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

                     A S I A   P A C I F I C

          Wednesday, August 31, 2022, Vol. 25, No. 168

                           Headlines



A U S T R A L I A

AFG TRUST 2022-2: S&P Assigns Prelim. BB Rating on Class E Notes
BEAU HOMES: First Creditors' Meeting Set for Sept. 6
BMT AUSTRALIA: Second Creditors' Meeting Set for Sept. 6
ELYSIAN ENERGY: First Creditors' Meeting Set for Sept. 8
NAPOLI CENTRALE: Second Creditors' Meeting Set for Sept. 7

NEWCASTLE COAL: S&P Hikes Jr. Debt Rating to 'BB-', Outlook Stable
NEWTON CERAMIC: Second Creditors' Meeting Set for Sept. 7


C H I N A

CHINA ALUMINUM: S&P Lowers ICR to 'BB-' & Alters Outlook to Stable
DALIAN WANDA: S&P Affirms 'BB+' LT ICR & Alters Outlook to Negative
[*] CHINA: Announces 234 Arrests in Provincial Banking Scam
[*] Overdue Loans From Mortgage Boycott Double, AgBank Says


I N D I A

AJAY FOOD: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
APOLLO CONVEYOR: CRISIL Keeps D Debt Ratings in Not Cooperating
ARMSTRONG APPAREL: Ind-Ra Assigns BB Long-Term Issuer Rating
ATHARVA CORRUGATIONS: Insolvency Resolution Process Case Summary
BHAI KANHAIYA: CRISIL Keeps D Debt Ratings in Not Cooperating

BRIGHT 4: CRISIL Keeps B+ Debt Ratings in Not Cooperating
CEASAN GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
CMM INFRAPROJECTS: CRISIL Withdraws D Rating on LT/ST Loan
DELHI INTERNATIONAL: Moody's Alters Outlook on 'B1' CFR to Stable
DEVKI NANDAN: CRISIL Keeps D Debt Ratings in Not Cooperating

DYESTUFF INDUSTRIES: Ind-Ra Assigns BB+ Long-Term Issuer Rating
FUTURE LIFESTYLE: BoI Initiates Bankruptcy Process vs. Retailer
GALAXY APPLIANCES: CRISIL Keeps B+ Debt Rating in Not Cooperating
GMR HYDERABAD: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
GUJARAT INFRAPROJECT: CRISIL Assigns B Rating to INR8cr Loan

GYASI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
HIGHLAND HOMES: Liquidation Unlikely to Have Funds for Creditors
JS ENERGY: Creditors' Meetings Set for Sept. 9
JSR MULBAGAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KARANASHOK AUTO: CRISIL Keeps B+ Debt Ratings in Not Cooperating

KISANVEER SATARA: CRISIL Keeps D Debt Ratings in Not Cooperating
MANJUSHREE HARDWARES: CRISIL Keeps D Ratings in Not Cooperating
MATAJI DYEING: CRISIL Cuts Rating on INR10cr Loans to D
MJR BUILDERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MSV CONSTRUCTIONS: CRISIL Lowers Rating on LT/ST Loan to D

PARAMOUNT CONDUCTORS: CRISIL Withdraws D Rating on LT/ST Loan
RAJLABDHI INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
RANA FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
RASHMI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
RIME RICH: CRISIL Keeps D Debt Ratings in Not Cooperating

RISHI RAJ: CRISIL Lowers Rating on Long/Short Term Loans to D
SADASHIB COLD: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
SAGAR INDUSTRIES: CRISIL Lowers Rating on INR14.5cr Loan to D
SHEETAL INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
SOOCH EDUCATIONAL: CRISIL Keeps B Debt Ratings in Not Cooperating

TAPI PRESTRESSED: CRISIL Keeps D Debt Ratings in Not Cooperating
TERAI ISPAT: CRISIL Migrates Debt Rating to B-/Stable
TERAI OVERSEAS: CRISIL Moves Debt Rating to CRISIL B-/Stable
TOSHNIWAL ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
VANI TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating

VEER OVERSEAS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
VHM INDUSTRIES: Insolvency Resolution Process Case Summary
VIJAY GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating


N E W   Z E A L A N D

AB HAIR: Creditors' Proofs of Debt Due on Sept. 30
BHDL & ASSOCIATES: Creditors' Proofs of Debt Due on Sept. 30
INGAME BUILDERS: Commences Wind-Up Proceedings
ISLAND ESCAPE: Calibre Partners Appointed as Receivers
RANGER INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 30



S I N G A P O R E

ARTIUS GRANDIS: Commences Wind-Up Proceedings
PAKUWON PRIMA: Commences Wind-Up Proceedings
STRATEGIC TECHNOLOGIES: Commences Wind-Up Proceedings
TRIYARDS HOLDINGS: Put into Liquidation After JM Order Discharged
YO54 HOLDINGS: Creditors' Meetings Set for Sept. 7



S R I   L A N K A

SRI LANKA: Japan to Coordinate with Creditors to Resolve Crisis


T A I W A N

CHUNGHWA PICTURE: Taiwan Court Declares Flat Panel Maker Bankrupt

                           - - - - -


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A U S T R A L I A
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AFG TRUST 2022-2: S&P Assigns Prelim. BB Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
eight classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for AFG 2022-2 Trust in respect of Series 2022-2.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including our view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 14.2% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.0% of the aggregate outstanding amount of the notes,
subject to a floor of A$500,000, and the principal draw function
are sufficient to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

-- The counterparty exposure to Commonwealth Bank of Australia as
bank account provider and National Australia Bank Ltd. as liquidity
facility provider. The transaction documents for the bank account
and liquidity facility include downgrade language consistent with
S&P Global Ratings' counterparty criteria.

  Preliminary Ratings Assigned

  AFG 2022-2 Trust in respect of Series 2022-2

  Class A1-S, A$150,000,000: AAA (sf)
  Class A1-A, A$300,000,000: AAA (sf)
  Class A2, A$21,500,000: AAA (sf)
  Class B, A$14,000,000: AA (sf)
  Class C, A$6,250,000: A (sf)
  Class D, A$3,750,000: BBB (sf)
  Class E, A$2,000,000: BB (sf)
  Class F, A$2,500,000: Not rated


BEAU HOMES: First Creditors' Meeting Set for Sept. 6
----------------------------------------------------
A first meeting of the creditors in the proceedings of Beau Homes
Pty Ltd, trading as Beau Corp Aquatic & Construction; Former
Business Names: Beau Corp Aquatics & Construction, Beau Pools, Make
It Right Pool Fencing and Beau Homes & Swimming Pools will be held
on Sept. 6, 2022, at 11:00 a.m. via telephone.

Kaily Lyn Chua and David James Hambleton of Rodgers Reidy were
appointed as administrators of the company on Aug. 29, 2022.


BMT AUSTRALIA: Second Creditors' Meeting Set for Sept. 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of BMT Australia
Pty Ltd has been set for Sept. 6, 2022, at 2:00 p.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 5, 2022, at 5:00 p.m.

Robert Conry Brauer and Robert Michael Kirman of McGrathNicol were
appointed as administrators of the company on Nov. 5, 2021.


ELYSIAN ENERGY: First Creditors' Meeting Set for Sept. 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Elysian
Energy Pty. Ltd. and Elysian Wholesale Pty Ltd will be held on
Sept. 8, 2022, at 10:00 a.m. via virtual facilities.

Adrian Robert Hunter and Robyn Erskine of Brooke Bird were
appointed as administrators of the company on Aug. 30, 2022.


NAPOLI CENTRALE: Second Creditors' Meeting Set for Sept. 7
----------------------------------------------------------
A second meeting of creditors in the proceedings of Napoli Centrale
Pty Ltd has been set for Sept. 7, 2022, at 11:00 a.m. via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 6, 2022, at 4:00 p.m.

Mitchell Griffiths of Rapsey Griffiths Turnaround was appointed as
administrators of the company on Aug. 5, 2022.


NEWCASTLE COAL: S&P Hikes Jr. Debt Rating to 'BB-', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings revised the outlook on the 'BBB' rating on
Newcastle Coal Infrastructure Group Pty Ltd.'s (NCIG) senior debt
to positive from stable. S&P raised its rating on the junior debt
to 'BB-' from 'B+'.

The positive outlook on the senior debt reflects the potential for
higher deleveraging by NCIG, leading to an improved DSCR.

The stable outlook on the junior debt reflects NCIG's improved
ability to withstand market stress given the reduced senior debt
balance.

NCIG operates a coal export terminal in the Port of Newcastle on
the central coast in New South Wales. The multiuser terminal has an
approved capacity of 66 million metric tonnes per annum. It is
fully contracted under 10-year, evergreen ship-or-pay contracts.

NCIG commenced operations in 2010 under a lease from Port of
Newcastle that expires in 2043, and NCIG holds a 10-year extension
option. NCIG is 100% mutually owned by most of its shippers.

As of June 30, 2022, NCIG had approximately US$1.94 billion of
drawn senior secured debt and its parent, NCIG Holdings Pty Ltd.
(NCIGH), had approximately US$500 million of junior debt.

-- Stable cash flow with full operational cost pass-through and
capped financial cost pass-through to shippers.

-- One of two coal export terminals in the Port of Newcastle.

-- Limited re-contracting risk.

-- Refinance risk on senior debt instruments.

-- Longer-term exposure to coal sector.

The rating actions factor in the likely improvement in DSCRs owing
to a faster decline in NCIG's total debt than S&P expects. This is
driven by two developments: (1) Likely reduction in senior and
junior debt due to accelerated repayments from a subsidiary of BHP
Group Ltd. (BHP) due to closure of its Mt. Arthur mine by 2030; and
(2) Imminent reduction of senior debt from NCIG's implementation of
additional tariffs linked to coal prices.

Hunter Valley Energy Coal Pty Ltd. (HVEC; a subsidiary of BHP) has
announced early closure of its coal mine at Mt. Arthur by 2030.
Consequently, in line with the existing ship-or-pay contracts with
NCIG, HVEC is required to pay down its portion (i.e. 22.89%) of the
senior and junior debt by 2030. S&P said, "For the purpose of our
analysis, we have assumed equal quarterly payments will commence
from the July-September 2023 quarter. Although the senior debt will
amortize as and when payments from HVEC or coal-linked payments are
received, we have assumed junior debt amortization may begin only
from 2027 onwards once the make-whole conditions on those
instruments fall away."

Furthermore, the coal-price linked additional amortization
implemented by NCIG in July 2022 will lead to significant
additional cashflows, which will be used to pay down senior debt.
The current charges of US$3 per tonne would lead to approximately
US$100 million additional proceeds by December 2022. Subsequently,
based on prevailing coal prices each quarter, the terminal will
continue to charge an additional amount of up to US$3 per tonne.
S&P notes that, although these charges are agreed to by the
shippers, they do not form part of the existing ship-or-pay
agreements and therefore are not part of the "socialization"
mechanism. Consequently, it has factored in only payments for the
current and next quarter into our forecasts.

S&P said, "We expect the minimum DSCR for senior debt will rise to
1.82x from 1.79x and to 1.33x from 1.25x for junior debt. This
improvement will be further supported by a more resilient downside
assessment, given that both senior and junior debt will amortize
faster than we previously expected. In our forecasts, senior debt
will amortize by 2036 (from 2038 previously) and junior by 2041
(from 2043). The NCIG management expects that if coal prices remain
elevated, it would be able to charge an additional amount of on
average US$1.5 per tonne for the next 10 years, thereby fully
amortizing the senior debt by 2032, as opposed to prior
expectations of 2038.

NCIG should finalize how these payments are applied to reduce debt
over the next six to 12 months. The bank debt lends itself to
pre-payment more easily while U.S. private placement notes and
junior debt have make-whole conditions. Furthermore, the timing,
quantum, and frequency of payments from HVEC for the early mine
closure are yet to crystalize. Any significant delay in the
schedule of the HVEC payments may impact the rating on the NCIG
debt. Post 2030, port capacity available to HVEC will be allocated
to the remaining shareholders.

NCIG's exposure to the coal sector remains a key risk. The
announced mine closures by BHP, potential closure of other mines, a
shrinking investor base of coal-linked assets, and the rising cost
of debt demonstrate this risk. S&P has captured these increasing
risks by using higher refinance margin assumptions of 450 basis
points (bps) in the base case and 600bps in the downside case
(compared with 250bps and 400bps, respectively, more commonly used
for non-coal linked assets), higher DSCR thresholds, and the
negative comparable risk assessment for both the senior and junior
debt.

S&P continues to expect Asia's demand for energy to support the
Australian high-quality coal market over the next five to 10 years
at least. Over the longer term, demand for coal relative to
renewables is likely to fall, even from Asia, as economies
transition to more environment-friendly sources of energy fuel.
Consequently, faster amortization is a recognition of these
challenges and reduces the risk toward the tail-end of the project,
particularly in mid-to-late 2030s.

: Positive (For Senior Debt)

S&P said, "The positive outlook for the senior debt reflects our
view that NCIG's leverage may reduce and the DSCR may improve over
the next two to three years. This could likely happen if shippers
continue to pay the new additional charges linked to higher coal
prices and these are applied to reduce senior debt. We will also
assess how the accelerated payments arising from HVEC's closure of
its mine by 2030 are agreed/structured and how they influence the
project's long-term debt profile.

"We will raise the rating by one notch if the deleveraging exceeds
our forecast, either due to the new additional tariff linked to
coal prices continuing for longer or accelerated payments from HVEC
until 2030. The uncertainty on the longer-term demand for thermal
coal and financial costs may constrain the rating uplift to one
notch.

