---

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

                     A S I A   P A C I F I C

          Friday, August 26, 2022, Vol. 25, No. 165

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2020-1: Moody's Ups Rating on Class F Notes From Ba1
CAYDON PROPERTY: Owes Financier Over AUD200MM and a Mercedes
CORPORATE PEST: First Creditors' Meeting Set for Sept. 1
CRIMSON BOND 2022-1P: S&P Assigns Prelim. Bsf Rating on F Notes
INVIGOR GROUP: First Creditors' Meeting Set for Sept. 5

KOUREAS COMMERCIAL: First Creditors' Meeting Set for Sept. 6
METIGY: Lent Founder AUD4.7MM for 'Personal Asset Purchases'
PASTE SERVICES: First Creditors' Meeting Set for Sept. 2
QANTAS GROUP: Posts Third Major Loss From Pandemic
QANTAS: CEO Defends Job Cuts, Says Carrier was Facing Bankruptcy

RECYCLE AND RESOURCE: Moody's Cuts CFR & 1st Lien Term Loan to B2
SAPPHIRE XXVI 2022-1: S&P Assigns B+ Rating on Class F Notes
SAVANNAH AG: First Creditors' Meeting Set for Sept. 1
[*] AUSTRALIA: Annual Personal Insolvencies Drop by 10%


C H I N A

FOSUN INT'L: Moody's Cuts CFR to B1 & Alters Outlook to Negative
GUANGZHOU R&F: S&P Withdraws 'SD' LongTerm Issuer Credit Rating


I N D I A

ABIR INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
ALLIANCE GRANIMARMO: ICRA Withdraws D Rating on INR33.50cr Loan
ALLWELD ENGINEERS: ICRA Reaffirms B Rating on INR7.50cr LT Loan
ASCEND GREEN: ICRA Lowers Rating on INR9.90cr LT Loan to D
AZURE POWER: Moody's Puts Ba2 Unsec. Debt on Review for Downgrade

BRAINER INFRA: ICRA Keeps D Debt Rating in Not Cooperating
BRICKINFRA STRUCTURES: ICRA Withdraws B+ Issuer Rating
COMMERCIAL AUTOMOBILES: ICRA Reaffirms B+ Rating on LT Loan
DISCOVERY LABORATORIES: ICRA Lowers Rating on INR10cr Loan to D
EMIRERRI STEEL: Insolvency Resolution Process Case Summary

ETERNAL MOTORS: Insolvency Resolution Process Case Summary
FUTURE ENTERPRISES: Faces Second Plea to Initiate Insolvency
GIRDHAR TENTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
GIRIRAJ JEWELLERS: ICRA Lowers Rating on INR6cr LT Loan to D
IFCI LIMITED: ICRA Reaffirms B+ Rating on INR2,277.68cr Loan

IT POWER CONSULTING: Insolvency Resolution Process Case Summary
JAIPUR INTEGRATED: ICRA Moves C+ Debt Rating to Not Cooperating
KELTRON COMPONENT: ICRA Reaffirms B+ Rating on INR10.25cr LT Loan
KHAITAN ELECTRONICS: ICRA Keeps B+ Ratings in Not Cooperating
LOGIX CITY: Insolvency Resolution Process Case Summary

M.G. BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MANSI INTERNATIONAL: Liquidation Process Case Summary
MEENAKSHI ASSOCIATES: Insolvency Resolution Process Case Summary
RAJASTHAN INDUSTRIAL: Insolvency Resolution Process Case Summary
ROCKY DHAR: ICRA Keeps B Debt Ratings in Not Cooperating Category

SADGURU MEDICAL: ICRA Keeps B Debt Rating in Not Cooperating
SAISUDHIR INFRA: ICRA Keeps D Debt Ratings in Not Cooperating
SATISH SUGARS: ICRA Withdraws B+ Rating on INR110.20cr Term Loan
SEA-AIR CONSOLIDATORS: Insolvency Resolution Process Case Summary
SHALFEYO INDUSTRIES: Insolvency Resolution Process Case Summary

SHIV SAI: ICRA Keeps D Debt Ratings in Not Cooperating Category
SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating
SLN CNC TECH: ICRA Keeps C Debt Ratings in Not Cooperating
SMILE INTERIORS: ICRA Keeps B Debt Rating in Not Cooperating
SREESAI TRADING: Insolvency Resolution Process Case Summary

SRS REAL INFRASTRUTURE: Insolvency Resolution Process Case Summary
VELKO INFRATEK: ICRA Keeps B+ Debt Ratings in Not Cooperating
VICEROY BANGALORE: Insolvency Resolution Process Case Summary
WAAMAN PRODUCTS: Insolvency Resolution Process Case Summary
YONA SMELTERS: Insolvency Resolution Process Case Summary



J A P A N

J FRONT: Egan-Jones Retains B- Sr. Unsec. Debt Ratings


N E W   Z E A L A N D

FALLS ROAD: Court to Hear Wind-Up Petition on Sept. 9
G & B (NZ) LIMITED: Court to Hear Wind-Up Petition on Sept. 2
JPC INDUSTRIES: Creditors' Proofs of Debt Due on Sept. 30
NYTON LOG: Creditors' Proofs of Debt Due on Sept. 20
VILLAWORX LIMITED: Creditors' Proofs of Debt Due on Sept. 30



S I N G A P O R E

CIL (SINGAPORE): Court Enters Wind-Up Order
INTERNATIONAL YELIN: Court Enters Wind-Up Order
JOLLY RIDES: Court Enters Wind-Up Order
TERAS SINGAPORE: Commences Wind-Up Proceedings
XIN QIU: Court Enters Wind-Up Order


                           - - - - -


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

ALLIED CREDIT 2020-1: Moody's Ups Rating on Class F Notes From Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by Allied Credit ABS Trust 2020-1.

Issuer: Allied Credit ABS Trust 2020-1

Class C Notes, Upgraded to Aa2 (sf); previously on Jan 21, 2022
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Jan 21, 2022
Upgraded to A3 (sf)

Class E Notes, Upgraded to A3 (sf); previously on Jan 21, 2022
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to Baa2 (sf); previously on Jan 21, 2022
Upgraded to Ba1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the good collateral
performance to date.

Following the August 2022 payment date, the note subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 22.9%, 18.4%, 13.4% and 11.4% respectively, from
19.6%, 14.8%, 9.6% and 7.6% at the time of the last rating action
for these notes in January 2022.

As of end-July 2022, 2.0% of the outstanding pool was 30-plus day
delinquent and 0.2% was 90-plus day delinquent. The portfolio has
incurred 0.7% (as a percentage of original pool) of net losses to
date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption as a
percentage of the current pool balance at 4.8% (equivalent to 2.7%
as a percentage of original pool balance). Moody's has also
maintained its Aaa portfolio credit enhancement at 27.5%.

The transaction is a securitisation of loans backed by motorcycle,
marine and other assets by Allied Credit Pty Ltd.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
July 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.


CAYDON PROPERTY: Owes Financier Over AUD200MM and a Mercedes
------------------------------------------------------------
Australian Financial Review reports that failed developer Caydon,
which was likely trading while insolvent for the past two years,
owes financier OCP Asia more than AUD200 million and Mercedes-Benz
AUD285,000 for a luxury G63 wagon among its other debts, liquidator
Malcolm Howell said.

Creditors will likely vote next week to put the company into
liquidation, following the receivership triggered last month by
Hong Kong-based OCP of the developer, which boasted at one time of
a portfolio of AUD4 billion-worth of projects, Jirsch Sutherland
partner Mr Howell said on Aug. 23, AFR relates.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Caydon Property Group on July 26, 2022.

The group's largest creditor, financiers OCP Asia, has also called
in receivers McGrathNicol Restructuring to take control of 40
companies to which they had lent money, The Age said.

Caydon, a large private Melbourne-based developer founded by Joe
Russo, had about AUD1 billion in projects under development when
receivers and liquidators stepped, according to The Age.


CORPORATE PEST: First Creditors' Meeting Set for Sept. 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Corporate
Pest Management Pty Limited will be held on Sept. 1, 2022, at 10:00
a.m. via virtual meeting technology.

Christopher Damien Darin of Worrells Solvency & Forensic
Accountants was appointed as administrator of the company on Aug.
22, 2022.


CRIMSON BOND 2022-1P: S&P Assigns Prelim. Bsf Rating on F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Corporate Trust Ltd. as trustee for Crimson
Bond Trust 2022-1P. Crimson Bond Trust 2022-1P is a securitization
of prime residential mortgage loans originated by BC Securities Pty
Ltd. (BCS).

The preliminary ratings assigned to the floating-rate RMBS reflect
the following factors.

The credit risk of the underlying collateral portfolio, which
comprises residential mortgage loans to residents and nonresidents
of Australia and to self-managed superannuation fund borrowers, and
the credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination, excess spread, if any, and a loss reserve funded by
the trapping of excess spread, subject to conditions. Our
assessment of credit risk considers BCS's underwriting standards
and approval process as well as its servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the loss reserve, the
principal draw function, the liquidity reserve, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. as the
bank account provider.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes."

  Preliminary Ratings Assigned

  Crimson Bond Trust 2022-1P

  Class A1-MM, A$125.00 million: AAA (sf)
  Class A1-AU, A$181.00 million: AAA (sf)
  Class A2, A$20.40 million: AAA (sf)
  Class B, A$20.30 million: AA (sf)
  Class C, A$20.90 million: A (sf)
  Class D, A$17.30 million: BBB (sf)
  Class E, A$11.10 million: BB (sf)
  Class F, A$7.10 million: B (sf)
  Class G, A$4.90 million: Not rated


INVIGOR GROUP: First Creditors' Meeting Set for Sept. 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Invigor
Group Limited will be held on Sept. 5, 2022, at 10:30 a.m. via
tele-conference only.

Brett Stephen Lord and Marcus William Ayres of Kroll Advisory Co
Pty Limited were appointed as administrators of the company on Aug.
24, 2022.


KOUREAS COMMERCIAL: First Creditors' Meeting Set for Sept. 6
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Koureas
Commercial Painting Pty Ltd will be held on Sept. 6, 2022, at 9:30
a.m. via Microsoft Teams.

Damien Mark Hodgkinson and Hugh Armenis of Olvera Advisors were
appointed as administrators of the company on Aug. 25, 2022.


METIGY: Lent Founder AUD4.7MM for 'Personal Asset Purchases'
------------------------------------------------------------
News.com.au reports that a technology company that collapsed,
despite planning to raise money with a valuation of AUD1 billion,
had just AUD20,000 in the bank and an outstanding loan to its sole
director worth AUD4.7 million, minutes from a creditor's meeting
have shown.

The company called Metigy was founded in 2015 and offered an
artificial intelligence platform for small business marketing.

Minutes from a meeting of creditors on August 9 obtained by The
Sydney Morning Herald showed liquidators are investigating the
AUD4.7 million loan to the company's chief executive, which was
allegedly used to fund "personal asset purchases," news.com.au
relays.

Meanwhile, investors were owed around AUD32 million via convertible
notes, according to the minutes, and there was AUD227,000
outstanding to suppliers, while it also had statutory liabilities
of more than AUD2 million, news.com.au discloses.

One former employee claimed the coming months would be "tough"
without being paid.

According to news.com.au, Metigy's demise, which saw 75 staff
members lose their jobs immediately, left many "shell-shocked".

The creditor's meeting minutes revealed employees were owed around
AUD1 million in outstanding entitlements.

One staff member, who had been with the company for just four
months before it collapsed, claimed he didn't receive his last
month's pay.

He said finding out he had lost his job three weeks ago while on
holidays had been "tough".

"I am sad. And overwhelmed. It's overwhelming when you and all your
colleagues lose their jobs," he wrote on LinkedIn, news.com.au
relays.

"It's also overwhelming when you realise you didn't get paid for
the last month either. And that I probably won't get paid for the
next few months because I'll need to go through the interview
process, land a job, work a month and then finally receive that
paycheck.

"It doesn't help that this all happened on my first week of
holidays and that I had to manage and hear about all of this on my
supposed break from a different timezone."

news.com.au says the company's collapse was a particular shock as
it planned to raise money just two months ago.

Australian private equity firm Five V Capital had recently
presented Metigy as an case study showing it was valued at AUD105
million in October 2020 when it invested and its last evaluation
sat at AUD1 billion in April this year, reported the Australian
Financial Review.

news.com.au adds that insolvency firm Cathro & Partners, who is
dealing with Metigy's collapse, said they were investigating the
sale of assets and intellectual property of the company when it
folded at the start of August.

But the minutes revealed while 18 parties had expressed interest,
no buyer had been found yet.

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

Simon Cathro and Andrew Blundell of Cathro Partners were appointed
as administrators of the company on July 29, 2022.


PASTE SERVICES: First Creditors' Meeting Set for Sept. 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Paste
Services International Pty Ltd will be held on Sept. 2, 2022, at
10:00 a.m. virtual meeting technology.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on Aug. 23, 2022.


