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

                     A S I A   P A C I F I C

          Thursday, August 25, 2022, Vol. 25, No. 164

                           Headlines



A U S T R A L I A

CGP TRADING: First Creditors' Meeting Set for Sept. 1
MRD TRADING: First Creditors' Meeting Set for Sept. 1
ORACLE BUILDING: Residential Builder Goes Into Liquidation
RESIMAC TRIOMPHE 2020-3: S&P Raises Cl. F Notes Rating to BB+(sf)
RT & SD: First Creditors' Meeting Set for Aug. 31

SUREPACT PTY: First Creditors' Meeting Set for Aug. 31
TFOR3 PTY: First Creditors' Meeting Set for Aug. 31
TRITON BOND 2022-3: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes
WESTCOM GROUP: Second Creditors' Meeting Set for Sept. 1


C H I N A

DEER INVESTMENT: Fitch Assigns 'B(EXP)' Foreign Currency IDR
HONG YANG: Fitch Withdraws All Ratings
SHIMAO GROUP: Looks to Repay US$11.8BB Debt Over 3-8 Years
SINO-OCEAN GROUP: Fitch Lowers Foreign Currency IDR to 'BB+'


I N D I A

AHUJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
AIRASIA INDIA: Tata May Have to Write Off AirAsia India's Loss
ANJANEE CEMENT: CARE Reaffirms B Rating on INR8.53cr LT Loan
ARCHANA FLOUR: CARE Lowers Rating on INR19.30cr LT Loan to B-
BHAVNA GEMS: CARE Keeps C Debt Ratings in Not Cooperating

DUGGAR FIBER: CARE Keeps D Debt Rating in Not Cooperating
GEMINI PACK: CARE Keeps D Debt Rating in Not Cooperating
GOWRI INFRA: CARE Keeps D Debt Ratings in Not Cooperating
GULSHAN FASHIONS: CARE Keeps B- Debt Rating in Not Cooperating
HI-TEC METAL: CARE Reaffirms B+ Rating on INR4.65cr LT Loan

KANAK PIPE: CARE Keeps B Debt Rating in Not Cooperating Category
KRISHA ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
LIBRA AUTO: CARE Keeps D Debt Rating in Not Cooperating
MAGNUM STEELS: CARE Lowers Rating on INR20cr LT Loan to C
MAHAJYOTI FIBERS: CARE Keeps D Debt Rating in Not Cooperating

MAHAVEERJI POLYFAB: CARE Keeps B- Debt Rating in Not Cooperating
MAHIP INDUSTRIES: CARE Lowers Rating on INR23.72cr Loan to D
MERGE STONES: CARE Assigns B+ Rating to INR35cr LT Loan
PEOPLE DAIRY: CARE Keeps B+ Debt Rating in Not Cooperating
PUNJAB RICE: CARE Keeps B- Debt Rating in Not Cooperating

RADIANT ROCKS: CARE Keeps B Debt Rating in Not Cooperating
RASANDIK ENGINEERING: CARE Reaffirms D Rating on INR6.84cr Loan
SATYA SAI: CARE Keeps B- Debt Rating in Not Cooperating Category
SHARWIN COTTEX: CARE Keeps D Debt Rating in Not Cooperating
SKM BUILDCON: CARE Keeps D Debt Rating in Not Cooperating

SMT. MALTI: CARE Keeps B- Debt Rating in Not Cooperating
SPS EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
STERLING PORT: CARE Keeps D Debt Rating in Not Cooperating
USHA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
VENKATESHWAR SPICES: CARE Lowers Rating on INR5cr Loan to B+



M A L A Y S I A

1MDB: Ex-PM Sent to Jail After Losing Final Appeal


N E W   Z E A L A N D

FAVOR GROUP: Creditors' Proofs of Debt Due on Oct. 18
PICPAC EXPORT: Creditors' Proofs of Debt Due on Aug. 29
RHINO CONCRETE: Creditors' Proofs of Debt Due on Sept. 15
VIVIER CAPITAL: Creditors' Proofs of Debt Due on Sept. 18


S I N G A P O R E

JJ MART: Court to Hear Wind-Up Petition on Sept. 9
MACARIOS PTE: Court Enters Wind-Up Order
NOBLE GROUP: Fined $12.6MM for Misleading Financial Statements
THREE ARROWS: Liquidators Get Singapore Nod to Probe Crypto Fund
TRIYARDS FABRICATION: Commences Wind-Up Proceedings



S O U T H   K O R E A

E MART INC: Moody's Lowers CFR to Ba2 & Alters Outlook to Stable

                           - - - - -


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

CGP TRADING: First Creditors' Meeting Set for Sept. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of CGP Trading
Pty Ltd will be held on Sept. 1, 2022, at 10:00 a.m. at the offices
of O'Brien Palmer, Level 9, 66 Clarence Street, in Sydney, NSW.

Liam Bailey and Daniel Frisken of O'Brien Palmer were appointed as
administrators of the company on Aug. 22, 2022.


MRD TRADING: First Creditors' Meeting Set for Sept. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of MRD Trading
Pty Ltd will be held on Sept. 2, 2022, at 10:30 a.m. via virtual
meeting technology.

Michael Beck of Worrells was appointed as administrator of the
company on Aug. 23, 2022.


ORACLE BUILDING: Residential Builder Goes Into Liquidation
----------------------------------------------------------
News.com.au reports that Queensland residential builder Oracle
Building Corporation Pty Ltd went into liquidation on Aug. 24.

A notice posted on the Australian Securities and Investments
Commission showed that William Cotter and William Robson from
Robson Cotter Insolvency Group have been appointed as joint
liquidators.

Oracle Building Corporation trades under a number of names
including Oracle Platinum Homes which is understood to have
hundreds of homes in the pipeline to be built.

According to the report, the building firm appears to have had
money troubles for some time after reports emerged earlier this
year that they were asking customers for more money to complete
construction works.

It appears that Oracle's website and Facebook pages are down as an
error code appears.

News.com.au reported in April that Oracle Platinum Homes had tried
to get more money out of customers, in some cases hiking build
prices to more than AUD100,000 than the original agreement.

At the time, the builder said the costs are unavoidable because of
unprecedented demand for materials since Covid-19 lockdowns and
flooding in the state, the report relates.

Oracle's work this financial year includes the completion of more
than 100 houses worth AUD36.6 million. Last year, the company
completed 318 houses worth more than AUD90 million.


RESIMAC TRIOMPHE 2020-3: S&P Raises Cl. F Notes Rating to BB+(sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2020-3. At the same time,
S&P affirmed its ratings on three classes of notes issued out of
the same trust.

The rating actions reflect S&P's view of the credit support
available, which is sufficient to withstand the stresses we apply.
Credit support comprises note subordination for all rated notes,
which has increased compared to on closing, lenders' mortgage
insurance covering 22.3% of the loans in the pool, and excess
spread, if any.

The overall credit quality of the underlying collateral pool, which
as of June 30, 2022, has a pool factor of 56.6%, continues to
improve, with weighted-average loan seasoning of 46.2 months and a
current weighted-average loan-to-value ratio of 61.8%. These
positive factors lower our expectation of loss.

The pool displays good asset performance relative to the Standard &
Poor's Performance Index. As of June 30, 2022, loans greater than
90 days in arrears remained low, representing 0.07%. There have
been no losses to date.

The transactions' cash flows support the timely payment of interest
and ultimate payment of principal to the rated classes of notes
under S&P's rating stress assumptions.

The rated classes of notes are currently paying on a sequential
basis and will transition to pro-rata basis once conditions are
met. These include meeting performance triggers and a call-option
trigger.

S&P's expectation is that the various mechanisms to support
liquidity within the transactions, including principal draws, and
amortizing liquidity facility are sufficient to ensure timely
payment of interest.

  Ratings Raised

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-3

  Class B: to AA+ (sf) from AA (sf)
  Class C: to AA- (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB (sf) from BB (sf)
  Class F: to BB+ (sf) from B (sf)

  Ratings Affirmed

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2020-3

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)


RT & SD: First Creditors' Meeting Set for Aug. 31
-------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - RT & SD Pty Ltd;
     - RT & MT Pty Ltd;
     - RT and IT Pty Ltd;
     - Rashays CM Pty Limited;
     - Rashay WP Pty Ltd;
     - Trad Enterprises Pty Ltd; and
     - Trad Payroll Pty Ltd

will be held on Aug. 31, 2022, at 10:00 a.m. via teleconference.

Michael Billingsley and Ahmed Sowaid of Cor Cordis were appointed
as administrators of RT & SD Pty et al. on Aug. 19, 2022.


SUREPACT PTY: First Creditors' Meeting Set for Aug. 31
------------------------------------------------------
A first meeting of the creditors in the proceedings of Surepact Pty
Ltd and Surepact Holdings Pty Ltd will be held on Aug. 31, 2022, at
10:30 a.m. at the offices of Cor Cordis, Level 19, Waterfront
Place, 1 Eagle Street, in Brisbane, Queensland.

Darryl Edward Kirk of Cor Cordis was appointed as administrator of
the company on Aug. 19, 2022.


TFOR3 PTY: First Creditors' Meeting Set for Aug. 31
---------------------------------------------------
A first meeting of the creditors in the proceedings of TFOR3 Pty
Ltd will be held on Aug. 31, 2022, at 2:00 p.m. via virtual meeting
technology.

Mathew Gollant of CJG Advisory was appointed as administrator of
the company on Aug. 19, 2022.


TRITON BOND 2022-3: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2022-3 Series 1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises mortgage
lenders insurance covering 23.5% of the loans in the portfolio as
well as note subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.0% of the invested amount of all rated and
class G notes, subject to a floor of 0.10% of the initial invested
amount of all notes, principal draws, and a loss reserve that
builds from excess spread, are sufficient under its stress
assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS, should any be entered into after transaction
close.

  Preliminary Ratings Assigned

  Triton Bond Trust 2022-3 Series 1

  Class A1-MM, A$215.00 million: AAA (sf)
  Class A1-AU, A$422.50 million: AAA (sf)
  Class A2, A$52.50 million: AAA (sf)
  Class AB, A$21.00 million: AAA (sf)
  Class B, A$13.50 million: AA (sf)
  Class C, A$10.50 million: A (sf)
  Class D, A$6.75 million: BBB (sf)
  Class E, A$3.75 million: BB (sf)
  Class F, A$2.10 million: B (sf)
  Class G, A$2.40 million: Not rated


WESTCOM GROUP: Second Creditors' Meeting Set for Sept. 1
--------------------------------------------------------
A second meeting of creditors in the proceedings of Westcom Group
Pty Ltd and Westcom Contracting Pty Ltd has been set for Sept. 1,
2022, at 11:30 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 31, 2022, at 4:00 p.m.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of the company on July 28, 2022.




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

DEER INVESTMENT: Fitch Assigns 'B(EXP)' Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings has assigned Deer Investment Holdings Limited (Deer)
an expected Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'B(EXP)'. The Outlook is Stable.

The final rating is contingent upon the completion of Carlyle
Group's acquisition of HCP Global Limited through Deer. Carlyle
entered into a binding agreement to acquire a 100% stake in HCP, a
China-based manufacturer of cosmetic packaging for beauty brands,
in May 2022. Deer has completed the issuance of a US dollar term
loan B, which will be used together with an equity contribution to
finance the acquisition.

The rating reflects HCP's adequate business profile, which is
characterised by long-term customer relationships with top global
beauty brands, a leading position in a niche market, recovering
demand in the beauty industry and geographical diversification.
High leverage after the transaction, a modest product range with
focus on skincare and colour cosmetics, rigid packaging and a small
scale are constraints on the rating.

KEY RATING DRIVERS

High Leverage: Fitch said, "We think Deer's high leverage after the
acquisition will be a key constraint on the rating until the
company deleverages. Fitch expects Deer's total debt to EBITDA to
rise to 7.4x by end-2022 before falling to below 6x by end-2023.
Deer's deleveraging capacity will be supported by a rebound in
revenue and profitability as the Covid-19 pandemic's impact eases.
However, there may be volatility and uncertainty over the recovery
in end-market demand, which could affect Deer's deleveraging
pace."

Improving Profitability; Challenges Remain: Fitch expects HCP's
EBITDA margin to rebound from the trough in 2021 as the beauty
industry recovers from Covid-19. However, there are increased
challenges and uncertainty in improving profitability under an
inflationary environment. In addition, sales to mainland Chinese
customers, which have lower margins, rose during the pandemic,
potentially leading to structurally lower margins. Greater clarity
over its profit recovery could lead to an improvement in the credit
profile.