"We would revise the outlook to stable if we believe the additional
amount received under the coal-price linked amortization is not
sufficiently material to sustainably improve the senior debt's
DSCR. Further, market signals of escalating refinancing margins or
further mine closures leading us to reconsider our current capped
terminal charges can also lead to revision of the outlook to
stable."

: Stable (For Junior Debt)

S&P said, "The stable outlook reflects our view that the rating
already captures the increased resilience of the junior debt owing
to a reduction of senior debt--either due to the additional coal
price linked tariffs or accelerated payment from HVEC's closure of
its mine.

"A negative rating action could arise from higher refinancing costs
or any adverse impact of thermal coal dynamics that lead us to
reduce our current capped terminal charges. These factors can
reduce the cash flows available to meet junior debt service and the
resilience of the junior debt DSCR to market changes.

"We could lift the rating if the deleveraging of senior debt is
faster than we expect. While this will increase cash flow available
to meet junior debt service, we will also assess if it will further
strengthen junior debt's ability to withstand any adverse shift in
market demand for thermal coal over the longer term."


NEWTON CERAMIC: Second Creditors' Meeting Set for Sept. 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of Newton Ceramic
Centre Pty Ltd has been set for Sept. 7, 2022, at 11:00 a.m. at
Level 12, 50 Pirie Street, in Adelaide.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 6, 2022, at 5:00 p.m.

Mark Lieberenz and Anthony Phillips of Heard Phillips Lieberenz
were appointed as administrators of the company on Aug. 3, 2022.




=========
C H I N A
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CHINA ALUMINUM: S&P Lowers ICR to 'BB-' & Alters Outlook to Stable
------------------------------------------------------------------
S&P Global Ratings, on Aug. 29, 2022, lowered its issuer credit
rating on the China-based China Aluminum International Engineering
Corp. Ltd. (Chalieco) to 'BB-' from 'BB'. At the same time, S&P
revised its outlook to stable from negative. S&P also lowered the
issue rating on its guaranteed senior unsecured perpetual notes to
'B+' from 'BB-'.

The stable outlook reflects S&P's view that Chalieco will remain a
strategically important subsidiary of Chinalco. Moreover, it will
modestly expand profit and improve its financial metrics over the
next 24 months, while maintaining adequate liquidity.

Chalieco's financial ratios are unlikely to meaningfully improve
over the next 12-24 months. With the company diversifying its
business mix and participating in private-public-partnership (PPP)
projects, Chalieco's leverage has deteriorated materially since
2019. High capital spending, mainly to fund the Miyu highway
project, significantly drove up the company's debt in the past few
years. Pandemic disruptions and rising impairments in receivables
and inventory eroded its profit, resulting in a loss in 2020 and
very small EBITDA in 2021.

S&P said, "We expect improving demand from non-ferrous
construction, centralized procurement, and declining commodity
price to support low single digit revenue growth and margin
expansion in 2022-2023. This will lift Chalieco's adjusted EBITDA
to Chinese renminbi (RMB) 0.9-1.0 billion, from RMB 131 million
last year. Our estimate of operating cash flow and government
subsidy on the Miyu project is nonetheless not sufficient to cover
capital expenditure (capex) needs of RMB4.0 billion-RMB5.0 billion
over the period. This gap will continue to push up the company's
debt and keep its interest expense high. Chalieco's EBITDA to
interest coverage ratio may only strengthen to about 1.0x during
the period, compared with our previous forecast of 1.3x-1.5x."

Improving demand in the industrial segment will cushion against
declining highway construction revenue and support modest revenue
growth in 2022-2023. S&P expects steady revenue expansion in
industrial project construction over the next one to two years.
Thanks to a recovery in aluminum-plant construction and facility
upgrades in Southeast Asian markets, Chalieco's new contracts on
industrial projects grew 33% in 2021 and 78% in the first half this
year. The segment's order backlog reached a three-year high of
RMB20.5 billion as of June 2022, providing good revenue visibility
for the next two to three years. At the same time, demand for
nonferrous equipment as well as design and consulting services has
revived. Recovery in metals prices and profit in 2021 allowed
project owners to increase spending on new capacity addition or
facilities reformation. New contracts of these two segments grew
202% and 16% in 2021, before further ticking up by 87% and 24% in
the first half of 2022.

Revenue increases in the above segments will likely offset income
decline in the municipal and highway segment. Construction of the
company's key highway projects in Yunnan province is at the late
stage. S&P said, "We expect revenue from these projects to drop to
RMB3.5 billion-RMB4.5 billion in 2022 and RMB1.5 billion-RMB2.0
billion in 2023, from RMB5.4 billion in 2021. At the same time, the
newest orders are smaller in scale and are insufficient to make up
for the revenue fall. In our view, Chalieco's small size and
shorter track record makes it difficult to compete for large-scale
infrastructure projects amid intense competition."

Enhanced cost management and lower impairment will help the company
to repair EBITDA margin. An unfavorable shift in the business mix
will weigh on the company's profitability in 2022-2023. This shift
is due to a lower contribution from the higher-margin highway
business and pandemic-related disruptions. With declining raw
material costs and centralized procurement tempering the negative
impact, S&P estimates the company's gross margin will moderate
slightly to 13.0%-13.3% in the next two years. Chalieco's gross
margin reached a historical peak of 13.6% in 2021, on tightened
cost control and higher contribution from the high-margin highway
projects.

S&P sid, "On the other hand, we expect provisions on receivables
and inventory to decline in 2022-2023, given the company has
strategically downsized the business since 2020. Chalieco
recognized RMB1.3 billion in such provisions last year, primarily
in relation to the trading business. We factor in annual provisions
of RMB400 million-RMB500 million in 2022 and 2023, considering the
uncertainty in receivables collection amid challenging macro
conditions. Moreover, the company has ongoing lawsuits that
involves several billions of overdue accounts receivables. If the
pending court ruling is not in the company's favor, this may impose
additional impairment in the next one to two years. By our
estimate, the company's adjusted EBITDA margin could recover to
3.5%-4.0% in 2022 and 4.0%-4.5% in 2023, from 0.6% in 2021."

Continued investment on existing highway project will keep leverage
high over 2022-2023. S&P anticipates the company's investments in
Miyu highway, a fully consolidated PPP project, will continue to
weigh significantly on its cash flows. By its estimates, the
company's annual capex will be RMB4 billion-RMB 5 billion over the
next 24 months. This will far exceed the company's operating cash
flow and keep the company's free operating cash flow persistently
negative. Adjusted debt will likely rise to RMB35 billion-RMB37
billion and its adjusted interest expense to be RMB 1.0
billion-RMB1.1 billion during the period. With improving profits,
its EBITDA interest coverage ratio will be around 1.0x in 2022 and
2023, compared with 0.1x in 2021.

Chalieco's rating continues to benefit from extraordinary group
support. S&P continues to view Chalieco as a strategically
important subsidiary of Aluminum Corp. of China Ltd. (Chinalco),
and this leads to three notches of uplift in the rating. In its
view, Chalieco will remain as the only entity within the group
responsible for designing and constructing Chinalco's nonferrous
metal plants. Chalieco's technology expertise is important to the
group's operations and long-term strategy.

Benefiting from its status as a central state-owned enterprise
(SOE) subsidiary, Chalieco is able to maintain good relationships
with SOE banks and roll over its bank loans, which accounts for
more than half of the company's total debt (reported debt plus
perpetual notes). The company swapped some higher-interest bank
borrowings into lower rates, leading to a 50 to 80 basis-point drop
in financing costs in 2021. S&P also believes the company will
leverage its banking resources to formulate a refinancing plan for
its bonds that will mature in the year.

S&P said, "The stable outlook reflects our view that Chalieco will
remain a strategically important subsidiary of Chinalco over the
next 24 months. We expect the company to modestly expand profit and
improve its leverage in the next 24 months, with EBITDA interest
coverage ratio recovering to about 1.0x in 2022-2023, from 0.1x in
2021.

"We could lower the rating if Chalieco's financial strength doesn't
improve with its EBITDA interest coverage remaining below 1.0x for
a sustained period. This could happen if (1) customers' financial
capability weakens materially, leading to higher impairment than we
expect; (2) the company generates much lower profit than we
expected due to significant delays in project implementation or
intense competition that materially weakens its margin; (3) the
company's participation in investment projects is more aggressive
than we expected.

"We could also lower the rating if Chalieco becomes less important
to Chinalco.

"We could raise the rating if Chalieco meaningfully improve its
financial strength such that its EBITDA interest coverage improves
and approaching 2.0x. This could happen if: (1) the company's major
projects progress smoothly, meaningfully improving its revenue and
profit; (2) the company enhances its internal control and contract
quality, resulting in materially lower provisions; or (3) the
company cuts back involvement in investment projects."

Environmental, Social, And Governance

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

S&P said, "ESG factors are an overall neutral consideration in our
credit rating analysis of Chalieco. The company has been
diversifying its project mix in the past few years. About 70% of
its revenue now is related to activities that are more
environmentally neutral, such as housing, municipal and highway
construction. The company has also engaged in new energy
engineering and construction (E&C) projects but at a small scale.
We expect China's tight control on nonferrous capacity addition
will continue and constrain its business growth in nonferrous. As
of June 30, 2022, its industrial projects, mainly consisting of
nonferrous E&C, accounted for around 30% of total order backlog."


DALIAN WANDA: S&P Affirms 'BB+' LT ICR & Alters Outlook to Negative
-------------------------------------------------------------------
S&P Global Ratings, on Aug. 29, 2022, revised its outlook on
China-based Dalian Wanda Commercial Management Group Co. Ltd.
(Wanda Commercial) and the company's Hong Kong-based subsidiary,
Wanda Commercial Properties (Hong Kong) Co. Ltd. (Wanda HK), to
negative from stable. At the same time, S&P affirmed its 'BB+'
long-term issuer credit ratings on Wanda Commercial and 'BB'
long-term issuer credit ratings on Wanda HK. S&P also affirmed the
'BB' long-term issue rating on the senior unsecured notes that
Wanda HK guarantees.

S&P said, "The negative outlook reflects our view that both Wanda
Commercial and DWG will face large liquidity pressure over the next
12 to 18 months if the listing of Zhuhai Wanda is unsuccessful.
DWG's refinancing risk may also rise amid challenging business
conditions for its culture and property development segments.

"We revised the outlook to negative as we see uncertainty in the
listing of Zhuhai Wanda.Wanda Commercial and DWG's liquidity will
be affected if the listing is unsuccessful. Zhuhai Wanda is a
commercial operation service provider held 78.83% by Wanda
Commercial as of April 2022. It managed all of Wanda Commercial's
417 self-owned and asset-light malls as of end-2021. In the second
half of 2021, Wanda Commercial received an investment of Chinese
renminbi (RMB) 39.5 billion from several pre-IPO investors in
Zhuhai Wanda. Since then, Wanda Commercial has used such funds to
repay debt and make liquid investments.

"Since the company has the obligation to buy back the shares from
the pre-IPO investors if it fails to list Zhuhai Wanda by the end
of 2023, we treat the pre-IPO funds of RMB39.5 billion as debt. The
result of the listing application, listing time, and market value
remain uncertain. If Zhuhai Wanda is not listed by end-2023 and all
pre-IPO investors choose to exercise their put option to withdraw
their investments, Wanda Commercial and DWG's liquidity and
financial metrics will likely deteriorate.

"We affirmed our rating on Wanda Commercial as we expect the
company's stable rental business to continue to support its credit
standing over the next 12 to 18 months.Despite disruptions from the
COVID-19 pandemic and associated social distancing measures in
China, the overall occupancy rate for all self-owned malls and
light-asset malls remained high at 98.54% during the first quarter
of 2022, down from 99.33% in 2021. This is offset by a slight
increase in average rent from RMB106.7/sqm/month in 2021 to
RMB107.56/sqm/month for the first quarter of 2022.

"We believe Wanda Commercial will be able to sustain high occupancy
rates and mild positive rental reversions (or increase in rent on
lease renewal) in its malls, underpinned by strong brand
recognition of Wanda Plaza in China, and fixed rental agreement
adopted by more than 90% of tenants. This means rental income at
Wanda Commercial can remain relatively stable even in the face of
unfavorable market conditions, as it is not bound by the sales
performance of tenants. We estimate rental income growth to
moderate to 4%-7% in 2022, compared with 20.9% in 2021, mainly
supported by the opening of new shopping malls and stable occupancy
and average rent. In addition, unlike 2020, no rental concessions
have been granted to tenants in 2022 so far. We expect Wanda
Commercial's leasing activities will continue to generate more than
95% of EBITDA in 2022-2023.

"We expect Wanda Commercial's asset-light mall expansion will
support the company in continuing to deleverage.As of the end of
2021, Wanda Commercial operated 285 self-owned Wanda Plazas and 132
asset-light malls across 214 cities nationwide; 37% of its malls
are in tier 1 and tier 2 cities. We expect the company to open 50
new asset-light malls and five new self-owned malls in 2022, and
continue a similar asset-light expansion plan in 2023, after
opening 16 self-owned malls and 34 asset-light malls in 2021. This
should continue to help lower volatility in cash flow and leverage
at Wanda Commercial, given higher EBITDA from stable rental
business and lower capital expenditure (capex) requirements. We
estimate annual capex of about RMB5 billion in 2022 and 2023, down
from RMB7.1 billion in 2021 and RMB13.0 billion in 2020, before
further falling to RMB2 billion-RMB3 billion for maintenance and
renovations only. We expect adjusted debt to EBITDA ratio will ease
slightly to 6.4x-6.6x in 2022, from 6.8x in 2021."

