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

                     A S I A   P A C I F I C

          Friday, August 19, 2022, Vol. 25, No. 160

                           Headlines



A U S T R A L I A

BESSE CONSTRUCTION: Goes Into Liquidation Owing AUD1.7MM
BSV TYRE: First Creditors' Meeting Set for Aug. 25
CAPITAL T: Second Creditors' Meeting Set for Aug. 24
IRONMARK PTY: Second Creditors' Meeting Set for Aug. 24
RING US: First Creditors' Meeting Set for Aug. 24

SHAPE LANDSCAPE: First Creditors' Meeting Set for Aug. 25
SHARPE SERVICES: Director Starts New Business, Liquidator Learns
SNOWDON DEVELOPMENTS: Liquidators Unable to Locate Deposits


C H I N A

SHANGRAO INNOVATION: Fitch Withdraws 'BB-' IDRs, Outlook Stable


H O N G   K O N G

GENTING HONG KONG: Liquidators Mull Offers on Manila Venue Stake


I N D I A

ARUN POLYMERS: CARE Keeps D Debt Rating in Not Cooperating
BAJAJ HINDUSTHAN: SBI Starts Insolvency Process Against Firm
BILTECH BUILDING: CARE Keeps D Debt Rating in Not Cooperating
DNC MULTIPLEX: CARE Withdraws B Rating on Long Term Bank Debt
GBP GROUP: NCLT Starts Insolvency Process Against Realty Firm

GINNI HOLDINGS: ICRA Keeps D Ratings in Not Cooperating Category
GITS FOOD: ICRA Lowers Rating on INR30cr LT/ST Loan to B+/A4
GOEL EXIM: ICRA Keeps D Debt Rating in Not Cooperating Category
GUJARAT COTFIB: ICRA Keeps D Ratings in Not Cooperating Category
ISHWAR OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category

JANARDHAN RAW: ICRA Keeps B+ Debt Rating in Not Cooperating
JHAWAR INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
K.V CHINNAIAH: CARE Keeps B- Debt Rating in Not Cooperating
LAKSHMI JANARDHAN: ICRA Keeps B+ Debt Rating in Not Cooperating
MAHAK RICE: CARE Lowers Rating on INR2.17cr LT Loan to B-

MDA MINERAL: ICRA Keeps C+ Debt Ratings in Not Cooperating
PACIFIC MEDICAL: CARE Reaffirms D Rating on INR28.19cr LT Loan
PARTH COTTON: ICRA Keeps C+ Ratings in Not Cooperating Category
R.K. DHABHAI: ICRA Keeps D Ratings in Not Cooperating Category
RAM AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category

RASHI DALL: CARE Keeps C Debt Rating in Not Cooperating Category
RELIANCE COMMUNICATIONS: ICRA Keeps D Ratings in Not Cooperating
RELIANCE INFRATEL: ICRA Keeps D Debt Ratings in Not Cooperating
RELIANCE TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating
RISHABH BUILDWELL: CARE Lowers Rating on INR125cr LT Loan to D

RMJ MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category
S.S. COTTON: ICRA Keeps B+ Ratings in Not Cooperating Category
SATYAM BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
SUAVE CORPORATION: ICRA Keeps B Debt Rating in Not Cooperating
VISHWAKARMA COLD: CARE Keeps D Debt Rating in Not Cooperating



L A O S

LAOS: Fitch Lowers LongTerm Foreign Currency IDR to 'CCC-'


N E W   Z E A L A N D

AVALANCHE HOTEL: Creditors' Proofs of Debt Due on Sept. 23
BURGERED RESTAURANTS: Court to Hear Wind-Up Petition on Sept. 5
FATS BOYS: Court to Hear Wind-Up Petition on Aug. 26
HAWKE'S BAY: Not Paid a Cent of NZD500,000 Fines Three Years On
TRUCK-PRO LIMITED: Creditors' Proofs of Debt Due on Oct. 12

WHAREATEA LIMITED: Geoff Falloon Appointed as Liquidator


S I N G A P O R E

REENOVA INVESTMENT: Court Enters Judicial Management Order
SINGAPORE COMMODITIES: Court to Hear Wind-Up Petition on Sept. 29
SINGAPORE JHC: Court to Hear Wind-Up Petition on Sept. 29

                           - - - - -


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

BESSE CONSTRUCTION: Goes Into Liquidation Owing AUD1.7MM
--------------------------------------------------------
News.com.au reports that a Queensland building company is the
latest casualty of the construction industry crisis after
collapsing owing AUD1.7 million to 130 creditors.

The Brisbane-based business called Besse Construction went into
liquidation with 30 employees impacted, news.com.au discloses
citing a director's report lodged with the Australian Security and
Investment Commission.

It showed there are a total of 64 unsecured creditors out of the
130, including a number of suppliers, tradies and labour hire
companies hit by its demise.

Among those owed money include Bunnings which has close to
AUD10,000 outstanding, while the highest figure owed is AUD373,000
to a scaffolding company.

A number of companies are owed six-figure sums, according to the
report, including an engineering company with AUD320,000
outstanding, a construction labour company which Besse Construction
had racked up AUD150,000 in debt, while another firm was left
AUD136,000 out of pocket, news.com.au relates.

According to the report, Bill Karageozis from insolvency firm
McLeod & Partners has been appointed to deal with the liquidation
after it collapsed on August 9.

He said he was currently investigating the number and amount of
creditors affected by the company's collapse, including former
employees as well as the reasons for the company's failure.


BSV TYRE: First Creditors' Meeting Set for Aug. 25
--------------------------------------------------
A first meeting of the creditors in the proceedings of BSV Tyre
Recycling Australia Pty Ltd will be held on Aug. 25, 2022, at 9:00
a.m. via virtual meeting only.

Steve Naidenov of Aston Chace Group was appointed as administrator
of the company on Aug. 15 2022.


CAPITAL T: Second Creditors' Meeting Set for Aug. 24
----------------------------------------------------
A second meeting of creditors in the proceedings of Capital T
Structural Pty Ltd has been set for Aug. 24, 2022, at 11:00 a.m. at
the offices of Rodgers Reidy at Level 12 University Centre, 210
Clarence Street in Sydney.

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.

Andrew James Barnden and Joanne Monica Keating of Rodgers Reidy
were appointed as administrators of the company on July 20, 2022.

IRONMARK PTY: Second Creditors' Meeting Set for Aug. 24
-------------------------------------------------------
A second meeting of creditors in the proceedings of Ironmark Pty
Ltd and Ironmark Waste Management Pty Ltd has been set for Aug. 24,
2022, at 11:00 a.m. via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 24, 2022, at 11:00 a.m.

Paul Gerard Weston of DW Advisory was appointed as administrator of
the company on June 22, 2022.


RING US: First Creditors' Meeting Set for Aug. 24
-------------------------------------------------
A first meeting of the creditors in the proceedings of Ring Us
Group Pty Ltd will be held on Aug. 24, 2022, at 11:00 a.m. via
virtual meeting only.

Vincent Pirina and Ian Niccol of Aston Chace Group were appointed
as administrators of the company on Aug. 12, 2022.


SHAPE LANDSCAPE: First Creditors' Meeting Set for Aug. 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Shape
Landscape Construction Pty Ltd will be held on Aug. 25, 2022, at
10:30 a.m.

David Michael Stimpson and Michael Carrafa of SV Partners were
appointed as administrators of the company on Aug. 15, 2022.