Long-Term Customer Relationships: Fitch said, "We expect HCP's
long-term relationships with leading global brands with diverse
portfolios, including the two biggest customers, Estee Lauder and
L'Oreal, to mitigate the risk of customer concentration, with the
top-10 customers accounting for over 60% of its revenue. Customer
orders depend on market demand, but HCP has retained a stable share
of its key customers' business. We expect the company to continue
benefitting from cooperation with customers that are outperforming
the beauty industry."

Positive FCF: Fitch forecasts HCP's free cash flow (FCF) to turn
positive in 2023, supported by improved profitability and
moderating capex, which should provide deleveraging capacity.
Management has no plan for dividend payouts or acquisitions over
the next two years. The company has been FCF negative due to high
capex in 2019 and the Covid-19 impact in 2020-2021, but we expect
the trend to reverse as end-market demand recovers.

Recovery in End-Market Demand: HCP will benefit from a recovery in
the beauty industry following the decline caused by the Covid-19
pandemic. "We expect the colour cosmetic and skincare industry to
resume mid-to-high single-digit growth in sales over the next five
years, which will support strong demand for cosmetic packaging,"
Fitch said.

HCP's geographically diversified revenue streams and manufacturing
bases will also help mitigate any impact from temporary Covid-19
disruptions in China as its non-Chinese manufacturing facilities
have spare capacity. Expanding its manufacturing capacity in China
will help HCP to take advantage of the faster growth in China's
beauty industry than in mature markets.

Leader in a Niche Market: HCP is the largest manufacturer in APAC
and second-largest globally in the beauty and skincare rigid
packaging industry. The company holds around 5% share in a highly
fragmented market with the top-five players making up less than 20%
of total market share.

Fitch said, "We expect the company's market position to be
supported by high barriers to entry and long-term relationships
with key customers. New entrants will not only require upfront
investment to set up production facilities but also need to go
through a rigorous supplier qualification process before they can
be qualified to become global suppliers for beauty brands."

DERIVATION SUMMARY

HCP is much smaller than higher-rated peers such as Smurfit Kappa
Group plc (BBB-/Stable), Berry Global Group, Inc. (BB+/Stable) and
Silgan Holdings Inc. (BB+/Stable). The company's business profile
is also weaker than higher-rated peers' due to a more limited
product range and exposure to a more cyclical industry.

In comparison with peers in the 'B' rating category, HCP is exposed
to a more cyclical end-market of the beauty industry than Rimini
BidCo S.p.A. (B+/Stable), which generates over 60% of its revenue
from food and beverage. As a result, HCP has higher cash-flow and
profitability volatility than Rimini. Fitch said, "We expect HCP's
gross leverage, measured by total debt/EBITDA, to be 5x-6x over the
next 12-18 months, which is higher than that of Rimini. The
one-notch rating difference reflects HCP's lower business stability
and the uncertainty over the pace of its margin recovery."

HCP has a smaller scale and narrower addressable market than Titan
Holdings II B.V. (B/Stable) but Titan's leverage is higher, at over
6.5x total debt/EBITDA by 2023.

KEY ASSUMPTIONS

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

- Revenue to grow by low teens in 2022, moderating to a high-
   single-digit percentage in 2025

- EBITDA margin of 18% in 2022, improving to 23% by 2025

- Capex of USD21 million-29 million in 2022-2025

- No dividend in 2022-2025

RATING SENSITIVITIES

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

- Clear deleveraging commitment, with total debt to EBITDA below
   5x or net debt to EBITDA below 4.5x on a sustained basis

- Neutral-to-positive FCF on a sustained basis

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

- Total debt to EBITDA above 7.0x or net debt to EBITDA above
   6.5x on a sustained basis, for instance, due to negative FCF,
   or a more aggressive financial policy or acquisition strategy
   than communicated to Fitch

- Sustained loss of market share due to, for instance, declining
   share of wallet from key customers such as Estee Lauder or
   L'Oreal

- EBITDA to interest paid sustained below 2x

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects Deer to have sufficient liquidity
following the acquisition and issuance of the term loan B. Fitch
expects HCP's prior outstanding debt will be repaid upon completion
of the acquisition by Deer. Deer will rely on HCP's adequate cash
flow generation to fund its interest payments.

ISSUER PROFILE

Deer is an investment vehicle set up by Carlyle to acquire HCP.


HONG YANG: Fitch Withdraws All Ratings
--------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign-Currency Issuer
Default Ratings (IDR) on China-based property developer Hong Yang
Group Company Limited and its subsidiary Redsun Properties Group
Limited to 'C' from 'CC', and downgraded their senior unsecured
ratings to 'C' from 'CC', with the Recovery Rating remaining at
'RR4'. Fitch has subsequently withdrawn all the ratings.

The downgrades follow Redsun's announcement on August 11, 2022 that
it failed to pay interest on its USD350 million notes due 2025. The
30-day grace period for the payment expires on August 12. The
downgrade of parent Hong Yang's IDR reflects the existence of a
cross-default clause with Redsun in the indenture for its US dollar
bonds.

Redsun and Hong Yang have not provided further information to Fitch
beyond their public announcements.

Fitch is withdrawing the ratings as Hong Yang and Redsun have
chosen to stop participating in the rating process. Therefore,
Fitch will no longer have sufficient information to maintain the
ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Hong Yang and Redsun.

KEY RATING DRIVERS

Non-Payment of Bond Interest: Redsun said on August 11 that it did
not make the interest payment due on its 2025 notes and it does not
expect to repay the interest by the expiry of the grace period on
12 August. The missed payment does not yet constitute an event of
default due to the grace period, but Fitch believes a default-like
process has begun.

Cross Default with Hong Yang's Bond: Fitch believes Redsun's
non-payment of the interest upon expiry of the grace period will
trigger an event of default for Hong Yang's US dollar bonds, which
were issued by Hong Seng Limited and guaranteed by Hong Yang. This
is because there is a cross-default clause in the bond indenture.

Uncertainties over Restructuring Plan: Redsun and Hong Yang have
appointed financial advisors and legal advisors to communicate with
offshore bondholders, according to the announcement on 11 August.
There is limited information on the companies' restructuring plan
at this stage.

RATING SENSITIVITIES

No longer relevant, as the ratings have been withdrawn.

ISSUER PROFILE

Hong Yang owns 72% of Hong Kong-listed Redsun. Hong Yang group has
a property management services company Redsun Services, which was
separately listed in Hong Kong in July 2020, as well as a large
retail and wholesale centre for home decoration material and
furniture in Nanjing, Jiangsu province. Redsun develops residential
properties mainly in Jiangsu province. It also operates retail
malls, offices and hotels.

RATING ACTIONS

ENTITY/DEBT        RATING                  RECOVERY   PRIOR
-----------        ------                  --------   -----
Redsun Properties   LT IDR  WD Withdrawn               C
Group Limited

                    LT IDR  C  Downgrade               CC

senior unsecured   LT      WD Withdrawn               C

senior unsecured   LT      C  Downgrade    RR4        CC
Hong Seng Limited

senior unsecured   LT      WD Withdrawn               C

senior unsecured   LT      C  Downgrade    RR4        CC

Hong Yang Group     LT IDR  WD Withdrawn               C
Company Limited

                    LT IDR  C  Downgrade               CC

senior unsecured   LT      WD Withdrawn               C

senior unsecured   LT      C  Downgrade    RR4        CC


SHIMAO GROUP: Looks to Repay US$11.8BB Debt Over 3-8 Years
----------------------------------------------------------
Reuters reports that Shimao Group has proposed a two-class
restructuring plan to offshore creditors to repay $11.8 billion
over a period of three to eight years, according to two sources
with direct knowledge of the matter and a document seen by
Reuters.

Shanghai-based Shimao, which first missed a public offshore bond
obligation last month, is the first major Chinese developer to kick
off negotiations on restructuring terms with creditors, Reuters
says.  

Reuters notes that China's property sector has been hit by a series
of defaults on offshore debt obligations, with three of the top
five bond issuers - China Evergrande Group, Kaisa Group and Sunac
China - having already defaulted on their dollar bonds. Shimao is
the sixth largest issuer.

According to Reuters, Shimao's restructuring plan will, however,
exclude $2.3 billion offshore debt including offshore project
loans, and loans backed by onshore financial institutions or
governed by mainland Chinese law.

Unhappy about the proposal, offshore creditors plan to request
Shimao to treat all classes of offshore creditors equally, and
prevent capital from flowing out from the offshore entities,
according to one of the sources.

Creditors also plan to ask the company for an increase in the ratio
of the amortized repayment, and a sweetener to enhance the credit
profile of the debt, the person said, Reuters relays.

Under the proposed restructuring terms of the $11.8 billion debt,
Shimao would repay Class A debt, which are $4.65 billion worth of
syndicated loans and guaranteed bilateral loans under an
amortization schedule between 36 to 72 months, Reuters discloses.

A total of $7.13 billion Class B debt, which are all the public and
private bonds and unguaranteed bilateral loans, would also be
repaid in six tranches of new notes worth 9% to 23% of the claims
with maturities ranging between 39 to 93 months.

The developer said it will retain the right to dispose two assets
in Hong Kong, namely the Tai Wo Ping project and Tung Chung Hotels,
and use the proceeds for pro rata repayment, and prepayment or
repurchase in the secondary market of the new instruments issued in
relation to the debt being restructured.

Shimao also told some of its offshore creditors that it planned to
pay them interest after the company's cash flow recovers, one of
the sources said.

Shimao has hired Admiralty Harbour Capital and Sidley Austin as
advisers, Reuters discloses.

Last week, financial news provider REDD reported smaller developer
Fantasia Holdings proposed a haircut of as much as 60% in a
preliminary offshore debt restructuring plan, and swap the
remaining debt into company shares, adds Reuters.

                         About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2022, Fitch Ratings has withdrawn China-based property
developer Shimao Group Holdings Limited's Issuer Default Rating of
'CCC' and the senior unsecured rating on Shimao's outstanding US
dollar senior notes of 'CCC' with a Recovery Rating of 'RR4'.

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


SINO-OCEAN GROUP: Fitch Lowers Foreign Currency IDR to 'BB+'
------------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Sino-Ocean
Group Holding Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) and senior unsecured ratings to 'BB+' from 'BBB-'. All
ratings are placed on Rating Watch Negative (RWN).

The downgrade reflects Fitch's expectation that the company's
leverage, measured by net debt/net development-property assets,
will remain above our previous negative trigger of 40% in the
medium term. Fitch believes Sino-Ocean's financial flexibility has
also deteriorated amid the challenging operating and financing
environment for the Chinese property sector.

The RWN reflects Fitch's view that declining sales and ongoing
capital commitments at Sino-Ocean's joint-venture (JV) projects may
further reduce Sino-Ocean's liquidity buffer. Fitch is also
monitoring the liquidity and refinancing situation at Sino-Ocean
Capital Holding Limited (SOC), Sino-Ocean's 49%-owned financial JV,
as well as Sino-Ocean's progress in securing additional onshore
capital-market financing.

Sino-Ocean is rated one notch above its Standalone Credit Profile
(SCP), benefiting from support from its largest shareholder, China
Life Insurance Company Limited (A/Stable), under the "strong
parent, weak subsidiary" approach in our Parent and Subsidiary
Linkage Rating Criteria.

KEY RATING DRIVERS

Higher-than-Expected Leverage: Fitch expects Sino-Ocean's leverage,
measured by net debt/net property assets, to remain above 50% over
the next two years, following the rise to 57% by end-2021, which
was 10pp higher than that in 1H21. The company's deleveraging plan
has been affected by weaker sales proceeds and continued capital
injections into its JV projects, on the back of the ongoing sharp
downturn in the Chinese property sector.

JVs' Capital Requirements: Sino-Ocean's JV net claims, measured by
investment and net receivables from JVs, rose by CNY18.5 billion in
2H21. The company's exposure in property-development JVs, measured
by JV net claims (excluding investment property assets)/ net
property assets, of over 35% in 2021 is high among peers. Fitch
expects capital injections to its JV projects and related net cash
outflows to persist in the near term, reducing Sino-Ocean's cash
generation. Sino-Ocean says cash injections into its JVs are driven
by cost considerations, as the holding company has lower financing
costs than the JVs.

Onshore Funding Access Key: We estimate Sino-Ocean has CNY7.5
billion of domestic capital-market debt due from now to 1H23. Its
progress in securing onshore capital-market financing, potentially
with credit enhancement, is key to demonstrate viable funding
access. Weaker access resulting in continuous debt repayment with
cash may rapidly drain Sino-Ocean's liquidity buffer, leading to
further deterioration in financial flexibility.

Sino-Ocean has large unencumbered investment properties in Tier 1
and 2 cities that it can use to raise secured debt to replace
unsecured borrowings. However, a significant increase in secured
debt could also diminish its financial flexibility.