That said, the implementation of the asset-light model could expose
Wanda Commercial to execution risk. Counterparty risk could also
emerge because Wanda Commercial does not own the malls in its
asset-light business. This includes maintaining good rent
collection and profitability on new malls through the
still-evolving model in mainland China. The expansion plan also
raises the question of whether Wanda Commercial will be able to
replicate its success and sustain its growth trajectory over the
longer term in lower tier cities, where populations are smaller and
consumption is weaker.

The parent group's weaker credit profile will continue to constrain
the ratings on Wanda Commercial over the next few years. DWG's
credit profile is burdened by its capital-intensive property
development and discretionary-spending-driven cultural businesses.
The performance of the group's cultural industry segment (core
entities include Wanda Film Holding Co. and Wanda Sports Group Co.)
recovered well in 2021, especially its film and cinema business.
However, S&P expects weaker culture segment performance in 2022 as
the cinema business remains disrupted by lockdowns and social
distancing measures in various cities in China.

The group was resuming its property development business at Wanda
Commercial's sister company, Wanda Properties Group Co. Ltd.
(unrated). However, uncertainties around Wanda Properties' land
investment spending and growth trajectory amid the current property
market downturn could affect DWG's financial metrics. As a
mitigant, DWG has significantly cut its land acquisition spending
in 2021 and adopted an even more prudent strategy in 2022. The
group still has sufficient landbank capacity for property
development. However, we do not expect DWG to aggressively resume
property development activities and we expect it will maintain
disciplined land acquisition strategy over the next two years,
given the continuing market downturn and the group's strategic
focus on the commercial property management business through Wanda
Commercial.

Refinancing risk at the DWG level could also weigh on the group's
liquidity. This is dependent on the extent of the property market
downturn and challenging business conditions for the culture
segment, which has been hit by the COVID-19 pandemic and associated
social distancing measures in China.

S&P said, "The negative outlook reflects our view that both Wanda
Commercial and DWG will face large liquidity pressure over the next
12 to 18 months if the listing of Zhuhai Wanda is unsuccessful.
DWG's refinancing risk may also rise amid challenging business
conditions for its culture and property development segments.

"We may lower the rating if we notice any material obstacle that
may hinder Zhuhai Wanda's IPO by end-2023, resulting in Wanda
Commercial and DWG's liquidity deteriorating to a
less-than-adequate level.

"We may also lower the rating if DWG's credit profile deteriorates,
possibly due to weakened cash flow from uncertainties in
refinancing or aggressive expansion into property development and
heavy-asset culture business. A ratio of debt to EBITDA at the DWG
level above 6.0x and EBITDA interest coverage below 2.0x for an
extended period could indicate such deterioration.

"We could also consider lowering the rating if Wanda Commercial's
execution of its asset-light model is slower or less profitable
than we anticipate, leading to substantially higher capex and
investments than our forecast and a weakening of DWG's overall
credit profile.

"We could revise the outlook back to stable if 1) we see positive
and material progress in the listing of Zhuhai Wanda; and 2) DWG
demonstrates a controlled pace of investment in its property
development business, and its cultural segment shows a healthy
recovery trajectory toward the pre-pandemic level in 2019."

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Wanda Commercial.
Overall, we view its governance factors as in line with those of
domestic peers. However, a historically aggressive,
acquisition-fueled overseas expansion and a recent rationalization
of assets indicate significant influence of its major shareholder.
Environmental and social factors are an overall neutral
consideration. Following a full unwinding of its development
activities since 2019, its exposure to environmental factors is
comparable with that of the broader real estate operator industry.
Rental business now contributes more than 95% of its EBITDA. The
company faces fewer safety issues than property developers, though
it is exposed to shifts in consumer behavior and economic trends.
Tempering this is its good geographic diversity across China."


[*] CHINA: Announces 234 Arrests in Provincial Banking Scam
-----------------------------------------------------------
The Associated Press reports that authorities in central China on
Aug. 29 announced the arrests of 234 people involved in a scam to
bilk people out of their savings with the false promise of high
interest rates on deposits in obscure rural banks.

The AP relates that the scandal drew national attention after
investors seeking answers about where their money went were
prevented from reaching the Henan provincial capital of Zhengzhou
when the health status displayed on their mandatory COVID-19
cellphone apps was suddenly changed to red, preventing them from
traveling.

Multiple bank customers interviewed by the AP said they had been
interrogated and threatened by police.

Another attempt in July was met by gangs of unidentified men in
white shirts who attacked depositors while police stood by.

According to the AP, the statement from the Xuchang city government
said the alleged mastermind, Lu Yiwei, and his associates had taken
control of four county-level banks and lured investors with
promises of interest rates as high as 18% annually.

"At present, the public security organs have apprehended a large
number of criminal suspects, among whom 234 were arrested," the
statement read.

"Significant progress has been made in the recovery of stolen goods
and damages. The investigation and handling of the case is being
carried out in depth according to the law."

The statement said the originators of the scheme who later
"absorbed" the funds had talked up the investments to other people
who deposited hundreds of thousands of dollars, giving the scam the
appearance of a Ponzi scheme, the AP relays.

No mention was made of any suspected collusion between local
officials, police and the suspects.

The AP says the scam unfolded as thousands of customers opened
accounts at six banks in Henan and neighboring Anhui province that
offered relatively high interest rates. A sharp decline in China's
economic growth and miniscule returns on savings in state banks
have prompted many Chinese to invest in unconventional and often
risky or even fraudulent financial vehicles.

The customers of the Henan banks later found they could not make
withdrawals after news reports that the head of the banks' parent
company was wanted for financial crimes, the report relates. A
parent company linked to the banks is under investigation by
police.

Bank authorities have said they will give some bank customers their
deposits back, but many are still waiting to find out when they
will be reimbursed, the AP adds.


[*] Overdue Loans From Mortgage Boycott Double, AgBank Says
-----------------------------------------------------------
Bloomberg News reports that Agricultural Bank of China Ltd., the
nation's third-largest bank by assets, said it's facing CNY1.23
billion (US$178 million) in overdue loans, nearly double a previous
estimate, from a mortgage boycott on unfinished projects that has
swept the country.

After reporting a small gain in earnings on Aug. 29, the
Beijing-based lender revealed that the overdue loans are linked to
1,112 projects, Bloomberg relates. It had previously estimated
CNY660 million in loans were affected by the unprecedented
protests. Overall, AgBank's non-performing loan ratio on real
estate grew to 3.97% from 3.39% at the end of 2021.

According to Bloomberg, Chinese banks' exposure to the property
sector tops that of any other industry, making them vulnerable to
the woes that have already roiled capital markets and burned the
nation's middle class. In a worst-case scenario, S&P Global Ratings
has estimated that CNY2.4 trillion, or 6.4% of mortgages, are at
risk amid a mortgage boycott across more than 90 cities as millions
of homes have been left unfinished.

While acknowledging pressure on loans to the property sector,
AgBank will actively satisfy all "reasonable" financing needs of
developers and step up risk controls, Vice President Zhang Xuguang
said at a press conference, Bloomberg relays. The bank won't recall
loans to the sector and will strive to provide funding to ensure
developers can deliver their homes, he said.

AgBank's first-half income climbed 5.4% to CNY128.9 billion from a
year earlier. Its overall non-performing loan ratio fell to 1.41%
from 1.43% at the beginning of the year, while its allowance for
impairments on loans rose by almost 8%, Bloomberg discloses.

China's $52 trillion banking industry is being closely scrutinized
by investors as the country's rolling Covid lockdowns and a
deepening property cast a deep pall over the economy. Banks have
been told to boost credit to the embattled developers and smaller
businesses even as lending margins shrink and bad loans pile up.

Shares of AgBank have dropped 4.1% in Shanghai this year, compared
with a 11% loss in the benchmark index. The stock is trading near a
record low of 0.4 times its estimated book value for 2022.

Smaller rival Bank of Communications Ltd. last week reported bad
loans to real estate jumped 79%, while China Merchants Bank Co. has
reported a doubling of its ratio of non-performing real estate
loans, according to Bloomberg.

China's banks last week lowered their benchmark lending rates,
including on mortgage loans, for the second time this year, adding
pressure on their margins, Bloomberg notes. The overall margin has
narrowed to 1.94% in the second quarter from 1.98% three months
earlier, according to the banking regulator.




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

AJAY FOOD: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ajay Food Products
(Katni) Private Limited (AFPKPL) a Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR375 mil. Term loan due on December 2024 assigned with IND
     BB+/Stable rating; and

-- INR325 mil. Fund based working capital assigned with IND BB+/
     Stable/IND A4+ rating.

Analytical Approach: The agency has taken a consolidated view of
AFPKPL with  its proprietor firms  M/s TLC Incorporation (a woven
sack project)  and M/s TLC Inc. The Arindum (Hotel)  while arriving
at the ratings due to the moderate-to-strong legal, operational and
strategic linkages among them.

Key Rating Drivers

The ratings reflect AFPKPL's modest EBITDA margin of 2.25% in FY22
(FY21: 2.3%) with a return on capital employed of 7.3% (6.6%). In
FY22, the EBITDA margin reduced slightly due to a marginal increase
in the cost of the goods sold. In FY23, Ind-Ra expects the EBITDA
margin to improve slightly due to an improvement in the realization
from AFPKPL's  hotel segment. FY22 numbers are provisional in
nature.

The ratings also reflect AFPKPL's moderate credit metrics with an
interest coverage (operating EBITDA/gross interest expenses) of
1.8x in FY22 (FY21: 1.5x) and a net leverage (adjusted net
debt/operating EBITDAR) of 6x (7.3x). In FY22, the interest
coverage improved due to an increase in the absolute EBITDA to
INR101.6 million (FY21: INR92.9 million) and the net leverage due
to a reduction in the total debt to INR616.0 million (FY21:
INR680.6 million). In FY23, Ind-Ra expects the credit metrics to
improve further due to scheduled debt repayments.

The ratings also factor in the AFPKPL's medium scale of operations
with a revenue of INR4,510 million in FY22 (FY21: INR4,041.8
million), which increased on account of an increase of the demand
for food products such as pulses, gram flour and flour. During
1QFY23, AFPKPL booked a revenue of INR1,218.6 million. Ind-Ra
expects the revenue to further improve in FY23, on account of a
persist demand in the food segment and a likely further improvement
in the revenue of the hotel segment (1QFY23: INR32.1 million,
1QFY22: INR7.9 million).

Liquidity Indicator - Stretched : The ratings reflect the company's
modest ability to service its debt obligation due to high principal
repayments. The company has to repay around INR73.9 million and
INR75.9 million, along with an estimated interest cost of around
INR56.4 million and INR51.2 million, respectively, in FY23 and
FY24. In FY22, the company's absolute EBITDA was INR101.6 million.
Therefore, in case of only marginal growth during FY23 and FY24,
the debt servicing coverage ratio is likely to be weak. The average
maximum utilization of fund-based working capital limits stood at
99.2% for the 12 months ended May 2022. Furthermore, AFPKPL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The cash
flow from operations turned positive at INR76.2 million in FY22
(FY21: negative INR60.8 million) due to a reduction in the working
capital requirement. Furthermore, the free cash flow too turned
positive at INR64.9 million (FY21: negative INR89.3 million). The
net working capital cycle improved to 29 days in FY22 (FY21: 36
days) due to low inventory holding at year end. The cash and cash
equivalents stood at INR11.2 million at FYE22 (FYE21: INR5.9
million).

However, the ratings are supported by the promoters' nearly four
decades of experience in the food industry. This has facilitated
the company to establish strong relationships with customers as
well as suppliers.

Rating Sensitivities

Negative: Substantial deterioration in the liquidity or scale of
operations, leading to deterioration in the overall credit metrics
with the interest coverage falling below 1.75x, all on a
sustainable basis, could lead to a negative rating action.

Positive: An improvement  in the liquidity and the scale of
operations, leading to an improvement in the overall credit metrics
with the interest coverage increasing above 2.25x, all on a
sustained basis, could lead to a positive rating action.

Company Profile

AFPKPL  was founded in 1990 as a sole proprietorship and was
converted into a private limited company in 2000. It has a dall
mill, besan mill, flour mill with a capacity of 40,000 MTPA,
25,500MTPA and 40,500MTPA, respectively. It is also the proprietor
for M/s TLC Incorporation which is involved in woven sack business
with a capacity of 1,680MTPA and has a hotel named The Arindum in
Katni.


APOLLO CONVEYOR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apollo
Conveyor Private Limited (ACPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.15       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    2.95       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             7.90       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ACPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010, ACPL manufactures rubber conveyor belts for
industries such as steel, cement, mining, thermal power, and
fertiliser. Promoted and managed by Mr. Pravin Patel and his wife
Mrs. Sangeeta Patel, ACPL is based in Ahmedabad and commenced
commercial operations in October 2013.


ARMSTRONG APPAREL: Ind-Ra Assigns BB Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Armstrong Apparel
Mills Private Limited (AAMPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based facility assigned with IND BB/Stable/
     IND A4+ rating; and

-- INR160 mil. Term Loan due on February 2027 assigned with IND
     BB/Stable rating.

