve further in FY23 due to continued
improvement in the absorption of fixed costs, resulting from the
significant increase in the top-line

The ratings factor in JAES's moderate standalone credit metrics.
The interest coverage (operating EBITDA/gross interest expense)
improved to 4.81x in FY22 (FY21: 4x) due to an increase in the
absolute EBITDA to INR222.60 million (INR152.31 million). The  net
leverage (net debt/operating EBITDA) deteriorated to 4.92x in FY22
(FY21: 2.31x) owing to an increase in debt, resulting from the
capex undertaken for JPPL.  In FY22, the consolidated interest
coverage (operating EBITDA/gross interest expense) was 4.81x and
the consolidated net leverage (total adjusted net debt/operating
EBITDAR) was 6. 87x.The debt service coverage ratio is 0.8x. The
shortfall will be funded through promoter infusion of around INR131
million in the form of equity injection. Ind-Ra expects the
consolidated credit metrics to weaken in the short term on account
of increased borrowings and associated interest expenses, but the
metrics would gradually improve over the medium term with the
likely improvement in the absolute EBITDA.

Liquidity Indicator - Stretched: JAES does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. JAES's standalone average maximum
utilization of the fund-based limits was 77.84% and that of the
non-fund-based limits was 100% during the 12 months ended June
2022. The cash flow from operations increased to INR112.16 million
in FY22 (FY21:INR65.79 million) due to the increase in the absolute
EBITDA and favorable changes in the working capital. The free cash
flow remained negative at INR480.21 million in FY22 (FY21: negative
INR174.26 million) due to the capex incurred for JPPL. The net
working capital cycle improved to 45 days in FY22 (FY21: 54 days)
due to an increase in the creditor days to 43 days (15 days). The
cash and cash equivalents stood at INR25.82 million in FY22 (FY21:
INR1.92 million). In FY23, the consolidated cash flow from
operations is likely to decline on account of unfavorable changes
in working capital.

The ratings are supported by the promoter's experience  of more
than seven decades in medical emergency integrated services.


Rating Sensitivities

Negative: The consolidated net leverage remaining above  6x or
substantial deterioration in the liquidity position or inability to
ramp up the business operations could lead to a negative rating
action.

Positive: Successful ramp-up of business operations, improvement in
the liquidity position or the credit metrics, with the debt service
coverage ratio exceeding  1.2x, on a sustained basis, could lead to
a positive rating action.
    
Company Profile

Incorporated in June 2015, JAES provides ambulance services. JAES
has received a Letter of Acceptance (LOA) from the Directorate of
Health services, Department of Health & family Welfare, Atal Nagar,
Chhattisgarh for providing 300 ambulances.

JPPL (a joint venture of JAES and M/s Sammaan Foundation) has
received LOA from the National Health Mission, Madhya Pradesh for
providing 2,052 ambulances. In addition, JPPL has entered into a
sub-contracting agreement with JAES for providing and operating 750
ambulances for patient transportation in MP.


JASOL CHAWAL: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jasol
Chawal Private Limited (JCPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 24, 2021,
placed the rating(s) of JCPL under the 'issuer non-cooperating'
category as JCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2022, April 19, 2022, April 30, 2022.

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

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

Incorporated in May 2016, Jasol Chawal Private Limited (JCPL) is
engaged in therice milling activities at its plant located at
Baloddistrict, Chhattisgarh with aggregate installed capacity of
28,800 MTPA. The company has started commercial operations of its
rice mill from January, 2018 onwards. Moreover, the company is also
engaged in the trading of paddy since April, 2017. Mr. Avant Kumar
Golechha, having around two decades of experience in the rice
milling industry, looks after the day to day operations of the
company. He is supported by other director Mrs. Rani Golchhaand a
team of experienced professionals.


JAWAHAR SAHAKARI: Ind-Ra Keeps D Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jawahar Sahakari
Soot Girni Ltd.'s bank loans' ratings in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR286.26 mil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR90 mil. Fund-based working capital facilities (Long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR25 mil. Non-fund-based working capital facilities (Long-
     term) maintained in non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on July
1, 2021. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

Company Profile

Jawahar Sahakari Soot Girni was established in 1991 to manufacture
cotton yarn.


JM INTERNATIONAL: Ind-Ra Affirms B Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed J.M.
International's (JMI) Long-Term Issuer Rating at 'IND B'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR250 mil. Fund-based working capital limit affirmed with
     IND B/Stable/IND A4 rating.