Limited Offshore Funding Access: Sino-Ocean issued USD200 million
of 2.7% three-year notes in January 2022 and USD200 million of 3.8%
three-year notes in April, and secured a syndicated loan of over
HKD1.6 billion in June. However, investor confidence and offshore
funding access appears to have deteriorated, driven partly by
recent mortgage boycotts and market concerns about homebuilders'
liquidity. We believe Sino-Ocean's offshore funding access may be
restricted in the medium term and expect the company to repay its
offshore debt via cash or onshore borrowings.

SOC Refinancing Needs: "SOC has CNY1 billion of domestic bonds
puttable in September and USD286 million of offshore notes due in
October. We think SOC is likely to be able to address these
maturities with cash on hand and proceeds from asset disposals.
Management told Fitch that SOC's operations and financing are
independent. We believe any liquidity stress at SOC will have a
negative impact on Sino-Ocean's reputation and credit profile, but
Sino-Ocean has no legal obligations for SOC's debt. Fitch continues
to monitor SOC's ability to repay and refinance its capital-market
maturities, including USD497 million of notes due and CNY800
million of corporate bonds puttable in June 2023," Fitch said.

Sales Ahead of Peers: Sino-Ocean's total contracted sales fell by
17% yoy to CNY52 billion in 7M22, better than the 30%-40% decline
for most developers. Fitch said, "We believe the better performance
was supported by the company's focus in higher-tier cities and its
partial ownership by the state. We expect Sino-Ocean's contracted
sales to fall by 25% yoy in August-December 2022, which translates
to a drop of 21% for 2022. The bigger fall in 2H22 is driven by the
high base a year earlier. A severe resurgence of Covid-19 or the
spread of mortgage boycotts could lead to weaker-than-expected
sales."

One-Notch Uplift: Fitch views China Life has 'Weak' legal, 'Weak'
strategic and 'Medium' operational incentives to support
Sino-Ocean, based on our Parent and Subsidiary Linkage Rating
Criteria. The one-notch uplift to Sino-Ocean's rating from its SCP
is driven by the moderate operational linkage between the two
entities, as reflected in China Life's representatives on
Sino-Ocean's board and management. The two companies cooperate in
investment properties and senior living.

The uplift is limited to one notch as there is limited legal ties
between the two entities. In terms of strategic incentive, China
Life has positioned Sino-Ocean as its only real-estate investment
operating platform, but real estate is not a core business of China
Life and constitutes only a small part of its investment portfolio.
Equity investment in Sino-Ocean accounted for 4.6% of China Life's
investment in associates and JVs in 2021.

Parent's Support to Continue: Fitch said, "We expect Sino-Ocean
will continue to benefit from support from China Life. The insurer
and its related entities have supported Sino-Ocean by subscribing
to the homebuilder's onshore and offshore bonds, contributing to
asset acquisitions and providing secured loans. We believe China
Life's ability and incentive to support Sino-Ocean remains intact,
although in accordance to insurance regulations, China Life may not
be able to increase investment in Sino-Ocean's offshore bonds
following the downgrade of Sino-Ocean's ratings to non-investment
grade."

DERIVATION SUMMARY

Sino-Ocean's IDR benefits from a one-notch uplift from its SCP of
'bb'.

Both Seazen Group Limited (BB/Negative) and CIFI Holdings (Group)
Co. Ltd. (BB/Negative) have larger attributable sales than
Sino-Ocean. Seazen's leverage of 40%-45% is lower than CIFI's
around 50% and Sino-Ocean's 50%-55%. However, we believe Sino-Ocean
and CIFI have better funding access than of Seazen. Both Sino-Ocean
and CIFI issued new capital-market debt offshore and onshore in
1H22, while Seazen issued only CNY1 billion onshore.

Country Garden Holdings Company Limited (BB+/RWN) has lower
leverage and a much larger scale than Sino-Ocean. We think the
funding access of the two companies are comparable, but Country
Garden's available cash at end-2021 can cover at least 3x of its
short-term capital-market maturities including ABS, while the ratio
for Sino-Ocean was around 1.2x. This justifies the one-notch
difference in their credit profiles.

KEY ASSUMPTIONS

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

- Total contracted sales to decrease by 21% in 2022 on Fitch's
   expectation of a 25% sales drop in August-December 2022.
   Contracted sales to increase by 2% in 2023 given a low base in
   2022;

- Cash collection rate at 75%-78% in 2022 and 2023 (2021: 77%);

- Attributable land premium outflow to attributable sales of 10%-
   15% in 2022 and 20%-25% in 2023 (2021: 28%);

- Average attributable construction outflow to attributable sales

   collection of 50%-55% in 2022-2023 (2021: 53%);

- Average EBITDA margin after land appreciation tax of 7%-7.5% in

   2022-2023 (2021: 9%).

RATING SENSITIVITIES

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

- The RWN will be removed if the negative triggers are not met

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

- Sustained weakening in sales and cash collection

- No meaningful new issuance of domestic capital-market debt.

- Evidence of liquidity and/or refinancing risk at SOC that
   affects Sino-Ocean's credit profile

- A perceived weakening in China Life's incentives or ability to
  support Sino-Ocean

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Sino-Ocean reported unrestricted cash of
CNY21.7 billion at end-2021 against short-term debt obligations of
CNY18.7 billion. The company has been able to access the capital
markets since the sector downturn, with the issuance of CNY1.95
billion of onshore corporate bonds in September 2021, CNY2 billion
of private-placement notes in March 2022, a USD200 million tap on
senior notes in January 2022, and USD200 million of senior
unsecured notes in April 2022. We think company may still be able
to issue bonds domestically, potentially with credit enhancement,
but it may not be able to access offshore capital markets in the
short term.

ISSUER PROFILE

Sino-Ocean is a nationwide property developer headquartered in
Beijing, with a focus on Tier 1 and 2 cities. The company is listed
on the Hong Kong Stock Exchange and its major shareholders include
China Life and Dajia Life Insurance Co., Ltd.

SUMMARY OF FINANCIAL ADJUSTMENTS

The leverage calculation includes guarantees and certain credit
support extended to JVs.

ESG CONSIDERATIONS

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

                               Rating           Prior
                               ------           -----
Sino-Ocean Group
Holding Limited         LT IDR  BB+  Downgrade  BBB-

- senior unsecured     LT      BB+  Downgrade  BBB-

Sino-Ocean Land Treasure
Finance I Limited

-  senior unsecured    LT      BB+  Downgrade  BBB-

Sino-Ocean Land
Treasure III Limited

- Subordinated         LT      BB-  Downgrade  BB

Sino-Ocean Land
Treasure IV Limited

- senior unsecured     LT      BB+  Downgrade  BBB-

Sino-Ocean Land
Treasure Finance II
Limited

- senior unsecured     LT      BB+  Downgrade  BBB-




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

AHUJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ahuja
Automobiles (AA) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.30      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 August 4, 2021,
placed the rating(s) of AA under the 'issuer non-cooperating'
category as AA 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. AA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 20, 2022, June 30, 2022, July 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).

Established in 2008, Ahuja Automobiles (AA) is a partnership entity
based in Amritsar, Punjab. The entity is currently being managed by
Mr Harish Ahuja, Mr Gagan Ahuja and Mrs Madhu Ahuja, sharing profit
and loss in an equal proportion. The entity is operating 3S
facilities (Sales, Service and Spares) of Hyundai Motor India
Limited (HMIL), with an authorized dealership of entire range of
passenger vehicles (PV), since 2008. AA operates through its three
showrooms-cum-workshops in Amritsar and Distt. Tarn Taran, Punjab.


AIRASIA INDIA: Tata May Have to Write Off AirAsia India's Loss
--------------------------------------------------------------
The Economic Times reports that Tata Sons will likely have to make
a provision of INR2,600 crore as accumulated losses for AirAsia
India, which it proposes to absorb into Air India and merge with
no-frills unit Air India Express, said people with knowledge of the
matter.  An auditor's report has cast doubt on AirAsia India as a
"going concern," stating that its net worth has been fully eroded
and its liabilities exceed current assets.

According to the report, Tata-owned Air India proposes to acquire
100% of AirAsia India and has sought Competition Commission of
India approval. Tata Sons owns 83.67% in the no-frills carrier and
the remaining 16.33% is held by AirAsia Investment Ltd, part of
Malaysia's AirAsia Group.

AirAsia India, which was already reeling under losses, was badly
hit by the pandemic, officials said.

"In mergers between two group companies - AirAsia India with Air
India Express - if one of the group companies' liabilities exceeds
its assets, the group has to make provisions for impairment in the
value of investments if it's permanent, as per applicable
accounting standards," ET quotes Uday Ved, partner at global tax
practice group KNAV, as saying. "In the case of the AirAsia India
merger, additional impairment provisions, if any, will be
restricted to the extent of the impairment provisions not already
accounted for in the latest reported standalone financial
statements of Tata Sons."

Air India is a full-service airline operating in the domestic and
international markets. Air India Express focuses on short-haul
international operations, especially to the Middle East from south
India and elsewhere. Tata Group has started work on the merger of
AirAsia India with Air India Express, said top executives close to
the development.

"The 'going concern' concept is a key assumption under generally
accepted accounting principles and it describes a business that is
expected to operate for the foreseeable future," said Paras Savla,
partner at boutique audit and consulting firm KPB & Associates, ET
relays. "A company needs to have a concrete plan to improve
business outlook and mitigate the going concern assumption, when it
is in an adverse situation."

In case the AirAsia India accounts, including liabilities, are
already consolidated with those of Tata Sons, no further provisions
other than impairment testing of the investment may be required,
pursuant to the merger, said Zulfiqar Shivji, founder of audit and
consulting firm ZADN & Associates. "The 'going concern' comment in
the auditors' report may need to be independently tested in the new
scenario as a merged entity of AirAsia India and Air India
Express."


ANJANEE CEMENT: CARE Reaffirms B Rating on INR8.53cr LT Loan
------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Anjanee Cement Corporation (ACC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.53       CARE B; Stable; Reaffirmed
   Facilities                      

Detailed rationale and key rating drivers

The rating assigned to the bank facilities of ACC continues to
remain constrained by its partnership nature of constitution, small
scale of operations, leveraged capital structure, risk arising out
of volatility in raw material prices, working capital intensive
nature of business, intensely competitive nature of the industry,
cyclical nature of the cement industry with exposure to
geographical concentration risk.  However, the rating derives
strength from experienced partners with wide dealer network.

Rating sensitivities

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

* Sizeable increase in scale of operations from present level
(Total Operating Income above INR50.00 crore) on a sustained basis

Negative factors – Factors that could lead to negative rating
action/downgrade:

* Any sizeable de-growth in scale of operations from present level
(total operating income below INR10.00 crore) on a sustained basis

* Deterioration in capital structure with overall gearing ratio
reaching higher than the level of 4.00 on a sustained basis.

Detailed description of the key rating drivers

Key rating weaknesses

* Partnership nature of constitution: ACC is a partnership firm and
the inherent risk of withdrawal of capital remains. The partners
had withdrawn capital of INR1.04 crore in FY22 (Rs. 6.30 crore in
FY21).

* Small scale of operations: ACC is into manufacturing of cement
business since 2014 and accordingly has track record of operations
of about eight years. Furthermore, ACC is a small player in the
cement industry marked by total operating income of INR21.00 crore
with PBT of INR1.39 crore in FY22 (Prov.) as against INR18.17 crore
with a PBT of INR1.55 crore in FY21. Further, the partner's capital
stood at INR3.58 crore as on March 31, 2022 as against INR3.23
crore as on March 31, 2021. PBILDT margin deteriorated to 10.99% in
FY22 (prov.) as against 16.44% in FY21 on account of increase in
cost of raw material which could not be fully passed on. In line
with dip in PBILDT margin, PAT margin declined to 6.63% in FY22
(prov.) as against 8.51% in FY21.

* Leveraged capital structure: Although overall gearing of the firm
improved to 2.20x as on March 31, 2022 as against 2.40x as on Mar
31, 2021 on account of payment of GECL term loan, it remained
leveraged. Further, the interest coverage ratio also improved to
4.12x in FY22 from 3.93x in FY21 due to reduction in interest
expenses. Total debt to GCA deteriorated to 4.52x in FY22 (Prov.)
as against 4.05x in FY21 on account of lower profitability.

* Risk arising out of volatility in raw material prices: ACC is
engaged in manufacturing of cements and does not have its own
clinker unit. Hence, it has to procure it from other cement
manufacturers. The firm procures its major raw material i.e.,
clinker mainly from large cement players. Furthermore, it
does not have any long-term agreement with its suppliers. The raw
material cost continues to be the major cost component of ACC
constituting around 78% of the total cost of sales in FY22 & around
71% of total cost of sales in FY21. Any sharp movement of major raw
material may affect the profitability of the firm.