Key Rating Drivers

The ratings reflect AAMPL's lack of operational track record, as it
commenced operations during January 2021, and its first full year
of operations was FY22. The ratings factor in the company's small
scale of operations, as indicated by revenue of INR511.10 million
in FY22 (FY21: INR118.75 million). AAMPL achieved revenue of
INR317.1 million in 1QFY23. As of July 2022, the company had an
order book worth INR600 million, scheduled to be executed by
November 2022. Ind-Ra expects the revenue to increase in the medium
term on the back of incremental orders from existing and new
customers. FY22 financials are provisional in nature.

Liquidity Indicator - Stretched: AAMPL does not have any capital
market exposure and relies on a single bank to meet its funding
requirements. The fund flow from operations stood at INR64.67
million in FY22 (FY21: INR25.14million).  The net working capital
cycle elongated to 370 days in FY22 (FY21:341 days) on account of
an increase in inventory days to 347 days (210 days). The cash and
cash equivalents stood at INR0.3million at FYE22 (FYE21: INR0.03
million). The company has scheduled repayments of INR20.4 million
and INR25.9 million in FY23 and FY24, respectively, which will be
met through internal cash flows. In FY22, the company availed a
COVID-19 emergency credit facility of INR52.9 million under the
guaranteed emergency credit line scheme to support its working
capital requirements.

The ratings reflect the company's moderate credit metrics. The net
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 5.19x in FY22 (FY21: 4.62x) on account of an increase in the
total debt to INR501.01 million (INR164.89 million). The interest
coverage (operating EBITDA/gross interest expenses) improved to
8.03x in FY22 (FY21:4.96x) due to an increase in the operating
EBITDA to INR96.40 million (INR35.71 million). Ind-Ra expects the
credit metrics to weaken in FY23 due to an increase in the total
debt, resulting from enhanced working capital limits.

The ratings are supported by AAMPL's healthy EBITDA margins. The
margin declined to 18.9% in FY22 (FY21: 30.1%), due to increased
manufacturing costs, fluctuations in raw material costs, and a
reduction in realizations. The ROCE was 21% in FY22 (FY21: 26%).  
AAMPL derives its entire revenue from exports, with its customers
being spread across the US and Europe. Therefore, the company's
revenue and profitability are vulnerable to currency fluctuations.
Furthermore, prices of the main raw material, cotton yarn,
fluctuate in line with movements in cotton prices. Any significant
volatility in cotton yarn prices and foreign exchange will impact
the operating margin of AAMPL.

The ratings are also supported by the promoter's experience of five
decades in the manufacturing and exporting of ready-made garments.


Rating Sensitivities

Negative: A significant decline in the scale of operations, leading
to deterioration in the credit metrics and liquidity position, will
be negative for the ratings.

Positive: Substantial growth in the revenue, along with an
improvement in the operating EBITDA margin, leading to a sustained
improvement in the credit metrics and liquidity position, resulting
in the net leverage reducing below 4.5x, on a sustained basis, will
be positive for the ratings.

Company Profile

AAMPL was incorporated on December 19, 2019. Promoted by E.
Palanisamy, it manufactures and exports knitted ready-made
garments. AAMPL manufactures a wide range of products such as
knitted garments for men and children. The company's customer base
includes clients of its group company, Armstrong Knitting Mills
(AKM- IND BBB-/Stable), as well as new customers. AAMPL has the
capacity to manufacture more than five million knitted garment
pieces annually.


ATHARVA CORRUGATIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Atharva Corrugations Pvt Ltd
        Ranjangaon Ganpati, HNO 1316
        Tal: Shirur, Pune
        MH 412210

Insolvency Commencement Date: August 17, 2022

Court: National Company Law Tribunal, Thane Bench

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

Insolvency professional: Ashwin Bhavanji Shah

Interim Resolution
Professional:            Ashwin Bhavanji Shah
                         001, Gautam Dhara CHS
                         Edulji Road, Charai
                         Thane 400601
                         E-mail: ashwin@caashwinshah.com
                                 atharva.cirp@gmail.com

Last date for
submission of claims:    September 1, 2022


BHAI KANHAIYA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhai Kanhaiya
Sewa Society (BKSS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     1.5       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term
   Bank Loan Facility     0.13      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              5.37      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BKSS for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Formed in 1983, BKSS runs Radiant Institute of Engineering and
Technology and Homeopathic Medical College and Hospital in Abohar,
Punjab. The society is being currently chaired by Mr. Tara Singh
Ji.


BRIGHT 4: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bright 4
Wheel Sales Private Limited (B4PL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           9        CRISIL B+/Stable (Issuer Not
                                  Cooperating)

   Inventory Funding    11.5      CRISIL B+/Stable (Issuer Not
   Facility                       Cooperating)

   Inventory Funding     4.95     CRISIL B+/Stable (Issuer Not
   Facility                       Cooperating)

   Inventory Funding     5        CRISIL B+/Stable (Issuer Not
   Facility                       Cooperating)

   Proposed Long Term    1.5      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating)

   Proposed Long Term    0.05     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating)

CRISIL Ratings has been consistently following up with B4PL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of B4PL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on B4PL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
B4PL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2006 by the Lucknow-based Bajaj family, B4PL runs
an MSIL dealership in Lucknow and nearby cities. It has five 3S
(sales, service, and spares) showrooms, one Nexa showroom, and one
true-value dealership. Mrs. Neelam Bajaj, and her sons, Mr. Somin
Bajaj and Mr. Srijan Bajaj are the directors. Mr. Somin Bajaj
manages operations.


CEASAN GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ceasan Glass
Private Limited (CGPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          2.5         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          5.5         CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest      1.94        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Long Term Loan      12.1         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   2.46        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Working Capital      2.5         CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with CGPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CGPL was set up in 2007 by Mr. C H V N Raghurama Gupta. Based in
Ongole, Andhra Pradesh, the company manufactures figured,
patterned, or wired glass.


CMM INFRAPROJECTS: CRISIL Withdraws D Rating on LT/ST Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Cmm Infraprojects Limited (CMMIL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL Rating's policy on withdrawal of its
rating on bank loan facilities.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Rating     -         CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Short Term Rating    -         CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with CMMIL for
obtaining information through letters and emails dated March 26,
2021 and September 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CMMIL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on CMMIL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
CMMIL to ' CRISIL D/CRISIL D Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
CMMIL on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL Rating's policy on withdrawal of its rating on bank
loan facilities.

CMMIL was established in year 1979 as a partnership company named
C.M. Mundra & Co and was incorporated as public limited company in
2006. The Company has been promoted by Mr. Kishan Mundra and family
members.

CMMIL is catering to diversified Infrastructure segments. The
company currently caters to construction of commercial &
institutional buildings, roads & bridges, canal and irrigation
works.

CMMIL has a head office in Indore, Madhya Pradesh and branch
offices in Maharashtra (Nagpur), Orrisa, Goa, Rajashtan.


DELHI INTERNATIONAL: Moody's Alters Outlook on 'B1' CFR to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Delhi
International Airport Limited (DIAL) and India Airport Infra
(previously Cliffton Limited) to stable from negative.

Moody's has also affirmed DIAL's B1 corporate family rating and B1
USD1,022.6m guaranteed senior secured bond ratings due 2026 and
2029, as well as DIAL's b1 Baseline Credit Assessment (BCA).

At the same time, Moody's has affirmed India Airport Infra's USD
450m senior secured bond rating due 2025 at B1.

"The outlook change and rating affirmations reflect the sustained
improvement in passenger traffic at Delhi Airport, as well as the
airport's progress in securing additional funding for its
expansion, which has reduced potential downside risks to the
ratings over the next 12-18 months," says Spencer Ng, a Moody's
Vice President and Senior Credit Officer.

DIAL is the concessionaire for the Indira Gandhi International
Airport (IGIA), which is located in the political capital of India,
and operates under an Operations, Management and Development
Agreement with the Airports Authority of India, a government
agency.

India Airport Infra is an orphan special-purpose vehicle
established to facilitate a USD bond issuance. Proceeds from the
transaction were used to subscribe to INR non-convertible
debentures issued by DIAL. DIAL does not have any equity interest
or management control in India Airport Infra. India Airport Infra's
B1 rating is closely linked to DIAL's rating, given that the former
is reliant on cash flow from DIAL to meet its own debt servicing
requirements.

RATINGS RATIONALE

DIAL's B1 ratings are underpinned by the strong market position of
IGIA, India's busiest airport and a domestic and international
gateway.

Passenger traffic has recovered strongly over the past twelve
months, led by domestic passengers. Under Moody's base-case
scenario, monthly domestic traffic is expected to recover to
pre-pandemic levels before the end of fiscal 2023 (ending March
2023). Domestic traffic has already reached 90% of fiscal 2019
levels, and exceeded fiscal 2020 levels, consistently in recent
months. Moody's expects international traffic to fully recover in
fiscal 2024.

DIAL's exposure to pandemic-related disruptions is significantly
reduced. The speedy recovery in passenger traffic from the effects
of the Omicron wave in February of 2022 demonstrates the
government's increasingly adept approach toward managing the
pandemic, as well as travelers' willingness to continue flying even
as case numbers surge.

Despite the potential dampening effects from slower economic growth
and high fuel prices, Moody's expects passenger traffic to continue
to grow over the next 12-18 months on the back of the strong
underlying demand for air travel.

DIAL's exposure to funding risks associated with its expansion has
reduced, following its successful drawdown from its INR17 billion
lease facilities and the INR10 billion domestic bond issuance that
was completed in June 2022. As of the end of June, DIAL had around
INR22 billion in cash and short-term investments and INR16 billion
of undrawn amounts available under its lease facility, which should
substantially cover its remaining capital cost for the expansion.

The airport will likely require additional funding to repay
deferred revenue share payments that are currently the subject of
an arbitration process. The total amount of such deferred revenue
share payments is around INR13 billion according to management.
Additional funding may also be required if there is an unexpected
and material cost or time overrun to the expansion, which DIAL
expects to complete by September 2023. Nevertheless, DIAL has a
track record of accessing the debt market, as indicated by its
recent domestic bond as well as offshore transaction in March 2021
amid the pandemic. Any further debt raising is subject to DIAL
meeting terms and conditions within its financing documents.

At the same time, the ratings further benefit from DIAL's regulated
aeronautical revenue, which supports its long-term commercial
viability, although any actual benefit will not materialize at
least until the scheduled start of the next control period (CP4) in
March 2024.

The primary constraint to DIAL's ratings is its very weak financial
profile over the next 1-2 years as a result of the material debt
raised to fund its airport expansion. Moody's expects DIAL's funds
from operations (FFO) to remain negative as a result of its
substantial interest payments (including capitalized interest),
likely until (1) the completion of its airport expansion, which
will add floor space for commercial activities and lift
non-aeronautical revenue and (2) the implementation of higher
tariffs in CP4 likely during 2024 ? on the back of a higher
regulated asset base due to the expansion.

Moody's financial projections have not factored in any potential
upside from the ongoing arbitration between DIAL and the Airports
Authority of India regarding the airport's obligation to make
revenue share payments during force majeure caused by the pandemic.
The assumption is that the deferred amounts will need to be repaid
during the current fiscal year.

DIAL's B1 CFR combines (1) the company's BCA of b1, and (2) the low
likelihood of support that Moody's believes the Government of India
(Baa3 stable) will provide to DIAL in times of need, resulting in
the absence of uplift from government support to the company's
BCA.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

The stable rating outlook reflects Moody's expectation that DIAL
would complete the expansion on time and within budget, and will be
able to secure additional funding to complete the expansion if
required.

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

An upgrade of the B1 ratings is unlikely over the next 12-18 months
because of DIAL's weak financial metrics until the commissioning of
the new airport facilities after the expansion and an increase in
its tariffs in the next control period. Moody's could upgrade the
rating over time if there is an improvement in DIAL's FFO/debt to
the low-single-digit percentages on a sustained basis, following
the completion of the airport expansion.

Moody's could downgrade the B1 ratings if there are signs of
liquidity stress or the expected recovery of DIAL's FFO to positive
territory is likely to be delayed beyond fiscal 2025. Such delays
could be the result of a significant cost or time overrun in the
expansion project; or an unexpected deterioration in operating
conditions.

PRINCIPAL METHODOLOGIES

The principal methodologies used in rating Delhi International
Airport Limited were Privately Managed Airports and Related Issuers
published in September 2017.

Delhi International Airport Limited (DIAL) is the concessionaire
for the Indira Gandhi International Airport, which is located in
the political capital of India, and operates under an Operations,
Management and Development Agreement, concluded in 2006 with the
Airports Authority of India, a government agency. The concession is
for a 30-year period, and DIAL has the option to extend it for
another 30 years, subject to the company meeting defined
performance criteria.

India Airport Infra, which was incorporated in Mauritius in
December 2020, is held by a trust. DIAL has no ownership interest
in, or control over, India Airport Infra.


DEVKI NANDAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devki Nandan
Minerals Private Limited (DNMPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          2.9       CRISIL D (Issuer Not
                                  Cooperating)

   Long Term Loan       7         CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with DNMPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

DNMPL was set up in 2016, by promoters, Mr. Paresh Nathabhai
Gopani, Mr. Kailash Laxman Jakasania, and Mr. Dinesh Kachrabhai
Ghodasara. The company manufactures non-metallic minerals at its
plant in Morbi. Operations commenced in August 2017 only.