Key Rating Drivers

The affirmation reflects JMI's continued small scale of operations.
According to FY22 provisional financials, the revenue increased to
INR386.98 million (FY21: INR333.79 million) owing to an increase in
selling price of spices. Ind-Ra expects the revenue to remain at
similar levels in FY23 on the back of sustained demand.

The ratings also remain constrained by JMI's modest EBITDA margin
of 2.11% in FY22 (FY21: 3.09%) with a return on capital employed of
2.90% (4.30%). The decline in margin was due to unfavorable
international market prices. Ind-Ra expects the EBITDA margin to
remain at similar levels in FY23 as the company plans to undertake
several cost-reduction measures.

The ratings also reflect JMI's continued modest credit metrics. The
interest coverage (operating EBITDA/gross interest expense)
improved to 1.35x in FY22 (FY21: 1.26x), due to a decrease in bank
interest cost. However, the net financial leverage (total adjusted
net debt/operating EBITDAR) deteriorated to 31.41x in FY22 (FY21:
20.76x) due to a decrease in the EBITDA to INR8.16 million
(INR10.31 million) and an increase in the total adjusted debt to
INR 275.80 million (INR220.39 million). Ind-Ra expects the credit
metrics to remain at FY22 levels in FY23 owing to the firm's
continued reliance on buyer's credit facility for meeting its
working capital requirements.

Liquidity Indicator – Stretched: The firm's  average maximum
utilization of the fund-based and the non-fund-based limits was
28.44% and 57.56%, respectively, during the 12 months ended June
2022. The cash flow from operations deteriorated further to
negative at INR41.82 million in FY22 (FY21: negative INR14.94
million) owing to unfavorable changes in working capital. The
working capital cycle remained elongated at 191 days in FY22 (FY21:
209 days, FY20: 194 days) on account of the high inventory holding
period of 183 days (187 days, 168 days) due to bulk import of raw
material. It had cash and cash equivalents of INR14.01 million at
FYE22 (FYE21: INR0.10 million). Furthermore, the firm does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

However, the ratings continue to be supported by the promoter's
experience of over three decades in the spices industry, leading to
longstanding relationships with its customers and suppliers.

Rating Sensitivities

Negative: Any substantial decline in the revenue, leading to any
deterioration in the credit metrics, will be negative for the
ratings.

Positive: An improvement in the revenue, along with the interest
coverage increasing above 1.7x on a sustained basis, will be
positive for the ratings.

Company Profile

Established in 1985, Delhi-based JMI is a proprietary firm engaged
in the trading of Indian and imported spices, especially cloves in
the domestic market.  


JRK INDUSTRIES: CARE Withdraws D Long/Short Term Ratings
--------------------------------------------------------
CARE Ratings Ltd has reaffirmed and simultaneously withdrawn
outstanding rating of CARE D; Issuer Not Cooperating/CARE D; Issuer
Not Cooperating assigned to the bank facilities of JRK Industries
Private Limited (JIPL) with immediate effect. The above action has
been taken at the request of JIPL and 'No Objection Certificate'
received from the bank that has extended the facilities rated by
CARE Ratings Ltd.

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

                                   ISSUER NOT COOPERATING
                                   and Withdrawn

   Short Term Bank       -         Rating continues to remain
   Facilities                      under ISSUER NOT COOPERATING
                                   category; Reaffirmed at CARE D;

                                   ISSUER NOT COOPERATING
                                   and Withdrawn

Jaipur (Rajasthan) based JRKIPL was incorporated in 1997 by Mr.
Bharat Kumar Poddar, Mr Radha Krishna Jalan, Mr. Rajesh Kumar Jalan
and their family members. JRKIPL is engaged in the business of
manufacturing and supplying of steel wires, galvanized wires,
binding wires and strip for the armoring of land cables.


KALINGA BHARATI: Ind-Ra Keeps 'D' Loan Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kalinga Bharati
Foundation's bank loan rating in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR55.00 mil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on July
1, 2021. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the ratings.

Company Profile

Established in 1995 in Bhubaneswar, Kalinga Bharati Foundation is a
charitable society which manages four institutes- a nursing
college, nursing school, a college and a school.


KAMA METALS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kama Metals
and Alloys Private Limited (KMAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 11, 2021,
placed the rating(s) of KMAPL under the 'issuer non-cooperating'
category as KMAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KMAPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 27, 2022, May 7, 2022, May 17, 2022.

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

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

Delhi based Kama Metals and Alloys Private Limited (KMAPL) was
incorporated in August, 2004 as a private limited company and
started its commercial operations from May, 2008. The company is
currently promoted by Mr. Sunil Kumar and Mr. Sajal Mittal. The
company operates as a rolling mill and is engaged in the
manufacturing of Mild steel billets, mild steel flats and mild
steel pipes. The manufacturing facility of the company is located
at Haridwar, Uttrakhand.