SHARPE SERVICES: Director Starts New Business, Liquidator Learns
----------------------------------------------------------------
News.com.au reports that the director of Sharpe Services, a
recently collapsed company, has started a new business while former
staff members and nearly 100 creditors are still owed NZD6
million.

Adelaide-based electrical and energy company Sharpe Services went
into liquidation last month, on July 11, the report discloses.

According to news.com.au, Daniel Lopresti of Clifton Hall, the
appointed liquidator, has so far found that nearly 30 employees are
owed about AUD1 million altogether while 90 unsecured creditors are
owed AUD3.9 million.

However, on the day of Mr. Lopresti's appointment, the liquidator
visited the premises of Sharpe Services and found that all assets
had been removed, including equipment and vehicles.

He also learnt that the company's director, David Sharpe, had since
started his own business, establishing a franchise in Adelaide
through an existing national electrical company called O'Brien, the
report relates.

News.com.au, citing the Adelaide Advertiser, says a since-deleted
post on the O'Brien website announced that Mr. Sharpe had
established a new franchise called O'Brien Electrical & Energy
Solutions Thebarton and that it had previously been named Sharpe
Services.

The website stated that Mr. Sharpe's business had been "servicing
South Australia for over 40 years under their former business name
Sharpe Services".

"We became aware that he'd (Mr. Sharpe) commenced operations, that
he had joined the O'Brien franchise after my appointment as
liquidator," the liquidator told news.com.au.

Mr. Sharpe has rejected any suggestion that he restarted and
renamed his business in an attempt to avoid the company's debt
liabilities.

In a statement to news.com.au, Mr. Sharpe's lawyer Luke Rowley
insisted the new business was a distinct and separate entity to the
now defunct Sharpe Services and rejected that his client had simply
renamed the electrical company.

"David denies he is engaging in illegal activity including an
illegal phoenix arrangement," he said in a statement.

ASIC records showed that Mr Sharpe is also the director of IEnergy
Hub Pty Ltd, which was the business that became part of the O'Brien
network, news.com.au discloses.

"David did not rename his collapsed business. Sharpe is in
liquidation," the report quotes Mr. Rowley as saying.

"He incorporated a separate company which was offered an
opportunity to be part of the O'Brien franchise network. They are
separate and distinct entities.

"Sharpe is in liquidation and all of its assets including its
business name etc have vested in the liquidator by virtue of the
operation of the Corporations Act.

"IEnergy Hub Pty Ltd is a new business and is a franchisee of the
O'Brien network. It is trading under the name O'Brien."

An O'Brien spokesperson confirmed Mr Sharpe had taken up a
franchise in the company's network.

"We understand from David that he is working with all parties
concerned. We have no further comment to make," the company added
in a statement to news.com.au.


SNOWDON DEVELOPMENTS: Liquidators Unable to Locate Deposits
-----------------------------------------------------------
News.com.au reports that tens of thousands of dollars in deposit
money paid by several customers to collapsed residential builder
Snowdon Developments has allegedly mysteriously disappeared, with
liquidators claiming they are unable to locate the funds.

Last month, the Victorian Supreme Court ordered Snowdon
Developments into liquidation but some deposit holders have been
left reeling after learning that they might never see the money
they shelled out as a five per cent down payment for homes that may
never be built, news.com.au relates.

Snowdon's collapse left 550 homes in limbo as well as 52 staff
members jobless and 262 creditors are, at last count, owed AUD28.6
million.

Now Snowdon's liquidators can't find any records of some customers'
building deposit money ever being transferred into the company's
bank accounts, according to the report.

At a creditor's meeting last month, liquidators alleged that
property developer and sales agent Hamilton Property Group, who
engaged Snowdon to build their clients' homes, took the deposits as
a commission fee and the money was never paid to Snowdon.

One customer, Josh Curmi, claims a Hamilton staff member admitted
over the phone that the developer had his AUD11,000 deposit,
news.com.au says.

Another homeowner received a receipt that shows more than a year
since paying his AUD10,000 deposit, the money is being held in a
trust by HPG - Hamilton Property Group.

In an email to a customer trying to locate their AUD10,000 deposit,
seen by news.com.au, a Hamilton employee denied the company had the
money. But when news.com.au contacted Hamilton, an employee said
the developer would not be commenting on the matter.

Josh Curmi and his wife Alicia Hele, both 29, bought a
home-and-land package through Hamilton in February last year.
Snowdon was brought on board as the builder for their AUD225,000
Melbourne house but no construction work ever started.

They've asked Hamilton to refund their AUD11,264 deposit for the
build but the developer has not responded to their requests.

"I just want our money back," Mr. Curmi told news.com.au.

Mr. Curmi and his wife along with several others aren't entitled to
any insurance payouts because no work was done on their block of
land and Snowdon hadn't yet taken out domestic building insurance,
which is where a homeowner's losses would be partially covered by
the state insurer.

Now they claim the property developer, Hamilton, has the rest of
their money, never having passed it on to Snowdon, news.com.au
relays.

Snowdon's liquidators have encouraged those homeowners to pursue
Hamilton themselves to recoup their losses.

Earlier this month, Mr. Curmi sent Hamilton a formal letter
demanding a refund within seven days. The developer missed the
deadline and never responded.




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

SHANGRAO INNOVATION: Fitch Withdraws 'BB-' IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has withdrawn China-based Shangrao Innovation
Development Industry Investment Group Co., Ltd.'s (SIIG) Long-Term
Foreign- and Local- Currency Issuer Default Ratings (IDR) of 'BB-'
with a Stable Outlook.

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

KEY RATING DRIVERS

Not applicable as the ratings have been withdrawn.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

RATING ACTIONS

ENTITY/DEBT        RATING                      PRIOR
-----------        ------                      -----
Shangrao           LT IDR     WD   Withdrawn   BB-
Innovation
Development
Industry
Investment Group
Co., Ltd.

                   LC LT IDR  WD   Withdrawn   BB-




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H O N G   K O N G
=================

GENTING HONG KONG: Liquidators Mull Offers on Manila Venue Stake
----------------------------------------------------------------
GGR Asia reports that the joint provisional liquidators appointed
for Genting Hong Kong Ltd are "in the process of considering" what
they term "offers from potential purchasers" for the firm's stake
in the Newport World Resorts casino complex, located in the
Philippine capital, Manila.

According to GGR Asia, the information was disclosed in an
announcement by Genting Hong Kong, filed on Aug. 17 with the Hong
Kong Stock Exchange. The document did not provide further detail on
the matter, namely whether the joint provisional liquidators had
already received any proposal for Genting Hong Kong's stake in the
casino complex.

Newport World Resorts was formerly known as Resorts World Manila. A
rebranding took place last month, the report notes.

Genting Hong Kong – a casino and cruise ship operator – entered
liquidation in January, the report recalls. The event was triggered
by the insolvency of a German shipbuilding company it controlled,
which in turn triggered cross default events related to financing
arrangements of the group, comprising an aggregate principal amount
of just over US$2.77 billion.

In its latest filing, Genting Hong Kong provided an update on the
disposal process for its fleet of cruise ships, GGR Asia reports.
"The sale processes for these assets are at varying stages of
completion," it said.

GGR Asia relates that the filing added: "Apart from [the] vessels,
the other major assets of the group are its equity interest in
Resorts World Manila and its interests in certain residential and
hotel properties in the People's Republic of China… Both these
assets are unencumbered and the joint provisional liquidators are
in the process of considering offers from potential purchasers."