DYESTUFF INDUSTRIES: Ind-Ra Assigns BB+ Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned GD Dyestuff
Industries Limited (GDDIL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR53 mil. Non-fund-based working capital limits assigned with

     IND A4+ rating; and

-- INR41.5 mil. Term loan due on December 2025 assigned with
     IND BB+/Stable rating.

Key Rating Drivers

The ratings reflect GDDIL's modest EBITDA margins of 4% in FY22
(FY21: 5.36%), with the return over capital employed of 3.4%
(3.3%). In FY22, the margins declined due to an increase in the
prices of acetic acid, which is the main raw material for the
company. Ind-Ra expects the margins to improve marginally in FY23,
due to a likely decline in the acetic acid prices following steady
supply from China. Its FY22 numbers are provisional in nature.

The ratings also factor in GDDIL's medium scale of operations, with
its revenue rising to INR1,041 million in FY22 (FY21: INR759
million), due to the increase in the prices of acetic anhydride,
which constituted the main finished product of GDDIL. The company
booked revenue of INR322.42 million for 3MFY23. Ind-Ra expects the
revenue to remain at a similar level in FY23, as the company is
currently operating at 90% of its capacity with a limited room to
increase its sales volume.

GDDIL has moderate credit metrics, with the gross interest coverage
(operating EBITDA/gross interest expense) of 2.98x in FY22 (FY21:
2.53x) and the net leverage excluding unsecured loans (adjusted net
debt/operating EBITDAR) of 3.87x (3.46x). The improvement in the
gross interest coverage in FY22 was on the back of a decline in the
interest rate on the company's bank facilities and the increase in
the net leverage was due to higher year-end utilization of cash
credit. Ind-Ra expects the credit metrics to marginally decline in
FY23, as the company has availed a new non-fund-based facility
worth INR50 million, which it will be utilized to purchase raw
material and an additional fund-based limit of INR100 million in
the year.

Liquidity Indicator - Stretched: The average maximum utilization of
the fund-based limits was 79.41% during the 12 months ended June
2022, that is likely to have remained same in July 2022. The net
working capital cycle improved to 78 days in FY22 (FY21: 127 days),
due to a decrease in the debtor days to 84 days (147 days). The
cash flow from operations increased to INR25.73 million in FY22
(FY21: INR0.2 million), due to favorable working capital changes.
In FYE22, GDDIL had cash and cash equivalents of INR25.6 million
(FYE21: INR0.64 million). The company has repayment obligations of
INR19.9 million for FY23 and INR15.1 million for FY24. Furthermore,
GDDIL does not have any capital market exposure and relies on banks
and financial institutions to meet its funding requirements.

However, the ratings are supported by the promoters' over
two-decades of experience in the chemicals business, leading to
established relationships with customers and suppliers.

Rating Sensitivities

Positive: A significant improvement in the scale of operations,
leading to an improvement in the credit metrics and liquidity, on a
sustained basis, will be positive for the ratings.

Negative: A decline in the scale of operations, leading to a
deterioration in liquidity and the credit metrics with interest
coverage falling below 2.0x, on a sustained basis, will be negative
for the ratings.

Company Profile

Established in 1987, GDDIL manufactures vitamin B12 at its
Nandesari unit and acetic anhydride at its Dahej unit. Both plants
are located in Gujarat.


FUTURE LIFESTYLE: BoI Initiates Bankruptcy Process vs. Retailer
---------------------------------------------------------------
The Economic Times reports that a lead lender to India's Future
Lifestyle has dragged the fashion retailer to bankruptcy, the
company told the stock exchange on Aug. 29, adding that it was
seeking legal advice on the matter.

According to ET, Future Lifestyle said in a statement that
State-run Bank of India has initiated legal proceedings under the
country's Insolvency and Bankruptcy Code.

ET relates that part of debt-ridden Future Group, the fashion
retailer, which operates clothing stores under "Central" and "Brand
Factory" brands, said it was already in discussions with creditors
over its debt restructuring proposal and has identified assets for
sale to raise money.

Future Group's flagship retail unit, Future Retail - once the
country's second-largest retailer, is already in bankruptcy
proceedings after it defaulted on loans and its lenders rejected a
$3.4 billion sale of its assets to market leader Reliance
Industries, the report notes.


GALAXY APPLIANCES: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Galaxy
Appliances Private Limited (GAPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan             2        CRISIL B+/Stable (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with GAPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007 and promoted by Mr. Mahesh Aggarwal and Mr.
Prashant Aggarwal, GAPL is engaged in the development of commercial
real estate spaces and providing the same on lease. The same
property was let out in January 2019 to the Milk Basket group.


GMR HYDERABAD: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on GMR Hyderabad
International Airport Limited (HIAL) to stable from negative.

At the same time, Moody's has affirmed HIAL's Ba2 corporate family
rating and Ba2 senior secured USD bond rating.

HIAL has a long-term concession to operate the Rajiv Gandhi
International Airport (RGIA) in Hyderabad under a public-private
partnership model. The airport is undertaking a major airport
expansion that will cost INR55 billion (excluding interest during
construction), with completion targeted before the end of fiscal
2023, which ends in March 2023.

"The outlook change and rating affirmation reflect Moody's
expectation that HIAL's funds from operations (FFO) to debt will
strengthen above the Ba2 rating tolerance level of 4% in the next
12-18 months, as well as the airport's reduced exposure to
execution risk associated with its expansion, given the progress to
date and impending completion," says Spencer Ng, a Moody's Vice
President and Senior Credit Officer.

RATINGS RATIONALE

HIAL's ratings reflect the airport's established market position in
its catchment area, which has a predominantly domestic origin and
destination passenger mix, the fundamentally supportive regulatory
environment in India, and the favorable industry dynamic in India,
which will underpin traffic growth over the next decade.

The expected improvement in HIAL's FFO/debt under Moody's base case
scenario will be driven by revenue increases on the back of
increasing passenger traffic, approved tariff hikes and the
expected growth in non-aeronautical revenue attributable to the
airport expansion.

As of June 2022, monthly domestic traffic is already very close to
2019 levels. Whilst international traffic is at around 80% of 2019
levels, Moody's expects it to fully recover in the next fiscal
year. The projected growth over the next 12-18 months reflects the
strong underlying demand for air travel in India and which will
likely outweigh the dampening effects of slower economic growth and
high fuel prices.

Rising passenger traffic will have a positive impact on HIAL's
aeronautical and non-aeronautical revenue, including retail, food
and beverage and duty-free businesses, which are closely tied to
passenger movement at the terminal. At the same time, the airport's
non-aeronautical businesses will also benefit from the additional
commercial floor space and upgrades to existing facility delivered
as part of the expansion.

The change in outlook also reflects HIAL's reduced exposure to
execution and funding risk associated with its expansion, as a
result of the material progress that has been made and the funds
available at HIAL to cover the remaining capital costs. According
to its management, the expansion is 75% completed as of June 2022
and is on track to be completed on budget before the end of fiscal
2023.

As of the end of June 2022, HIAL had cash balance and short-term
investments of around INR22 billion, which will be sufficient to
meeting its operating cash requirement and the cost to complete its
expansion, assuming that HIAL will be able to roll over its working
capital facilities in late 2022. Moody's base-case projections have
not factored in the repayment of a INR2 billion loan HIAL has
extended to its promoter that matures in August 2023.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

The stable rating outlook reflects Moody's expectation that the
expansion will be completed before the end of fiscal 2023 and that
HIAL's financial metrics will improve to a level consistent with
its rating within the next 12-18 months as a result of projected
revenue growth.

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

Moody's could upgrade HIAL's ratings if it can maintain the
airport's solid operating performance and sustainably improves its
financial profile. Credit metrics Moody's would consider for an
upgrade include FFO/debt improving above 8%-9% on a sustained basis
and retained cash flow/debt remaining above 3%-4%.

On the other hand, Moody's could downgrade HIAL's ratings if there
is any indication of liquidity stress or if its FFO/debt remains
below 4% on a sustained basis after fiscal 2024, which could arise
from a slower-than-expected recovery in passenger traffic. The
ratings could also be downgraded if there is a significant increase
in related-party transactions.  

The principal methodology used in these ratings was Privately
Managed Airports and Related Issuers published in September 2017.

GMR Hyderabad International Airport Limited has a long-term
concession to operate the Rajiv Gandhi International Airport in
Hyderabad under a public-private partnership model. The airport is
one of India's leading airports in terms of passenger traffic.

The airport has a current design capacity of 12 million passengers
per annum (MPPA). Capacity will go up to 34 MPPA when the current
expansion is complete. Equity in the company is held by GMR
Airports (63%), Malaysia Airports Holdings Berhad (11%, A3 stable),
the Government of India (Baa3 stable) through the Airports
Authority of India (13%), and the Government of Telangana (13%).
GMR Airports is a subsidiary of GMR Infrastructure Limited (51%)
and Groupe ADP (49%).


GUJARAT INFRAPROJECT: CRISIL Assigns B Rating to INR8cr Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
to the bank facilities of Gujarat Infraproject Private Limited
(GIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         7         CRISIL A4 (Assigned)

   Working Capital
   Facility               8         CRISIL B/Stable (Assigned)

The rating reflects GIPL's susceptibility to modest scale of
operation and susceptibility to tender-based orderbook, working
capital intensive operations and weak operating efficiencies.
Company's operations have remained subdued in fiscal 2022, with
operational revenue of INR6.80 crores. These weaknesses are
partially offset by extensive industry experience of the promoters
and healthy capital structure of the company.

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operation and susceptibility to tender-based
orderbook: GIPLs business profile is constrained by its scale of
operations in the intensely competitive civil construction
industry. GIPL operating revenue had remained subdues in fiscal
2022. GIPLs scale of operations will continue limit its operating
flexibility. Company's ability to timely execute order book as in
June 2022 of around INR42 crores will remain key monitorable for
ratings. Revenue and profitability entirely depend on the ability
to win tenders. Also, entities in this segment face intense
competition, thus are required to bid aggressively to get
contracts, which restricts the operating margin to a moderate
level. Also, given the cyclicality inherent in the construction
industry, the ability to maintain profitability margin through
operating efficiency becomes critical.

* Working capital intensive operations: Working capital intensive
operations is reflected in its gross current assets (GCA) of 518
days as on March 31, 2022. Its' large working capital requirements
arise from its high debtor (257 days as on 31 March 2022). Most of
the projects executed by the company are for state government where
instances of collection cycle remain stretched.  However, working
capital requirements are partially supported by credit received
from suppliers.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an extensive experience in Civil Construction industry. This
has given them an understanding of the dynamics of the market and
enabled them to establish relationships with suppliers and
customers.

* Healthy capital structure: GIPL's capital structure have been at
healthy level due to lower reliance on external funds yielding low
total outside liabilities to adj tangible networth (TOL/ANW) for
last three year ending on March 31, 2022. Company's networth stood
at INR23.37 crores as on March 31, 2022. Gearing and TOL/TNW
remained at 0.50 times and 0.79 times in fiscal 2022 and is
expected to remain comfortable in the medium term.

Liquidity: Stretched

Bank limit utilisation is low at around 53.4 percent for the past
thirteen months ended Apr-2022. Company has nil repayment
obligations for long term debts in the medium term. Cash accruals
are expected to remain around INR0.80-1.00 crores in the medium
term.

Current ratios are low at 0.7 times on March 31, 2022. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations. Moderate cash and bank balance of around
INR6.5 crores on March 31, 2022.

Outlook: Stable

CRISIL Ratings believe GIPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin, leading to higher cash accruals of more than
INR1.50 crores

* Improvement in working capital cycle, with gross current assets
improve to less than 200 days

Downward factors:

* Decline in revenue by more than 15% or decline in profitability
resulting in net cash accruals of below INR0.50 crore

* Stretch in working capital cycle or large debt-funded capital
expenditure weakening liquidity risk profile

GIPL was incorporated in 2010, it is located in Visnagar, Gujarat.
GIPL is engaged in civil construction works, mainly construction of
Roads and bridges.

GIPL is owned & managed by Patel Ashokkumar Tribhovandas,
Pravinkumar Patel Tribhovandas, Vikram Tribhovandas Patel,
Mukeshkumar Tribhovandas Patel, and Kalpeshkumar Dahyabhai Patel.


GYASI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gyasi Ram
Educational Society (GRES) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility     1.49      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             11.83      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GRES for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GRES was setup in 2008 in Sonipat, Haryana. The society has two
colleges in Sonipat, Haryana; International Institute of Technology
and Business (I2TB) offering courses in engineering and BBA and
International Institute of Pharmaceutical Sciences (I2PS), offering
courses in pharmacy and medical lab technology. The founding
members of the society are Prof. Rakesh Ranjan, Mr. Ved Dahiya,
Prof. Jyoti Ranjan and Mr. Arun Thakran.


HIGHLAND HOMES: Liquidation Unlikely to Have Funds for Creditors
----------------------------------------------------------------
Hamish MacLean at Otago Daily Times reports that Dunedin building
company Highland Homes has been put in liquidation and all of its
assets will be sold at public auction.

ODT relates that on Aug. 26, the liquidator, Rodgers Reidy director
Paul Vlasic, said the amount the company owed to others would be
determined through his investigation.

However, he warned those owed money by the company it was unlikely
they would get it back.

According to Highland Homes director Craig Davidson, the reason for
insolvency was the Covid-19 pandemic and "difficult trading
conditions", Mr. Vlasic said in his first liquidation report for
the company, ODT relays.

All assets owned by the company would be sold at public auction and
any expressions of interest should be directed to his office, Mr.
Vlasic said.

