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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 18, 2022, Vol. 25, No. 159

                           Headlines



A U S T R A L I A

ALLCRAFT PRINTING: Enters Voluntary Liquidation
CETE SOLUTIONS: First Creditors' Meeting Set for Aug. 24
ORDER ESPORTS: First Creditors' Meeting Set for Aug. 24
ORDER: Goes Into Voluntary Administration
RE:UNION GLOBAL: Second Creditors' Meeting Set for Aug. 24

SAMSON SEAFOODS: Second Creditors' Meeting Set for Aug. 24
SD MOTOR: Second Creditors' Meeting Set for Aug. 24


C H I N A

CENTRAL CHINA REAL ESTATE: S&P Cuts LT ICR to 'CCC+', Outlook Neg.
[*] CHINA: Is Set to Guarantee Bonds of Some Private Developers


H O N G   K O N G

DEER INVESTMENT: S&P Assigns Prelim 'B' ICR on Planned Acquisition


I N D I A

BELL FINVEST: CARE Keeps D Debt Rating in Not Cooperating
BLUE CIRCLE: CARE Keeps B+ Debt Rating in Not Cooperating Category
DULLAT RESORT: CARE Keeps D Rating in Not Cooperating Category
GAYATRI AGRO: CARE Lowers Rating on INR12.61cr LT Loan to B
HEAVEN: CARE Keeps B- Rating in Not Cooperating Category

HOTEL MEGHNA: CARE Lowers Rating on INR11.96cr LT Loan to B
IL&FS ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
JEYPORE SUGAR: Liquidator Seeks Contempt Action vs NCLT Members
KAKOTI ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
KALA CHAND: CARE Keeps B- Debt Rating in Not Cooperating Category

MANMEET SINGH: CARE Keeps C Debt Rating in Not Cooperating
PRACHEE POLYFILMS: CARE Keeps D Debt Rating in Not Cooperating
PROGRESSIVE CARS: CARE Keeps B Debt Rating in Not Cooperating
RSKS AUTOMOTIVES: Ind-Ra Hikes Long-Term Issuer Rating to 'BB-'
RUPEE CO-OPERATIVE: To Stop Banking Business From Sept. 22

SAAANANDAN SPINNING: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
SAHA DRUG: CARE Lowers Rating on INR7.50cr LT Loan to B
SHIVALIK TRADING: CARE Lowers Rating on INR14cr LT Loan to D
SK SAMIR: CARE Keeps B- Rating in Not Cooperating Category
SKS POWER: CARE Keeps D Debt Ratings in Not Cooperating Category

SOLAPUR TOLLWAYS: Ind-Ra Affirms 'D' Term Loan Rating
SUNRISE INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
VISHAL AROGYA: CARE Keeps B+ Rating in Not Cooperating Category
VITTHAL CORP: CARE Keeps D Rating in Not Cooperating Category
VRUKSHA MICROFIN: Ind-Ra Assigns BB- Bank Loan Rating

YORK PRINT: Ind-Ra Affirms & Withdraws BB+ Long-Term Issuer Rating
[*] INDIA: 1,999 Corporate Insolvency Cases Underway


M A L A Y S I A

1MDB: Najib Fails in Bid to Admit New Evidence in Final Appeal


N E W   Z E A L A N D

H B MOTORS: Placed in Liquidation
LFG FLOORING: Creditors' Proofs of Debt Due on Sept. 30
P & Q TILING: Creditors' Proofs of Debt Due on Sept. 25
TAREE FARM: Creditors' Proofs of Debt Due on Sept. 12
ZERO 2: BDO Tauranga Appointed as Liquidators



P A K I S T A N

PAKISTAN: Assets Rally Amid Bets for IMF Bailout This Month


S I N G A P O R E

LAI HONG: Creditors' Meetings Set for Sept. 1
ROTARY PILING: Court Enters Wind-Up Order
SAMTRADE CUSTODIAN: Court Enters Judicial Management Order

                           - - - - -


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A U S T R A L I A
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ALLCRAFT PRINTING: Enters Voluntary Liquidation
-----------------------------------------------
Print21 reports that Sydney print operation Allcraft Printing is in
voluntary liquidation, the first printer, apart from Ovato, that
has hit the skids since the end of lockdowns.

Allcraft was based in Lakemba, and prior to that was located on
Canterbury Rd in Canterbury for many years. At one stage, it ran a
B2 multi-unit press, and had digital kit.

According to Print21, the number of print businesses seeking
administration or liquidation has been remarkably few since the
onset of Covid, far less in the Covid years than in the
pre-pandemic years.

JobKeeper was used extensively in the print industry, with
virtually all print businesses taking up the offer to keep staff
employed through lockdown. With other government support including
no eviction if the rent wasn't paid, print businesses weathered the
Covid storm.

There have been a significant number of mergers in the past few
months, with the likes of Peacock Bros buying AMR Hewitts,
Precision Group buying Melbourne Mailing, and Quality Press buying
Clockwork, but the number of print business failing has been
minimal since Covid began.

Nicarson Natkunarajah of Roger and Carson was appointed as
liquidator of the company on Aug. 6, Print21 discloses.

Lakemba-based Allcraft was an innovative digital and offset
business in operation for more than 25 years, specialising in a
range of products including fliers, brochures, signage, posters,
business cards, envelopes and stickers.


CETE SOLUTIONS: First Creditors' Meeting Set for Aug. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Cete
Solutions Pty Ltd will be held on Aug. 24, 2022, at 2:00 p.m. via
teleconference only.

John Vouris and Kathleen Vouris of Hall Chadwick were appointed as
administrators of the company on Aug. 12, 2022.


ORDER ESPORTS: First Creditors' Meeting Set for Aug. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Order
Esports Pty Ltd will be held on Aug. 24, 2022, at 10:00 a.m. via
virtual meeting technology.

Shane Justin Cremin of Rodgers Reidy was appointed as administrator
of the company on Aug. 12, 2022.


ORDER: Goes Into Voluntary Administration
-----------------------------------------
News.com.au reports that Order, a Melbourne-based company that
raised AUD5.3 million in funding last year, has collapsed.

The company, which featured one of Australia's largest e-sports
teams - a sector where players compete against each other on video
games – went into voluntary administration on Aug. 15, the report
discloses.

According news.com.au, the company, called Order, currently has
around AUD200,000 in outstanding debt owed to creditors while 12
employees have been impacted by the collapse, according to David
Holton the administrator appointed from insolvency firm Rodgers
Reidy.

The pandemic and "cashflow issues" had been two of the major causes
for the collapse of the business which was founded in 2017, Mr.
Holton told news.com.au.

"What the company told us is in the last two years they have been
affected by Covid as per many other industries and whilst Covid
brought many people into e-sports and gaming, it was just a very
different year and difficult to get into tournaments and they
couldn't house people in the same areas," news.com.au quotes Mr.
Holton as saying.

"Covid has been a bit of distraction for things, but it's also a
new market which requires a lot of capital investment.

"The company had reached out in the last six months for additional
equity . . . which wasn't forthcoming and ultimately it's the
cashflow issues that has driven it into administration."

Order had a team of professional e-sports players known as
"Vexite", "Kingfisher" and "Sico", who lived with other gamers
together in a warehouse in Collingwood.

The team also hired a professional coach, team manager, strength
and conditioning expert, dietitian and mindfulness coach, as well
as an apparel manager who sold merchandise such as team posters for
AUD25, team jerseys for AUD80 and hoodies for AUD90 from its
website.

Last year, the company had achieved the largest private capital
raising for an Australian e-sports organisation by securing funding
of AUD5.3 million, while it also recruited former executive Marc
Edwards from AFL team the Melbourne Demons to be its CEO,
news.com.au recalls.

At the time of his appointment in May 2021, Mr. Edwards said he was
"excited to join" the company and industry as it was "poised for
significant growth".

"I could have continued to pay my dues in traditional sport, but
chose to apply the skills and the experience from those roles to
Order," he said in a statement.

However, Mr. Edwards has now deactivated his social media accounts
such as LinkedIn and Twitter and was unable to be reached for
comment.

The administrator told news.com.au that they were looking to
"urgently" sell the business and its assets within the next two
weeks with around a dozen parties interested at the moment.

"We are hoping to achieve a sale that will then retain the
employment of the 12 remaining staff and retain the existing teams,
players and the partnerships that the company built up over the
past couple of years," Mr. Holton said.

He added that the directors had "acted reasonably and pretty
quickly to make sure there aren't significant debts outstanding"
and had been in discussions about selling the business before it
went into administration.

It's no secret there has been a "massive rise" in Australian
companies collapsing but recent findings showed they have
skyrocketed by a whopping 50 per cent since April, news.com.au
notes.


RE:UNION GLOBAL: Second Creditors' Meeting Set for Aug. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of RE:Union Global
Pty Limited has been set for Aug. 24, 2022, at 12:30 p.m. via Zoom
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. 23, 2022, at 4:00 p.m.

Mitchell Warren Ball of Mackay Goodwin was appointed as
administrator of the company on May 16, 2022.


SAMSON SEAFOODS: Second Creditors' Meeting Set for Aug. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Samson Seafoods
Pty Ltd has been set for Aug. 24, 2022, at 10:00 a.m. at the
offices of BlueSky Co. Lab at Level 8, 125 Murray St in Perth.

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. 23, 2022, at 5:00 p.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
the company on Feb. 21, 2022.


SD MOTOR: Second Creditors' Meeting Set for Aug. 24
---------------------------------------------------
A second meeting of creditors in the proceedings of SD Motor
Vehicle Group Pty Ltd has been set for Aug. 24, 2022, at 10:00 a.m.
at 22 Market Street in Brisbane.

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. 24, 2022, at 10:00 a.m.