QANTAS GROUP: Posts Third Major Loss From Pandemic
--------------------------------------------------
The Qantas Group has posted its third consecutive Statutory Loss
Before Tax of more than AUD1 billion, reflecting the Delta and
Omicron impacts as well as upfront costs from restarting the
airline as lockdowns finally ended.

For the full 2022 financial year, the Group experienced an
Underlying Loss Before Tax of AUD(1.86) billion and a Statutory
Loss Before Tax of AUD(1.19) billion. The difference between these
two measures largely reflects the AUD686 million net gain on sale
of surplus land, which helped reduce COVID-related debt.

While the first three quarters of the year were defined by border
closures and waves of uncertainty caused by COVID variants, the
fourth quarter saw the highest sustained levels of travel demand
since the start of the pandemic. Overall, the Group's flying levels
for the year averaged at 33 per cent of pre-pandemic levels but
finished at 68 per cent.

Group Domestic operations were profitable at the Underlying EBIT
level in 4Q22, while Qantas Freight posted another record annual
performance and Qantas Loyalty accelerated its earnings growth to
double digits in the second half.

The reopening of borders saw a huge increase in forward travel
demand, which when combined with the Group's recovery plan, has
resulted in a significant improvement to the balance sheet. Net
debt has fallen from a high of more than AUD6.4 billion to AUD3.9
billion at the end of FY22, putting it below the optimal target
range of AUD4.2 billion to AUD5.2 billion.

With the existential crisis posed by the pandemic now over, the
Group is focused on responding to current operational challenges.
Key customer measures for Qantas including contact centre wait
times, cancellation rates and mishandled bag rates are trending
back towards pre-COVID standards during August 2022.

There has been a significant improvement in on-time performance,
which lifted from 52 per cent in July to 66 per cent for August (to
date). This is expected to reach 75 per cent in September and
around 80 per cent in October 2022, pending external factors such
as extreme weather.

CEO COMMENTS

Qantas Group CEO Alan Joyce said: "This result takes the Statutory
Loss Before Tax impact of COVID on the Qantas Group to nearly $7
billion and our total revenue losses to AUD25 billion. These
figures are staggering and getting through to the other side has
obviously been tough.

"The past year has been challenging for everyone. We had to ramp
down almost all flying once Delta hit and stay that way for several
months before ramping back up through multiple Omicron waves as we
all learned to live with COVID in the community.

"We always knew travel demand would recover strongly but the speed
and scale of that recovery has been exceptional. Our teams have
done an amazing job through the restart and our customers have been
extremely patient as the whole industry has dealt with sick leave
and labour shortages in the past few months.

"Safety remains number one, but our service isn't at the level
expected of the national carrier. There is a lot of work happening
to bring us back to our best, including hiring more people, rolling
out new technology and reducing domestic flying so we have more
sick leave cover.

"We saw a big improvement in baggage handling and cancellations in
August, which we expect will return to pre-COVID standards next
month. On time performance also improved significantly and should
be close to our usual high standard in September.

"We're even more confident in the future than we were six months
ago, so today we're announcing more investment in our people and
our customers, including a major boost to staff travel benefits,
new routes and new lounges. We're also announcing the first capital
return for shareholders since they provided us AUD1.4 billion at
the start of the pandemic to support our Recovery Plan."

GROUP DOMESTIC

After several stop/start rebounds across FY22, domestic travel
demand made a sustained recovery in the fourth quarter. Total
domestic flying averaged 63 per cent of pre-COVID levels for the
year and reached 103 per cent by 30 June.

This drove Group Domestic to positive Underlying EBIT for the
fourth quarter, but long periods of low activity combined with
restart costs resulted in a full year Underlying EBIT loss of
(AUD1.1) billion.

Across Qantas and Jetstar, revenue intakes from leisure bookings in
the fourth quarter were approximately 125 per cent of pre-COVID
levels, with the Group's dual brand strategy putting it in a unique
position to meet demand from both the budget and premium parts of
the market. The rebound in leisure saw the Group add more than 20
new domestic routes during the year.

Revenue intakes from business purpose travel in the fourth quarter
were around 90 per cent of pre-COVID levels.

With a cost base significantly below its competitors, Jetstar's
commitment to low fares saw 47 per cent of its customers pay less
than AUD100 for their domestic flight and 87 per cent paid less
than AUD200 – a larger proportion than before the pandemic.

GROUP INTERNATIONAL AND FREIGHT

Heavy losses by the Group's international passenger business were
again significantly offset by a record performance of Qantas
Freight, which benefited from high yields due to a continued
shortage of cargo space globally but also from the ongoing shift to
e-commerce domestically.
Overall, the Qantas International and Freight division recorded an
Underlying EBIT loss of AUD(238) million and Underlying EBITDA
profit of AUD448 million.

While the reopening of Australia's border in November 2021 finally
saw international passenger travel return, the rebound was
initially slowed by the Omicron variant and the delayed opening of
key markets such as New Zealand and Indonesia.

The Group's international capacity averaged just 17 per cent of
pre-COVID levels for the year but rose to 49 per cent by 30 June.
The Group has now resumed flying to 19 ports and announced eight
new destinations, including Rome, Seoul and Delhi.

Jetstar suffered significant financial losses in New Zealand,
Singapore and Japan due to continued border restrictions plus
restart costs as flying gradually returned.

Globally, airlines are constrained by aircraft and labour
availability in returning to pre-COVID capacity levels despite high
levels of demand. While this situation is temporary it is driving
strong yields across the Group's international flying, which are
offsetting the significant rise in the cost of jet fuel.

QANTAS LOYALTY

Loyalty achieved a significant increase in revenue, up 36 per cent
to AUD1.33 billion. Underlying EBIT rose by 7 per cent across the
year and increased by double digits in the second half as consumer
patterns changed out of lockdowns. The division has performed
strongly throughout the pandemic by focusing on its value to
members and, by extension, its program partners.

A decision to lower the number of points required for hotel and
holiday redemptions in February 2022 helped drive a 40 per cent
increase in bookings in 4Q22.

Acquiring a majority stake in online travel business TripADeal in
May 2022 opened up new ways for members to earn and redeem points,
and also offered a significant growth opportunity. TripADeal's
sales rose 70 per cent in the first month following the acquisition
compared with the month prior and with the same period in 2019.
Over 150 million points have already been redeemed and 120 million
points earned by Frequent Flyers on TripADeal packages.

During the year, agreements were renewed with all five major
financial services partners as well as Woolworths. New partnerships
were launched with Accor, Optus and Zip. Qantas Business Money was
launched and will expand further in FY23.

Frequent Flyer members grew to 14.1 million during FY22, reflecting
a total increase of around 1 million since the start of the
pandemic.

FINANCIAL FRAMEWORK

Strong revenue intakes, plus the sale of surplus land, helped the
Group to lower its net debt to AUD3.94 billion, taking it below the
optimal target range of AUD4.2–AUD5.2 billion. Total liquidity at
30 June 2022 was AUD4.6 billion including AUD3.3 billion cash.
A further AUD270 million in cost benefits were realised in FY22,
bringing the total achieved under the Group's COVID recovery plan
to AUD920 million since FY20. The annualised benefit of AUD1
billion is on track from FY23 onwards.

Qantas was one of only six airlines to retain an investment grade
credit rating through the pandemic and, during the year, had its
outlook upgraded to 'stable' by Moody's.

The Board has approved an on-market share buyback of up to AUD400
million as the benefits of the recovery materialise. This is the
first return to shareholders since 2019 and follows AUD1.4 billion
of equity raised at the start of the pandemic.

INVESTING IN OUR CUSTOMERS

In addition to investment in operational performance, the Group is
delivering the following improvements to customer experience:

   * Introduction of a new route – Auckland to New York – from

     June 2023, using the 787 Dreamliner. This will be timed to
     offer convenient connections to Qantas' flights between
     Australia and New Zealand.

   * Major improvements to several lounges starting progressively
     from late this year:

      * Creation of a Business Lounge in Adelaide (in addition to
        the existing Qantas Club) and full renovation of the
        Chairmans Lounge.

      * Complete upgrade of Qantas' Auckland lounge.

      * Port Hedland and Rockhampton lounges to be upgraded and
        expanded.

   * As recently announced:

      * A AUD50 voucher offered to all Frequent Flyers towards
        their next Qantas flight.

      * Extension of the increase in Classic Reward redemption
        seats by up to 50 per cent for a further 12 months.

      * Complimentary extension of Frequent Flyer status (Silver
        through to Platinum One) for a further 12 months.

These improvements represent an investment of more than AUD400
million.

INVESTING IN OUR EMPLOYEES

The Group is delivering a record amount of training with more than
1,500 people joining the organisation and around 1,000 internal
appointments made since April 2022. A new flight training centre in
Sydney is scheduled to open by the end of calendar 2023 and a new
cabin crew training centre has been officially opened in Mascot
today.

The Staff Travel scheme will be made more generous, with better
access for family members and an expansion of the already
significant fare discounts on standby travel.

The Group expects to spend approximately AUD50 million on pay
increases for EBA-covered employees as agreements are finalised in
FY23, taking the average non-executive salary at Qantas to more
than AUD100,000. This is in addition to approximately AUD200
million being set aside for a AUD5,000 recovery boost payment and
1,000 share rights for more than 17,000 people.

FLEET

All Qantas and Jetstar aircraft based in Australia and New Zealand
have returned to flying, with the exception of some Airbus A380s.
Five A380s with updated interiors have now returned to service with
the remaining five to follow by December 2023 once mid-life
maintenance is completed.

In July, Jetstar took delivery of its first Airbus A321LR, which is
15 per cent more fuel efficient than its existing A320s. This is
the first of almost 300 next-generation narrow-body aircraft
arriving across the Group in the next 10 years, which will improve
emissions, noise, customer experience and route economics.
Work associated with the entry into service for the Airbus A220 and
A321XLR for Qantas Domestic, and the A350 for Qantas International,
is underway.

Qantas International is due to receive its three remaining Boeing
787-900s by the end of FY23. Qantas Freight will receive two
converted A330s in the second half of calendar 2023 and six A321F
freighters from early calendar 2024 onwards to replace five
737-400Fs and help meet demand from a permanent increase in
e-commerce from key customers, including Australia Post.

OUTLOOK

The Group has entered FY23 with its balance sheet repair process
effectively complete, strong levels of travel demand and a clear
path to improving its COVID-related operational challenges. Based
on current forecasts, key settings and assumptions for FY23
include:

   * Recovery plan to be completed in FY23, delivering AUD1
     billion in annual cost reduction. Parallel focus on
     offsetting CPI from FY19 to FY23 through additional cost and
     revenue initiatives.

   * Fuel cost for FY23 expected to be AUD5.0 billion, driven by a

     ~60 per cent increase in fuel prices compared to FY19.

   * RASK performance expected to fully recover increased fuel
     prices across the Group as well as temporary unit cost
     increase associated with addressing operational challenges.

   * Group Domestic capacity reduced by a further ~10 percentage
     points in response to higher fuel costs and operational
     challenges. Some capacity may be restored once operational
     resilience improves.

      * 1H23 – 95 per cent of pre-COVID levels
      * 2H23 – 106 per cent of pre-COVID levels

   * Group International capacity to increase as more A380s and
     787-900s enter service and overseas borders continue to
     reopen.

      * 1H23 – 65 per cent of pre-COVID levels
      * 2H23 – 84 per cent of pre-COVID levels

   * Qantas Loyalty Underlying EBIT to increase to AUD425-450
     million for FY23.

   * Strong yields in Qantas Freight expected to moderate but
     remain above pre–COVID levels.

   * Underlying depreciation and amortisation for FY23 expected to

     be AUD1.8 billion.

                        About Qantas Airways

Headquartered in Mascot, Australia, Qantas Airways Limited provides
transportation of passengers through two airlines including Qantas
(full-service carrier) and Jetstar (low-cost carrier), operating
international, domestic and regional services.

As reported in the Troubled Company Reporter-Asia Pacific, in late
April tha Egan-Jones Ratings Company, on March 28, 2022, maintained
its 'BB-' foreign currency and local currency senior unsecured
ratings on debt issued by Qantas Airways Limited.


QANTAS: CEO Defends Job Cuts, Says Carrier was Facing Bankruptcy
----------------------------------------------------------------
Joseph Huitson at skynews.com.au reports that Qantas CEO Alan Joyce
has stood by his decision to sack thousands of employees at the
onset of the coronavirus pandemic.

Mr. Joyce announced Australia's national carrier would be axing
6,000 staff members from various areas of the business in June
2020, skynews.com.au recalls.

Ensuing state and international border closures led to more workers
laid off without pay or forced to use their leave and another 2,500
were stood down almost a year later.

He was then pressed by a journalist over whether sacking the
workers was premature after he announced the company's 2022
financial year results.

"We were staring at 11 weeks of the company's survival. Eleven
weeks of potentially going bankrupt," he replied, skynews.com.au
relays.

"We had to make some tough decisions to get the company through
that, to get the company to be able to survive the pandemic. And to
get to a stage where we could rebuild."

According to skynews.com.au, Qantas has faced a raft of issues over
recent months including lengthy delays, cancellations and missing
baggage, mostly linked to not having enough workers.