Genting Hong Kong's stock has been suspended from the Hong Kong
bourse since January 18, the report says. Joint provisional
liquidators were appointed for the firm on January 20 after an
application to a Bermuda court.

Casino resort Newport World Resorts is owned and operated by
Travellers International Hotel Group Inc. The latter firm is
controlled by Manila-listed Alliance Global Group Inc and Genting
Hong Kong.

                      About Genting Hong Kong

Genting Hong Kong Limited is a Hong Kong-based investment holding
company principally engaged in cruise businesses. The Company
operates through two segments. Cruise and Cruise-related Activities
segment is engaged in the sales of passenger tickets, the sales of
foods and beverages onboard, shore excursion, as well as the
provision of onboard entertainment and other onboard service.
Non-cruise Activities segment is engaged in onshore hotel
businesses, travel agency, aviation businesses, entertainment
businesses and shipyard businesses, among others. The Company
operates businesses in Asia Pacific, North America and Europe,
among others.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
20, 2022, Genting Hong Kong has filed a winding-up petition in
Bermuda, after the bankruptcy of its shipyard in Germany triggered
US$2.78 billion of debt and forced Asia's largest operator of sea
cruises to be liquidated.

The owner of Dream Cruise Holding appointed Alvarez & Marsal's
Edward Simon Middleton and Tiffany Wong Wing-sze as provisional
liquidators, South China Morning Post disclosed citing a filing on
Jan. 19 to the Hong Kong stock exchange.

Dream Cruises Holding Ltd., an indirect non-wholly owned unit of
Genting Hong Kong that has also filed a winding up petition, will
continue to operate its fleet in the region, the company said.




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

ARUN POLYMERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arun
Polymers (AP) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 5, 2021,
placed the rating(s) of AP under the 'issuer non-cooperating'
category as AP 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. AP 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).

Arun Polymers is a proprietorship firm, incorporated in 2013 by Mr.
Arun Kumar. It started commercial operations from April 2013. The
firm is engaged in the business of manufacturing polypropylene sack
bags (PP bags). The manufacturing unit is located in Dindigul
district in the state of Tamil Nadu and has around 40 employees.
The major raw material for the unit is virgin raffia (a by-product
of petroleum) granules which are majorly purchased from Reliance
Industries Limited. The firm had an installed capacity of 100 tons
per month as on March 31, 2016, which has been increased to 250
tons per month as on July 31, 2016. The firm has majority of
customers in Tamil Nadu and Telangana region.

BAJAJ HINDUSTHAN: SBI Starts Insolvency Process Against Firm
------------------------------------------------------------
Livemint.com reports that the State Bank of India (SBI) has
initiated insolvency proceedings in the National Company Law
Tribunal (NCLT) against Bajaj Hindusthan Sugar, the company said in
a regulatory filing on Aug. 16.

The petition has been filed at the Allahabad bench of the NCLT
under the Insolvency and Bankruptcy Code, the filing showed.

"We understand that State Bank of India, financial creditor through
its advocate has initiated Corporate Insolvency Resolution Process
of Bajaj Hindusthan Sugar Limited before the Hon'ble National
Company Law Tribunal, Allahabad Bench under Section 7 of Insolvency
and Bankruptcy Code 2016. This disclosure is made pursuant to
Regulation 30 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015," the company said.

Bajaj Hindusthan Sugar owns 14 factories with the total capacity of
crushing 136,000 tonnes of sugarcane per day.

According to Livemint.com, Bajaj Hindusthan Sugar owes around
INR4,800 crore to banks such as the SBI, Punjab National Bank,
Indian Bank and Central Bank of India.

Creditors typically file insolvency petitions in the company court
for non-payment of dues. Once the court admits the petition,
insolvency proceedings against the firm starts, the report states.

Last month, capital markets regulator Sebi had imposed a penalty of
INR10 lakh on Bajaj Hindusthan Sugar for not disclosing closure
orders with respect to its certain distilleries and imposition of
penalty by Central Pollution Control Board, Livemint.com recalls.

The company has been directed to pay the fine within 45 days, the
Securities and Exchange Board of India (Sebi) order read.

Livemint.com says the order came after the regulator received a
complaint through SCORES against Bajaj Hindusthan Sugar, whereby
the complainant raised concerns regarding false
reporting/misreporting in the annual report in respect of Show
Cause Notices (SCNs) issued by Pollution Control Board.

After this, Sebi conducted a probe and found that the firm did not
disclose about closure orders with respect to the three
distilleries - Palia, Gola and Kinauni. Further, imposition of
penalty of INR1.96 crore on certain distilleries was also not
disclosed during FY20.

It had also said that the closure orders had a substantial impact
on the sales, production, revenue and profit for FY 2018-19 to FY
2019-20, Livemint.com adds.

Bajaj Hindusthan Sugar Ltd. (BHSL), part of the Bajaj Group
(Kushagra), is India's leading sugar and ethanol manufacturing
company.


BILTECH BUILDING: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Biltech
Building Elements Limited (BBEL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       62.99      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 17, 2021,
placed the rating(s) of BBEL under the 'issuer non-cooperating'
category as BBEL 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. BBEL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 3, 2022, May 13, 2022, May 23, 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).

Biltech Building Elements limited (BBEL), an Avantha group company,
was incorporated in 2004. It is engaged in manufacturing
'Autoclaved Aerated Concrete Blocks, i.e. AAC-Blocks for 'green
building' process by utilizing fly-ash, lime, cement, gypsum and
aluminium powder as major raw materials.

DNC MULTIPLEX: CARE Withdraws B Rating on Long Term Bank Debt
-------------------------------------------------------------
CARE has reviewed and reaffirmed the rating assigned to the bank
facilities of DNC Multiplex (DNC) at CARE B; Stable and has
simultaneously withdrawn it, with immediate effect. The rating
assigned to the bank facilities of DNC Multiplex (DNC) is primarily
constrained by the nascent stage of operations, and risks inherent
to the movie exhibition business.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities             -        Reaffirmed at CARE B; Stable
                                   and Withdrawn

The rating, however, derives strength from the qualified and
experienced promoters. The rating withdrawal is at the request of
DNC Multiplex and 'No Objection Certificate' received from the bank
that has extended the facilities rated by CARE.

Detailed description of the key rating drivers

Key Rating Weaknesses:

* Nascent Stage of Operations: The firm has completed the core
portion of project i.e. cine screen halls and has started the
operations since May 2022.

* Risks inherent to the movie exhibition business: Factors like
availability of quality content, other exhibitors in the areas
where it operates, competition from other modes of movie watching
like OTT platforms, piracy etc. can have an impact on movie
exhibition business.

Key Rating strength

* Qualified and Experienced promoters: M/s. DNC multiplex is a
partnership firm promoted in the year 2018 by Mr. D.C. Elangovan as
the managing partner, along with his wife Mrs. Meena Elangovan and
son Mr. Prem as partners. The promoters are having a rich
experience of about three decades in the line of cinema halls
(Salem, Tamil Nadu) and chit fund business under the name DNC Chits
Private Limited. The promoters are also the managing trustees for
the D. C. Elangovan Educational Trust and has been running the
school under the name 'The Vijay Millenium School'.

M/S. DNC MULTIPLEX (DNC) is a partnership firm was incorporated on
February, 2018, promoted by Mr. D.C. Elangovan along with his wife
Mrs. Meena Elangovan and his son Mr. E.Prem as partners. DNC runs a
cine multiplex theatre consisting of five screens with total
seating capacity of 400 in Dharmapuri town in Tamil Nadu.