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




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C H I N A
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CENTRAL CHINA REAL ESTATE: S&P Cuts LT ICR to 'CCC+', Outlook Neg.
------------------------------------------------------------------
S&P Global Ratings, on Aug. 16, 2022, lowered its long-term issuer
credit rating on Central China Real Estate Ltd. (CCRE) to 'CCC+'
from 'B-'. S&P removed the rating from CreditWatch with negative
implications where it was placed on July 15.

The negative outlook on Central China Real Estate Ltd. (CCRE)
reflects refinancing pressure for its debt maturities in 2023, amid
challenging operating and funding conditions.

S&P downgraded CCRE because its ability to meet financial
commitments appears to be unsustainable, in its view, given the
company's reduced ability to refinance offshore senior notes due in
2023. CCRE has three senior notes totaling US$900 million maturing
in April, August, and November 2023. Liquidity is weakening due to
a reduced cash buffer, sluggish sales, and a diminishing
possibility of refinancing in the industry down cycle.

CCRE has a high reliance on offshore bonds (70.5% of total debt as
of Dec. 31, 2021), making its capital structure vulnerable under
current market turbulence. The risk is tempered by the good
progress of asset sales and management's solid track record and
strong commitment to repay debt.

CCRE's cash flow from operations could remain sluggish over the
next 12 months.We expect a limited buffer from cash on hand because
cash depletion could be substantial after the repayment of the
US$500 million note due in August.

S&P said, "We recently revised our forecast for national property
sales in China. We now anticipate a 28%-33% decline in 2022,
compared with our previous forecast of a 15%-20% decline. We expect
an industry recovery in early 2023 with moderate 3% growth in the
year. CCRE recorded contracted sales of Chinese renminbi (RMB) 16.1
billion in the first seven months of 2022. This was down 51.6% year
on year and represented about 30% of the company's annual target of
about RMB53 billion announced in April.

"In our estimation, CCRE's contract sales will decline 35%-40% for
full-year 2022 and grow 5%-10% in 2023, based on its
higher-than-industry decline in the first half of 2022, and our
view that the rollout of policy to support Henan's housing market
will underpin a slightly stronger rebound in 2023. We expect net
cash flow from operations (after interest) in 2023 will turn
positive, reaching RMB2 billion-RMB 3billion. This assumes only
5%-10% of sales proceeds will be spent on land acquisitions and
flattish construction and other expenses. Execution of asset
disposals and access to refinancing channels will be crucial to
CCRE's debt repayment plan, given a shortfall of operating cash
flow to cover repayment needs in 2023.

"In our assessment, there is low visibility on CCRE's ability to
regain capital market access after a local state-owned enterprise
(SOE) became its second-largest shareholder.Henan Railway
Construction & Investment Group, an SOE under Henan provincial
government, became the second-largest shareholder of CCRE upon the
sale of a 29.01% stake by controlling shareholder Mr. Wu Po Sum. In
our view, the company's access to capital market refinancing
channels remains uncertain at this stage. There is a lack of
visibility on what initiatives the new shareholder would take to
help the company regain market confidence and refinancing
capability.

"We believe the controlling shareholder has strong willingness to
support CCRE's debt repayment in difficult times. After the
ownership change, Mr. Wu remains the controlling shareholder,
owning 41.72% of CCRE. According to a company announcement, the
proceeds of the share sale by the controlling shareholder were
provided to the company in the form of a shareholder loan, to
support the company's liquidity."

In addition, an agreement reached with Zhengzhou Real Estate Group
Co. Ltd. on the sale of CCRE's Beilonghu Financial Island office
building project indicates a possibility of accessing the local
government's relief fund in order to liquidate noncore assets. This
could support liquidity and help the company tackle its maturity
needs, while property sales operations may take time to recover.

The negative outlook on CCRE reflects the still-high refinancing
risk for the company's 2023 maturities amid challenging operating
and funding conditions. It also reflects uncertainties in CCRE's
ability to restore market confidence and regain access to funding
channels after the introduction of a provincial SOE as its
second-largest shareholder.

S&P could downgrade CCRE if the company faces difficulty in
tackling its debt maturities over the next 12 months. This could be
indicated by:

-- A further weakening of its liquidity position and difficulties
in accessing various funding channels;

-- Delayed execution of asset disposals;

-- A bigger shortfall of repayment sources, possibly due to
deteriorating cash flow from operations. Persistently sluggish
contracted sales without signs of a recovery may suggest such
operational weakness; or

-- A weakening commitment by its controlling shareholder to
support the company when needed.

S&P could also lower the ratings if CCRE restructures its debt or
buys back a material amount of debt at below-par value, which its
deem as tantamount to a distressed exchange.

S&P could revise the outlook on the rating back to stable if it
sees more clarity on the progress of CCRE's plan to meet its debt
maturities in 2023, including improved access to various funding
channels, strengthened operating cash flow from property sales, and
a smooth execution of asset disposals.

ESG credit indicators: E-3, S-2, G-4


[*] CHINA: Is Set to Guarantee Bonds of Some Private Developers
---------------------------------------------------------------
The South China Morning Post reports that China's government has
instructed a state-owned credit enhancement company to provide
guarantees to a number of private property developers issuing
bonds, giving them a leg-up to raise capital during a debt crisis
that has hobbled the industry for the last year.

First up is Chongqing Longfor Corporate Expansion Limited, a unit
of Longfor Group Holdings, which will issue yuan-denominated notes
worth between CNY1 billion (US$147 million) and CNY1.7 billion on
August 24, according to a term sheet seen by the South China
Morning Post.

The full amount of the bond will have "unconditional, irrevocable
joint-liability guarantees" from state-owned China Bond Issuance,
the country's first professional credit enhancement institution,
established in 2009, according to the term sheet.

The notes will be priced with a coupon between 3 per cent and 4.3
per cent, and the funds will be used for unspecified project
construction, the repurchase of offshore bonds and payment of
offshore debt, the Post has learned.

Several other property companies, including Country Garden Holdings
and Cifi Holdings, will also be supported by the guarantees for
their onshore bond sales, which are expected soon, according to
sources. Sino-Ocean Group, Seazen Holdings and Gemdale Corporation
are also likely to be among them, the sources said.

According to the Post, the fresh state support is seen as an
upgrade from previous measures to boost investor confidence in the
onshore bonds of home builders in China's troubled US$2.7 trillion
property market.

After a succession of bond payment extensions and defaults since
China Evergrande Group's debt problems first rocked the sector in
August last year, the offshore primary market remains shut for many
private players, the Post notes. Lockdowns and other tough Covid-19
restrictions in mainland China are further hampering sales amid
weak consumer sentiment.

The Post says the crisis in the real estate market is increasingly
spilling over to the financial system, putting some of the largest
banks in China at risk. Buyers of units in at least 300 projects
across 91 cities recently resorted to boycotting their mortgage
payments in protest at stalled construction.

Country Garden is discussing the details of its planned bond
issuance with regulators, a source close to the company said on
Aug. 16, adding that the developer will issue an announcement soon,
the Post reports.

"The company is having smooth communications with the regulatory
authorities, and believes that they will further support selected
private developers," Cifi said in an emailed reply. "The company
will update investors on any material development."

The other companies did not reply to phone calls and emails from
the Post.

According to the Post, Nomura views the move to guarantee the bonds
as an "enhanced form of policy support from the previous CRMW
[credit risk mitigation warrants] structure", a credit-risk hedging
tool to support onshore bond issuance used previously.

Country Garden, Longfor Group Holdings and Midea Real Estate
Holding issued yuan-denominated bonds in May that were supported by
either credit default swaps or CRMW, the Post recalls.

"While this is no doubt positive for near-term sentiment, we would
need to track the eventual issuance sizes and see if such support
will persist," said Nomura analyst Iris Chen in a note on Aug. 17.




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H O N G   K O N G
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DEER INVESTMENT: S&P Assigns Prelim 'B' ICR on Planned Acquisition
------------------------------------------------------------------
S&P Global Ratings, on Aug. 17, 2022, assigned its preliminary 'B'
long-term issuer credit rating to Deer Investment Holdings Ltd.,
which is the immediate holding company of HCP Global Ltd. The
preliminary rating is subject to its review of the executed
transaction and the final documentation, including drawdown of the
proposed term loan and equity injection.

S&P said, "The stable rating outlook on Deer reflects our view that
HCP will maintain its leading position in its market segment and
the combined entities will gradually deleverage over the next 12-24
months on recovering demand and improved capital structure post the
acquisition."

Deer Investment, a holding company that private equity firm Carlyle
Group controls, plans to acquire China-based packaging producer HCP
Global Ltd. The transaction will be funded by debt and an equity
injection from Carlyle.

S&P said, "Our preliminary issuer credit rating on Deer reflects
our view of HCP's business strength and the group's financial risk
following the proposed transactions. We expect HCP to sustain its
competitive position in the niche plastic packaging market,
supported by good servicing and product capability, its global
footprint, and stable long-term customer relationships. The
competitive nature of the fragmented market, and HCP's small scale,
limited product and business diversity, and high leverage offset
these strengths.

"We expect HCP to sustain its competitive strength in the niche
market of rigid plastic packaging (RPP) for color cosmetics and
skincare segments."

The company is the number 2 producer of such products globally and
number 1 in Asia-Pacific, with a 5% global market share. It is also
a leader in the plastic for use in the mascara sub-segment, with a
30%-40% market share globally. This follows a bolt-on acquisition
in 2017 that expanded its technology in nitrile butadiene rubber
wipers for mascara brushes.

HCP's stable servicing capability, industry knowhow, and global
footprint lead to high customer retention. Customers value design,
service, and quality more than attractive prices. This is partly
due to the importance of packaging for product attractiveness in
the beauty sector; moreover companies are insensitive to packaging
prices, given its small cost base. HCP has over 60 years of
operating history and has demonstrated its product and servicing
capability, with negligible rejections and late deliveries.

The company's global sales network allows it to respond quickly to
customer needs, given its close proximity to customers. As a
result, HCP was qualified as a certified supplier by top customers.
The long supplier-qualification process, which normally takes three
to five years, helps the company to build entry barriers.