It also found itself in the firing line after it was revealed the
airline would dish out millions of dollars in bonuses to its
executives.

skynews.com.au relates that the Flying Kangaroo said in a statement
to the ASX in July that it would pay four executives in company
shares valued at more than AUD4 million.

They are expected to be paid in August 2023 should performance
targets be met. However, one executive has since resigned.

According to skynews.com.au, Qantas on Aug. 25 revealed its third
consecutive loss of more than AUD1 billion since the start of the
COVID-19 pandemic.

It posted an underlying loss of AUD1.86 billion for the full
financial year of 2022.

"That brings our total losses since the start of the pandemic to
more than AUD7 billion and takes lost revenue to more than AUD25
billion," skynews.com.au quotes Mr. Joyce as saying.

"To put that in perspective, on a statutory basis, COVID cost us
more money in the past three years than we made in the five years
before that.

"These figures are staggering and getting through to the other side
has obviously been tough.

"The past year has been challenging for everyone. The fact we've
been able to steer through this is remarkable."

skynews.com.au relates tht Mr. Joyce conceded the airline's service
was not where it should be but insisted Qantas is working towards
being back to what it was once know as.

"This includes hiring more people, rolling out new technology and
reducing domestic flying so we have more sick leave cover," he
said.

"We saw a big improvement in baggage handling and cancellations in
August which we expect will return to pre-COVID standards next
month.

"On-time performance also improved significantly and should be
close to our usual high standard in September."

                        About Qantas Airways

Headquartered in Mascot, Australia, Qantas Airways Limited provides
transportation of passengers through two airlines including Qantas
(full-service carrier) and Jetstar (low-cost carrier), operating
international, domestic and regional services.

As reported in the Troubled Company Reporter-Asia Pacific, in late
April tha Egan-Jones Ratings Company, on March 28, 2022, maintained
its 'BB-' foreign currency and local currency senior unsecured
ratings on debt issued by Qantas Airways Limited.


RECYCLE AND RESOURCE: Moody's Cuts CFR & 1st Lien Term Loan to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded Recycle and Resource
Operations Pty Limited ("Bingo")'s corporate family rating to B2
from Ba3. The senior secured ratings on the company's first lien
term loan and revolving credit facility were also downgraded to B2
from Ba3. The ratings remain on review for downgrade. The rating
outlook has been revised to ratings under review from stable.

RATINGS RATIONALE

The rating downgrade reflects Bingo's weak EBITDA performance in
the fiscal year ended June 30, 2022 (FY22), which was materially
below Moody's earlier expectation. The rating agency understands
that the EBITDA underperformance was driven by a combination of
factors that are outside of Bingo's control, primarily labour
shortages caused by the covid-19 pandemic, supply chain shortages,
and abnormally wet weather in its key market of New South Wales,
Australia, which reduced construction activity and waste volumes.
The company's exposure to abnormally wet weather highlights
physical climate risk, which is a factor under Moody's
environmental risk assessment and was a driver of today's rating
action. The delay in commissioning of Bingo's key new asset MPC2,
which management believes to be Australia's largest recycling
plant, also meant there was no earnings contribution during FY22.

As a result, Moody's estimates that FY22 gross debt/EBITDA
registered well in excess of 10x. While the significant increase in
financial leverage was driven by Bingo's weak EBITDA, the company
also drew down on its AUD100 million delayed draw term loan to fund
its growth initiatives, notably its recent acquisition of United
Waste Services, a building and demolition (B&D) waste operator in
Queensland, Australia. Given Bingo's high financial leverage and
ongoing focus on growth investment as opposed to debt reduction,
the rating action also considers risks around financial strategy
and risk management, which is a component under Moody's governance
risk assessment and was also a key driver in the rating action.

Despite the weak FY22 performance, Moody's believes an earnings
improvement is likely over the next 12-18 months, supported by the
recent operational commencement of MPC2 in July, price increases,
the likely normalisation of operating conditions as the impact of
covid subsides, and an improvement in supply chain issues. However,
given the headwinds facing the construction sector, Moody's expects
Bingo's earnings to remain below the rating agency's previous
forecasts. Combined with increased debt, this will lead to the
company's gross debt/EBITDA in FY23 remaining in the high 6x range.
There also remains further downside risk, however, given the
company's exposure to uncontrollable external factors as
highlighted in FY22 with, for example, long-range weather forecasts
pointing to the potential for higher-than-normal rainfall
continuing into 2023.

Moody's also notes Bingo's recent announcement that it has pleaded
guilty on charges laid by Commonwealth Department of Public
Prosecutions (CDPP) relating to an investigation into a mid-2019
pricing increase in New South Wales (NSW) B&D waste. The amount of
fine to be payable by Bingo is still to be determined by the
Federal Court over the coming months. Moody's understands from
Bingo that the company expects the potential penalty would be well
covered by Bingo's existing cash balance (which stood at AUD181
million as of June 30, 2022), even after the acquisition of United
Waste Services.

The review for downgrade will focus on the: (1) uncertainty around
the quantum of cash fines Bingo would be required to pay over the
coming quarters, particularly in relation to the CDPP charges, and
the resulting impact on the company's liquidity position; and (2)
downside risks around the pace of Bingo's earnings recovery given
its exposure to external uncontrollable factors and the current
headwinds faced by the construction sector, particularly in light
of likely reduced liquidity following the payment of fines. Moody's
expects to conclude the rating review around the end of calendar
2022 when the rating agency expects to have further clarity around
the magnitude of penalties and fines the company will be required
to pay.

Bingo's rating continues to benefit from its strong market position
as the leading vertically integrated player in B&D waste, in the
Australian state of New South Wales. The company owns a network of
well-located post-collection waste facilities that is difficult to
replicate, supporting its earnings generation and providing
considerable barriers to entry. Bingo has historically generated
solid margins due to its vertical integration and advanced
recycling capabilities, which help raise margins through diversion
of waste from landfill, thereby avoiding substantial landfill
levies imposed by the government.

The rating is constrained by Bingo's high financial leverage, and
concentration towards NSW B&D waste, where market waste volumes can
vary depending on overall construction activity.

Environmental, Social and Governance (ESG) Considerations

Environmental considerations include physical climate risk, given
Bingo's exposure to abnormally wet weather as highlighted during
FY22. The company benefits from increasing societal environmental
awareness and the push towards recycling from both the private and
public sectors. In this regard, Bingo has a strong record of
delivering environmental benefits by diverting waste from
landfills, achieving above industry recovery rates. The company
sees potential to raise its recovery rate with MPC2 ramping up.
Bingo has also committed to using 100% renewable electricity across
its network of facilities by 2025. Waste management activities are
subject to stringent regulations and strict monitoring. Bingo
complies with environmental laws and regulations and obtains
necessary government permits for its operations, with no material
issues disclosed recently, however, there have been breaches in the
past which may result in future penalties.

Governance considerations include Bingo's majority ownership by
MIRA, which presents some governance risk, to the extent that
private equity firms tend to prioritize more aggressive growth
plans and strategies, including a tolerance for higher leverage.
The charges relating to Bingo's price fixing in mid-2019 also
presents governance concerns, although Moody's understands that the
company has worked to enhance its compliance and governance
processes under new ownership and senior management.

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

An upgrade of Bingo's ratings is unlikely, given the ratings are
currently on review for downgrade. The outlook could be changed to
stable if Bingo's is able to retain a solid liquidity buffer after
payment of its potential regulatory penalties over the coming
months. This would be indicated by total available liquidity (cash
plus available undrawn revolver) of at least AUD100 million.

Over time, Moody's could upgrade the ratings if Bingo's debt/EBITDA
declines to 5.5x and EBIT/interest expense approaches 2x, with
these metrics expected to remain at such level or continue
improving. An upgrade could also occur if Bingo demonstrates the
ability to sustainably generate positive free cash flow.

The rating could be downgraded if Bingo's operating performance
does not improve meaningfully over the coming 12-18 months and/or
it faces material fines or penalties outside of Moody's current
expectations, such that: (1) total available liquidity (cash plus
available undrawn revolver) falls below AUD100 million; and (2)
Bingo's FY23 gross debt/EBITDA tracks weaker relative to Moody's
current expectations and is likely to remain above 7x on a
sustained basis.

Methodology

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in April 2018.

Profile

Recycle and Resource Operations Pty Limited ("Bingo") is an
Australian recycling and waste management company that provides
end-to-end solutions across the resource management supply chain
including collection, processing and recovery, disposal and waste
equipment manufacturing. Bingo primarily operates in the New South
Wales (NSW) building & demolition (B&D) waste market, which
accounts for the majority of its earnings. The company also
operates in the states of Victoria and Queensland and in commercial
& industrial (C&I) waste. In 2021, Bingo was acquired by Macquarie
Infrastructure and Real Assets and its managed funds for an
enterprise value of AUD2.6 billion.


SAPPHIRE XXVI 2022-1: S&P Assigns B+ Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Sapphire
XXVI Series 2022-1 Trust. Sapphire XXVI Series 2022-1 Trust is a
securitization of nonconforming and prime residential mortgages
originated by Bluestone Group Pty Ltd. and Bluestone Mortgages Pty
Ltd. (collectively Bluestone).

The ratings S&P has assigned to the floating-rate RMBS to be issued
by Permanent Custodians Ltd. as trustee for Sapphire XXVI Series
2022-1 Trust reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, the yield reserve,
retention amount built from excess spread, and the provision of an
extraordinary expense reserve. S&P said, "Our analysis is on the
basis that the rated notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date."

S&P said, "Our ratings also consider the counterparty exposure to
Commonwealth Bank of Australia as bank account provider and
National Australia Bank Ltd. as the liquidity facility provider and
interest rate swap provider. The transaction documents for the
facilities include downgrade language consistent with S&P Global
Ratings' counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Sapphire XXVI Series 2022-1 Trust

  Class A1S, A$112.50 million: AAA (sf)
  Class A1L, A$262.50 million: AAA (sf)
  Class A2, A$69.75 million: AAA (sf)
  Class B, A$8.25 million: AA (sf)
  Class C, A$9.00 million: AA- (sf)
  Class D, A$16.25 million: BBB (sf)
  Class E, A$8.50 million: BB+ (sf)
  Class F, A$8.75 million: B+ (sf)
  Class G1, A$3.125 million: Not rated
  Class G2, A$1.375 million: Not rated


SAVANNAH AG: First Creditors' Meeting Set for Sept. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Savannah AG
Research Pty Ltd, trading as Savannah Sun Foods, will be held on
Sept. 1, 2022, at 11:30 a.m. at the offices of SV Partners, 22
Market Street, in Brisbane, Queensland.

David Michael Stimpson and Adam Peter Kersey of SV Partners were
appointed as administrators of the company on Aug. 22, 2022.


[*] AUSTRALIA: Annual Personal Insolvencies Drop by 10%
-------------------------------------------------------
Personal insolvencies are continuing to fall in Australia, with a
total of 9,545 new insolvencies recorded in the 2021-22 financial
year - down 10% from 2020-21.

New figures from the Australian Financial Security Authority (AFSA)
revealed that insolvency numbers fell in every state and territory
except Tasmania, which recorded an increase of almost 13% from the
previous year.

Of the new insolvencies in 2021-22, 63% were bankruptcies and 36%
were debt agreements. The remainder were personal insolvency
agreements and deceased estates.

AFSA Chief Executive Tim Beresford noted that while numbers are at
an historic low, overall there are signs of increased insolvency
activity.

'In the June quarter, we saw 2,301 new personal insolvencies
nationally – up from 2,215 in the March quarter,' Mr Beresford
said.

'It's no secret that Australia is facing ongoing economic
challenges and we know this is likely to impact some individuals.

'We expect there will be a reversion towards pre-pandemic volumes
over the next two years.'

Mr Beresford also highlighted the importance of understanding the
options available when facing financial hardship.

'We know there are still challenging conditions ahead for many
Australians,' Mr. Beresford said.

'If you are in financial difficulty, please seek advice early from
a trustworthy source.'

'A financial counsellor or registered insolvency professional can
talk through your options and help you find a solution to suit your
circumstances.'

'For some individuals, that may be a formal insolvency option while
for others, it might be temporary relief or payment arrangements.'




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

FOSUN INT'L: Moody's Cuts CFR to B1 & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the
corporate family rating of Fosun International Limited.

At the same time, Moody's has downgraded to B1 from Ba3 the senior
unsecured rating on the bonds issued by Fortune Star (BVI) Limited
and unconditionally and irrevocably guaranteed by Fosun.

Moody's has changed the outlook on all ratings to negative from
ratings under review.

This concludes the review for downgrade initiated on June 14,
2022.

"The downgrade reflects Fosun's weak liquidity profile, elevated
refinancing pressure due to the challenging onshore and offshore
funding environment, and the execution risks related to its asset
divestment plan amid slower economic growth and capital market
volatility. In addition, the asset divestments will likely reduce
the size, diversification and transparency of Fosun's investment
portfolio, while a potential increased usage of asset pledges will
lower the company's financial flexibility," says Lina Choi, a
Moody's Senior Vice President.