KAMYA CLOTHING: CRISIL Lowers Rating on INR6.25cr Loans to D
------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Kamya Clothing Private
Limited (KCPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating' as company has delayed servicing
its debt obligation.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        6         CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

   Term Loan          0.25      CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

CRISIL Ratings has been consistently following up with KCPL for
obtaining information through emails dated January 22, 2022 and
February 7, 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 the entity, which restricts its
ability to take a forward-looking view on the entity's credit
quality. CRISIL Ratings believes the rating action on KCPL is
consistent with 'Assessing Information Adequacy Risk'.

Based on the best available information and feedback from the
banker, CRISIL Ratings has downgraded the rating to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' as company has delayed servicing its debt obligation.

KCPL was set up in the early 1990s as a partnership firm, and was
reconstituted as a private limited company in 2012. The company is
promoted by Mr. Anilkumar P Nawani and his family members. Its
product portfolio comprises denims and formal shirts for men.


KNK CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KNK
Construction Private limited (KNK) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          90        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      30        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Bank           25        CRISIL D (Issuer Not
   Guarantee                         Cooperating)

   Proposed Overdraft      30        CRISIL D (Issuer Not
   Facility                          Cooperating)

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

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

Detailed Rationale

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

KNK was set up in fiscal 2017 by merging the group companies, KNK
Nexgen Construction Pvt Ltd and KNK Swami and Co. It constructs
factories, industrial houses, and commercial and residential
buildings for the Government of Karnataka and private entities
outside the state.


KURUNJI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kurunji Agro
Product (KAP) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan          5.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Term Loan      1.5       CRISIL D (Issuer Not
                                     Cooperating)

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

KAP was set up in 2009 and commenced operations in 2013. Based in
Dindigul, Tamil Nadu, the firm manufactures mango pulp. It was set
up by Mr. S Palanisamy, Mr. S A Kadar. and Mr. A Muruganandham.


LEITWIND SHRIRAM: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Leitwind Shriram
Manufacturing Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2,465.9 bil. Term loans (Long-term) due on March 31, 2024
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR1,900.0 bil. Fund-based working capital facilities (Long-
     and Short-term) maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR1,620.1 bil. Non-fund-based working capital facilities
     (Long and Short-term) maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING)


Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Leitwind Shriram Manufacturing, a joint venture between
Chennai-based Shriram Industrial Holdings Limited and Italy-based
WindFin BV, manufactures wind turbine generators.


LOTUS INFRAREALTY: CARE Lowers Rating on INR12.50cr LT Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Lotus Infrarealty Limited (LIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 14, 2021,
placed the rating(s) of LIL under the 'issuer non-cooperating'
category as LIL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2022, April 9, 2022, April 19, 2022.

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

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

The ratings assigned to the bank facilities of LIL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in profitability and leveraged
capital structure and weak debt coverage indicators in FY21 over
FY20.

Indore (Madhya Pradesh) based Lotus Infrarealty Limited (LIL) was
incorporated as a closely held limited company in December 2010 by
Chourasiya family. LIL is formed with a purpose to construct
commercial and residential projects as well as construction and
running of multiplex cinema under its own brand name. Currently,
LIL has undertaken one residential project named "Shri Sai Lotus
City" and one commercial project named "Lotus Convent Court". The
company is also running multiplex 2 screen cinema at Satarpura.


MAA SARASWATI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa Saraswati
Education Society (Regd.) (MSES) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Loan          8.9       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      1.1       CRISIL D (Issuer Not
                                     Cooperating)

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

MSES is registered in Haryana under the Indian Societies Act, 1860,
with an objective of setting up educational institutes. The society
has set up Maa Saraswati Institute of Engineering And Technology at
Kalanaur, Rohtak (Haryana) for providing engineering and management
courses. Mr. Radhey Shyam, the president of the society, manages
operations.


MOHINI FOOD: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mohini Food
Products Private Limited (MFPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.05       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 2, 2021,
placed the rating(s) of MFPPL under the 'issuer non-cooperating'
category as MFPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MFPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 18, 2022, April 28, 2022, May 8, 2022.

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

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

Mohini Food Products Private Limited (MFPPL) was incorporated in
2006 by Mr. Pradeep Kumar Gupta, Mr. Pawan Kumar Gupta, Mr. Ankur
Gupta and commenced operations in December, 2006. It is engaged in
the processing of wheat to manufacture different forms of flour
such as Maida, Rawa, Bran, and wheat flour (atta) at its plant in
Pune, Maharashtra.