* Working capital intensive nature of business: The operation of
ACC is working capital intensive in nature which reflected through
its high operating cycle. ACC maintain inventory of 45 to 60 days
smooth running of its production and provide open credit of 30-90
days to its old dealers/distributor, no credit is given to its new
dealers/distributors. Further, operating cycle of the firm has been
elongated from 45 days in FY21 to 58 days in FY22 despite
improvement in collection period from 74 days in FY21 to 57 days in
FY22. This is mainly on account of reduction in creditor days.

* Intensely competitive nature of the industry with exposure to
geographical concentration risk: ACC is operating in a highly
competitive market, dominated by the large cement manufactures with
wide brand acceptability. High competition restricts the pricing
flexibility of the industry participants and has a negative bearing
on the profitability. Furthermore, the operations of the firm are
confined in the state of Assam only. Hence, presence in only a
single state led to geographical concentration risk for the firm.

* Cyclical nature of the cement industry: Cement demand is derived
from real estate, infrastructure & industrial sectors. Spiralling
cost of capital, delays in execution of infrastructure as well as
industrial projects. Due to the elections held in five states,
disruption in construction activity dragged the demand growth to 5%
in February 2022, which saw a reversal in trend with a strong
uptick in March 2022. East and West regions witnessed
low-to-marginal growth in housing and infrastructure due to
degrowth in urban housing and infrastructure.

Key rating strengths

* Experienced partners: ACC is currently managed by Mr. Naba Kumar
Basumatary who has around two decades of experience in cement
industry, looks after the day-to-day operations of the firm. He is
being duly supported by the other partners Mr. Debasis Das, Mr.
Apurba Talukdar, Mr. Debi Lal Choudhary, Mr. Harish Chandra
Tripathi, Mr. Mrinal Jyoti Das and Mr. Durgesh Chandra Choudhary
along with a team of experienced personnel.

* Wide dealer network: The firm has around 80 local dealers for the
distribution of its products in the state of Assam.

Liquidity: Stretched

The liquidity position remains stretched. The average utilisation
of fund-based limits of the firm remained high around 97% through
the past 12 months ended March 31, 2022. The firm availed
Guaranteed Emergency Credit Line (GECL) of INR0.60 crore and
repayment of the same started from July 2021. In FY23, the debt
repayment obligation stands at INR0.20 crore which would be met
entirely out of cash accruals.

Anjanee Cement Corporation (ACC) was established as a partnership
firm in 2009 by Mr. Naba Kumar Basumatary and Debasis Das for
setting up a cement grinding unit. The firm has been engaged in the
business of manufacturing cement at its plant located at Baska,
Assam with aggregate installed capacity of 90,000 metric ton per
annum. The firm has started commercial operations from June, 2014
onwards. The cement manufactured by the firm is marketed under the
brand name of 'NEERMAAN' in the state of Assam. ACC is currently
managed by Mr. Naba Kumar Basumatary who has around two decades of
experience in cement industry, looks after the day to day
operations of the firm. He is being duly supported by the other
partners.

ARCHANA FLOUR: CARE Lowers Rating on INR19.30cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Archana Flour Mill (AFM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.30       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 29, 2021,
placed the rating(s) of AFM under the 'issuer non-cooperating'
category as AFM 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. AFM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2022, May 25, 2022, June 4, 2022.

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

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

The ratings have been revised on account of non-availability of
requisite information.

AFM was established as a proprietorship concern on June 11, 2015 by
Mr. Shri Pradeep Bhimashankar Pedde. The firm is engaged in
processing of wheat at its processing facility located at Latur,
Maharashtra. The product profile of AFM includes atta, maida, suji,
rawa and other by products.


BHAVNA GEMS: CARE Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhavna
Gems (BG) continue to remain in the 'Issuer Not Cooperating'
category.

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

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 16,
2021, placed the rating(s) of BG under the 'issuer non-cooperating'
category as BG 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. BG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 2, 2022, July 12, 2022, July 22, 2022.

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

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

Established in the year 2004, Bhavna Gems (BG) is engaged in
processing and exporting of cut and polished diamonds up to size of
from 0.10 carats to 10.0 carats. BG has its processing plant
located at Surat (Gujarat).


DUGGAR FIBER: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Duggar
Fiber Private Limited (DFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.30      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 29, 2021,
placed the rating(s) of DFPL under the 'issuer non-cooperating'
category as DFPL 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. DFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2022, May 25, 2022, June 4, 2022.

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

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

Delhi based Duggar Fiber Pvt. Ltd. (DFPL) was incorporated in
December 1980 by Mr Radhey Shyam Agrawal and Mr. Rajendra Kr
Agrawal. The company is currently being managed by Mr Purshottam Kr
Gupta, Mr Ashok Chauhan and Mr. Sahdev Sharma. DFPL is engaged in
manufacturing and trading of iron & steel products i.e. mild steel
(MS) ingots. The manufacturing facility of the company is located
at SMA Industrial area in Delhi.


GEMINI PACK: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gemini Pack
Tech Private Limited (GPTPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      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 25, 2021,
placed the rating(s) of GPTPL under the 'issuer non-cooperating'
category as GPTPL 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. GPTPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2022, May 21, 2022, May 31, 2022.

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

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

Dehradun, Uttarakhand based Gemini Pack tech Private Limited was
(GPTPL) incorporated in March, 1987. The company is currently being
managed by Mr. Devendra Kumar and Mr. Jitendra Kumar. The company
is engaged in development of residential projects. Also, the
company is engaged in real estate business.


GOWRI INFRA: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gowri Infra
Engineers Pvt Ltd. (GIEPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       95.38      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      17.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from GIEPL to
monitor the rating(s) vide e-mail communications dated May 20,2022,
August 5, 2022 among others and numerous phone calls. However,
despite our repeated requests, the company has not provided the
requisite information for monitoring the ratings.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on Gowri Infraengineers Pvt
Ltd's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings take into account non-payment of interest on its fund
based working capital limits and classification of account under
SMA 1 category by lenders as per last update available. CARE
Ratings Ltd. was unable to interact with the bankers and auditors
of the company for the latest credit profile of the company. The
ratings are also constrained on account of slow execution of the
order book due to non- availability of work site and operational
issues due to COVID19 coupled with delayed payments from the client
resulted in tight liquidity position of the company.

Detailed description of the key rating drivers

At the time of last rating on June 30, 2021 the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies:

Key Rating Weaknesses

* Overutilization of fund-based limits: As communicated by the
lenders, due to delay in receipt of payment from the clients, there
have been instances of irregularity in the cash credit limits
availed by GIEPL which remained overdrawn for a period of 30-45
days.

* Slow moving order book coupled with concentration risk: GIEPL's
order book position stood stable at INR509.60 cr as on May 31, 2021
as against INR505.44 cr as on December 31, 2019. The order book
outstanding is about 9.05 times of total operating income of FY21.
Non-availability of site as well as operational issues on account
of COVID 19 affected the pace of execution. The company has applied
for EoTs in most of its orders and have received the same in some
while in some it is under process. Further, the order book of the
company is geographically concentrated with entire order book to be
executed in the state of Karnataka. Also, around 99% of the order
book of the company is to be executed for Karnataka Slum
Development Board (KSDB) leading to client concentration risk.

* Moderation in financial risk profile: The total operating income
of the company has declined from INR112.58 crore in FY19 to
INR56.28 crore in FY21. This is primarily on account of slow
execution of projects due to delay in receipt of site by the client
to the company. Further, COVID 19 pandemic led lockdown and labour
migration on account of the same further impacted the execution
progress.  However, despite decline in operating income, the
profitability margins of the company improved from 15.53% in FY19
to 20.05% in FY21 primarily on account of shift in the order book
towards contracts carrying escalation clauses because of which the
company was able to pass on the increase in raw material price to
its clients.

* Elongated working capital cycle: The working capital cycle of the
company has elongated to 237 days as on March 31, 2021 as against
41 days as on March 31, 2019. This is primarily on account of delay
in receipt of payments from the government departments from which
the company is executing orders. The receivable days has increased
from 101 days in FY19 to 193 days in FY21. However, due to
established relations with its suppliers, the company is able to
manage its working capital requirements to some extent by
elongating the creditors.

Key Rating Strengths

* Experienced promoters with track record of operations in
construction sector: GIEPL is promoted by Mr. C.P. Umesha
who prior to incorporation of GIEPL in 2010, ran the business as a
sole proprietary concern since 1995. Promoters experience of more
than 26 years coupled with presence of GIEPL in the field of
construction has helped the company in receiving continuous orders
from Government of Karnataka viz. from Karnataka Slum Development
Board which is its major client.

Incorporated in 2010, Gowri Infra Engineers Pvt Ltd. (GIEPL) is
promoted by Mr C.P Umesha. The Company is into the business of
construction of commercial and residential complexes for Karnataka
Slum Development Board (KSDB) and Bangalore Development Authority
(BDA). It majorly focuses on pre-cast concrete houses and
Monolithic Structures for low cost and speedy construction. Its
operations are concentrated in Karnataka especially around the
region of Bengaluru. As on May 31, 2021, GIEPL has an order book
position of INR509.60 crore.


GULSHAN FASHIONS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gulshan
Fashions (GF) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 25, 2021,
placed the rating(s) of GF under the 'issuer non-cooperating'
category as GF 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. GF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2022, May 21, 2022, May 31, 2022.

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

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

Jaipur based (Rajasthan) GFS was formed in 2009. GFS is engaged in
the business of manufacturing of ladies' readymade garments. The
manufacturing facility of the firm is located at 'Malviya
Industrial Area, Jaipur'.


HI-TEC METAL: CARE Reaffirms B+ Rating on INR4.65cr LT Loan
-----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Hi-Tec Metal Powders Private Limited (HTMPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.65       CARE B+; Stable; Reaffirmed    
   Facilities                      

Detailed rationale and key rating drivers

The rating assigned to the bank facilities of HTMPPL continues to
be constrained by its short track record with small scale of
operations, lack of backward integration vis-à-vis volatility in
raw material prices, highly fragmented nature of the industry,
cyclicality inherent to the aluminium industry and leveraged
capital structure with moderate debt coverage indicators. The
aforesaid constraints are partially offset by the growth in revenue
and profit level during FY22 (provisional; refers to the period
April 1 to March 31).

Rating sensitivities

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

* Improvement in profitability with GCA over INR0.80 crore on a
sustained basis.
*Improvement in overall gearing ratio below 3.00x on a sustained
basis.

Negative factors – Factors that could lead to negative rating
action/downgrade:

* Any sizeable de-growth in scale of operations (total operating
income below INR15.00 crore) and resultant decline in
profit level on a sustained basis.

* Deterioration in capital structure with overall gearing ratio
going above 6.00x on a sustained basis.

Detailed description of the key rating drivers

Key rating weaknesses

* Short track record with small scale of operations: HTMPPL started
commercial operation from October 2019. Hence, the company has a
very short track record of operations. The entity is a relatively
small player in manufacturing of aluminum powders having total
operating income of INR37.08 crore in FY22 (as per provisional
results) vis-à-vis INR20.75 crore in FY21. The net worth of the
entity was also low at around INR1.67 crore as on March 31, 2022.
The low net worth base limits the financial flexibility of the
entity in trying times.

* Lack of backward integration vis-à-vis volatility in raw
material prices: HTMPPL does not have any backward integration for
its basic raw material (aluminium ingots) for producing powder
flakes and is required to purchase the same from the open market.
The finished goods as well as raw material prices of aluminium
products are volatile in nature. The company sources the same from
the National Aluminium Company Ltd. and Hindustan Aluminium
Corporation Ltd. but it does not have any long term supply
arrangement with them and purchases the same on the spot price. Any
adverse movement in the raw material prices would adversely affect
the profitability of the company.

* Highly fragmented nature of the industry with inherent
cyclicality: HTMPPL is operating in a competitive industry marked
by the presence of a large number of players in the organized
sector. In addition to the competition in the domestic market, the
company also faces competition from imports. Furthermore, the
industry is characterized by low technological inputs and
standardized machinery for the production. Thus, going forward,
this gives an opportunity to mid-size players in the unorganized
segment to enter into the industry which would further intensify
the competition for the company.  The aluminium industry is
sensitive to the shifting business cycles, including changes in the
general economy, interest rates and seasonal changes in the demand
and supply conditions in the market. Apart from the demand side
fluctuations, the highly capital-intensive nature of aluminium
projects along-with the inordinate delays in the completion of
projects hinders the responsiveness of the supply side to demand
movements. This results in several aluminium projects bunching-up
and coming on stream simultaneously leading to demand supply
mismatch.

* Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the entity continued to remain
highly leveraged marked by long term debt equity ratio of 4.30x and
overall gearing ratio of 5.41x as on March 31, 2022, as against
long term debt equity ratio of 5.21x and overall gearing ratio of
6.00x as on March 31, 2021. Furthermore, the interest coverage
ratio improved slightly to 1.78x in FY22(prov.) as compared with
1.66x in FY21.

Key rating strengths

* Growth in revenue and profit level in FY22: The operating income
of the company grew from INR20.75 crore in FY21 to INR37.08 Crore
in FY22 (prov.) due to opening up of the economy amid relaxations
in restrictions imposed during COVID-19 outbreak and stabilization
of operations (FY21 was the first full year of HTMPPL's
operations). The operating margin moderated to 3.78% in FY22
vis-à-vis 5.91% in FY21 due to high commodity prices which led to
increase in the raw material costs. The company earned a PAT of
INR0.24 crore in FY22 (prov.) vis-à-vis INR0.05 crore in FY21.

*High growth prospects of the industry: The products of the company
are used in various industries like refractories, firecracker,
mining explosive and thermite welding industry. Further, the power
and mining sector in India have emerged as the largest end users
for aluminium profiles. The government's thrust on power and mining
sector and the strong investment sentiment in India will be a
strong demand driver of aluminium in India.

Liquidity: Stretched

Liquidity of the company is stretched with cash balance of INR0.07
crore as on March 31, 2022. The company earned a GCA of INR0.63
crore in FY22 (prov.) vis-à-vis debt repayment obligation of
INR0.84 crore. The debt repayment obligation was supported by funds
infused by the promoters in the form of unsecured loans. The
average utilization of cash credit facility was around 90% during
the 12 months ended July 2022. The current ratio also remained
satisfactory at 2.38x as on March 31, 2022. The operating cycle
improved to 61 days in FY22 from 88 days in FY21.

Going forward, the company expects to achieve improved
profitability in FY23 which is expected to be sufficient for debt
repayment. However, support from promoters to meet any fund
requirement remains a key monitorable, given low debt service
coverage ratio.

HTMPPL was established in March 2018 by Mr. Manav Patel and Mr.
Manu Patel. It is an ISO 9001:2008 certified entity. The commercial
operations started from October 2019. The entity is engaged
manufacturing of aluminium powders. The manufacturing unit of the
entity is located in Chhattisgarh with an installed capacity of
2475 metric tons per annum. Both the directors, having almost a
decade of experience in the similar line of business, look after
the day-to-day operations of the entity. The promoters also have
experience in plywood manufacturing and manufacturing of insulation
materials.


KANAK PIPE: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kanak Pipe
Industries Private Limited (KPIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.95       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  


   Long Term/Short      0.50       CARE B; Stable/CARE A4;
   Term Bank                       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 18, 2021,
placed the rating(s) of KPIPL under the 'issuer non-cooperating'
category as KPIPL 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. KPIPL continues to
be noncooperative 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).

Kanak Pipe Industries Private Limited (KPIPL), incorporated in
1991, promoted by Mr. Lalchand Kanungo and family. An ISO certified
company, being engaged in to manufacturing of copper & copper alloy
semi products such as tube, pipes, rods, flats and other copper
alloy products. KPIPL's manufacturing plant located at Sanjan,
(Palghar) in Maharashtra.


KRISHA ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Krisha
Enterprises Private Limited (KEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible
   Debentures           21.00      CARE C; ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 16,
2021, placed the rating(s) of KEPL under the 'issuer
non-cooperating' category as KEPL 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.  KEPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated August 3, 2022, August 4, 2022 and August 5, 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).

Detailed description of the key rating drivers

At the time of last rating on August 16, 2021, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Project execution and funding risk: Company is developing 1 tower
in Mumbai. Total 160 commercial units and 7 retail units will be
developed over total saleable area of 296,000 sq. ft. As on March
12, 2020, company has purchased land however the construction is
yet to commence. Therefore, the completion of the construction work
in timely manner needs to be seen. The total cost of the project is
INR241.65 crore and till March, 2020, the total expenditure of
INR42.99 crore (18% of the total project cost) was incurred which
was funded through contribution from promoters of INR21.99 crore
and optionally convertible debenture of INR21.00 crore. Moreover,
going forward, for the balance cost of the project amounting to
INR198.66 crore, the company is dependent on promoters' balance
contribution of INR31.90 crore and balance of INR166.76 crore
through customer advances. Therefore, going forward timely
arrangement of the above funds to complete the project without any
cost and time overrun coupled with receiving of the commencement
certificate and occupation certificate would be critical from the
credit perspective.

* Marketing risk: KEPL is expecting an average rate of INR17,087
per sq. ft. which is reasonable considering the prices prevailing
of new projects in the nearby area. Company has not yet sold any
unit and received advances. Therefore, going forward the timely
monetization from saleable area would be critical which is highly
dependent on the successful sale and customer advances to be
received from the booked units. Thus, any delay in the receipt of
funds from customers, ability to achieve timely sales at envisaged
rates given competition from other players in the surrounding
vicinity will be crucial. However, the marketing risk is mitigated
to a certain extent on account of prime location of the project
undertaken as well as past experience of the promoters to undertake
such projects.

* Cyclical nature of the real estate industry: The real estate in
India is highly fragmented and is capital intensive in nature. The
life cycle of a real estate project is long and the state of the
economy at every point in time, right from land acquisition to
construction to actual delivery, has an impact on the project. This
capital-intensive sector is extremely vulnerable to the economic
cycles. Adverse movement in interest rate affects the real estate
players in both ways by hampering demand as well as increasing the
cost of construction. The expectations of many developers have been
able to hold on to the prices so far. However, given the
considerable inventory levels which direction the price graph goes
remains to be seen.

Liquidity position: Stretched

The liquidity position of the company remained stretched marked by
inadequate accruals vis-à-vis repayment obligations and company is
paying its dues by way of unsecured loans from promoters and
related parties.

Key rating strengths

* Experienced promoters and presence in established group in real
estate industry: Directors Mr. Priyal Patel and Mr. Pratik Patel
have more than a decade of experience in the real estate industry.
Further, the company is part of group Rajesh Lifespaces which has
established presence in the real estate industry over five decades.
Group has developed several projects over 9.1 million sq. ft. of
land in Mumbai over the years.

* Location advantage: KEPL's project is located in Vikhroli,
Mumbai, being well established location and is well connected
through railways and roadways with proximity to other day to day
necessities. Nonetheless, its ability to monetize in timely manner
amidst the cyclical nature of industry and avoid cash flow
mismatches shall be critical from credit perspective.

Krisha Enterprises Private Limited (KEPL) was incorporated in 2010
by Patel family as a private limited company and is currently
managed by directors, Mr. Priyal Patel and Mr. Pratik Patel,
engaged in real estate development.


LIBRA AUTO: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Libra Auto
Car Company Limited (LACL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      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 16, 2021,
placed the rating(s) of LACL under the 'issuer non-cooperating'
category as LACL 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. LACL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 2, 2022, May 12, 2022, May 22, 2022.

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

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

LACL was incorporated in 2005 and promoted by Mr Pavit Pal Singh,
Mr Kesar Singh and Mr Gurinderjit Singh. LACL is an authorized
dealer of entire range of passenger vehicles (PV) of Maruti Suzuki
India Limited (MSIL). LACL operates a 3S facility (Sales, Spares,
Service) coupled with sale and purchase of pre-owned cars (True
Value) and has its showroom located on Jalandhar Bypass, Ludhiana,
Punjab. The company also has one service station in Sanewal,
Ludhiana, Punjab. LACL has three group concerns, namely, 'Libra
Auto &General Finance Limited', 'Libra Automobiles Private Limited'
and "Patiala Carrier". 'Libra Auto & General Finance Limited' is
engaged in auto and general finance business since 1994, whereas
both the other group concerns are engaged in transport business
since 1994.

MAGNUM STEELS: CARE Lowers Rating on INR20cr LT Loan to C
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Magnum Steels Limited (MSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 30, 2021,
placed the rating(s) of MSL under the 'issuer non-cooperating'
category as MSL 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. MSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 16, 2022, May 26, 2022, June 5, 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 MSL have been
revised on account of non-availability of requisite information.
The ratings also consider decline in scale of operations to zero
level as well as increase in net loss during FY21 compared to
FY20.

Delhi-based MSL is a closely held public limited company and was
incorporated in January, 1991. MSL is currently promoted by Mr.
Rajat Jindal, Mr. Shashi Prabha Jindal, Mr. Ishwar Chand Jindal,
Mr. Chander Sain Yadav and Mr. Amar Singh Rathor. MSL is engaged
into manufacturing of TMT bars, spring steel flats, steel castings
DRI Sponge etc. The products manufactured by MSL finds application
in construction industry, automobile industry and other heavy
engineering industries.


MAHAJYOTI FIBERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahajyoti
Fibers Private Limited (MFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.45      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 28, 2021,
placed the rating(s) of MFPL under the 'issuer non-cooperating'
category as MFPL 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. MFPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 14, 2022, May 24, 2022, June 3, 2022.

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

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

Sendhwa (Madhya Pradesh) based, Mahajyoti Fibers Private Limited
(MFPL, CIN: U17111MH2008PTC187544) was promoted by Agrawal family
in 2008. MFPL is currently managed by Mr. Sanjay Agrawal, Mr.
Mukeshkumar Agrawal, Mr. Sachin Joshi and Mr. Dwarkaprasad Agrawal.
The company is engaged in trading of ginned cotton and cotton seeds
and also produces cotton bales by ginning and pressing of raw
cotton. The ginning facility is located at Prakasha (Maharashtra)
with an installed capacity of 31,500 Metric tonnes per annum (MTPA)
as on March 31, 2016.


MAHAVEERJI POLYFAB: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Mahaveerji Polyfab Private Limited (SMPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.02       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 28, 2021,
placed the rating(s) of SMPPL under the 'issuer non-cooperating'
category as SMPPL 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. SMPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 14, 2022, May 24, 2022, June 3, 2022.

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

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

Kanpur (Uttar Pradesh)-based Shree Mahaveerji Polyfab Private
Limited (SMPPL) was established in 2012 by Mr Mohit Jain, Mr
Krishna Murari Jain, Mr Arpit Agarwal, Mr Bhart Tibrewal, Mr
Prateek Bhartiya, Mrs Chandni Tibrewaland SMPPL commenced its
operations from FY14. SMPPL is engaged in business of manufacturing
of PP fabrics as well as PP fabric bag.


MAHIP INDUSTRIES: CARE Lowers Rating on INR23.72cr Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mahip Industries Limited (MIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       23.72      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-

Detailed rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 16,
2021, had reviewed the rating(s) of MIL under the 'issuer
non-cooperating' category as MIL had failed to provide information
for monitoring of the rating. MIL continues to be non-cooperative.


In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on MIL bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facilities of MIL have been revised
on account of delays in debt servicing as qualified by auditor in
Auditor's report of FY21.

Detailed description of the key rating drivers

(updated based on best available information which is exchange
filings for FY21 results)

Key rating weaknesses

* On-going delays in debt servicing: MIL has published its FY21
results on August 08, 2022 wherein the auditor has qualified the
audit report and there are ongoing delays in debt servicing and its
bank account has been classified as NPA. Audit report states that
company has not made provision on its NPA accounts of banks.

Liquidity:-Poor
Liquidity is poor marked by on-going delays in debt servicing.

MIL (CIN No. U15549GJ1995PLC028116) was promoted as Care Beverages
(India) Ltd. in 1995 by Mr. Rajiv Agrawal & his family members.
Subsequently, its name was changed to Care Corupack Ltd. in 2001
and to Mahip Industries Ltd. (listed on BSE SME, Quote No. 542503)
in 2018. MIL is engaged in manufacturing of corrugated boxes,
stiffeners, plates and rolls. Its manufacturing unit is located
near Dholka-Bagodara highway in Gujarat.


MERGE STONES: CARE Assigns B+ Rating to INR35cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Merge
Stones (MS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           35.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MS are tempered by
short track record and small scale of operations, leverage capital
structure and weak coverage indicators, working capital intensive
nature of operations, highly fragmented industry with partnership
nature of business. The ratings, however, derive comfort from
resourceful and experienced promoters, cash profits in FY22 (FY
refers April 1 to March 31), continued net loss albeit narrowed in
FY22 and stable industry outlook.

Rating Sensitivities

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

* Significant increase the scale of operations and turning
profitable at net levels.

* Improvement in overall gearing to less than 2x

* Notable improvement in the operating cycle.