GBP GROUP: NCLT Starts Insolvency Process Against Realty Firm
-------------------------------------------------------------
Hindustan Times reports that coming to the aid of thousands of
investors left in the lurch by the management of GBP Group, the
National Company Law Tribunal (NCLT), Chandigarh bench, has
initiated corporate insolvency resolution process (CIRP) against
the realty firm.

A recovery mechanism, CIRP, is initiated to determine whether the
defaulting firm is capable of debt repayment through evaluation of
its assets and liabilities. If the firm is not capable of repaying
the debt, it is restructured or liquidated to settle the debts owed
to creditors, the report says.

On Aug. 14, the tribunal floated tenders for invitation of
expression of interest from third parties for resolution plans,
including finalising a firm to take over the pending projects and
complete them, according to Hindustan Times.

The mandatory period for completion of CIRP under the Insolvency
and Bankruptcy Code, 2016, is 330 days, including time of appeals,
stay, etc.

In September 2021, three directors of GBP Group - Satish Gupta,
Raman Gupta, and Pardeep Gupta - had left the country, leaving all
their offices in and around Mohali locked, and dashing the hopes of
around 2,500 allottees who have invested over ₹1,500 crore in the
group's 18 commercial and residential projects in Mohali, Hindustan
Times recalls.

Hindustan Times relates that the tribunal's action came on the
petitions filed by some investors, who had demanded insolvency
resolution. Following the petitions, the tribunal, on May 31, 2022,
had declared the moratorium, prohibiting continuation or beginning
of any suits or proceedings against the realty firm, and appointed
an interim resolution professional (RP), Mukesh Gupta, to see the
insolvency resolution process through.

Hindustan Times says the tribunal had also suspended two directors
of the firm – Satish Gupta and Pardeep Gupta, who have been
directed to file their replies by August 22, 2022, the next date of
hearing, where they have also been summoned in person or through a
representative. In case of default, the petitions will be heard and
determined ex parte.

"We are hoping for some positive results with the intervention of
the NCLT. For months, investors have been spending sleepless nights
at the thought of losing their hard-earned money," the report
quotes Ashu Kumar, president of Home Buyers and Investors Welfare
Association of GBP, as saying.

Notably, there are around 100 police complaints against the firm in
Mohali and Chandigarh, where over 50 FIRs have been lodged against
it.

The police are also working on requesting Interpol to issue a Red
Corner Notice to arrest the directors and extradite them from
Dubai, where they are said to have secured a business visa till
September 19, 2024, the report relates.


GINNI HOLDINGS: ICRA Keeps D Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Ginni
Holdings in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         22.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         1.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         2.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Ginni Holdings is a manufacturer, wholesaler and trader of gold,
diamonds and silver ornaments/jewellery. Ginni Holdings is a
partnership firm established in the year 2006 and promoted by Mr.
Pradeep Kumar Goel and his family. Ginni Holdings's customers
primarily consist of wholesalers and retailers based in New Delhi
area.

GITS FOOD: ICRA Lowers Rating on INR30cr LT/ST Loan to B+/A4
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Gits
Food Products Pvt. Ltd., as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/         30.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Fund Based–                     Rating downgraded from
   Cash Credit                     [ICRA]BB+ (Stable)/[ICRA]A4+
                                   and continues to remain in
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

The rating downgrade is because of lack of adequate information
regarding Gits Food Products Pvt. Ltd. performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade As part of its process and in
accordance with its rating agreement with Gits Food Products Pvt.
Ltd., ICRA has been trying to seek information from the entity so
as to monitor its performance and ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. In the absence of requisite
information and in line with the aforesaid policy of ICRA, a rating
view has been taken on the entity based on the best available
information.

Established in 1963, Gits Food Products Private Limited
manufactures vegetarian ready-to-cook (RTC) and ready-to-eat (RTE)
food products. The company supplies its products under its in-house
brand, 'Gits', which enjoys healthy recognition in the domestic
market. GFPPL is believed to be a pioneer of the RTC concept in the
domestic market, which was launched in 1971 with its first product,
the medu vada mix. The company subsequently diversified into the
RTE segment in 2004 and added traditional dishes like dal makhani,
pav bhaji, biryani, etc. The company has also undertaken
distributorship of dairy products like clarified butter (ghee)
under its same 'Gits' brand, exclusively for its group company.


GOEL EXIM: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the long-term rating of Goel Exim India Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        50.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

GEIPL is a manufacturer, wholesaler and trader of gold, diamonds
and silver ornaments/jewellery. The company was incorporated in the
year 2004. The customers of GEIPL are primarily wholesalers and
retailers based in New Delhi area. The company is part of the Delhi
Based Group engaged in the manufacturing, wholesale and retail
sales of gold and diamond. GEIPL had acquired two partnership
firms, namely, Shree Ganpati Impex and Bhavya Gold with effect from
15 March 2010. The partners of both the firms are shareholders of
the company.

GUJARAT COTFIB: ICRA Keeps D Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Gujarat
Cotfib in the 'Issuer Not Cooperating' category. The ratings are
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        13.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         0.33       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Established in 2008, Gujarat Cotfib (GC) is a partnership firm. The
firm reconstituted its partnership in 2016 wherein out of existing
nine partners, six partners took retirement and the firm is
presently managed by three partners i.e. Mr. Girdhar Vekariya, Mr.
Amit Vekariya and Mr. Vijay Vekariya. GC is engaged in the business
of cotton ginning and pressing of raw cotton to produce cotton
bales and cottonseeds. The firm is also engaged in crushing of
cotton seeds to produce cotton seed oil and oil cake. The firm's
manufacturing facility is located at Tapi Gujarat and is currently
equipped with 40 ginning machines and pressing machine having a
capacity to produce 350 cotton bales per day and 8 expellers to
produce cotton seed oil with a capacity of producing 15 tons of oil
per day.


ISHWAR OIL: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term rating of Ishwar Oil Mill in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        13.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         0.51       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

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

Ishwar Oil Mill (IOM) was established in 2012 by Mr. Ashok Gamdha
and Mr. Ramesh Gamdha as a partnership firm and is engaged in
manufacturing of edible cottonseed oil and cottonseed oil cake as
well as trading of cotton bales. The firm markets crude cottonseed
oil in loose form to bulk dealers and cottonseed oil cake as cattle
feed to dairies. IOM operates from its plant located in Rajkot,
Gujarat with a total installed capacity of crushing ~113 MT of
cottonseeds per day.

JANARDHAN RAW: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sri
Janardhan Raw And Boiled Rice Mill in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          3.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term–                     ISSUER NOT COOPERATING;
   Unallocated                     Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

Founded in 1998 as a partnership firm, Sri Janardhan Raw and Boiled
Rice Mill (SJRBRM) is engaged in the milling of paddy to produce
raw and boiled rice. It has installed capacity of 4 TPH (Tons per
Hour) and the unit is located at Nellore district of Andhra
Pradesh. The firm is promoted by Mr. Boyapati Janardhan and his
wife, Mrs. Boyapati Sireesha.


JHAWAR INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jhawar
International (JI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.93      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      40.00      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 02, 2021,
placed the rating(s) of JI under the 'issuer non-cooperating'
category as JI 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. JI continues to be
non-cooperative 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).