NARAYAN INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Narayan
industries - Chattisgarh (NI) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee           3        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              9        CRISIL D (Issuer Not
                                     Cooperating)

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

The firm was established in 2007 as a proprietorship by Mr Mukesh
Motwani. It is engaged in processing of paddy into non-basmati rice
and sorting of various types of dal. It also trades in non-basmati
rice and undertakes rice milling on job work-basis for Food
Corporation of India (FCI). The firm's manufacturing facility is
located in Baloda Bazar, Chhattisgarh. It sells products to local
traders in the state.


POWER ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Power
Engineering Corporation (PEC) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 10, 2021,
placed the rating(s) of PEC under the 'issuer non-cooperating'
category as PEC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PEC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 26, 2022, May 6, 2022, May 16, 2022.

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

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

Nagpur Based PEC is a proprietorship firm established is 1992 and
is promoted by Mr. Prabhakar Pannase. The firm is a Registered as a
Class-A Electrical Contractor in the State of Maharashtra. PEC is
engaged in electric works that include installing sub-stations,
fabrication and installation of pump connections to draw water as
well as laying line.


PRJC GROUP: CARE Lowers Rating on INR13cr Long Term Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
PRJC Group of Industries (PRJC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.00      CARE D Revised from CARE B;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the Bank Facilities of PRJC
considers the delay in the servicing of the interests of Guaranteed
Emergency Line of Credit (GECL) for the month of May 2022 & June
2022 due to liquidity mismatch.

Rating Sensitivities

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

* Regularization of debt servicing for a continuous period of 3
months.

Detailed description of the key rating drivers

Key rating weaknesses

* Delay in debt servicing: There has been delay in the servicing of
interest of GECL for the month of May 2022 & June 2022 due to poor
liquidity.

Liquidity Position- Poor

The firm has poor liquidity position and there has been delay in
the interest servicing of GECL.

PRJC Group of Industries (PRJC) was established as a proprietorship
firm by Mr Chikaru Brahma in 2017. The firm crushes stone at its
facility in Chirang, Assam. The proprietor also runs a hotel under
a separate proprietorship firm named Hotel Himalaya situated in
Bongaigaon, Assam. Further, Mr. Chikaru Brahma is also engaged in
poultry and fishery farming. Around 70% of the revenue is derived
from stone crushing.


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

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             4.80      CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      0.75      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      3.16      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               0.29      CRISIL D (Issuer Not
                                     Cooperating)

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

PSN was initially set up in 1921 and reconstituted as a private
limited company in 1952. Since 2009, PSN has been an authorised
dealer for SML Isuzu Ltd. It is presently managed by its managing
director, Mr. P K Sangameswaran.


PUSHPA SALES: CARE Lowers Rating on INR7.0cr LT Loan to B
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pushpa Sales Private Limited (PSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      9.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 14, 2021,
placed the rating(s) of PSPL under the 'issuer non-cooperating'
category as PSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2022, May 10, 2022, May 20, 2022.

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

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

The ratings assigned to the bank facilities of PSPL have been
revised on account of non-availability of requisite information.
The ratings also consider deterioration in capital structure as a
result of an increase in overall debt of the company during FY21.

PSPL incorporated on July 18, 2003 was founded in 1985 by Shri
Chandra Shekhar. Company derives its revenue through two streams
viz. two-wheeler dealership and trading of medical equipment. From
FY18, company has also started wholesale trading, installation and
servicing of various solar products.


RAJMOTI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Rajmoti
Industries (SRI) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            21.25      CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            34.5       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             4.25      CRISIL D (Issuer Not
                                     Cooperating)

   Pledge Loan            25         CRISIL D (Issuer Not
                                     Cooperating)

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

SRI, set up as a partnership firm in 1962, manufactures and trades
in double-filtered and refined groundnut oil and other edible oils.
The firm is promoted by Mr. Sameer Shah, Mr. Shyam Shah, and Mr.
Bhavdeep Vajubhai Vala.


RAMSWAROOP MEMORIAL: Ind-Ra Keeps D Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Ramswaroop
Memorial Institute of Management and Computer Application's bank
loan ratings in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the ratings. The
ratings will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating actions are:

-- INR190 mil. Term loans (Long-term) due on September 2019
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR50 mil. Fund-based working capital facility (Long-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on June
9, 2016. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Shri Ramswaroop Memorial Institute of Management and Computer
Application manages the Shri Ramswaroop Memorial Group of
Professional Colleges and Shri Ramswaroop Memorial Public School.