HCP's small size, narrow products, and concentration of end markets
constrain its competitive position. S&P expects the company to
remain small in the competitive RPP market for at least the next 12
months. Its presence is restricted to a niche and fragmented market
and focuses on color cosmetics (74% of 2021 sales) and skin care
(26% of 2021 sales). Peers with a wider target market, such as food
and beverage, healthcare, pharma and other consumer segments, are
generally larger in scale.

HCP's revenue declined by 27.8% in 2020. This drop, after five
years of healthy growth, was because the color cosmetics segment
was severely hit by the pandemic and social distancing measures.
Larger industry players with more diversified exposures were more
resilient.

Recovery in demand and wallet share will help HCP to expand its
topline in 2022, despite pandemic-related disruptions in the first
half. HCP was hurt by COVID-related inefficiencies (e.g. order
cancellation, delayed delivery, higher freight rates, additional
site sanitation costs, etc.) in China during April-May. As such,
the company's revenue and reported gross margin in the first four
months in 2022 remained largely unchanged compared with the same
period last year, despite a recovery in U.S. and Europe demand. HCP
will likely see higher revenue growth and margins in the second
half of 2022 as its Shanghai plant operations returned to
pre-lockdown levels from May.

HCP's revenue could grow by 14%-16% in 2022, after a 29.2% increase
in 2021, on recovering demand and normalization in consumers' daily
and social activities. The company's total backlog was up by 17% by
end 2021, providing visibility for revenue growth. HCP has been
developing new technologies to differentiate its products. It
gained significant wallet share from a key customer in 2021 by
cross selling new products. In S&P's view, HCP's solid customer
relationships and investments in new technology will help the
company to continue to gain wallet share and grow faster than the
industry average.

HCP should be able to navigate the current inflationary
environment, although with a lag. Most of the company's sales
agreements are based on fixed prices. However, it has renegotiated
with customers to raise prices on transaction basis. HCP has
secured cost pass-through for more than half of its sales,
resulting in an effective increase of 3% in average selling prices
across the board. The company is exposed to increased raw material
costs (mainly resin). However, HCP's ability to partially pass
through the cost inflation, its centralized procurement strategy,
diversified supplier base, and a series of cost saving initiatives
should help the company withstand cost inflation.

Meanwhile, HCP's new orders from the higher-margin markets of the
U.S. and Europe grew 28% and 63%, respectively, in the first
quarter of 2022. S&P therefore expects revenue contribution from
outside China to increase by 10 percentage points to 77%. This
should support a 2-3 percentage point increase in EBITDA margin to
18.0%-18.5% for the full year.

The leverage of Deer and HCP combined will remain high in the next
12-24 months, despite growing profits and debt deduction. HCP is
currently owned by Baring Private Equity Asia, which acquired the
company in 2016. HCP's leverage soared after a debt-funded dividend
payout in 2020. Lower sales amid the pandemic further worsened the
adjusted debt-to-EBITDA ratio to 11.0x in 2021.

S&P said, "We expect the combined entity's operating cash flow to
grow to US$30 million in 2022, on rising revenue and margins. This
will be more than sufficient to cover capital expenditure that we
estimate at US$22 million-US$27 million in 2022. The spending will
be primarily for capacity expansion and upgrades, including buying
new injection, brush, and wiper machines, and for investment in
automation. The group's reported debt will also decline by about
US$130 million due to an equity contribution from Carlyle following
the acquisition. We therefore expect positive free operating cash
flow (FOCF) and estimate the combined entity's debt to EBITDA ratio
will improve to close to 7.0x in 2022.

"We project the ratio at below 6x in 2023, on continuous profit
expansion and disciplined capital spending. We don't expect the
company to make any acquisition or pay dividends to Carlyle during
the next 24 months.

"The stable outlook on Deer reflects our view that the company (via
HCP) will maintain its strong position in the global niche RPP
market for the beauty industry. We expect demand in this market to
recover as the impact of the pandemic subsides. We anticipate
improving sales and margin to help the combined entity to reduce
leverage to 5.0x-6.0x in the next two years."

S&P could downgrade Deer if the company's debt-to-EBITDA ratio
stays above 7.0x. This could happen if:

-- Improvement in revenue and profitability is limited due to
challenging industry conditions or operational missteps.

-- The company makes large acquisitions or shareholder rewards,
leading to an increase in debt.

S&P said, "We could also lower the rating if HCP's business
position weakens due to deteriorating product competitiveness,
weakening customer relationship, or weak cost management. An
indication would be its EBITDA margin falling below 17% on a
sustained basis.

"We could raise the rating on Deer if the company's leverage
declines and stays close to 5.0x on a sustained basis. This could
happen if the company expands its revenue scale, improves
profitability, and controls capital spending such that it can
maintain positive free operating cash flow that enables the company
to deleverage."

Deer is the immediate holding company of HCP, a China-based
producer of rigid plastic packaging. HCP's revenue was split
between plastic packing products for color cosmetics (74% of 2021
revenue), and for skincare (26% of 2021 revenue).

HCP's products include RPP products for lipstick and lip gloss (29%
of 2021 revenue), compacts (28%), jars, bottles and cap (26%), and
mascara (17%).The company has 10 plants, 11 global sales offices,
with more than 5,000 employees across China, North America, and
Europe. Its five plants in China account for 75% of total
production. The company generates 41% of revenue in North America,
with the remainder split between Asia (34%) and Europe (24%) in
2021.

-- Environmental, Social, And Governance

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Deer. Our assessment of the company's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of the controlling
owners, as is the case for most rated entities owned by private
equity sponsors. Our assessment also reflects generally finite
holding periods and a focus on maximizing shareholder returns.

"Environmental factors are also a moderately negative consideration
in our credit rating analysis. Like plastic-packaging peers, HCP's
environmental risk is higher than for companies that use more
sustainable materials. Risks include waste concerns, changing
consumer preferences, and tightening recyclability regulations on
plastic packaging. HCP has been actively developing sustainable
packaging solution for its customers. Currently 35% of the
company's products are being made using recycled or reusable
materials, versus the industry average of less than 20%. We expect
the ratio will continue to increase over the next two to three
years."




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BELL FINVEST: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bell
Finvest (India) Limited (BFIL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      150.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 23, 2020,
placed the ratings of BFIL under the 'issuer non-cooperating'
category as BFIL 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. BFIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated July 21,
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 ratings.

Detailed description of the key rating drivers

Delay in debt servicing: There have been continuing delays in
servicing of debt obligations to the lenders.

Bell Finvest (India) Ltd (BFIL), incorporated in 2008, is RBI
registered NBFC-ND- Non-SI Company. The company provides term loans
and working capital loans to SME customers. Mr. Bhupesh Rathod is
the promoter and CEO of the company who looks after the operations
of the company. He is ably supported by his son Mr. Chirag Rathod,
Director, who looks after the financial operations of the company.


BLUE CIRCLE: CARE Keeps B+ Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Blue Circle
Organics Private Limited (BCOPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      25.56       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short     30.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 2, 2021,
placed the rating(s) of BCOPL under the 'issuer non-cooperating'
category as BCOPL 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. BCOPL 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).

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

Blue Circle Organics Private Limited (BCOPL) was incorporated in
2003 and is currently being managed by Mr. Akshay Arora, Mrs.
Archana Arora and Mr. Naresh Shah. The company is engaged in
manufacturing of pharmaceutical excipients i.e. saccharin and
intravenous contrast dye used in medical X-ray, magnetic resonance
imaging (MRI), computed tomography (CT), angiography and ultrasound
imaging.


DULLAT RESORT: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dullat
Resort (DR) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.00      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 24, 2021,
placed the rating(s) of DR under the 'issuer non-cooperating'
category as DR 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. DR 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).

Dullat Resort (DR) was established as a partnership firm by Mr.
Avtar Singh and Mr. Rupinder Singh in October 2015 sharing profit
and losses equally. DR is established with an aim to set up a
resort by the name of "Dullat Resort" in 2 phases – Phase I and
Phase II. Phase I consists of 8 rooms, 1 office room, 1 banquet
hall, 1 conference room, and parking space for 400 cars at Mohali,
Punjab.


GAYATRI AGRO: CARE Lowers Rating on INR12.61cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gayatri Agro Oil and Food Products (GAOFP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.61       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 18, 2021,
placed the rating(s) of GAOFP under the 'issuer non-cooperating'
category as GAOFP 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. GAOFP 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).

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

Detailed description of the key rating drivers

Established in January 2004, Gayatri Agro Oil and Food Products
(GAOFP) was promoted by Mr. Amit Agrawal, Mr. Pawan Kumar Agrawal
and Ms. Sarita Agrawal. The firm is engaged in the extraction and
refining of edible oil (mainly rice bran oil and its by-product
de-oiled cake from rice bran) with an edible oil extraction
capacity of 200 tons per day and refining capacity of 50 tonnes per
day. The extraction cum refinery plant of the company is located at
Kalahandi, Odisha. The firm sells its products under the brand name
'Shankh' and "Sobha" in the state of Odisha.


HEAVEN: CARE Keeps B- Rating in Not Cooperating Category
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The Heaven
(TH) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 31, 2021,
placed the rating(s) of TH under the 'issuer non-cooperating'
category as TH 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. TH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 26, 2022, May 6, 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).

Rajkot based (Gujarat) HVN was established in September 2017 by Mr.
Ketan Raiyani and Mr. Rasik Raiyani along with Mr. Kalpesh Gajera,
Mr. Bhavin Gajera and Mr. Punit Dobariya. HVN had took up a water
park project known as 'The Heaven' (HVN) located on Jetpur Road
near Gondal, Rajkot which will include different water rides along
with twelve cottages, restaurant and few other amenities. The total
cost of the envisaged project remained at INR9.75 crore which was
proposed to be funded via debt equity mix of 3.00 times. The
project was commenced in March, 2018, while full-fledged commercial
operations were expected to commence by March, 2019.