Negative Factors- Factors that could lead to negative rating
action/downgrade:

* Any further increase in debt levels resulting in deterioration of
capital structure

* Significant decline in TOI or PBILDT levels

Detailed description of the key rating drivers

Key Rating Weakness

* Short track record, net loss continues however narrowed in FY22:
The firm started processing of granites in August 2018, hence firm
has short track of business operations. The scale of operations of
the firm fluctuating during review period and remained small at
INR13.64 crore in FY22. The TOI reduced from INR22.88 crore in FY20
to INR10.50 crore in FY21 on account of lower receipt of orders
during COVID period. The tangible networth of the firm remained
small at INR15.19 crore. The firm has an order book of INR15 crore
as on July 31, 2022 likely to be executed in the current year and
around INR10 crore orders are under L1 status. The PBILDT margin of
the firm remained healthy at 28% in FY22 however the firm incurred
loss at net level amounting to INR1.83 crore due to depreciation
overhead.

* Leverage capital structure and weak coverage indicators:  The
capital structure of the firm deteriorated during review period and
remained leveraged at 2.44x as on March 31, 2022 due to increase in
debt levels, the firm availed GECL and FITL loan to meet its debt
obligation and to support the business, the promoters infused
additional unsecured loans to the extent of INR3.97 crore during
FY22. The coverage indicators of the firm remained weak due to low
cash accruals. The TD/GCA and PBILDT interest coverage remained at
448x and 1.02x in FY22.

* Working capital intensive nature of operations: The firm operates
in working capital intensive nature of business where the firm
needs to hold the inventory to meet the customer requirement and
for display requirement. The inventory piled up during last two
years on account of COVID which resulted in lower off take. The
outstanding debtors includes retention money of around Rs 1.5 to 2
crore. The real estate clients normally hold retention money of
around 5-20%. Further, due to the pandemic there has been delay in
realisation of payment from its customers resultantly the firm
availed extension of credit period from its suppliers. The
operating cycle of the firm remained stretched at 972 days in
FY22.

* Highly fragmented industry: The industry is considered to be
highly fragmented with presence of large number of organized and
unorganized players. The entry barriers to the industry are very
low and the operating margin is susceptible to new capacity
additions in the industry. The industry is primarily dependent upon
demand from real estate and construction sector across the globe.
The real estate industry is cyclical in nature and is exposed to
various external factors like the disposable income, interest rate
scenario, etc.

* Partnership nature of business: MS being a partnership firm
restricts its overall financial flexibility in terms of limited
access to external funds for any future expansion plans. Further,
there is inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of partners.

Key Rating Strengths

* Experienced promoters: Merge Stones (MS) is a Telangana based
firm, established in December 2016 and promoted by Mr.S.Hanumantha
Rao, Mr.M.Sharat Babu, Mr.S.V.N.Satya Bharat and Mr.M.V.Rama
Krishna as a partnership firm. The promoters are qualified
graduates and have experience of more than two decades in granite
processing industry and other businesses. Through their experience
in the marble and granite products business, they have established
healthy relationship with key suppliers, customers and dealers
facilitating the business within the state. Promoters are also
partners in other business i.e., Sri Ads(Hyderabad)and Krishna Sai
Granites (Ongole).The promoters are resourceful and will bring need
based funds. As on March 31, 2022 the firm has an outstanding
unsecured loans (interest free) of INR6.02 crore.

* Stable Industry Outlook: The global natural stone and marble
market is projected to grow from $51.76 billion in 2022 to $68.06
billion by 2029, at a CAGR of 4.0% in forecast period. The global
construction volume is expected to grow by around 855 by 2030. The
building and construction industry is the largest consumer of
natural stone and marble. Rapid urbanization and industrialisation
have resulted in huge surge in the consumption of these materials
in developing countries. China and India have emerged as top
exporters of these products. India export most of its granite
produce to China. An increase in the urban population and
improvement in the earning capacity of the consumers have warranted
the rise in demand for housing and infrastructure growth. The
number of high rise buildings and commercial complexes has also
expanded considerably.

Liquidity: Stretched

The liquidity position of the firm remained stretched marked by
elongated working capital cycle in FY22, on account of high
inventory period. Further, average utilization of working capital
bank borrowings remained high at 90-95% during last 12 months ended
July 2022. Furthermore, cash flow from operating activities
remained negative at INR3.60 crore during FY22 due to increase in
inventory level. Current ratio improved marginally to 1.50 times as
on Mar 31, 2022 (PY: 1.32 times).

Merge Stones (MS) is a Telangana based firm, which was established
in December 2016 and promoted by Mr.S.Hanumantha Rao, Mr.M.Sharat
Babu, Mr.S.V.N.Satya Bharat and Mr.M.V.Rama Krishna as a
partnership firm. The firm is engaged in processing of marble
stones and trading of granite slabs. The operations of the firm
commenced in August 2018. The firm imports rough marble blocks from
Italy, Turkey, Greece, Spain and Hongkong among others. The firm
processes the rough marble stones at its factory located at
Farooqnagar, Hyderabad. The firm sells the marble stones and
granite slabs to retailer and construction companies located at
Telangana, Andhra Pradesh and Karnataka.


PEOPLE DAIRY: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of People
Dairy Development Project Central Society continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      33.32       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from People Dairy
Development Project Central Society to monitor the rating(s) vide
e-mail communications dated May 23, 2022, July 20, 2022, August 1,
2022, among others and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on People Dairy Development Project Central
Society's bank facilities will now be denoted as CARE B+;
Stable/CARE A4; ISSUER NOT COOPERATING.

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

The ratings take into account modest scale of operations, weak
competitive position, negative net worth base with losses incurred
in last two years and weak debt coverage indicators. The ratings,
however, derive strength from experienced promoters, well
established distribution network and longstanding presence in the
state of Kerala.

Detailed description of the key rating drivers

At the time of last rating on August 2, 2021, the following were
the rating strengths and weaknesses

Key Rating Weaknesses

* Modest Scale of Operations and weak competitive position: The TOI
of the firm remained modest between INR110-135 crore in the past
five-year period ended FY21. The sales of the society are
constrained by strong yet limited presence extending to only a few
districts in central part of Kerala namely Trichur, Ernakulam,
Kottayam, and Alappuzha. The limited geographical presence and
concentration in dairy products has resulted in stagnated revenue
over the years.

* Negative net worth base due to losses incurred in last two years
and weak coverage indicators: PDDP has been incurring losses at net
level in the last two years resulting in negative net worth base in
FY21. The society is not able to pass the price rise in entirety to
its customers due to little control over its cost structure as it
follows the end product prices and milk procurement prices as set
by the Kerala Cooperative Milk Marketing Federation (MILMA), which
is the largest dairy player in the state of Kerala. Further, the
margins are also constrained on account of the high volatility in
the raw material prices of the cattle feed ingredients. High cost
of feed ingredients (Maize and soya) has resulted in operating loss
in the cattle feed division which was set up in FY20 to cater to
cattle feed sales. The debt coverage indicators stood weak with
total debt/GCA of 154.13x as on March 31, 2021 (Prov) due to
minimal GCA in FY21. Total Net worth stood negative at INR-1 crore
as on March 31, 2021.

Key Rating Strengths

* Established and long track record of operations of the society:
The promoter and founder chairman Fr. Joseph Muttumana started PDDP
as charitable society to work for the village farmers which was set
up as Peoples' Dairy development Project in 1973, the first dairy
development project in Kerala. The Society was formally registered
in 1983 as an ISO 22000:2005 certified Dairy. PDDP is an ISO
22000:2005 Certified Dairy and equipped with advanced
infrastructure and machinery. PDDP has a fully automated and modern
pasteurization plant, ice cream plant, milk powder plant and cattle
feed plant located at Kuttilakara near Kalady in the state of
Kerala. The society manufactures & sells dairy products including
pure cow milk, toned milk, curd, Ice cream, Butter, Paneer, ghee,
and Cattle Feed under the brand name of 'PDDP' in the state of
Kerala and is connected to 18000 milk producing farmers.

* Well established distribution network and long-standing presence
in the state of Kerala: PDDP has a well-established distribution
network of more than 15000 distributors and 700 agency sales
outlets which mainly supplies to the districts of Trichur,
Ernakulam, Kottayam, and Alappuzha in the state of Kerala. Dairy
has a product range of pure cow milk, toned milk, curd, Ice cream,
Butter, Paneer, ghee, and Cattle Feed. These products are marketed
and sold under the brand name of 'PDDP' which is a renowned local
brand and has strong image in the minds of customers in the central
Districts of Kerala. PDDP has a contract fleet of more than 50
vehicles which ensures timely procurement and distribution of milk
every day.

Further, the Central society is integrated with 200 primary
societies. These Primary societies serve as the milk collection
Centres from approx. 18000 milk producing farmers and are
strategically located in various villages of Kerala within the
radius of 50 km from the manufacturing plant which results in less
transportation time and cost.

Peoples Dairy Development Project (PDDP) is a Charitable Society,
registered under the Travancore Cochin Literary Scientific and
Charitable Societies Registrations Act of 1955. The Society was
registered in 1983 by the Founder Chairman, Fr. Joseph Muttumana.
PDDP is an ISO 22000:2005 certified Dairy society engaged into
manufacturing and sale of dairy products including pure cow milk,
toned milk, curd, Ice cream, Butter, Paneer, ghee, and Cattle Feed
under the brand name of 'PDDP' in the state of Kerala with milk
contributing more than 80% of the total revenue. PDDP has installed
capacity of 1 lakh liters per day as on March 31, 2021, at its
pasteurization plant located in Kuttilakara near Kalady, Kerala.
The day-to-day activity of the company is managed by Fr. Binu
Chacko, the chairman of PDDP Central society.


PUNJAB RICE: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Punjab Rice
and General Mills (PRGM) continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 1, 2021,
placed the rating(s) of PRGM under the 'issuer non-cooperating'
category as PRGM 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. PRGM continues to be
non-cooperative 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).

Punjab Rice and General Mills (PRGM) was established as a
partnership firm in 1987 and it is currently being managed by Mr.
Amrik Singh and Mr. Harpal Singh. The firm is engaged in processing
of paddy at its manufacturing facility located in Zira, Punjab.


RADIANT ROCKS: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radiant
Rocks Private Limited (RRPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.15       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 RRPL under the 'issuer non-cooperating'
category as RRPL 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. RRPL 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).

Udaipur (Rajasthan) based Radiant Rocks Private Limited (erstwhile
Jaibalajee Marmograini Private Limited) was incorporated in
September, 2017 by Mr. Sudhir Sharan and Mr. Hardev Sahu. JMPL was
incorporated with an aim to set up a processing unit for processing
of marbles and granites blocks.

RASANDIK ENGINEERING: CARE Reaffirms D Rating on INR6.84cr Loan
---------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Rasandik Engineering Industries India Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.24      CARE D; Reaffirmed
   Facilities                      

   Short Term Bank       6.84      CARE D; Reaffirmed
   Facilities                      

Detailed rationale and key rating drivers

The reaffirmation of ratings assigned to the bank facilities of
Rasandik Engineering Industries India Limited continues to take
into account the instances of delay in servicing of debt
obligations by the company. The delays were attributable to poor
liquidity position, impact of COVID-19 on the operations of the
company and sizeable debt repayment obligations.

The ratings are further, constrained by the working
capital-intensive nature of operations, exposure to fluctuation in
raw material prices and cyclical nature of the automotive industry.
The ratings also take cognizance of the moderation in profitability
during FY22 (refers to the period from April 1 to March 31); though
on an increased scale of operations.

Rating Sensitivities

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

* Timely servicing of debt obligations for more than three months

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in servicing of repayment obligations: There have been
instances of delays in servicing of debt obligations by the
company. The delays were largely attributable to disruptions in the
operations owing to COVID-19 pandemic resulting in weakening of
operational profile and liquidity position of the company.

* Weak operational performance marked by loss at net level: The
total operating income of the company grew by 51% during FY22
albeit on a low base of INR136.93 crores in FY21 to INR206.66
crores in FY22 mainly due to increase in volumes. The profitability
of the company has however been impacted by owing to rising prices
of steel (key raw material). Consequently, the PBILDT margin
declined to 7.48% during FY22 from 11.33% in FY21. Further, the
company reported loss of INR2.71 crores at net level due to
increase in interest cost. The capital structure of the company
continues to be moderate as exhibited by an overall gearing of
0.91x (PY: 0.91x) as on March 31, 2022. The total debt of the
company stood at INR87.57 crores as on March 31, 2022 comprising of
working capital borrowings of INR52.21 crores and term loan of
INR35.53 crores. During the past fiscal the company availed GECL to
improve the liquidity positions of the company. The debt coverage
indicators of the company stood weak during FY22 mainly due to
deterioration in profitability.