His investigation would determine if there were any assets he was
unaware of, and further, if there were any other potential ways to
recover money from the business, the report states.

An investigation into the company's books, records and affairs
would be done to determine if any insolvent transactions had taken
place and if there had been any breaches of legislation.

If there had been any, Mr. Vlasic would consider making any claims
that would increase what was available to be repaid to creditors.

If sufficient evidence existed, breaches of legislation would be
reported to the authorities, he said.

"Subject to further verification, I estimate that there will be no
funds available for unsecured creditors.

"However, recovery actions through insolvent transactions and
actions against certain other parties may bring in additional
funds," the report quotes Mr. Vlasic as saying.

A schedule of creditors attached to the report lists more than 60
businesses or organisations owed.

The Inland Revenue Department had yet to make a claim for any
outstanding tax obligations, Mr Vlasic said.

Highland Homes was incorporated in October 2015, and ceased trading
when shareholders Mr. Davidson and Alice Hurst appointed Mr. Vlasic
last week, ODT discloses.

It was too early to estimate a date of completion for this
liquidation, Mr. Vlasic said.

He gave creditors until September 30 to make their claims and to
establish any priority their claims might have, the report notes.


JS ENERGY: Creditors' Meetings Set for Sept. 9
----------------------------------------------
JS Energy Pte Ltd will hold a meeting for its creditors on Sept. 9,
2022, at 2:00 p.m., via electronic means.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Company, showing the assets and liabilities of the
      Company;

   b. to confirm members’ nomination of Liquidators; and

   c. to consider and if thought fit, appoint a Committee of
      Inspection of not more than 5 members.


JSR MULBAGAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JSR Mulbagal
Tollways Private Limited (JSR) continue to be 'CRISIL D Issuer Not
Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan           24.7       CRISIL D (Issuer Not
                                  Cooperating)

   Term Loan           10         CRISIL D (Issuer Not
                                  Cooperating)

   Term Loan           25         CRISIL D (Issuer Not
                                  Cooperating)

   Term Loan           45.3       CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with JSR for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

JSR is a special purpose company promoted by JSR Constructions
Private Limited for augmentation of National Highway No. 4 from km
216.912 to km 239.100 (approx. 22.188 km) on the Mulbagal - AP/KNT
border section in Karnataka under NHDP Phase III, by four-laning on
design, build, finance, operate and transfer (DBFOT) on toll basis.
JSR Constructions Private Limited has 70% shareholding in JSR with
the remaining 30% being held by the directors of the company.


KARANASHOK AUTO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karanashok
Auto Private Limited (KAAPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Drop Line             1.25       CRISIL B+/Stable (Issuer Not
   Overdraft                        Cooperating)
   Facility              
                                    
   Electronic           10          CRISIL B+/Stable (Issuer Not
   Dealer Financing                 Cooperating)
   Scheme(e-DFS)        

   Term Loan             1.85       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KAAPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KAAPL was incorporated in 2010, promoted by the Haldwani,
Uttarakhand-based Singh family. The company runs HCIL dealerships
in Haldwani, Rudrapur, and Moradabad. Mr. Ashok Pal Singh and his
son, Mr. Gaurav Singh, the directors, manage operations.


KISANVEER SATARA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kisanveer
Satara Sahakari Sakhar Karkhana Limited (KSSSKL) continue to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Pledge Loan            25        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    147.77     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              53.23     CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KSSSKL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

KSSSKL is a cooperative sugar mill, at Bhuinj in Satara district of
Maharashtra. It was set up in 1968, by the late Mr. Kisan Mahadeo
(Abasaheb) Veer and Mr. Prataprao Bhosale. The society is currently
chaired by Mr. Madan Bhosale.


MANJUSHREE HARDWARES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manjushree
Hardwares (MH) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Overdraft Facility      5.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.1       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)


CRISIL Ratings has been consistently following up with MH for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1990 in Bengaluru as a proprietorship firm, MH trades in
construction material such as paints, cement, and sanitary ware.
Operations are managed by Mr. R Shankar.


MATAJI DYEING: CRISIL Cuts Rating on INR10cr Loans to D
-------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Mataji Dyeing Mills Private Limited (MDMPL) to
'CRISIL D; Issuer Not Cooperating' from 'CRISIL B+/Stable; Issuer
Not Cooperating' as it is classified as a non-performing asset as
per banker feedback.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL D ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     3         CRISIL D ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with MDMPL
through letters and emails dated 20 June 2022, apart from
telephonic communication, for obtaining information. However, the
issuer has remained noncooperative.

Investors, lenders, and all other market participants should
exercise due caution while using ratings assigned or reviewed with
the suffix 'Issuer not cooperating'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction and are based on best available or limited
or dated information on the company.

Detailed rationale

Despite repeated attempts to engage with the company's management,
CRISIL Ratings has not received any information on the financial
performance or strategic intent of MDMPL, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. The rating action on MDMPL is consistent
with the criteria detailed in 'Assessing information adequacy
risk'.

Incorporated in 2012 by Mr. Bajrang Kelania, MDMPL took over the
operations of Mataji Dyeing, a proprietary firm of the promoter.
The company is involved in weaving, dyeing, finishing, and trading
of fabrics, and is based in Pali, Rajasthan. It produces two types
of fabrics: Rubia for saree blouses and Poplin for saree
petticoats.

In fiscal 2017, the promoter started Mataji Weaving Mills for
backward integration and reducing material cost. The firm procures
yarns and outsources weaving to looms in Bhiwandi in Maharashtra.
The grey cloth is supplied to MDMPL.


MJR BUILDERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MJR Builders
Private Limited (MJR) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      45        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               20        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MJR for
obtaining information through letters and emails dated May 24, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MJR was established in February 2011 by Mr. S Jayram Reddy and Mr.
Madhusudhan Talamarla. Mr. Reddy has been engaged in infrastructure
development for close to three decades through his family-run SJR
group. MJR is currently developing four projects in Bengaluru: MJR
Platina, MJR Pearl, MJR Clique Hydra, and MJR Clique Hercules.


MSV CONSTRUCTIONS: CRISIL Lowers Rating on LT/ST Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
M S V Constructions Company (MSV) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities      (INR Crore)   Ratings
   ----------      -----------   -------
   Long Term Rating     -        CRISIL D (Downgraded from
                                 'CRISIL B+/Stable')

   Short Term Rating    -        CRISIL D (Downgraded from
                                 'CRISIL A4')

The ratings reflect continuous overdrawings of more than 30 days in
the account during the last FY (from November 2021 to February
2022) and in the current FY during April and June 2022 along with
invocation of BG of INR1.91 Crores On 20th July 2022.

The ratings continue to be constrained by modest scale of
operations and large working capital requirement. These weaknesses
are partially offset by experience partners in the civil
construction segment.

Key Rating Drivers & Detailed Description

Weaknesses:

* Continuous overdrawings in the Working Capital limits:
There has been continuous overdrawings of more than 30 days in the
Working Capital account during the last FY (from November 2021 to
February 2022) and in the current FY during April and June 2022
along with invocation of BG of INR1.91 Crores On 20th July 2022.

* Modest scale of operation: The rating is constrained by modest
scale of operation of INR22.06 Crs. in FY 2022 in the intensively
competitive Construction Industry.

* Large working capital requirement: Gross current assets (GCAs)
were high, because of large inventory and stretched receivables (as
majority of the sales are to BBMP).

* Customer and geographical concentration: The revenue contributing
significantly to topline through sales to a single customer. Also,
the firm's operations are concentrated primarily in Bangalore,
leading to geographical concentration and restricted scale of
operation. Thus, business is likely to remain vulnerable to
concentration risk, in terms of customers and geographic presence.

Strengths:

* Partners' experience: The long experience of the partner, Mr.
Venkatesh M S, in the civil construction business, has helped the
firm to establish a strong presence in Karnataka. Further, the
partners have a keen understanding of local market dynamics and
maintain healthy relationships with suppliers and customers.

Liquidity: Poor

The firm's liquidity is Poor. The limits are overdrawn continuously
for more than 30 days.

Rating Sensitivity factors

Upward Factors:

* Track record of regular utilization of limits, timely repayment
of debt and satisfactory account operations without any
irregularities.

* Healthy order execution leading to increase in overall revenue on
sustainable basis.

* Better working capital cycle, as reflected in reduction in GCAs
and lower reliance on working capital debt.

Karnataka-based MSV undertakes civil construction works, mainly
road works for government departments.

M S Venkatesh was set up in 1990 as a sole proprietorship concern
in Bengaluru. It is registered as a Class IA contractor with BBMP.
It was reconstituted as a partnership between M. S. Venkatesh, M V
Harshith Chowdary, Marappa Nayadu, K Vooha and M V Pruthvi Shree in
Oct 2020.


PARAMOUNT CONDUCTORS: CRISIL Withdraws D Rating on LT/ST Loan
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Paramount Conductors Limited
(PCL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'. CRISIL Ratings
has withdrawn its rating on bank facility of PCL following a
request from the company and on receipt of a 'no dues certificate'
from the banker. Consequently, CRISIL Ratings is migrating the
ratings on bank facilities of PCL from 'CRISIL D/CRISIL D Issuer
Not Cooperating' to 'CRISIL D/CRISIL D'. The rating action is in
line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Rating      -        CRISIL D (Migrated from
                                  'CRISIL D ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Short Term Rating     -        CRISIL D (Migrated from
                                  'CRISIL D ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

Incorporated in 1971 and promoted by Mr. G K Tapadia and his
family, PCL manufactures winding wires (aluminium and copper),
coils (high tension and low tension), and machines for
manufacturing coils (testing machines and motor rewinding). Units
are in Nagpur and Goa.


RAJLABDHI INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajlabdhi
Infrastructure Private Limited (RIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             20         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RIPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RIPL was established in 2010 by Mr. Bhupendrabhai Ramanlal Patel.
The company has a presence in the residential real estate segment,
primarily in Ahmedabad and Gandhinagar. It is executing a
residential project, Rajlabdhi Heritage, in Gandhinagar, comprising
eight buildings. Mr. Patel manages RIPL's daily operations.


RANA FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rana Farms
and Foods Private Limited (RFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit         3.6        CRISIL D (Issuer Not
                                  Cooperating)

   Long Term Loan      5          CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with RFPL for
obtaining information through letters and emails dated May 24, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1985 by Mr. R Ravindran, RFPL is engaged in layer farming
for production and sell of white shell eggs to wholesalers located
in Tamil Nadu, Kerala, Karnataka, Bangalore etc. The company has
its own poultry farm spread across an area of around 545acres in
Namakkal district of Tamil Nadu. Currently RFPL has egg production
capacity of around 2,00,000 eggs per day.


RASHMI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rashmi Steels
(RS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          15        CRISIL D (Issuer Not
                                  Cooperating)

   Letter of Credit      0.65     CRISIL D (Issuer Not
                                  Cooperating)

   Rupee Term Loan       5.35     CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with RS for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Registered in 2001, INRis a proprietorship firm engaged in trading
of ferrous and nonferrous scrap and has recently commenced
aluminium extrusion. The firm is based out of Mumbai with its
warehousing facility located in Bhuleshwar, Mumbai and has a
factory located near Baroda, Gujarat for aluminium extrusion. The
firm is promoted by Mr. Babulal G Bohra.


RIME RICH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rime Rich
Foods Private Limited (RRFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Long Term Loan        9.5       CRISIL D (Issuer Not
                                   Cooperating)

   Overdraft Facility    4.5       CRISIL D (Issuer Not
                                   Cooperating)

CRISIL Ratings has been consistently following up with RRFPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2000 in Thrissur, Kerala, and promoted by Mr.
Starson Kandamkulathy and Mr. Fineson K J, RRFPL manufactures ice
creams under the Pappai brand.


RISHI RAJ: CRISIL Lowers Rating on Long/Short Term Loans to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings of Rishi Raj Construction
(RRC) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Rating     -         CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Short Term Rating    -         CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

CRISIL Ratings has been consistently following up with RRC for
obtaining information through letters and emails dated January 28,
2022, February 24, 2022 and August 18, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RRC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RRC
is consistent with 'Assessing Information Adequacy Risk'.

There has been an invocation in bank guarantee to the tune of
INR1.3 crore as on June 28th, 2022. Around INR0.3 crore has been
paid by RCC but INR1 crore is yet to be paid, for which the account
continues to remain overdue till date. Therefore, CRISIL Ratings
has downgraded the ratings to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Set up in 2005 in Mainpuri, Uttar Pradesh (UP), as a partnership
firm by Mr. Sandeep Kumar and Mr. Chandra Pal Singh, RRC is a civil
contractor that constructs roads in UP. It primarily executes
tenders floated by state Public Works Department. RRC has also
started to bid for Railway tenders.

RCC has not cooperated with Brickwork Ratings India Pvt Ltd (BWR),
which has classified it as non-cooperative through the release
dated May 15, 2020. The reason provided by BWR is non-furnishing of
information for monitoring of ratings.


SADASHIB COLD: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Sadashib Cold Storage Private Limited
(SCPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term   
   Bank Loan Facility     1         CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility               0.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's modest networth,
susceptibility to regulatory changes and intense competition in the
cold storage business in West Bengal, apart from delays in payments
from farmers because of adverse market conditions. These weaknesses
are partially offset by the extensive experience of the promoters
in the cold storage industry.