HOTEL MEGHNA: CARE Lowers Rating on INR11.96cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Hotel Meghna (HM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.96       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed rationale and key rating drivers

CARE Ratings Ltd. has been seeking the No Default Statement (NDS)
from HM, however, after repeated requests, HM has not submitted the
No Default Statement (NDS) for the past three months. 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. The rating on the bank facilities of HM will now
be denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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 have been revised on account of non-receipt of NDS for
the past three months and uncertainty around the credit risk
profile of the firm.

Detailed description of the key rating drivers

At the time of the last rating on September 6, 2021, the following
were the rating strengths and weaknesses:

Key rating weaknesses

* Constitution as a proprietorship entity: HM, being a
proprietorship entity, is exposed to the inherent risk of the
capital being withdrawn at time of personal contingency and entity
being dissolved upon the death/insolvency of the proprietor.
Furthermore, proprietorship entities have restricted access to
external borrowing as credit worthiness of proprietor would be
amongst the key factors affecting credit decision for the lenders.

* Small scale of operations with moderate occupancy level in FY21:
The scale of operations of the entity remained small marked by
total operating income of INR6.81 crore in FY21 vis-à-vis INR
INR7.54 crore in FY20. The total operating income was moderate with
moderate occupancy rate during the period FY20 to FY21 on account
of sudden outbreak of COVID-19 which led to restrictions imposed
nationwide. However, the entity was able to generate revenue by
renting the rooms to state government for arranging institutional
quarantine centers and also income derived from the food and
beverage division. Furthermore, the net worth of the entity stood
at INR3.43 crore as on March 31, 2021. The firm was operating
partially due to restriction imposed on recent second wave and they
were able to generate a turnover of INR2.34 crore in 4MFY22.

* Seasonal, cyclical and competitive nature of the hotel industry:
The demand for hotel and hospitality sector has direct relation to
the overall health of the economy. The Indian hotel industry
normally experiences high demand during March to June months,
mainly on account of summer vacations and from October to November
mainly on account of festive vacations all over India. However,
this trend is seeing a change over the recent few years. Hotels
have introduced various offers to improve performance (occupancy)
which include targeting the conferencing segment and offering
lucrative packages during the lean period. Furthermore, the
industry is highly fragmented in nature with presence of large
number of organized and unorganized players spread across various
regions. The firm faces competition from a number of small and
medium players since it is located in a tourist destination.

* Deterioration in financial performance in FY21 leading to
weakening of debt profile: The scale of operations of the entity
remained small marked by total operating income of INR6.81 crore in
FY21 vis-à-vis INR7.54 crore in FY20. The profitability margin of
the firm remained moderate marked by PBILDT margin of 28.78% in
FY21 as compared with 36.85% in FY20 due to lockdowns and travel
restrictions on account of COVID-19 pandemic. The capital structure
of the firm has deteriorated marked by overall gearing ratio of
4.34x as on March 31, 2021, as compared with 2.89x as on March 31,
2020, on account of decrease in net worth due to the adjustment of
unabsorbed depreciation in the net worth.

The debt coverage indicators of the firm remained moderate marked
by interest coverage ratio of 1.15x (1.53x in FY20) and total debt
to GCA of 57.18x (14.64x as on March 31, 2020) in FY21 on account
of decrease in PBILDT levels during FY21.

Key rating strengths

* Experienced promoter: The proprietor of HM, Dr. Itesh Bordoloi is
a consultant paediatrician by profession and also employed as chief
managing partner of "Lower Assam Hospital and Research Centre",
Bongaigaon. He is also the managing director of Gauripur Hospital.
He is also into dealership of automobiles viz. 4-wheeler segments
and 2-wheeler segments. The promoter has entered into the hotel
industry over the last four years and looks after the overall
management of the firm with adequate support from qualified staff
and a team of experienced personnel.

* Strategic locational advantage of the hotel: The hotel is located
at NH-27, Chirang District Bongaigaon, Assam. It is also
strategically located close to nearest domestic airport which is at
a distance of 190 kms and the nearest railway station is only at a
distance of 5 kms. The location boasts of tourist attractions
comprising of wild life sanctuary, world heritage site, elephant
reserve and biosphere reserve at an hour's drive from New
Bongaigaon. The hotel provides restaurant bar and banquet hall
services. With the commercial nature of location of the hotel, the
firm is likely to have assured business from room bookings,
restaurant business and other related incomes. Furthermore, with
tourism being the main source of livelihood in lower Assam, cheap
labour is also available in abundance.

* Tie-up with Cygnett Hotels along with high growth prospects of
the hotel industry: The firm has a tie-up with "Cygnett Hotels and
Resorts INC." making it the only hotel of such star category in the
locality. Moreover, the Indian tourism and hospitality industry has
emerged as one of the key drivers of growth among the services
sector in India. Assam Government has given the priority to tourism
industries in the state with several privileges. On routine basis
government agencies have been conducting the tourism development
programmers. Assam has grown up to become one of the best favorable
destinations for the corporates to organize MICEs apart from being
an already established tourist destination in the country. State
Government is also providing best possible support to the potential
investor in hospitality industries.

HM was formed as a proprietorship concern in year 2012 by Mr. Itesh
Bordoloi. The hotel started commercial operations from March 2017.
It is a four-star hotel located at Chapanguri, Assam with a total
built-up area of 7200 sq.mt. The firm has a tie-up with "Cygnett
Hotels and Resorts". The hotel is currently operating with 50 rooms
(which include 42 superior rooms, 6 club rooms and 2 suit rooms).
The hotel also has other amenities like conference and banquet
hall, multicuisine restaurant, bar, health club, spa, saloon and a
swimming pool.


IL&FS ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IL&FS
Engineering and Construction Company Limited (IECCL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      902.81      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank   2,188.52      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

IECCL has not serviced its debt obligations since September 2018.
The same continues according to the annual report of the company
ending March 31, 2022.

CARE Ratings Ltd. had, vide its press release dated March 27, 2019,
placed the ratings of IECCL under the 'issuer non-cooperating'
category as IECCL 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. IECCL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, and a letter dated July 22, 2022.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. CARE's ratings on IECCL's Long-Term and
Short-Term bank facilities continue to be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on August 13, 2021, the following were
the key rating factors (updated for the information available from
stock exchange).

Key Rating Weaknesses

* Default in Debt Servicing Obligations: There are continued delays
and defaults on IECCL's principal and interest payments. IECCL has
been classified as an NPA since 2019.

Liquidity: Poor

The liquidity profile of the company is poor as reflected by the
ongoing delays in the debt servicing.

IL&FS Engineering and Construction Company Limited (IECCL) promoted
by Infrastructure Leasing & Financial Services Limited group
(IL&FS, rated CARE D, holds 42.25%) rest is held by public
(57.75%). As on March 31, 2021, IL&FS group had exposure of
INR2047.07 crore in IECCL in form of equity and loans and advances.
IECCL is engaged in infrastructure development which includes
construction and project management services operating across
different countries. The company also undertakes construction of
roads, buildings and industrial structures, irrigation canals
projects.


JEYPORE SUGAR: Liquidator Seeks Contempt Action vs NCLT Members
---------------------------------------------------------------
Financial Express reports that the erstwhile liquidator of
Chennai-based Jeypore Sugar Company has moved the National Company
Appellate Law Tribunal (NCLAT) seeking contempt proceedings against
the NCLT Chennai bench's judicial member Justice S Ramathilagam and
former technical member B Anil Kumar for "wilfully disobeying the
orders of the superior courts", thereby indulging in serious
judicial misconduct and total abuse of the process of law for
"unjustly enriching" the latter.

FE relates that the liquidator, V Venkata Sivakumar, said benefits
worth over INR1,000 crore were illegally given to "favorable
parties".

Sivakumar, who was removed and replaced by Hari Karthik as
liquidator, has alleged that Anil Kumar, with a "mala fide
intention and in collusion with IDBI Bank", had given the control
of the debt-laden company to its ousted "ineligible" promoters on
the last day of his retirement. This was in violation of the
appellate tribunal's and the Madras High Court's orders, he said,
FE relays.

Denying allegations made against him, Anil Kumar said Sivakumar "is
accustomed to make such allegations whenever he fails to get any
favorable order, according to FE. Earlier also, he had filed such
pleas against another NCLT member and also against the ICAI of
which he is a member himself". He added, "He is involved in various
irregularities/malpractices and that is why the order was passed to
remove him. And the matter is already before the NCLAT."

According to FE, Sivakumar alleged that Anil Kumar continued to
hear the matter even after putting in his papers, after an
extension of the two-year term for technical members was rejected
by the ministry of corporate affairs.

". . . shockingly on July 1, at 3:00 p.m., just before his
retirement he (Anil Kumar) and the judicial member brought in 24
petitions not included in the primary cause list and pronounced"
orders, the plea said.

Seeking initiation of inquiry proceedings against these members or
permission to initiate criminal proceedings against them, Sivakumar
also sought reopening and quashing of all the favourable orders
passed in these 24 cases by the bench presided by Ramathilagam and
Anil Kumar just before the latter's retirement, according to FE.

FE adds that Sivakumar also alleged that Karthik was appointed as
liquidator on the behest of the promoters as he was assisting
Rajasekhar, the DGM Finance of the corporate debtor, and would
accompany the latter during the CIRP and liquidation process.
Rajasekhar's father, too, was employed in the company for 30
years.

Claiming that his efforts for the last four years had resulted in
getting almost 100% of the claims settled, Sivakumar said the
promoters, who were reluctant to take over the company at INR125
crore, had offered INR600 crore to the lenders to settle the debt.
However, IDBI Bank and the promoters, with Anil Kumar's help, had
Sivakumar removed without paying his expenses and remuneration, he
contended.

Headquartered in Chennai, India, Jeypore Sugar Company Ltd. --
http://www.kcp.co.in/-- manufactures sugar, molasses and
industrial alcohol.  The company is part of the KCP Group.  