RATHINAM ARUMUGAM: Ind-Ra Keeps BB Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rathinam
Arumugam Research And Educational Foundation's bank loans' rating
in the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR163 mil. Bank loans maintained in non-cooperating category
     with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

Company Profile

Incorporated in January 2009, Rathinam Arumugam Research And
Educational Foundation manages a school, an engineering college and
an architecture college (established in the academic year 2017-18).
It also operates a techno park with leased area of 78,982 square
feet, which is fully occupied by five tenants.


RUCKMONI MEMORIAL: Ind-Ra Downgrades Bank Loan Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ruckmoni
Memorial Charitable Educational Health Trust's bank loans' ratings
to 'IND D (ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT
COOPERATING) . The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best-available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.

The detailed rating actions are:

-- INR29.66 mil. Bank loan (Long-term) downgraded with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR50.00 mil. Fund-based working capital facility (Long-term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

Key Rating Drivers

The downgrade reflects Ruckmoni Memorial Charitable Educational
Health Trust's delays in debt servicing during last 12 months based
on feedback received from the banker. As per the banker, there has
been delay in repayment of bank loan rated by Ind-Ra and the
account is currently classified in non-performing asset category.
Ind-Ra has not been able to ascertain the reason for the delay, as
the issuer has been non-cooperative.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

Company Profile

Ruckmoni Memorial Charitable Educational Health Trust was formed in
2002 and registered as a public charitable trust. The trust is an
educational organization recognized under the Travancore Cochin
Literacy Scientific and Charitable Act, 1955.


SAI SWADHIN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Swadhin
Commercials Private Limited (SSCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Term Loan                3.75     CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2008, SSCPL is engaged in extraction of rice bran
oil. The company has its processing unit located at Berhampur
(Odisha) and has total extraction capacity of 180 tonnes per day.
SSCPL is promoted by Mrs. Jami Nirmala, Mr. Jami Siva Sai, Mr. Jami
Ramesh and Mrs. Jami Kavita who also looks after the operations.


SAMBHAV EXIM: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sambhav
Exim (SE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.97       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           6.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 14, 2021,
placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2022, April 9, 2022, April 19, 2022.

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

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

Established in September, 2015, Ahmedabad (Gujarat) based Sambhav
Exim (SE) is a partnership firm managed by two partners viz. Mr.
Vijaykumar P. Shah and Mr. AnkitKumar P. Shah. SE is setting up a
plant in Ularia, Ahmedabad to manufacture woven sack bags, BOPP
woven bags and flexible pouches with a proposed manufacturing
capacity of 3,600 metric tons of packaging material per annum as on
March 31, 2017. The products manufactured by SE are used in various
industries such as agriculture, chemical, fertilizers, food etc.
Both the partners have over a decade of experience in packaging
industry.

SASWAD MALI: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed The Saswad Mali
Sugar Factory Ltd.'s (SMSFL) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR1,314.70 bil. (increased from INR1,287.02 bil.) Fund-based
     working capital limits affirmed with IND B+/Stable rating;
     and

-- INR435.13 mil. (reduced from INR592.98 mil.) Term loans due on

     March 31, 2026 affirmed with IND B+/Stable rating.

Key Rating Drivers

The affirmation reflects SMSFL's continued weak credit metrics,
despite an improvement in the gross interest coverage (operating
EBITDA/gross interest expense) to 1.94x in FY22 (FY21: 0.89x) and
the net leverage (total adjusted net debt/operating EBITDA) to
3.65x (8.84x), owing to a rise in the absolute EBITDA to INR458.2
million (INR253.63 million). Ind-Ra expects the credit metrics to
deteriorate further owing to a likely decline in the EBITDA. FY22
financials are provisional.

Liquidity indicator - Poor: The company's outside liabilities/net
worth was negative in FY22 due to previous year's accumulated
losses. The net working capital days improved, although remained
stretched at 183 days in FY22 (FY21: 268 days), owing to increased
sale of sugar under open general license scheme apart from the
monthly sales quota, leading to a decrease in inventory holding
period to 298 days (370 days). It has scheduled debt repayments of
INR158.18 million and INR157.94 million, respectively, in FY23 and
FY24. The cash and cash equivalents stood low at INR24.5 million at
FYE22 (FYE21: INR53.22 million). SMSFL's average maximum use of the
fund-based limits was 76.42% for the 12 months ended June 2022. The
cash flow from operations turned positive to INR39.22 million and
is likely to have been positive in FY22 as well on the back of
improved EBITDA as well as favorable changes in working capital.