Key rating drivers and detailed description

Weaknesses:

* Susceptibility to regulatory changes and intense competition: The
West Bengal Cold Storage Association regulates all potato cold
storage units operating in the region by fixing the storage rent as
well as the marketing, drying and insurance charges. Fixed rentals
limit the company's ability to generate profits based on its
strengths and the favourable geographic location. Furthermore,
intense competition reduces the bargaining power of players, who
need to offer discounts to ensure healthy utilisation of the
storage capacity.

* Susceptibility to delays in payments from farmers: SCSPL extends
loans to farmers against the stored produce. In the event of
adverse market trends, farmers do not find it profitable to pay the
rental and interest charges along with the loan obligation and,
hence, do not retrieve their potatoes from cold storages. Thus, the
company remains exposed to delays in payments made by farmers.

* Modest networth: Networth is estimated at a modest INR4.15 crore
as on March 31, 2022. However, steady accretion to reserve should
help increase the networth over the medium term.

Strength:

* Extensive experience of the promoters: The two-decade-long
experience of the promoters in the cold storage business and their
healthy association with farmers and traders will continue to
support the company and ensure healthy utilisation of the potato
storage capacity.

Liquidity: Stretched

Bank limit is utilised at 90-100% throughout the year, especially
during the peak season. Cash accrual is expected at a modest
INR0.35 crore per annum, though it should partially support
liquidity in the absence of any debt obligation over the medium
term. Current ratio is estimated at a moderate 1.77 times as on
March 31, 2022.

Outlook: Stable

SCSPL will continue to benefit from the promoters' extensive
experience in the cold storage business.

Rating sensitivity factors

Upward factors

* Cash accrual of over INR0.70 crore and sustained operating
margin

* Steady capital structure and efficient working capital
management

Downward factors

* Decline in revenue (by 20%) leading to lower cash accrual

* Any large, debt-funded capital expenditure

SCSPL, incorporated in 2009 by Mr. Dilip Kumar Pratihar, Mr. Hari
Sadan Nadan, Mr. Chittaranjan Kundu and Mr. Sujoy Kumar Khan,
provides a cold storage facility for potato farmers. The storage
facility at West Medinipur in West Bengal has installed capacity of
148,980 quintal per annum.


SAGAR INDUSTRIES: CRISIL Lowers Rating on INR14.5cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Sagar Industries to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B-/Stable Issuer Not Cooperating' based on publicly available
information.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          14.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B-/Stable ISSUER NOT
                                  COOPERATING')

CRISIL Ratings has been consistently following up with Sagar for
obtaining information through letters and emails dated October 16,
2021 and December 4, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Sagar, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Sagar
is consistent with 'Assessing Information Adequacy Risk'.

Incorporated in 1994, Sagar is a partnership concern. The firm is
engaged into ginning and pressing of the raw cotton and crushing of
cotton seeds. The factory is situated in Surendranagar, Gujarat.


SHEETAL INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sheetal
Infrastructure Private Limited (SIPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           22       CRISIL B+/Stable (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Sheetal Infrastructure Private Ltd (SIPL) was incorporated in 2005
and is engaged in the development of residential real estate. The
company is mainly present in Ahmedabad and Gandhinagar. SIPL is
promoted and is currently being run by by Mr. Paras Pandit.

SOOCH EDUCATIONAL: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sooch
Educational Welfare Society (SEWS) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan            8.27      CRISIL B/Stable (Issuer Not
                                  Cooperating)

   Working Capital
   Term Loan            3.73      CRISIL B/Stable (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with SEWS for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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


Detailed Rationale

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

SEWS was established on December 28, 2011, as a non-profit-making
educational society. It runs a school with the brand name Delhi
Public School at Ferozepur, Punjab. The society is currently
managed by Mr. Manjit Singh Dhillon (President), Mr. Surinder Pal
Singh Sooch (Secretary), and Mr. Sanjay Ahuja (Treasurer).


TAPI PRESTRESSED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tapi
Prestressed Products Limited (TPPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee      1          CRISIL D (Issuer Not
                                  Cooperating)

   Bank Guarantee      2.5        CRISIL D (Issuer Not
                                  Cooperating)

   Cash Credit         9          CRISIL D (Issuer Not
                                  Cooperating)

   Cash Credit         5          CRISIL D (Issuer Not
                                  Cooperating)

   Cash Credit        16          CRISIL D (Issuer Not
                                  Cooperating)

   Letter of credit   24          CRISIL D (Issuer Not
   & Bank Guarantee               Cooperating)

   Proposed Letter     5.5        CRISIL D (Issuer Not
   of Credit &                    Cooperating)
   Bank Guarantee      
                                  
CRISIL Ratings has been consistently following up with TPPL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a closely held public limited company in 1986 by Mr. M K
Kotecha, TPPL constructs and maintains bridges, dams, and
buildings. It also undertakes irrigation works for several
government and semi-government entities.


TERAI ISPAT: CRISIL Migrates Debt Rating to B-/Stable
-----------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Terai Ispat & Trading Private
Limited (TITPL) to 'CRISIL BB-/Stable Issuer not cooperating'.
However, the management has subsequently started sharing the
information required for carrying out a comprehensive review of the
ratings. Consequently, CRISIL Ratings is migrating its rating to
'CRISIL B-/Stable'

                      Amount
   Facilities      (INR Crore)   Ratings
   ----------      -----------   -------
   Cash Credit         30        CRISIL B-/Stable (Migrated from
                                 'CRISIL BB-/Stable ISSUER NOT
                                 COOPERATING')

   Long Term Loan      14.78     CRISIL B-/Stable (Migrated from
                                 'CRISIL BB-/Stable ISSUER NOT
                                 COOPERATING')

   Proposed Long       25.22     CRISIL B-/Stable (Migrated from
   Term Bank                     'CRISIL BB-/Stable ISSUER NOT
   Loan Facility                 COOPERATING')

The ratings continue to reflect the extensive experience of the
promoters in the agricultural commodity trading industry. This
strength is partially offset by exposure to intense competition,
susceptibility to volatility in raw material prices.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of TOPL and TITPL. That's
because the two companies, together referred to as the Terai group,
are engaged in similar lines of business and have common
promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to intense competition and susceptibility to volatility
in raw material prices: The group has decline in operating income
to INR11.70 crores in FY22 from INR550 crores in FY2020 due to the
highly fragmented and intensely competitive agricultural commodity
trading business, which has a large number of small players due to
a low entry barrier. Intense competition and the presence of a
large unorganised section constrains bargaining and pricing power,
thus affecting profitability.

Strength:

* Extensive industry experience of the promoters: The industry
experience of more than three decades has helped the promoters
forge a strong relationship with both customers and suppliers. They
have also developed strong industry insight with regard to demand
and supply patterns.

Liquidity: Poor

Bank limit utilisation is low at around 14.49 percent for the past
twelve months ended May-22.  Cash accrual are expected to be
inadequate against debt obligation of INR3.8-4.4 crore over the
medium term. However, need based infusion of unsecured loans by the
promoters is expected to support the business.

Outlook: Stable

CRISIL Ratings believes the group will continue to benefit from the
experience of the promoters.


Rating Sensitivity factors

Upward factors

* A sustained increase in revenue while maintaining the operating
margin, leading to higher cash accrual over INR4 crore
* Improvement in the working capital cycle

Downward factors

* A decline in revenue by 20% per fiscal, leading to lower net cash
accrual
* A substantial increase in working capital requirement, thus
weakening the financial risk profile, especially liquidity

                          About the Group

Incorporated in 1991 and promoted by Mr. Ajit Agarwala, TITPL
trades in sugar. The company is a part of the Terai group that
primary operates tea plantations. The company's registered office
is in Kolkata and shareholders also include companies owned by Mr.
Mahendra Sharma, a business associate of the Agarwala family.

TOPL, incorporated in 1993 has the same promoter. It trades in
sugar and jute and is also part of the Terai group.


TERAI OVERSEAS: CRISIL Moves Debt Rating to CRISIL B-/Stable
------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long-term bank facilities of Terai Overseas Private
Limited (TOPL; part of the Terai group) to 'CRISIL BB-/Stable;
Issuer not cooperating'. However, the company's management has
subsequently started sharing the information required for carrying
out a comprehensive review of the rating. Consequently, CRISIL
Ratings is migrating its rating on the bank facilities of TOPL to
'CRISIL B-/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          25        CRISIL B-/Stable (Migrated from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Long Term Loan        8.58     CRISIL B-/Stable (Migrated from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term   19.42     CRISIL B-/Stable (Migrated from
   Bank Loan Facility             'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects the group's exposure to intense competition.
This weakness is partially offset by the extensive experience of
the promoter in the agricultural commodity trading industry.

Analytical Approach

CRISIL Ratings has combined the business and financial risk
profiles of Terai Overseas Pvt Ltd (TOPL) and TITPL. These
companies, together referred to as the Terai group, are in the same
business and have a common promoter.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to intense competition: Operating income fell to INR11.7
crore in fiscal 2022 from INR550 crore in fiscal 2020 owing to the
highly fragmented agricultural commodities trading business and
adverse impact of covid 19 pandemic. Intense competition constrains
the bargaining and pricing powers of the group, weakening
profitability.

Strength:

* Extensive experience of the promoter: The promoter has experience
of more than three decades in the trading business. This has helped
to forge strong relationships with customers and suppliers and
develop strong industry insight with respect to demand and supply
patterns.

Liquidity: Poor

Bank limit utilisation was low at 14.49% on average during the 12
months through May 2022. Expected cash accrual will be insufficient
to cover yearly debt obligation of INR3.8-4.4 crore over the medium
term. However, need-based unsecured loans from the promoter should
support the liquidity.

Outlook: Stable

CRISIL Ratings believes the Terai group will continue to benefit
from the extensive experience of the promoter.

Rating Sensitivity factors

Upward factors

* Increase in revenue by more than 20% compared to pre covid levels
and stable operating margin leading to higher cash accrual

* Improvement in the working capital cycle

Downward factors

* Decline in revenue by 20% leading to lower net cash accrual

* Increase in working capital requirement weakening the financial
risk profile and liquidity

                          About the Group

The Terai group operates tea plantations. Incorporated in 1991 and
promoted by Mr. Ajit Agarwala, TITPL trades sugar. Its shareholders
include companies owned by Mr. Mahendra Sharma, a business
associate of the Agarwala family.

TOPL, incorporated in 1993, is also promoted by Mr. Ajit Agarwala.
It trades sugar and jute.


TOSHNIWAL ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Toshniwal
Enterprises Controls Limited (TECL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       7         CRISIL D (Issuer Not
                                  Cooperating)

   Bank Guarantee       4         CRISIL D (Issuer Not
                                  Cooperating)

   Bank Guarantee       1.5       CRISIL D (Issuer Not
                                  Cooperating)

   Cash Credit         14         CRISIL D (Issuer Not
                                  Cooperating)

   Cash Credit          9         CRISIL D (Issuer Not
                                  Cooperating)

   Cash Credit          6         CRISIL D (Issuer Not
                                  Cooperating)

   Letter of Credit     1.5       CRISIL D (Issuer Not
                                  Cooperating)

   Proposed Fund-       1.7       CRISIL D (Issuer Not
   Based Bank Limits              Cooperating)

   Term Loan            2.39      CRISIL D (Issuer Not
                                  Cooperating)

   Term Loan            2.41      CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with TECL for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1991, TECL provides telecommunication testing, and
measurement products and services. Operations are being managed by
Mr. Rajesh Toshniwal. Service offerings include radio frequency
optimization, electromagnetic field (EMF) testing, network
benchmarking, installation and de-installation of BTS (base
transceiver station), frequency planning, drive testing and
optimization and others. TECL is also an authorized distributor for
testing and measurement devices of various telecommunication
companies.


VANI TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Vani
Trading and Co. (SVT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           1        CRISIL D (Issuer Not
                                  Cooperating)

   Foreign Letter
   of Credit             5        CRISIL D (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with SVT for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2008, as a partnership firm by Mr. Marimuthu and
Mr. Inbaraj, SVT trades imported timber.


VEER OVERSEAS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Veer Overseas Ltd.
(VOL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR2.455 bil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating.

Key Rating Drivers

The rating reflects VOL's large scale of operations, with its
revenue improving to INR6,364.85 million in FY22 (FY21: INR6,058.32
million), due to an increase in demand of the basmati rice. The
company caters to both the domestic and export markets. In FY22,
the contribution from the export markets declined to 67.94% (FY21:
78.26%) of the company's revenue, due to congestion at ports and a
shortage of containers. However, the contribution from the domestic
market increased to 32.06% in FY22 (FY21:21.73%). In FY22, the
capacity utilization for milling and sorting and packaging stood at
78.98% (FY21: 76.47%) and 85.86% (87.05%), respectively. In 1QFY23,
the company booked revenue of INR2,141million. As India is the
largest exporter of the basmati rice and VOL processes and exports
the commodity, Ind-Ra expects the company's revenue growth to
continue, aided by an increase in domestic demand. The company's
FY22 numbers are provisional in nature.

The rating factors in VOL's modest EBITDA margin of 4%-6% over
FY20-FY22 (FY22: 4.71%; FY21: 4.78%; FY20: 5.38%), with the return
on capital employed at 9.2% in FY22 (FY21: 9.0%), due to low-value
addition, high competition and the fluctuation in the raw material
(paddy) prices, packaging material prices and shipping costs. Raw
material costs account for 85%-90% of the company's cost of
procuring paddy. VOL's operating profitability remain susceptible
to volatility in the raw material prices, which essentially depend
on the total agricultural output. As the company engages in the
processing of the basmati rice, the fluctuation in the raw material
prices is largely factored into the final output prices. The
government regulations related to the procurement policies also
impact the raw material availability. In the industry, the margins
remain at the similar range as the industry is marked by volumetric
sales and the lack significant value additions in the finished
products. Ind-Ra expects the margin to remain at the similar level,
on account of the company's single product and catering to same
type of customers.