The negative outlook reflects the refinancing uncertainties and
execution risks of asset sales to repay Fosun's sizable debt
maturing over the next 12 months, and the company's ongoing
challenges in balancing liquidity needs and maintaining investment
portfolio quality.

RATINGS RATIONALE

Fosun's liquidity is weak at the holding company (holdco) level.
Its cash on hand at the holdco level is insufficient to cover its
short-term debt maturing over the next 12 months. In addition, its
recurring income, which comprises mainly dividends from underlying
investments, is inadequate to cover interest and operating
expenses.

Fosun also has sizable maturing short-term debt at the holdco
level, a meaningful proportion of which consist of onshore and
offshore public bonds. Moody's expects that Fosun will face
refinancing difficulties in public bond markets, both onshore and
offshore, given the current weak market sentiment. Fosun's holdco
has not issued unsecured long-term public bonds since the beginning
of 2022.

On the other hand, Fosun has maintained good access to bank credit
to support its refinancing needs for the year to date. Its bank
loans increased during the past year to support its liquidity
needs. Moody's expects that Fosun can obtain more bank facilities,
especially if it is willing to pledge some of its listed
investees.

Moody's also expects the company to increase its asset divestures
to repay its maturing debt.  However, due to market volatility and
potentially lengthy negotiation or regulatory approval process,
there are uncertainties regarding the pace of execution and the
actual amount of proceeds from these asset disposals.

Moody's is also concerned that the asset divestures will reduce the
size of Fosun's investment portfolio.  As listed assets or those
of good quality are generally easier to be disposed of, asset
divestures will also weaken Fosun holdco's portfolio quality by
reducing its asset diversification, portfolio transparency, and
dividends to Fosun, which no longer support its previous Ba3
rating.

In addition, Fosun's portfolio is largely unencumbered so far,
giving it the flexibility to raise funds through asset pledges.
However, such asset pledges, if implemented on a large scale, will
decrease the unencumbered assets available for Fosun's unsecured
lenders and reduce the company's financing flexibility.

Meanwhile, Moody's expects contagion risk from Fosun's property
investees, such as Shanghai Forte Land Company Limited (Forte) and
Shanghai Yuyuan Tourist Mart Co., Ltd. (Yuyuan), to remain amid
China's property downturn. Fosun holdco's funding support to Forte,
albeit a relatively small amount, increased during the past one
year.

The B1 CFR continues to reflect Fosun's (1) large and diversified
investment portfolio, (2) proven investment track record and slower
debt-funded expansion, and (3) substantial holdings of marketable
securities and active asset-recycling activities. Such strengths
are counterbalanced by (1) Fosun's weak liquidity and heightened
refinancing risk, (2) potential weakening of portfolio size and
quality along with asset divestments, (3) credit contagion risk
from some weak subsidiaries, and (4) complicated group structure
and inadequate information transparency.

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

Given the negative outlook, a rating upgrade is unlikely in the
near future. However, the outlook could return to stable if Fosun
(1) strengthens its liquidity position, including materially
improving its cash to short-term debt ratio, reducing its reliance
on short-term funding and regaining access to long-term public bond
markets, (2) executes the asset divestments and other fundraising
successfully to meet refinancing needs, (3) maintains a stable
business and financial profile at the holdco level, such that the
diversification and transparency of its investment portfolio
remains largely stable, its adjusted (funds from operations
[FFO]+interest)/interest ratio stays steady and its market
value-based leverage remains below 40%; and (4) contains well the
contagion risk from its key investees.

Moody's could downgrade Fosun's rating if (1) the company's access
to funding weakens, as indicated by Fosun having limited access to
the bond market for a prolonged time or difficulty in obtaining
bank facilities; (2) its asset divestures cannot proceed to meet
its funding needs due to market volatility, execution uncertainty
and regulatory reasons; (3) the company's business and financial
profiles weaken. This would be indicated by a deterioration in its
portfolio quality after asset divestures, lower recurring income at
the holdco level, and a material drop in listed and unencumbered
assets of the portfolio, with a further weakening in its adjusted
(FFO+interest)/interest, or its market value-based leverage
remaining above 45%-50% on a sustained basis; or (4) contagion risk
from key investees materializes.

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in July 2018.

Fosun International Limited (Fosun) has diversified businesses
spanning four broad categories: (1) integrated finance; (2)
tourism, leisure and consumer; (3) pharmaceuticals, medical
services and health products and (4) resources, environment and
technology.

The estimated market value of Fosun's investment portfolio totaled
around RMB289 billion as of the end of 2021. The consolidated
group's revenue totaled RMB161 billion in 2021.

Fosun is headquartered in Shanghai and listed on the Hong Kong
Stock Exchange in 2007.


GUANGZHOU R&F: S&P Withdraws 'SD' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its 'SD' long-term issuer credit rating
on Guangzhou R&F Properties Co. Ltd. and 'CC' long-term issuer
credit rating on subsidiary R&F Properties (HK) Co. Ltd. (R&F HK)
at the company's request. The rating outlook on R&F HK was negative
at the time of withdrawal.




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

ABIR INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term ratings of Abir Infrastructure
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        96.95       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        50.86       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-       186.05       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Rating continues to remain under
   Based-Others                  'Issuer Not Cooperating'
                                 Category

   Long Term          2.50       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Abir Infrastructure Private Limited (AIPL) is a private limited
company, promoted by Mr. K. Gnyandeep and Mr. Y. Y. Butchi Babu in
2005. The company is engaged in the construction activities
primarily related to hydro power and thermal power projects.

ALLIANCE GRANIMARMO: ICRA Withdraws D Rating on INR33.50cr Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Alliance Granimarmo Private Limited at the request of the company
and based on the No Due Certificate received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        17.97       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Term Loan                     

   Short Term-       33.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Withdrawn

   Short Term-        2.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based                Withdrawn

   Long Term/         4.53       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term–                   COOPERATING; Withdrawn
   Unallocated
   Limits             

Incorporated in 1998, Alliance Granimarmo Private Limited ("AGPL")
is engaged in quarrying and processing of rough granite blocks into
slabs and tiles. The Company exports the granites slabs and tiles
to the USA, Europe, Africa, and Middle East. The company's
manufacturing facility is located in Tada, Andhra Pradesh, with a
processing capacity of 38 lakh square foot of granite slabs per
year. AGPL is part of the Gimpex group, which is mainly engaged in
sales of barite, coal, iron ore, mill scale, clinker, and
bentonite. The company's name was changed from Alliance Minerals
Private Limited to Alliance Granimarmo Private Limited, in November
2014.


ALLWELD ENGINEERS: ICRA Reaffirms B Rating on INR7.50cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Allweld
Engineers Pvt Ltd (AEPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.50       [ICRA]B (Stable); Reaffirmed
   Fund Based/CC                   

   Short Term-
   Non Fund Based      2.00       [ICRA]A4; reaffirmed

   Fund Based-
   Term Loan           0.50       [ICRA]B (Stable); reaffirmed

Rationale

The ratings continue to be constrained by AEPL small scale of
operations, evident from its turnover of INR8.3 crore in FY2022.
ICRA takes note of the weak capital structure owing to the low
capital base and the stretched coverage indicators. Additionally,
the high working capital intensity, with elevated inventory levels
because of the long manufacturing process involving tests and
trials, constrains the liquidity position. The ratings are also
constrained by the moderate order book position of INR9.71 crore as
of June 2022 and the high customer concentration risk with the top
five clients contributing to ~100% of its revenue. Nevertheless,
the Make in India programme and the Government's thrust on the
indigenisation of defence equipment are likely to support the order
inflow from various reputed clients, providing near-to-medium-term
revenue visibility.

However, the ratings continue to take comfort from the extensive
experience and established track record of AEPL's promoters in
manufacturing defence-related equipment. Further, its established
relationship with customers, along with being a sole domestic
supplier for many of the products it manufactures, ensures repeat
orders.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters: The promoters have been in the
business of manufacturing engineering equipment for over three
decades. Mr. J. K. Mohapatra, the Managing Director of the company,
is an alumnus of NIT and has five years of experience with Larsen &
Toubro. The company has indigenised the manufacturing of certain
components, which were being imported. The promoters' technical
experience supports AEPL in designing products, which are in line
with the customers' specifications.

* Established relationship with reputed customers: AEPL, with its
quality products and established relations, have managed to get
repeat orders from reputed customers, such as Bharat Electronics
Ltd (BEL), Bharat Earth Movers limited (BEML), Ordinance Factory
Medak, etc. Further, the company is the sole supplier for many of
the components it manufacturers, which enhances its competitive
position.

Credit challenges

* Small scale of operations: AEPL's scale of operations continues
to be small with an operating income (OI) of INR8.3 crore in
FY2022, restricting the scale of economies to a large extent. Its
revenue increased by ~6.7% in FY2022 on a YoY basis. The sales are
expected to remain at similar levels in FY2023, given the moderate
order book position of ~Rs. 9.71 crore as of July 2022.The
operating profit margin declined to 17% in FY2022 from 19.4% in
FY2021, mainly due to increase in employee costs and raw material
consumption.

* High working capital intensity: AEPL's business is working
capital-intensive in nature, with high inventory levels due to the
elongated manufacturing cycle. This resulted in a high working
capital intensity of 143% in FY2022. The high working capital
intensity necessitates significant funding requirements in order to
scale up the operations. Given the modest cash accruals, the high
working capital intensity resulted in a tight liquidity position.

* Average financial profile: The company's capital structure
remained leveraged due to a low net worth base and weak accruals.
The coverage indicators remained weak with interest coverage of 1.8
times, total debt/OPBITDA of 7.2 times and NCA/TD of 5.0% in
FY2022, owing to the high debt levels vis-à-vis its accruals.
Given the rise in the debt level in FY2022, the capital structure
and coverage indicators are likely to remain stretched over the
medium term.

Liquidity position: Stretched

AEPL's liquidity position is stretched with high average working
capital utilisation of 83% for the past 12 months ended March 2022.
The company's liquidity is likely to remain stretched with high
inventory holding due to the long manufacturing process. Moreover,
the estimated annual cash accruals are expected to tightly match
against the scheduled debt repayment obligations in FY2023.

Rating sensitivities

Positive factors – ICRA could upgrade AEPL's ratings if the
company demonstrates significant improvement in its revenues, while
maintaining its operating margins and bringing down the working
capital intensity substantially, leading to improved liquidity
position.

Negative factors – Negative pressure on AEPL's ratings could
arise if there is any reduction in the cash accruals, or if any
further increase in the working capital intensity weakens the
liquidity position.

AEPL, incorporated as private limited company from partnership
concern in 1995, manufactures precision components such as
hydraulic shock absorber, advanced feed coupling, castor wheel,
hydro pneumatic suspension unit, etc, for the defence segment. The
company gets the product designs and specifications from its
customers and primarily does the machining and assembly work. The
ancillary work such as casting, forging, heat treatment, etc, are
outsourced to third parties. Its customers include defence entities
such as Ordinance Factory Medak (OFMK), Machine Tool Prototype
Factory (MTPF) and Bharat Electronics Ltd (BEL), etc. The facility
is at Peenya, Bengaluru, with a team of around 70 employees. The
Make in India programme has enabled it to indigenise 15 products
and more products are in the process.


ASCEND GREEN: ICRA Lowers Rating on INR9.90cr LT Loan to D
----------------------------------------------------------
ICRA has revised rating on certain bank facilities of Ascend Green
Homes (AGH), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         9.90       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating downgraded from
                                 [ICRA]B-(Stable) and Continues
                                 To remain under 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated on June 11, 2021. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

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

Ascend Green Homes (AGH) is a partnership firm founded in September
2011 by Mr. IVRK Varma. The firm is engaged in the business of
executing civil contractual works for private entities and
government departments in Andhra Pradesh as a subcontractor.

AZURE POWER: Moody's Puts Ba2 Unsec. Debt on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed Azure Power Energy Ltd's (APE)
Ba2 senior unsecured rating and Azure Power Solar Energy Private
Limited's (APSEP) Ba1 backed senior unsecured rating on review for
downgrade.

At the same time, Moody's has also changed the outlooks to ratings
under review from stable.

APE is a special purpose vehicle that used the USD note proceeds to
subscribe to senior secured Indian rupee (INR)-denominated bonds
and loans, as external commercial borrowings issued by 16
restricted subsidiaries in the restricted group (RG-1). APE is also
part of RG-1.

APSEP is a special purpose vehicle that has used the USD note
proceeds to subscribe to senior secured INR-denominated bonds and
loans, as external commercial borrowings issued by 10 restricted
subsidiaries in the restricted group (RG-2). APSEP is also a part
of RG-2.

The rating action follows Azure Power Global Limited's (APGL,
parent) announcement on August 12, 2022, that it is conducting an
internal review regarding internal controls and compliance for
certain financial reporting matters. The company also announced
that it will be unable to file its Form 20-F financial reports for
the fiscal year ending March 2022 (fiscal 2022) to the Securities
and Exchange Commission on a timely basis because of this review
and that it is making all efforts to file it as soon as
practicable. As a result of a delay in the declaration of APGL's
company's audited results, the financial results for fiscal 2022 of
APE and APSEP have also been delayed.