Jeypore Sugar Company Limited commenced corporate insolvency
proceedings on Feb. 26, 2019.


KAKOTI ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kakoti
Engineering Works (KEW) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      1.25       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 11, 2021,
placed the rating(s) of KEW under the 'issuer non-cooperating'
category as KEW 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. KEW 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).

Established in 1988 as a proprietorship concern, Kakoti Engineering
Works (KEW) is majorly engaged in the business of oil field
services like steel tubular structure, pipeline, O & M of gas
compressor and workover and drilling rigs in Sivasagar, Assam. The
firm participates in the tender process of various renowned
organisations like Oil India Limited, ONGC etc. Later, in 1999 the
firm changes its constitution to partnership nature of entity. Mr.
Ripendra Prasad Kakoti having around four decades of experience in
the construction industry, looks after the day to day operations of
the firm. He is duly supported by other partners and a team of
experienced professionals.


KALA CHAND: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kala Chand
Bose (KCB) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 10, 2021,
placed the rating(s) of KCB under the 'issuer non-cooperating'
category as KCB 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. KCB 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).

M/s Kala Chand Bose was established in September 2000 as a
partnership entity by two partners namely, Mr. Kalachand Bose, and
Smt. Pratima Rani Bose with an objective to enter into trading of
potatoes and potatoes seeds business. The registered address of the
entity is located at G. T Road, PO- Memari, Dist- Burdwan, West
Bengal-. Mr. Kala Chand Bose (Partner) along with Smt. Protima Rani
Bose (Partner) who has around 25 years and 30 years of experience
in the similar line of business look after the day to day operation
of the entity.


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

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

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 31, 2021,
placed the rating(s) of MSB under the 'issuer non-cooperating'
category as MSB 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. MSB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 16, 2022, April 26, 2022, May 6, 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).

Manmeet Singh Bhatia (Madhya Pradesh) (MSB) was formed in 2003 as a
partnership firm by Mr. Manmeet Singh Bhatia, Mr. Jagjeet Singh
Bhatia and Mr. Devendra Singh Bhatia. The firm is engaged in the
retailing of country made and Indian Made Foreign Liquor (IMFL) in
Madhya Pradesh.


PRACHEE POLYFILMS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prachee
Polyfilms Private Limited (PPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.06      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 28, 2021,
placed the rating(s) of PPPL under the 'issuer non-cooperating'
category as PPPL 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. PPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a email/letters dated
April 13, 2022, April 23, 2022, May 3, 2022.

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

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

Surat (Gujarat) based PPPL was incorporated in April 2009 under the
name of Prachee Filaments Yarns Private Limited by Poddar family.
The name of the company got changed to its current form of PPPL in
September 2015. PPPL is into the business of manufacturing of
Metalized and Holographic Films, Jari Badla which find application
in textile, food processing and fertilizer industry. PPPL is
operating from its sole manufacturing plant located in Surat
(Gujarat).

PROGRESSIVE CARS: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Progressive
Cars Private Limited (PCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.47       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 31, 2021,
placed the rating(s) of PCPL under the 'issuer non-cooperating'
category as PCPL 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. PCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 16, 2022, April 26, 2022, May 6, 2022.

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

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

Ahmedabad-based (Gujarat), PCPL was incorporated as a private
limited company in November 1999 as an authorized dealer and an
authorized service centre for Fiat Cars. PCPL closed down its Fiat
cars dealership in 2003 and became an authorized dealer and an
authorized service centre for passenger cars manufactured by TATA
Motors Limited and opened its first showroom and workshop in Anand,
PCPL opened its second TATA Motors cars showroom in Nadiad in the
year 2007. In 2012 PCPL became an authorized dealer and an
authorized service centre for two wheelers manufactured by TVS
Motor Company Ltd. and opened its first two wheelers showroom in
Anand. In 2017 PCPL opened its third TATA Motors cars showroom in
Ahmedabad.

RSKS AUTOMOTIVES: Ind-Ra Hikes Long-Term Issuer Rating to 'BB-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded RSKS Automotives
Private Limited's (RSKS) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limits upgraded with
     IND BB-/Stable/IND A4+ rating; and

-- INR42.5 mil. (reduced from INR44 mil.) Term loan due on
     January 2029 upgraded with IND BB-/Stable rating.

The upgrade reflects the improvement in RSKS' credit metrics and
EBITDA margins in FY22.

Key Rating Drivers

The revenue improved to INR844.6 million in FY22 (FY21: INR229.14
million) as it was the first full year of operations for the
company, while the scale of operations remains small. During April
to June 2022, it booked INR350.87 million in revenue. The
management expects to book more than INR1,500 million in FY23,
owing to its plan of adding Maruti Suzuki Nexa cars, while
continuing to sell Arena cars. The management expects to sell
300-400 vehicles of Nexa cars in FY23, commencing September 2022.

RSKS' gross interest coverage (operating EBITDA/gross interest
expense) increased to 2.74x in FY22 (FY21: 1.25x) and net leverage
(net debt/operating EBITDA) reduced to 3.64x (37.07x), owing to an
increase in the absolute EBITDA to INR28.69 million (INR3.65
million). During April to June 2022, the gross coverage stood at
3.95x, net leverage at 3.88x, and EBITDA at INR9.28 million. Ind-Ra
expects the credit metrics to continue to be comfortable in the
medium term, on the back of scheduled repayments of term loans and
low interest expenses.

Moreover, the EBITDA margins improved to 3.4% in FY22 (FY21: 1.59%)
owing to the receipt of credit notes from Maruti Suzuki India
Limited which were considered as other operating income of INR24.69
million during the year. However, they remain average in view of
the return on capital employed of 14% in FY22 (FY21: 4%); the rise
in ROCE was owing to lower debt levels of INR111.63 million
(INR151.86 million). During April to June 2022, the margins reduced
to 2.6% due to an increase in the fixed cost. Ind-Ra expects the
medium-term margins to be in line with FY22's.

Liquidity Indicator - Stretched: Ind-Ra expects RSKS' liquidity to
remain stretched over the near term, given the high inventory
requirement in the car sales segment, along with the advance
payments to be made to the suppliers for procurement. The peak
average working capital utilization was 74.36% for the 12 months
ended June 2022. The cash flow from operations turned positive in
FY22 (FY21: negative INR95.74 million) owing to favorable changes
in working capital; majorly inventory levels reduced as the sales
increased. Ind-Ra expects them to remain positive in FY23, on the
back of improved EBITDA; however, the free cash flow will turn
negative in FY23 due to debt-led-capex of INR20 million which will
be 75% funded by a term loan and remaining through internal
accruals or own funds. The working capital days improved to 22 days
in FY22 (FY21: INR110 million). RSKS had a cash balance of INR7.27
million at FYE22, against debt repayments of INR7 million in FY23
and INR10 million in FY24. Ind-Ra takes comfort from the promoters'
ability to infuse funds, in case of any requirement.

The ratings are constrained by RSKS' high geographical
concentration, as its operations are concentrated in Gwalior. This
renders the company vulnerable to any weakening in the region's
economy, political disturbances, and natural calamities.

The ratings are also constrained by the intensely competitive
nature of automobile dealership business and the cyclical nature of
the auto industry and its susceptibility to macro-economic factors.


The ratings, however, are supported by the extensive experience of
the promoters in various industries such as hospitality, education,
oil & gas and fast-moving consumer goods.

Rating Sensitivities

Negative: Any decrease in the scale of operations, leading to a
weakening of the credit metrics on a sustained basis or
deterioration in the liquidity profile could lead to a negative
rating action.

Positive: An increase in the scale of operations, while maintaining
gross interest coverage above 1.5x on a sustained basis, and an
improvement in the liquidity profile could lead to a positive
rating action.

Company Profile

Incorporated in 2018, RSKS has a dealership for Maruti Suzuki Arena
cars and owns a showroom in Gwalior (Madhya Pradesh). It commenced
operations from January 2021. RSKS is a part of the Malwa Group,
Indore which has its presence in the education, fast-moving
consumer goods, hospitality and oil & gas segments.


RUPEE CO-OPERATIVE: To Stop Banking Business From Sept. 22
----------------------------------------------------------
ET Now reports that the Reserve Bank of India on Aug. 10 cancelled
the licence of the Rupee Co-operative Bank as the lender does not
have adequate capital, earning prospects and it does not comply
with regulations. The Pune-based bank will cease to exist as a bank
from September 22.

Announcing its decision, the central bank said that the continuance
of the bank is prejudicial to the interests of its depositors, ET
Now relates. The bank with its present financial position would be
unable to pay its present depositors in full, the RBI said adding
that public interest would be adversely affected if the bank is
allowed to carry on its banking business.

"Consequent to the cancellation of its licence, 'Rupee Co-operative
Bank Ltd, Pune' stands prohibited from conducting the business of
'banking' which includes, among other things, acceptance of
deposits and repayment of deposits as defined in Section 5(b) read
with Section 56 of the Banking Regulation Act, 1949 with effect
from Sept. 22, 2022," the RBI said in a release.

According to ET Now, the bank further noted that upon liquidation
every depositor of Rupee Co-operative would be entitled to an
insurance claim of up to INR5 lakh in accordance with the
provisions of the Deposit Insurance and Credit Guarantee
Corporation Act (DICGC).

"As per the data submitted by the bank, more than 99 per cent of
the depositors are entitled to receive full amount of their
deposits from DICGC. As on May 18, 2022, DICGC has already paid
INR700.44 crore of the total insured deposits under the provisions
of Section 18A of the DICGC Act, 1961 based on the willingness
received from the concerned depositors of the bank," the RBI
added.

ET Now says many of the lender's high value depositors are senior
citizens. It must be noted that the RBI had in December last year
given the Pune-based lender an extension for its banking licence
for three months. It was the 27th such extension for the company.