* Exposure to fluctuation in raw material prices: The key raw
material for REIIL's product is steel sheets, the prices of which
are volatile. The company receives orders from Maruti Suzuki India
Limited (MSIL) and other OEMs regularly as per their production
schedule and simultaneously REIIL procures raw material from its
suppliers. The increase in raw material prices can be passed on to
the OEM's but with time lag (1-2 months). Hence, to that extent,
the profitability remains exposed to the fluctuation in raw
material prices. Furthermore, being a moderate sized player in the
auto ancillary segment, REIIL has limited negotiation power
vis-à-vis its customers which are large and established OEMs.

* Cyclical nature of the automotive industry: The automobile
industry is cyclical in nature and automotive component suppliers'
sales are directly linked to sales of auto OEMs. Furthermore, the
auto-ancillary industry is competitive with the presence of a large
number of players in the organized as well as unorganized sector.
While the organized segment majorly caters to the OEM segment, the
unorganized segment mainly caters to the replacement market and to
tier II and III suppliers.

Key Rating Strengths

* Experienced Promoters: REIIL was promoted by Mr. Rajiv Kapoor in
1986 to manufacture auto components with its first manufacturing
facility in Gurgaon. Mr. Kapoor is an IIT Delhi graduate and has
over three decades of experience in the auto components
manufacturing system. He manages business operations largely
concentrating on the product developments, new business
opportunities, technology up-gradation, product quality and growth
strategies. He is ably supported by Mrs. Deepika Kapoor, who looks
after human relations, company management and general
administration.

* Strategic location of manufacturing units: REIIL is engaged into
manufacturing of sheet metal components like dead axles, suspension
parts, skin panels, fuel tanks, motorcycle frames etc. The company
has 5 operational plants at Gurgaon (2); Surajpur, Greater Noida
(1); Mewat (1); Pune (1) with an installed capacity of 72000 MT for
Sheet metal components and 30, 00,000 MT for Tailor Welded Blanks
as on March 31, 2021. REIIL has its manufacturing plants located
near manufacturing facilities of OEMs to meet the latter's
requirements. This helps REIIL to remain competitive by combating
transportation cost and continuous supply of components. The
company has an integrated manufacturing plants encompassing
stamping, pressing, welding (Robot Spot welding, Robot MIG welding,
Nut welding etc.), and assembling, sealing and painting
capabilities.

* In-house design and engineering capabilities: REIIL's design,
engineering capability and ability to manufacture sheet metal
pressed components with consistent quality and reliability is well
acknowledged by OEM customers resulting in repeated orders y-o-y.
Necessary drawings or blue print are provided by the customers
based on which company designs the tool. REIIL is well equipped
with CAD/CAM/CAE design capability, tool room and manufacturing
capacities with CNC wire cutting machines, welding machines and
presses for manufacturing of tool.

Liquidity: Poor

The poor liquidity is characterized by insufficient gross cash
accruals of INR~7 crores as against repayment obligations of
INR15.12 crores for FY23. The company has repaid around INR5 crores
out of INR15.12 crores of repayment for FY23. Further, the large
portion of current assets is funded through external borrowing
which has resulted in low current ratio of the company of 0.72x as
on 31 March 2022 (PY: 0.71x).

The operations of the company are working capital intensive as
customers are allowed credit period of 30-45 days, while payment to
suppliers is made in 50-60 days. The high working capital
requirements were met largely through high payable period and bank
borrowings which resulted in almost full utilization of its
sanctioned working capital limits with instances of
overutilization.

Incorporated in 1986, REIIL promoted by Mr. Rajiv Kapoor is engaged
in providing engineering solutions, designing and manufacturing
delivery of sheet metal components and assemblies to automobile
industry. The company manufactures sheet metal components, press
tools and dies for high tensile application in Heavy Commercial
Vehicle (HCV), Light Commercial Vehicle (LCV), Passenger Vehicle
(PV), tractors and 2-wheeler industry, heavy fabrication for
railways. The company has an installed capacity of 97,940 MT for
sheet metal components and 30,000 MT for Tailor Welded Blanks as on
March 31, 2022.

SATYA SAI: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satya Sai
Builders and Contractors (SSBC) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.22       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      0.78       CARE B-; Stable/CARE A4;
   Term Bank                       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 SSBC under the 'issuer non-cooperating'
category as SSBC 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. SSBC 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).

Bareilly- Uttar Pradesh based, Satya Sai Builders & Contractors
(SSBC) is a proprietorship firm promoted by Mrs. Pushpa Gangwar.
The company undertakes civil construction and structural
engineering projects for varied nature of work ranging from power &
telecom transmission towers, commercial building, water supply and
sanitation, sewerage, Earth moving, lake, river and canal
renovation work. SSBC is AA class license holder of U.P. Irrigation
department and class A license holder of Uttar Pradesh Power
Corporation Limited (UPPCL).


SHARWIN COTTEX: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sharwin
Cottex (SC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.50      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 25, 2021,
placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC 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. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2022, May 21, 2022, May 31, 2022.

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

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

Ahmedabad (Gujarat)-based, SC was formed in February, 2016 by Mr.
Sukhdev Prajapati, Mrs. Manisha Purohit and Mr. Soham Purohit. The
firm had been setting up a greenfield plant for cotton ginning and
pressing near Mehsana district in the area of 19425 square meters,
with 36 double roller jumbo gin machines of 54" size for ginning
and 5 cotton stripper machines for pressing. Total installed
capacity for ginning was proposed to be 45619.20 MTPA for raw
cotton. For oil extraction process, 12 extruders of 33*6" were
expected to be installed with a capacity will be of 24192 MTPA of
cotton seeds.


SKM BUILDCON: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SKM
Buildcon (SB) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.75       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 23, 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 9, 2022, May 19, 2022, May 29, 2022.

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

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

M/s SKM Buildcon (SB) was established in 2008 as a partnership
concern. SB participates in the tender process of various public
works department contracts, government contracts and related
ancillary works. SB has reputed client base primarily dealing with
public works department, government departments and clients like
Tarwani group and Fortune Recourse Private Limited (Swarnbhumi).
The day to day affairs of the firm are looked after by Mr Suresh
Kumar Mirghani with adequate support from the other partner and a
team of experienced personnel.


SMT. MALTI: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Smt. Malti
Devi Memorial Trust (SMDMT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.55       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 July 2, 2021,
placed the rating(s) of SMDMT under the 'issuer non-cooperating'
category as SMDMT 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. SMDMT continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2022, May 28, 2022, June 7, 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).

Bareilly-based (Uttar Pradesh), SMDMT was established in May 2010
as an education trust by Mr. Rajesh Singh Yadav and Ms. Kusum
Yadav, primarily with an objective to impart education. SMDMT runs
school in the name of 'Mothers Public School' affiliated by The
Central Board of Secondary Education (CBSE) Board, imparting
education from pre-school till high School i.e. till 9th Standard.


SPS EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SPS
Educational Trust (SET) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

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

Palwal-based (Haryana), SPS Educational Trust (SET) was established
in the year 2010 by Mr Sureshchandra Bharadwaj, Mrs. Sunita
Bhardwaj, Mr Shyam Sunder, Mr Brijesh Kumar and Mr Ram Kumar Gupta
with the object of setting up educational institutions. SPS is
running a school in the name of SET International at Palwal
(Haryana) since, August, 2011. The school is affiliated to the
Central Board of Secondary Education (CBSE) and offers education
from Kindergarten to class XII. The school is spread across the
area of 5.25 acres and it has all the state-of-the-art facilities
like computer labs, library, smart classes, various sports
facilities and swimming pool etc.


STERLING PORT: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sterling
Port Limited (SPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      244.35      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 9, 2021,
placed the rating(s) of SPL under the 'issuer non-cooperating'
category as SPL 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. SPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 25, 2022, May 5, 2022, May 15, 2022.

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

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

Sterling Port Ltd (SPL) was incorporated on September 29, 2006, as
a Special Purpose Vehicle in the name of Sterling Port Private
Limited (SPPL) to develop an all-weather direct-berthing port for
handling dry bulk, liquid bulk and container cargoes. The project
was promoted by Sterling Biotech Ltd (SBL), Vadodara based
Sandesara group. CARE does not have any update on the latest
developments in this regard.

USHA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Usha Impex
(UI) continue 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

   Short Term Bank     24.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 24, 2021,
placed the rating(s) of UI under the 'issuer non-cooperating'
category as UI 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. UI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 10, 2022, May 20, 2022, May 30, 2022.

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

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

Incorporated in 1998, Usha Impex (UI) is engaged in the trading of
non-ferrous metals from its main office in Ludhiana, Punjab. In
addition, the firm has three warehouse-cum-sales offices, one each
in Gurugram, Mumbai and Bangalore. The traded products include
non-ferrous metals like Zinc, Nickel, Tin, Copper, Lead etc. in the
form of wires, rods, bars, sheets, ingots, cathodes etc. The
products find application in automobile, bicycle and electrical
components with end users located throughout India.


VENKATESHWAR SPICES: CARE Lowers Rating on INR5cr Loan to B+
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Venkateshwar Spices (SVS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable
                                   and moved to ISSUER NOT
                                   COOPERATING category

Detailed rationale and key rating drivers

CARE has been seeking information to carry out annual surveillance
of SVS to monitor the ratings vide e-mail communications dated
April 28, 2022, July 19,2022, and numerous phone calls. However,
despite repeated requests, the SVS has not provided the information
for monitoring the requisite ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on Sri Venkateshwar
Spices bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING.

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

The revision in rating of bank facilities of Sri Venkateshwar
Spices is on account of absence of critical information on its
financial and operational performance. Further, CARE is unable to
interact with lenders of the entity to assess its ability to
service the debt obligations and hence the revision in rating.

Detailed description of the key rating drivers

At the time of last rating on May 26, 2021, the following were the
rating Strengths and weaknesses.

Key Rating Weaknesses

* Modest scale of operations: Despite of being in business for more
than a decade in trading of spices. The scale of operations marked
by the total operating income has remained small during the review
period due to seasonal availability of raw material and high
dependence on monsoon. The total operating income has increased by
5.13% in FY21(P) and stood at INR36.08 crore as compared to
INR34.32 crore in FY20(A).

* Thin profitability margins: The profitability margin of the firm
has remained thin during the review period due to trading nature of
business along with intensely competitive and fragmented market
with presence of numerous players in the spice market industry. The
PBILDT margin of firm has declined by 185 bps and stood at 3.21% in
FY21(A) as compared to 5.06% in FY20(A) due to volatility in the
prices of spices. The PAT margin has declined marginally by 9 bps
and stood at 0.49% in FY21(P) as compared to 0.58% in
FY20(A) due decline in the PBILDT. Also, the partners draw interest
on the capital, INR0.23 Cr was drawn during FY21.

* Working capital intensive nature of operations: Owing to agro
based operation which is highly dependent on varieties of nature
and trading nature of business, the firm has high working capital
requirement. The operating cycle of the firm improved and stood at
91 days in FY21(P) as compared to 119 days in FY20(A) due to
improvement in collection cycle.

* Partnership nature as constitution with inherent risk of
withdrawal of capital: Partnership nature of business has an
inherent risk of withdrawal of capital by the partners at the time
of their personal contingencies. It also has the inherent risk of
business being discontinued upon the death/insolvency of a partner.
The ability to raise funds is also very low as partnership concerns
have restricted access to external borrowings.

* Highly fragmented and competitive nature of industry: The Indian
trading industry is highly unorganized and fragmented in nature.
Based on product type, the spice market can be segmented into
variety of products and features a fragmented and competitive
landscape owing to the presence of many small scale companies. The
market also features some large companies holding prominent
positions, making the market intensely competitive.

* Prospects of industry depend on the monsoon in the country: The
prospects of the spices industry depend on the monsoon in the
country. Mainly the cultivation of the corps like chilli, turmeric,
coriander and other spices are mainly depended on the monsoon of
the country due to low level of other water sources in the
country.

* Foreign currency fluctuation risk: The firm is facing a foreign
currency fluctuation risk as the firm deals in the exports of
spices to other nations in the Middle East countries. The sales
realization of the firm mainly depends on the on the value of
dollar as it's the base currency of the exports to any nation.

Key Rating Strengths

* Long track record and experienced partners for more than three
decades in spice industry: The firm has long track record of 17
years in trading of spices. The partners of the firm hold the
industry experience of more than three decades. Due to long
presence in the market; the partners have established relationship
with their customers and suppliers.

* Comfortable capital structure: The capital structure marked by
overall gearing of the firm has improved and stood comfortable at
0.88x as on March 31, 2021 as compared to 4.02x as on March 31,
2020 due to increase in net worth to INR6.45 Cr from INR2.28 Cr and
also due to closure of CC facility.

* Diversified customer base and moderate geographical presence: The
operations of the firm are spread across India and extend globally
to the middle east countries. The diversified customer base
mitigates the firm from customer concentration risk.