The two restricted groups -- RG-1 and RG-2 -- represent around 43%
of APGL's operational capacity, and their operational and financial
metrics are significant to APGL's performance.

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

Moody's review of APE and APSEP ratings will focus on the progress
and conclusion of the internal review, the impact of any revisions
to the historical and forward-looking financial metrics, and Caisse
de depot et placement du Quebec (CDPQ, Aaa stable) commitment for
RG-1 and RG-2 - CDPQ is 53.4% shareholder of APGL and Moody's
expects it to support APGL in case of need, consistent with its
shareholding. Moody's expects to conclude the review over the next
2-3 months.

Governance risks are material to the rating action. The company has
also experienced senior management turnover recently. The internal
review and the delay in filing Form 20-F are additional governance
considerations material to the rating action.              
 

APE's and APSEP ESG credit impact scores are moderately negative
(CIS-3), reflecting a low exposure to environmental risks,
moderately negative social exposures and moderately negative
governance exposures reflected in the recent review of internal
controls and delays in financial reporting.

Moody's could downgrade the rating of APE if the RG-1's operating
performance weakens because of sustained liquidity stress or if its
FFO/debt declines below 5% on a sustained basis; its off-takers'
credit quality declines to an extent that strains the RG-1's
standalone credit quality; and/or the support from APGL's
shareholders weakens, as reflected in a significant decrease in
CDPQ's ownership.

Moody's could downgrade the rating of APSEP if the RG-2's operating
performance weakens because of sustained liquidity stress or if its
FFO/debt declines below 6% on a sustained basis; its off-takers'
credit quality declines to an extent that strains the RG-2's
standalone credit quality; and/or the support from APGL's
shareholders weakens, as reflected in a significant decrease in
CDPQ's ownership.

The principal methodology used in these ratings was Power
Generation Projects Methodology published in January 2022.

Azure Power Energy Ltd (Azure Power Energy) is a special-purpose
vehicle (SPV) that was incorporated in Mauritius in 2017 as a
wholly owned subsidiary of APGL. The restricted subsidiaries under
the US dollar senior notes issuance are wholly or majority owned,
ultimately, by APGL. Azure Power Energy is also a part of Azure
RG-1. These restricted subsidiaries operated solar power plants
with a total capacity of 611 megawatts (MW) as of July 2022.

Azure Power Solar Energy Private Limited is a special purpose
vehicle, which was incorporated in Mauritius in 2018 as a wholly
owned subsidiary of Azure Power Global Limited (APGL). The
restricted subsidiaries under the USD notes issuance are ultimately
majority owned by APGL. The restricted subsidiaries operate solar
power plants with a total capacity of 647.5 MW as of August 2022.

Listed on the New York Stock Exchange, APGL is a leading solar
power company in India, with a total capacity of 7,425 MW
(including 43 MW under construction and 4,470 MW committed solar
plants) across 23 states in India as of July 2022.  


BRAINER INFRA: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Brainer Infra LLP in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        15.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Brainer Infra LLP (BILLP) was established in January 2016 as a
limited liability partnership firm to develop a residential project
under the name 'ROOP KATHA' in Baruipur, West Bengal. The entire
project will be developed in various phases. During the first phase
of the project, BILLP is developing a Low-Income Group (LIG)-
category residential complex comprising sixteen towers divided into
320 flats spread over 2.60 acres of land with saleable area of 2.32
lakh square feet (lsf).


BRICKINFRA STRUCTURES: ICRA Withdraws B+ Issuer Rating
------------------------------------------------------
ICRA has withdrawn the rating assigned to Brickinfra Structures Pvt
Ltd at the request of the company and in accordance with ICRA's
policy on withdrawal and suspension of the ratings.  However, ICRA
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The key Rating
Drivers, Liquidity Position, Rating Sensitivities have not been
captured as the rated instruments are being withdrawn.  

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Issuer rating        -          [ICRA]B+ (stable); withdrawn

Incorporated in July 2016, Brickinfra Structures Pvt Ltd
(Brickinfra) has recently commenced operations and operates an
online platform facilitating buying, selling, bidding, swapping
services focused on real estate covering residential, commercial,
rooftop and land segments. The company also provides custodian
services for properties.


COMMERCIAL AUTOMOBILES: ICRA Reaffirms B+ Rating on LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Commercial Automobiles Private Limited (CAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         25.59        [ICRA]B+ (Stable) reaffirmed
   Fund Based/TL                    

   Long Term-          5.00        [ICRA]B+ (Stable) reaffirmed
   Fund Based/CC                    

   Short Term–
   Fund Based-CC      30.71        [ICRA]A4; reaffirmed

   Long Term–
   Unallocated        11.53        [ICRA]B+(Stable); reaffirmed

Rationale
The ratings consider the modest operating and financial performance
of CAPL in FY2022, albeit with significant growth from the levels
of FY2021 which was severely affected due to the Covid induced
slowdown in demand. CAPL's performance is likely to remain stable
in FY2023 with improved consumer sentiment and growth in economic
activity although moderated by inflationary pressure.

The ratings remain constrained by the company's weak financial risk
profile, characterised by its highly leveraged capital structure
and weak debt coverage indicators. The margins in the dealership
business remain low due to limited bargaining power with original
equipment manufacturers (OEMs) although the rental income will
likely continue providing support to profit margins in the medium
term. The ratings further continue to take into consideration the
inherent cyclicality in the CV dealership business and the fact
that the company generates most of its revenues from this segment;
the balance comes from the passenger vehicles (PV) segment.

The ratings also consider CAPL's position as one of the largest
dealers of Tata Motors Limited (TML) in eastern Madhya Pradesh,
with presence in multiple districts of the state. The ratings also
factor in the established relationship of CAPL with TML, given the
dealership of more than five decades vintage.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that CAPL's operational and financial profile are likely to remain
stable in the medium term.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in auto-dealership business:
The company has a track record of more than five decades in the
auto-dealership business. The key promoter, Mr. Kailash Chand
Gupta, has been involved in dealership business since 1971. Healthy
revenue growth in both Commercial Vehicles (CV) and Passenger
Vehicles (PV) led by demand revival across segment and good
performance of Tata Motors Limited (TML) – CAPL posted revenue of
INR269.66 crore in FY2022 registering a robust growth of 136% from
the revenue of INR114.22 crore in FY2021. The healthy growth has
been fuelled by higher volumes of both CV and PV as consumer
sentiment improved significantly with gradual withdrawal of Covid
wave. The incremental revenue is in consonance with the robust
demand of TML vehicles in the domestic market.

* Increasing rental income likely to support low-margin auto
dealership business: CAPL has been earning substantial rental
income from its commercial property. CAPL has earned ~Rs. 3.15
crore rental income in FY2022, which is supporting the lowmargin
dealership business.

Credit challenges

* Thin margins in auto dealership business: The dealership business
is characterised by thin margins and low bargaining power of the
dealers as margins on vehicles are determined by OEMs.

* Weak financial risk profile characterised by high gearing and
modest coverage indicators, though improvement since FY2022: The
financial risk profile of the company continues to remain weak with
gearing of 2.88 times and interest coverage of 1.33 times in FY2022
(provisional) albeit showing modest improvement from gearing and
interest coverage of 3.26 times and 1.03 times respectively in
FY2021. Furthermore, CAPL's working capital limits remain highly
utilised, indicating its stretched liquidity profile. Going
forward, the financial risk profile of the company is expected to
remain under pressure due to the inherent nature of operations.

* Increasing competition from other TML PV dealerships in the
region: CAPL is facing strong competition from the existing dealers
of TML PV in its catchment area, notwithstanding the overall strong
demand for TML hatchbacks and UVs (utility vehicles) in the
market.

Liquidity position: Stretched

CAPL's liquidity position is stretched due to limited cushion in
cash credit limit and high repayment liabilities. The company has
been utilising more than 90% of its sanctioned working capital
limit. CAPL also has substantial repayment liabilities of more than
INR5 crore annually. The cash accruals from the business are likely
to be insufficient for the term loan repayment. Hence, the
promoters are expected to infuse funds into the business as and
when required.

Rating sensitivities

Positive factors – ICRA could revise the ratings upwards in case
there is a sustained improvement in revenues and profitability.
Specific credit metric that could lead to a rating upgrade is DSCR
more than 1.1 on a sustained basis.

Negative factors – ICRA could downgrade the ratings in case there
is a further weakening of credit metrics and coverage indicators of
the company.

Incorporated in 1971 as a partnership firm and subsequently
converted into a private limited company in 1997, CAPL is an
authorised dealer of TML for its CVs and PVs. The CV dealership
operates in eastern Madhya Pradesh, across Jabalpur and the
adjoining districts, which are serviced by its five
sales-spares-service (3S) outlets and eight sales (1S) outlets. The
company sells PVs in eight districts of Madhya Pradesh that are
serviced by 3S outlets at Waidhan and Shahdol, along with 1S
outlets in the remaining districts. CAPL is a closely held company,
with the promoter, Mr. Kailash Chand Gupta, holding an equity stake
of 38.5%. The remaining shares have been distributed among his
family and other companies in the Group.


DISCOVERY LABORATORIES: ICRA Lowers Rating on INR10cr Loan to D
---------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Discovery Laboratories Private Limited (DLPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–        10.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating downgraded from
   Cash Credit                   [ICRA]BB-(Stable) and moved to
                                 ISSUER NOT COOPERATING category

Rationale

The rating downgrade of DLPL factors in the instances of delays in
the debt servicing obligations on term loans and overdrawals in
cash credit in the recent months, as confirmed by the lenders.

ICRA has been consistently following up with DLPL for obtaining the
monthly 'No Default Statement' and had also placed the ratings
under review due to non-submission of NDS in the month of July
2022. However, the entity's management has remained
non-cooperative.

The current rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.

Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Incorporated in 2004, Discovery Intermediates Private Limited
manufactures pharmaceutical intermediates. Its name was changed to
Discovery Laboratories Private Limited (DLPL) in January 2017. The
company manufactures various types of intermediates and supplies
the same to bulk drug manufacturers. Its manufacturing facility is
based in Choutuppal in Bhongir district of Telangana. The
commercial production of the unit commenced in 2006. The facilities
comply with Current Good Manufacturing Practice regulations (CGMP)
guidelines. Further, the facility received approval from EU GMP in
FY2020.


EMIRERRI STEEL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Emirerri Steel Manufacturer Private Limited
        Office 23, 3rd Floor, Anand Bhavan
        Shahid Bhagat Singh Road
        Hotel Anubhav Bar & Restaurant Fort
        Mumbai City MH 400001
        IN

Insolvency Commencement Date: August 16, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 12, 2023
                               (180 days from commencement)

Insolvency professional: Mr. Suresh Chandra Jena

Interim Resolution
Professional:            Mr. Suresh Chandra Jena
                         501, Ruby Isle
                         Royal Palms, Aarey Milk Colony
                         Gorgaon (East), Mumbai 400065
                         E-mail: suresh.jena58@gmail.com

                            - and -

                         301-302, Poonam Pearl
                         Next to Himachal Society
                         Opposite New India Colony
                         Andheri West, Mumbai
                         Maharashtra 400058
                         E-mail: cirp.emirerri@gmail.com

Last date for
submission of claims:    August 30, 2022


ETERNAL MOTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Eternal Motors Private Limited
        P.No. 6/8 GIDC
        Chitra Bhavnagar 364004
        Gujarat, India

Insolvency Commencement Date: August 16, 2022

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: February 6, 2023

Insolvency professional: Mr. Manish Santosh Buchasia

Interim Resolution
Professional:            Mr. Manish Santosh Buchasia
                         306, 3rd floor, "Gala Mart"
                         Nr Sobo Centre
                         Above Sbi/Union Bank
                         South Bopal, Ahmedabad 380058
                         Gujarat
                         E-mail: manishbuchasiacs@gmail.com
                                 emplibc@gmail.com

Last date for
submission of claims:    August 30, 2022


FUTURE ENTERPRISES: Faces Second Plea to Initiate Insolvency
------------------------------------------------------------
The Economic Times reports that debt-ridden Future Enterprises is
now facing a second insolvency plea filed by an operational
creditor before National Company Law Tribunal.

The latest petition was filed by Retail Detailz India, claiming
default of INR4.02 crore before the Mumbai bench of the NCLT, ET
discloses.

"The Company has received e-filing confirmation from NCLT with
respect to the filing of an application by an Operational Creditor
Retail Detailz India Private under section 9 of the IBC for an
alleged default amount of INR4.02 crore," Future Enterprises said
in a filing.

No further date has been allotted so far for hearing the said
application, it added.

NCLT has already initiated insolvency proceedings against Future
Group's flagship firm Future Retail Ltd.

Last week, another operational creditor, Foresight Innovations, had
filed an application under Section 9 of the Insolvency and
Bankruptcy Code (IBC) 2016, for an alleged default amount of
INR1.58 crore before the Mumbai bench of NCLT, ET recalls.  

The next date of hearing of this petition is Aug. 26, 2022.

Section 9 of the IBC gives power to operational creditors of a
company to initiate a corporate insolvency resolution process in
case of a default.