SAAANANDAN SPINNING: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded S.A. Aanandan
Spinning Mills Private Limited's (SASMPL) Long-Term Issuer Rating
to 'IND BB+' from 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. (reduced from INR66 mil.) Term loan due on March
     2028 upgraded with IND BB+/Stable rating;

-- INR500 mil. Fund-based working capital limits Long-term rating

     upgraded; Short-term rating affirmed with IND BB+/Stable /IND

     A4+ rating; and

-- INR40 mil. (reduced from INR55 mil.) Non-fund-based working
     capital limits affirmed with IND A4+ rating.

The upgrade reflects an increase in SASMPL's revenue and EBITDA
margins in FY22, leading to an improvement in the credit metrics.

Key Rating Drivers

In FY22, the revenue grew to INR1,652 million (FY21: INR1,387
million), due to an increase in sales realization in the export
segment, resulting from increased demand for sustainable yarn. The
revenue contribution from exports increased to 47% in FY22 (FY21:
31%, FY20: 35%) and other segments to 21% (18%; 19%), while that
from domestic sales declined to 31% (51%, 46%). The company's scale
of operations remains medium. Ind-Ra believes revenue from the
manufacturing segment will grow at a slower pace in the short term
as the company was operating at around 90% capacity in FY22;
however, the trading segment will continue to lead revenue growth.

The EBITDA margins increased to around 11.31% in FY22 (FY21: 8.09%,
FY20: 7%) due to better absorption of fixed costs and a decline in
raw material costs as a percentage of revenue to 69% (76%, 75%).
The raw material cost declined due to the decline in the trading of
yarn. The margins were strong with the return on capital employed
of 19% in FY22 (FY21: 13%, FY20: 10%). Although the agency expects
the EBITDA margins to remain volatile over the medium term, given
the fluctuations in raw material prices, the agency takes comfort
from the company's sustainable/recycled/eco-friendly yarn, which
fetches better margins in the exports market and has a high demand
from various international brands.

The interest coverage (operating EBITDA/gross interest expense)
improved to 3.37x in FY22 (FY21: 1.58x, FY20: 1.45x) due to an
increase in the EBITDA to INR186.80 million (INR112.26 million,
INR100.31 million) and a decline in the interest cost to INR55.51
million (INR71.17 million, INR69.27 million) as the company
refinanced its debt for lower interest rates. The net leverage
(total adjusted net debt/operating EBITDA) improved to 2.98x in
FY22 (FY21: 4.56x; FY20: 5.39x) due to an improvement in
profitability. The agency expects credit metrics to remain
comfortable in the short term on the back of a likely sustenance of
profitability, low-interest cost, and absence of any debt-led capex
plans.

Liquidity Indicator – Stretched: SASMPL's average peak use of the
fund-based limits was around 80% during the 12 months ended July
2022. The cash flow from operations remained negative at INR102
million in FY22 (FY21: negative INR132 million) due to an increase
in working capital requirements. The net working capital cycle also
elongated to 145 days in FY22 (FY21: 137 days) due to an increase
in the inventory holding period to 147 days (145 days) and
receivable period to 29 days (19 days). It had an unencumbered cash
balance of INR19.16 million at FYE22. The company had availed loans
under the Guaranteed Emergency Credit Line Scheme of INR178.20
million in FY22. SASMPL has repayment obligations of around INR32
million each in FY23 and FY24.

The ratings, however, continue to be supported by the promoters'
two-decade-long experience in the cotton yarn manufacturing
business.

Rating Sensitivities

Positive: A significant improvement in the revenue, while
maintaining of the EBITDA margins and credit metrics, along with an
improvement in the liquidity position, would be positive for the
ratings.

Negative: A decline in the scale of operations and EBITDA margins,
leading to deterioration in the liquidity position and/or the
interest coverage reducing below 2.0x on a sustained basis, will be
negative for the ratings.

Company Profile

Incorporated in 1996, SASMPL manufactures cotton yarn in the count
range of 20s-80s. It has an annual installed capacity of 21,250
spindles.


SAHA DRUG: CARE Lowers Rating on INR7.50cr LT Loan to B
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Saha Drug Distributor (SDD), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       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 June 9, 2021,
placed the rating(s) of SDD under the 'issuer non-cooperating'
category as SDD 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. SDD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 25, 2022, May 5, 2022, May 15, 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 SDD have been
revised on account of non-availability of requisite information.

SDD, a proprietorship concern established up by Mrs. Soma Saha,
Proprietor, in 1990, is engaged in distribution of pharmaceuticals
products including medicated cosmetics in Tripura. SDD procures its
supplies from leading manufacturers like Glaxo Smith Kline
Pharmaceuticals Ltd, Johnson & Johnson Ltd, Cipla Limited, Lupin
Limited, The Himalaya Drug Company and Dr. Reddy Laboratories Ltd.
The operations are managed by the proprietor, Mrs. Soma Saha. The
firm has its godown at Santipara, Agartala. The other
proprietorships under Mrs. Soma Saha are S S Enterprise and Sayak
Agency. There are two partnership firms in the same business with
Mr Alok Kumar Saha (husband) and Mr. Sayak Saha (son) as partners
in the ratio of 1:1. These partnership firms are Sayak Enterprise
and Mediblaze.

SHIVALIK TRADING: CARE Lowers Rating on INR14cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shivalik Trading Company (STC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.00      CARE D Revised from CARE B-;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of STC
is primarily due to delays observed in servicing debt obligations.

Rating Sensitivity

Positive Factor:

* Establishing clear repayment track record for more than
consecutive three months

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: STC has exhibited delays in servicing
Cash Credit account interest for more than 30 days. Further, the
conduct of the account is not satisfactory.

Liquidity: Poor
The liquidity profile of STC remained poor due to financial
crunches.

Mul-Chandrapur (Maharashtra) based Shivalik Trading Company (STC)
was formed in 2004 as a proprietorship concern by Mr. Deepesh Patel
for carrying out the business of trading rice. STC procures paddy
from local market and send the same to its associate concern- Datta
Rice Mill for milling work to produce rice. The firm sells rice
under its own brand name 'Aishwarya'.


SK SAMIR: CARE Keeps B- Rating in Not Cooperating Category
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sk Samir
Ali (SSA) continues to remain in the 'Issuer Not Cooperating'
category.

                       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  

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 10, 2021,
placed the rating(s) of SSA under the 'issuer non-cooperating'
category as SSA 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. SSA 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).

Sk. Samir Ali was established in the year 1988 with its office
located at 1/E, Ibrahim Road, Kolkata-700023. Since its inception,
the entity has been engaged in civil construction business in the
segment like bridges and buildings. Further, the entity is also
classified as class 'I (A)' contractor in civil (B&R) under the
department of PWD Government of West Bengal. Class 'I' contractor
can bid for all types and higher value of contracts of Public Works
Department (PWD) in West Bengal. The entity is also engaged in
contractor business with Department of Women and Social welfare,
Government of West Bengal Ministry of Health & Family Welfare,
Government of West Bengaland Howrah Zila Parishad. Sk. Samir Ali
(Proprietor) has more than a decade of experience in civil
construction industry, he looks after the day to day operations of
the entity along with other technical and non-technical
professionals who are having long experience in this industry.


SKS POWER: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SKS Power
Generation (Chhattisgarh) Limited (SPGCL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     5,456.96     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           504.00     CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Non Convertible      258.74     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from SPGCL to
monitor the rating(s) vide e-mail communications/letters May 28,
2022, July 15, 2022 and July 20, 2022 among others and numerous
phone calls. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
ratings. 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. Furthermore, SPGCL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on SPGCL's bank facilities and
instruments continues to be denoted as CARE D; ISSUER NOT
COOPERATING.

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 take into account the ongoing delays in debt servicing
for the rated facilities. Furthermore, the company is undergoing
Corporate Insolvency and Resolution Process (CIRP) under the
National Company Law Tribunal (NCLT).

Detailed description of the key rating drivers

At the time of last rating on June 22, 2021, the following were the
weaknesses:

Key rating weaknesses

* Delays in servicing of debt obligations: The company has delayed
in servicing of debt obligation for the rated facilities.

Liquidity: Poor
The liquidity profile of the company is poor as reflected by the
ongoing delays in the debt servicing.

SPGCL promoted by the SKS group is a 51% subsidiary of SKS Ispat
and Power Limited (SIPL). On November 12, 2018, Singapore-based
Agritrade Resources has entered into definitive agreement with its
lenders to acquire SKS Power Generation (Chattisgarh) in a one-time
settlement of Rs 2170 crore and subsequently, post compliance of
the condition precedents and on receipt on OTS amount transaction
closed on 18th March 2019. Agritrade is a leading energy solutions
provider headquartered in Singapore and listed in Hong Kong. The
company is the first to introduce large scale, fully mechanized
underground coal mining in Indonesia.


SOLAPUR TOLLWAYS: Ind-Ra Affirms 'D' Term Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Solapur Tollways
Private Limited's (STPL) senior project term loan rating as
follows:

-- INR5,884.2 bil. Senior project term loan (long term) due on
     March 31, 2031 affirmed with IND D rating.

Key Rating Drivers

The affirmation reflects STPL's continued delays in debt servicing
due to cash flow mismatches during FY22 and 4MFY23. The company
attained provisional commercial operation date January 23, 2020 for
82.95km of the project stretch and started toll collections from
February 2020. The toll collection was impacted by COVID-19-led
disruptions, with the daily toll collections plummeting during
1QFY21 and 1QFY22 due to the first and second waves of the
pandemic. However, the collections recovered subsequently with the
unlocking of economic activities and easing of pandemic-related
restrictions. The daily toll collections stood at INR2.33 million
in 1QFY23, 15% higher than the average daily toll collection during
2HFY22. However, the project's cash flows have been insufficient to
meet STPL's debt obligations. The company expects to complete the
construction of the balance stretch by January 2023, which would
lead to a significant rise in the toll collection.

Rating Sensitivities

Positive:  Timely debt servicing for at least three consecutive
months could result in a positive rating action.