Surat-based (Gujarat) JIN was formed in 1996 as a partnership firm
in the name of Jhawar International by Jhawar family. JIN is into
the business of manufacturing of Printed fabrics, dye fabrics and
fancy work. JIN is operating from its sole manufacturing plant
located in Surat with an installed capacity of manufacturing 16.8
tonne of narrow fabrics and 1200 tonne of dyed multiple. The
products manufactured by the company find its application in the
textile industry. The promoters also run another entity Supreme
(India) Impex Limited (SIIL) which undertakes value-added work such
as embroidery, sequencing, zari and handwork on synthetic fabrics.



K.V CHINNAIAH: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K.V
Chinnaiah (KC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.50       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 June 22, 2021,
placed the rating(s) of KC under the 'issuer non-cooperating'
category as KC 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. KC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 8, 2022, May 18, 2022, May 28, 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).

K.V. Chinnaiah (KVC) is proprietorship concern established in the
year 2000 by Mr. K.V. Chinnaiah. KVC is a Class I Government
contractor registered with the Public Works Department (PWD)
Karnataka. The firm majorly does NH road works, underpass
construction for PWD. The proprietor also runs two hotels KVC
International in Mysore town and in KRS, Karnataka and has
experience of over 20 years in hotel industry.


LAKSHMI JANARDHAN: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sri
Lakshmi Janardhan Rice Industries in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          0.50        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term–                     ISSUER NOT COOPERATING;
   Unallocated                     Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

Sri Lakshmi Janardhana Rice Industries (SLJRI) was established in
the year 1991 by Mr. Boyapati Janardhan and three others and it was
registered as "Sri Lakshmi Ganapathi Raw & Boiled Rice Mill".
However, there were changes made to partnership deed over the years
and consequently in 2007 Mr. Boyapati Janardhan and his wife, Mrs.
Boyapati Sireesha had taken over all the assets and liabilities of
Sri Lakshmi Ganapathi Raw & Boiled Rice Mill and registered under
the name "Sri Lakshmi Janardhan Rice Industries". The firm is
engaged in milling of paddy to produce raw and boiled rice and the
plant located in Nellore District of Andhra Pradesh. The milling
capacity of the plant is 4 tonnes per hour.

MAHAK RICE: CARE Lowers Rating on INR2.17cr LT Loan to B-
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mahak Rice Industries (MRI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.17       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      5.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 18, 2021,
placed the rating(s) of MRI under the 'issuer non-cooperating'
category as MRI 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. MRI 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 MRI have been
revised on account of non-availability of requisite information.

Mahak Rice Industries (MRI) was established as a proprietorship
firm by Mr. Vikram Sadhwani in 2012 for setting up a rice milling
unit. Since its inception, the firm has been engaged in rice
milling and processing business and the plant of the firm is
located in the district of Raipur, Chhattisgarh with aggregate
installed capacity of 19,200 metric ton per annum.


MDA MINERAL: ICRA Keeps C+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of MDA
Mineral Dhatu (AP) Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]C+/[ICRA]A4; ISSUER NOT
COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term–        5.00       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        6.00       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        2.50       [ICRA]C+; ISSUER NOT
COOPERATING;
   NonFund Based                Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

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

MDA Mineral Dhatu (AP) Pvt. Ltd. (MDA) was incorporated in 2010 by
Mr. Vidhan Mittal, Mr. Vijay Kumar Mittal and Mr.Chagan Lal Mittal
as directors. The factory of the company is located at owened
premises at Bobbili, Vijayanagaram, Andhra Pradesh, spread over 4.0
acres an build up area of ~4 acres. MDA Mineral Dhatu (AP) Pvt. Ltd
(MDA) is a 6MVA ferro alloy unit was incorporated in the year 2011
after its de-merger from MDA Projects India Pvt Limited. As
informed by the management, the original company- MDA Projects
India Pvt Ltd has been dissolved after the incorporation of MDA
Mineral Dhatu (AP) Private Limited. The company proposed to
commence the commercial production in June 2012, however, the trail
production commenced on 29th June 2013.


PACIFIC MEDICAL: CARE Reaffirms D Rating on INR28.19cr LT Loan
--------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Pacific Medical University (PMU), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.19      CARE D; Reaffirmed
   Facilities

Detailed rationale and key rating drivers

The reaffirmation of the rating assigned to bank facilities of PMU
takes into account continuing delays in servicing of debt
obligations owing to poor liquidity.

Rating sensitivities

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

* The ability of university to meet its debt obligation in timely
manner for a period of at least consecutive three months.

Negative factors- Not Applicable

Detailed description of the key rating drivers

Key rating weakness

* On-going delays in debt servicing: As informed by the lenders,
there are on-going delays in interest and principal servicing of
debt obligations. This was mainly due to delay in collection of
fees from students adversely impacting its liquidity.

Liquidity: Poor

The university's liquidity position remained poor marked by delays
in servicing of debt obligations. Outstanding fees receivables from
students remained high over the past couple of years. The
university had also undertaken capex over the past three years,
which further impacted its liquidity.

Udaipur (Rajasthan) based PMU is a private university established
in September 2014 through an ordinance issued by state government
of Rajasthan and has been promulgated by the legislative assembly
of state of Rajasthan in March 2014 as “The Pacific Medical
University, Udaipur Bill, 2014”. PMU is sponsored by Tirupati
Balaji Education Trust (TBET). Presently, PMU runs a medical
college and hospital under the name 'Pacific Medical College &
Hospital' (PMCH). The hospital was started post completion of
construction in July 2013; while the academic session in medical
college commenced from September 2014 post receipt of approval from
Medical Council of India (MCI). Further, the university over the
years also started courses in dental, nursing, paramedical and
medical sciences.

PARTH COTTON: ICRA Keeps C+ Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the long-term rating of Parth Cotton & Oil
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]C+; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan         1.50       [ICRA]C+; ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Cash Credit       5.00       [ICRA]C+; ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in the year 2012, Parth Cotton & Oil Industries (PCOI)
is engaged in the business of cotton ginning and cotton seed
crushing. The firm commenced commercial production from November
2013 from its manufacturing facility located at Morbi in Gujarat.
The unit is equipped with 24 ginning machines, 1 pressing machine
and 5 expellers, having processing capacity of approx. 17280 MTPA
of raw cotton. PCOI is a partnership firm with the promoters having
extensive experience in the cotton industry for more than a
decade.


R.K. DHABHAI: ICRA Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of R.K.
Dhabhai Minerals and Chemicals Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         1.41       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–         3.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2007 by Mr. R.K. Dhabhai and his wife Mrs. Urmila
Dhabhai, RK performs job work like grinding, crushing, loading and
transportation of rock phosphate. The company's two operational
units for grinding and crushing are in Rajasthan with a total
grinding capacity of 1,08,000 metric tonnes (MT) per annum and
total crushing capacity of 2,40,000 MT per annum.


RAM AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree Ram
Agro India (SRAI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.18       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 July 05, 2021,
placed the rating(s) of SRAI under the 'issuer non-cooperating'
category as SRAI 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. SRAI 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).

Shree Ram Agro India (SRAI) was established in September 2009 as a
partnership firm having Mr. Satish Kumar and Mrs. Rita Gupta as its
partners sharing profit and loss equally. SRAI is engaged in the
manufacturing of pesticides and fertilizers for agricultural use
and disinfectants for both agricultural and domestic use at its two
manufacturing facilities located in Karnal, Haryana.


RASHI DALL: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rashi Dall
Mills (RDM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.64       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 18, 2021,
placed the rating(s) of RDM under the 'issuer non-cooperating'
category as RDM 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. RDM 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).