Future Enterprises was part of the 19 group companies operating in
retail, wholesale, logistics and warehousing segments which were
supposed to be transferred to Reliance Retail as part of a
INR24,713-crore deal announced in August 2020.

The deal was called off by Reliance in April, the report notes.

Future Enterprises Limited owns and operates retail stores. The
Company offers a variety of household, consumer and fashion
products and also engaged in manufacturing of garments.


GIRDHAR TENTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-term ratings of Girdhar
Tents Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         5.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

The company belongs to Singhal family of Indore having experience
of over 50 years in tentage manufacturing and hiring business. The
company has been operating since 1994 and engaged in different type
of activities comprising of manufacturing and trading of tentage
material, hiring of tentage material and supply, erection and
maintenance of tentage materials, camps, pandal etc on turnkey
basis for big events and happenings. The company is also running a
marriage garden in the name of "Girdhar Mahal" at the prime
location of the city. Promoter of the project, Mr. Pradyumna
Singhal, aged 51 years has inherite this business from his father
Late Shri Satyabhan Singhal who was a renowned personality of the
Indore City at his time. Thus, the company is being managed by
competent personnel.


GIRIRAJ JEWELLERS: ICRA Lowers Rating on INR6cr LT Loan to D
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Giriraj Jewellers Private Limited (GJPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/         0.50       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; downgraded from
   Fund Based/                   [ICRA]B (Stable)/[ICRA]A4
   Non Fund Based                and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B (Stable) and Continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term         6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating downgraded from
   Limits                        [ICRA]A4 and Continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Short-term         2.50       [ICRA]D; ISSUER NOT COOPERATING;
   fund based                    Rating downgraded from
                                 [ICRA]A4 and Continues to remain
                                 under 'Issuer Not Cooperating'
                                 category


Rationale

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

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

Incorporated in 2004, GJPL is engaged in manufacturing of gold and
diamond studded Jewellery from its manufacturing facility located
at Borivali (West), Mumbai. The company also has a showroom located
at Borivali (West). The promoter of GJPL has been engaged in the
Jewellery business for the past three decades through the
proprietorship firm, namely Giriraj Jewellers. Giriraj Jewellers is
currently engaged in wholesale of gold and diamond jewellery and
exports to United Arab Emirates (UAE) and United Kingdom (UK)
markets.

IFCI LIMITED: ICRA Reaffirms B+ Rating on INR2,277.68cr Loan
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of IFCI
Limited, as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based        56.45       [ICRA]B+ (Negative); Reaffirmed
   bank limits       

   Fund-based     2,277.68       [ICRA]B+ (Negative); Reaffirmed
   bank limits                   and withdrawn

   Fund-based       243.55       [ICRA]B+ (Negative); Reaffirmed
   bank limits       

   Fund-based       422.32       [ICRA]B+ (Negative); Reaffirmed
   bank limits                   and withdrawn

   Long-term      1,633.72       [ICRA]B+ (Negative); Reaffirmed
   bonds (incl.
   sub debt)

   Bonds/NCD
   Programme        973.35       [ICRA]B+ (Negative); reaffirmed

   Commercial
   Paper
   Programme        500.00       [ICRA]A4; reaffirmed

Rationale

The ratings reaffirmation factors in IFCI Limited's stretched
liquidity position vis-à-vis its forthcoming debt maturities as
well as the continued uncertainty regarding its business revival
plan, which envisages capital infusion from the Government of India
(GoI) to turn around its business operations. The capitalization
profile continues to deteriorate due to continued losses and
worsened further with a Tier I capital of -64.96% as on March 31,
2022 (against -10.96% as on March 31, 2021). IFCI has managed its
debt repayments during the last few years by running down its
standard loan book, making recoveries from nonperforming advances
(NPAs) and divesting its non-core assets. However, with the
significant reduction in the standard loan book, the company's
ability to incrementally manage debt repayments out of the residual
performing book will remain a challenge, given its limited scale in
relation to the size of the repayment obligations. Moreover, IFCI
will have to rely on timely support from the GoI, apart from
recoveries from NPA accounts or divestment of key subsidiaries, to
service its upcoming repayment obligations.

While the GoI infused capital of INR100 crore in FY2022 and INR200
crore each in FY2020 and FY2021 besides budgeting a capital
infusion of INR100 crore for FY2023, the quantum of capital remains
limited in relation to the company's capital requirements as its
Tier I capital remains negative and the stressed assets remain very
high. Moreover, its debt levels are much higher in relation to the
standard advances and the value of the investments.

The Negative outlook continues to reflect ICRA's expectation of
increasing liquidity pressure, which will pose challenges for the
company's debt-servicing ability over the next few months. The
rating outlook will be changed to Stable if IFCI's strategic
importance to the GoI increases significantly along with the
infusion of sizeable capital, which would improve its solvency and
liquidity position and enable it to resume business growth by
securing fresh funds.

ICRA has withdrawn the rating assigned to the INR859.66-crore
long-term bonds (including sub debt), INR188.01-crore
nonconvertible debentures (NCDs) and INR2,700 crore of fund based
bank limits as these bonds/NCDs/bank lines have been fully redeemed
and no amount is outstanding against the rated instruments. The
rating was withdrawn in accordance with ICRA's policy on withdrawal
(click here for the policy).

Key rating drivers and their description

Credit challenges

* Liquidity risk persists: IFCI has been servicing its debt through
repayments/prepayments in the standard loan book, divestment of
non-core assets/other investments and NPA recoveries in recent
years. Accordingly, IFCI's standard loan book (net stage-1 and
stage-2) declined to INR457 crore as on March 31, 2022 from
INR2,471 crore as on March 31, 2021 and is estimated to have
declined further during April-July 2022 because of continuing
repayments/prepayments and a pause on incremental disbursements.

As on July 31, 2022, the company reported on-balance sheet
liquidity of INR285 crore, which was primarily generated through
repayments/prepayments out of the standard loan book and NPA
recoveries. Against this, it has debt repayment obligations
(principal and interest) of INR831 crore for the rest of FY2023 and
INR1,284 crore for FY2024. The divestment of equity stakes in key
subsidiaries (namely 52.9% stake in Stock Holding Corporation of
India) has been long delayed and there is limited clarity on
capital support from the GoI, which are critical events for IFCI's
ability to meet its repayment obligations.

* Uncertainty regarding timely support from GoI: IFCI's core
capital remains negative, while its risk-weighted assets stood at
~Rs. 4,425 crore as on March 31, 2022. Against this, its regulatory
capital requirement of 10% (Tier I) itself is estimated at over Rs.
3,300 crore. The actual quantum will be even higher, considering
the significant level of net stressed assets, but could be offset
by the company's ability to divest some non-core assets/investments
in subsidiaries and make some recoveries from its large book of
stressed assets. The GoI has a majority stake in IFCI, which
increased to 64.86% of the equity shares as on June 30, 2022 on the
back of capital infusions (Rs. 100 crore in FY2022 and INR200 crore
each in FY2020 and FY2021), from 56.42% prior to the infusions
(March 31, 2020). Further, the GoI has budgeted an equity capital
infusion of INR100 crore for IFCI in FY2023. However, given the
sizeable debt levels in relation to the standard advances and the
value of the investments, ICRA has maintained that IFCI's capital
requirements are much higher than the budgeted capital infusion.

As a step towards its revival, IFCI has submitted a business plan
to the GoI though a response is still awaited amid the
deteriorating liquidity profile. ICRA had expected that the GoI
would extend timely support to IFCI to enable its debt servicing in
a timely manner. However, despite the increase in financial stress,
capital support from the GoI has remained limited. Further, the
company's proposal to roll over its liabilities in FY2022 has
created uncertainty regarding timely support from the GoI.

* Weak asset quality and capital position: IFCI's asset quality
remains weak with gross stage-3 assets of INR6,7681 crore (92.21%
of gross assets) as on March 31, 2022 against INR10,103 crore
(79.53%) as on March 31, 2021. IFCI's net stage-3 assets declined
to INR1,926 crore (80.84% of net assets) as on March 31, 2022 from
INR4,009 crore (61.87%) as on March 31, 2021 on the back of higher
provisioning, leading to further erosion of the Tier I capital.

* The Tier I capital remained negative since the December 2020
quarter and stood at -Rs. 2,874 crore or -64.96% as on March 31,
2022 against -Rs. 1,074 crore or -10.96% as on March 31, 2021. The
Tier I capital position remains much lower than the net worth of
INR445 crore as on March 31, 2022 as it excludes net deferred tax
assets and investments in subsidiaries (which are sizeable).
Government-owned non-banking financial companies (NBFCs) are
required to maintain Tier I of 10% and a capitalto-risk weighted
assets ratio (CRAR) of 15%. Going forward, IFCI's weak asset
quality and capital position are unlikely to improve unless a
substantial quantum of capital is infused to clean up the stressed
book.

* Earnings profile to remain weak amid declining loan book and high
level of stressed assets: With a standard net loan book of INR457
crore and debt of INR7,372 crore (including interest accrued but
not due) as on March 31, 2022, IFCI's interestbearing assets are
much lower than its interest-bearing liabilities. Hence, the net
interest income (NII) is negative on a cash basis. Further, the
company had revised the loss-given default (LGD) assumptions
upwards such that the expected credit loss (ECL) based provisions
are higher than the Reserve Bank of India's (RBI) mandated
provisioning on stressed assets. As a result, 1Gross stage-3 assets
include assets classified under stage 3, reclassified security
receipts and income recognised on stage-3 assets it generated
pre-tax losses (excluding other comprehensive income changes) of
INR1,785 crore in FY2022 (Rs. 2,147-crore loss in FY2021 and
INR141-crore loss in FY2020).

Given its weak funding and stretched liquidity position, IFCI's
fresh net sanctions remained NIL in FY2022 (NIL in FY2021) while
disbursements also remained NIL (Rs. 77 crore in FY2021). Hence,
the declining standard loan book and funding constraints, which
limit fresh business activity, will continue to adversely impact
the earnings profile over the longer term. The company's ability to
tie up fresh funding and raise capital to bridge the gap between
the income generated on earning assets and the borrowing costs will
drive an improvement in its earnings profile.

Liquidity position: Stretched

IFCI's liquidity position remains stretched as it has repayment
obligations amounting to INR831 crore (including interest) falling
due between August 1, 2022 and March 31, 2023 against which its
on-balance sheet liquidity stood at INR285 crore as on July 31,
2022. While IFCI met its borrowings/repayment obligations in recent
years by running down its performing loan book, its ability to
ensure meaningful recoveries out of its sizeable NPA pool will
remain critical from a liquidity perspective, as the residual
performing book has shrunk considerably in scale.

Rating sensitivities

Positive factors – Given the significantly weak capital position,
liquidity, solvency profile and earnings outlook, the ratings are
unlikely to be upgraded in the near term. However, the outlook may
be changed to Stable if IFCI's strategic importance to the GoI
increases significantly along with the infusion of sizeable
capital, which would improve its solvency and liquidity position
and enable it to resume business growth by securing fresh funds.

Negative factors – The ratings could be downgraded upon further
weakening in the liquidity position.

The GoI established Industrial Finance Corporation of India (IFCI)
on July 01, 1948 as a development financial institution (a
statutory corporation) to cater to the long-term financial needs of
the industrial sector. The constitution of IFCI was changed in 1993
from a statutory corporation to a company under the Indian
Companies Act, 1956. Its name was subsequently changed to IFCI
Limited with effect from October 1999. The company's financing
activities cover various kinds of projects such as airports, roads,
telecom, power, real estate, manufacturing, services sector and
other such allied industries.


IT POWER CONSULTING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: IT Power Consulting Private Limited
        H.No. C-50, Basement Shivalik
        South Delhi, New Delhi 110017

Insolvency Commencement Date: August 10, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 6, 2023
                               (180 days from commencement)

Insolvency professional: Vijay Kumar Sharma

Interim Resolution
Professional:            Vijay Kumar Sharma
                         C-333, St. No. 14
                         Bhajanpura, Delhi 110053
                         E-mail: cavijaysharma@gmail.com

Last date for
submission of claims:    August 24, 2022


JAIPUR INTEGRATED: ICRA Moves C+ Debt Rating to Not Cooperating
---------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Jaipur
Integrated Texcraft Park Private Limited (JITPPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        25.00       [ICRA]C+ ISSUER NOT COOPERATING;
   Fund Based                    Rating moved to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

Rationale

The rating is moved to the 'Issuer Not Cooperating' category
because of lack of adequate information regarding JITPPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Jaipur Integrated Texcraft Park Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

JITPPL owns and operates an Integrated Textile Park near Jaipur,
which has been operational since FY2013. It was promoted by hand
block printers and garment manufacturers with operations in and
around Jaipur, with the specific objective of implementing an
Integrated Textile Park. Besides development, JITPPL is responsible
for the operations and maintenance of the project. The project was
sanctioned under the Scheme for Integrated Textile Park (SITP),
with ~ 40% of the project cost (excluding pre-operative expenses)
funded by a grant from the Government of India. The project is
located on 23.42 acres of land at RIICO Industrial Area in Bagru,
near Jaipur. The site has good connectivity as it is located at a
distance of 35 km from Jaipur, along National Highway 8 (NH-8)
connecting Delhi with Mumbai.