Liquidity Indicator - Stretched: VOL's average maximum utilization
of the fund-based limits was more than 85.98% during the 16 months
ended July 2022.  The cash flow from operations remained negative
at INR15.25 million in FY22 (FY21: INR20.59 million), due to an
increase in the working capital requirement on account of the
increase in the scale of operations. Although the net working
capital cycle remained elongated, it reduced to 202 days in FY22
(FY21: 218 days), due to an increase in inventory holding period to
279 days (255days) and credit payment period to 103 days (63 days).
The elongated inventory holding period was due to the seasonality
nature of the product. The peak season for the procurement of paddy
is from October to December in every financial year and during this
period the company procures 70%-75% of paddy which are stocked for
the year to meet the demand. The remaining 25%-30% of paddy
procurement is done in the non-peak season depending upon the
demand.

The company does not have any significant long-term debt repayment
obligation other than the vehicle loan repayment of INR0.40 million
and INR0.40 million for FY23 and FY24, respectively. VOL does not
have any capital market exposure and relies only on banks and
financial institutions to meet its funding requirements. The
company's unencumbered cash balance stood at INR21.12 million in
FY22 (FY21: INR11.03 million). Ind-Ra expects the cash flow from
operations to improve in the near term, due to the likely
improvement in its operating EBITDA.

The ratings also reflect VOL's continued moderate credit metrics.
In FY22, the gross interest coverage (operating EBITDAR/gross
interest expense + rents) moderately improved to 1.28x (FY21:
1.22x), and the net leverage (adjusted net debt/operating EBITDAR)
reduced to 8.40x (8.60x). Ind-Ra expects the credit metrics to
remain at the similar level over the medium term, due to its nature
of operation and no major debt-funded capex.

The rating factors in seasonality nature of business, the exposure
to commodity risk and competition in the industry. Besides, VOL has
a single product portfolio, i.e. basmati rice, which is sold in the
domestic as well as in the export markets. For the domestic market,
the company sells the rice under different brand names such as
Veer, Dilshad and Sunlight based on the grades of the rice. The
rice industry in India is characterized by intense competition,
with the presence of a large number of organized and unorganized
players, due to low-entry barriers, such as low capital and low
technical requirements of the business. As a result, the
profitability in the rice processing tends to be moderate. However,
the company's strong connectivity to end markets helps it mitigate
the risk to an extent. VOL's profitability remains vulnerable to a
sudden and a sharp volatility in the raw material prices,
especially paddy, which is highly dependent on monsoon, demand,
currency fluctuation, acreage under cultivation and government
regulations. The company mitigates the currency fluctuation risk by
maintaining forward contract limits.    

However, the ratings are supported by the promoters' extensive
experience in the industry, leading to established relationships
with customers and suppliers.

Rating Sensitivities

Negative: A substantial decline in the scale of operation resulting
in a deterioration in the credit metrics with the interest coverage
ratio falling below 1.15x and/or the weakening of the liquidity
position of the company, all on a sustained basis, could lead to a
negative rating action.

Positive:  A substantial increase in the scale of operations along
with an improvement in the liquidity position and the credit
metrics with the interest coverage remaining above 2.0x, all on a
sustained basis, will lead to a positive rating action.

Company Profile

Incorporated in 1970, Haryana-based VOL engages in milling and
processing of basmati rice.


VHM INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s VHM Industries Limited
        614-616, Floor-6
        Shah & Nahar Industrial Estate
        Laxminar Singh Papan Marg
        Off Dr. E.Moses Road
        Worli Mumbai City
        MH 400018

Insolvency Commencement Date: August 9, 2022

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 9, 2023

Insolvency professional: Hirachand N Bafna

Interim Resolution
Professional:            Hirachand N Bafna
                         21A, 1st floor, Soni Bhavan
                         47/51, Kalbadevi Road
                         Mumbai 400002
                         E-mail: hnb1502@rediffmail.com
                                 vhmcirp@gmail.com
                         Tel: 8850582026

Last date for
submission of claims:    August 23, 2022


VIJAY GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vijay Ginning
Factory (VGF) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          8.5       CRISIL B+/Stable (Issuer Not
                                  Cooperating)

CRISIL Ratings has been consistently following up with VGF for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2008, VGF is a partnership firm promoted by the Mori and
Parmar families of Surendranagar, Gujarat. The firm undertakes
cotton ginning and pressing at its facility in Surendranagar.




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

AB HAIR: Creditors' Proofs of Debt Due on Sept. 30
--------------------------------------------------
Creditors of AB Hair And Makeup 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. 29, 2022.

The company's liquidator is:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany, Auckland 0752


BHDL & ASSOCIATES: Creditors' Proofs of Debt Due on Sept. 30
------------------------------------------------------------
Creditors of BHDL & Associates 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. 30, 2022.

The company's liquidators are:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany
          Auckland 0752


INGAME BUILDERS: Commences Wind-Up Proceedings
----------------------------------------------
Members of Ingame Builders Limited, on Aug. 28, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Kevin J. Davies
          Principle Insolvency GP Limited
          57 Clyde Street
          Whangarei


ISLAND ESCAPE: Calibre Partners Appointed as Receivers
------------------------------------------------------
Neale Jackson and Natalie Burrett of Calibre Partners on Aug. 23,
2022, were appointed as administrators of Island Escape Cruises
(NZ) Limited and Seasons Shipping Limited.

The administrators may be reached at:

          Neale Jackson
          Natalie Burrett
          Calibre Partners
          Level 21
          88 Shortland Street
          Auckland


RANGER INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 30
-------------------------------------------------------------
Creditors of Ranger Investments 2000 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. 26, 2022.

The company's liquidators are:

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




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

ARTIUS GRANDIS: Commences Wind-Up Proceedings
---------------------------------------------
Members of Artius Grandis Pte Ltd, on Aug. 17, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Lim Pui San
          3 Shenton Way
          12-03, Shenton House
          Singapore 068805


PAKUWON PRIMA: Commences Wind-Up Proceedings
--------------------------------------------
Members of Pakuwon Prima Pte Ltd, on Aug. 17, 2022, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms Lim Pui San
          3 Shenton Way
          12-03, Shenton House
          Singapore 068805


STRATEGIC TECHNOLOGIES: Commences Wind-Up Proceedings
-----------------------------------------------------
Members of Strategic Technologies Pte Ltd, on Aug. 29, 2022, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Mr. Abuthahir Abdul Gafoor
          Ms. Yessica Budiman
          AAG Corporate Advisory   
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


TRIYARDS HOLDINGS: Put into Liquidation After JM Order Discharged
-----------------------------------------------------------------
MT Newswires reports that a court accepted an application by the
judicial managers of Triyards Holdings RC5 to discharge the
company's judicial management order and wind up the company.

Accordingly, the company has been placed into liquidation and Goh
Thien Phong of GTP Advisory PAC and Chan Kheng Tek of
PricewaterhouseCoopers Advisory Services have been appointed as
liquidators, a filing on Aug. 26 said.

Triyards Holdings Limited is a Singapore-based investment holding
company. The Company operates through Engineering and Fabrication
Services segment. The Company's geographical segments include Asia,
Europe and Other Countries. The Company provides integrated
engineering, fabrication and ship construction solutions for the
global offshore and marine industry. The Company focuses on
shipbuilding, ship conversions, medium to heavy fabrication works
and ship repairs. The Company's offerings include offshore support
vessels, liftboats, research vessels, aluminum built security
vessels, chemical tankers and windfarm service vessels. The
Company's business and facilities include specialized shipbuilding;
ship repair, maintenance and conversion; rig building, and offshore
engineering, construction and fabrication.

The Company's Strategic Marine's military portfolio includes
Inshore Patrol Vessels, Fast Response Vessels, Offshore Patrol
Vessels and Landing Craft.

The company is the yard operating arm of offshore and marine group
Ezra Holdings, which filed for bankruptcy protection in the US in
2017.


YO54 HOLDINGS: Creditors' Meetings Set for Sept. 7
--------------------------------------------------
YO54 Holdings Pte. Ltd. will hold a meeting for its creditors on
Sept. 7, 2022, at 11:00 a.m., via Zoom.

Agenda of the meeting includes:

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

   b. to nominate Liquidator(s) or confirm members’ nomination
of
      Liquidator; and

   c. to consider any other matters which may be brought before
      the meeting.




=================
S R I   L A N K A
=================

SRI LANKA: Japan to Coordinate with Creditors to Resolve Crisis
---------------------------------------------------------------
Reuters reports that Japan will coordinate with other creditors to
resolve Sri Lanka's deepening financial crisis, Finance Minister
Shunichi Suzuki said on Aug. 30, urging all creditor nations to
gather and discuss the South Asian nation's debt at the same
table.

"We are concerned about Sri Lanka's severe socio-economic
situation," Suzuki told reporters.

Sri Lanka must accelerate talks with the International Monetary
Fund (IMF) on a bailout, while all bilateral creditors, including
China and India, must gather to discuss the issue, Suzuki said,
Reuters relays.

"Japan wants to actively cooperate with other creditor countries
and public organisations."

Japan is seeking to organise an all creditors' conference, hoping
it could help solve Sri Lanka's debt crisis, and it is open to
hosting such talks possibly with China, sources with knowledge of
the situation told Reuters last week.  

It remains unclear whether top creditor China would join and a lack
of clarity remains about Sri Lanka's finances, one source told
Reuters.

President Ranil Wickremesinghe told Reuters this month that Sri
Lanka would ask Japan to invite the main creditor nations to talks
on restructuring bilateral debts. He said he would discuss the
issue with Prime Minister Fumio Kishida in Tokyo next month.

"I believe it is important for the Sri Lankan government to try to
improve its economic and fiscal conditions in coordination with the
IMF, Paris Club (of major creditor countries) and others, while
maintaining transparency," Reuters quotes Japanese Foreign Minister
Yoshimasa Hayashi as saying.

"We plan to consider our response, while watching such moves and
the situation in Sri Lanka, and consulting with Sri Lanka, other
donors and international organisations."

The island nation of 22 million people off India's southern tip,
with debt at 114% of annual economic output, is in social and
financial upheaval from the impact of the COVID-19 pandemic,
severely depleted foreign reserves and runaway inflation.

An IMF team met Wickremesinghe on Aug. 24 to discuss a bailout,
including restructuring $29 billion in debt, as the country seeks a
$3 billion IMF aid programme.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its $12.6 billion pile of foreign
debt to preserve cash for essential goods.

That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world this year and trade
deep in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.

Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.

On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.




===========
T A I W A N
===========

CHUNGHWA PICTURE: Taiwan Court Declares Flat Panel Maker Bankrupt
-----------------------------------------------------------------
Focus Taiwan reports that the Taiwan Taoyuan District Court has
declared flat panel maker Chunghwa Picture Tubes Ltd. (CPT)
bankrupt after a review of its bankruptcy application filed in
September 2019.

In an announcement posted on the Taiwan Stock Exchange, home
appliance supplier Tatung Co., CPT's largest shareholder with a
39.67%, said the court determined that based on CPT's total assets,
it was unlikely to repay all of its debts and therefore ruled the
debt-ridden company bankrupt, Focus Taiwan relates.

According to the report, Tatung said CPT had total liabilities of
about NT$41.83 billion (US$1.37 billion) as of the end of 2021, far
exceeding its assets, consisting mostly of property and production
equipment. The company did not provide an estimate of the value of
those assets.

Local media reported, however, that a court-initiated auction of
CPT's plants and worker dormitories in Yangmei District in Taoyuan,
which had a floor price of NT$6.3 billion, failed to attract
buyers, Focus Taiwan relays.

In its post, Tatung said many of its creditors had sought a court
order to carry out a compulsory enforcement requiring CPT to repay
its debts, which made it impossible for CPT to continue its
operations and prompted it to file for bankruptcy under the Company
Act, according to Focus Taiwan.

Though Tatung did not specify when its creditors pushed the issue,
it was presumably in 2019 or earlier because CPT filed for
bankruptcy that year and announced on Aug. 29, 2019 that it was
laying off all of its 2,100 employees, effective within 60 days.

Following the bankruptcy ruling Aug. 29, the court appointed
accountant Ma Kuo-chu and two lawyers -- Liu Hui-chun and Yang
Hsaio-pang -- to manage CPT's bankruptcy process, Tatung said.

According to Focus Taiwan, Tatung said a creditor meeting has been
scheduled for Oct. 28 to deal with CPT's debt repayment issues, and
its creditors have been asked to file for loan repayments from Aug.
29 through Oct. 21.

CPT, a supplier of small and medium-sized screens, had fallen on
hard times because of plummeting prices amid a major supply glut,
putting tremendous pressure on its bottom line, the report notes.

The flat panel maker also booked NT$7.26 billion in losses
resulting from its investment in Fuzhou-based CPT Technology
(Group) Co., only adding to its financial distress.

It was delisted from the Taiwan Stock Exchange on May 13, 2019
after its net worth dipped to negative territory, after having
launched an initial public offer on the exchange on Sept. 17,
2001.

Founded in 1971, CPT was once one of Taiwan's leading flat panel
makers.



                           *********


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.

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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
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