Haveri (Karnataka) based Sri Venkateshwar Spices (SVS), a
partnership firm, was established in 2004 and is engaged in whole
sale trading of spices like Chilly, Tamarind, Turmeric, Garlic
Powder & Coriander. The operations of the firm are spread across
India and extend globally to the middle east countries. All the
partners are equally involved in the day-to-day operations of the
firm.




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

1MDB: Ex-PM Sent to Jail After Losing Final Appeal
--------------------------------------------------
The Wall Street Journal reports that former Prime Minister Najib
Razak was taken to prison after Malaysia's top court dismissed his
final appeal of corruption convictions, capping a yearslong quest
by authorities to prosecute him for his role in one of the world's
largest financial scandals.

According to the Journal, the ruling by Malaysia's Federal Court on
Aug. 23 upheld Mr. Najib's guilty verdicts on seven charges
including abuse of power, money laundering and criminal breach of
trust. He was convicted in 2020, sentenced to 12 years in prison
and fined almost $50 million, but his punishment was stayed
throughout the appeals process.

The 69-year-old Mr. Najib, who remains an influential figure in
Malaysian politics, denied wrongdoing throughout the proceedings
against him. On Aug. 23, he appeared in court with his wife and
three children and delivered a lengthy statement before the ruling,
saying that the court had treated him unjustly, the Journal relays.


"At the final stage of a case, it is the worst feeling to have, to
realize that the might of the judicial machinery is pinned against
me in the most unfair manner," the report quotes Mr. Najib as
saying.

The Journal relates that the court's five-member bench unanimously
dismissed Mr. Najib's appeals and affirmed his conviction and
sentence, said Federal Court Chief Justice Tengku Maimun Tuan Mat.


"The defense is so inherently inconsistent and incredible that it
has not raised reasonable doubt on the case," she said.

                             About 1MDB

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

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

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

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

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

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

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




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

FAVOR GROUP: Creditors' Proofs of Debt Due on Oct. 18
-----------------------------------------------------
Creditors of Favor Group Limited are required to file their proofs
of debt by Oct. 18, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 18, 2022.

The company's liquidator is:

          Elizabeth Helen Keene
          KPMG Christchurch
          Level 5
          79 Cashel Street
          PO Box 1739
          Christchurch 8140


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

The company commenced wind-up proceedings on July 29, 2022.

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100
          Dominion Road
          Auckland 1446


RHINO CONCRETE: Creditors' Proofs of Debt Due on Sept. 15
---------------------------------------------------------
Creditors of Rhino Concrete Services Limited are required to file
their proofs of debt by Sept. 15, 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:

          Ryan Eathorne
          PO Box 9010
          Wellington


VIVIER CAPITAL: Creditors' Proofs of Debt Due on Sept. 18
---------------------------------------------------------
Creditors of Vivier Capital Limited are required to file their
proofs of debt by Sept. 18, 2022, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 18, 2022.

The company's liquidators are:

          Damien Grant
          Greg Sherriff
          Waterstone Insolvency
          PO Box 352
          Auckland 1140




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

JJ MART: Court to Hear Wind-Up Petition on Sept. 9
--------------------------------------------------
A petition to wind up the operations of JJ Mart Pte. Ltd. will be
heard before the High Court of Singapore on Sept. 9, 2022, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Aug. 17, 2022.

The Petitioner's solicitor is:

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


MACARIOS PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Aug. 17, 2022, to
wind up the operations of Macarios Pte. Ltd.

DBS Bank Ltd. filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Leow Quek Shiong
          BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


NOBLE GROUP: Fined $12.6MM for Misleading Financial Statements
--------------------------------------------------------------
The Straits Times reports that Noble Group Limited has been fined
$12.6 million by the Singapore authorities, capping a nearly
four-year probe into what was once Asia's largest commodity trader
before its collapse amid accusations of improper accounting and
billions of dollars in losses.

The joint investigations by the Monetary Authority of Singapore
(MAS), Accounting and Corporate Regulatory Authority (Acra) and the
Commercial Affairs Department, which began in November 2018,
"involved complex accounting issues and required assistance from
overseas authorities", the agencies said in a joint statement on
Aug. 24, ST relays.

According to the report, MAS imposed the $12.6 million civil
penalty on the firm for publishing misleading information in its
financial statements in a breach of the Securities and Futures
Act.

In addition, Acra issued "stern warnings" to two former directors
of its then subsidiary Noble Resources International (NRI) for
failing to prepare and table annual financial statements that
complied with local accounting standards in a breach of the
Companies Act.

ST relates that the Public Accountants Oversight Committee also
issued orders against the auditors of NRI from Ernst and Young in
relation to the financial statements for 2012 to 2016.

The joint investigations revealed that NGL and NRI had applied an
incorrect accounting treatment to some marketing agreements with
mine owners and coal producers by classifying them as financial
instruments instead of service contracts.

This inflated their reported profits and net assets, the statement
said, NGL's publication of materially misleading financial
statements from 2016 to 2018 was likely to have induced the sale or
purchase by investors of NGL's securities listed on the Singapore
Exchange.

Noble, which once had a market value of more than US$10 billion
(SGD13.9 billion) and was seen as a challenger to global commodity
giants such as Glencore, embarked on a US$2 billion spending spree
in 2009-2010.

As its debt burden ballooned in the following years and losses
piled up, an unknown analyst group called Iceberg Research
published in 2015 a scathing critique of Noble's accounting
practices, which the firm denied.

In 2018, the firm collapsed into insolvency with US$1.5 billion in
debt and was forced to restructure. Investors took fright and short
sellers including Muddy Waters took aim at its shares.

The Nobel saga left many of its investors, including those in
Singapore, with hefty losses, the report notes.

"Acra expects financial statements to reflect a true and fair view
of the financial position and performance of the company," ST
quotes Assistant chief executive of Acra, Ms Kuldip Gill, as
saying.

"Acra will continue to enforce accounting standards and take those
involved in the financial reporting chain to task for unreliable
information and/or non-compliance with the prescribed accounting
and auditing standards."

Noble Resources Trading Holdings (NRTH), which emerged after Noble
Group's restructuring, welcomed the conclusion of the Singapore
investigation, the report says.

Its executive chairman Matt Hinds noted that NRTH, which has been
under new ownership and management since December 2018, is now a
separate business unrelated to Noble Group, with different owners,
directors, senior management and external auditors.

"We are looking forward to continuing to work with our suppliers
and serve our customers, building on the strong start to 2022," the
report quotes Mr. Hinds as saying in a statement on Aug. 24.


THREE ARROWS: Liquidators Get Singapore Nod to Probe Crypto Fund
----------------------------------------------------------------
Bloomberg News reports that Three Arrows Capital Ltd.'s liquidators
secured a key court decision in Singapore that may give them
greater insight into the collapsed crypto hedge fund's remaining
assets in a major jurisdiction, people with knowledge of the matter
said.

Bloomberg relates that the Singapore High Court on Aug. 22 granted
a petition by advisory firm Teneo, which in June was appointed by a
British Virgin Islands court to liquidate Three Arrows, to
recognize the liquidation order in the country, the people said,
asking not to be named as the proceedings were private. Teneo is
trying to round up and preserve the hedge fund's assets.

Recognition in Singapore gives the liquidators authority to request
access to any financial records the fund kept locally, the people
said. They lacked the legal basis to do so before gaining formal
recognition by a local court, according to the people, Bloomberg
relays.

According to Bloomberg, the liquidators plan to focus on
establishing what assets held in Singapore -- such as bank
accounts, properties, cryptocurrencies, nonfungible tokens and
stakes in companies -- can be tied to Three Arrows itself, they
said.

Three Arrows, which operated from Singapore until at least early
May, collapsed after the implosion of the Terra stablecoin project
that month sent cryptocurrencies tumbling. Co-founder Zhu Su, whose
family has two luxury homes in the city-state, had announced plans
to move its headquarters to Dubai in April. The fund was registered
in the BVI.

The liquidators have gained control of at least $40 million of
Three Arrows' assets, a fraction of the amount creditors including
Voyager Digital LLC and Digital Currency Group Inc. say they're
owed, according to July filings. Creditors have filed paperwork
indicating they're owed more than $2.8 billion in unsecured claims,
a figure expected to rise significantly, Bloomberg discloses citing
court papers.

WongPartnership LLP is representing Teneo in Singapore, while
Solitaire LLP is working with Three Arrows' local entity in the
city-state.  

Bloomberg says the Singapore court ruling follows Three Arrows'
filing for so-called Chapter 15 bankruptcy in the US in July.
Shortly after that filing, lawyers for Teneo said in court papers
that Zhu and Davies hadn't been cooperating on the process. At
around the same time, Zhu posted on his Twitter account that the
founders had provided a spreadsheet of the fund's assets to the
liquidators.

                     About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.

As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.   After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc.  -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings.  Judge Martin
Glenn is the case judge.  Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.

The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.


TRIYARDS FABRICATION: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Triyards Fabrication Services Pte Ltd and Triyards Ip
Pte Ltd, on Aug. 19, 2022, passed a resolution to voluntarily wind
up the company's operations.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908




=====================
S O U T H   K O R E A
=====================

E MART INC: Moody's Lowers CFR to Ba2 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of E Mart Inc. to Ba2 from Ba1.

Moody's has also changed the outlook to stable from negative.

"The downgrade of E Mart's rating reflects Moody's expectation that
the company's profitability will remain weak, which, together with
its continued large investments, will keep its financial leverage
elevated over the next 1-2 years," says Wan Hee Yoo, a Moody's Vice
President and Senior Credit Officer.

RATINGS RATIONALE

Moody's expects E Mart's adjusted EBITA margin to stay weak at
around 2% in 2022-23, which is lower than the 2.2% in 2021 and weak
for the company's previous Ba1 rating level. This weakening will be
mainly caused by sluggish performance at its hypermarket and online
businesses amid stiff competition. These factors more than offset
the company's cost rationalization efforts and the newly added
earnings of SCK Company Co., Ltd. (previously named Starbucks
Coffee Korea Co., Ltd.), which became a consolidated subsidiary
since the fourth quarter of 2021.

E Mart's consolidated operating income decreased to KRW22 billion
in the first half of 2022 from KRW131 billion in 1H 2021 because of
the aforementioned factors and the higher amortization expenses
following its large-scale acquisitions in 2021.

Moody's expects E Mart's adjusted debt to remain elevated at about
KRW11.0 trillion-KRW11.5 trillion over the next 1-2 years, similar
to the level at the end of 2021. This forecast is based on Moody's
expectation that the company's capital spending will remain
significant, which will offset its additional sizable asset sales
to contain debt increases.

Based on these assumptions, Moody's expects E Mart's adjusted
debt/EBITDA to stay at 5.5x-6.0x in 2022-23. This level of
financial leverage is more appropriate for the Ba2 rating
category.

E Mart's Ba2 CFR continues to reflect the company's leading
position in Korea's hypermarket industry, as well as its holdings
of sizable liquid equity investments.

These strengths are counterbalanced by the company's weak
profitability and high financial leverage driven by intense
competition in the e-commerce industry, as well as its large-scale
investments.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

E Mart faces highly negative exposure to social risks (S-4). This
mainly reflects demographic and societal trends stemming from a
structural shift to e-commerce. Although the company is
implementing countermeasures such as making significant investments
in its online business and restructuring certain offline stores,
this structural shift has strained the company's profitability over
the past few years and is reflected in the CIS-4 score. Moody's has
also considered E Mart's aggressive investment appetite, although
the company's track record of asset sales and its manageable
shareholder returns mitigate this risk.

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

The stable outlook reflects Moody's expectation that E Mart will
maintain largely steady financial metrics over the next 1-2 years,
underpinned by its ongoing asset sales.

Moody's could upgrade E Mart's rating if the company improves its
financial profile by enhancing its profitability or reducing its
adjusted debt, such that its adjusted debt/EBITDA remains below
5.5x and its adjusted EBITA margin exceeds 2.25%-2.50% on a
sustained basis.

Moody's could downgrade E Mart's rating if the company's
profitability weakens further or if it undertakes additional
large-scale investments, such that its adjusted debt/EBITDA exceeds
6.5x or its adjusted EBITA margin remains below 1.50%-1.75% on a
sustained basis. In addition, a significant weakening in E Mart's
liquidity would also be negative for its rating.

The principal methodology used in this rating was Retail published
in November 2021.

E Mart Inc. is the largest hypermarket operator in Korea by revenue
and number of stores. As of June 30, 2022, it operated 159
hypermarket stores in Korea, including 21 warehouse stores. Through
its subsidiaries, the company is also engaged in other businesses,
such as online shopping, supermarkets, convenience stores, hotels,
food services and coffee.



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

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

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