Company Profile

STPL is incorporated by Bharat Road Network Limited, which is a
subsidiary of Srei Infrastructure Finance Limited and holds a
majority stake in STPL. It was incorporated to implement a lane
expansion project under a 25-year concession from National Highways
Authority of India ('IND AAA'/Stable). The project road is a 100km
stretch from Solapur to Maharashtra-Karnataka border and is part of
the National Highway 9. The project was bagged on the basis of
highest annual premium of INR279.9 million payable to National
Highways Authority of India with an annual escalation of 5%. The
concession agreement was signed on February 29, 2012 and the
appointment date was declared as June 3, 2014. The project was
scheduled to be completed by November 28, 2016 but was delayed due
to various reasons, including land acquisition and utility shifting
issues.


SUNRISE INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sunrise
Industries (Delhi) (SI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       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 July 5, 2021,
placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI 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. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 21, 2022, May 31, 2022, June 10, 2022.

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

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

New Delhi based, Sunrise Industries was established in 2011 as a
partnership. The firm is currently being managed by Mr. Dinesh
Kumar, Mr. Nirmal Kumar and Mr. Prem Sagar sharing profit and loss
equally. The firm is engaged in manufacturing of tobacco products
such as catechu (katha). The firm has an installed capacity to
manufacture 1950 boxes of katha 20 kg each per month from its
manufacturing facility located in Haridwar, Uttarakhand as on March
31, 2018. The key raw material for manufacturing of katha is Khair
wood (scientifically called senegalia catechu) (in which white
substance catechu is found); which the firm solely procures via
auctions conducted by Uttarakhand Forest Development Corporation.


VISHAL AROGYA: CARE Keeps B+ Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vishal
Arogya Sampat Private Limited (VASPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 31, 2021,
placed the rating(s) of VASPL under the 'issuer non-cooperating'
category as VASPL 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. VASPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2022, April 26, 2022, May 6, 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).

Vishal Arogya Sampat Private Limited (VASPL), originally
incorporated as a partnership firm under the name Vishal Arogya
Sampat (during October 2009) was converted into a private limited
company incorporated on October 25, 2015 and its name was changed
to present nomenclature. The company has been promoted by Mr.
Sridhar Rao (Managing Director) and Ms. G. Anuroopa. VASPL is
engaged in distribution of food products, health care products as
well as personal care and household products. The company is sole
distributor of products of Patanjali Ayurvedic Limited (PAL), Divya
Pharmacy and Divya Yog Mandir (Trust) in Andhra Pradesh and
Telangana.


VITTHAL CORP: CARE Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vitthal
Corporation Limited (VCL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      171.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 17, 2021,
placed the rating(s) of VCL under the 'issuer non-cooperating'
category as VCL 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. VCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2022, April 12, 2022, April 22, 2022.

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

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

Vitthal Corporation Limited (VCL) was incorporated in 1998 as
Vitthal Sugars Manufacturing Limited (VSML) to undertake
manufacturing of sugar. The company changed its name to its present
name on July 22, 2010. VCL's facility was commissioned in 2008 with
an installed capacity of 2500 TCD (tons of cane crushed per day).
VCL has a fully integrated sugar manufacturing unit consisting of
distillery unit of 30 KLPD (kilo liters per day) and 12MW
(megawatt) bagasse-based power generation plant.


VRUKSHA MICROFIN: Ind-Ra Assigns BB- Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Vruksha Microfin
Private Limited's (VMPL) bank loans as follows:

-- INR200 mil. Bank loans assigned with IND BB-/Stable rating.

VMPL, which was incorporated in August 2020, started its operations
in August 2021 in the microfinance space.

Key Rating Drivers

The rating reflects VMPL's small scale of operations, as indicated
by loan book of INR188.6 million in FY22. The company is engaged in
the financing of small ticket loans to joint liability groups of
women. As VMPL began operating only in August 2021, it has not seen
any cycles so far and does not have a proven track record. At this
stage of evolution, the scale plays an important role in factors
such as operational efficiencies, concentration risks, and
consistent clear and scalable policies. Considering the existing
scale of operations, the company has adequate systems and processes
in place to carry out its day-to-day operations. Ind-Ra expects the
company to enhance its corporate governance standards with the
formation of additional board committees and the appointment of
additional members on the board.

The rating reflects the high geographical concentration risk, as
all seven branches of the company are located in Tamil Nadu.
Moreover, while some of the directors have knowledge and experience
related to the working of financial institutions, their experience
in microfinance is evolving. However, their understanding of the
local market and customer segments in Tamil Nadu have been helping
the company control delinquencies despite being concentrated in a
few contiguous districts of a single state.  Ind-Ra believes as the
company grows its loan book, it would be able to reduce its
geographical concentration.

The rating reflects the company's limited funding from banks, which
is backed by the fixed deposits along with the loans from the
directors. The company was able to borrow INR139.6 million of
funding in FY22, but most of it was from the directors. Its net
worth stood at INR104 million at FYE22 (FYE21: INR51.7 million),
with leverage (debt/equity) of 1.3x. The company is in the process
of securing sanctions from some banks; Ind-Ra believes it could be
challenging for the company to raise funding as per its plans. VMPL
plans to borrow around INR400 million in FY23 through banks and
non-convertible debentures to enhance its loan book. However, the
rating factors in VMPL's adequate capitalization levels, with tier
1 ratio is 50.4% at FYE22, which will facilitate the near-term
growth plans of the management.

VMPL mainly disburses loans for a tenure of 15 months in the first
cycle. In FY22, the company disbursed loan amount up to INR0.03
million per borrower, repayable in 30 equal fortnightly
instalments. In the second cycle, the company plans to disburse
loans up to INR0.05 million. Since July 2022, VMPL has been
disbursing newer loans at 24% against 19.69% earlier.  As part of
its near-term strategy, VMPL would attempt to raise borrowings and
fund the growth in its assets under management (AUM) before the
promoters infuse additional funds. Ind-Ra expects the leverage to
remain below 5x in the medium term, given the systemic risks that
micro finance institution (MFIs) are subject to.

The ratings are supported by the company's superior asset quality
compared to its peers, with zero gross non-performing assets (90
days past due) at end-FY22. However, the loan book is yet to be
seasoned as FY22 was the first year of operations. Based on the
industry track record, the gross non-performing assets might settle
at higher levels once VMPL achieves scale and its portfolio
seasons.

Liquidity Indicator – Adequate:  At FYE22, the company maintained
a cumulative surplus of around 77% of its total assets in the
up-to-one-year bucket. Despite stressing the inflows, the
asset-liability statement remains adequate to meet obligations of
up to one year. At FYE22, the company held balance sheet cash of
INR0.9 million, sufficient to meet debt obligations of up to six
months.  The management plans to keep cash on the balance sheet
equivalent to two months of debt repayments.

Ind-Ra revised its outlook on the microfinance sector to Neutral
for FY23 from Negative. The agency has also revised the rating
outlook on small-mid non-banking financial company-micro finance
institutions (NBFC-MFIs), including those with over 50% of AUM in
the microfinance sector, to Stable for FY23 from Negative, while
maintaining large NBFC-MFIs (group-owned entities or AUM greater
than INR50 billion) on a Stable rating Outlook. Ind-Ra opines that
since the COVID-19 impact on credit costs has been largely
absorbed, there is a likelihood of normalized growth for MFIs with
a recovery in collections (especially on post-COVID-19
disbursements) and relatively easy refinancing compared to the last
two years. Moreover, there are increased viability expectations for
small-mid NBFC-MFIs post the implementation of new regulations, as
entities can implement risk-based pricing of loans. Ind-Ra opines
that this could improve pre-provision operating profit margins and
provide higher tolerance to withstand credit costs. Ind-Ra also
expects non-profit form MFIs to continue to face challenges from
lenders in terms of incremental borrowings.

Rating Sensitivities

Negative: A significant deterioration in the asset quality and
profitability metrics, leading to capital impairment, the leverage
exceeding 5x, on a sustained basis, and inability to maintain
adequate liquidity would lead to a negative rating action.

Positive: A substantial increase in the scale of operations while
reducing the geographical concentration, the leverage sustaining
below 5x and maintaining high level of asset quality performance on
a sustained basis, and enhanced management strength, could lead to
a positive rating action.

Company Profile

VFPL is a registered NBFC-MFI extending collateral-free micro-loans
to group of women from low-income households under the joint
liability model. It operates through seven branches in four
districts of Tamil Nadu.


YORK PRINT: Ind-Ra Affirms & Withdraws BB+ Long-Term Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed York Print Private
Limited's (YPPL) Long-Term Issuer Rating at 'IND BB+' and has
simultaneously withdrawn the rating. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR273.4 mil. Term loan* due on June 2026 affirmed and
     withdrawn;

-- INR355.5 mil. Fund-based working capital limit* affirmed and
     withdrawn; and

-- INR75 mil. Non-fund-based working capital limit^ affirmed and
     withdrawn.

* Affirmed at 'IND BB+/Stable' before being withdrawn

^ Affirmed at 'IND A4+' before being withdrawn

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

Key Rating Drivers

The affirmation reflects YPPL's continued medium scale of
operations, as indicated by revenue of INR2,248.72 million in FY22
(FY21:INR1,798.07 million). The revenue grew by around 25% yoy in
FY22 due to the recovery in demand post the pandemic. In 1QFY23,
YPPL booked a revenue of INR598.20 million. In FY23, the revenue is
likely to improve yoy on account of a further rise in the demand
and increased production, resulting from the addition of new
machines in FY22. FY22 numbers are provisional in nature.  

The ratings factor in YPPL's modest EBITDA margins due to the
volatile nature of raw material prices and the company's low
bargaining power with some of its customers. The margin declined to
7.43% in FY22 (FY21:10.87%) due to an increase in raw material
costs as well as other direct expenses.  The ROCE was 5.5% in FY22
(FY21:7.4%). The company has an understanding with its reputed
customers, wherein the raw material is procured as per the
customer's requirement at a specific price; this restricts
fluctuations in margins. However, with the remaining customers, the
company does not have any such understanding or price escalation
clauses, which impacts the margin to an extent. The margin is
likely to remain at similar levels in FY23.