The ratings also factor in SMSFL's continued medium scale of
operations. The revenue increased to INR2,927.5 million in FY22
(FY21: INR2,234.79 million), owing to an improvement in sugar (up
56% yoy to INR1,944 million) and non-sugar revenue (up 12% yoy to
INR875 million). The company sold sugar as per sugar release quota
by the central government at INR31,981 in FY22 (FY21: INR29,363).
The molasses ethanol sales improved by 64% yoy to INR214 million in
FY22 (INR131 million), due to higher production (FY22: 3,657 kilo
liters, FY21: 2,265 kilo liters). Also, the government increased
the rates of distillery effective 10 November 2021. As a result,
B-heavy molasses to ethanol rates increased to INR59.08 per liter
in FY22 (FY21: INR57.61 per liter). SMSFL increased its molasses
distillery production capacity to 50 kilo liters per day (KLPD) in
April 2022 from 30KLPD. It had sugar stock of 45,048 metric tons
(MT) amounting to INR1,396.5 million as on 31 March 2022.

In FY22, SMSF crushed 606,210MT of cane juice (FY21: 497,582MT)
during crushing days of 178 (132). The sugar sold was 60,778MT
(42,361MT) with a recovery rate of 9.4% (9.3%). The management
expects to crush 605,000MT of cane juice and the crushing is likely
to commence from mid-October 2022.

However, the ratings are supported by the company's healthy EBITDA
margins of 15.65% in FY22 (FY21: 11.35%) with a return on capital
employed of 22% (10%). The increase in the margins was owing to an
increase in the rate of distillery and increased sugar sales.
However, Ind-Ra expects the margins to deteriorate in FY23, due to
discontinuation of sale of B-heavy molasses in FY23, as it will be
stored for manufacturing of ethanol during the off-season. However,
the increase in ethanol production may support the margins to a
certain extent.

Rating Sensitivities

Negative: Any deterioration in the operating performance leading to
deterioration in the credit metrics and a further stress on the
liquidity position, all on a sustained basis, will be negative for
the ratings.

Positive: The net worth turning positive, a substantial improvement
in the scale of operations and continued healthy EBITDA margins,
leading to the interest coverage increasing above 1.7x, along with
an improvement in the liquidity position, all on a sustained basis,
will be positive for the ratings.

Company Profile

Incorporated in 1932, SMSFL is located in Malinagar in Solapur
district, Maharashtra. The company has a daily sugarcane crushing
capacity of 4,500 metric tons. It also owns a molasses distillery
of 50KLPD capacity, grain distillery of capacity 30KLPD and 14.8MW
co-generation capacity.


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

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Long Term Loan          11        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SIPL, formed in 2008 and based in Delhi, undertakes real estate
development. The company is promoted by Mr. Deepak Bansal. It is
developing two residential projects, both under NRI residency, at
Noida and Greater Noida.


SHRIRAM EPC: Ind-Ra Keeps 'D' Issuer Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shriram EPC
Ltd.'s Long-Term Issuer Rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as 'IND
D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR4.240 bil. Fund-based working capital limits (Long-
     term/Short-term) maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR6.706 bil. Non-fund-based limits (Long-term/Short-term)
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR18,231.7 bil. Term loan (Long-term) maintained in on-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Company Profile

Set up in 2000, Shriram EPC is an engineering, procurement and
construction company that operates in the renewable energy, process
and metallurgy, and municipal service segments.


SPLEN MICA: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Splen Mica
Private Limited (SMPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.17       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 14, 2021,
placed the rating(s) of SMPL under the 'issuer non-cooperating'
category as SMPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2022, April 9, 2022, April 19, 2022.

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

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

Ahmedabad (Gujarat) based Splen Mica Private Limited (SMPL) was
incorporated in October 2000 as Aim Laminar Private Limited (ALPL).
However, the company commenced its full-fledged operations from
December 2014 post erection and commissioning of plant and
management take over in 2013 by Mr. Hitesh Patel and Mr. Masukhbhai
Patel. Subsequently, it has changed its name to the current name
from October 8, 2021. The company is engaged in the manufacturing
of decorative laminates which is used as an overlay over plywood or
other wooden furniture. SMPL has its sole manufacturing plant
situated in Kheda (Gujarat) with an installed capacity of 13.25
lakh sheets per annum.


SUNSHINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sunshine
Infra Engineers India Private Limited (SIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          40        CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee          15        CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee          15        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility     105        CRISIL D (Issuer Not
                                     Cooperating)

   Secured Overdraft       25        CRISIL D (Issuer Not
   Facility                          Cooperating)

   Secured Overdraft        5        CRISIL D (Issuer Not
   Facility                          Cooperating)

   Secured Overdraft        5        CRISIL D (Issuer Not
   Facility                          Cooperating)

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

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

Detailed Rationale

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

SIPL was set up in 2010 by Smt. Lalitha Kumari and her business
associates. The company undertakes integrated projects for
construction of concrete and asphalt roads, including installation
of streetlights. It also undertakes projects involving resurfacing
of roads. The company is based in Hyderabad (Telangana), and caters
to state government entities in South India.


VIJAYA AERO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijaya Aero
Blocks Private Limited (VABPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan          24.5      CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2012, VABPL manufactures AAC bricks and blocks at
the manufacturing unit in Mahabub Nagar District, Telangana. The
company started commercial operations in January 2016, and
operations are managed by Mr. Prasanna Kumar and Mr. Ram Prasad.




=========
J A P A N
=========

FURUKUWA ELECTRIC: Egan-Jones Retains B+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on July 25, 2022, retained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Furukawa Electric Co., Ltd.

Headquartered in Chiyoda City, Tokyo, Japan, Furukawa Electric Co.,
Ltd. manufactures wires, cables, and metal products.


TOBU RAILWAY: Egan-Jones Retains BB- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on July 26, 2022, retained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Tobu Railway Co., Ltd.

Headquartered in Tokyo, Japan, Tobu Railway Co., Ltd. mainly
provides passenger rail and bus transportation services in the
Kanto area.




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

ANNIE AND ARNIE: Court to Hear Wind-Up Petition on Aug. 16
----------------------------------------------------------
A petition to wind up the operations of Annie and Arnie Limited
will be heard before the High Court at Wellington on Aug. 16, 2022,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 21, 2022.

The Petitioner's solicitor is:

          Emily Rebecca Erin O'Sullivan
          Legal Services
          11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018
          Email: Emily.OSullivan@ird.govt.nz


CLARKSHOP LIMITED: Court to Hear Wind-Up Petition on Aug. 16
------------------------------------------------------------
A petition to wind up the operations of Clarkshop Limited will be
heard before the High Court at Wellington on Aug. 16, 2022, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 9, 2022.

The Petitioner's solicitor is:

          Emily Rebecca Erin O’Sullivan
          Legal Services
          11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018
          Email: Emily.OSullivan@ird.govt.nz


CULTURESAFE NZ: Creditors' Proofs of Debt Due on Aug. 29
--------------------------------------------------------
Creditors of Culturesafe NZ Limited are required to file their
proofs of debt by Aug. 29, 2022, to be included in the company's
dividend distribution.

The High Court at Hamilton on Aug. 1, 2022, appointed Steven Khov
and Kieran Jones of Khov Jones as liquidators of the company.


MOOI GLOBAL: Creditors' Proofs of Debt Due on Aug. 29
-----------------------------------------------------
Creditors of Mooi Global NZ Limited are required to file their
proofs of debt by Aug. 29, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 28, 2022.

The company's liquidator is Kelera Nayacakalou.


VEENSWYK PROPERTIES: Creditors' Proofs of Debt Due on Aug. 30
-------------------------------------------------------------
Creditors of Veenswyk Properties Limited are required to file their
proofs of debt by Aug. 30, 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:

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




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

PAKISTAN: Finance Chief Vows Nation Will Meet Bond Payments
-----------------------------------------------------------
Bloomberg News reports that Pakistan sees a way out of its current
economic crisis without descending into default, thanks to progress
on a stalled International Monetary Fund loan as well as spending
cuts, Finance Minister Miftah Ismail said.

"With the commodity super cycle and Russia-Ukraine war, oil prices
skyrocketing and gas going as high as ever been in history,
Pakistan and other emerging countries have been facing the worst
crisis," he said in a phone interview. "Nonetheless, Pakistan by
having an IMF program, by introducing a significant tight budget
and depressing demand for imports has weathered the storm."

He was referring to the nation's staff level agreement with the
Washington-based lender for reviving a $6 billion loan program,
Bloomberg relates. Pakistan needs a total $33.5 billion in the year
through June 2023, while available financing stands at $35.9
billion for the period, according to a presentation by the State
Bank of Pakistan.

"Everything is settled now," Bloomberg quotes Ismail as saying.
"Pakistan is absolutely going to make each and every payment and
each and every bond."

Sharjah Islamic Bank received a scheduled coupon payment on Aug. 1
for its holdings of Pakistan's $1 billion Sukuk issued in January,
said Ali Wahab, the firm's head of debt capital markets.
"Hopefully, this will help in allaying the fears of investors," he
added.