Ranchi (Jharkhand) based, RDM was established as a partnership firm
in 2006 by Mr. Hari Shankar Agarwal and Mr. Rajesh Kumar Kanodia
for setting up a processing unit for pulses. The firm started its
commercial operation from October 2010 with an aggregate installed
capacity of 60 metric ton per day. Since its inception, the firm
has been engaged in milling and processing of pulses.


RELIANCE COMMUNICATIONS: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the rating of Reliance Communications Limited in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Non-convertible   5000.00     [ICRA]D; ISSUER NOT COOPERATING
   Debenture (NCD)               Rating Continues to remain under
   Programme                     the 'Issuer Not Cooperating'
                                 Category

   Long term–        6582.00     [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating Continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long Term-        8658.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                   Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-       12876.00     [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Commercial        2000.00     [ICRA]D; ISSUER NOT COOPERATING;
   Paper                         Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-       3365.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-       3949.00     [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
   Limits                        'Issuer Not Cooperating'
                                 Category

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

The Group has been operating as an integrated telecommunications
service provider, however on January 31, 2018 it shut down its
wireless retail operations. Now its operations comprise B2B focused
businesses, including Indian and Global Enterprise, Internet Data
Centers, and private submarine cable network.


RELIANCE INFRATEL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the rating of Reliance Infratel Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        475.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–       1796.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
   Limit                         'Issuer Not Cooperating'
                                 Category

   Short term–       195.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short term–        50.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating Continues to remain under
   Limits                        'Issuer Not Cooperating'
                                 Category

   Commercial       1000.00      [ICRA]D; ISSUER NOT COOPERATING;
   Paper/STD                     Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

RITL is a part of the RCom group and RCom (holding company for
group telecom operations) has around 95% stake in RITL through its
wholly-owned subsidiary - Reliance Communications Infrastructure
Limited and other trusts and holding companies. RITL provides
passive telecom infrastructure services to RCom and other telecom
operators.

RELIANCE TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating of Reliance Telecom Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        685.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loans                    'Issuer Not Cooperating'
                                 Category

   Long-term–        127.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Unallocated                   'Issuer Not Cooperating'
   Limits                        Category

   Short term–       784.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating Continues to remain under
   Limits                        'Issuer Not Cooperating'
                                 Category

   Commercial        500.00      [ICRA]D; ISSUER NOT COOPERATING;
   Paper (CP)                    Rating Continues to remain under
   Programme                     the 'Issuer Not Cooperating'
                                 category

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

The Group has been operating as an integrated telecommunications
service provider, however on January 31, 2018 it shut down its
wireless retail operations. Now its continuing operations comprise
B2B focused businesses, including Indian and Global Enterprise,
Internet Data Centres and private submarine cable network.


RISHABH BUILDWELL: CARE Lowers Rating on INR125cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rishabh Buildwell Private Limited (RBPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      125.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Details of instruments/facilities:

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
Rishabh Buildwell Private Limited and in line with the extant SEBI
guidelines, CARE revised the rating of bonk facilities of the
company to 'CARE B-; Stable; ISSUER NOT COOPERATING'. However, the
company has now submitted the requisite information to CARE. CARE
has carried out a full review of the ratings and the rating stand
at 'CARE D'.

Detailed Rationale & Key Rating Drivers

The revision in ratings to the bank facilities of Rishabh Buildwell
Private Limited (RBPL) consider the ongoing delays in the servicing
of debt obligations for the term loan.

Rating sensitivities

Positive:
* Improvement in liquidity position as reflected by the timely
repayment of debt obligations.

Detailed description of the key rating drivers:

Key Rating Weaknesses

* Delay in servicing of debt obligations: There were on-going
delays in servicing of debt obligation for term loan availed by the
company from PNBHFL due to slow project construction and mismatch
between project receipts vis a vis the high debt repayment
obligation (~Rs.6.5 crore per month). However, with the investment
by T & T group construction of the project resumed in December 2021
and company has repaid the July 2022 instalment in full, albeit
with delay.

* Subdued industry scenario: The company is exposed to the
cyclicality associated with the real estate sector which has direct
linkage with the general macroeconomic scenario, interest rates and
level of disposable income available with individuals. In case of
real estate companies, the profitability is highly dependent on
property markets. A high interest rate scenario could further
discourage the consumers from borrowing to finance the real estate
purchases and may depress the real estate market.

Key Rating Strengths

* Improvement in the project development with investment by T & T
Group: T & T group is a real estate developer and has developed
many real estate projects in the past. T & T group is investing in
Hindon Green Valley project and also managing overall project
construction and sale of flats. T & T group has already invested
around INR40 crore in this project in the form of unsecured loans.
Due to tight liquidity and slow collection, the erstwhile promoters
of the company were not able to complete the project. However,
during Q3FY22, T&T group has taken over the project. The project
has seen healthy sales and collection momentum post takeover with
average monthly sale of INR13.50 crore during the last 6 months
ended April 30, 2022 and collection of INR8.43 crore during the
last 6 months ended July 31, 2022. In phase 1 of the project there
are three towers out of which two towers are completed upto 24th
floor and one tower constructed till 16th floors. Company will
apply for OC for the project by end of December 2022.  As on March
2022, area of 5.16 lsq was sold by the company out of total
saleable area of 9.12 lsf.

Liquidity: Poor

The liquidity of the company is poor. Due to slow project
construction and mismatch between project receipts vis a vis the
high debt repayment obligation, liquidity of the company remains
constrained. There were on-going delays in servicing of debt
obligation for Term loan availed by the company from PNBHFL.
However, with the investment by T & T group construction of the
project resumed in December 2021 and company has repaid the July
2022 instalment in full, although the same is paid with delay.

Incorporated in 2005, Rishabh Buildwell Pvt. Ltd. (RBPL) is engaged
in development of real estate projects, mainly in NCR region. Till
March 31, 2018, the company has already executed commercial and
residential projects over an area of more than 20 lacs square feet
(lsf). RBPL belongs to Rishabh group, having presence in various
segments including hospitality, education, solar, Television
channel and real estate. Presently RBPL is engaged in development
of one residential project “Hindon Green Valley Project” in
consortium with T & T group. T & T group is a real estate developer
and has developed many real estate projects in the past. T & T
group is investing in Hindon Green Valley project and also managing
overall project construction and sale of flats. T & T group has
already invested around INR40 crore in this project in the form of
unsecured loans. With financial assistance of the T & T group
construction of Hindon Green Valley project resumed in December
2021. As on date the project is in advance state of completion with
more than 75% of the total project cost has already incurred.

RMJ MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RMJ Motors
Private Limited (RMPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.55       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 RMPL under the 'issuer non-cooperating'
category as RMPL 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. RMPL 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).

Incorporated in October 2008, RMJ is promoted by the Bhopal-based
RM group. RMJ is engaged in sales and services of passenger cars of
Maruti Suzuki India Limited (MSIL). RMJ is an authorized dealer for
passenger vehicles of MSIL in Bhopal (Madhya Pradesh) and operates
through three showrooms and three workshops located in the region.


S.S. COTTON: ICRA Keeps B+ Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the long-term ratings of S.S. Cotton Industries
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         18.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term–          1.50        [ICRA]B+(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

M/s S.S.Cotton Industries Pvt. Ltd. was incorporated in May 2011
with the object of carrying on the business of ginning and pressing
with a capacity of 48 gins along with delinting spread across an
area of 3 acres. The operations of the plant commenced from Dec
2011. It is located in Bhainsa, Adilabad dist of AP. The business
is promoted by Mr Rama Rao. Pawar and his sons Mr Sandeep Pawar and
Mr Satish Pawar. The family has been involved in the business since
last three decades.