Liquidity Indicator - Stretched: YPPL 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 99.63% during the 14 months ended 30 June
2022. The cash flow from operations continued to be negative at
INR28.33 million in FY22 (FY21: negative INR8.85million) due to a
continued increase in the working capital requirement.
Consequently, the free cash flow remained negative at INR44.83
million in FY22 (FY21: INR33.76 million). The cash flow from
operations is likely to improve in FY23 on account of a likely
improvement in the operating EBITDA.  The net working capital cycle
continued to be elongated but improved to 194 days in FY22 (FY21:
225 days) due to a reduction in the inventory holding period to 203
days (232 days). YPPL's inventory holding period is generally
elongated as it has to maintain a large inventory in terms of
work-in-progress, based on the orders received from the customers
and also to cater to spot orders. The cash and cash equivalents
stood at INR6.04million in FY22 (FY21: INR8.44million). The company
has long-term debt repayment obligations of INR68.19 million and
INR71.16 million for FY23 and FY24, respectively.

The ratings also factor in the company's modest credit metrics due
to the modest margins. Its net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 5.00x in FY22 (FY21: 4.18x)
owing to a decline in the operating EBITDA to INR167.11 million
(INR195.50 million). The interest coverage (operating EBITDAR/gross
interest expense + rents), however, rose slightly to 2.65x
(FY21:2.54x) due to a fall in the interest cost to INR62.99million
(INR76.84 million). Ind-Ra expects the credit metrics to improve in
FY23 on account of growth in the scale of operations.

The ratings, however, benefit from a strong and diversified client
base. YPPL's counterparty default risk is mitigated by its
association with reputed Indian companies. Moreover, the company
operates in diverse sectors such as fast-moving consumer goods and
pharma, which insulates it from the risk of a downturn in any
particular industry.

The ratings are supported by the promoters' experience of two
decades in the packaging industry, which has helped the company
establish strong relationships with customers as well as
suppliers.

Company Profile

YPPL is a packaging company incorporated in 2002. It manufactures
folding box cartons at its units in Meghalaya and Assam. It offers
a wide range of cartons, which is complemented by print finishes
such as stamping, foiling, embossing and varnishing.


[*] INDIA: 1,999 Corporate Insolvency Cases Underway
----------------------------------------------------
The Times of India reports that nearly 2,000 cases of corporate
insolvency resolution process (CIRP) are currently underway as per
the insolvency law, of which 436 are in the real estate sector, the
government informed Parliament on Aug. 8.

In last financial year, 210 applications pertaining to real estate
sector were admitted for CIRP under the Code, TOI relates. Out of
them, 18 cases have been resolved, 60 have been settled or
withdrawn and in 63 cases, liquidation has been ordered. The
process is going on in the rest of the cases.

TOI says the resolution for corporate debtors is done under the
Insolvency and Bankruptcy Code which provides for resolution
through a market-driven process.

"The committee of creditors within its commercial wisdom assesses
the feasibility and viability of the resolution plan submitted by
the proposed resolution applicant which is then approved by the
Adjudicating Authority. Further, the time taken for resolution
depends on several factors including the nature of business,
business cycles, market sentiments and marketing effort. As on 30th
June 2022, total 1,999 CIRPs are ongoing out of which only 436 are
in real estate sector. During COVID-19 pandemic period, there has
been a general slowdown in the distressed asset market," the report
quotes Minister of State for Corporate Affairs Rao Inderjit Singh
as saying.




===============
M A L A Y S I A
===============

1MDB: Najib Fails in Bid to Admit New Evidence in Final Appeal
--------------------------------------------------------------
Reuters reports that Malaysia's top court on Aug. 17 denied a
request by former Prime Minister Najib Razak to introduce new
evidence in his final appeal against a 12-year jail sentence for a
case linked to the multibillion-dollar 1MDB financial scandal.

Reuters relates that Najib, 69, faces dozens of charges over the
alleged theft of $4.5 billion from 1MDB, a state fund he co-founded
as premier in 2009, in a wide-ranging scandal that has ensnared
high-ranking officials and financial institutions stretching from
Hollywood to the Middle East.

In the first of several trials, he was convicted in July 2020 for
criminal breach of trust, abuse of power, and money laundering, for
illegally receiving about $10 million from SRC international, a
former unit of state fund 1Malaysia Development Berhad (1MDB),
Reuters relays. An appeals court upheld the verdict last year.

Najib, who has pleaded not guilty to all charges, replaced his
legal team just three weeks before his final appeal at the Federal
Court began Aug. 15, Reuters reports. Out on bail pending the
hearings, he could become the country's first prime minister,
former or sitting, to be jailed if the appeal fails.

Defence lawyers had asked the court to admit new evidence that they
said would prove that the trial judge who convicted Najib had a
conflict of interest, owing to his previous employment at a bank
that had conducted business with 1MDB, according to Reuters.

In a unanimous judgment, the five-member court on Aug. 16 rejected
the motion, finding that the evidence sought had either been
publicly available or could have been obtained with reasonable
diligence during the trial, Reuters relates.

"The entirety of the additional evidence sought to be introduced
is, in our view, irrelevant to the charges proffered against the
applicant and fails to disclose any conflict of interest," Reuters
quotes Chief Justice Tengku Maimun Tuan Mat as saying.

Reuters adds that the court also denied a request by Najib's
newly-appointed lawyers for a three- to four-month postponement, to
fully prepare their arguments given the complexity of the case.

According to Reuters, Najib told reporters after the hearing he was
"shocked and disappointed" by the judges' ruling, but remained
hopeful that he would eventually be exonerated.

The ex-premier has previously cited 94 reasons why he should be
acquitted, including that lower courts had erred in some of their
findings, documents submitted before the appeal showed.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.

Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter.  This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.



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

H B MOTORS: Placed in Liquidation
---------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Aug. 12, 2022, was
appointed as liquidator of H B Motors Limited.

The liquidator may be reached at:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


LFG FLOORING: Creditors' Proofs of Debt Due on Sept. 30
-------------------------------------------------------
Creditors of LFG Flooring Limited are required to file their proofs
of debt by Sept. 30, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 8, 2022.

The company's liquidator is:

          Garry Whimp
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142


P & Q TILING: Creditors' Proofs of Debt Due on Sept. 25
-------------------------------------------------------
Creditors of P & Q Tiling Limited are required to file their proofs
of debt by Sept. 25, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 11, 2022.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


TAREE FARM: Creditors' Proofs of Debt Due on Sept. 12
-----------------------------------------------------
Creditors of Taree Farm Limited are required to file their proofs
of debt by Sept. 12, 2022, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Melanie Strydom
          Naylor Lawrence & Associates Limited
          196 Broadway Avenue
          PO Box 648
          Palmerston North 4440


ZERO 2: BDO Tauranga Appointed as Liquidators
---------------------------------------------
Paul Thomas Manning and Kenneth Peter Brown of BDO Tauranga Limited
on Aug. 11, 2022, were appointed as liquidators of Zero 2 60
Limited.

The liquidators may be reached at:

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




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

PAKISTAN: Assets Rally Amid Bets for IMF Bailout This Month
-----------------------------------------------------------
Bloomberg News reports that Pakistan's rupee, bonds and stocks are
rallying as investors bet the nation will win a bailout from the
International Monetary Fund this month and avoid a default.

According to Bloomberg, dollar bonds due in December were indicated
at about 95 cents on the dollar on Aug. 16 from a low of 85 cents
in July, as investors turn more confident the debt will be repaid.
The rupee surged 11% this month to 213.87 per dollar as of Aug. 15,
the biggest gainer in the world. The benchmark stock index climbed
9%, the top performer in Asia after Sri Lanka.

Pakistan has adopted austerity measures to win approval from the
IMF to resume its stalled bailout package as frontier nations from
Egypt to El Salvador battle the threat of a default, Bloomberg
says. Fitch Ratings and Moody's Investor Service said in late July
they expect the nation to secure $1.2 billion from the IMF, while
Saudi Arabia is said to renew its $3 billion deposit in assistance,
easing financing pressure on Pakistan.

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, 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.




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

LAI HONG: Creditors' Meetings Set for Sept. 1
---------------------------------------------
Lai Hong Fruits Pte. Ltd., which is in liquidation, will hold a
meeting for its creditors on Sept. 1, 2022, at 11:00 a.m., via via
videoconference.

Agenda of the meeting includes:

   a. to update the creditors on the status of liquidation of the
      Company;

   b. to appoint a Committee of Inspection of not more than 5
      members; if thought fit;

   c. approve the Liquidator’s fees and disbursements; and

   d. any other business.

The company's liquidator is Yit Chee Wah of FTI Consulting
(Singapore).


ROTARY PILING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Aug. 12, 2022, to
wind up the operations of Rotary Piling Pte. Ltd.

Hong Leong Finance Limited filed the petition against the company.

The company's liquidators are:

          Lin Yueh Hung
          Ng Kian Kiat
          c/o RSM Corporate Advisory Pte. Ltd.
          8 Wilkie Road #03-08
          Wilkie Edge
          Singapore 228095


SAMTRADE CUSTODIAN: Court Enters Judicial Management Order
----------------------------------------------------------
The High Court of Singapore entered an order on Aug. 1, 2022, to
place the operations of the following companies under Judicial
Management:

   - Samtrade Custodian Limited;
   - Samtrade Custodian Pte. Ltd.;
   - S.A.M. Fintech Pte. Ltd.;
   - Samtrade FX Ltd.;
   - S.A.M. Marketing Private Limited; and
   - S.A.M. Trade (V) Limited

The companies' Judicial Managers are Goh Thien Phong of GTP
Advisory PAC) & Chan Kheng Tek of Pricewaterhousecoopers Advisory
Services Pte Ltd.



                           *********


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.



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