KELTRON COMPONENT: ICRA Reaffirms B+ Rating on INR10.25cr LT Loan
-----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Keltron
Component Complex Ltd (KCCL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term–
   Cash credit
   limits            10.25       [ICRA]B+ (Stable); reaffirmed

   Short term–
   Non-fund
   Based limits      12.75       [ICRA]A4; reaffirmed

Rationale

The reaffirmation of the ratings considers an increase in Keltron
Component Complex Ltd's (KCCL) revenues to INR82.49 crore in FY2022
from INR72.86 crore in FY2021. The operating margin also improved
to 10.2% in FY2022 compared to 8.8% in FY2021. However, the ratings
continue to remain constrained by weak debt coverage indicators
with an interest coverage of 1.72 times in FY2022. While the net
worth turned positive at INR6.92 crore in FY2022, it continues to
remain modest. The working capital intensity also remained high
with the net working capital to operating income (NWC/OI) of 28% in
FY2022 compared to 14% in FY2021 owing to high inventory and debtor
levels. The ratings are also constrained by moderate capacity
utilisation of aluminium electrolyte due to intense competition
from the Chinese players, which has kept the revenues range bound
over the past few years. ICRA notes that given its weak financial
position, the company had submitted a proposal to convert the loans
availed from the GoK into equity. However, the same is pending with
the GoK. KCCL is accruing interest on these GoK loans, which
resulted in weak net worth position. Nonetheless, the ratings
consider the continued financial support received by KCCL from the
parent entity, the Government of Kerala (GoK), and its established
presence in the manufacturing of capacitors.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that the company would continue to benefit from its established
products and support from the GoK.

Key rating drivers and their description

Credit strengths

* Steady increase in revenues: KCCL's operating income increased to
INR82.49 crore in FY2022 from INR72.86 crore in FY2021 owing to an
increase in sales of both electrolytic and MPP capacitors and
capacity increase of MPP capacitors from March 2021.

* Financial support from GoK and adequate liquidity position: The
company received financial support from its parent entity, GoK,
which holds a 21.33% stake. KCCL received loans from GoK for
funding the working capital and investment requirements in the
past. Further, interest on these loans is accrued but is not paid
as the company had submitted a proposal with the GoK for conversion
of these loans into equity. The conversion will be a key
monitorable from the credit rating perspective. The liquidity is
also adequate as reflected from INR7-8 crore of free cash and
equivalents apart from the cushion of approximately Rs. 7 crore in
working capital limits.

* Established presence in domestic electronic components industry:
The company was established in 1974 and has extensive experience in
the domestic aluminium electrolytic capacitor and MPP capacitor
manufacturing. Around 75-80% of the total sales is made through the
dealer network and the rest is directly sold to the OEMs, including
Crompton Greaves, L&T, Exide, Stranger, etc.

Credit challenges

* Weak financial risk profile: The company's financial risk profile
remained weak with modest net worth levels due to past losses.
Further, the debt protection metrics remained adverse with an
interest coverage of 1.72 times and Debt/OPBDIT of 3.08 times in
FY2022.

* Moderate working capital intensity: The company's working capital
intensity remained moderate with NWC/OI of 28% in FY2022. KCCL
holds finished goods inventory of about two months mainly because
of its wide product profile. It extends a credit period of 45-60
days to traders and 90 days to OEMs, which gets delayed and result
in high debtor days.

* Intense competition from Chinese players restricts pricing
flexibility: The capacitor industry is highly fragmented with many
small players and significant Chinese imports, which are available
at lower prices. Intense competition affected pricing flexibility
and constrained the profit margins of KCCL over the years.

Liquidity position: Adequate

The company's liquidity position is adequate, as reflected by low
utilisation of working capital limits in the past 12 months ending
in June 2022. Lack of repayment obligations and moderate working
capital intensity of business support its liquidity position.

Rating sensitivities

Positive factors – The ratings could be upgraded if the company
scales up its revenues while maintaining operating margins, leading
to healthy cash accruals. The ratings could also be upgraded on
conversion of loans from GoK into equity, improving its net worth
levels.

Negative factors – The ratings could be downgraded in case of a
sharp decline in revenues and operating margins, resulting in
subdued cash accruals. Delays in payments from customers, adversely
impacting the company's liquidity position, or Total Debt/OPBDITA
rising above 5 times on a sustained basis, could be a trigger for
ratings downgrade.

Keltron Component Complex Ltd (KCCL) is a subsidiary of Kerala
State Electronics Development Corporation Limited (KSEDC), a
Government of Kerala undertaking. KSEDC produces various products
ranging from discrete electronics components to complex telecom
equipment and other systems. KSEDC entered the electronic
components space by setting up an aluminium electrolytic capacitor
plant in technical collaboration with Spargue Electromag Belgium in
1976 under KCCL in Kannur, Kerala. Aluminium electrolytic
capacitors and metallised plastic film capacitors are the major
product segments of KCCL, which contributed more than 90% to its
total revenues in FY2021.


KHAITAN ELECTRONICS: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Khaitan
Electronics in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+(Stable)/ [ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.90        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Continues
   Cash Credit                     to remain under issuer
                                   Category

   Long Term-          0.41        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Continues
   Term Loan                       to remain under issuer
                                   Category

   Long Term-          0.40        [ICRA]B+(Stable); ISSUER NOT
   Non Fund                        COOPERATING; Rating continues
   Based-Others                    to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         4.00        [ICRA]A4; ISSUER NOT
   Non Fund                        COOPERATING; Rating continues
   Based-Others                    To remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          2.54        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Khaitan Electronics (KE) is a partnership firm owned by Mr Pradeep
Khaitan and Mrs Udita Khaitan. The firm manufactures electronic and
electromagnetic ballasts from its factory located at Howrah in West
Bengal and supplies it to Philips India Limited. The promoters have
a long presence in the domestic electrical and electronics
component manufacturing industry, which has helped the firm in
establishing long term business relationship with its suppliers and
its clients.

LOGIX CITY: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Logix City Developers Private Limited
        DGL006, Ground Floor, DLF Galleria
        Mayur Vihar, Phase-I
        New Delhi 110091

           - and –

        A-4 & 5, Sector-16
        Noida, Uttar Pradesh 201301

Insolvency Commencement Date: August 18, 2022

Court: National Company Law Tribunal, New Delhi, Bench-III

Estimated date of closure of
insolvency resolution process: February 13, 2023

Insolvency professional: Manohar Lal Vij

Interim Resolution
Professional:            Manohar Lal Vij
                         204, CA Apartment
                         A3, Paschim Vihar
                         New Delhi 110063
                         E-amil: ml.vij1956@gmail.com

                            - and –

                         AVM Resolution Professionals LLP
                         8/28, 3rd Floor, W.E.A.
                         Abdul Aziz Road, Karol bagh
                         New Delhi 110005
                         E-mail: cirp.logixcity@gmail.com
                                 homebuyers.logix@gmail.com

Classes of creditors:    Home Buyers under the Real Estate Project
                         of the Corporate Debtor

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Ashok Kumar Gupta
                         Mr. Sunil Kumar Gupta
                         Mr. Rajender Pal Chandel

Last date for
submission of claims:    September 1, 2022


M.G. BROTHERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term ratings of M.G. Brothers Industries
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.75        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.25        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in July 2000, MG Brothers Industries Private Limited
(MGBIPL) is the sole authorized dealer for sale of Machines, Spares
and services of TELCON Construction Equipment in Nellore District
and the sole authorized dealer of TAFE Tractors along with the sale
of spare parts and services in Chittoor. The company is also
engaged in development of land for commercial purposes.


MANSI INTERNATIONAL: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Mansi International Private Limited
        F-3, APMC Market-I
        Phase-II, Vashi
        Navi Mumbai, Mumbai City
        Maharashtra 400073
        India

Liquidation Commencement Date: August 16, 2022

Court: National Company Law Tribunal, Mumbai Bench

Date of closure of
insolvency resolution process: April 8, 2020

Insolvency professional: Vijay Pitamber Lulla

Interim Resolution
Professional:            Vijay Pitamber Lulla
                         201, Satchitanand Building
                         2nd Floor, 12th Road Khar
                         Mumbai, Maharashtra 400052
                         E-mail: vijayplulla@rediffmail.com

                            - and -

                         203-B, Arcadia Building
                         NCPA Marg, Nariman Point 400021
                         Tel: 9920279899

Last date for
submission of claims:    September 15, 2022


MEENAKSHI ASSOCIATES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Meenakshi Associates Private Limited
        Bhagwati Business Centre Office No. 1
        First Floor, S-565, School Block-2
        Shakarpur, New Delhi 110092

Insolvency Commencement Date: August 18, 2022

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Naresh Kumar Bansal

Interim Resolution
Professional:            Naresh Kumar Bansal
                         KD-138, First Floor
                         Pitampura, Delhi 110034
                         E-mail: adv.naresh@gmail.com

Last date for
submission of claims:    August 31, 2022


RAJASTHAN INDUSTRIAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: The Rajasthan Industrial Gases Limited
        D 55, Hanuman Nagar
        Vaishali Nagar
        Jaipur 302021

Insolvency Commencement Date: August 18, 2022

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: February 12, 2023
                               (180 days from commencement)

Insolvency professional: Mahendra Prakash Khandelwal

Interim Resolution
Professional:            Mahendra Prakash Khandelwal
                         202, Prism Tower
                         Opp. Rajasthan Police Mukhaliya
                         Gate No. 2, Lalkothi
                         Jaipur, Rajasthan 302015
                         E-mail: mahendra927@gmail.com
                                 ibc.rigl@gmail.com

Last date for
submission of claims:    September 1, 2022


ROCKY DHAR: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Rocky
Dhar. in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        12.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Untied Limit        3.00        [ICRA]B(Stable);ISSUER NOT
   (Fund Based)                    COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-Fund based–    10.00        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   To remain under the 'Issuer
                                   Not Cooperating' category

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

Mr. Rocky Dhar, proprietor of M/s Rocky Dhar (RD) forayed into
civil construction business in 2009. The proprietor was earlier
involved in trading of coal, limestone, stone chips, etc in
Meghalaya. The firm is primarily engaged into road construction
activities and is also involved in the construction of hotels,
office and residential complexes. In 2013, the firm also set up a
stone crushing unit in Meghalaya. RD operates through its
registered office in Shillong, Meghalaya. RD is registered as a
Class I contractor with Public & Works Department (PWD), Meghalaya
and is also enlisted with a number of Government departments and
public sector undertakings.

SADGURU MEDICAL: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term rating for the bank facilities of
Sadguru Medical & Research Center Pvt Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.90        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Continues
   Cash Credit                     to remain under issuer
                                   Category

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

Established in 2004, Sadguru Medical & Research Centre Pvt. Ltd.
commenced operations during FY2012 The company runs a
multi-speciality hospital in Cuttack, Odisha, with a total capacity
of 100 beds. The chairman, Dr. Pradip Kumar Mohanty, and the
vice-chairman, Dr. Samita Mohanty, have been associated with the
hospital since its inception.


SAISUDHIR INFRA: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term ratings of Saisudhir
Infrastructures Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        147.68      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term          13.42      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Saisudhir Infrastructures Limited (SSIL) is incorporated in 1999
and was promoted by Mr. D. Shreedhar Reddy. SSIL has an expertise
in water supply & waste water treatment segment. The projects
executed are in the field of water distribution networks, sewerage
treatment plants etc. Over the past 3-4 years, the company has
diversified into other business segmentslike- solid waste
management plants, power transmission and sub-stations, solar power
projects, building construction and irrigation projects.

SATISH SUGARS: ICRA Withdraws B+ Rating on INR110.20cr Term Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Satish Sugars Limited at the request of the company and based on
the No Objection certificate (NOC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         69.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                      

   Long Term-        110.20        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                       

Satish Sugars Limited is situated at Gokak Taluka of Belgaum
district in North Karnataka. It started operations in SY2001 as a
1,250 TCD Khandasari unit. At present, it has 10,000 TCD sugarcane
crushing capacity, 31 MW cogeneration unit and 60 KLPD distillery.
SSL is promoted by Mr. Satish Jarkiholi and his family.