SATYAM BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satyam
Builders (SB) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       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 18, 2021,
placed the rating(s) of SB under the 'issuer non-cooperating'
category as SB 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. SB 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).

Jharkhand based, Satyam was set up as a partnership firm in 2003 by
two brothers Mr. Vinay Kumar Thakur and Mr. Mithilesh Kumar Thakur.
Since its inception, the firm has been engaged in civil
construction activities in the segments like roads, bridges,
buildings and railways works. The firm is registered as a Class 1
contractor. Over the years, it has completed a good number of small
sized and few medium sized projects for Government and
semi-government organizations.


SUAVE CORPORATION: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of Suave Corporation (India)
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

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

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

Suave Corporation (India) Private Limited (SCIPL) was incorporated
in August 2012 by Mr Srihari Charan Damaraju. The company is
involved in the trading of steel products like TMT bars, GI Sheets,
MS Sheets, MS Flats, MS Rounds, billets and others. The company
primarily buys steel products from various distributors and traders
and sells to builders and construction companies in Andhra Pradesh
and Telangana.


VISHWAKARMA COLD: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Vishwakarma Cold Storage (SVCS) continues to remain in the 'Issuer
Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 1, 2021,
placed the rating(s) of SVCS under the 'issuer non-cooperating'
category as SVCS 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. SVCS continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 17, 2022, May 27, 2022, June 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).

SVCS was established in 1998 by Mr. Chamanlal Gajjar, Veljibhai
Suthar, Mr. Thannaji Suthar and Mr.Chunilal Chaudhary. However, Mr.
Veljibhai Suthar retired from SVCS from October 2016. SVCS was set
up to provide cold storage facilities at Deesa (Gujarat). The main
objective of setting up SVCS is to preserve potatoes for longer
duration. The plant will be located at Deesa (Gujarat) which is one
of the major Potatoes growing area region in Gujarat.




=======
L A O S
=======

LAOS: Fitch Lowers LongTerm Foreign Currency IDR to 'CCC-'
----------------------------------------------------------
Fitch Ratings has downgraded Laos' Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC-' from 'CCC'.

The Long-Term Local-Currency IDR has been affirmed at 'CCC' and the
Country Ceiling at 'B-'. Fitch typically does not assign Outlooks
to sovereigns with a rating of 'CCC+' or below. Fitch has removed
the Long-Term IDRs from Under Criteria Observation (UCO).

KEY RATING DRIVERS

External Finance Risks Accumulating: The downgrade of Laos'
Long-Term Foreign-Currency IDR reflects a further rise in external
liquidity risks, driven most recently by the spike in commodity
prices and tightening global financing conditions. Laos' external
debt repayment profile is challenging amid narrow financing
options, surging inflation, currency depreciation and low
foreign-exchange reserves. The Lao government has prioritised
repayment of private debt obligations in recent years, but we
believe risks are growing due to these external liquidity strains.

Intensifying External Liquidity Pressure: A higher import bill from
the surge in global commodity prices and high debt repayments have
driven up demand for foreign exchange amid increasingly scarce
supply. This has resulted in a sharp depreciation of the Lao kip
against the US dollar by almost 25% since February 2022 and 35%
since last year at the official rate. Rates in the parallel market
indicate even greater pressure, with the gap relative to the
official rate widening to 25% in June. The authorities have taken
steps that have stabilised the official rate since end-June, but
Fitch expects some further depreciation in the remainder of 2022.

Foreign-exchange reserves have remained stable at around USD1.2
billion through March 2022, despite the building pressure on the
currency. Nevertheless, reserve cover relative to imports (about
1.5 months of import cover) and external debt repayments is low.
Fitch forecasts foreign-exchange reserves to begin to decline
towards USD900 million by end-2022.

Wider Current Account Deficit: Fitch forecasts the current account
deficit to widen to 5% of GDP in 2022 from higher oil and other
import prices. Higher export earnings, especially from the
electricity sector, turned the current account to a surplus of 1.8%
of GDP in 2021 per official statistics, the basis of Fitch’s
forecasts; the IMF estimates a 5% deficit in 2021 based on its
assessment of an undercounting of imports under official
statistics. Rising interest payments are adding to the deficit, but
we expect strong export performance to keep the deficit contained
at around 3.5% of GDP in 2023-2024.

Large External Debt Repayments: Laos has high external debt
payments of USD1.2 billion-1.4 billion (principal and interest) per
annum through 2026, with about USD300 million during the remainder
of 2022. This includes a total of nearly USD1 billion equivalent in
baht-denominated bond maturities in the Thai market (about half due
in 2025) and USD760 million classified officially as commercial
bank loans.

Limited External Financing Options: External financing options for
the sovereign remain narrow, in Fitch’s view. The sovereign
successfully issued in the Thai market for the first time since
2019, raising nearly USD150 million equivalent in baht-denominated
bonds in March 2022. However, market access in Thailand is likely
to be constrained to rollovers of future baht-denominated
maturities and could prove challenging amid tightening global
market conditions. An issuance in international bond markets
appears impossible. There are no indications that IMF financial
support is being pursued.

The government has turned to domestic financing from the central
bank and domestic banks. However, this source of financing is
likely to be limited in light of the small size of the domestic
market and could potentially exacerbate inflationary pressure.

Debt Relief from China: China remains a key source of bilateral
financing and possible debt relief, as roughly half of Laos's
external debt and repayments in the coming years are due to China.
Fitch estimates that Laos has already received around USD800
million in debt relief on a bilateral basis from China during
2020-2021. The nature of this relief is unclear, though Fitch
believes it is likely to be structured similarly to the G-20's Debt
Service Suspension Initiative, which involved payment deferments.

The 'CCC-' Long-Term Foreign-Currency IDR also reflects the
following factors:

Fiscal Deficit to Widen Modestly: Fitch expects the general
government deficit to stagnate at around 3.2% of GDP in 2022-2024
after it narrowed to 1.4% in 2021. Expenditure compression drove
much of the narrowing in 2021, but Fitch believes this will be
difficult to sustain amid rising inflationary pressure. Fitch
forecasts a steady rise in interest payments over the next few
years from about 11% of revenue in 2021 to about 20% by 2023 due to
greater reliance on market financing and rising interest rates,
constraining the sovereign's fiscal flexibility. Low revenue
collection, at around 14% of GDP, is a key challenge.

Government Debt Ratio Jumps: Fitch forecasts Laos' public and
publicly guaranteed debt ratio will rise sharply to about 108% of
GDP in 2022, well above the roughly 70% peer median, from 73% in
2020. The surge in the debt level is largely due to significant
depreciation of the Lao kip against the US dollar over the past
couple of years given the large share of foreign-currency debt of
about 90% of total debt.

Inflation Surges: The rise in global commodity prices and currency
depreciation pushed inflation to a record 23.5% in June 2022,
exacerbating economic stability risks. Fitch forecasts inflation to
remain elevated, averaging 18% in 2022. Inflation pressure should
recede gradually from 2023, averaging 12%, on declining oil prices
and base effects.

Near-Term Growth Slowdown: Fitch forecasts GDP growth to slow to
2.0% in 2022 from 3.2% in 2021, as recent fuel shortages and
surging inflation will weigh on growth prospects. Over the medium
term, however, Fitch expects strong hydropower export performance,
sustained FDI, the recent opening of the Lao-China railway and the
removal of pandemic-related border restrictions to support solid
growth of around 4.5% in 2024 and beyond.