Pakistan's Sukuk coupon payment has been executed and all debt
repayments during this week are on track, including the one due on
Aug. 3, State Bank of Pakistan said in an emailed reply, Bloomberg
relays. All external debt repayments - principal and interest - are
being executed on the due dates as per loan agreements, the
authority said.

Bloomberg notes that Pakistan reduced its imports by 35% to $5
billion in July, which will in turn help check the nation's
current-account gap. The spike in domestic energy prices - by 50%
to win the IMF bailout - will also reduce energy demand and imports
that has been a strain on the currency, Ismail said.

The rupee lost more than 14% against the dollar in July, ending
July 29's trading at 239.4 per greenback, the biggest monthly slide
since Bloomberg started compiling data in 1989. It's among the
worst currency decliners globally for last month. The currency
traded almost unchanged on Monday.  

The rupee traded little changed at 239.10 per dollar, while stocks
fell 0.1% on July 26. Pakistan's 7.375% 2031 dollar bond was
indicated 0.3 cents lower at 48.922 cents on the dollar, headed for
a sixth day of declines.

Pakistan's rupee has overshot to the downside temporarily but is
expected to appreciate in line with fundamentals over the next few
months, the central bank and finance ministry said in a rare joint
statement released near midnight on July 31, adds Bloomberg.

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific in early
August, 2022, S&P Global Ratings on July 28, 2022, revised the
outlook on Pakistan's long-term ratings to negative from stable.
S&P also affirmed its 'B-' long-term and 'B' short-term sovereign
credit ratings on Pakistan, as well as its 'B-' long-term issue
rating on Pakistan's senior unsecured notes and sukuk trust
certificates.

The negative outlook reflects growing risks to Pakistan's external
liquidity position over the next 12 months amid an increasingly
difficult economic landscape.




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

CEBU AIR: Egan-Jones Retains CCC- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on July 26, 2022, retained its 'CCC-'
foreign currency and local currency senior unsecured ratings on
debt issued by Cebu Air Inc. EJR also retained its 'C' rating on
commercial paper issued by the Company.

Headquartered in Pasay, Philippines, Cebu Air Inc. operates an
airline which provides air transportation services.




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

GOLDEN V: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on July 29, 2022, to
wind up the operations of Golden V Tools Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


ROCKSTAGVID PTE: Creditors' Meetings Set for Aug. 17
----------------------------------------------------
Rockstagvid Pte. Ltd. will hold a meeting for its creditors on Aug.
17, 2022, at 3:00 p.m., via Zoom.

Agenda of the meeting includes:

   a. to receive a full statement of the company’s affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint liquidator;

   c. appoint a committee of inspection of not more than 5 members,
if
      thought fit; and

   d. any other business.


ZIPMEX PTE: Starts to Allow Some Altcoin Withdrawals
----------------------------------------------------
Bloomberg News reports that Asia crypto exchange Zipmex Pte plans
to allow users to withdraw some tokens from their trading accounts.


The exchange set a timeline for withdrawals of Solana's SOL,
Ripple's XRP and Cardano's ADA, from Zipmex's Z Wallet, Bloomberg
relays. Larger coins including Bitcoin and Ether remain locked up,
the company said in a statement.

Zipmex, which operates in Thailand, Singapore, Indonesia and
Australia, halted withdrawals in July, citing "volatile market
conditions, and the resulting financial difficulties of our key
business partners," the report notes. Last week, Thailand's
Securities & Exchange Commission ordered Zipmex's Thai unit to lift
a freeze on some digital coins.

SOL tokens would be released Aug. 2, XRP on Aug. 4 and ADA on Aug.
9, Zipmex, as cited by Bloomberg, said. Withdrawals from Zipmex's
yield-based program ZipUp+ remain suspended.

According to Bloomberg, the company is one of many crypto firms
that have been caught by the $2 trillion meltdown in value of
digital tokens, and forced to either halt withdrawals or file for
bankruptcy. Last month, Zipmex filed for a moratorium in Singapore
court for protection from creditors against any lawsuits and to buy
time to arrange a restructuring plan.

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

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
1, 2022, Southeast Asia-focused cryptocurrency exchange Zipmex said
it had filed for bankruptcy protection in Singapore, becoming the
latest victim of the global downturn in digital currencies.

Zipmex resumed withdrawals last week, a day after suspending them
on July 20, and said it was working to address its exposure of
US$53 million to crypto lenders Babel Finance and Celsius, Reuter
said.

Zipmex's solicitors submitted five applications on July 22 seeking
moratoriums to prohibit legal proceedings against Zipmex for up to
six months, the cryptocurrency exchange said on July 27.



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***