SEA-AIR CONSOLIDATORS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Sea-Air Consolidators India Private Limited

        Registered office:
        5041/6, First Floor
        Netaji Subhash Marg
        New Delhi 110002

        Also at:
        H 9/A, Second Floor
        Main Road, Kalkaji
        New Delhi 110019

Insolvency Commencement Date: August 18, 2022

Court: National Company Law Tribunal, Bench-IV, New Delhi

Estimated date of closure of
insolvency resolution process: February 13, 2023
                               (180 days from commencement)

Insolvency professional: Rakesh Kumar Jindal

Interim Resolution
Professional:            Rakesh Kumar Jindal
                         House No. 3656/6, Gali No. 6
                         Narang Colony, Tri Nagar
                         Near Rose Garden
                         New Delhi 110035
                         E-mail: iprakesh.jindal@gmail.com

                            - and –

                         70-D, 3rd Floor, Pocket-A
                         Vikas Puri Extension
                         New Delhi 110018
                         E-mail: cirpsea-air@efficaxindia.com

Last date for
submission of claims:    August 31, 2022


SHALFEYO INDUSTRIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Shalfeyo Industries Private Limited
        (Erstwhile Adelante Exim India Pvt. Ltd.)
        250/47, RHB, Pratap Enclave Haldhighati Marg
        Pratap Nagar, Sanganer
        Jaipur 302017

Insolvency Commencement Date: August 18, 2022

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: February 12, 2023
                               (180 days from commencement)

Insolvency professional: Umang Jain

Interim Resolution
Professional:            Umang Jain
                         380, Gayatri Nagar A
                         Maharani Farm, Durgapura
                         Near IHITC, Jaipur
                         Rajasthan 302018
                         E-mail: caumangjain@gmail.com
                                 cirp.shalfeyoindustries@gmail.com

Last date for
submission of claims:    September 1, 2022


SHIV SAI: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Shiv Sai Metal Products
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

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

   Long Term-         4.00       [ICRA]D; ISSUER NOT COOPERATING;

   Non Fund                      Rating continues to remain under
   Based-Others                  'Issuer Not Cooperating'
                                 Category

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

Shiv Sai Metal Products Private Limited, incorporated in the year
2012, commenced its aluminium conductor manufacturing facility in
December, 2013 in Patna, Bihar. The product portfolio of the
company primarily includes Aluminium Conductor Steel Reinforced
(ACSR) and Double Paper Covering (DPC) aluminium wire and strip.
Apart from manufacturing conductors, the members of Agarwal family
are involved in the jewellery manufacture and retail business in
Patna and Kolkata.


SHRIRAM SEPL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shriram
Sepl Composites Private Limited. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/ [ICRA]D ISSUER NOT
COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term Loan         0.80       [ICRA] D; ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Fund Based
   Cash Credit       5.00       [ICRA] D; ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Non-Fund         7.00       [ICRA] D; ISSUER NOT COOPERATING;
   Based Limits                 Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Unallocated       0.20       [ICRA] D; ISSUER NOT COOPERATING;
   Limits                       Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Non Fund          3.00       [ICRA] D; ISSUER NOT COOPERATING;
   Based Limits                 Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

Shriram SEPL Composites Private Limited, formed by Shriram EPC
Limited and Strategic Engineering Private Limited, is involved in
the design, manufacturing, supply and installation of GRP products
such as pipes, fittings, tanks and cylinders. The company's
manufacturing facility is located in Singaperumal Koil, Chennai,
and has a capacity to produce 600 meters of 900mm diameter pipes
per. SSCPL uses imported CNC filament winding machines to
manufacture pipes of international standards like ASTM, AWWA, etc
and has an in-house lab for quality inspection. SSCPL has received
the ISO 9001-2008, ISO 14001-2004 & OHSAS 18001-2007
certifications.

SLN CNC TECH: ICRA Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratingsfor the bank facilities of Sln Cnc
Tech Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]C/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         4.50       [ICRA]C; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         1.16       [ICRA]C; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

   Short Term-        0.75       [ICRA]A4 ISSUER NOT
   Non Fund Based                COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/         2.59       [ICRA]C/[ICRA]A4 ISSUER NOT
   Short Term-                   COOPERATING; Rating Continues
   Unallocated                   to remain under 'Issuer Not
                                 Cooperating' category

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

SLN CNC Tech Pvt. Ltd., incorporated in the year 2008. It is
promoted by a team of members having varied background. Manufacture
precession components using most of the engineering materials to
the highest industry standards in our modern CNC machining
facility, along with the ability to assure quality of complex
fabricated assemblies. The company specializes in manufacturing of
aluminium, stainless steel, titanium, nimonic, inconel and cobalt
alloy products. It has a manufacturing facility located in Peenya
Industrial Estate with total area of 21000 sq. ft. The company
caters to customers in segments like aviation, automotive, space,
defence, power generation and telecommunication.


SMILE INTERIORS: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Smile
Interiors Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

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

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

Incorporated in 2009, Smile Interiors Pvt. Ltd. is engaged in the
manufacturing and exports of handicraft items. The company has its
manufacturing facility at Jaipur, Rajasthan, with a capacity to
manufacture about 3,00,000 units of wooden and iron articles. The
product profile majorly comprises of decorative wooden items made
up of combination of wood, brass, iron and wooden furniture such as
dinner tables, cabinets, stools and sofas and iron articles such as
lamps, chairs, watches etc. The company exports the handicrafts
items to US, UAE and European markets.


SREESAI TRADING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sreesai Trading India Private Limited
        No. 5, Panchayath Road
        1st Main Road
        Thirumalali Nagar
        Perungudi, Chennai
        Kancheepuram
        Tamil Nadu 600096
        India

Insolvency Commencement Date: August 1, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 28, 2023

Insolvency professional: Tirumavalavan C K

Interim Resolution
Professional:            Tirumavalavan C K
                         137-H, N S Complex
                         Sathy Main Road
                         Saravanampattit
                         Near Karur Vysya Bank
                         Opposite to Federal Bank
                         Coimbatore, Tamil Nadu 641035
                         E-mail: rvacas48@gmail.com

                            - and –

                         BKC Centre, 31-E
                         Laxmi Indl. Estate
                         New Link Road, Andheri (W)
                         Mumbai 400053
                         E-mail: cirp.sreesaitrading@gmail.com

Last date for
submission of claims:    August 16, 2022


SRS REAL INFRASTRUTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s. SRS Real Infrastructure Limited
        SRS Multiplex, Top Floor City Centre
        Sector-12, Faridabad
        Haryana 121007

Insolvency Commencement Date: August 17, 2022

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: February 12, 2023

Insolvency professional: Amarpal

Interim Resolution
Professional:            Amarpal
                         A-304, Plot No. 3C
                         Mandakini Apartments
                         Sector-2, Dwarka
                         New Delhi, Delhi 110075
                         E-mail: amarpal@icai.org

                            - and –

                         E-11, LGF
                         Jangpura Extension
                         New Delhi 110014
                         E-mail: cirp.srsreal@gmail.com

Classes of creditors:    Allotee under Real Estate Project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Satendar Kumar
                         Mr. Deepak Gupta
                         Mr. Sumit Sharma

Last date for
submission of claims:    August 30, 2022


VELKO INFRATEK: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-term ratings of Velko
Infratek Projects Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT COOPERATING".

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

   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Founded in 1973 as a sole proprietorship under the name of
Velagapudi Ramarao, the name of the entity is changed to Velko
Infratek Projects Private Limited in January 2014. The company is a
special class contractor for Andhra Pradesh government and has
executed several projects for various government departments and
municipalities in the past like Vijayawada Municipal Corporation,
Public Health Department, A.P Transco, NABARD (National Bank of
Agriculture & Rural Development), APSIDC (Andhra Pradesh State
Irrigation Development Corporation Limited), APRWSSP (Andhra
Pradesh Rural Water Supply & Sanitation Project) etc. The company
is mainly into civil construction work of providing rural and urban
drinking water supply.

VICEROY BANGALORE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Viceroy Bangalore Hotels Private Limited
        Plot No. 258, Road No. 18
        Jubilee Hills, Hyderabad
        TG 500034, India

Insolvency Commencement Date: August 16, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: February 1, 2023
                               (180 days from commencement)

Insolvency professional: Kuresh Hatim Khambati

Interim Resolution
Professional:            Kuresh Hatim Khambati
                         GT Restructuring Services LLP
                         Kaledonia, 1st Floor, C Wing
                         (Opposite J & J Office)
                         Sahar Road, Andheri East
                         Mumbai 400069
                         E-mail: Kuresh.Khambati.IP@outlook.com

                            - and –

                         C/o Saumya Agarwal / Vishal Bodha
                         (Viceroy)
                         Grant Thornton, 11th Floor
                         Tower II, One International Center
                         S B Marg, Elphinstone (W)
                         Mumbai 400013
                         E-mail: RP.Viceroy@IN.GT.COM

Last date for
submission of claims:    August 30, 2022


WAAMAN PRODUCTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Waaman Products Private Limited
        A-5, Firt Floor, Timber Market
        Madhu Vihar, Patparganj
        Delhi, East Delhi 110092

Insolvency Commencement Date: August 17, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 13, 2023
                               (180 days from commencement)

Insolvency professional: Ramkripal Sharma

Interim Resolution
Professional:            Ramkripal Sharma
                         DDA SFS Flat-133, Sector-6
                         Pocket-1, Dwarka
                         New Delhi 110075
                         E-mail: iprksharma@gmail.com

Last date for
submission of claims:    August 31, 2022


YONA SMELTERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Yona Smelters Limited
        49-36-20, B1, Nikhils Residency
        Visakhapatnam 530016
        Andhra Pradesh

Insolvency Commencement Date: August 18, 2022

Court: National Company Law Tribunal, Visakhapatnam Bench

Estimated date of closure of
insolvency resolution process: February 14, 2023

Insolvency professional: Jagadeesh Kumar Morri

Interim Resolution
Professional:            Jagadeesh Kumar Morri
                         10-5-7, Sri Sai Surya Complex
                         Sevasadan School, Ramnagar
                         Visakhapatnam 530013
                         Andhra Pradesh
                         E-mail: cajagadeesh@gmail.com

                            - and –

                         Flat no. 403, Cresent Enclave
                         Shri Krishna Ambhas Rd
                         Laxmi Nagar Colony
                         Nalanda Nagar, Attapur
                         Telangana 500048
                         E-mail: rp.yona22@gmail.com

Last date for
submission of claims:    September 1, 2022




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

J FRONT: Egan-Jones Retains B- Sr. Unsec. Debt Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on August 18, 2022, retained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by J. Front Retailing Co., Ltd.

Headquartered in Tokyo, Japan, J. Front Retailing Co., Ltd. is a
holding company established through the merger of Daimaru and
Matsuzakaya.




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

FALLS ROAD: Court to Hear Wind-Up Petition on Sept. 9
-----------------------------------------------------
A petition to wind up the operations of Falls Road (2017) Limited
will be heard before the High Court at Auckland on Sept. 9, 2022,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 20, 2022.

The Petitioner's solicitor is:

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


G & B (NZ) LIMITED: Court to Hear Wind-Up Petition on Sept. 2
-------------------------------------------------------------
A petition to wind up the operations of G & B (NZ) Limited will be
heard before the High Court at Auckland on Sept. 2, 2022, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 8, 2022.

The Petitioner's solicitor is:

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


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

The company commenced wind-up proceedings on Aug. 23, 2022.

The company's liquidator is Craig Andrew Young.


NYTON LOG: Creditors' Proofs of Debt Due on Sept. 20
----------------------------------------------------
Creditors of Nyton Log Transport Limited are required to file their
proofs of debt by Sept. 20, 2022, to be included in the company's
dividend distribution.

The High Court at Rotorua appointed Steven Khov, Kieran Jones and
Thomas Rodewald of Khov Jones Limited on Aug. 23, 2022.

The liquidators can be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


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

The company commenced wind-up proceedings on Aug. 24, 2022.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140




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

CIL (SINGAPORE): Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Aug. 12, 2022, to
wind up the operations of CIL (Singapore) Investments Holdings Pte.
Ltd.

LMS Associates Pte Ltd filed the petition against the company.

The company's liquidator is:

          Tan Eng Soon
          7500A Beach Road
          #05-303 The Plaza
          Singapore 199591


INTERNATIONAL YELIN: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Aug. 12, 2022, to
wind up the operations of International Yelin Pte. Ltd.

LMS Associates Pte Ltd filed the petition against the company.

The company's liquidator is:

          Tan Eng Soon
          7500A Beach Road
          #05-303 The Plaza
          Singapore 199591


JOLLY RIDES: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Aug. 19, 2022, to
wind up the operations of Jolly Rides Transport Services Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

          Mr. Lin Yueh Hung
          Ms. Oon Su Sun
          c/o RSM Corporate Advisory Pte Ltd.
          8 Wilkie Road
          #03-08, Wilkie Edge
          Singapore 228095


TERAS SINGAPORE: Commences Wind-Up Proceedings
----------------------------------------------
Members of Teras Singapore 8 Pte. Ltd., Atlantic Tiburon 1 Pte.
Ltd., Teras Singapore 2 Pte. Ltd., Atlantic Tiburon 2 Pte. Ltd.,
Atlantic Tiburon 3 Pte. Ltd., and Teras Pneuma Pte. Ltd., on
Aug. 19, 2022, passed a resolution to voluntarily wind up the
companies' operations.

The companies' liquidators are:

          Ng Kian Kiat
          Goh Wee Teck
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


XIN QIU: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Aug. 12, 2022, to
wind up the operations of Xin Qiu International Investment Pte.
Ltd.

LMS Associates Pte Ltd filed the petition against the company.

The company's liquidator is:

          Tan Eng Soon
          7500A Beach Road
          #05-303 The Plaza
          Singapore 199591



                           *********


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

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

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

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

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



                *** End of Transmission ***