ESG - Governance: Laos has an ESG Relevance Score (RS) of '5'[+]
and '5', respectively, for Political Stability and Rights and for
the Rule of Law, Institutional and Regulatory Quality and Control
of Corruption. Theses scores reflect the high weight that the World
Bank Governance Indicators have in our proprietary Sovereign Rating
Model. Laos has a low World Bank Governance Indicator ranking at
the 24th percentile, reflecting weak institutional capacity,
relatively weak rights for participation in the political process,
weak institutional capacity and a high level of corruption, despite
a high level of political stability.

RATING SENSITIVITIES

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

-- Increased signs of a probable default event, for instance,
    further intensification of external liquidity stress, the
    government's continued difficulty in accessing external
    financing, increased challenges in accessing domestic
    financing or indications that the government is planning debt
    restructuring.

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

-- External Finances: An easing of external liquidity pressure,
    evident in an increase in foreign-exchange reserves or broader

    access to external financing sources from bilateral or
    multilateral creditors, capital markets, or asset sales.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Laos a score equivalent to a rating
of 'CCC+' on the Long-Term Foreign-Currency IDR scale. However, in
accordance with its rating criteria, Fitch's sovereign rating
committee has not utilised the SRM and QO to explain the ratings in
this instance. Ratings of 'CCC+' and below are instead guided by
the rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch’s criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING ACTIONS

ENTITY/DEBT    RATING                        PRIOR
-----------    ------                        -----
Laos            LT IDR     CCC-  Downgrade    CCC

                ST IDR     C     Affirmed     C

                LC LT IDR  CCC   Affirmed     CCC

                LC ST IDR  C     Affirmed     C

                Country Ceiling  B- Affirmed  B-




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

AVALANCHE HOTEL: Creditors' Proofs of Debt Due on Sept. 23
----------------------------------------------------------
Creditors of Avalanche Hotel Limited are required to file their
proofs of debt by Sept. 23, 2022, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Craig Andrew Young
          PO Box 87340
          Auckland


BURGERED RESTAURANTS: Court to Hear Wind-Up Petition on Sept. 5
---------------------------------------------------------------
A petition to wind up the operations of Burgered Restaurants
Auckland Limited will be heard before the High Court at Hamilton on
Sept. 5, 2022, at 10:45 a.m.

Nirmala Chunilal and Ravinder Thadaka filed the petition against
the company on July 8, 2022.

The Petitioner's solicitor is:

          Umar Abdul Kuddus
          Patel Nand Legal, Barristers and Solicitors
          Level 2, 101 Station Road
          Penrose
          Auckland 1061


FATS BOYS: Court to Hear Wind-Up Petition on Aug. 26
----------------------------------------------------
A petition to wind up the operations of Fats Boys Limited will be
heard before the High Court at Auckland on Aug. 26, 2022, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 7, 2022.

The Petitioner's solicitor is:

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


HAWKE'S BAY: Not Paid a Cent of NZD500,000 Fines Three Years On
---------------------------------------------------------------
Stuff.co.nz reports that two seafood companies fined more than
NZD500,000 three years ago have not paid a cent, court records have
revealed.

Hawke's Bay Seafoods Ltd and Esplanade No. 3 Ltd were two of three
associated companies - and three individuals - convicted on
multiple charges and fined for "an abuse of trust of the fishery"
in 2019, according to Stuff.

Hawke's Bay Seafoods was fined NZD410,232 and Esplanade No.3 Ltd
was fined NZD141,434.

Both companies have been put into liquidation, Stuff notes.

According to the report, newly released court records show neither
company has made any payments towards the fines, which currently
stand at NZD440,949 for Hawke's Bay Seafoods and NZD234,994 for
Esplanade No.3.

The other defendants fined in the prosecution have paid their fines
in full. They are Ocean Enterprises Ltd. (NZD215,373), Marcus
D'Esposito (NZD126,639), Giancarlo D'Esposito (NZD106,686) and Nino
D'Esposito (NZD86,309).

Stuff says the prospects of collecting the outstanding fines appear
slim.

The Ministry of Justice is a non-secured creditor for both
companies, but liquidators do not expect to make distributions.

The companies and individuals were charged in relation to landings
of fish to New Zealand and their export to Australia between
November 2012 and July 2014, where the amounts of fish were
under-reported before export, Stuff relates.

Company premises were raided by the Ministry of Primary Industries
in October 2014, and a NZD2.3 million five-year investigation and
prosecution ensued, Stuff recalls.

After the fines were handed down in October 2019, Ministry for
Primary Industries manager of fishing compliance Steve Ham said the
ministry was satisfied with the outcome, which "sets a great
deterrent factor to the industry".

This week, the ministry's director of compliance services Gary Orr
said, despite the fines of two companies going unpaid, "we believe
our work does send a strong message to individuals and companies
which break the rules, and note that both companies involved in
this case are in liquidation," Stuff relays.

"The Court decides what fines are imposed, and the Ministry of
Justice administers their collection. Our role is to investigate
fisheries offending and bring it before the Courts, which we have
done here, and will continue to do in the interests of
sustainability," he said.

Ministry of Justice group manager of national service delivery
Tracey Baguley said the ministry could not provide information on
what actions had been taken to collect fines payments, adds Stuff.


TRUCK-PRO LIMITED: Creditors' Proofs of Debt Due on Oct. 12
-----------------------------------------------------------
Creditors of Truck-Pro Limited are required to file their proofs of
debt by Oct. 12, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 12, 2022.

The company's liquidator is:

          Janet Sprosen
          KPMG Auckland
          18 Viaduct Harbour Avenue
          PO Box 1584
          Shortland Street
          Auckland 1140


WHAREATEA LIMITED: Geoff Falloon Appointed as Liquidator
--------------------------------------------------------
Geoff Falloon of Biz Rescue on July 25, 2022, was appointed as
liquidator of Whareatea Limited.

The liquidator may be reached at:

          Biz Rescue Limited
          Business Recovery and Insolvency Specialists
          PO Box 27
          Nelson 7040




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

REENOVA INVESTMENT: Court Enters Judicial Management Order
----------------------------------------------------------
The High Court of Singapore entered an order on July 8, 2022, to
place the operations of Reenova Investment Holding Limited under
Judicial Management.

JW Venture Capital Pte. Ltd. filed the petition against the
company.

The company's Judicial Managers are:

          Luke Anthony Furler
          Ellyn Tan Huixian
          Quantuma (Singapore) Pte. Limited
          8 Eu Tong Sen Street
          #18-81, The Central
          Singapore 059818


SINGAPORE COMMODITIES: Court to Hear Wind-Up Petition on Sept. 29
-----------------------------------------------------------------
A petition to wind up the operations of Singapore Commodities Group
Co., Pte Ltd will be heard before the High Court of Singapore on
Sept. 29, 2022, at 10:00 a.m.

Founder Group (Hong Kong) Limited filed the petition against the
company on May 27, 2022.

The Petitioner's solicitors are:

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


SINGAPORE JHC: Court to Hear Wind-Up Petition on Sept. 29
---------------------------------------------------------
A petition to wind up the operations of Singapore JHC Co., Pte Ltd
will be heard before the High Court of Singapore on Sept. 29, 2022,
at 10:00 a.m.

Founder Group (Hong Kong) Limited filed the petition against the
company on May 27, 2022.

The Petitioner's solicitor is:

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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